Godrej Properties Ltd plans to launch projects worth ₹32,000 crore in the second half of FY27. The developer reported a 62% drop in net profit to ₹154 crore for the September quarter. Despite this, they remain confident, as Pirojsha Godrej said, "Our launch pipeline has never been stronger."
Bengaluru: India's top-selling residential developer, Godrej Properties Ltd (GPL), boasts a robust launch pipeline valued at ₹32,000 crore across multiple cities for the second half of this financial year to help hit its ambitious sales target for the year.
The developer deployed one-third of its total project launches in the first half of FY27 and delivered 43% of its annual booking guidance, signalling sustained housing demand. GPL has targeted ₹39,000 crore in total sales for the full year, having achieved ₹16,659 crore between April and September.
On Friday the Mumbai-based developer reported a sharp 62% drop in net profit to ₹154 crore for the September quarter from ₹405 crore a year earlier, mainly on account of higher costs. Revenue from operations grew 161.4% to ₹1935.17 crore during the period.
Booking value fell 6% year-on-year to ₹8,008 crore in Q2FY27, spanning 3,658 units and 6.2 million sq ft of sold area. GPL expects to generate ₹22,500 crore to ₹25,000 crore in sales bookings across the second half, driven by new project launches and ongoing inventory sales.
"Our launch pipeline has never been stronger and with launches picking up substantially from this month onwards, we remain confident of surpassing our full year guidance across all key operating metrics. We are especially focused on generating strong cash flows and expect ₹15,000 crore of collections and ₹7,000 crore of operating cash flow in H2FY27. This will allow us to both invest for continued growth while being free cash flow positive for the period," Pirojsha Godrej, chairperson of Godrej Properties, said in an earnings call on Friday evening.
This is the seventh consecutive quarter in which GPL delivered more than ₹7,000 crore of booking value. In Q3 and Q4, GPL's launch pipeline includes high-end projects in locations such as Bandra and Sector-63A Gurugram, apart from Thane Uniabex, Vikhroli, Noida, Neopolis (Hyderabad) and Pune, as well as new phases of several projects.
After a relatively muted start to FY27, particularly in the June quarter, the top four listed real estate developers are gearing up for massive project launches, largely premium, to get their sales targets back on track. DLF, Godrej Properties, Prestige Estates and Lodha Developers aim to clock ₹1.19 trillion of combined sales bookings this year.