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Making Its Mark BUSINESS INDIA u THE MAGAZINE OF THE CORPORATE WORLD Corporate Reports SANJAY BORADE Making its mark GPL has bucked the market trend with its strong brand and diversified portfolio odrej Properties Ltd (GPL), the volume in 2014, when its Godrej: its launch. At Godrej Infinity, real estate development arm of sales grew five-fold to cross encouraging Pune, it sold more than 200 Gthe 118-year-old Godrej group, 1 million sq ft. Both its new- performance apartments in just 10 days, seems to be unfazed by the ongoing ly-launched projects in Gur- with a booking value of `120 slowdown in the real estate sector. gaon were a big hit. In Godrej crore; average price: `6,000 per During 2014-15, the company clocked Oasis, over 200 flats (booking value: sq feet. The company has success- a 56 per cent growth in its revenue of `250 crore; average price: `7,140 per fully launched another of its residen- `1,843 crore. While the property sales sq ft) and in Godrej Aria, over 250 tial projects, Godrej Prana, in Pune, in the country’s residential market flats (booking value: `285 crore; within one year of signing the devel- continue to be depressed (down by average price: `7,100 per sq ft) were opment agreement and has sold over around 40 per cent), GPL registered its sold in the launch quarter itself. In 2,40,000 sq ft of space at an average highest ever sales (booking value) of a short period of time, the company rate of `4,800 per sq ft. `2,398 crore (area: 2.6 million sq ft) has added four projects in NCR and Enthused by the response of Phase during the year. Besides, it also sold already launched four of these proj- I, GPL launched Phase II of Godrej commercial space (300,000 sq ft) of ects with an overwhelming success. United in Bengaluru ahead of its `383 crore. In fact, the company has GPL’s cumulative sales volume in NCR schedule. And, in 12 months, it sold sold real estate worth `8,000 crore in currently stands at 3 million sq ft. 524,000 sq ft of space, valued at `324 the last three years. In Mumbai, the company suc- crore at an average price: `6,200 per In a market where new launches cessfully launched its second town- sq ft. were few and far between, the com- ship project, Godrej City in Panvel While developers across various pany has generated exceptional and sold 600,000 sq ft of space, markets have struggled, GPL has con- response in the case of its new with a booking value of `343 crore tinued its impeccable track record of launches. Despite being a new player (average price: `7,500 per sq feet) in execution and timelines. In fact, the (which entered just four years ago) in 2014-15. GPL also launched Phase II last fiscal was also the best ever year the NCR market, which is faced with of its premium residential project, for the company in terms of project supply overhang, GPL has pulled off Godrej Central, in Chembur and has deliveries. The company delivered a phenomenal performance. In fact, so far sold close to 600,000 sq ft of 3.5 million sq ft of space, involving the company emerged as the larg- space, worth over `870 crore; aver- five residential projects and a pres- est developer in Gurgaon by sales age price: `14,500 per sq feet) since tigious commercial project – Godrej u 53 u AUGUST 3-16, 2015 Corporate Reports BUSINESS INDIA u THE MAGAZINE OF THE CORPORATE WORLD with two other Godrej group compa- Gurgaon. With this, the company nies – Godrej Industries and Godrej currently boasts of a robust develop- & Boyce – will also have residential ment pipeline of about 110 million and retail developments, besides a sq ft, involving around 49 projects, at five star hotel. a residential and commercial mix of GPL has collaborated with several 90:10. These projects are spread across of the world’s most renowned archi- 12 major cities – Chandigarh, Gurg- tects and engineering consultants to aon, Ahmedabad, Kolkata, Nagpur, design this futuristic project of The Mumbai, Pune, Hyderabad, Manga- Trees. Pelli Clarke Pelli Architects, lore, Bengaluru, Chennai and Kochi. the lead architect for the master plan “Under difficult market condi- as well as for Godrej One, is well tions, where builders are struggling known for designing architectural to sell their products, GPL has not land marks such as Petronas Tow- only shown a great deal of resilience, ers in Kuala Lumpur, International but also posted an encouraging per- Finance Center II in Hong Kong and formance. Buyers have reposed full Bloomberg headquarters in New faith in its offering, capability and York City. Larsen & Toubro has con- track record. Moreover, its corporate structed Godrej One, which is cer- identity and brand value have also tified as LEED Platinum, globally extended much needed comfort to recognised as the highest rating for the buyers, who are currently tread- sustainable design. ing cautiously,” says Ashok Kumar, Of the five residential projects managing director, Cresa Partners, a delivered last fiscal year, GPL has real estate advisory firm. delivered 228 apartments (1.6 mil- “Undoubtedly, the market is lion sq ft) in phase II of its Godrej depressed. But some of the develop- Garden City (GCC), Ahmedabad. Ear- ers which have come up with the lier, in October 2013, the company right kind of products at the right Godrej 1: prestigious project had handed over 624 apartments in locations have been successful. More- 13 towers in Phase I of this project. over, it is also a test of their various One – which currently hosts the cor- The average rate in GCC is currently capabilities and their ability to con- porate office of GPL . The 760,000-sq around `3,500 per sq ft. In this 250- vince the home buyers with the right ft modern office building in Vikhroli, acre mega township project, it is kind of offering,” says Samantak Das, Mumbai, will be the new headquar- going to deliver some 13,000 apart- chief economist & director, research, ters of the Godrej Group. All corpo- ments and villas in a phased manner. Knight Frank India. rate offices of its group companies The company is executing this proj- “Over the last few years, we have will also be based in this iconic office ect jointly with Shree Siddhi Group, put up a concerted effort to ramp building, which will have other Ahmedabad. The master plan for up our capabilities,” says Pirojsha corporate tenants too. This pre- the project has been created by Godrej, 34, managing director & CEO, mium office space is a part of GPL’s world-renowned architects Skidmore, GPL . “We have done a lot of work in 34-acre mix-use project – The Trees Owings and Merrill (SOM ), which has improving our processes and perfor- – launched four years ago. The proj- designed numerous landmark proj- mance in critical areas like project ect, the joint development (60:40) ects across the globe, including the selection and planning, execution Burj Khalifa in Dubai. GCC is one quality and cost, and consistent sales Shareholding pattern of the two projects in India and growth. While some of the results of amongst 17 worldwide to be chosen these efforts are already evident, we as a partner by the Clinton Climate believe there is much more ahead,” Initiative, with the goal of achieving he adds. Pirojsha, under the guidance a climate-positive development. of his father, Adi Godrej, has played PromoterPromoters a key role in leading the company 74.91%74.91% Robust development through a phase of rapid growth in This apart, GPL has delivered four res- the last few years. From being a small Others FII idential projects, one each in Mum- player six-seven years ago, the com- 13.87% 10.04% bai, Nagpur, Bengaluru and Gurgaon, pany has come up to be established during the last fiscal year. It has also as one of the leading and fastest added to its development portfo- growing companies in the real estate DII lio five new projects (total saleable sector. In fact, it emerged as the sec- 1.18% area: about 8 million sq ft) in cities ond largest developer in the country like Mumbai, Bengaluru, Kolkata and by sales volume in 2014-15, Prestige u 54 u AUGUST 3-16, 2015 BUSINESS INDIA u THE MAGAZINE OF THE CORPORATE WORLD Corporate Reports of Bangalore being the largest. about `200 crore as revenue and 250 Since his appointment as exec- employees in 2008-09. Today, it has utive director in 2008, Pirojsha has over 900 employees on its roll. The been involved in a leadership capac- revenue has also swelled manifold. In ity in all key areas of the company’s fact, in the last seven years or so, the operations. When in April 2012, he company has grown at a CAGR of over took over the rein of GPL , he became 40 per cent. It has created a pan India the youngest chief executive in the presence, with projects in 12 cities. It group. The youngest of group chair- has got over 20 projects under devel- man Adi Godrej’s three children, opment in Mumbai, eight in Bengal- he joined the company in 2004 as uru, six in Pune, five in NCR , four in a management trainee. His elder sis- Kolkata and two each in Hyderabad ter Tanya oversees marketing for and Chennai. This apart, the com- the group, while sister Nisaba heads pany has footprint in smaller cities Godrej BKC: ready by next year human resources and innovations.
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