Macrotech expects land parcel sales in MMR, Bengaluru, to bring in Rs 12 billion

 Macrotech expects land parcel sales in MMR, Bengaluru, to bring in Rs 12 billion

The company's sales bookings increased 34% to Rs 12,014 crore in 2022–2023; for the current fiscal year, it has set a target of 20% growth to Rs 14,500 crore.

Macrotech Developers Ltd, a real estate company, purchased five land parcels in Bengaluru and the Mumbai region between April and June in order to build housing projects with a potential income of Rs 12,000 crore.

In contrast to the yearly projection of Rs 17,500 crore, Macrotech Developers MD and CEO Abhishek Lodha said the business added new projects worth Rs 12,000 crore in the first season of this fiscal year.

As of right moment, we are not changing our yearly aim for new business development.

In order to build a pipeline for future real estate developments, Macrotech Developers, which sells its properties under the Lodha brand, both purchases property outright and enters into joint development agreements (JDAs) with landowners.

According to Lodha, "We are the preferred partner for landowners for both outright deals and JDAs."

The business added four land parcels in Bengaluru and one in the Mumbai Metropolitan Region (MMR), according to an investor presentation.

In comparison to the entire fiscal year projection of Rs 17,500 crore, five projects totaling around Rs 12,000 crore in GDV (gross development value) had been added in the first quarter of current fiscal.

The firm announced that it was "expanding our offering at super ideal place in Alibaug, a market starved of Tier 1 brand," and that another project had been added in Bengaluru.

While the Bengaluru project has 1 million square feet available for sale, four land parcels in MMR will provide 6.1 million square feet of saleable space.

Macrotech Developers intends to introduce 22 new projects by March of 2019 in MMR, Pune, and Bengaluru in order to meet the high demand. A total of Rs 12,560 crore in sales bookings are possible for these 22 projects.

In the first quarter of current fiscal year, the business opened 1.8 million square feet of space with a potential revenue of Rs 1,510 crore.

"The first quarter saw the highest sales bookings ever. Our sales commitments rose 17% to Rs 3,350 crore. In the first quarter, we didn't introduce many new initiatives. So, Lodha remarked, "Inventories in active projects drove the sales.

Lodha anticipates a sustained increase in house demand and anticipates a gradual decrease in mortgage interest rates over the next few months.

The company's sales bookings increased 34% to Rs 12,014 crore in 2022–2023; for the current fiscal year, it has set a goal growth rate of 20% to Rs 14,500 crore. The business just reported a 34% drop.

The business recently disclosed that its consolidated net profit for the June quarter fell by 34% to Rs 179.2 crore. In the prior fiscal year, it had a net profit of Rs 271.3 crore.

From Rs 2,675.8 crore to Rs 1,671.8 crore in the April to June quarter of 2023–24, the overall income decreased from Rs 2,675.8 crore.

Macrotech Development has already completed more than 95 million square feet of real estate under its current continuing and anticipated portfolio, and it is now constructing more than 110 million square feet.

Beyond its current and projected portfolio, the firm owns roughly 4,300 acres of property that will be used for the development of additional residential, commercial, industrial, and logistical areas.