Listed real estate developer Macrotech Developers, also known as Lodha, has acquired seven land parcels in Mumbai Metropolitan Region (MMR), Pune and Bengaluru in the first six months of ongoing fiscal FY24-25 to develop housing projects with an estimated revenue potential of ₹16,600 crore, the regulatory filing showed.
The developer has been acquiring land via outright purchases as well as forming partnerships with landowners for joint development.
During the first six months of this 2024-25 fiscal, the company has added projects worth ₹16,600 crore, which is more than 75% of its full year guidance of ₹21,000 crore, according to the regulatory filing.
The company had acquired three land parcels in the MMR and Pune during the April-June quarter to develop projects with a revenue potential of ₹11,100 crore.
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In the operational update for the second quarter between July to September, the company had announced four projects in Pune and Bengaluru having a potential of ₹5,500 crore.
Lodha plans to enter new city
Lodha Developers is also considering a few new cities that it plans to enter and is expected to take a decision on the next city in the latter half of FY25, Abhishek Lodha, Managing Director and Chief Executive Officer of Macrotech Developers had said in August 2024.
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Financial performance
On October 4, the company had reported a 21% increase in pre-sales bookings to record ₹4,290 crore during the July-September quarter compared to ₹3,530 crore in the same period last year.
“We achieved our best-ever quarterly pre-sales of ₹42.9 billion ( ₹4,290 crore) showing growth of 21 per cent year-on-year despite the inauspicious ‘Shradhh’ period falling in September this fiscal year (versus October in FY24),” the company had said.
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The company 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.
