Real estate firm, Godrej Properties has made a sale of 2 lakh sq. ft. area in its commercial building at Bandra-Kurla complex in Mumbai for nearly Rs 700 crore so far this fiscal riding on the demand for prime rent-yielding assets.
In September 2015, Godrej group’s realtors company had sold 4.35 lakh sq. ft. space in Godrej BKC project to Abbott for Rs 1,480 crore in one of the landmark office area let out.
As per an investors presentation, Godrej Properties made a sale of 1,99,140 sq ft space for Rs 697 crore in the period of April- December of 2017-18 fiscal.
Presently, just about 51,000 sq ft area is left out for sale in this 1.3 million sq ft Grade-A commercial edifice.
“Total sales for 9M FY’18 at Godrej BKC stood at Rs 697 crore out of which Rs 558 crore is to be received in Q4 FY’18 and Q1 FY’19,” the presentation said.
On the whole, Godrej Properties’ sale bookings went up to 140 per cent to Rs 4,029 crore during the first three quarters of this fiscal corresponding to Rs 1,681 crore in the respective period of the past year.
In volume terms, sales rose by 90 per cent to 47.85 lakh sq ft during the period under review.
Out of total sales, residential segment contributed Rs 3,330 crore while commercial projects accounted for Rs 699 crore, almost all of it in Godrej BKC project.
Lucrative rent responsive commercial assets score very high at the same time as home division is experiencing lethargic sales.
Nevertheless, Godrej Properties has bulled this tendency and has achieved stable sales reservations in housing sector in past few years.
Godrej Properties has registered a 35 per cent fall in its net profit at Rs 93 crore in the first three quarters of this financial.
Notwithstanding, the total income went up by 23 per cent to Rs 1,547 crore from April to December of this fiscal.
Its core debt was pegged at Rs 3,064 crore as on December 31, 2017, a shade lower than the previous quarter.
Godrej Properties is at present constructing approximately 150 million sq ft space sprawling across 67 projects.
It has occupancy in Mumbai, NCR, Kolkata, Chennai, Bengaluru, Hyderabad, Ahmedabad, Kochi, Mangalore, Nagpur, Pune and Chandigarh.