Godrej Properties aims to double sales in FY 11

Mumbai, Jan 14 (PTI) Godrej Properties today said itaims to double sales in the current fiscal to 2.8 million sqft from 1.4 million sq ft area sold in the last fiscal.

The real estate developer currently has around 83million sq ft area under development across 11 cities. Ofthis, around 20 million sq ft is under various stages ofconstruction.

"We hope to sell more than double of what we havesold in FY 10. There has been a strong demand for residentialproperties across the country and sales volumes will besubstantially high in Q4," Godrej Properties Chairman AdiGodrej told reporters here.

The Godrej group firm has already sold 5 lakh sq ft ofarea in the first two weeks of the current quarter, he said.

In Q3, the total area from new launches sold was6,99,130 sq ft, of which commercial was around 27,208 sq ft.

About 8 lakh sq ft has been already booked in the quarter, hesaid.

The residential properties launched in the thirdquarter were Godrej Frontier in Gurgaon, Palm Grove in Chennaiand Prakriti in Kolkata. Besides, it launched a commercialproperty called Godrej Genesis in Kolkata.

On its upcoming plans, Godrej said the company haslaunched Phase III of an Ahmedabad project.

On Vikroli project in suburban Mumbai, he said thefirm has started re-developing the 35 acres of land it owned.

"We have already razed the old buildings and started re-development work. We will build and lease out the property. Inthe next two years, we also plan to develop a mall and a five-star hotel on the land in Vikroli." .