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Macrotech Developers, a leading real estate company under the Lodha brand, has acquired nearly 20 acres of land in Bengaluru for a new housing project worth 2800 crores. This acquisition aligns with the company’s strategic expansion beyond its strongholds in the Mumbai Metropolitan Region (MMR) and Pune.
The Bengaluru acquisition involves both outright purchases and a joint development agreement with landowners, showcasing Macrotech's versatile approach to land acquisition. With this addition, the company now has five key project locations in Bengaluru, positioning it to achieve significant pre-sales growth starting next fiscal year.
Expansion Driven by Demand
Macrotech entered the Bengaluru market a few years ago and received an encouraging response to its debut project in the IT hub. This success motivated the company to expand its presence in the city, capitalizing on the increasing demand for premium residential properties.
Sales Milestones and Growth Projections
Macrotech has been on an upward trajectory, recording a 20% growth in sales bookings for FY 2023-24, achieving 14520 crores compared to 12060 crores in the previous year. The company aims to reach 17500 crores in sales this fiscal year, backed by strong market performance and robust demand. In the December quarter alone, it reported a 32% year-on-year increase in sales bookings, totaling 4510 crores.
Broader Developments and Future Plans
With a portfolio encompassing over 100 million square feet of delivered real estate and ongoing projects spanning 110 million square feet, Macrotech is also focusing on industrial and logistics parks across various states. This diversified approach ensures a balanced growth trajectory across multiple sectors.
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