New Delhi: Realty firm Macrotech Developers will increase its investment to more than Rs 5,000 crore this financial year on building projects in line with growth in sales and new supply, its MD and CEO Abhishek Lodha said.
Macrotech Developers, which sells properties under the Lodha brand, aims to deliver over 10,000 apartments during 2024-25, he said.
In an interview with PTI, Lodha highlighted that the company has achieved all key targets for 2023-24 related to pre-sales, new land acquisition and debt reduction amid strong housing demand.
He said demand will persist as India's housing sector is probably in its third year of long-term growth, driven by higher economic growth and growing consumer preference towards home ownership rather than renting.
Lodha said the company will launch more projects to maintain a "consistent and predictable" growth path and will also add additional land for future growth.Asked about guidance for construction spend, he said, "We have spent around Rs 3,70 crore on construction." During the last financial year, we are going to invest more than Rs 5,000 crore during the current financial year.”
Lodha said the company spent Rs 4,500 crore less than the target in the last financial year due to delays in the launch of some projects. “We will make up for it,” he stressed.
He informed that Macrotech Developers has handed over around 8,500 units to customers during 2023-2 and aims to increase this to over 10,000 units.Macrotech Developers, one of the leading real estate developers in India, is developing housing projects in the Mumbai Metropolitan Region (MMR). ), Pune and Bengaluru.
"Our entry into the Bengaluru property market has been successful. Sales in the initial two projects have been good. We will expand our presence in this IT city," Lodha said.,
Encouraged by the response from Bengaluru, he said the company will evaluate whether to do a pilot housing project in any other major Tier I city. The final decision in this regard will be taken in the next few months.
Lodha said that the company has set a target of selling assets worth Rs 17,500 crore during the current financial year 2024-25, which is 21 percent more than last year.
Its sales bookings (also called pre-sales) recorded a 20 per cent growth from a record Rs 14,520 crore in the last financial year to Rs 12,060 crore in the 2022-2 financial year.
“Our best-ever quarterly and annual performance reflects the growth in demand for high-quality homes in India from branded developers,” Lodha said.
To capitalize on this consumer demand, Macrotech developers will launch several housing projects this financial year.Lodha said the company will continue to add land parcels for future development through large-scale acquisitions and partnerships with land owners.
Last week, Macrotech Developers reported an 11 per cent decline in consolidated net profit to Rs 665.5 crore in the March quarter from Rs 744.4 crore in the same period last year.
The company's total income in the quarter under review increased to Rs 4,083.9 crore from Rs 3,271.7 crore in the same period a year ago.
Macrotech Developers' profit tripled to Rs 1,549.1 crore during FY 2023-24 from Rs 486.7 crore in FY 2022-23.
The company's total income increased to Rs 10,469.5 crore in the last financial year from Rs 9,611.2 crore in the 2022-23 financial year.On debt, Lodha said, "...we have achieved our guidance of reducing our net debt to less than 0.5." Times Equity's net debt is at Rs 4,000 crore during 2023-21 due to strong operating cash flows and our capital appreciation. There has been a decrease of more than Rs. Rs 3,000 crore in the second financial year, which is less than 0.2 times the equity.”
The company has also added new projects worth more than Rs 20,000 crore during the last financial year.
Lodha said, “This makes us a unique housing company, having achieved the trio of significant pre-sales growth, strong business growth as well as significant debt reductions, demonstrating our brand strength and operational prowess.,
Macrotech Developers has delivered approximately 100 million sq ft of real estate and is currently developing over 110 million sq ft under its ongoing and planned portfolio.
Macrotech Developers, which sells properties under the Lodha brand, aims to deliver over 10,000 apartments during 2024-25, he said.
In an interview with PTI, Lodha highlighted that the company has achieved all key targets for 2023-24 related to pre-sales, new land acquisition and debt reduction amid strong housing demand.
He said demand will persist as India's housing sector is probably in its third year of long-term growth, driven by higher economic growth and growing consumer preference towards home ownership rather than renting.
Lodha said the company will launch more projects to maintain a "consistent and predictable" growth path and will also add additional land for future growth.Asked about guidance for construction spend, he said, "We have spent around Rs 3,70 crore on construction." During the last financial year, we are going to invest more than Rs 5,000 crore during the current financial year.”
Lodha said the company spent Rs 4,500 crore less than the target in the last financial year due to delays in the launch of some projects. “We will make up for it,” he stressed.
He informed that Macrotech Developers has handed over around 8,500 units to customers during 2023-2 and aims to increase this to over 10,000 units.Macrotech Developers, one of the leading real estate developers in India, is developing housing projects in the Mumbai Metropolitan Region (MMR). ), Pune and Bengaluru.
"Our entry into the Bengaluru property market has been successful. Sales in the initial two projects have been good. We will expand our presence in this IT city," Lodha said.,
Encouraged by the response from Bengaluru, he said the company will evaluate whether to do a pilot housing project in any other major Tier I city. The final decision in this regard will be taken in the next few months.
Lodha said that the company has set a target of selling assets worth Rs 17,500 crore during the current financial year 2024-25, which is 21 percent more than last year.
Its sales bookings (also called pre-sales) recorded a 20 per cent growth from a record Rs 14,520 crore in the last financial year to Rs 12,060 crore in the 2022-2 financial year.
“Our best-ever quarterly and annual performance reflects the growth in demand for high-quality homes in India from branded developers,” Lodha said.
To capitalize on this consumer demand, Macrotech developers will launch several housing projects this financial year.Lodha said the company will continue to add land parcels for future development through large-scale acquisitions and partnerships with land owners.
Last week, Macrotech Developers reported an 11 per cent decline in consolidated net profit to Rs 665.5 crore in the March quarter from Rs 744.4 crore in the same period last year.
The company's total income in the quarter under review increased to Rs 4,083.9 crore from Rs 3,271.7 crore in the same period a year ago.
Macrotech Developers' profit tripled to Rs 1,549.1 crore during FY 2023-24 from Rs 486.7 crore in FY 2022-23.
The company's total income increased to Rs 10,469.5 crore in the last financial year from Rs 9,611.2 crore in the 2022-23 financial year.On debt, Lodha said, "...we have achieved our guidance of reducing our net debt to less than 0.5." Times Equity's net debt is at Rs 4,000 crore during 2023-21 due to strong operating cash flows and our capital appreciation. There has been a decrease of more than Rs. Rs 3,000 crore in the second financial year, which is less than 0.2 times the equity.”
The company has also added new projects worth more than Rs 20,000 crore during the last financial year.
Lodha said, “This makes us a unique housing company, having achieved the trio of significant pre-sales growth, strong business growth as well as significant debt reductions, demonstrating our brand strength and operational prowess.,
Macrotech Developers has delivered approximately 100 million sq ft of real estate and is currently developing over 110 million sq ft under its ongoing and planned portfolio.
