BENGALURU, May 3 (Reuters) – Indian actual property developer Godrej Properties Ltd (GODR.NS) stated it expects worth of bookings for fiscal 2024 to rise by 15% after reporting a 58.2% soar in fourth-quarter revenue on Wednesday.

The Godrej Group-owned agency’s consolidated internet revenue rose to 4.12 billion rupees ($50.34 million), from 2.60 billion rupees a yr earlier, aided by robust gross sales and strong demand for housing.

The firm expects bookings of 140 billion rupees for the present fiscal, greater than the 122.32 billion rupees in fiscal 2023, which beat its personal forecast.

Godrej Properties and different realty corporations like Sobha Ltd (SOBH.NS) and Macrotech Developers Ltd (MACE.NS) logged document gross sales and a robust progress in challenge launches for the quarter in addition to the fiscal yr as demand for housing remained resilient regardless of a 250-basis factors rise in lending charges for the complete yr.

Real property consulting agency Anarock had stated in a observe that gross sales within the nation’s prime seven cities grew 14% year-on-year throughout the three months ended March 31 resulting from a rising need for dwelling possession.

A pause within the price hike cycle may support progress within the trade, hit by successive waves of COVID-19 over the past three years.

The firm stated its income for the quarter grew 23.7% to 16.46 billion rupees, including it might elevate as much as 20 billion rupees through debt.

Shares of Godrej Properties rose 2% instantly after reporting outcomes, however have since been flat. The inventory is up 8.7% this yr, at present ranges.

(This story has been corrected to repair the fiscal 2023 bookings worth to 122.32 billion rupees from 123.32 billion rupees in paragraph 3)

($1 = 81.8430 Indian rupees)

Reporting by Nandan Mandayam in Bengaluru; Editing by Sohini Goswami

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