New Delhi: Mumbai-based Godrej Properties hopes the current financial year will be better than the last one as it has plans to launch quite a few projects including some big ones in the next fiscal.
“We do think that if we do the job on closing what’s in our pipeline at the moment, that this year could be better than last year, potentially even much better than last year,” said Pirojsha Godrej, MD and CEO, Godrej Properties said replying to an investor query on whether the project addition this year would be higher than the last one.
Some of the projects that are lined up in the remainder of the current fiscal include a 7 million sq ft project near Mumbai.
“We do have a fully signed deal for a 7 million square foot project on the outskirts of Mumbai. We are not formally announcing it until some of these CPs we want done are completed. We have, I think, in the last four, five months something like 19 terms sheets get signed,” said Godrej.
The company now focusing on “meaningful, large-scale deals which kind of move the needle for the company” at the current moment in its growth trajectory, he added.
The company has sold about 36 lakh sq ft in the first half of the current fiscal as compared to 22.3 lakh sq ft in the same period of the last fiscal, an increase of 61 percent. The booking value of the area sold has jumped 44 percent from Rs 1,627 crore in the first half of the last financial year to Rs 2,343 crore in the same period of the current fiscal.
The company has launched 9 projects or phases in the first half of the current fiscal.