Business
Real estate giants
Despite the raging pandemic, two Parsi-owned companies have made news in the real estate market. While Joyville, the housing platform of the Shapoorji Pallonji (SP) Group doubled their annual sales to Rs 1,100 crores, Godrej Properties (GP) has emerged the country’s largest real estate developer with sales of Rs 6,725 crores, according to news reports.
With six housing projects in four major cities — Bombay, Poona, Calcutta and Gurgaon — Joyville managing director Sriram Mahadevan told the Press Trust of India that 2020-21 was "the best year,” adding that they sold around 2,000 properties during the 2020-21 fiscal, up from the 800 units of the previous year. He noted that the factors that "helped to bounce back” were pent up demand, the state government’s decision to cut stamp duty on registrations and new launches of projects by the company across various cities. Their digital platform to give virtual tours of projects to prospective customers "helped (them) a lot,” stated Mahadevan. The lockdown enabled people to think of owning their first homes and "those who already own flats (wanted) to upgrade to bigger flats with better amenities.”
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ahadevan also observed that the housing demand is consolidating towards branded builders having better execution track records. "On business expansion,” he said, "the company is looking to acquire some land parcels in Bombay and Poona,” stated the Business Standard (BS) of June 24, 2021. Apart from Joyville, group firm Shapoorji Pallonji Real Estate has a development pipeline of over 80 million sq ft, noted the news report.
Noting that Joyville and Shapoorji Pallonji Real Estate are not listed entities, BS stated that "unlisted companies generally do not disclose their numbers.”
Meanwhile, GP, a listed company, has become the "country’s largest listed real estate developer in terms of sales bookings during the last fiscal year as it clocked record pre-sales of Rs 6,725 crores,” noted BS of June 20. The company "reported a 14% rise in sales bookings as against Rs 5,915 crore in the 2019-20 financial year.
On the back of the results, GP’s managing director and chief executive officer Mohit Malhotra told news channel Zee Business "we were the number one player… (the growth) is very sustainable and we feel that it is the tip of the iceberg… From here the company will grow at a very rapid pace.”
GP executive chairman Pirojsha Godrej told company shareholders in the annual report that it is proposed to invest one billion dollars (Rs 7,445 crores) "over the next couple of years to acquire and develop new projects as part of its target to achieve higher growth,” reported BS of July 10.
Godrej had told The Mint in March 2021 that the company "will expand its project portfolio over the next one year on the back of its robust launch pipeline and through land purchases.” The executive chairman declared "While we will continue to focus on our key property markets (Bombay, Poona, Bangalore and Delhi), we are exploring opportunities in Hyderabad.”
With six housing projects in four major cities — Bombay, Poona, Calcutta and Gurgaon — Joyville managing director Sriram Mahadevan told the Press Trust of India that 2020-21 was "the best year,” adding that they sold around 2,000 properties during the 2020-21 fiscal, up from the 800 units of the previous year. He noted that the factors that "helped to bounce back” were pent up demand, the state government’s decision to cut stamp duty on registrations and new launches of projects by the company across various cities. Their digital platform to give virtual tours of projects to prospective customers "helped (them) a lot,” stated Mahadevan. The lockdown enabled people to think of owning their first homes and "those who already own flats (wanted) to upgrade to bigger flats with better amenities.”
M
ahadevan also observed that the housing demand is consolidating towards branded builders having better execution track records. "On business expansion,” he said, "the company is looking to acquire some land parcels in Bombay and Poona,” stated the Business Standard (BS) of June 24, 2021. Apart from Joyville, group firm Shapoorji Pallonji Real Estate has a development pipeline of over 80 million sq ft, noted the news report.Noting that Joyville and Shapoorji Pallonji Real Estate are not listed entities, BS stated that "unlisted companies generally do not disclose their numbers.”
Meanwhile, GP, a listed company, has become the "country’s largest listed real estate developer in terms of sales bookings during the last fiscal year as it clocked record pre-sales of Rs 6,725 crores,” noted BS of June 20. The company "reported a 14% rise in sales bookings as against Rs 5,915 crore in the 2019-20 financial year.
On the back of the results, GP’s managing director and chief executive officer Mohit Malhotra told news channel Zee Business "we were the number one player… (the growth) is very sustainable and we feel that it is the tip of the iceberg… From here the company will grow at a very rapid pace.”
GP executive chairman Pirojsha Godrej told company shareholders in the annual report that it is proposed to invest one billion dollars (Rs 7,445 crores) "over the next couple of years to acquire and develop new projects as part of its target to achieve higher growth,” reported BS of July 10.
Godrej had told The Mint in March 2021 that the company "will expand its project portfolio over the next one year on the back of its robust launch pipeline and through land purchases.” The executive chairman declared "While we will continue to focus on our key property markets (Bombay, Poona, Bangalore and Delhi), we are exploring opportunities in Hyderabad.”
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