Macrotech Developers, a real estate company, has purchased nearly 20 acres of land in Bengaluru to develop a new housing project worth Rs 2,800 crore.
New project in Bengaluru to boost pre-sales growth
Based in Mumbai, Macrotech Developers, which operates under the Lodha brand, has acquired land through direct purchases and partnerships with landowners for joint developments. For this latest project in Bengaluru, the company has bought a portion of the land outright and entered into a joint development agreement with the landowner for the remaining area.
In its latest update for the December quarter, Macrotech announced the addition of a new plan of around Rs. 2,800 crore. With this move, the company now has a presence in five locations in Bengaluru, which is expected to lead to significant growth in pre-sales in the region from the next financial year onwards.
Macrotech’s impressive sales growth and future goals
Macrotech expanded into Bengaluru’s housing market a few years ago after gaining a substantial market share in Mumbai and Pune. The first residential project in Bengaluru received a positive response, prompting Macrotech to gradually grow its presence to meet the rising demand in this booming IT hub.
In the 2023-24 financial year, Macrotech reported a 20% increase in sales bookings, reaching a record Rs 14,520 crore compared to Rs 12,060 crore the previous year. For the current fiscal year, the company has set an ambitious sales target of Rs 17,500 crore and is confident it will meet this goal.
Expanding beyond housing: Macrotech’s diverse portfolio
Earlier this month, Macrotech revealed a 32% year-on-year increase in its sales bookings for the quarter ending in December, reaching Rs 4,510 crore, up from Rs 3,410 crore in the same period last year. Over the first nine months of the current fiscal year, the company achieved a 25% growth in sales bookings, totalling Rs 12,820 crore, compared to Rs 10,300 crore in the same period the previous year.
Macrotech has delivered around 100 million sq. ft. of real estate and is developing over 110 million square feet through ongoing and planned projects. In addition to residential properties, the company is also involved in developing industrial and logistics parks across several states.
