Godrej Properties to launch 15 projects in FY17

New Delhi: Godrej Properties is aiming to launch 15 new projects, including one in Noida, and sell its completed commercial assets worth Rs 1,500 crore during this fiscal as the realty firm seeks to achieve higher growth.

Godrej Properties achieved a record sales bookings of Rs 5,038 crore in 2015-16 fiscal, up 88 per cent from previous year, helped by sale of 4,35,000 sq ft of commercial space at Godrej BKC, Mumbai, for Rs 1,479 crore.

"In 2016-17 fiscal, we are targeting to launch 5 new projects and 10 new phases of existing projects across major cities," Godrej Properties Managing Director and CEO Pirojsha Godrej told PTI.

The company is expected to launch a housing project in Noida also, comprising 4 million sq ft of saleable area in this fiscal, he added.

Godrej Properties, which is a real estate arm of the Godrej Group, recently forayed into the Noida market by partnering local developer Lotus Greens. About 4,000 flats will be constructed in this project in a phased manner.

On monetisation of completed commercial assets, Godrej said the company is focusing on the sale of commercial space at Bandra-Kurla Complex (BKC) in Mumbai, Kolkata and Chandigarh.

Godrej Properties has about 3,00,000 sq ft of office space left in the BKC project and about 1 million sq ft of space in Kolkata and Chandigarh, which is worth about 15,000 crore.

Asked about the sales bookings target for this fiscal, Godrej declined to give any guidance, but said "we are a growing company".

On debt, Godrej said it was stable at around Rs 2,500 crore at the end of March quarter.

Godrej said the company is also in the process of identifying projects for deployment of funds from its newly created Godrej Fund Management (GFM), which is a dedicated fund management subsidiary of Godrej Properties.

GFM had raised USD 275 million for Godrej Residential Investment Program II (GRIP II), with APG as the lead investor.

Last week, Godrej Properties reported a 21 per cent increase in its consolidated net profit to Rs 231.10 crore in 2015-16 fiscal from 190.9 crore in the previous fiscal.

Income from operations rose 43 per cent to Rs 2,633.96 crore last fiscal as against Rs 1,843.09 crore in 2014-15.

Godrej Properties is developing residential, commercial and township projects spread over 115 million sq ft in 12 cities.