Realty firm Macrotech Developers Ltd will launch 22 new projects by March next year across Mumbai Metropolitan Region (MMR), Pune and Bengaluru with an estimated sales revenue potential of Rs 12,560 crore as it seeks to tap rising housing demand.
Macrotech Developers, which sells its properties under the Lodha brand, said in an investor presentation that the company launched 1.8 million square feet area in the first quarter of this fiscal year having a revenue potential of Rs 1,510 billion.
The company also announced plans to launch 22 projects, having 9.4 million square feet area of saleable area, in the remaining months of this fiscal. The revenue potential is around Rs 12,560 crore.
"In terms of sales bookings, we had our best ever first quarter. Our sales bookings increased 17 per cent to Rs 3,350 crore. We did not launch many projects in the first quarter. So, the sales were driven by inventories in ongoing projects," Macrotech Developers MD and CEO Abhishek Lodha told PTI.
"We have a strong launch pipeline for the second half of this fiscal," he said.
Lodha expects housing demand momentum to continue and hopes that the interest rates on home loans to start declining in the coming months.
The company's sales bookings grew 34 per cent in 2022-23 to Rs 12,014 crore and it has set a target of 20 per cent growth to Rs 14,500 crore in the current fiscal.
Lodha highlighted that the company has added five new land parcels in the first quarter of this fiscal and expects to generate around Rs 12,000 crore revenue by developing real estate projects on these plots.
The company has added land parcels in the western suburbs of MMR, Bengaluru and in Alibaug.
Under new business development, Macrotech Developers acquires land outrightly and also enter into joint development agreements (JDAs) with landowners to create land bank for future projects. The company has given a guidance for Rs 17,500 crore for new business development, of which Rs 12,000 crore has already been achieved in the first quarter.
Lodha, however, said the company would not revise its target.
On Thursday, the company reported a 34 per cent decline in its consolidated net profit at Rs 179.2 crore in the June 2023 quarter on lower income.
Its net profit stood at Rs 271.3 crore in the year-ago period.
The total income fell to Rs 1,671.8 crore in the April-June quarter of 2023-24 from Rs 2,675.8 crore in the corresponding period of the previous year.
Macrotech Developers has delivered more than 95 million square feet of real estate and is currently developing over 110 million square feet under its ongoing and planned portfolio.
The Group has about 4,300 acres of land beyond its ongoing and planned portfolio, which will be utilised in developing further residential, commercial and industrial & logistics spaces.