Macrotech Developers Expands in Bengaluru with Rs 2,800 Crore Housing Project
Macrotech Developers, known for the Lodha brand, has acquired 20 acres in Bengaluru for a new housing project. This marks the company's fifth location in the city and paves the way for significant pre-sales growth in the upcoming fiscal year.
Real EstateHousing ProjectBengaluruLand AcquisitionMacrotech DevelopersReal Estate NewsJan 12, 2025
This strategic move is aimed at developing a new housing project estimated to be worth Rs 2,800 crore.
This acquisition marks the company's fifth location in Bengaluru, solidifying its presence in the city's burgeoning housing market.
Mumbai-based Macrotech Developers has been actively expanding its footprint in key markets.
The company's approach includes both outright land purchases and joint development agreements with local landowners.
For this latest acquisition, a significant portion of the 20 acres was outright purchased, while the remaining part was secured through a joint development agreement.
In its latest operational update, Macrotech Developers reported the addition of a new project in Bengaluru with a gross development value (GDV) of Rs 2,800 crore.
This project is expected to contribute significantly to the company's pre-sales growth in the city from the next financial year onwards.
Macrotech Developers entered the Bengaluru housing market a few years ago, expanding from its strongholds in the Mumbai Metropolitan Region (MMR) and Pune.
The company's first residential project in Bengaluru received a positive response from customers, encouraging it to expand further.
The decision to invest in Bengaluru is driven by the rising demand for quality housing in this tech hub.
Over the past year, Macrotech Developers has seen impressive growth.
The company achieved a 20 per cent increase in sale bookings, reaching a record Rs 14,520 crore during the 2023-24 financial year, up from Rs 12,060 crore in the previous year.
This success has bolstered the company's confidence, and it has set a target of selling properties worth Rs 17,500 crore in the current fiscal year.
In the December quarter, Macrotech Developers reported a 32 per cent increase in sales bookings to Rs 4,510 crore, up from Rs 3,410 crore in the same period last year.
The company stated, 'We achieved our best ever quarter pre-sales of Rs 45.1 billion (Rs 4,510 crore), showing 32 per cent year-on-year growth.'
For the first nine months of the current fiscal year, the company has recorded a 25 per cent growth in sales bookings, amounting to Rs 12,820 crore, compared to Rs 10,300 crore in the same period of the previous year.
Macrotech Developers has a proven track record of delivering high-quality real estate projects.
To date, the company has successfully completed around 100 million square feet of development and is currently working on a portfolio that exceeds 110 million square feet.
In addition to housing, Macrotech Developers is also involved in the development of industrial and logistics parks across various states in India.
This latest land acquisition in Bengaluru underscores the company's commitment to meeting the growing demand for residential properties in the city.
With a robust pipeline of projects and a strong market presence, Macrotech Developers is well-positioned to capitalize on the opportunities in the Bengaluru housing market.
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 estimated to be worth 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' approach to land acquisition in Bengaluru?
Macrotech Developers uses both outright purchases and joint development agreements with local landowners for land acquisition in Bengaluru.
What was the growth in Macrotech Developers' sales bookings in the 2023-24 financial year?
Macrotech Developers achieved a 20 per cent growth in sales bookings, reaching Rs 14,520 crore in the 2023-24 financial year.
What is the target set by Macrotech Developers for the current fiscal year?
Macrotech Developers has set a target of selling properties worth Rs 17,500 crore in the current fiscal year.
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