Macrotech Developers Expands its Footprint in Mumbai and Pune with Strategic Land Acquisitions
Macrotech Developers, a leading real estate company, has acquired three land parcels in Mumbai and Pune, solidifying its position in the Indian real estate market
Real EstateMacrotech DevelopersLodhaMumbaiPuneReal Estate MumbaiJul 28, 2024
In the previous fiscal year 2023-24, Macrotech Developers had already added numerous new land parcels, anticipating total sales values surpassing ₹20,000 crore from upcoming housing projects. The company's financial performance updates reveal a 20% increase in sales bookings, totaling ₹4,030 crore in the first quarter of the current fiscal year, up from ₹3,350 crore in the same period last year.
Macrotech Developers achieved a substantial growth in annual sales bookings for the previous fiscal, reaching ₹14,520 crore, and has set a target of ₹17,500 crore for the current fiscal, projecting a 21% increase. Collections from customers also saw a rise, increasing by 12% to ₹2,690 crore in the first quarter of the fiscal year compared to the previous year.
With a strong presence in Mumbai Metropolitan Region (MMR) and Pune, and recently entering Bengaluru, Macrotech Developers plans to launch 17 new housing projects this fiscal year, targeting a revenue potential of ₹12,000 crore to bolster sales bookings. This launch includes 10 entirely new projects and seven additional phases in existing residential developments across these cities.
The company has a substantial ongoing and planned portfolio, encompassing over 110 million square feet of development. In the financial year 2023-24, Macrotech Developers recorded a total income of ₹10,469.5 crore, marking a significant increase from ₹9,611.2 crore in the previous year. The company's net profit also rose, tripling to ₹1,549.1 crore in the last fiscal year from ₹486.7 crore in 2022-23.
Macrotech Developers' aggressive acquisition and expansion strategy amid buoyant housing demand reflect its commitment to leveraging growth opportunities in India's real estate sector. The company continues to focus on enhancing its market presence and delivering robust financial performance amidst evolving market dynamics.
Frequently Asked Questions
What is the revenue potential of Macrotech Developers' new projects?
The revenue potential of Macrotech Developers' new projects exceeds ₹11,000 crore.
How many new housing projects will Macrotech Developers launch this fiscal year?
Macrotech Developers plans to launch 17 new housing projects this fiscal year.
What is the total income of Macrotech Developers in the financial year 2023-24?
The total income of Macrotech Developers in the financial year 2023-24 is ₹10,469.5 crore.
What is the net profit of Macrotech Developers in the last fiscal year?
The net profit of Macrotech Developers in the last fiscal year is ₹1,549.1 crore.
How many new land parcels did Macrotech Developers add in the previous fiscal year?
Macrotech Developers added numerous new land parcels in the previous fiscal year, anticipating total sales values surpassing ₹20,000 crore from upcoming housing projects.
Related News Articles
MahaRERA's Conciliation Forums Resolve 1,749 Homebuyer Complaints Across Maharashtra
Mumbai, 21st October 2024: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has successfully resolved 1,749 homebuyer grievances through its Conciliation Forums, providing a faster and more effective means of dispute resolution.
Arkade Developers: Behind the Rs 865 Crore Success of Mumbai's Redevelopment Project
Arkade Developers, a prominent player in the Mumbai real estate market, has achieved a significant milestone with a Rs 865 crore revenue from a major redevelopment project. This article delves into the factors that contributed to this success and the future outlook for the company.
Pune Real Estate Market Sees Significant Boost as Prestige Exora Business Parks Buys 4.57-Acre Land Parcel for ₹200 Crore
Pune real estate market witnesses a 25% year-on-year increase in property registrations in July 2024. Prestige Exora Business Parks buys 4.57-acre land parcel in Kharadi for ₹200 crore.
Man Infraconstruction to Revitalize BKC with Artek Co-operative Housing Society Redevelopment
Man Infraconstruction Ltd. (MICL) has embarked on an ambitious redevelopment project, transforming the Artek Co-operative Housing Society in Mumbai's prominent Bandra-Kurla Complex (BKC)
Mumbai: BMC Takes Ward-Level Action to Tackle Air Pollution
Following the Bombay High Court's criticism, the Brihanmumbai Municipal Corporation (BMC) has intensified its efforts to control air pollution with ward-level inspections and strict regulations for construction sites.
Dubai's Residential Market Soars: Springfield Properties Reports Unprecedented Growth
Springfield Properties reveals remarkable growth in Dubai's residential real estate sector, driven by increased investor confidence and demand.