Macrotech Developers secures a 20-acre land parcel in Bengaluru, targeting sales of INR 2,800 crore.

2025-01-13 03:32:31

Mumbai-based Macrotech Developers, which operates under the Lodha brand, continues its strategy of land acquisition through outright purchases and joint development agreements with landowners.

As part of its expansion plans, the company has acquired a nearly 20-acre land parcel in Bengaluru to develop a residential project valued at ₹2,800 crore. This acquisition includes both outright land purchases and a joint development agreement for the remaining portion, according to sources.

In its latest operational update for the December quarter, Macrotech announced the addition of this project in Bengaluru, with a Gross Development Value (GDV) of ₹2,800 crore. With this, the company now has projects in five locations across Bengaluru, creating opportunities for significant pre-sales growth starting next fiscal year.

Macrotech ventured into Bengaluru’s housing market a few years ago, expanding its reach beyond the Mumbai Metropolitan Region (MMR) and Pune, where it holds a strong market share. Following positive customer response to its initial residential project in Bengaluru, the company has gradually increased its presence to meet the growing demand in the IT hub.

During the 2023-24 fiscal year, Macrotech recorded a 20% growth in sales bookings, reaching a record ₹14,520 crore compared to ₹12,060 crore in the previous year. It aims to achieve ₹17,500 crore in sales bookings in the current fiscal year and remains optimistic about meeting this target.

In the quarter ending December, Macrotech reported a 32% rise in sales bookings, amounting to ₹4,510 crore, up from ₹3,410 crore in the same period last year. For the first nine months of the fiscal year, sales bookings increased by 25% to ₹12,820 crore compared to ₹10,300 crore during the corresponding period in 2023-24.

Over its history, Macrotech Developers has delivered approximately 100 million square feet of real estate and is currently developing over 110 million square feet across its ongoing and planned projects. Apart from residential developments, the company is also involved in the creation of industrial and logistics parks across various states.