Macrotech Developers Acquires 20 Acres in Bengaluru, Targets Rs 2,800 Crore Sales

Mumbai: Macrotech Developers, the entity behind the Lodha brand, has successfully acquired a land parcel of nearly 20 acres in Bengaluru, aimed at establishing a new residential project with an anticipated gross development value (GDV) of Rs 2,800 crore.

This acquisition represents a pivotal advancement in the company's strategy to broaden its reach beyond its primary markets of Mumbai and Pune. The land was obtained through a combination of direct purchase and a joint development agreement with the landowner.

The forthcoming project is projected to significantly enhance pre-sales growth for Macrotech Developers in Bengaluru, commencing in the next financial year. Having entered the Bengaluru market a few years ago, the company has experienced a robust customer response to its initial offerings, which has catalyzed this expansion.

Macrotech Developers has demonstrated impressive financial results in the latest quarter, with sales bookings experiencing a remarkable increase of 32% compared to the previous year, amounting to Rs 4,510 crore. This follows a solid growth of 20% in sales bookings for the fiscal year 2023-24, culminating in a record total of Rs 14,520 crore.

The company has established an ambitious sales bookings target of Rs 17,500 crore for the current fiscal year and expresses confidence in its ability to meet this objective.

In terms of diversification and growth, Macrotech Developers boasts a varied portfolio that includes residential, commercial, and industrial & logistics projects across multiple states. With a proven history of delivering over 100 million square feet of real estate and a strong pipeline of ongoing and planned projects exceeding 110 million square feet, the company is strategically positioned for sustained growth within the Indian real estate sector.