Macrotech Developers eyes Rs 12k-cr sales revenue from 5 land parcels in MMR, Bengaluru

economictimes.indiatimes.com:

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