Macrotech Developers signs 5 JDAs in H1 for Rs 4,500 cr Projects; To form 5 more JVs In H2
Looking to expand its presence in the Mumbai and Pune regions, Macrotech Developers has formed five joint ventures since April to develop projects having sales potential of Rs 4,500 crore and is targeting to enter into five more such tie-ups with landowners by the end of this fiscal.
Mumbai-based Macrotech Developers, one of the leading real estate developers in the country, markets its properties under the ‘Lodha’ brand.
In an interview with PTI, Macrotech Developers MD and CEO Abhishek Lodha said: “We have signed five JDAs (joint development agreements) in the first half of this fiscal to build projects, which have a topline of around Rs 4,500 crore. And the pipeline of JDAs is also looking very good”.
The development potential in five JDAs is around 4 million square feet in various micro-markets of Mumbai Metropolitan Region (MMR) and Pune.
Macrotech is evaluating many proposals from landowners, which include individuals and small realty firms, to jointly develop housing projects.
“Residential demand is very strong across all price points, affordable, mid-income and premium. There are good opportunities for expansion through JDAs,” Lodha said.
“We will do at least five more JDAs in the second half of this fiscal year,” he said.
Macrotech Developers, which got listed on the stock exchanges in April after raising Rs 2,500 crore through initial public offering (IPO), is targeting to achieve a 50 per cent growth in sales bookings of around Rs 9,000 crore during this fiscal year.
The company has already sold properties worth Rs 2,960 crore during April-September and is confident to register over Rs 6,000 crore sales in the second half of this fiscal.
“We continue to believe that we will achieve our sales bookings guidance of around Rs 9,000 crore in the 2021-22 financial year,” Lodha said.
Macrotech Developers’ sales bookings stood at Rs 5,970 crore during the last fiscal year.
“We need to do Rs 5,000 crore of sales bookings during October — March period of FY’22 from our residential portfolio. Rs 1,000 crore will come from non-regular sales — monetisation of commercial and warehousing properties,” he said.
Lodha highlighted that momentum in housing sales has been very-very strong since June.
“People now want to buy bigger homes with better amenities. This shift in demand towards quality products is helping companies like ours,” he observed.
The company, he said, was focusing on sustainable development, by reducing carbon footprints and expanding green covers across all its projects.
“Home ownership concept has gained importance since the outbreak of COVID-19 pandemic. There is a good interest in good quality products. Low interest rates on home loans is also a major factor,” Lodha said.
Macrotech Developers, earlier named as Lodha Developers, has delivered more than 80 million square feet of real estate and is currently developing 75 million square feet under its ongoing and planned portfolio.