Godrej Properties sells Rs 700 cr worth office space in Mumbai


Realty arm of the Godrej Group Godrej Properties has been able to sell 2 lakh sqft area in its commercial building at Bandra- Kurla complex in Mumbai for nearly Rs 700 cr so far this fiscal thanks to the ever-present demand for prime rent-yielding assets.
It was in September 2015 that Godrej group's realty firm had sold 4.35 lakh sqft area in Godrej BKC project to Abbott for Rs 1,480 cr in one of the largest office space deals.


According to an investors presentation, Godrej Properties sold 1,99,140 sqft area for Rs 697 cr during April- December period of 2017-18 fiscal. As of now, just about 51,000 sqft area remains to be sold in this 1.3 mln sqft Grade-A commercial building.


"Total sales for 9M FY'18 at Godrej BKC stood at Rs 697 cr out of which Rs 558 cr is to be received in Q4 FY'18 and Q1 FY'19," the presentation said.


Overall, Godrej Properties sales bookings rose 140% to Rs 4,029 cr during the first nine months of this fiscal as against Rs 1,681 cr in the corresponding period of the previous year.


In volume terms, sales rose by 90% to 47.85 lakh sqft during the period under review. Out of total sales, residential segment contributed Rs 3,330 cr while commercial projects accounted for Rs 699 cr, almost all of it in Godrej BKC project.


Even though housing segment has been witnessing sluggish sales, there is great demand for rent-yielding commercial assets. However, Godrej Properties has bucked this trend and has achieved robust sales bookings in housing segment during last few years.


Godrej Properties has posted 35% decline in its net profit at Rs 93 cr in the first nine months of this fiscal. However, total income rose by 23% to Rs 1,547 cr during April-December period of this fiscal. Its net debt stood at Rs 3,064 cr as on December 31, 2017, slightly less than the previous quarter.


Godrej Properties is currently developing about 150 mln sqft area across 67 projects. It has presence in Mumbai, NCR, Kolkata, Chennai, Bengaluru, Hyderabad, Ahmedabad, Kochi, Mangalore, Nagpur, Pune and Chandigarh.

Written by The Realty Paper

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