Macrotech Developers Expands in Bengaluru with 20-Acre Land Purchase, Targets Rs 2,800 Crore Sales
Macrotech Developers, the prominent real estate firm known for its Lodha brand, has made a significant move in the Bengaluru housing market by acquiring a 20-acre land parcel. The company aims to develop a high-value housing project worth Rs 2,800 crore,
Macrotech DevelopersBengaluruReal EstateLand AcquisitionHousing MarketReal Estate NewsJan 12, 2025
The project is estimated to be worth Rs 2,800 crore and is part of the company's strategic expansion plan.
Macrotech Developers, based in Mumbai, has been actively acquiring land through both outright purchases and joint development agreements with landowners.
According to sources, the company has outright purchased some portions of the land, while entering into joint development agreements for the remaining part.
This acquisition is expected to boost Macrotech's presence in Bengaluru, where it already has four other locations.
The company's latest operational update for the December quarter revealed the addition of a new project in Bengaluru with a gross development value (GDV) of Rs 2,800 crore.
With this latest expansion, Macrotech Developers now has five projects in Bengaluru.
The company anticipates 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 footprint from the Mumbai Metropolitan Region (MMR) and Pune, where it holds a substantial market share.
The positive customer response to its first residential project in Bengaluru has encouraged the company to further expand its presence in the city to meet rising demand.
Overall, Macrotech Developers has registered a 20% growth in sale bookings, reaching a record Rs 14,520 crore during the 2023-24 financial year, compared to Rs 12,060 crore in the previous year.
The company 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.
Earlier this month, Macrotech Developers 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.
Frequently Asked Questions
What is Macrotech Developers' recent acquisition in Bengaluru?
Macrotech Developers has acquired a 20-acre land parcel in Bengaluru for a housing project worth Rs 2,800 crore.
How many projects does Macrotech Developers now have in Bengaluru?
With the latest acquisition, Macrotech Developers now has five projects in Bengaluru.
What is the estimated gross development value (GDV) of the new project in Bengaluru?
The estimated gross development value (GDV) of the new project in Bengaluru is Rs 2,800 crore.
How much growth in sale bookings did Macrotech Developers achieve in the 2023-24 financial year?
Macrotech Developers achieved a 20% growth in sale bookings, reaching a record Rs 14,520 crore in the 2023-24 financial year.
What is Macrotech Developers' 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
Kolkata Sees Decline in Unsold Affordable Housing Stock and Rise in Luxury Inventory
Kolkata: In the period from 2024 to 2025, Kolkata experienced a significant decline in unsold affordable housing stock by 20%, while the luxury housing inventory saw a substantial increase of 96%. A recent real estate research provides insights into these trends and their implications for the local market.
ARPU Must Reach Rs 300: Rajan Bharti Mittal Discusses Moody's Rating Upgrade
Rajan Bharti Mittal, the chairman of Bharti Enterprises, has expressed his optimism about the company's future, particularly in the telecom sector. Mittal believes that the recent upgrade in Bharti's credit rating by Moody's is a testament to the company'
Unveiling the Dark Side: 5 Shocking Revelations from the Alexander Brothers' Real Estate Empire
Tal, Oren, and Alon Alexander, prominent figures in the real estate world, were arrested from their homes in Miami Beach on Wednesday, sparking a flurry of revelations about their alleged sexual abuse.
Maamla Legal Hai Sweeps Danube Properties Filmfare OTT Awards 2024 with Two Major Wins
At the 5th annual Danube Properties Filmfare OTT Awards 2024 held in Mumbai on December 1, the comedy series Maamla Legal Hai made a notable impact by securing two major awards. The series, produced by Posham Pa Pictures, won Best Comedy (Series/Specials)
Daily Current Affairs Updates: Global Food Regulators Summit 2024 and More
Get briefed on the latest current affairs, including the Global Food Regulators Summit 2024, Miss India Worldwide 2024, and Junior World Weightlifting Championship 2024.
Leopold Cafe Shines at SOS Nitelife Excellence Awards 2024
The prestigious event acknowledged remarkable achievements, supported by the Confederation of Real Estate and the Maharashtra Chamber of Housing.