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Tuesday, January 25, 2022

Recession in Real Estate? What happened that Godrej Properties sold 275 flats for 475 crores in a single day

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Big news comes amid the recession of real estate. Godrej Properties Limited said on Friday that it has sold 275 flats worth Rs 475 crore in 1 day of launching a new housing project in Noida.

There has been talk of recession in real estate for a long time. In a recent report by Knight Frank, the international property consultancy company, it was told that there has been a big decline in India’s ranking in the Global Home Price Index. During this time, India has fallen 13 places. The house prices in India have fallen by 3.6 per cent year-on-year compared to the 43rd rank in the fourth quarter of 2019, which led to the decline in its rank in the world. At the same time, now a company has surprised real estate experts by selling 275 flats worth 475 crores in one day.

Let me tell you that Godrej Properties, a Mumbai-based realty company, had stepped into Delhi NCR about 10 years ago. Now the company has built 17 projects in 5 cities.

What is the matter

Real estate company Godrej Properties Limited told the exchange in the information that the company launched a new housing project in Noida on Friday. In the first day of the project launch, the company has sold 275 flats worth Rs 475 crore.

Where is the company’s project

This project of Godrej Properties Limited is located in Sector 43 of Noida. The statement issued by Godrej Properties Limited said that Noida is an important market for the growth of the company’s functioning and we are focusing on increasing our presence in this area.

What happened that sold the flats right away?

Experts say that the image of the company is very good in the market. The company has delivered several previous projects on time. Godrej Properties has delivered 6 projects so far. That is why people have taken up this project of the company as well.

How many crore flats Godrej Properties sells in a year…

In the statement issued by the company, it said that in the October-December quarter, Godrej Properties achieved 25 percent growth in terms of bookings.

Whereas, in the first 9 months of the current financial year, the bookings of the company grew by 16 per cent and the turnover increased to Rs 4093 crore.

If we talk about the entire financial year of 2019-20, then the company had registered a sales booking of Rs 5915 crore. It is the highest in the realty sector company listed on the stock market.

What is the condition of the worldwide property market

According to the Knight Frank report, in 56 countries around the world, during the year 2020, housing property prices have increased at an annual rate of 5.6 per cent. Whereas, exactly one year ago, in the year 2019, this rate was 5.3 percent. Whereas, in New Zealand 19%, Russia 14%, Canada and UK at 9%, there has been an increase in the demand of homes during the last three months.

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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