Macrotech and Havemore Sign Contract for Mixed-Use Real Estate Developments in Gundavali, Andheri East

Macrotech and Havemore Sign Contract for Mixed-Use Real Estate Developments in Gundavali, Andheri East

The listed subsidiary of real estate developer Lodha, Macrotech Developers, has entered into an agreement with Havemore Realty to develop the free-sale portion of a 1.4 million square foot project in the Gundavali neighbourhood of Mumbai's western suburb Andheri East.

Macrotech Developers will be responsible for the development of a mixed-use project under the terms of the agreement, while Havemore Realty will be responsible for securing approvals and concluding the rehabilitation portion of the project.

HDFC was the financial investor in Havemore Realty's slum rehabilitation project (SRA) development. 

The agreement with Macrotech Developers was reached before the merger between HDFC Bank and HDFC. For the development, Macrotech Developers will have access to nearly 2,500 square feet of total base area.

According to documents obtained through CRE Matrix, the company paid over 7.83 crore rupees in stamp duty to register the transaction that took place in May.

According to the provisions of the agreement, HDFC will receive a portion of the developed property from Macrotech Developers in exchange for its initial investment in the project.

Lodha was negotiating with HDFC to acquire the development rights for this Western Express Highway project. The preponderance of the rehabilitation portion of the project has been completed, and Macrotech Developers has recently begun construction on the free-sale portion. Macrotech Developers has already introduced a luxury residential development comprising 3- and 4-bedroom apartments and penthouses priced at over 6.5 crore rupees. According to local real estate agents, the project has received reservations for approximately 70 percent of its available inventory.

In various micro-markets, Lodha added five new projects with a potential gross development value of 12,000 crores during the June quarter.

"Given the pace of new project additions and the strengthening pipeline of business development opportunities, we are well on our way to exceeding our full-year guidance for new project additions," said Abhishek Lodha, MD & CEO, Lodha, in a recent operational update for the company's June quarter 2023-2024.