Real estate company Godrej Properties Ltd has sold around 90 flats for more than ₹1,000 crore on the launch day of its new luxury housing project at Gurugram, despite an overall demand slowdown in residential property market.
In a regulatory filing on Friday, the company said around 90 flats were sold on the launch day of its project ‘Godrej Astra’ located on Golf Course Road micro-market.
The project is spread over 2.76 acres.
This is the company’s second launch in the prime Golf Course Road micro-market.
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“Gurugram is an extremely important market for Godrej Properties and we look forward to further strengthening our presence there in the coming years,” Gaurav Pandey, MD & CEO, Godrej Properties, said.
Godrej Properties is one of the leading real estate developers in the country.
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Recently, real estate data analytics firm PropEquity said that housing sales declined 23 per cent in January-March across nine major cities, while housing brokerage firm Anarock reported a 28 per cent drop in sales this quarter across seven major cities.
Despite an overall demand slowdown, big-branded listed developers continue to report healthy sales in their newly launched residential projects.
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Post-COVID, there has been a shift in consumer demand towards reputed players from fly-by-night operators and unreliable builders.