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Macrotech Developers, the real estate firm known for its Lodha brand, plans to invest more than ?5,000 crore this fiscal year in construction, reflecting an increase from the previous year due to robust sales growth and new project launches, according to Managing Director and CEO Abhishek Lodha. The company aims to deliver over 10,000 apartments during 2024-25, up from 8,500 units in the previous fiscal year. In an interview with PTI, Lodha discussed the companys successful performance in 2023-24, including achieving key targets related to pre-sales, land acquisition, and debt reduction amid strong housing demand. He noted that Indias housing sector is in the third year of a long-term growth cycle, driven by high economic growth and a rising preference for homeownership. Macrotech Developers spent approximately ?3,700 crore on construction last year and plans to increase this to over ?5,000 crore in the current fiscal year. The company is set to launch more projects and acquire additional land to maintain a steady growth trajectory. Lodha shared the companys success in its expansion to the Bengaluru market, indicating that sales from initial projects were promising. This success has prompted the company to consider exploring other tier I cities for potential pilot projects. A final decision on this will be made in the coming months. For the 2024-25 fiscal year, the company aims to achieve property sales worth ?17,500 crore, a 21 percent increase from the previous year. It recorded a 20 percent growth in sale bookings, reaching ?14,520 crore in 2023-24, from ?12,060 crore in 2022-23. To capitalize on consumer demand, Macrotech Developers intends to launch multiple housing projects this year and continue acquiring land parcels through outright purchases and partnerships with landowners. The companys recent financial results highlighted an 11 percent decline in consolidated net profit to ?665.5 crore for the March quarter, while total income grew to ?4,083.9 crore from ?3,271.7 crore in the same period the previous year. The company has also achieved significant debt reduction, with net debt reduced by over ?4,000 crore during the 2023-24 fiscal year, reaching less than 0.2 times equity. Lodha noted that the company has added new projects worth over ?20,000 crore in the last fiscal year, further solidifying its position as a leading real estate developer in India. Macrotech Developers has delivered around 100 million square feet of real estate and is currently developing more than 110 million square feet across its ongoing and planned projects. |
