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Godrej Properties (GPL) has clocked sales of INR 1,000 crore from its recently launched residential project, Godrej Evergreen Square, in Pune. The firm sold more than 1,398 apartments over 1.23 million square feet, which is the most successful project launch in the city for GPL both in value and volume. The Hinjewadi project was launched in November 2024, only four months after the acquisition of land. With a developable area of 2.41 million square feet, the project is expected to yield INR 2,045 crore in revenue. Pune has been one of GPL's core markets, and it has contributed heavily to its record pre-sales of INR 12,929 crore in FY23. The good reaction to this launch reflects increased housing need in Hinjewadi, a key IT destination. In spite of such successes, shares in Godrej Properties closed 2.23% down at INR 1,986.20 on the BSE earlier this week.
Godrej Properties (GPL) will continue to be in the limelight as the company has achieved new home sales of INR 1,000 crore with the launch of its new residential offering, Godrej Evergreen Square, in Pune. The Mumbai real estate developer sold more than 1,398 residential units across 1.23 million square feet in this project, developed in Hinjewadi. In a filing with the regulator, the company pointed out that Godrej Evergreen Square was launched in November 2024, within four months of land acquisition. The overwhelming response has been GPL's top launch in Pune in terms of sales value and quantity. Advertisement
The project carries a total developable area of 2.41 million square feet and is likely to bring in revenue of INR 2,045 crore, according to prevailing market estimates. Pune has been a key market for GPL, with several successful launches in areas like Hinjewadi, Kharadi, and Mamurdi. In 2023, the company launched Godrej Woodsville in Hinjewadi, which also saw robust demand. GPL's overall sales performance has been strong, with record pre-sales of INR 12,929 crore in FY23, marking a 56% year-on-year growth from FY22.
Hinjewadi, the largest IT park in Pune, has experienced mounting demand for residential units because of the availability of companies like Infosys, Wipro, and Cognizant. The locality has also recorded a consistent hike in prices of property, which has made it an ideal destination for luxury housing projects.
Talking about the project's success, Godrej Properties' MD & CEO Gaurav Pandey said that the unprecedented response turned Godrej Evergreen Square into the most successful residential launch in Pune. He also thanked customers and stakeholders, promising that the company is focused on delivering an extraordinary living experience at the project. Concurrently, even with robust sales volumes, Godrej Properties' stock fell 2.23%, closing at INR 1,986.20 on the BSE last week.
Godrej Evergreen Square's success once again establishes Godrej Properties' solid presence in Pune's real estate market. With Hinjewadi now becoming a preferred residential hub based on its IT-driven demand, the project's quick sales are indicative of the increasing demand for high-end housing in the area. Godrej Properties' FY23 record pre-sales and steady growth in Pune also reflect its long-term growth path. As the company continues to ride Pune's thriving real estate market, the decline in its stock price indicates that overall market conditions and investor sentiments are still factors to monitor.
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