08 , May , 2022
Macrotech Developers has announced that it plans to invest Rs 3,800 crore on the construction of its various ongoing and new projects in this fiscal year. The company has set a target to deliver 10,000 homes by next March, informed a top company official. The company, which got listed last year by raising Rs 2,500 crore through its Initial Public Offer (IPO), markets its product under the Lodha brand.
In an interview with PTI, Abhishek Lodha, MD and CEO, Macrotech Developers, said: ''We spent about Rs 2,600 crore on construction last fiscal year. Our construction spend is estimated at Rs 3,800 crore during the current fiscal.'' He attributed the increase in expenditure on construction to a significant rise in the number of projects being executed and a strong pipeline of new launches.
Lodha also stated the construction work got affected during the June quarter of the last fiscal year because of the second wave of the COVID pandemic.
On being asked about deliveries of projects, he said the company delivered 6,000 housing units last fiscal year and the target is 10,000 units for 2022-23.
Bullish on housing demand, Macrotech Developers has set an aggressive target to grow its sales bookings by 27 percent during the current fiscal year at Rs 11,500 crore as against Rs 9,024 crore in the previous year. Out of the total target of Rs 11,500 crore, the company expects sales bookings of Rs 10,500 crore from the residential segment and the rest from sales of commercial assets.
Lodha said the company would continue to focus on Mumbai Metropolitan Region (MMR) and Pune.
Macrotech is exploring opportunities in the Bengaluru market and a final decision will be taken in the next few months. Macrotech Developers will continue its focus to expand its portfolio in a capital-light manner by partnering with landowners and making investments in construction only.
The company signed 11 JDAs (joint development agreements) for nearly Rs 15,000 crore GDV (gross development value) during FY22.
The growth journey of the Indian housing market on the back of rising incomes and favorable demography has just begun, he noted.
Lodha mentioned that the industry after several years has entered a positive price-demand cycle, enabling the conversion of latent demand into actual sales in a shorter time frame.
Macrotech Developers has reported a multi-fold jump in consolidated net profit at Rs 1,202.37 crore for the last fiscal year on higher revenue and pre-sales.
(WITH INPUTS TAKEN FROM PTI)
