Macrotech acquires 7 land parcels for Rs 166 billion housing projects

17 Oct 2024 CW Team

Macrotech Developers, the Mumbai-based real estate firm behind the Lodha brand, has acquired seven land parcels across the Mumbai Metropolitan Region (MMR), Pune, and Bengaluru to develop housing projects with an estimated revenue potential of Rs 166 billion.

The company has secured these parcels through a mix of outright purchases and joint development agreements with landowners. In a recent operational update, Macrotech revealed the addition of four projects in Pune and Bengaluru with a combined Gross Development Value (GDV) of Rs 55 billion.

In the first half of FY25, the company has already launched projects worth Rs 166 billion, exceeding 75% of its full-year guidance of Rs 210 billion. Three of the seven land parcels were acquired during the April-June quarter, with a projected revenue potential of Rs 111 billion.

Although the company did not specify how many of these acquisitions were outright purchases, it emphasised the strength of its development pipeline, stating, "We continue to see a robust pipeline of business development opportunities for our residential segment."

Earlier this month, Macrotech reported record-breaking sales bookings of Rs 42.9 billion during the July-September period, a 21% increase from Rs 35.3 billion in the same quarter last year. Despite the traditionally inauspicious ‘Shradhh’ period falling in September this fiscal year, the company achieved its best-ever quarterly pre-sales.

For FY25, Macrotech remains optimistic about achieving 20% growth in sales bookings. Last fiscal year, the company recorded Rs 145.2 billion in bookings, up 20% from Rs 120.6 billion in FY23, and is targeting Rs 175 billion in sales for the current fiscal year.

With a track record of delivering 100 million square feet of real estate, Macrotech is currently developing over 110 million square feet across ongoing and planned projects.

(Business Standard)

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