In a significant stride, real estate giant Macrotech Developers, known for its Lodha brand, has disclosed a remarkable 12% year-on-year surge in sales bookings, amounting to Rs 3,530 crore during the period of July-September. This surge is attributed to robust demand in the housing sector.
Comparatively, during the same period in the preceding fiscal year, the company had registered sales bookings of Rs 3,150 crore, highlighting a notable growth trajectory.
According to the regulatory filing, Macrotech Developers reported achieving its highest-ever quarterly pre-sales performance of Rs 3,530 crore in the second quarter of FY’24. The company also revealed that it has already accomplished 48% of its FY24 pre-sales target, set at Rs 14,500 crore.
Throughout the entirety of the 2022-23 financial year, Macrotech Developers recorded sales bookings amounting to Rs 12,060 crore, a testament to its sustained growth and market dominance.
In terms of customer fund collections, the company experienced a 16% YoY upswing, reaching Rs 2,752 crore, indicative of strong financial stability.
Abhishek Lodha, MD & CEO of Macrotech Developers, expressed his satisfaction, saying, “Strong underlying end-user demand for branded homes enabled us to deliver our best-ever quarterly pre-sales. This was despite the fact that this is generally the weakest quarter of the year and we had no new locations launched in this quarter.”
With seven new locations slated for launch in the second half of the fiscal year, commencing with the forthcoming festive season, Lodha voiced confidence in achieving the full-year pre-sales target of Rs 14,500 crore. He underscored this confidence with the increased conversion rates observed as customers actively seek high-quality homes.
Macrotech Developers, formerly known as Lodha Developers, presently holds a substantial presence in the Mumbai Metropolitan Region (MMR) and Pune markets. The company recently made its foray into the burgeoning Bengaluru market.
Having already delivered an impressive 95 million square feet of real estate, Macrotech Developers is presently engaged in the development of over 110 million square feet across its ongoing and planned projects.
Additionally, the Group possesses approximately 4,300 acres of land, separate from its ongoing and planned projects, earmarked for future development encompassing residential, commercial, industrial, and logistics spaces. This vast land bank is a testament to the company’s forward-looking approach and commitment to sustained growth.
About Macrotech Developers:
Lodha, also known as Macrotech Developers, stands as a prominent Indian multinational real estate corporation with its headquarters located in Mumbai, India. Established in 1980 by Mangal Prabhat Lodha, the company has successfully undertaken the development of residential and commercial properties in Mumbai, Thane, Hyderabad, Pune, and even London.
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