Godrej Properties share price hits life-time high on highest ever pre-sales in FY24. Should you buy the stock?

livemint.com:

₹3,220.00 on BSE after the real estate developer reported its highest ever pre-sales in FY24.Realty major Godrej Properties reported 84% year-on-year (YoY) growth in its FY24 pre-sales to record ₹22,500 crore, becoming the largest developer in terms of bookings. The performance was mainly led by new launches, which increased by 65% in FY24, of which 70% were absorbed during the year and contributed 70% to total pre-sales.

Also Read: Reliance share price hits a record high, m-cap tops ₹21 lakh crore mark; can it rise further after Jio tariff hike?The company’s sales volume increased by 31% YoY to 20 msf while realization rose 40% YoY, driven by a higher contribution from high-realization markets of NCR and MMR and enhanced positioning in the premium segment, brokerage firm Motilal Oswal Financial Services noted.Pre-sales in NCR trebled to ₹10,000 crore and in Mumbai Metropolitan Region (MMR) rose over two-fold to ₹6,500 crore.Godrej Properties’ management has guided for pre-sales of ₹27,000 crore in FY25, which implies YoY growth of 20%. With ongoing project inventory of just seven months, launches will again be a key driver of growth in FY25, Motilal Oswal said.Also Read: Trent market cap edges toward ₹2 lakh crore amid unbroken 7-month surge in stock priceThe company is gearing up to launch projects worth ₹30,000 crore in FY25 across its core markets of NCR, MMR, Bengaluru and Pune, as well as the recently entered Hyderabad market.