Godrej Says It Sold Record 3,000 Homes In March Quarter
Men play volleyball near the under construction Godrej Prime, a residential property project developed by Godrej Properties Ltd., in the Chembur area of Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Godrej Says It Sold Record 3,000 Homes In March Quarter

Godrej Properties Ltd. said it sold over 3,000 homes in the March quarter, the highest ever in terms of numbers and value during the period.

Total bookings for the March quarter rose by 10 percent to Rs 2,380 crore, the property developer said in a press release.

The sales in fourth quarter included over 500 homes sold in the second half of March as the company focused on digital sales tools to sustain operations despite the lockdown. It added 10 new projects in FY20 including five new projects in Q4.

"While the start of FY21 may be muted as the lockdown and the subsequent economic toll postpone economic activity, Godrej Properties' healthy balance sheet and project pipeline will help maintain operational momentum in the months ahead," the company said in the release.

The total booking value for the financial year 2019-20 was up by 11 percent year-on-year at Rs 5,915 crore with residential sales increasing by 14 percent to Rs 5,840 crore comprising of over 7,300 homes sold.

The real estate firm launched 17 new projects and phases in FY20 including six launches in the fourth quarter. Sustenance sales grew by 48 percent in FY20 to Rs 3,048 crore.

Amid the lockdown, the Mumbai-based firm said it will ensure meals for all construction workers at its sites across the country, and assist the government's efforts to procure critical materials such as testing kits, bed capacity, and personal protective equipment for healthcare workers.

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