Macrotech Developers Expands its Footprint with Strategic Land Acquisitions in Mumbai and Pune
Mumbai-based real estate giant Macrotech Developers has acquired three land parcels in Mumbai and Pune, aiming to develop projects with a revenue potential exceeding INR 11,000 crore.
Real EstateMacrotech DevelopersLodha GroupMumbaiPuneReal Estate PuneJul 28, 2024
The company's aggressive expansion strategy involves outright purchases and partnerships with landowners, highlighting its commitment to leveraging growth opportunities in India's real estate sector. Macrotech Developers stated that these projects contribute significantly to their annual gross development value (GDV), accounting for more than half of their projected INR 21,000 crore for the fiscal year.
In the previous fiscal year 2023-24, the company had already added numerous new land parcels, anticipating total sales values surpassing INR 20,000 crore from upcoming housing projects. The company's financial performance updates revealed a 20% increase in sales bookings, totaling INR 4,030 crore in the first quarter of the current fiscal year, up from INR 3,350 crore in the same period last year.
Macrotech Developers achieved a substantial growth in annual sales bookings for the previous fiscal, reaching INR 14,520 crore, and has set a target of INR 17,500 crore for the current fiscal, projecting a 21% increase. Collections from customers also saw a rise, increasing by 12% to INR 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 INR 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 INR 10,469.5 crore, marking a significant increase from INR 9,611.2 crore in the previous year. The company's net profit also rose, tripling to INR 1,549.1 crore in the last fiscal year from INR 486.7 crore in 2022-23.
Information
Macrotech Developers, also known as Lodha Group, is a Mumbai-based real estate giant with a presence in Mumbai Metropolitan Region (MMR), Pune, and Bengaluru. The company is known for its high-quality residential and commercial projects, with a focus on delivering exceptional customer experiences.
Macrotech Developers is a leading real estate company in India, committed to delivering exceptional customer experiences through its high-quality residential and commercial projects.
Frequently Asked Questions
What is the revenue potential of Macrotech Developers' new land acquisitions?
The revenue potential of Macrotech Developers' new land acquisitions exceeds INR 11,000 crore.
How many new housing projects does Macrotech Developers plan to 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 INR 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 INR 1,549.1 crore.
What is the target sales booking for Macrotech Developers in the current fiscal year?
The target sales booking for Macrotech Developers in the current fiscal year is INR 17,500 crore.
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