BENGALURU, May 3 Reuters Indian real estate developer Godrej Properties reported a fall in fourthquarter revenue on Friday, weighed by muted pricing in the key market of Mumbai.

Shares of the company dipped after results, but recouped losses to trade up 0.3 as of 156 p.m. IST.

WHY IT39;S IMPORTANT

Indian real estate developers have been racing to keep up with a buoyant postpandemic housing demand by beefing up their land banks as homebuyers lap up pricier apartments, unfazed by high borrowing rates.

At least 97 land deals were closed in 2023, up from 82 deals in 2022, data from real estate consultancy firm Anarock showed.

The growth has pushed the realty index up about 23 yeartodate, outpacing a 3 climb in the benchmark Nifty 50 index. In 2023, the realty index surged 81 compared with a 20 rise in the benchmark.

Analysts have seen muted price trends in Mumbai, Pune and Bengaluru. Mumbai was Godrej Properties39; biggest sales contributor by market in the fourth quarter.

Its second largest sales contributor by market was the national capital region, where growth of new housing launches stagnated in the fourth quarter, Morgan Stanley data showed.

BY THE NUMBERS

Godrej Properties39; consolidated revenue fell 13.4 to 14.26 billion rupees 171 million in the fourth quarter, while net profit rose over 14 to 4.71 billion rupees, helped by stable expenses and higher other income.

The company expects residential bookings to grow to more than 270 billion rupees in the…