Macrotech Developers Launch 17 Housing Projects, Targeting a Turnover of Rs 12,000 Crore

Macrotech Developers will launch 17 residential projects, with a revenue potential of Rs 12,000 crore, in this fiscal to boost sales bookings that hit a record in 2023-24 on the back of strong demand.

According to an investor presentation, Macrotech Developers – which markets its properties under the Lodha brand – will launch 10 new projects and seven new phases in existing residential projects in the Mumbai Metropolitan Region (MMR), Pune and Bengaluru.

The total area to be launched is estimated at 10.1 million sq ft with an estimated Gross Development Value (BDV) of Rs 12,100 crore.

However, the company said the guidance for this fiscal’s launch pipeline could skyrocket as it might acquire more land parcels and start operations in this financial year itself.

Even during FY24, Macrotech Developers cited that the company launched projects worth Rs 18,000 crore against expectations of Rs 13,000 crore.

Macrotech Developers, one of India’s leading real estate developers, has set a target to sell properties worth Rs 17,500 crore during the current fiscal, a growth of 21 percent over the previous year.

It registered a 20 per cent growth in its sales bookings (also called pre-sales) to a record Rs 14,520 crore in the last fiscal, compared to Rs 12,060 crore in 2022-2023.

Rising on the overall demand scenario in the residential segment, Macrotech Developers will also increase its investment in construction of projects to over Rs 5,000 crore this fiscal.

In an interview with PTI, Abhishek Lodha, MD and CEO of Macrotech Developers, said the company aims to deliver over 10,000 apartments by 2024-25, up from around 8,200 units in the last fiscal.

He highlighted that the company has achieved all its key 2023-2024 targets related to pre-sales, new land acquisition and debt reduction, amid strong housing demand.

Lodha exuded confidence that demand would continue as India’s housing sector is likely to be in the third year of its long-term upcycle, driven by high economic growth and consumers’ increasing preference for home ownership over renting.

Lodha said the company would add more land for future development to maintain a “consistent and predictable” growth trajectory.

“Our best-ever quarterly and annual performance demonstrates the resilience in demand for high-quality housing in India from branded developers,” Lodha said.

He said the company would acquire land parcels, through outright acquisitions and also through partnerships with landowners, for future development.

Recently, Macrotech Developers reported an 11 percent decline in consolidated net profit to Rs 665.5 crore in the March quarter, compared to Rs 744.4 crore in the same period a year ago.

The company’s total revenue grew to Rs 4,083.9 crore in the quarter under review, compared to Rs 3,271.7 crore in the same period a year ago.

During 2023-2024, Macrotech Developers registered a three-fold jump in profits to Rs 1,549.1 crore, compared to Rs 486.7 crore in 2022-2023. The company’s total revenue rose to Rs 10,469.5 crore from Rs 9,611.2 crore.

The debt has come down to around Rs 3,000 crore.

The company also added many new plots last fiscal to build residential projects with a potential sales value of over Rs 20,000 crore.

”This makes us a unique housing company that can deliver the troika of significant pre-sales growth, robust business development and significant debt reduction, demonstrating our brand strength and operational prowess,” Lodha said.

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

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)