Godrej Properties to sell commercial assets worth Rs 1,500 cr
Buoyed by a big ticket deal at its office complex at BKC in Mumbai, realty firm Godrej Properties is targeting a sales revenue of about Rs 1,500 crore this year through monetisation of its commercial assets in Mumbai, Kolkata and Chandigarh.
Godrej Properties in September had sold 4.35 lakh sq ft of office space at Bandra-Kurla Complex (BKC) in Mumbai for a good valuation of Rs 1,479 crore. "We have commercial assets worth about Rs 1,400-1,500 crore in BKC, Kolkata and Chandigarh. We are targeting to sell these properties this year," Godrej Properties MD and CEO Pirojsha Godrej said.
The company has completed the construction of its commercial properties at Kolkata and Chandigarh, while the BKC project would be completed in next 3-4 months, he added.
Godrej Properties, the real estate arm of the Godrej group, has about 3 lakh sq ft of office space left in the BKC project and about a million sq ft of commercial space in Kolkata and Chandigarh.
Asked about the plans for the Noida market where the company has recently forayed partnering with local developer Lotus Greens, Godrej said the project would be launched in the next fiscal after getting the necessary approvals.
About 3,000-4,000 flats would be constructed in this project in phased manner. On sales bookings for this fiscal, Godrej said the company has achieved a sales booking of more than Rs 1,200 crore for the third consecutive quarter of this fiscal despite a slow market and hoped to maintain the momentum.
In the first nine months of this fiscal, Godrej Properties has achieved a sales booking of Rs 4,422 crore, up 96 per cent from the year-ago period.
Earlier this month, the company reported a 10 per cent increase in its consolidated net profit at Rs 51.99 crore for the December quarter as against Rs 47.24 crore a year ago.
Income from operations declined to Rs 422.27 crore during the third quarter as compared to Rs 519.30 crore in the same period of the previous year.
Godrej Properties is developing residential, commercial and township projects spread over 115 million sq ft in 12 cities.