Macrotech Developers on Wednesday reported 51 per cent growth in its sales booking to record Rs 9,024 crore in the last fiscal on better demand for its residential properties. The company also said that it has clocked a sales booking of around Rs 5,000 crore in London business, taking the total to over Rs 14,000 crore.
Among listed entities, Mumbai-based Macrotech Developers, which markets its properties under Lodha brand, Godrej Properties, Bengaluru-based Prestige Estates and DLF are in the race to become the country’s largest real estate developer in terms of sales bookings during the last financial year.
In a statement, the company said it has clocked record breaking performance with sales of over Rs 14,000 crore for FY22.
“In India, Lodha had pre-sales of Rs 9,024 crore, up 51 per cent compared to FY21,” it added.
In London, the company had sales of over 500 million pounds (around Rs 5,000 crore) last fiscal. The comparative figure of London business was not available.
Elaborating on India business, Macrotech said that collections from customers rose 70 per cent to Rs 8,597 crore during the last fiscal.
“As a result, net debt in India reduced to Rs 9,310 crore,” it said.
Abhishek Lodha, MD & CEO, Macrotech Developers said: “Our best-ever quarterly and annual performance showcases the growing demand for high quality homes in India. Q4, FY22 was our best-ever quarter with around Rs 5,000 crore of sales – Rs 3,456 crore in India and 173 million pounds in UK.”
Lodha said the company has delivered India pre-sales at Rs 9,024 crore for FY22, thus meeting its guidance, despite disruption due to COVID-19 second wave in April-May 2021 as well as impact of Omicron variant in January 2022.
“We believe that the housing sector will grow by 3-4x (3 to 4 times) in this decade (2021-2030), as India grows into a USD 5 trillion economy and reaps the benefits of its young population entering the workforce. Housing will create significant jobs – directly and in the supply chain, and spur consumption as home owners feel wealthier with gradually rising home prices,” he said.
Lodha has continued with its focus on capital light growth through the JDA (joint development agreement) model, signing new projects with GDV (gross development value) of Rs 15,000 crore in FY22.
“It expects to achieve similar additions in new projects in FY23 on the back of robust pipeline of new deals,” the company added.