Macrotech Developers Expands Bengaluru Presence with 20-Acre Land Acquisition
Mumbai-based real estate giant Macrotech Developers has acquired a 20-acre land parcel in Bengaluru to develop a Rs 2,800 crore housing project. This strategic move is part of the company’s expansion plan into the bustling IT city.
Macrotech DevelopersBengaluruReal EstateHousing MarketLand AcquisitionReal Estate NewsJan 12, 2025
This acquisition, valued at Rs 2,800 crore, is aimed at developing a major housing project in the city.
The company has adopted a mixed strategy, outright purchasing some portions of the land while entering into joint development agreements with landowners for the remaining area.
In its latest operational update for the December quarter, Macrotech Developers announced the addition of a new project in Bengaluru, which has a Gross Development Value (GDV) of Rs 2,800 crore.
This acquisition brings the total number of locations the company owns in Bengaluru to five.
These new developments are expected to drive significant pre-sales growth in the city from the next financial year onwards.
Macrotech Developers entered the Bengaluru housing market a few years ago, expanding its presence from its established markets in the Mumbai Metropolitan Region (MMR) and Pune.
The company’s initial residential project in Bengaluru received a positive response from customers, encouraging it to gradually increase its footprint in the IT hub to meet the rising demand for housing.
The company has seen robust growth in its sales bookings, recording a 20% increase to a record Rs 14,520 crore during the 2023-24 financial year, compared to Rs 12,060 crore in 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 number.
Earlier this month, the company reported a 32% increase in its sales bookings to Rs 4,510 crore for the quarter ended December, up from Rs 3,410 crore in the same period last year.
The company stated in a regulatory filing, 'We achieved our best ever quarter pre-sales of Rs 45.1 billion (Rs 4,510 crore), showing 32% Y-o-Y (year-on-year) growth.'
During the first nine months of this fiscal year, Macrotech Developers has seen a 25% growth in its sales bookings, reaching Rs 12,820 crore from Rs 10,300 crore in the corresponding period of 2023-24.
The company 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.
In addition to residential projects, Macrotech Developers is also involved in the development of industrial and logistics parks across various states, further diversifying its portfolio and strengthening its market position.
Frequently Asked Questions
What is the value of the new housing project in Bengaluru by Macrotech Developers?
The new housing project in Bengaluru by Macrotech Developers is valued at Rs 2,800 crore.
How many locations does Macrotech Developers now have in Bengaluru?
Macrotech Developers now has five locations in Bengaluru.
What is the target sales value for Macrotech Developers in the current fiscal year?
The target sales value for Macrotech Developers in the current fiscal year is Rs 17,500 crore.
How much did Macrotech Developers' sales bookings increase in the quarter ended December?
Macrotech Developers' sales bookings increased by 32% to Rs 4,510 crore in the quarter ended December.
Besides housing, what other types of projects is Macrotech Developers involved in?
Besides housing, Macrotech Developers is also involved in the development of industrial and logistics parks across various states.
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