Macrotech Developers' Strategic Land Acquisitions Drive Growth

Macrotech Developers, a Mumbai-based realty firm, acquired three land parcels in the Mumbai region and Pune during the April-June quarter, aiming for a revenue potential exceeding Rs 11,000 crore. The company plans to launch 17 housing projects this fiscal year, projecting significant growth in both sales bookings and overall revenue.

Macrotech Developers, operating under the Lodha brand, has acquired three land parcels in Mumbai and Pune during the April-June quarter, targeting projects with a potential revenue of over Rs 11,000 crore.

The company revealed that it is adopting two approaches for acquisition: outright purchases and partnerships with landowners. This strategic move is part of their business development efforts for 2023-24, with a focus on strong housing demand driving land acquisitions by listed realty firms.

In the first quarter of this fiscal year, Macrotech Developers saw a 20 percent rise in sales bookings to Rs 4,030 crore. The company's total income also surged to Rs 10,469.5 crore, with its net profit tripling to Rs 1,549.1 crore. Planning to launch 17 housing projects this fiscal, Macrotech anticipates further growth in its sales bookings and revenue.

(With inputs from agencies.)