New Delhi [India], April 8 : In a major feat, leading developer Godrej Properties has sold over 1,050 homes worth over Rs 3,000 crores in a project, Godrej Zenith, located in Sector 89 in Gurugram.
In a filing to the stock exchanges on Monday, the developer said it was Godrej Properties' most successful ever launch in terms of the value and volume of sales achieved.
The said property is its largest residential development in Gurugram.
The company said it has recorded a 473 per cent year-on-year increase in sales in Gurugram in just-concluded financial year 2023-24.
Also, it said it has a strong launch pipeline for 2024-25 which includes new project launches planned in Sector 103, Sector 43, and Sector 54.
"We are delighted with the response to our project, Godrej Zenith. We'd like to take this opportunity to sincerely thank our customers and all stakeholders for their trust and confidence in Godrej Properties," said Gaurav Pandey, MD and CEO, Godrej Properties.
"We will do our best to ensure Godrej Zenith offers its residents an outstanding living experience. Gurugram is an extremely important market for Godrej Properties, and we will look to further strengthen our presence in Gurugram in the years ahead," Pandey said.
This is the second time in Gurugram, and the fourth time pan India, that Godrej Properties has recorded sales of over Rs 2,000 crore during launch in 2023-24. The company had sold inventory worth Rs 2,690 crore in its project, Godrej Reserve, located in Kandivali, Mumbai in Q4 2023-24.
It also sold inventory worth over Rs 2,875 crore in its project, Godrej Aristocrat, located in Sector 49 on Golf Course Extension Road, Gurugram, and achieved sales worth over Rs 2,000 crore in its project, Godrej Tropical Isle in Noida in Q2 2023-24.
Separately, in January this year, another real estate company, DLF, witnessed pre-formal launch sales of approximately Rs 7,200 crore for its latest high-end luxury residential development, DLF Privana South in Gurugram.
The project, the developer had then said, was sold out completely within 72 hours in its pre-launch phase.
All indicators currently favour a bull run in the Indian residential real estate market in election year 2024, and it is likely to repeat what it went through in 2014 and 2019, real estate consultancy firm Anarock said in a report last month. General elections and residential real estate appear closely linked - at least, that is what the previous two election years' data trends indicate.
2014 and 2019, both election years, saw housing sales create new peaks. In 2014, sales in the top 7 cities scaled up to approximately 3.45 lakh units while new launches were the highest ever at nearly 5.45 lakh units.
Likewise, in 2019, housing sales scaled up to approximately 2.61 lakh units while new launches increased to approximately 2.37 lakh units after a lull in the residential real estate market between 2016 and 2019, according to Anarock.
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