India’s two largest conglomerates Godrej Properties and Macrotech Developers sold properties worth more than Rs 22,000 crore during April-September, up 56 percent year-on-year, on strong demand for premium homes.
Godrej Properties markets its real estate projects under the Godrej brand, while Macrotech Developers markets its properties under the ‘Lodha’ brand.
In the first six months of the current financial year, Godrej Properties has sold properties worth over Rs 13,800 crore, and Macrotech Developers’ sales bookings are at Rs 8,320 crore. A large portion of these sales were housing units.
The combined sales bookings of both the Mumbai-based companies stood at Rs 22,120 crore during April-September 2024 as against the sales of Rs 14,178 crore registered by the two companies in the previous period.
According to the latest performance review, the booking value of Godrej Properties grew by 89 percent year-on-year to over Rs 13,800 crore in April-September this year compared to Rs 7,288 crore in the previous period.
Macrotech Developers reported a 21 percent year-on-year growth in its sales bookings to Rs 8,320 crore in the first quarter from Rs 6,890 crore in the previous quarter.
Godrej Properties achieved the highest ever sale price for H1.
Both Godrej Properties and Macrotech Developers expressed confidence in achieving their sales booking targets for the financial year 2024-25.
While Godrej Properties has set a target of Rs 27,500 crore worth of retail bookings for full financing, Macrotech Developers has given a sales guidance of Rs 17,500 crore.
Godrej Properties has become the largest listed real estate company in terms of bookings during fiscal 2023-24.
In the last quarter, Godrej Properties’ bookings jumped 84 percent to Rs 22,527 crore from Rs 12,232 crore in the previous year.
Macrotech Developers registered a 20 percent growth in sales bookings at a record Rs 14,520 crore compared to Rs 12,060 crore last year.
Having achieved pre-sales growth of 21 percent in the first quarter and the upcoming holiday season, Macrotech Developers said the company is on track to meet its full-year guidance of 20 percent pre-sales growth.
Godrej Properties MD and CEO Gaurav Pandey said, “We are happy with the growth we have achieved in the last few years. Sales bookings of over Rs 13,800 crore in H1 of FY25 surpass our annual bookings in FY23”.
Pandey said this sales growth is on the back of a combination of project progress and strong volume growth.
Godrej Properties is one of the leading real estate developers in the country, with a strong presence in Delhi-NCR, Mumbai Metropolitan Region, Pune and Bengaluru. It entered the Hyderabad market recently.
Macrotech Developers, formerly Lodha Developers, is located in Mumbai Metropolitan Region (MMR), Pune and Bengaluru.
The real estate market has been doing very well post-Covid, driven by urgent demand, rising demand for home ownership and India’s growing economy.
Strong demand for residential properties, especially luxury homes, has led to a sharp increase in prices.
Despite rising prices, sales momentum continues to be strong.
After the pandemic, consumer demand has been shifting to reputable builders with a better track record for projects.
Almost all listed real estate players were reporting strong sales.
During the current holiday quarter, industry experts expect more product launches and strong sales.