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.
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