Macrotech Developers Enters Bengaluru through Joint Development Agreement in Manyata Tech Park

Real estate giant Macrotech Developers Ltd., known for its Lodha brand, has announced its expansion into the booming Bengaluru market. Lodha Group signed Joint Development Agreement in Manyata Tech Park, Bengaluru.

Key Points:

• First Bengaluru Project: Macrotech has formed a joint venture by acquiring 100% equity in G Corp Homes Pvt Ltd. This marks the company’s foray into the Bengaluru market with an estimated project value of Rs 1,200 crore.
• Project Details: Located near Manyata Tech Park, the project boasts a gross development value (GDV) of Rs 1,200 crore and a saleable area of approximately 1.3 million square feet. The launch is expected within the next 6-12 months.
• Strategic Expansion: With Bengaluru, Macrotech now covers nearly two-thirds (by value) of the top 7 Indian cities’ housing market, following its successful expansion into Pune.
• Growth Strategy: Macrotech anticipates a medium-term pre-sales growth exceeding 20% CAGR (compound annual growth rate) driven by strong housing demand and industry consolidation. Entering Bengaluru is seen as a key factor in achieving this sustainable growth.
• Leadership Appointment: To spearhead its Bengaluru operations, Macrotech has recruited Rajendra Joshi, former head of residential business for Brigade Group, as CEO for the Bengaluru market.
• Sales Target: Macrotech aims for a 27% increase in sales bookings during the current fiscal year, reaching Rs 11,500 crore, fueled by optimistic demand and a robust pipeline of new launches.