Real estate major Macrotech Developers has acquired 20 acres of land in Bengaluru as part of its expansion plan. On this land the company will develop a housing project with a gross development value (GDV) of Rs 2800 crore. The Mumbai-based company sells its properties under the Lodha brand and is resorting to direct purchase as well as joint development agreements to acquire land.
What is the expansion plan of Macrotech Developers?
- The company directly purchased a portion of the land in Bengaluru, while the remaining portion was entered into through joint development agreements with land owners.
- In the latest operational update for the December quarter, the company said that this new project has been added in Bengaluru.
- The company now has 5 locations in Bengaluru, providing significant pre-sales growth opportunity.
Pre-sales growth will increase in Bengaluru
- The company hopes that this new project in Bengaluru will help in accelerating pre-sales from the next financial year.
- Macrotech Developers entered the Bengaluru housing market only a few years ago and is now expanding its projects.
- The company, which already has a strong presence in the Mumbai Metropolitan Region (MMR) and Pune markets, is looking to expand its presence in Bengaluru.
Financial targets and performance
- Macrotech Developers reported 20% growth in sales bookings in FY24 to Rs 14,520 crore.
- In the previous financial year this figure was Rs 12,060 crore.
- The company aims to sell assets worth Rs 17,500 crore in FY24, and the company is confident of achieving this target.
performance of company shares
- Last Friday, a decline of 1.82% was recorded in the company’s shares, and the stock closed at Rs 1284.15.
- However, the company’s Bengaluru project and other expansion plans are expected to have a positive impact on the stock in the future.
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