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Annual Report 2014-15

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Annual Report 2014-15 SPINE TO BE ADJUSTED BY THE PRINTER ANNUAL REPORT 2014-15 Godrej Properties Limited, Godrej One, 5th Floor, Pirojshanagar, Eastern Express Highway, Vikhroli (East), Mumbai 400 079. India Tel: 91-22-61698500 | Website: www.godrejproperties.com SPINE TO BE ADJUSTED BY THE PRINTER SPINE TO BE ADJUSTED BY THE PRINTER Godrej Properties Limited Godrej One, 5th Floor, Pirojshanagar, Eastern Express Highway, Vikhroli (East), Mumbai 400 079. India Tel: 91-22-61698500 | Website: www.godrejproperties.com SPINE TO BE ADJUSTED BY THE PRINTER CONTENTS Vision .................................................................................................. 02 The Year That Was ............................................................................... 04 Company Information ........................................................................... 06 Awards & Recognition .......................................................................... 08 Chairman’s Message ............................................................................ 10 Managing Director’s Message ............................................................... 12 Management Discussion and Analysis .................................................... 14 Director’s Report and Annexures ........................................................... 28 Report on Corporate Governance .......................................................... 73 Business Responsibility Report .............................................................. 95 Financials .......................................................................................... 107 Consolidated Financials ...................................................................... 149 Notice and Explanatory Statement ....................................................... 200 VISION We aspire to be among the nation’s top 3 real estate companies, while continuing to be the most trusted name in the industry. We shall deliver superior value to all stakeholders through extraordinary and imaginative spaces created out of deep customer focus and insight. 02 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 Godrej One, Mumbai 03 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 THE YEAR THAT WAS ROBUST GROWTH DELIVERED (FY2015 LEADERSHIP POSITION IN PERFORMANCE OVERVIEW COMPARED THE GURGAON MARKET WITH FY2014) • Sales in Gurgaon grew by 502% YoY in FY15 to • Total income increased by 54% to INR 1,927 over 1 million sq. ft. despite a weak market crore from INR 1,254 crore • Sold the entire launched inventory of • Net profit increased by 20% to INR 191 crore 213 apartments at Godrej Oasis and 250 from INR 159 crore apartments at Godrej Aria • Launched Godrej Aria within 4 months of FY15 SALES HIGHLIGHTS signing the Development Agreement which is • Registered booking volume of 3.9 million the fastest launch in the history of GPL sq.ft. and booking value of INR 2,681 crore in a weak real estate market STRONG FOCUS ON EXECUTION • 69% growth in volume and 58% growth in • Delivered 3.5 million sq.ft. in FY15 which volume of residential sales bookings includes 2.7 million sq.ft. of residential and • Highest ever annual residential sales by GPL 0.8 million sq.ft. of commercial space across with booking value of INR 2,398 crore five cities in FY15 CONTINUED SUCCESS IN BUSINESS OTHER HIGHLIGHTS DEVELOPMENT • ICRA has upgraded long term rating of Godrej • Added 5 new projects with ~8 million sq.ft. Properties to AA- from A+ of saleable area across India in Mumbai, • GPL opened its first international sales office Bengaluru, Gurgaon and Kolkata in Dubai • 59 awards received in FY15 04 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 Godrej Icon, Gurgaon 05 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 COMPANY INFORMATION DIRECTORS: REGISTERED OFFICE Mr. Adi B. Godrej Godrej One, 5th Floor, Chairman Pirojshanagar, Eastern Express Mr. Jamshyd N. Godrej Highway Vikhroli (East), Director Mumbai – 400 079 Mr. Nadir B. Godrej Director REGISTRAR & TRANSFER AGENT Ms. Parmeshwar A. Godrej Director Karvy Computershare Private Limited “Karvy Selenium Tower B”, Mr. Pirojsha Godrej Plot No. 31 & 32, Gachibowli, Managing Director & Financial District, Nanakramguda, Chief Executive Officer Serilingampally, Mr. K.T. Jithendran Hyderabad – 500 008, Telangana Executive Director Mr. V. Srinivasan Executive Director STATUTORY AUDITOR (up to March 31, 2015) KALYANIWALLA & MISTRY Mr. Mohit Malhotra Chartered Accountants Executive Director Kalpataru Heritage (Appointed w.e.f April 1, 2015) 127, Mahatma Gandhi Road Mr. Amit B. Choudhury Mumbai - 400 001 Director Mr. Keki B. Dadiseth Director BANKERS Mrs. Lalita D. Gupte State Bank of India Director IDBI Bank Ltd. Mr. Amitava Mukherjee HDFC Bank Ltd. Director Mr. S. Narayan Director COMPANY SECRETARY & CHIEF LEGAL OFFICER Dr. Pritam Singh Director Mr. Surender Varma Mr. Pranay Vakil Director 06 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 Godrej Serenity, Mumbai 07 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 AWARDS & RECOGNITION Awards Received by Godrej Properties in FY2014-15: Emerging Developer of the year – Residential • 6th Realty Plus Excellence Awards 2014 Most Promising Brand/Leader Award • World Brand Summit 2014 Most Reliable Builder • CNBC AWAAZ Real Estate Awards 2014 Best in Sector – Indian Real Estate • Sector Success Awards 2014 Sector Innovator Award for Landmark Structures • Sector Success Awards 2014 Gold Statuette for ‘Let's Talk’ – • MarCom Awards - International competition for Marketing and Category – Internal Employee Publication Communication Professionals Asia’s most promising brand • World Consulting & Research Corporation (WCRC) Brand Excellence Award in Real Estate Sector • Brand Excellence Awards Most Admired Real Estate Sector Website of the year • Global Brand Excellence Awards 2014 India’s Top 5 Most Admired Builders • Construction World Architect and Builders (CWAB) Awards 2014 Real Estate Company of the Year – Runner Up • Construction World Architect and Builders (CWAB) Awards 2014 Mumbai Hot 50 brands • Hindustan Times and Paul Writer Automation of Financial Planning Process • Silver EDGE Award Information Week Ranked amongst India’s Top 50 companies to work • Ranked #1 in Real Estate & Construction Sector for in 2014 – Study by Great Places to Work Institute • Ranked #45 in overall category and ‘The Economic Times’ The Real Estate Honour • Johnson Society Interiors Honours 2015 Top 50 admired brands of India 2014–15 • Admired Brands & Leaders of India 2015 Innovative Real Estate Marketing Campaign of the year • Golden Globe Tiger Awards 2015 Luxury Housing Developer of the Year – Western India • Brands Academy Excellence Awards 2015 Innovation Leader in Real Estate • NDTV Property Awards 2014 Corporate Citizen of the Year • Won by the Godrej Group Public Relations Council of India (PRCI) Awards Platinum award – Online Newsletter – Infographics • Public Relations Council of India (PRCI) Awards Silver award for – Vibrations • Public Relations Council of India (PRCI) Awards AVA Digital Awards 2015 • Platinum Award for Live Bright video for Godrej Prakriti - Live video for Web/ Marketing (Product) • Platinum Award for D Code film for the GPL Design Studio video - Video Production/ Corporate Image • Gold Award for One Tree Story video for The Trees marketing campaign - Video production/ Viral video 08 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 Project Specific & Individual Awards • Gold Award - 3rd Asian Consumer Engagement Forum Awards • Integrated Township of the year - West 7th Estate Awards - organized by Franchise India in media partnership with ET Now • Most Admired campaign/creative - Gold Category at the CEF Asian Godrej Garden City, Ahmedabad Consumer Engagement Awards • Best Residential Project - Runner up - Construction Week India Awards 2014 • Integrated Township of the year - Realty Plus Excellence Awards 2014 • Top 100 Real Estate projects in India - Realty Plus • Best Residential Project in Bangalore city under Affordable segment - CNBC Godrej E–City, Bangalore AWAAZ Real Estate Awards 2014 • Top 100 Real Estate projects in India - Realty Plus Godrej Frontier, Gurgaon • Safety Certificate of Appreciation - Construction Industry Development Council (CIDC) Vishwakarma Safety Awards 2015 • Safety Certificate of Appreciation - Construction Industry Development Godrej Platinum, Bangalore Council (CIDC) Vishwakarma Safety Awards 2015 Godrej Anandam, Nagpur • Top 100 Real Estate projects in India - Realty Plus • Luxury Villa Project of the Year - West Bangalore - Godrej Gold County, Bangalore Bangalore Real Estate Awards 2014 • Top 100 Real Estate projects in India - Realty Plus Godrej Platinum, Kolkata • Top 100 Real Estate projects in India - Realty Plus Godrej Central, Mumbai • Gold Award - 3rd Asian Consumer Engagement Forum Awards Godrej Oasis • Most Promising Upcoming project of the Year - North India Real Estate Awards • Safety Certificate of Appreciation - Construction Industry Development Godrej BKC Council (CIDC) Vishwakarma Safety Awards 2015 • Highest ranked amongst 18 projects • Safety Certificate of Appreciation - Construction Industry Development Godrej Horizon Council (CIDC) Vishwakarma Safety Awards 2015 • Top 100 Real Estate projects in India - Realty Plus Godrej Prakriti, Kolkata • Safety Certificate of Appreciation - Construction Industry Development Council (CIDC) Vishwakarma Safety Awards 2015 • CEO Real Estate - CEO Award 2015 • Best People CEO - National HRD Network (NHRDN) CEO Awards Mr. Pirojsha Godrej • Visionary of India -
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