Macrotech Developers Acquires 20-Acre Land in Bengaluru, Eyes Rs 2,800 Crore Sales
Real estate giant Macrotech Developers, known for its Lodha brand, has secured a 20-acre land parcel in Bengaluru to develop a housing project worth Rs 2,800 crore. This strategic move aims to boost the company’s presence in the thriving IT city and capit
Macrotech DevelopersBengaluruReal EstateLodhaHousing MarketReal Estate NewsJan 12, 2025
This strategic move is part of the company’s broader expansion plan, which includes both outright purchases and joint development agreements with landowners.
Mumbai-based Macrotech Developers, marketed under the Lodha brand, has been actively acquiring land to expand its footprint.
In this instance, the company purchased a portion of the land outright and entered into a joint development agreement for the remaining area.
This acquisition adds another location to the company’s growing presence in Bengaluru, bringing the total to five.
The company's operational update for the December quarter revealed the addition of this new project in Bengaluru, with a Gross Development Value (GDV) of Rs 2,800 crore.
This move is expected to drive significant pre-sales growth in the coming financial year, further solidifying Macrotech Developers' position in the Bengaluru housing market.
Macrotech Developers entered the Bengaluru market a few years ago, expanding from its strongholds in the Mumbai Metropolitan Region (MMR) and Pune.
The successful launch of its first residential project in Bengaluru, which received a positive response from customers, encouraged the company to steadily increase its presence in the city to meet the rising demand for residential properties.
The company reported a 20% growth in its sale bookings, reaching a record Rs 14,520 crore during the 2023-24 financial year, up from Rs 12,060 crore the previous year.
Macrotech Developers has set an ambitious target of selling properties worth Rs 17,500 crore in the current fiscal year and is confident of achieving this goal.
In the December quarter, the company recorded a 32% increase in sales bookings, amounting to Rs 4,510 crore, compared to Rs 3,410 crore in the same period last year.
The company highlighted this achievement in a regulatory filing, stating, “We achieved our best ever quarter pre-sales of Rs 45.1 billion (Rs 4,510 crore), showing 32 per cent Y-o-Y (year-on-year) growth.”
Over the first nine months of this fiscal year, Macrotech Developers has seen a 25% growth in its sales bookings, reaching Rs 12,820 crore, up from Rs 10,300 crore in the corresponding period of the 2023-24 financial year.
Macrotech Developers has a proven track record in the real estate sector, having delivered around 100 million square feet of properties and currently developing over 110 million square feet under its ongoing and planned portfolio.
Besides housing, the company is also involved in the development of industrial and logistics parks across various states.
This acquisition in Bengaluru underscores Macrotech Developers’ commitment to expanding its market presence and leveraging the city’s growing demand for high-quality residential properties.
With a strong focus on customer satisfaction and strategic growth, the company is well-positioned to achieve its ambitious sales targets and continue its upward trajectory in the real estate sector.
Frequently Asked Questions
What is the value of the housing project Macrotech Developers is developing in Bengaluru?
The housing project in Bengaluru is valued at Rs 2,800 crore.
How much land has Macrotech Developers acquired in Bengaluru?
Macrotech Developers has acquired a 20-acre land parcel in Bengaluru.
What is the Gross Development Value (GDV) of the new project in Bengaluru?
The GDV of the new project in Bengaluru is Rs 2,800 crore.
How many locations does Macrotech Developers now have in Bengaluru?
Macrotech Developers now has five locations in Bengaluru.
What is Macrotech Developers' sales target for the current fiscal year?
Macrotech Developers has set a target of selling properties worth Rs 17,500 crore in the current fiscal year.
Related News Articles
Arkade Developers Secures Rs 1,700 Crore Cluster Redevelopment Project in Dahisar
Arkade Developers has bagged a significant cluster redevelopment project in Dahisar, Mumbai, with a gross development value of Rs 1,700 crore. The project spans 6.5 acres and is expected to offer 6.76 lakh square feet of saleable area.
Kolte-Patil Developers announces leadership change: Rahul Talele steps down, Atul Bohra takes over as CEO
Listed real estate firm Kolte-Patil Developers based in Pune announced that its Group CEO Rahul Talele has resigned, effective June 13, 2024. Atul Bohra, former CFO, will replace him.
No Alcohol at Diljit Dosanjh's Pune Concert: Maharashtra Excise Department Cancels Permit
Diljit Dosanjh's highly anticipated concert in Pune, scheduled to take place at Kakade Farm in Kothrud, faced a significant setback as the Maharashtra Excise Department revoked the alcohol permit. The decision has sparked debate and criticism from various
Single-Owned Commercial Properties in High Demand
Investors in India's commercial real estate market prefer single-owned properties for higher returns and operational efficiency
Alt, the Holding Company for Property Share, to Raise Rs 2.8K Cr in New Funding
Mumbai: Alt, the holding company for Property Share, a leading platform in fractional real estate ownership, is set to raise Rs 2.8K crore. This move is expected to further boost the company's market presence and expand its innovative real estate solution
Why Bengaluru's Mysore Road Is Grabbing Everyone's Attention
Mysore Road in Bengaluru is undergoing a significant transformation that is turning heads. From real estate developments to infrastructure improvements, discover why this area is becoming a focal point for both investors and residents.