Macrotech Developers, the builder behind the Lodha brand, has acquired 3 land parcels in Mumbai and Pune for new projects, aiming for Rs 11,000 crore in revenue.
Photograph: Shailesh Andrade/Reuters
New Delhi, July 14 (PTI) Bullish on housing demand, realty firm Macrotech Developers has acquired three land parcels in the Mumbai region and Pune during the April-June quarter to develop projects with a revenue potential of more than Rs 11,000 crore.
Mumbai-based Macrotech Developers, which markets its properties under the Lodha brand, is acquiring land parcels through two routes -- outright purchases and partnerships with landowners.
Giving an update on business development, Macrotech Developers said, "We added three projects in MMR (Mumbai Metropolitan Region) and Pune having Rs 11,100 crore of GDV (gross development value), which is more than 50 per cent of full-year guidance of Rs 21,000 crore".
The company, in its latest operational updates, did not mention whether it bought outright or entered into joint development agreements (JDAs) with landowners.
During 2023-24, the company added many new land parcels to build housing projects with a potential sales value of over Rs 20,000 crore.
To expand business amid strong housing demand, almost all listed realty firms are aggressively acquiring land to create a robust launch pipeline.
On other key operational performance parameters, Macrotech Developers clocked a 20 per cent growth in its sales bookings to Rs 4,030 crore in the first quarter of this fiscal year against Rs 3,350 crore in the year-ago period.
During 2023-24, Macrotech Developers registered a 20 per cent growth in its sale bookings (pre-sales) to a record Rs 14,520 crore compared to Rs 12,060 crore in the 2022-23 financial year.
The company has given a guidance of achieving 21 per cent annual growth in sale bookings this fiscal to Rs 17,500 crore.
As per the latest operational update, the collections from customers rose 12 per cent to Rs 2,690 crore in the first quarter of this fiscal from Rs 2,400 crore in the corresponding period of the previous year.
Macrotech Developers, which has a big presence in Mumbai Metropolitan Region (MMR) and Pune and just entered Bengaluru, intends to launch 17 housing projects this fiscal with a revenue potential of Rs 12,000 crore to boost its sales bookings.
The company will launch 10 new projects and seven new phases in existing residential projects during 2024-25 across the three cities where it has a presence.
The total area to be launched is estimated at 10.1 million square feet with an estimated GDV of Rs 12,100 crore.
Macrotech Developers has delivered around 100 million square feet of real estate and is currently developing more than 110 million square feet under its ongoing and planned portfolio.
During 2023-24, the company's total income rose to Rs 10,469.5 crore from Rs 9611.2 crore in 2022-23.
The company registered a three-fold jump in net profit to Rs 1,549.1 crore during the last fiscal against Rs 486.7 crore in 2022-23.
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