Macrotech Developers to Launch 17 Housing Projects, Targeting Revenue of Rs 12,000 Crore

Real estate developer Macrotech aims to launch 17 housing projects with revenue potential of Rs 12,000 crore this fiscal year, targeting a 21% growth in sales to Rs 17,500 crore. The company will focus on Mumbai, Pune, and Bengaluru, with projects spanning over 10 million square feet. Macrotech also plans to invest over Rs 5,000 crore in construction and deliver over 10,000 apartments. Despite a 11% decline in quarterly net profit to Rs 665.5 crore, the company recorded a three-fold increase in profit to Rs 1,549.1 crore for the year. Macrotech has reduced its debt to Rs 3,000 crore and acquired land parcels for future projects with a potential sales value of Rs 20,000 crore.

Macrotech Developers will launch in this fiscal 17 housing projects, having a revenue potential of Rs 12,000 crore, to boost its sale bookings that hit a record in 2023-24 riding on strong demand.

According to an investors presentation, Macrotech Developers-- which markets its properties under Lodha brand -- will launch 10 new projects and 7 new phases in existing residential projects during 2024-25 across Mumbai Metropolitan Region (MMR), Pune and Bengaluru.

The total area to be launched is estimated at 10.1 million square feet with an estimated gross development value (GDV) of Rs 12,100 crore.

However, the company said the guidance for launch pipeline of this fiscal might shoot up as it might acquire more land parcels and be able to launch in this financial year itself.

Even during FY24, Macrotech Developers cited that the company launched projects worth Rs 18,000 crore as against the guidance of Rs 13,000 crore.

Macrotech Developers, one of the leading real estate developers in India, has set a target to sell properties worth Rs 17,500 crore during the current fiscal, a 21 per cent growth from the previous year.

It registered a 20 per cent growth in its sale bookings (also called pre-sales) to a record Rs 14,520 crore last fiscal from Rs 12,060 crore in 2022-23.

Bullish of the overall demand scenario in the housing segment, Macrotech Developers will also step up its investment this fiscal year on construction of projects to over Rs 5,000 crore.

In an interview with PTI, Macrotech Developers MD and CEO Abhishek Lodha said the company is targeting to deliver more than 10,000 apartments during 2024-25 as against around 8,200 units in the last fiscal.

He highlighted that the company achieved all its major targets for 2023-24 related to pre-sales, new land acquisition and debt reduction amid strong housing demand.

Lodha exuded confidence that demand would sustain with India's housing sector probably being in the third year of long term upcycle, driven by high economic growth and rising consumers preference towards homeownership over renting.

Lodha said the company would add more land for future development to maintain ''consistent and predictable'' growth trajectory.

''Our best ever quarterly and annual performance showcases the buoyancy in demand for high quality homes in India from branded developers,'' Lodha said.

He said the company would buy land parcels, through outright acquisitions and also partnerships with landowners, for future development.

Recently, Macrotech Developers reported an 11 per cent decline in its consolidated net profit to Rs 665.5 crore in the March quarter from Rs 744.4 crore in the year-ago period.

The company's total income grew to Rs 4,083.9 crore in the quarter under review from Rs 3,271.7 crore in the year-ago period.

During 2023-24, Macrotech Developers registered a three-fold jump in profit to Rs 1,549.1 crore from Rs 486.7 crore in 2022-23. The company's total income rose to Rs 10,469.5 crore from Rs 9,611.2 crore.

Its debt has come down to around Rs 3,000 crore.

The company also added many new land parcels last fiscal to build housing projects with potential sales value of over Rs 20,000 crore.

''This makes us a unique housing company to achieve the troika of significant pre-sales growth, robust business development, along with significant debt reduction showcasing our brand strength and operational prowess,'' Lodha said.

Macrotech Developers has delivered around 100 million square feet of real estate and is developing more than 110 million square feet under its ongoing and planned portfolio.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)