Godrej Properties, a real estate developer in India, experienced a surge in its shares by 9.5% during early trading hours on Monday, reaching Rs 2,816.35 each. This surge followed the company’s outstanding performance in the quarter ending March and the entire fiscal year FY24. 

In Q4FY24, the company made its highest-ever quarterly sales, achieving a booking value of Rs 9,519 crore, with a growth rate of 135% year-on-year. Additionally, the company sold 8.17 million sq. ft of area, marking the highest-ever quarterly sales by a listed developer in India so far. Also, its booking value in Q4FY24 surpassed the booking value for the entire FY22, as per the company’s investor presentation. 

During the quarter, the company collected Rs 4,693 crores, with a year-on-year growth of 23%. City-wise sales data showed a booking value of Rs 4,022 crore from the sale of 1,393 units in the Mumbai Metropolitan Region (MMR), with a total sales area of 2.53 million sq. ft.

Driven by robust sales figures, the company reported its highest-ever quarterly net profit of Rs 471.26 crore in the March quarter. Additionally, revenue rose to Rs 1,914.82 crore in Q4 FY24, compared to Rs1,838.82 crore in the corresponding period of the previous year.

During the full fiscal year, the company achieved its highest-ever annual sales, with a booking value of Rs 22,527 crore, reflecting a year-on-year growth of 84%. This performance was driven by the sale of 20 million sq. ft of area, equivalent to 14,310 homes, with residential bookings accounting for 99.9% of the total booking value.

The company exceeded its annual booking guidance by 61%, marking the 7th consecutive year of record sales. It achieved 161% of the booking value guidance for FY24, propelled by an improving project mix and robust volume growth of 31%.

Geographically, National Capital Region (NCR) contributed the most with Rs 10,016 crore, followed by MMR contributing Rs 6,545 crore in booking value for the financial year. In addition, the company launched 26 new projects/phases across 7 cities during FY24.

The company plans to launch residential projects worth Rs 30,000 crores this fiscal year in major cities. It plans to introduce projects spanning 5.5 million square feet with an anticipated launch value of Rs 9,500 crore. Additionally, it intends to launch projects in key cities like NCR, Bengaluru, Pune, and others, covering a collective area of 16.4 million sq. ft. 

The surge in demand for residential properties in India is attributed to the country’s expanding economy, prompting individuals to actively seek home purchases in the luxury segment. This demand is further fueled by significant investments from high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNIs) in the Indian residential market.

According to the Reserve Bank of India’s data on ‘Sectoral Deployment of Bank Credit,’ credit outstanding to the housing sector reached a record high of Rs 27.23 lakh crore in March this year, up by almost Rs 10 lakh crore over the past two fiscal years.

At 12:03 pm, the shares of Godrej Properties were trading 9.27% higher at Rs 2,807.85 on NSE.