The current situations and economy will improve over the next 6 months:...

The current situations and economy will improve over the next 6 months: Pirojsha Godrej, Godrej Properties

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Godrej Properties brings the Godrej Group philosophy of innovation, sustainability and excellence to the real estate industry. Godrej Properties is currently developing residential, commercial and township projects spread across approximately 14.36 million square meters (147 million square feet) in 12 cities.

Despite the sluggish buyer sentiments across the real estate sector, Godrej Properties has registered encouraging numbers for the second quarter and have already stated their plans to launch another 6 projects in the coming financial year.

Speaking with Yash Ved from NewsBarons, Pirojsha Godrej, Executive Chairman, Godrej Properties Limited informed “We have had an encouraging quarter with number of new launches and another strong operational quarter with both sales and business development at record levels.”

NB:How was the quarter as a whole?

Pirojsha: We have a encouraging quarter with number of new launches and another strong operational quarter with both sales and business development at record levels.

Q2 FY18 witnessed total booking value of Rs.1,335 crore and total booking volume of 1,556,058 sq. ft.

The residential sales in H1 FY18 was higher than in any other previous half year period.

The Value of sales in H1 FY18 (Rs. 2,809 Cr) ~40% higher than sales in all of FY17 (Rs. 2,020 Cr).

NB:Brief us about your Financials?

Pirojsha: The company has posted 89% rise in net profit for the second quarter ended September 30, 2017 to INR 44 crore from INR 23 crore.
Total Income has increased by 45% to INR 532 crore from INR 368 crore.

NB:What were the new project launches for the quarter?

Pirojsha: We have best ever half year period for business development in terms of number of new deals with 8 new projects added YTD and added 4 new projects with saleable area of ~12.6 million sq. ft. in Q2 FY18.

The projects includes LBS Marg, Thane,Sarjapur, East Bangalore, Devanahallim North Bangalore and Mamurdi, West Pune.The company added 8 projects during the period.

We are planning to launch around 6 projects in FY18.

NB: What is your total area under development?

Pirojsha: We are currently developing residential, commercial and township projects spread across approximately 14.36 million square meters (147 million square feet) in 12 cities.

NB:What is your outlook for the coming quarters?

Pirojsha: We hope to further build on this momentum in the second half of the year.

The current situations and economy will improve over the next 6 months.