Construction Industry News
Macrotech Developers will launch 17 residential projects this financial year, with a potential revenue of Rs 12,000 crore, to boost sales bookings to a record high in 2023-24 thanks to strong demand.
According to an investor presentation Macrotech Developers, which markets its properties under the Lodha brand, will launch 10 new projects and 7 new phases in existing residential projects during 2024-25 in Mumbai Metropolitan Region (MMR), Pune and Bengaluru.
The total area estimated to be It will be launched with 10.1 million sq. ft. with an estimated total development value of Rs 12,100 crore.
However, the company said under the guidelines for launching this project the finances could go up significantly as it can acquire more land plots. And be able to launch it this fiscal year.
Even during FY24, Macrotech Developers noted that the company launched projects worth Rs 18,000 crore against a guidance of Rs. Rs 13,000 crore.
Macrotech Developers, one of India's leading real estate developers, has set a target of selling properties worth Rs 17,500 crore during the current financial year, an increase of 21 per cent over the previous year.
It registered a 20 percent growth in its sales (also called pre-sale) bookings to a record high of Rs 14,520 crore in the last fiscal from Rs 12,060 crore in 2022-23.
Bullish overall demand scenario in the housing sector This financial year, Macrotech Developers will also increase its investment in construction projects to over Rs 5,000 crore.
In an interview with PTI, Macrotech Developers Managing Director and CEO Abhishek Lodha said the company aims to deliver more of 10,000 apartments during the period 2024-2025, compared to about 8,200 units in the last fiscal year.
He pointed out that the company achieved all of its main goals for the period 2023-2024 related to pre-sale, acquisition of new lands, and reducing debt amid... Strong demand for housing.
Lodha exuded confidence that demand will continue as India's real estate sector is likely to enter the third year of its long-term upward cycle, driven by high economic growth and increasing consumers. Favoring homeownership over renting.
Lodha said the company will add more land for future development to maintain a “consistent and predictable” growth trajectory.
“Our best quarterly and annual reports yet.” Lodha said the -date's performance demonstrates "the dynamism of demand for quality housing in India from brand developers."
He said the company will buy plots of land, both through direct acquisitions and also through partnerships with landowners for future development. .
Recently, Macrotech Developers reported an 11 percent decline in its consolidated net profit to Rs 665.5 million in the March quarter from Rs 744.4 crore in the same period last year.
The total rose The company's revenue rose to Rs 4,083.9 crore in the quarter under review from Rs 3,271.7 crore in the same quarter of the previous year.
During 2023-24, Macrotech Developers recorded a three-fold increase. Its profit increased to Rs 1,549.1 crore from Rs 486.7 crore. In 2022-23. The company's total revenue increased from Rs 9,611.2 crore to Rs 10,469.5 crore.
Its debt has come down to around Rs 3,000 crore.
The company also added several new plots of land in the last financial year to build housing projects with a potential sales value of over Rs 20,000 crore.
“This makes us a unique housing company that achieves the trifecta of significant pre-sale growth, strong business development and significant debt reduction and demonstrates the strength of our brand and operational prowess,” Lodha said.
The company Macrotech Developers has delivered approximately 100 million square feet of real estate and is developing more than 110 million square feet within its current and planned portfolio.
