Macrotech buys 3 land parcels worth Rs 11k-cr

New Delhi: Bullish on housing demand, realty firm Macrotech Developers has acquired three land parcels in the Mumbai region and Pune during the April-June quarter to develop projects with a revenue potential of more than Rs 11,000 crore.

Mumbai-based Macrotech Developers, which markets its properties under the Lodha brand, is acquiring land parcels through two routes -- outright purchases and partnerships with landowners. Giving an update on business development, Macrotech Developers said, "We added three projects in MMR (Mumbai Metropolitan Region) and Pune having Rs 11,100 crore of GDV (gross development value), which is more than 50 per cent of full-year guidance of Rs 21,000 crore".

The company, in its latest operational updates, did not mention whether it bought outright or entered into joint development agreements (JDAs) with landowners. During 2023-24, the company added many new land parcels to build housing projects with a potential sales value of over Rs 20,000 crore.

To expand business amid strong housing demand, almost all listed realty firms are aggressively acquiring land to create a robust launch pipeline. On other key operational performance parameters, Macrotech Developers clocked a 20 per cent growth in its sales bookings to Rs 4,030 crore in the first quarter of this fiscal year against Rs 3,350 crore in the year-ago period.

During 2023-24, Macrotech Developers registered a 20 per cent growth in its sale bookings (pre-sales) to a record Rs 14,520 crore compared to Rs 12,060 crore in the 2022-23 financial year.