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New Delhi: India's two big realty firms Godrej Properties and Macrotech Developers have sold properties worth over Rs 22,000 crore during April-September, up 56 per cent annually, on strong demand for premium homes.
Godrej Properties sells its real estate projects under the Godrej brand, while Macrotech Developers markets its properties under the 'Lodha' brand.
During the first six months of the current fiscal year, Godrej Properties sold properties worth over Rs 13,800 crore, and Macrotech Developers' sales bookings stood at Rs 8,320 crore. The bulk of these sales were of housing units.
The combined sales bookings of both Mumbai-based realty firms stood at Rs 22,120 crore during April-September 2024 against Rs 14,178 crore sales registered by the two companies in the year-ago period.
According to the latest operational update, Godrej Properties' sales booking value grew 89 per cent year-on-year to over Rs 13,800 crore during April-September this year compared to Rs 7,288 crore in the year-ago period.
Macrotech Developers reported a 21 per cent annual growth in its sales bookings to Rs 8,320 crore in the first half of this fiscal from Rs 6,890 crore in the year-ago period.
Godrej Properties has achieved the highest-ever H1 sales booking value.
Both Godrej Properties and Macrotech Developers have expressed confidence in achieving their sales bookings targets for the 2024-25 financial year.
While Godrej Properties has set a target of Rs 27,500 crore worth of sales bookings for the full fiscal, Macrotech Developers has given a sales guidance of Rs 17,500 crore.
Godrej Properties became the largest listed real estate firm in terms of sale bookings during the 2023-24 fiscal.
In the last fiscal, Godrej Properties sales bookings jumped 84 per cent to a record Rs 22,527 crore from Rs 12,232 crore in the preceding year.
Macrotech Developers had registered a 20 per cent growth in sales bookings to a record Rs 14,520 crore against Rs 12,060 crore a year ago.
Having achieved 21 per cent annual pre-sales growth in the first half and with the festive season commencing, Macrotech Developers said the company is on target to meet its full-year guidance of 20 per cent pre-sales growth.
Godrej Properties MD and CEO Gaurav Pandey said, "We are delighted with the scale-up we have achieved in the past couple of years. The sales bookings of over Rs 13,800 crore in H1 of FY25 surpasses our annual bookings in FY23".
Pandey said this sales growth was on the back of an improving project mix 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 has entered the Hyderabad market recently.
Macrotech Developers, erstwhile Lodha Developers, has a presence in Mumbai Metropolitan Region (MMR), Pune and Bengaluru.
The housing market has been performing exceedingly well post-Covid pandemic, driven by pent-up demand, rising appetite for home ownership and a growth in the Indian economy.
Strong demand for residential properties, especially luxury homes, has led to a sharp appreciation in capital values.
Despite the rise in prices, the sales momentum continues to be robust.
Post-pandemic, consumer demand has been shifting towards reputed builders with a better track record of executing projects.
Almost all listed real estate players have been reporting strong sales.
During the current festive quarter, industry experts are expecting a flurry of launches and strong sales.