Lodha Group, India's leading real estate developer, achieved its best-ever quarterly pre-sales at INR 3,534 crores, reflecting strong demand for branded homes. Despite it being a traditionally weak quarter and no new locations launched, collections also grew by 16% year-on-year to INR 2,752 crores. The company aims to reach its full-year pre-sales target of INR 14,500 crores with upcoming launches. Furthermore, the company's commitment to sustainability earned it top scores in the Global Real Estate Sustainability Benchmark (GRESB).
Lodha Group, India's top real estate developer, has reported its best-ever quarterly pre-sales of INR 3,534 crores. Additionally, the company's collections amounted to INR 2,752 crores, marking a 16% year-on-year growth. During the same quarter, the net debt decreased by INR 535 crores, reaching INR 6,730 crores.
Abhishek Lodha, MD & CEO of Lodha Group, attributed this success to strong underlying end-user demand for branded homes, even during a typically weak quarter. He expressed confidence in achieving their full-year pre-sales target of INR 14,500 crores, particularly with new launches planned in the coming months.
Furthermore, Lodha highlighted the long-term potential of the Indian housing market, expecting demand to rise with possible interest rate reductions by the RBI in 2024 and government incentives for affordable housing. Lodha Group added two projects worth approximately INR 2,300 crores in Q2, expanding its business beyond INR 14,300 crores of new additions in the first half of FY24.
Lodha Group's commitment to sustainability was recognized with a top score in the Global Real Estate Sustainability Benchmark (GRESB), where it ranked first in the "Development Benchmark" among residential developers in Asia and eighth in the "Standing Assets Benchmark." This achievement adds to the company's previous recognition by S&P Global, FTSE, and Morningstar Sustainalytics for its sustainability efforts.
Abhishek Lodha expressed confidence in meeting the full-year pre-sales target of INR 14,500 crores, with seven new locations set to launch in the second half of the fiscal year.
Macrotech Developers, which sells under the brand name Lodha Group, primarily operates in the Mumbai Metropolitan Region (MMR) and Pune but recently expanded into the Bengaluru market. It has delivered over 95 million square feet of real estate and is developing an additional 110 million square feet across ongoing and planned projects. Moreover, the group possesses approximately 4,300 acres of land beyond its current portfolio, earmarked for residential, commercial, industrial, and logistics developments. This strategic land bank positions Macrotech Developers for further expansion and growth.
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