Macrotech Developers targets sales of Rs 1200 crore in its first project in Bengaluru

23 Jun 2022 , 01:16 PM

Macrotech Developers Ltd, a significant player in the real estate industry, stated on Thursday that it was entering the Bengaluru market and that it has established a joint venture to build its first housing project, with an expected sales booking value of Rs 1,200 crore.

The company said in a regulatory filing that it would purchase all of the shares in G Corp Homes in order to enter the Bengaluru market.
Pune and the Mumbai Metropolitan Region are important markets for Macrotech Developers, which sells its real estate under the Lodha brand. According to Macrotech, "the company's first project in Bengaluru has been signed through the JDA (joint development agreement) route by purchasing 100% equity shares of a company named G Corp Homes Pvt Ltd."

According to Macrotech, "the company's first project in Bengaluru has been signed through the JDA (joint development agreement) process by purchasing 100% equity shares of a company named G Corp Homes Pvt Ltd." For Rs21 crore, G Corp Homes has been purchased.

The purchase was negotiated by real estate consultant Anarock. Manyata Tech Park is close to the project's location. According to the firm, the project has a potential GDV (gross development value) of about Rs 1,200crore and a saleable area of about 1.3 million square feet. In the upcoming 6 to 12 months, the project is planned to launch.

Approximately 2/3 (by value) of the housing market in the top 7 Indian cities will be covered, according to the company, which stated Bengaluru will be the third housing market where the company's residential constructions will be accessible to consumers.

This comes after the business's successful expansion in Pune, where it currently has two active projects and is preparing to launch a number of others in FY23. The company anticipates pre-sales to increase by over 20% CAGR (compound annual growth rate) in the medium term "on the back of robust underlying housing demand as well as consolidation in the industry," according to Macrotech.

One of the main forces behind stable, risk-free growth, it was said, will be the entry into the Bengaluru market. According to the developer, Rajendra Joshi has been hired as the company's CEO for the Bengaluru market. Joshi previously held the position of Brigade Group's head of residential business, and before that, he worked with a number of companies, including Mahindra Lifespaces.

On the strength of improved demand prospects and a robust pipeline of new releases, Macrotech Developers is aiming for a 27% increase in sales bookings during the current fiscal year, which will total Rs11,500 crore. In the previous fiscal year, it had sales bookings worth Rs9,000 crore.