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Godrej Properties to start Rs 8,000 cr housing project in Delhi by March

Godrej Properties expects to launch a residential project in the Ashok Vihar area of the national capital in the fourth quarter of FY23. The property giant expects sales revenue of Rs 8000 crore from this project. The land is owned by the Railway Land Development Authority (RLDA) with the support of the Ministry of Railways and responsible for developing vacant railway land for commercial use to generate income through non-tariff means.Godrej Properties CEO Pirojsha Godrej said in an interview on Sunday that they are very confident in this project.

In an interview with PTI, Pirojsha revealed that Godrej is still waiting for final approval to start work and sell his next residential project in Ashok Vihar. He added that there has been good progress on approvals and they are still hopeful of launching in the fourth quarter (January-March).

According to Pirojsha Godrej, the total development potential of the Ashok Vihar project will be around 4 million square feet. Godrej expects sales revenue of around Rs 8,000 crore from the project.

Pirojsha Godrej is very confident in this project as the soil quality is good thanks to those three gardens in Ashok Vihar district. He added in the interview: "We also have a good size piece of land to do a good design. Sales is my least interest in this project. We just need to start the project... I'm sure we will." It will be able to do well from a sales perspective."

Godrej Properties to start Rs 8,000 cr housing project in Delhi

Currently, in Delhi-NCR, Godrej Properties has a strong presence in areas like Gurugram, Noida and Greater Noida Markets. Furthermore, the company has also expanded its presence in regions like Delhi, Faridabad and Sonipat. In FY22, the Delhi-NCR market contributed around 40 percent to Godrej's total sales bookings of Rs.7861 crores.

In the first half of fiscal year 23, Godrej Properties recorded the highest ever sales for the first half of any fiscal year with a book value of Rs 4,930 crore. In the second quarter alone, the company's total booking value was Rs 2,409 crore and the total booking volume was 2.71 million square feet. profit increased by 54 percent a year to Rs 55 crore. The company also launched four new projects in 3 cities.

In their audit report for the second quarter of FY23, Pirojsha Godrej said that they are confident of achieving the book value guidance of Rs 10,000 crore by FY23.

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