Latest news with #MacrotechDevelopers
Time of India
4 days ago
- Automotive
- Time of India
Tesla secures fourth India office in Mumbai as part of expansion strategy
As part of its broader strategy to expand operations in India and build a local ecosystem for future manufacturing and supply chain activities, Tesla has leased a new commercial space in central Mumbai 's Kurla west area, marking another step in its India entry. The new premise will be utilised to set up a vehicle service center. This is Tesla's fourth commercial space in India, after its engineering facility in Pune, a registered office in Bengaluru, and a 30-seater office near Mumbai's central business district, Bandra Kurla Complex (BKC) secured for a year. This is also the second commercial transaction concluded by Tesla in quick succession over the past two months, reflecting its increasing focus on operational readiness in India. The US company's India arm Tesla India Motor & Energy has signed a five-year lease for the new premises in Macrotech Developers ' Lodha Industrial and Logistics Park in Kurla spanning across 24,500 sq ft. The agreement, registered in May, includes a starting monthly rent of Rs 37.53 lakh. Over the entire lease term, the company will pay more than Rs 24 crore in rent. The license period of five years starts on April 20 and the agreement includes a rent-free period of one month and ten days, with rent payments beginning on June 1, showed the documents accessed through realty data analytics firm CRE Matrix. The rent is subject to an annual escalation of 5% and Common Area Maintenance (CAM) charges are set at Rs 10 per sq ft of chargeable area, with a 5% escalation applicable at the start of each financial year. This deal follows the company securing its first India showroom in BKC, marking a key milestone in its long-awaited entry to its growing EV market. This deal had set a national record in terms of lease rentals at Rs 881 per sq ft a month. ET's email query to Tesla India and the property owner Macrotech Developers remained unanswered until the time of going to press. The move assumes significance and indicates Tesla's approach to India that has shifted into high gear since February, following Prime Minister Narendra Modi's meeting with Musk during his US visit. The EV giant had earlier raised concerns over steep import duties in India. Tesla's India entry has been the subject of much anticipation, particularly after recent policy tweaks by the Indian government aimed at encouraging global EV manufacturers to invest and set up manufacturing units locally. Though Tesla is yet to confirm a factory location, moves like this lease suggest groundwork is quietly underway.
Time of India
4 days ago
- Automotive
- Time of India
Tesla secures fourth India office in Mumbai as part of expansion strategy
As part of its broader strategy to expand operations in India and build a local ecosystem for future manufacturing and supply chain activities, Tesla has leased a new office space in central Mumbai's Kurla west area, marking another step in its India entry. This is Tesla's fourth office in India, after its engineering facility in Pune, a registered office in Bengaluru, and a 30-seater office near Mumbai's central business district, Bandra Kurla Complex (BKC) secured for a year. This is also the second office transaction concluded by Tesla in quick succession over the past two months, reflecting its increasing focus on operational readiness in India. The US company's India arm Tesla India Motor & Energy has signed a five-year lease for the new premises in Macrotech Developers ' Lodha Industrial and Logistics Park in Kurla spanning across 24,500 sq ft. The agreement, registered in May, includes a starting monthly rent of Rs 37.53 lakh. Over the entire lease term, the company will pay more than Rs 24 crore in rent. Live Events The license period of five years starts on April 20 and the agreement includes a rent-free period of one month and ten days, with rent payments beginning on June 1, showed the documents accessed through realty data analytics firm CRE Matrix. The rent is subject to an annual escalation of 5% and Common Area Maintenance (CAM) charges are set at Rs 10 per sq ft of chargeable area, with a 5% escalation applicable at the start of each financial year. This deal follows the company securing its first India showroom in BKC, marking a key milestone in its long-awaited entry to its growing EV market. This deal had set a national record in terms of lease rentals at Rs 881 per sq ft a month. ET's email query to Tesla India and the property owner Macrotech Developers remained unanswered until the time of going to press. The move assumes significance and indicates Tesla's approach to India that has shifted into high gear since February, following Prime Minister Narendra Modi's meeting with Musk during his US visit. The EV giant had earlier raised concerns over steep import duties in India. Tesla's India entry has been the subject of much anticipation, particularly after recent policy tweaks by the Indian government aimed at encouraging global EV manufacturers to invest and set up manufacturing units locally. Though Tesla is yet to confirm a factory location, moves like this lease suggest groundwork is quietly underway.
Business Standard
28-05-2025
- Business
- Business Standard
Macrotech Developers rises after ICRA upgrades LT rating to 'AA' with 'positive' outlook
Macrotech Developers gained 1.23% to Rs 1470.70 after the company said that the credit rating agency ICRA has upgraded the company's long-term (LT) rating to '[ICRA] AA (Stable)' from '[ICRA] AA- (Positive)'. The agency has reaffirmed the companys short-term rating at '[ICRA] A1+. ICRA stated that the rating upgrade factors in the steady increase in MDLs pre-sales and collections, which is expected to sustain in the coming years, thereby translating into an improvement in cash flow from operations (CFO) and comfortable leverage metrics. ICRA notes that over the medium to long term, the share of the warehousing and retail segments in cash flows is likely to improve, providing stability to the overall cash flows from operations. The ratings positively factor in the managements guidance to maintain healthy cash surplus/liquidity cushion, which, along with the expected increase in the share of rental inflows from the warehouse and retail segments, will mitigate some impact of the cyclicality in the residential segment. The ratings note MDLs strong leadership position in the Mumbai and Thane residential real estate markets as well as the Groups established track record of over four decades, underpinned by more than 100-plus million square feet of deliveries till March 2025. The ratings factor in the execution and market risks resulting from the large expansion plans with a pipeline of over 85 million square feet for future project launches including offices, retail and warehousing as of March 2025. The timely launch of these projects, along with healthy sales and collection momentum, would be critical for improving the operational cash flow generation. Nonetheless, ICRA takes comfort from MDLs established track record of project execution and strong brand presence, which aid sales velocity. While the company is making conscious steps towards diversifying its geographical footprint, the share of Mumbai Metropolitan Region (MMR) is likely to remain high (60-70%) in the medium term. The company is also exposed to the cyclicality in the residential real estate market. Macrotech Developers is one of the largest real estate developers in India with a market leader position in Mumbai and Thane. MDL is focused on residential development in the MMR, with presence in Pune and Bengaluru. As of March 2025, it developed 100-plus million square feet of space with nearly 35 million square feet of ongoing developable area and approximately 85 million square feet of planned launches. The company has one of the largest land banks in the country, totalling over 4,080 acres as of March 2025.
Hindustan Times
27-05-2025
- Business
- Hindustan Times
Lodha Group eyes growth in Bengaluru with five new projects in FY2026
Abhishek Lodha, managing director and CEO of Macrotech Developers, also known as Lodha Group, said the company expects to have five or more real estate projects in Bengaluru during the current financial year. '...we have concluded our pilot phase successfully in Bengaluru and are now at a stage where the growth phase is starting to take off,' Lodha said during the Q4FY25 investors' call. 'We are expecting to have five or more projects operational in Bengaluru in the course of the current fiscal year.' Bengaluru will begin to contribute meaningfully to the company's growth starting this year. With Bengaluru now in the growth phase, 'we expect to start the pilot in one more city in FY26, which, of course, will take two to three years before it moves into the growth phase,' Lodha said. Also Read: Mumbai Rains: How waterlogging and flooding impact the Mumbai real estate market's property market In 2024, Lodha had said that the company aims to have a market share of 15% in Bengaluru real estate by 2030. In this context, Lodha said, 'We expect to move from our present market share of between 2% and 3% of sales in Bengaluru in the last fiscal year, when we made about ₹14 billion of sales, to more to 15% of the Bengaluru market by the end of the decade.' Lodha Group entered the Bengaluru real estate market in 2021 and expects to gain an average of 2% market share in India's IT Capital. Also Read: Bengaluru: Here's how Foxconn's iPhone plant is reshaping Devanahalli's real estate market In April 2024, Lodha had said that its company's market share in the Mumbai real estate market is at around 10%, and the market share of the top five developers in Mumbai is still in the mid-20s. On April 24, Macrotech Developers reported a 38% year-on-year rise in consolidated net profit to ₹921.7 crore for the March quarter, driven by higher income. Also Read: Is buying a home in Bengaluru worth it, or is renting the better option? The company's net profit stood at ₹665.5 crore in the year-ago period. According to a regulatory filing, its total income rose to ₹4,420.3 crore in the fourth quarter of the previous fiscal year from ₹4,083.9 crore in the corresponding period of the preceding year.
Time of India
12-05-2025
- Business
- Time of India
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.
