Godrej Properties sells around 670 flats worth over Rs 2,000 crore in new project in Noida

Realty firm Godrej Properties Ltd on Monday said it has sold about 670 flats worth more than Rs 2000 crore in its new housing project at Noida on strong demands.

Godrej Properties purchased the land through an e-auction conducted by the Noida Authority in November last year.

In a regulatory filing, Godrej Properties informed that it has "sold 670 homes worth over Rs 2,000 crore in its project, Godrej Tropical Isle, located in Sector 146, Noida."

This is Godrej Properties' most successful ever launch in terms of the value and volume of sales achieved, the company said. The project was launched in August.

Gaurav Pandey, the MD and CEO of Godrej Properties said, "Noida is an extremely important market for Godrej Properties and we will look to further strengthen our presence in the years ahead."

Godrej Properties, an arm of business conglomerate Godrej Industries, is one of the leading real estate developers in the country. It mainly focuses on the Delhi-NCR, Mumbai Metropolitan Region, Bengaluru and Pune markets for the development of residential projects.

The company expects 14 per cent growth in sale bookings this fiscal year to a record Rs 14,000 crore.

During the April-June quarter of the 2023-24 fiscal, Godrej Properties' sales bookings declined 11 per cent to Rs 2,254 crore from Rs 2,520 crore in the year-ago period.

On financial performance, Godrej Properties has posted a nearly three-fold jump in consolidated net profit at Rs 124.94 crore in the June quarter as against Rs 45.55 crore in the year-ago period.

Total income during the first quarter of this fiscal rose to Rs 1,265.98 crore from Rs 426.40 crore in the corresponding period of the previous year.