Macrotech Developers Buys Land for NCR Warehousing Park

New Delhi, Dec 2 (PTI) Realty firm Macrotech Developers has acquired a 45-acre land parcel at Sohna, Gurugram to develop an industrial and logistics park for around Rs 110 crore, marking its entry into the Delhi-NCR market.

Mumbai-based Macrotech Developers, which sells properties under the Lodha brand, is one of the leading real estate developers in the country.

According to sources, the company has acquired around 45 acres of land at Sohna in Delhi-NCR for about Rs 110 crore.

On November 29, Macrotech Developers had informed the stock exchanges that it has acquired 100 per cent stake in Janus Logistics and Industrial Parks Pvt Ltd (JLIPPL) for Rs 48 crore.

JLIPPL, incorporated on December 20, 2022, is in the business of construction and development of warehousing and logistics assets.

Pursuant to the closure of this deal, JLIPPL will become a wholly-owned subsidiary of the company.

"This is in pursuance of our planned strategy for calibrated growth in our annuity income through 'Digital Infrastructure', which is industrial and logistics under the LILP (Lodha Industrial and Logistics Park) brand," Macrotech Developers had said.

In its latest investors' presentation for the September quarter, the company outlined plans to develop rent-yielding assets, including offices, malls, high-street retail spaces and industrial & logistic parks.

It aims for around Rs 1,500 crore annual rental income in 2030-31 fiscal year.

Macrotech Developers is quite bullish on the growth potential for the industrial & logistic segment of real estate.

In May 2022, the company announced a tie-up with Bain Capital and Ivanhoé Cambridge to set up a platform that will invest around USD 1 billion to develop warehousing and industrial parks across India.

In September this year, Macrotech Developers had acquired the interest of Ivanhoe Warehousing India Inc (Ivanhoe) in the digital infrastructure platform entities for Rs 239.56 crore.

Last month, it acquired Bain Capital's stake in three industrial and logistics park entities for Rs 307 crore.

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.

The company had registered a 20 per cent growth in sales bookings to a record Rs 14,520 crore during 2023-24, against Rs 12,060 crore in the preceding year. It has set a target of selling properties (mainly apartments) worth Rs 17,500 crore this fiscal year.