Macrotech Developers has added four land parcels in Mumbai and Pune regions during September quarter to develop housing projects with a revenue potential of Rs 3,100 crore. Macrotech Developers, which sells its properties under the Lodha brand, is one of the leading real estate firms in the country.
“We added 4 new projects having around 2.2 million square feet of saleable area with GDV (Gross Development Value) of about Rs 3,100 crore across various micro-markets of MMR (Mumbai Metropolitan Region) and Pune,” Macrotech said in a regulatory filing on October 6.
The company said it “continues to have a robust pipeline of business development opportunities as landowners witness the value creation for them due to Lodha’s involvement.”
These four land parcels are a mix of outright purchase of land and joint development agreements (JDAs) with landowners, a company spokesperson said.
To expand business, all big real estate developers are purchasing land and also partnering with landowners to develop real estate projects. In the last few years, housing demand is getting consolidated towards trusted builders who have better track record of executing projects on time.
On operational front, Macrotech reported 57 per cent increase in sales bookings during September quarter to Rs 3,148 crore on strong housing demand despite the rise in mortgage rate.
Its sales bookings stood at Rs 2,003 crore in the year-ago period.
During April-September period, the company clocked record sales bookings of Rs 6,004 crore, more than half of its Rs 11,500 crore sales guidance for the full 2022-23 financial year.
Macrotech Developers MD and CEO Abhishek Lodha noted that sales bookings have risen despite July-September 2022 being the seasonally weakest quarter because of the monsoon and inauspicious period (Pitrupaksh/Shraadh).
He expects the sales momentum to continue in the current festive quarter and fourth quarter of this fiscal year as consumer sentiment towards owning homes remains robust in the country.
“We believe that we are witnessing the beginning of a long-term upcycle for quality housing driven by strong job creation, good affordability, and low levels of existing home ownership in urban areas,” Lodha said.
Macrotech Developers said the company’s strong performance, in spite of rising home loan rates and rising prices, reflects the strength of housing demand from Tier-1 developers in India and indicates the start of a long-term upcycle for quality housing in India.
Macrotech Developers has delivered more than 86 million square feet of real estate and is developing around 100 million square feet under its ongoing and planned portfolio.
Lodha Group has approximately 4,400 acre of land beyond its ongoing and planned portfolio, which will be utilised in developing further residential, commercial and industrial and logistics spaces.
