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Leading Mumbai developer on track to meet Rs 10,000 crore sales guidance

business | Sept 29, 2022 4:59 PM IST

Leading Mumbai developer on track to meet Rs 10,000 crore sales guidance

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Mumbai-based Godrej Properties is on track to achieve the Rs 10,000 crore sales booking guidance for the current financial year, outgoing MD & CEO Mohit Malhotra told CNBC TV-18 in an interview.
Malhotra stepped down from the helm of affairs in October and will be in charge until December 31, 2022. North Zone CEO Gaurav Pandey will take charge as the new CEO from January 1, 2023.
"Overall, Rs 10,000 crore is a number that we are very positively targeting," Malhotra said.
The company on Wednesday acquired a 7-acre land parcel in Bengaluru, which is estimated to have a developable potential of 0.6 million square feet. The project will be developed as a premium residential project having apartments of various configurations.
The project is estimated to have a booking value potential of Rs 750 crore.
The estimated timeline to complete the project is three years from the date of construction and will cost Godrej Properties a total investment of Rs 400 crore. Malhotra is also targeting more revenue from Bengaluru, which currently is the smallest city within the revenue mix.
"We had some very strong launches across cities, including Whitefield in Bengaluru. This is giving us the confidence to launch more projects, including Bengaluru, where we feel our presence should be amplified much more," Malhotra said.
Malhotra also said that demand has been very strong and that there would be no need for discounts in the upcoming festive season. "If there is a good product, people are very happy to take it up," he said.
Other Key Takeaways:
  • Vikhroli land parcel is owned by Godrej & Boyce. Have an agreement with them to develop the whole parcel
  • Only a small fraction of the entire Vikhroli parcel has been developed
  • Awaiting approval from Godrej & Boyce for further development across the Vikhroli parcel as land approvals take time
  • Need to make sure that the leadership transition happens smoothly
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