Godrej Properties reports sales worth over ₹1,000 crore in second Hyderabad project launch

Godrej Properties Ltd. on Monday, August 25, said it sold homes worth over ₹1,000 crore at the launch of its Godrej Regal Pavilion project in Hyderabad.This is the Mumbai-based real estate company’s second launch in Hyderabad this year, with both projects surpassing the ₹1,000 crore sales milestone at launch, it said.

Godrej Regal Pavilion has a developable potential of 4.14 million square feet and an estimated revenue potential of ₹3,600 crore, the company said.

The project is located in an emerging locality Rajendra Nagar in Hyderabad. The area has easy access to the Outer Ring Road and is also in proximity to the airport.”This outcome reflects the rising preference for trusted, branded residences and Hyderabad’s strong growth potential,” Gaurav Pandey, the MD and CEO of Godrej Properties, said.

Last week, Godrej Properties also emerged as the highest bidder for a 7.8 acre land parcel in Kukatpally, Hyderabad, with a total combined bid value of ₹547.78 crore.The project is estimated to have a revenue potential of ₹3,800 crore.

Godrej Properties’ June quarter net profit increased 15.4% to ₹600 crore from the previous year, while its revenue declined 41% to ₹435 crore.

Its other income was at ₹1,186 crore compared to ₹960 crore in the previous year. The company reported an earnings before interest, taxes, depreciation and amortisation (EBITDA) loss of ₹243 crore in the June quarter.

Godrej Properties shares were trading 1.0% up at ₹2,073.5 apiece around 9.50 am on Monday. The stock has declined 25.4% this year, so far.

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