Macrotech Developers to invest Rs 4,500 cr this fiscal

New Delhi: Macrotech Developers Ltd will invest Rs 4,500 crore this fiscal year on construction of real estate projects as it seeks to ramp up execution capabilities amid strong housing demand. Mumbai-headquartered Macrotech Developers, which sells its properties under the Lodha brand, is one of the leading real estate firms in the country. In an interview with PTI, Macrotech Developers MD and CEO Abhishek Lodha noted that the demand for residential properties continues to be strong despite increase in mortgage rates as well as housing prices.

Its sales bookings grew 34 per cent in 2022-23 to Rs 12,014 crore and it has set a target of 20 per cent growth to Rs 14,500 crore in the current financial year, he highlighted. Lodha noted that the company generated Rs 4,600 crore worth of net operating cash flow surplus which reflects its strength to convert land into real estate products, and then building as well as selling it in a timely manner.

The surplus cash flow was used for investment on land and debt reduction, he said. Asked about construction expenditure in last fiscal and the projection for 2023-24, Lodha said, "In fiscal 2022-23, we spent a little over Rs 3,300 crore on construction, and this fiscal year that will ramp up by around one third."