Godrej Properties posts highest ever sales in Q4

Godrej Properties on Monday said it sold over 3,000 homes in the fourth quarter, the highest ever in terms of numbers and value during the period. In the last quarter, the firm received bookings worth Rs 2,380 crore representing quarter-on-quarter growth of 100% and year-on-year growth of 10%.

The real estate firm launched 17 new projects in FY20 out of which six were started in Q4.

In the second half of March when economic activity came to a standstill due to the 21-day lockdown, the firm managed to sell over 500 homes as it took digital route to sustain operations.

The real estate firm also saw a rise of 11% in booking value in FY20 at Rs 5,915 crore.

Sustenance sales grew YoY by 48% in FY20 to Rs 3,048 crore.

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Announcing its Q4 and FY20  operational update, the firm said residential sales grew to Rs 5,840 crore  with sales of over 7,300 housing units in last fiscal.

Despite the lockdown, the firm posted a positive outlook in the current fiscal and said, "GPL's  healthy  balance  sheet  and project pipeline will help maintain operational momentum in the months ahead."

The Mumbai-based firm said amid lockdown, it will ensure meals for all construction workers at its sites across  the  country,  and assist the  government's  efforts  to  procure  critical materials such as testing kits, bed capacity, and personal protective equipment for  healthcare  workers.

By Aseem Thapliyal