Godrej Properties expects to launch a luxury casing design at Ashok Vihar in the public capital in the March quarter and is eyeing Rs8,000 crore of deals profit from this property. It had in February 2020 acquired a nearly 27- acre land in the public capital for Rs,1359 crore to develop a luxury casing design.
The land parcel belonged to Rail Land Development Authority( RLDA). In an interview with PTI, Godrej Properties Executive Chairman Pirojsha Godrej said the company is still awaiting the final blessing to start the work and deals of its forthcoming casing design at Ashok Vihar.
” There has been good progress on the blessings. We’re still hoping for a Q4 launch( January- March),” he said.
The total development eventuality of the Ashok Vihar design would be around 4 million square bases and the company is eyeing deals of Rs8,000 crore, said Pirojsha Godrej.
” I’m veritably confident about this design. The quality of the land is so good because of those three premises in the( Ashok Vihar) area. We also have a good- sized plot to do a nice layout. Deals are the least of my enterprises in this design. We just need to get the design going. I’m sure we will be suitable to do well from a deals perspective,” he said.
In May, Godrej Properties launched a small luxury design ‘ Godrej Connaught One ’ near Connaught Place in central Delhi. Before that, it had launched a design at Okhla in South Delhi.
In Delhi- NCR, Godrej Properties has a strong presence in Gurugram, Noida and Greater Noida requests. It has expanded to Delhi, Faridabad and Sonipat as well.
Godrej Properties, a part of business empire Godrej Group, focuses on four crucial requests- Mumbai Metropolitan Region( MMR), Delhi- NCR, Bengaluru and Pune, although it has a presence in Chennai, Kolkata, Kochi, Ahmedabad, Chandigarh and Nagpur.
The Delhi- NCR request contributed around 40 percent to the company’s total deals bookings of Rs7,861 crore during the last financial time.
Godrej Properties has set a target of Rs10,000 crore deals bookings for 2022- 23 and the Delhi- NCR would be a big contributor.
It has formerly clocked a 60 percent growth in deals bookings during the first half of this financial time at Rs,4929 crore as against Rs3,072 crore in the time- ago period.
Pirojsha said the casing demand continues to be strong despite the hike in interest rates on home loans and the company expects robust deals bookings in the alternate half of this financial. Mortgage rates have gone up to around8.5 percent from a decadal low of about6.5 percent.
On the fiscal front, Godrej Properties has reported a 54 percent increase in consolidated net profit to Rs54.96 crore for the quarter that ended September 2022 on advanced income.
Its net profit stood at Rs35.73 crore in the time- ago period.
Total income also rose to Rs369.20 crore in the alternate quarter from Rs334.22 crore a time ago. Established in 1990, Godrej Properties is one of the leading real estate inventors in the country.
Godrej Properties hopes to launch Rs 8,000 cr luxury housing project in Delhi by March
