Commercial Assets worth Rs.1500 crore to be sold by Godrej Properties
Godrej Properties
In September 2015, Godrej Properties, the real estate arm of the Godrej group, sold 4.35 lakh sq ft office space at Bandra-Kurla Complex in Mumbai for an excellent valuation of Rs.1479 crore. In keeping with this buoyant mood, the realty firm is targeting a sales revenue of Rs.1500 crore this year through monetisation of other commercial assets in Mumbai, Kolkata and Chandigarh.
In this regard, Godrej Properties MD and CEO Pirojsha Godrej was quoted saying “We have commercial assets worth about Rs 1,400-1,500 crore in BKC, Kolkata and Chandigarh. We are targeting to sell these properties this year.”
Further he added that, “the company has completed the construction of its commercial properties at Kolkata and Chandigarh, while the BKC project would be completed in next 3-4 months.”
About 3 lakh sq ft of office space still continues vacant in the BKC project and about a million sq ft of commercial space in Kolkata and Chandigarh for Godrej Properties.
The realty firm has recently entered the Noida market by partnering with local developer Lotus Greens to launch a residential project in the coming fiscal. Under the project, the firm is looking towards constructing about 3000-4000 flats in a phased manner.
Despite the downturn in the market, the company has been able to achieve a sales booking of more than Rs.1200 crore for the third consecutive fiscal of the current quarter. During the nine month fiscal, Godrej properties have improved the sales booking for the corresponding year-ago period by 96% to Rs.4,422 crore.
The company recently reported a 10 per cent increase in its consolidated net profit at Rs 51.99 crore for the December quarter as against Rs 47.24 crore a year ago. Operational income during Q3 declined to Rs 422.27 crore as compared to Rs 519.30 crore in the same period of the previous year.
With an eye on further expansion, the company is developing residential, commercial and township projects spread over 115 million sq ft in 12 cities.
