New Delhi, Aug 5 : Realty firm Macrotech Developers Ltd has acquired five land parcels in Mumbai region and Bengaluru during April-June quarter to develop housing projects with a revenue potential of Rs 12,000 crore.
Macrotech Developers MD and CEO Abhishek Lodha said the company has added new projects worth Rs 12,000 crore in the first quarter of this fiscal year as against the annual guidance of Rs 17,500 crore.
“We are not revising our annual target for new business development as of now,” he told PTI.
Macrotech Developers, which sells its properties under the Lodha brand, buys land outrightly and also forms joint development agreements (JDAs) with landowners to create pipeline for future real estate projects.
“We are preferred partner for landowners for both outright deals as well as JDAs,” Lodha said.
According to an investor presentation, the company added four land parcels in Mumbai Metropolitan Region (MMR) and one in Bengaluru.
Five projects with around Rs 12,000 crore GDV (gross development value) were added in the first quarter of this fiscal as against the full-fiscal year guidance of Rs 17,500 crore.
“Expanding our offering at super prime location in Alibaug, a market starved of Tier 1 brand,” it said, adding that the company added second project in Bengaluru.
Four land parcels in MMR will have a saleable area of 6.1 million square feet while the Bengaluru project has 1 million square feet of area for sale.
To encash strong demand, Macrotech Developers plans to launch 22 new projects by March next year across MMR, Pune and Bengaluru. These 22 projects have cumulative sales bookings potential of Rs 12,560 crore.
The company launched 1.8 million square feet area in the first quarter of this fiscal year having a revenue potential of Rs 1,510 crore.
“In terms of sales bookings, we had our best ever first quarter. Our sales bookings increased 17 per cent to Rs 3,350 crore. We did not launch many projects in the first quarter. So, the sales were driven by inventories in ongoing projects,” Lodha said.
“We have a strong launch pipeline for the second half of this fiscal,” he said.
Lodha expects housing demand momentum to continue and hopes that the interest rates on home loans to start declining in the coming months.
The company’s sales bookings grew 34 per cent in 2022-23 to Rs 12,014 crore and it has set a target of 20 per cent growth to Rs 14,500 crore in the current fiscal.
Recently, the company reported a 34 per cent decline in its consolidated net profit at Rs 179.2 crore in the June quarter.
Its net profit stood at Rs 271.3 crore in the year-ago period.
The total income fell to Rs 1,671.8 crore in the April-June quarter of 2023-24 from Rs 2,675.8 crore in the corresponding period of the previous year.
Macrotech Developers has delivered more than 95 million square feet of real estate and is currently developing over 110 million square feet under its ongoing and planned portfolio.
The group has about 4,300 acres of land beyond its ongoing and planned portfolio, which will be utilised in developing further residential, commercial and industrial & logistics spaces.
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