Macrotech Developers 'seriously' looking for land to enter Delhi-NCR
NEW DELHI: Realty firm
Macrotech Developers
Ltd plans to enter the
Delhi-NCR
residential market and is "seriously" looking to acquire a land parcel to build group housing projects, as this region presents huge opportunities for growth, a senior company official said.
Mumbai
-based Macrotech Developers, which sells properties under the 'Lodha brand', is one of the leading real estate firms in the country. At present, the company has a presence in the Mumbai Metropolitan Region (MMR), Pune and Bengaluru.
In an interview with PTI, Macrotech Developers Executive Director- Finance
Sushil Kumar Modi
said the company has entered into a growth phase in Bengaluru, and now it is in a position to do some pilot projects in a new city.
When asked about the Delhi-NCR housing market, he said, "Delhi-NCR is something which we are seriously looking at. We are looking for land. We like the market. We know that the NCR market has its own nuances so we will be more cautious".
"The NCR market is very large and it's worthwhile for a brand like Lodha to get in there and slowly build the business," Modi observed.
He said the company is in discussions with land owners to acquire land, and hopes to conclude at least one land deal this fiscal.
Modi, however, said the company would do pilot projects to begin with for a better understanding of the market before shifting the gear to growth mode.
He said the company will see an "exponential growth" in Pune and Bengaluru markets from this fiscal year onwards.
Macrotech Developers has already bought a land parcel in Gurugram last fiscal to develop an industrial and logistics park.
Delhi-NCR and the MMR are the two biggest residential markets in the country.
Many developers from the South and Western regions have entered the Delhi-NCR housing markets. Godrej Properties already has a strong presence, while Sobha, Shapoorji Pallonji Group, Birla Estates and Adani Realty have built a few projects.
Recently, Prestige Group has launched its first housing project in Delhi-NCR, while Oberoi Realty last year acquired a land parcel in Gurugram.
Among local companies, real estate major DLF, Signature Global, M3M group, Ashiana Housing, Gaurs Group and ATS Group have a significant presence in Delhi-NCR.
Macrotech Developers has been aggressively acquiring land parcels to expand its business.
In the 2024-25 fiscal year, the company acquired 10 land parcels to develop residential projects with an estimated revenue potential of Rs 23,700 crore.
"Last fiscal year, we invested Rs 7,000 crore for new business development. To add new projects worth Rs 25,000 crore this fiscal, we will have to invest more than Rs 8,000 crore," Modi said.
For joint development agreements (JDAs) with landowners, the company has to make some upfront payments to landowners.
On other operational metrics, Modi said the company has given guidance of Rs 21,000 crore worth of sale bookings for this fiscal, almost 20 per cent higher than the 2024-25 fiscal.
Last month, the company had reported a 21 per cent increase in its sale bookings during 2024-25 to a record Rs 17,630 crore from Rs 14,520 crore in the 2023-24.
Macrotech Developers plans to launch housing projects worth Rs 19,000 crore across MMR, Pune and Bengaluru markets during this fiscal as it remains bullish about the growth prospects in the Indian real estate sector. In the last fiscal, the company launched projects worth Rs 14,000 crore.
On the financial front, Macrotech Developers' net profit increased to Rs 2,764.3 crore in 2024-25 fiscal from Rs 1,549.1 crore in the preceding year. Total income grew to Rs 14,169.8 crore last fiscal from Rs 10,469.5 crore in the 2023-24.
Macrotech Developers has delivered around 100 million square feet of real estate so far and is currently developing more than 110 million square feet under its ongoing and planned portfolio.
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