Strong cash flows, robust pipeline positive for Godrej Properties

The pre-sales volume of Godrej Properties (GPL) for third quarter 2024-25 (Q3FY25) declined 6 per cent year-on-year (Y-o-Y) - down 21 per cent quarter-on-quarter (Q-o-Q) - to 4.1 million square feet (msf), resulting in a pre-sales value of ₹5,450 crore, down 5 per cent each Y-o-Y and Q-o-Q.

- DEVANGSHU DATTA

About 77 per cent came from newly launched projects. For 9MFY25, pre-sales were up 48 per cent Y-o-Y to ₹19,300 crore.

In Q3FY25, GPL launched seven projects across four cities, with a total cumulative saleable potential of 2.2msf, and delivered 2.6msf. GPL added four new projects in Q3FY25 with potential saleable area of 5.9msf and an estimated gross development value or GDV of ₹10,800 crore. Across 9MFY25, GPL added 12 new projects with a saleable area of 16.9msf and to ₹23,450 crore value, surpassing annual FY25 guidance of ₹20,000 crore. GPL leased 0.59msf across five assets in Q3FY25.

Commercial projects on Golf Course Road, Gurugram, received an occupancy certificate in Q3FY25 and are 40 per cent leased out, while near-completion assets at Koregaon Park, Pune (1.5msf) are 16 per cent pre-leased. GPL reported net operating cashflow of ₹61.5 crore for 3QFY25, and ₹3,440 crore for 9MFY25.