Looking to tap rising housing demand, realty firm Macrotech Developers will launch 11 projects in Mumbai, Pune and Bengaluru this quarter with an estimated revenue potential of Rs 6,260 crore.
Mumbai-based Macrotech Developers is one of the leading real estate developers in the country. It has a major presence in Mumbai Metropolitan Region and Pune. The company markets its properties under the Lodha brand.
In an investor presentation, the company said it has a strong launch pipeline in the fourth quarter of 2023-24.
"Well placed to meet full-year pre-sales guidance with the launches planned in Q4," it said.
Macrotech Developers said the company will launch a 4.4 million square feet area during the January-March quarter, of which 1 million square feet would be in Bengaluru and 0.8 million square feet in Pune. The remaining area will be in Mumbai Metropolitan Region (MMR).
During the first nine months of this fiscal, Macrotech has already launched a 6.6 million square feet area with a topline of Rs 8,850 crore.
The company has achieved a 14 per cent growth in its sales bookings to Rs 10,300 crore during the April-December period of 2023-24 from Rs 9,040 crore in the year-ago period.
It has given a sales bookings guidance of Rs 14,500 crore for the current fiscal against Rs 12,060 crore in 2022-23.
On Saturday, Macrotech Developers reported a 25 per cent increase in its consolidated net profit to Rs 505 crore in the latest December quarter.
Its net profit stood at Rs 405 crore in the year-ago period.
The total income rose to Rs 2,958.7 crore in the October-December period of 2023-24 from Rs 1,902.4 crore in the corresponding period of the previous year.
The board had also approved an enabling proposal to raise up to Rs 5,000 crore by issuing securities through public issues, private placement or any other mode in one or two tranches.
Its MD and CEO Abhishek Lodha had said, "Strong underlying demand on the back of rising incomes, ample job creation as well as enhanced consumer confidence enabled us to achieve our best Q3 pre-sales performance of Rs 3410 crore".
New tailwinds for housing would further strengthen demand in 2024, Lodha had said.
"Latest communication from global central banks suggest peaking of interest rates and steady reduction in benchmark rates will commence in 2024. This will likely result in lower home loan rates in India, strengthening demand," he said.
Macrotech Developers has delivered 95 million square feet of real estate and is currently developing more than 110 million square feet under its ongoing and planned portfolio.