Macrotech Developers Signs Joint Venture Deal in Andheri, Mumbai for Mixed-Use Development

Macrotech Developers Signs Joint Venture Deal in Andheri, Mumbai for Mixed-Use Development

Macrotech Developers, the publicly traded arm of Lodha Group, has partnered with Havemore Realty to develop the commercial portion of a massive project in Andheri, Mumbai. Macrotech developers signs Joint Venture Deal with Havemore Realty to develop a mixed-use project in Andheri, Mumbai.

Key Points:

• Project Scope: The project spans a vast area of 1.4 million square feet and will be a mixed-use development.
• Responsibilities: Macrotech will handle the development of the free-sale component, while Havemore Realty focuses on securing approvals and completing the project’s rehabilitation aspect.
• HDFC Repayment: HDFC Bank, which previously invested in the project as part of a slum rehabilitation initiative undertaken by Havemore Realty, will receive a designated built-up area as repayment upon completion.
• Project Status: The majority of the rehabilitation work is already finished, and Macrotech has begun construction on the free-sale portion.
• Deal Details: The agreement was finalized before the merger of HDFC and HDFC Bank. In May 2023, Macrotech reportedly paid a stamp duty of Rs 7.83 crore to register the deal.

This collaboration highlights Macrotech’s continued expansion plans. The company recently added five new projects across various micro-markets, showcasing its commitment to growth and a strong development pipeline.

 

 

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