Macrotech Developers Acquires Land for Rs 24,000 Cr Housing Projects

New Delhi, Apr 13 (PTI) Real estate firm Macrotech Developers acquired 10 land parcels last fiscal to develop housing projects with a total sales value of nearly Rs 24,000 crore, as it seeks to expand business amid strong demand.

Listed entity Macrotech Developers, which sells properties under Lodha brand, had given a guidance for 2024-25 that it would be acquiring land parcels having a revenue potential of Rs 21,000 crore.

To expand its business, the company acquires land parcels outright as well as forms partnerships with landowners to develop housing projects.

In its latest operational update, Macrotech Developers said it has acquired two new land parcels in Pune with GDV (gross development value) of Rs 4,300 crore.

During the full 2024-25 fiscal, the company acquired 10 land parcels with around Rs 23,700 crore of GDV across MMR (Mumbai Metropolitan Region), Bengaluru and Pune, surpassing its full year guidance of Rs 21,000 crore.

Out of the total 10 land deals, the company did not mention the number of outright purchases.

On other key operational metrics, Macrotech Developers reported a 14 per cent increase in sales bookings to a record Rs 4,810 crore in the fourth quarter of the last fiscal.

Its sales bookings stood at Rs 4,230 crore in the year-ago period.

Macrotech Developers' sale bookings grew 21 per cent last fiscal to a record Rs 17,630 crore from Rs 14,520 crore in 2023-24 financial year.

Macrotech Developers is one of the leading real estate developers in the country.

It has a significant presence in MMR, Pune and Bengaluru housing markets. Besides residential development, the company is building industrial & logistics parks across major cities. It also builds office and retail real estate spaces.

Abhishek Lodha-led Macrotech Developers is currently engaged in a legal battle with House of Abhinandan Lodha, a company formed by his younger brother, over use of brand name 'Lodha'.