Macrotech Developers Acquires Land in Bengaluru for Rs 2,800 Cr Project

New Delhi, Jan 12 (PTI) Real estate company Macrotech Developers has acquired nearly 20-acre land parcel in Bengaluru for development of a housing project worth Rs 2,800 crore, as part of its expansion plan.

Mumbai-based Macrotech Developers, which markets its properties under the Lodha brand, has been acquiring land through outright purchases as well as forming partnerships with landowners for the joint development.

Out of the total, nearly 20 acre land was acquired in Bengaluru, the company has outright purchased some portion of land, while entering into joint development agreement with the landowner for the remaining part, sources said.

In its latest operational update for the December quarter, Macrotech Developers informed that the company has added one new project in Bengaluru with GDV (gross development value) of Rs 2,800 crore.

With this acquisition, the company now has five locations in Bengaluru.

These are expected to provide opportunity for significant pre-sales growth in Bengaluru from next financial year onwards, Macrotech Developers said.

The company forayed into the Bengaluru housing market a few years back, expanding its footprint from Mumbai Metropolitan Region (MMR) and Pune market where it has a substantial market share.

Buoyed by customers' response in its first residential project in Bengaluru, Macrotech Developers decided to gradually expand its presence in this IT city and meet rising demand.

Overall, Macrotech Developers had registered a 20 per cent growth in its sale bookings to a record Rs 14,520 crore during 2023-24 financial year, against Rs 12,060 crore in the preceding year.

The company has set a target of selling properties worth Rs 17,500 crore this fiscal year and it is confident of achieving this number.

Earlier this month, Macrotech Developers reported a 32 per cent increase in its sales bookings to Rs 4,510 crore for the quarter ended December.

Its sales bookings or pre-sales stood at Rs 3,410 crore in the year-ago period.

"We achieved our best ever quarter pre-sales of Rs 45.1 billion (Rs 4,510 crore), showing 32 per cent Y-o-Y (year-on-year) growth," Macrotech Developers had said in a regulatory filing.

During the first nine months of this fiscal year, the company has clocked a 25 per cent growth in its sales bookings to Rs 12,820 crore from Rs 10,300 crore in the corresponding period of 2023-24 financial year.

Macrotech Developers has delivered around 100 million square feet of real estate and is developing more than 110 million square feet under its ongoing and planned portfolio.

Besides housing, the company is into the development of industrial and logistics parks across many states.