Macrotech Developers to Launch 17 New Housing Projects Valued at Rs. 12,000 Crore

Macrotech Developers, one of India's leading real estate developers, plans to launch 17 new housing projects with a revenue potential of Rs 12,000 crore in the current fiscal year 2024-25, aiming to capitalize on the strong demand for residential properties. This move follows the company's record-breaking sales in 2023-24, driven by increasing demand for high-quality homes.

According to an investor presentation, Macrotech Developers—known for its Lodha brand—intends to launch 10 new projects and 7 new phases in existing residential developments across the Mumbai Metropolitan Region (MMR), Pune, and Bengaluru during this fiscal year. The total area to be launched is estimated at 10.1 million square feet, with a projected gross development value (GDV) of Rs. 12,100 crore.

The company indicated that the number of new launches could increase if it acquires additional land parcels during the current fiscal year. Notably, in FY24, Macrotech Developers launched projects worth Rs 18,000 crore, exceeding its initial guidance of Rs 13,000 crore.

Macrotech Developers has set a target to sell properties worth Rs 17,500 crore during FY25, representing a 21% increase from the previous fiscal year. In 2023-24, the company's pre-sales reached a record Rs. 14,520 crore, a 20% increase from Rs. 12,060 crore in 2022-23.

In an interview with PTI, Macrotech Developers' Managing Director and CEO Abhishek Lodha stated that the company aims to deliver over 10,000 apartments in 2024-25, compared to approximately 8,200 units in the last fiscal year. Lodha expressed optimism about the demand outlook, suggesting that India's housing sector is in the third year of a long-term growth cycle driven by strong economic growth and rising preference for homeownership over renting.

Lodha also mentioned that the company plans to acquire more land for future development to maintain a "consistent and predictable" growth trajectory. The company's strategy includes outright land acquisitions and partnerships with landowners.

In terms of financial performance, Macrotech Developers reported an 11% decline in consolidated net profit to Rs. 665.5 crore for the March quarter, compared to Rs. 744.4 crore in the same period a year earlier. However, the company's total income grew to Rs. 4,083.9 crore from Rs. 3,271.7 crore in the year-ago quarter.

For the full fiscal year 2023-24, Macrotech Developers saw its profit triple to Rs. 1,549.1 crore from Rs. 486.7 crore in 2022-23. Total income rose to Rs. 10,469.5 crore from Rs 9,611.2 crore. The company's debt was reduced to approximately Rs 3,000 crore.

Macrotech Developers has delivered about 100 million square feet of real estate and is developing more than 110 million square feet in its ongoing and planned portfolio. The company also added several new land parcels last fiscal year, with a potential sales value of over Rs 20,000 crore.

"This makes us a unique housing company to achieve the troika of significant pre-sales growth, robust business development, and significant debt reduction, showcasing our brand strength and operational prowess," Lodha concluded.

BS