Macrotech Developers Acquires 20-Acre Land in Bengaluru, Targets Rs 2800 Crore Sales
Real estate giant Macrotech Developers has acquired a 20-acre land parcel in Bengaluru to develop a housing project worth Rs 2800 crore, as part of its strategic expansion plan.
Real EstateMacrotech DevelopersBengaluruLand AcquisitionHousing ProjectReal EstateJan 12, 2025
This acquisition is aimed at developing a housing project with a Gross Development Value (GDV) of Rs 2800 crore, furthering the company's expansion strategy in the South Indian market.
Macrotech Developers, known for marketing its properties under the Lodha brand, has been actively acquiring land through both outright purchases and joint development agreements with landowners.
The recent acquisition in Bengaluru consists of both outright purchases and joint development agreements, according to sources.
In its latest operational update for the December quarter, Macrotech Developers reported adding a new project in Bengaluru.
This acquisition brings the company's total number of locations in Bengaluru to five, providing significant opportunities for pre-sales growth in the coming financial year.
Macrotech Developers entered the Bengaluru housing market a few years ago, expanding its footprint from the Mumbai Metropolitan Region (MMR) and Pune, where it has a substantial market share.
The positive response from customers in its first residential project in Bengaluru has encouraged the company to further expand its presence and meet the rising demand in this IT hub.
The company has seen impressive growth, registering a 20% increase in sale bookings to a record Rs 14,520 crore during the 2023-24 fiscal year, up from Rs 12,060 crore in the previous year.
Macrotech Developers has set a target of selling properties worth Rs 17,500 crore this fiscal year and is confident of achieving this goal.
Earlier this month, the company reported a 32% increase in sales bookings to Rs 4,510 crore for the quarter ended December, compared to Rs 3,410 crore in the same period last year.
Frequently Asked Questions
What is the size of the land parcel acquired by Macrotech Developers in Bengaluru?
Macrotech Developers has acquired a 20-acre land parcel in Bengaluru for the development of a housing project.
What is the targeted GDV of the new housing project in Bengaluru?
The new housing project in Bengaluru is expected to have a Gross Development Value (GDV) of Rs 2800 crore.
How many projects does Macrotech Developers now have in Bengaluru?
With this recent acquisition, Macrotech Developers now has five locations in Bengaluru.
What was the percentage increase in sales bookings for Macrotech Developers in the December quarter?
Macrotech Developers reported a 32% increase in sales bookings to Rs 4,510 crore for the December quarter, compared to Rs 3,410 crore in the same period last year.
What is the total real estate delivered by Macrotech Developers so far?
Macrotech Developers has delivered around 100 million square feet of real estate and is currently developing more than 110 million square feet under its ongoing and planned portfolio.
Related News Articles
Current Gold Prices in Major Indian Cities: Latest Rates and Updates
Stay updated with the latest gold prices for 10 grams of 22-carat gold in major Indian cities across India.
Equinox India Developments Limited: The New Face of Indiabulls Real Estate
Listed real estate developer Indiabulls Real Estate Limited has undergone a transformation, changing its name to Equinox India Developments Limited with effect from June 20, 2024.
Real Estate Entrepreneur Kamlesh Kumar Jailed in Ranchi Amid Money Laundering Probe
The Enforcement Directorate (ED) has arrested Real Estate businessman Kamlesh Kumar in Ranchi under the Prevention of Money Laundering Act (PMLA).
Navneet Rana to Skip Maharashtra Assembly Polls, Eyes Rajya Sabha Seat
Navneet Rana, a prominent political figure in Maharashtra, has announced that he will not contest in the upcoming Maharashtra Assembly elections. Instead, he is setting his sights on a membership in the Rajya Sabha. This decision comes after a series of s
Micromitti to Launch SM-REITs: A New Era for Real Estate Investment in Central India
Micromitti, a leading PropTech firm in Central India, is set to introduce Real Estate Investment Trusts (REITs), AIF Category 2 Real Estate Funds, and Private Equity (PE) investments, providing high-return opportunities for individual investors.
Bhopal Sees Property Rates Soar by Up to 200% in 243 Locations
Property rates in Bhopal have increased by up to 200% in 243 locations, including prime areas like Arera Colony, 10 Number Market, and MP Nagar, sparking opposition from builders and developers.