Godrej Properties expects muted sales numbers in first quarter of FY22

By Raghavendra Kamath7 days ago

Godrej Properties chairman Pirojsha Godrej expects a muted first quarter in FY22 in terms of sales for the company though he sees an increase in opportunities for buying land parcels and joint ventures due to liquidity issues among developers.

“We expect to see a significant impact in the first quarter but we would like to quickly scale up with new launches and expect momentum to pick up from the second quarter,” Godrej said during a conference call with analysts.

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Godrej said there has been a 25 per cent reduction in labour strength from the pre-second Covid wave period and it is working on an incentive scheme to retain them.

Godrej said the company will invest the QIP money raised. It mopped up Rs 3,750 crore in March this year through that route.

“Good opportunities (for buyouts) are available but we want to be prudent in deployment (of funds),” he said.

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