Real estate giant Godrej Properties has announced a notable 21.5 percent increase in its net profit for the second quarter, totaling Rs 66.8 crore, driven by the rising demand for homes. In the same quarter of the previous year, the company had recorded a net profit of Rs 54.96 crore.
During the July-September quarter of the current financial year, the company's total income surged to over Rs 605 crore, marking a significant increase from the Rs 369.2 crore reported during the corresponding period of the previous year.
Furthermore, the company disclosed that bookings for new homes more than doubled during the quarter, reaching Rs 5,034 crore.
Notably, Godrej Properties recently secured bids for the development of two luxury housing projects in Gurugram, located on the outskirts of Delhi. These projects are projected to generate revenues of Rs 3,100 crore.
This positive financial performance aligns with the trend in the real estate sector, as even arch-rival DLF reported an increase in profit, signaling a recovery in India's real estate industry, which had faced challenges during the pandemic.
(With Agency Inputs)
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