Godrej Properties Eyes NCR Amid Market Slowdown

Godrej Properties Executive Chairman Pirojsha Godrej stated during the company’s Q3FY26 earnings call that while the real estate market has “slowed down little bit,” the company continues to evaluate land acquisition opportunities in Gurugram and Noida.

To a query on expansion in the NCR he indicated that business development activity is likely in these micro-markets, though the company may tactically increase focus on other regions.

Godrej emphasized that all five of the company’s top markets remain priorities, but its national operating model allows it to shift focus depending on prevailing market conditions.

Key Highlights

• Godrej Properties sees selective land acquisition opportunities in Gurugram and Noida despite market slowdown
• National platform model allows strategic flexibility across top real estate markets
• Business development strategy focused on inventory replenishment and high-upside regions

If a specific geography appears uncertain or warrants a pause, the company can temporarily reduce exposure there without impacting overall growth momentum elsewhere.

He highlighted the strength of the company’s national platform, which enables selective deal-making based on strategic value rather than geographic compulsion. This flexibility, he noted, is a key competitive advantage, allowing the company to optimize capital deployment and growth opportunities.

Godrej also said the company has invested significant effort in establishing itself as a leading developer across its core markets. Over time, each of these geographies presents growth potential. However, tactical decisions—such as which market to prioritize in a given quarter or half-year — will continue to evolve based on opportunity and risk assessment.

According to Gaurav Pandey, MD and CEO of Godrej Properties, the company had a Business Development (BD) strategy three years ago, when “we were largely in an acquisitions spree across markets, because the market was in a different cycle.”

"But if you've been noticing in the last 18 months, we've moved to a very different strategy of buying land where we feel there is a strong demand coming up and selling fast in markets that we feel overheated up and at the right stage replenishing the inventory. So to that extent, I would say that it will continue to be a calibrated BD strategy," Pandey said during the investor call.

According to Pandey, the company has added projects across geographies and currently holds about ₹135,000 crores in inventory. And within that, “if I talk about very recent inventory, which is very fresh inventory, which is from the acquisitions of last year, that itself gives or takes about ₹65,000 crores. So largely, BD will continue to replenish inventory or double down in markets where we feel there is a huge upside available," Pandey said.

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The company’s business development strategy will remain focused on replenishing inventory and pursuing markets with strong upside potential.