Macrotech Developers Will Introduce 22 New Real Estate Projects by March 2024

Mumbai

Real estate developer Macrotech Developers Ltd will launch 22 new projects in Mumbai Metropolitan Region (MMR), Pune, and Bengaluru by March of next year, with an estimated sales revenue potential of Rs 12,560 crore, in order to capitalise on the rising housing demand.

In an investor presentation, Macrotech Developers, which sells its properties under the Lodha brand, stated that it launched 1.8 million square feet of space with a potential revenue of Rs 1,510 billion in the first quarter of this fiscal year.

In the remaining months of the current fiscal year, the company intends to initiate 22 projects totaling 9.4 million square feet of saleable space. The potential earnings are approximately Rs 12,560 billion.

"We had our best ever first quarter in terms of sales bookings," Our total sales reservations increased by 17% to Rs 3,350 crore. In the first quarter, we did not launch many initiatives. Abhishek Lodha, president and chief executive officer of Macrotech Developers, stated that the company's sales were propelled by inventory in ongoing initiatives.

He stated,

"We have a robust launch pipeline for the remainder of this fiscal year."

Lodha anticipates a continuation of the housing market's momentum and anticipates a decline in mortgage interest rates over the next few months.

In 2022-23, Macrotech's sales reservations increased 34% to Rs 12,014 crore, and the company has set a 20% growth target for the current fiscal year to reach Rs 14,500 crore.

Lodha noted that the company acquired five new land parcels in the first quarter of the current fiscal year and intends to generate revenues of approximately Rs 12,000 crore by developing real estate ventures on these sites.

The company has acquired additional land parcels in the western suburbs of MMR, Bengaluru, and Alibaug.

Under the category of new business development, Macrotech Developers purchases land outright and enters into joint development agreements (JDAs) with landowners to create a land bank for future ventures. The company has projected new business development expenditures of Rs 17,500 crores, of which Rs 12,000 crores have already been realised.

However, Lodha stated that the company would not alter its goal.

On Thursday, the company reported a 34% decline in its consolidated net profit to Rs 179.2 crore for the quarter ending in June 2023 due to a decrease in revenue.

In the same period a year ago, its net income was Rs 271,3 crore.

The total income decreased to Rs 1,671.8 crore in the April-June quarter of 2023-24 from Rs 2,675.8 crore in the same period of the previous year.

Macrotech Developers has delivered more than 95 million square feet of real estate and is presently developing more than 110 million square feet as part of its current and future portfolio.

The Group will develop additional residential, commercial, industrial, and logistics locations on approximately 1,700 hectares of land beyond its current and planned portfolio.