Godrej Properties on Thursday said it has sold 870 units for Rs 435 crore in its housing project at Ahmedabad, Gujarat.
In a regulatory filing, Godrej Properties informed that it has sold over 1 million square feet of area at the launch of a new phase in its project 'Celeste', which is part of a township, Godrej Garden City.
"The company has sold 870 homes with a booking value of approximately Rs 435 crore since Celeste was launched in October 2022," the company said.
Covering around 2.3 hectares, Celeste includes 8 towers and offers homes and retail outlets of various configurations.
Gaurav Pandey, MD & CEO, Godrej Properties, said, "The customer's confidence is a reflection of the increasing demand for sustainable integrated developments by reputed developers."
Launched in October 2010, Godrej Garden city is a sustainable township project, located just off SG Highway in the heart of Ahmedabad (in the Jagatpur area).
Godrej Properties, which is part of business conglomerate Godrej Group, is one of the leading real estate developers in the country.
It mainly focuses on four cities—Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru and Pune.
Godrej Properties has set a target of Rs 10,000 crore sales bookings for 2022-23 as against Rs 7,861 crore registered during the last fiscal year.
It has already clocked a 60 per cent growth in sales bookings during the first half of this fiscal year at Rs 4,929 crore as against Rs 3,072 crore in the year-ago period.
Early last year, Godrej Properties Executive Chairman Pirojsha Godrej had announced that it would invest USD 1 billion on future development of projects. It is aggressively acquiring land parcels either outright or partnership with land owners.
As per the plan, Godrej Properties has already added more than 10 land parcels this fiscal year with an estimated sales potential of over Rs 20,000 crore.
With three months still left in the 2022-23 fiscal, Godrej Properties might add another Rs 5,000-10,000 crore worth projects in its portfolio.
Recently, the company bought 9-acre land in Gurugram for around Rs 300 crore to develop a housing project.
Last month, Godrej Properties purchased about 62-acre land in Kurukshetra, Haryana for over Rs 100 crore to develop a plotted residential project.
In December only, Godrej Properties bought a 18.6-acre land at Kandivali in Mumbai to develop a premium housing project with an estimated sales revenue of Rs 7,000 crore.
It also partnered with the landowner for joint development of 14.27 acre of land in Gurugram and expects around Rs 3,000 crore sales revenue from development of a housing project on this land.
In November, Godrej Properties won two adjacent land parcels through an auction totalling 12.4 acre in Noida for Rs 377 crore.
