News: Godrej Properties Sees NCR Market Cooling Slightly-16-02-2026
Godrej Properties still finds land opportunities in Gurugram and Noida that make sense, but recognises that the market there "has slowed down little bit" and may do somewhat more in other markets in the near term, executive chairman Pirojsha Godrej said on the Q3FY26 earnings call in reply to a question on NCR acquisitions.
He expects some business development in Gurgaon and Noida and said all five of the company’s top markets remain priorities.
Godrej said the national platform lets the company choose the markets and deals that offer the most value. If one market looks worrying or merits a pause, stepping back there does not prevent growth elsewhere. The company has worked hard to become a leading developer in each of these geographies, he said, and can keep adjusting which market to emphasise in a given quarter or half-year, a flexibility he called one of the platform’s main strengths.
MD and CEO Gaurav Pandey said that three years ago, in a different cycle, the company was largely on an acquisition spree across markets. Over the past 18 months it has shifted to buying land where strong demand is emerging, selling quickly in markets it considers overheated and replenishing inventory at the right time. Business development will stay calibrated, he said.
The company holds about Rs 135,000 crore of inventory across geographies, of which roughly Rs 65,000 crore is fresh stock from last year’s acquisitions. Future additions will mainly replenish inventory or double down where it sees substantial upside.
