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Macrotech Developers, operating under the Lodha brand, has acquired a 20-acre land parcel in Bengaluru for a housing project with a gross development value (GDV) of INR 2,800 crore. The acquisition includes both outright purchases and a joint development agreement. This marks the company's fifth project in Bengaluru, a market it entered a few years ago. The firm has recorded a 20% growth in sales bookings for the 2023-24 financial year and aims to achieve a target of INR 17,500 crore in the current fiscal year.
Macrotech Developers, known for its Lodha brand, has secured approximately 20 acres of land in Bengaluru to develop a residential project valued at INR 2,800 crore. As part of its expansion strategy, the Mumbai-based company has been acquiring land through direct purchases and partnerships with landowners. Sources revealed that a portion of this land was purchased outright, while the remaining was secured through a joint development agreement. Advertisement
In its operational update for the December quarter, the company stated that this new acquisition marks its fifth project in Bengaluru, further solidifying its presence in the city. The company anticipates significant pre-sales growth from Bengaluru starting the next financial year.
Macrotech initially ventured into Bengaluru's housing market a few years ago, expanding beyond its primary regions of the Mumbai Metropolitan Region (MMR) and Pune. Encouraged by the strong response to its first project in Bengaluru, the company has been steadily increasing its footprint to meet rising demand in this IT hub.
The developer reported a 20% increase in sales bookings, achieving a record INR 14,520 crore during the 2023-24 financial year, compared to INR 12,060 crore the previous year. For the current fiscal year, it has set an ambitious sales target of INR 17,500 crore and remains optimistic about meeting this goal.
Earlier this week, Macrotech announced a 32% year-on-year growth in sales bookings for the December quarter, reaching INR 4,510 crore compared to INR 3,410 crore in the corresponding period last year. For the first nine months of the current fiscal year, the company recorded a 25% increase in sales bookings, totalling INR 12,820 crore.
Macrotech Developers has delivered approximately 100 million square feet of real estate and currently manages over 110 million square feet of projects across its ongoing and planned portfolio. Alongside housing projects, the company also develops industrial and logistics parks in multiple states.
Macrotech Developers' strategic expansion into Bengaluru underscores its commitment to addressing the rising demand in the city's housing market. The company's robust sales growth and ambitious targets reflect its strong market presence and operational efficiency. With an impressive track record of delivering large-scale projects and its diversified portfolio, Macrotech continues to establish itself as a prominent player in India's real estate sector.
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