Macrotech Developers signs 5 JDAs in H1 for Rs 4,500 cr projects

Realty major Macrotech Developers has created five joint ventures since April to build projects having sales potential of Rs 4,500 crore and aims to enter into five more such deals with landowners by the end of FY22.

Mumbai-based Macrotech Developers, one of the preeminent real estate developers in the nation, sells its properties under the Lodha brand.

Macrotech Developers MD and CEO Abhishek Lodha told the media that they inked five JDAs (joint development agreements) in the first half of this financial year to develop projects worth nearly Rs 4,500 crore. And the pipeline of JDAs seems very good.

The growth potential in five JDAs is about 4 million sq ft in several micro-markets of Mumbai Metropolitan Region (MMR) and Pune.

Macrotech is assessing many offers from landowners, which involve individuals and small real estate companies, to collectively build real estate projects.

Macrotech Developers, which got registered on the stock exchanges in April after raising Rs 2,500 crore through its initial public offering (IPO), aims to achieve a 50% increase in sales bookings of about Rs 9,000 crore in FY22.

The firm has already marketed properties of Rs 2,960 crore during April-September and is certain to list more than Rs 6,000 crore sales in the second half of this fiscal.

They continue to believe that we would attain their sales bookings guidance of about Rs 9,000 crore in FY22.

Macrotech Developers' sales bookings reached Rs 5,970 crore during the last financial year.

Macrotech needs to achieve Rs 5,000 crore of sales bookings during October-March period of FY22 from its residential portfolio. Rs 1,000 crore will come from non-regular sales, monetisation of warehousing and commercial units.

The firm has been concentrating on sustainable development by decreasing carbon footprints and developing green covers across all its projects.

The homeownership concept has attained importance since the Covid-19 pandemic. There is a good interest in good quality products. Low interest rates on house loans is also a significant factor, Lodha said.

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Also read: Macrotech Developers Q2 FY22 sales: Bookings jump to Rs 2,003 cr