Macrotech Developers Expands Through Joint Ventures in Malad, Mumbai and Pune

Macrotech Developers Expands Through Joint Ventures in Malad, Mumbai and Pune

Mumbai-based real estate developer Macrotech Developers (formerly Lodha Developers) is actively seeking growth through Joint Venture and acquisitions. Recently Macrotech developers signed 2 Joint Development Agreement in Malad and Pune.

Key takeaways:

• Joint Ventures: The company has formed two Joint Development Agreements (JDAs) in Mumbai and Pune with a combined estimated value of Rs 1,500 crore. Macrotech expects JDAs to contribute Rs 3,000-4,000 crore to annual sales in 2023-24.
• Focus on MMR and Pune: Macrotech will focus on Mumbai Metropolitan Region (MMR) and Pune for the next few years, leveraging its existing land bank and pursuing additional JDAs to expand its presence.
• Debt Reduction Goal: The company aims to become debt-free by 2023-24, bringing down its current borrowings of Rs 16,000 crore.
• Bengaluru Expansion: Macrotech is investing Rs 800 crore to construct two housing projects in Bengaluru, a market they entered last year through JVs.
• Land Acquisition: Macrotech has acquired seven new land parcels in MMR and Bengaluru during the first half of the fiscal year, exceeding 80% of its annual target (Rs 17,500 crore) for new business development.
• Strong Sales Performance: Macrotech is on track to achieve its sales target of Rs 9,000 crore or more for FY22 and has already achieved 48% of its sales guidance for FY24.

Overall, Macrotech Developers is pursuing an aggressive growth strategy through a combination of strategic partnerships, land acquisitions, and increased construction activity. The company is confident in achieving its financial targets and becoming debt-free in the near future.

 

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