Real Estate Developer Macrotech's FY 2023 Pre-sales Increase by 34% to Over INR 12K Crores

Real Estate Developer Macrotech's FY 2023 Pre-sales Increase 

Mumbai-based Lodha Group, also known as Macrotech Developers, has recorded pre-sales of INR 3,025 crore for the March-ending quarter, propelling its annual pre-sales performance to its best-ever level of INR 12,064 crore for 2022-23.

With a 34% increase in annual pre-sales, the publicly traded company has exceeded its full-year forecast of INR 11,500 crore. Collections for the year increased by 23% to INR 10,606 crores, while net debt decreased to INR 7,071 crores, a decrease of INR 2,229 crores.

Macrotech surpasses its full-year guidance of INR 11,500 crore; earnings increase by 23%

During the fourth quarter of 2022-23, more than INR 1,911 billion was repaid as part of the total debt reduction for the year.

According to him, demand fundamentals on the ground have continued to strengthen as a result of increasing affordability, consistent income growth, and consumers' desire to enhance their lifestyles. With a significant number of land proposals being evaluated, the robustness of business growth continues to grow.

The developer has added twelve projects to its portfolio during the year with a total gross development value of over INR 19,800 crores, exceeding its initial projection of INR 15,000 crores.

Recently, the Bain Capital and Ivanhoé Cambridge-backed developer Lodha Green Digital Infrastructure acquired an 8-acre plot of land in the Mumbai neighbourhood of Kurla.

The land will be used for the construction of a Grade-A multi-tenant in-city fulfilment centre that will provide the last-mile warehousing infrastructure to third-party logistics (3PL), e-commerce, and quick-commerce companies.