Godrej Properties surges 8%, hits new high on strong Q4 business update

Shares of Godrej Properties hit a new high of Rs 2,788.75 as they surged 8 per cent on the BSE in Tuesday's intraday trade after the real estate company said its bookings grew 135 per cent year-on-year (Y-o-Y) to over Rs 9,500 crore in the January-March quarter (Q4FY24). This is the highest-ever quarterly sales announced to date by any publicly listed real estate developer in India, the company said in an exchange filing. This was achieved through the sale of 5,331 homes with a total area of over 8 million sq. ft, it added. On the bourses, the stock is trading higher for a third straight day, rising 16 per cent during the period, after Godrej Properties said it sold over 1,050 homes worth over Rs 3,000 crore within three days of the launch of its new project at Gurugram, Haryana. In the past three weeks, it has zoomed 30 per cent. In FY24, Godrej Properties' bookings grew 84 per cent Y-o-Y to over Rs 22,500 crore. This was 61 per cent above the guidance provided at the start of the year, and was achieved through the sale of 14,310 homes with a total area of 20 million sq. ft.