Godrej Properties: Building Dreams, Creating Legacies in Indian Real Estate
The Indian real estate market is one of the most dynamic and rapidly growing in the world. The second highest employment generator in the country, the real estate sector in India was reported to be worth US$ 200 billion in 2021. Despite the challenges brought on by the pandemic, the sector has not only remained resilient but has rather evolved and is projected to continue to grow to US$ 1 trillion by 2030.
The Indian residential real estate in particular has been impressive, with demand gaining substantial momentum in recent years, with FY23 witnessing residential real estate sales reaching an all-time high of US$ 42 billion. Not only the period marked a striking 48% year-on-year increase, the sales volume also noted a considerable surge, with a notable 36% increase year-on-year.
It is no wonder then that the global leading sustainable developer as per GRESB, Godrej Properties, is projecting to sell more than Rs 18,000 Crore worth of properties this financial year, almost a whopping 50% year-on-year sales booking increase. This is a substantial increase from the projected Rs 14,000 Crore sales guidance the developer had estimated for the contemporary financial year.
However, this guideline has already been crossed within the first nine months of FY24. As of April-December period of the current fiscal year sales booking rose by 59% to Rs 13,008 Crore as opposed to Rs 8,181 Crore during the same period in the previous year.
In a recent interview, the company’s executive chairperson, Pirojsha Godrej, stated how the company is projected to sell properties worth over Rs 5,000 crore in Q1 FY24, replicating the achievements of the preceding quarters. In the previous fiscal year, the developer had reportedly sold the property for Rs 12,233 crore. Mr. Pirojsha also claimed that the developer has witnessed record-high quarterly sales during the last five quarters, highlighting the steady momentum the company is experiencing.
In conclusion, it is clear that Indian residential real estate is on its way to becoming one of the most robust housing markets in the world. With legendary real estate developers like Godrej, the real estate industry in the country is primed to be worth US$ 5.8 trillion by 2047, with it contributing 15.5% to the GDP from the current 7.3%. So if you are looking to diversify your portfolio and invest in an asset guaranteed to offer high and steady returns, now is the best time to invest in the Indian residential real estate market.
