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Motilal Oswal Report
Godrej Properties Ltd.'s sales bookings declined by 22% QoQ to Rs 25 billion, but was better than our estimate of Rs 21 billion. Strong sales performance was driven by successful launches in Mumbai, which clocked over Rs 10 billion of sales, and its best ever performance in sustenance projects, which contributed sales of Rs 15 billion.
Sales volume declined by 33% YoY to 2.9 million square feet. Blended realisations rose 38%/16% YoY to Rs 8,900/sq. ft. due to higher sales in Mumbai Metropolitan Region. On a portfolio basis, the company raised prices by 5-7% YoY.
Godrej Properties launched three new projects, two in MMR and one in National Capital Region, with a total saleable area of 1.2 msf, of which 50% was sold in Q1 FY23. Overall, it plans to launch ~19 msf of projects in the remainder of FY23.
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