 "real estate")
The company did not provide details of how many transactions were outright purchases. | Representative Photo
Realty firm Macrotech Developers has acquired seven land parcels in Mumbai Metropolitan Region (MMR), Pune and Bengaluru to develop housing projects with an estimated revenue potential of Rs 16,600 crore.
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 joint development.
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In its latest operational update, the company informed that it has added four projects in Pune and Bengaluru, having Rs 5,500 crore of GDV (gross development value).
During the first six months of this 2024-25 fiscal, the company has added projects worth Rs 16,600 crore, which is more than 75 per cent of its full year guidance of Rs 21,000 crore.
The company had acquired three land parcels in the MMR and Pune during the April-June quarter to develop projects with a revenue potential of Rs 11,100 crore.
Out of the total 7 land acquisitions, the company did not provide details of how many transactions were outright purchases.
“We continue to see a strong pipeline of business development opportunities for our residential business,” Macrotech Developers said.
Meanwhile earlier this month, Macrotech Developers reported a 21 per cent increase in sales bookings to a record Rs 4,290 crore during the July-September period on better housing demand.
It had sold properties worth Rs 3,530 crore in the year-ago period.
“We achieved our best-ever quarterly pre-sales of Rs 42.9 billion (Rs 4,290 crore) showing growth of 21 per cent year-on-year despite the inauspicious Shradhh’ period falling in September this fiscal year (versus October in FY24),” the company had said.
On sale bookings, the company expressed confidence to achieve the target of 20 per cent growth during this fiscal year.
Macrotech Developers had registered a 20 per cent growth in sale 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 worth Rs 17,500 crore this fiscal year.
The company 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.
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First Published: Oct 15 2024 | 6:00 PM IST
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