Macrotech Developers plan to invest Rs 2,800 cr on realty in FY22

17 May 2021 CW Team

Realty firm Macrotech Developers will double its speculation on construction to Rs 2,800 crore in FY22 to accelerate works at different ventures, which were hampered a year ago because of the Covid-19 pandemic and nationwide lockdown.

Mumbai-based Macrotech Developers, previously known as Lodha Developers, is one of the leading real estate firms in the country. The organisation got recorded on the stock exchange a month ago after the fruitful launch of its Rs 2,500 crore initial public offering (IPO).

Macrotech Developers CEO and MD Abhishek Lodha told the media that the company would fundamentally focus on the advancement of residential and warehousing properties in the Mumbai Metropolitan Region (MMR) and Pune throughout the following few years.

He also told the media that the housing request has been delayed from April-May. However, it is probably going to get up from the following month. Like the e-commerce area, he said that these two fragments had acquired significance during this pandemic.

Lodha brought up that the absolute expenditure on construction declined the previous fiscal year as the works on the venture locales were affected for nearly a half year.

The real estate developer delivered 2.7 million sq ft space in the last fiscal year as against 15.7 million sq ft in 2019-20.

Lodha told the media its pre-sales stood at Rs 5,970 crore during the last fiscal year. In the 2019-20 fiscal, the organisation's business appointments remained at Rs 6,570 crore.

While 10% contribution was from land monetisation in warehousing and industrial space, around 90% of pre-deals came from the residential portion and that too in an affordable and mid-pay category.

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Also read: Lodha aims to turn company debt-free by FY2024

Also read: Lodha IPO: Macrotech Developers to launch Rs 2,500 cr IPO

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