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Office Space Worth Rs 700 Crore Sold By Godrej Properties In Mumbai Until Q3 FY18

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Office Space Worth Rs 700 Crore Sold By Godrej Properties

In its commercial building at Bandra- Kurla complex in Mumbai, realty firm Godrej Properties has sold 2 lakh sq ft area for nearly Rs 700 crore so far this fiscal riding on the demand for prime rent-yielding assets.

 

The same group had sold 4.35 lakh sq ft area in Godrej BKC project to Abbott for Rs 1,480 crore in one of the largest office space deal in September 2015.

 

There is only 51,000 sq ft area which remains unsold in the 1.3 million sq ft Grade-A commercial building.

 

The presentation said, “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.”

 

In the first nine months of this fiscal year, the company’s sales bookings rose 140 per cent to Rs 4,029 crore as against Rs 1,681 crore in the corresponding period of the previous year. In terms of volume, the sales rose by 90 per cent to 47.85 lakh sq ft during the period under review.

 

The residential segment contributed Rs 3,330 crore while commercial projects accounted for Rs 699 crore. Almost all of the commercial property sold was from Godrej BKC project.

 

 

Godrej Properties has posted 35 per cent decline in its net profit at Rs 93 crore in the first nine months of this fiscal. However, total income rose by 23 per cent to Rs 1,547 crore during April-December period of this fiscal.

 

Godrej Properties is currently developing about 150 million sq ft area across 67 projects. It has presence in Mumbai, Chennai, NCR, Hyderabad, Kolkata, Bengaluru, Kochi, Mangalore, Ahmedabad, Pune Chandigarh, and Nagpur.

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