Macrotech Developers share: Real estate company Macrotech Developers has acquired 20 acres of land in Bengaluru. This acquisition has been made for the development of a housing project worth Rs 2800 crore as part of the company’s expansion plan. Mumbai-based Macrotech Developers, which sells its properties under the Lodha brand, is acquiring land through direct purchase as well as partnering with land owners for joint development. A decline of 1.82 percent was seen in the company’s shares last Friday and the stock closed at Rs 1284.15 on BSE.
What is the plan of Macrotech Developers?
Of the total, about 20 acres of land has been acquired in Bengaluru, sources said. The company has directly purchased some part of the land, while for the remaining part it has entered into a joint development agreement with the land owners. In its latest operational update for the December quarter, Macrotech Developers said the company has added a new project in Bengaluru with a GDV (gross development value) of Rs 2800 crore. With this acquisition, the company now has five locations in Bengaluru.
Macrotech Developers said these are expected to provide significant pre-sales growth opportunities in Bengaluru from the next financial year. The company had entered the Bengaluru housing market a few years ago. The company is expanding its presence in the Mumbai Metropolitan Region (MMR) and Pune market, where it has substantial market share.
Target to sell properties worth Rs 17,500 crore in this financial year
Overall, Macrotech Developers has reported a 20 per cent growth in its sales bookings during FY 2023-24 to a record Rs 14,520 crore. In the previous financial year this figure was Rs 12,060 crore. The company has set a target of selling assets worth Rs 17,500 crore in this financial year and is confident of achieving this target.
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