Mumbai’s Godrej Properties has set a new record in the real estate industry by selling over 1,050 residences in its Godrej Zenith project, located in Gurugram's Sector 89, for a staggering INR 3,000 crore. This marks the company's most successful launch in terms of sales volume and value, as reported to the stock exchanges.
The Godrej Zenith project is now recognized as Gurugram's largest residential development. The company has seen a remarkable 473% increase in sales in Gurugram for the fiscal year 2023–24, compared to the previous year.
In response, the company’s share skyrocketed to an all-time high, reaching 2614.5 on NSE at 2:45 pm on Tuesday, April 8. With a strong launch pipeline for the years 2024–2025, Godrej Properties is poised for continued growth. The company plans to introduce new projects in Sectors 103, 43, and 54, reinforcing its commitment to the Gurugram market.
In the past year, Godrej Properties has achieved sales of over INR 2,000 crore multiple times across India, including in Gurugram. Notably, in the fourth quarter of 2023–24, the company sold its inventory in a Kandivali project, Godrej Reserve, totaling INR 2,690 crore.
Additionally, in the second quarter, sales surpassed INR 2,000 crore at the Godrej Tropical Isle project in Noida. The Godrej Aristocrat project in Gurugram's Sector 49 also saw significant sales, with inventory worth over INR 2,875 crore.
Anarock, a real estate consulting firm, predicts an optimistic run in Indian residential real estate in 2024, coinciding with the next general election. Historical data from the election years of 2014 and 2019 shows a correlation between general elections and a surge in residential real estate sales and new launches. The upcoming election year is expected to follow this trend, potentially leading to new records in the housing market.
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