However, the company said it would continue to grow, helped by its brand image and various projects lined up to be launched. It had clocked record sales booking of nearly Rs 6,000 crore during the last fiscal year.
In its investor presentation, the Mumbai-based firm said: Due to the nationwide lockdown, existing construction activity has come to a halt which will extend construction timelines.
The company employs around 10,000 construction workers at its sites across India and is in good position to resume construction at most projects once the lockdown is lifted, it added.
On impact on sales bookings, Godrej Properties said, it expects to see a significant short-term reduction in sectoral sales.
However, the company said its strong project pipeline and brand would enable to deliver continued growth.
"Liquidity situation for the sector will worsen with banks and non-bank financial companies (NBFCs) getting more risk-averse, resulting in funding issues for many developers," the company said.
Godrej Properties said that its short-term cashflows, too, will be impacted, but the company has a strong balance sheet and is in a good position to operate its existing projects.
Consolidation within the residential real estate sector is likely to accelerate further, it said, adding that well-capitalised players with good brands and execution capabilities are expected to continue to gain substantial market share.
Godrej Properties on Monday reported a 35 per cent fall in its consolidated net profit at Rs 101.08 crore for the quarter ended March as against Rs 156.66 crore in the year-ago period.
Total income, however, rose to Rs 1,288.17 crore in the fourth quarter of the last fiscal year from Rs 1,203.21 crore in the previous year.
Net profit rose to Rs 267.21 crore during the full 2019-20 financial year from Rs 253.15 crore in the previous year. The total income fell to Rs 2,914.59 crore during the last fiscal year from Rs 3,221.98 crore in the 2018-19 financial year.
Godrej Properties' total sales bookings stood at Rs 5,915 crore and 8.80 million sq ft during the last fiscal year. In 2018-19, the sales bookings stood at Rs 5,316 crore and 8.76 million sq ft.
The company said this is its highest ever sales bookings in a financial year and possibly the highest booking value achieved by any publicly listed real estate developer in India in FY20.
Pirojsha Godrej, Executive Chairman, Godrej Properties, said: "While the real estate sector is likely to be significantly impacted for the next few months, we believe there will be continued opportunities for credible developers with strong brands as the process of consolidation that has been underway in the sector gathers pace."
"While the start of FY21 may be muted, our strong project pipeline and healthy balance sheet will help maintain sales momentum in FY21," ha had said. MJH ANSANS