Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
Mumbai's prominent real estate developer, Macrotech Developers, commonly marketed under the Lodha brand, has formalised agreements to secure a 100% equity stake in Pune-based Goel Ganga Ventures India. This transaction is anticipated to be completed by January 15, following which Goel Ganga Ventures India will transition into a wholly-owned subsidiary of Macrotech. Macrotech Developers asserted that no regulatory approvals are necessary for this acquisition.
Established in July 2020, Goel Ganga Ventures India focuses on real estate development and related activities, but it has not reported any revenue income over the past three financial years.
Notably, Macrotech Developers recently concluded the sale of its projects in London, thereby completely exiting its investments in the United Kingdom. The recent strengthening of business in key cities like Mumbai and Pune is seen in this backdrop. Lodha had announced earlier that it is planning to repatriate into India all its investments made into luxury residential projects in London and revenue generated from both these super-premium projects, after repaying the debt from these projects.
Lodha had invested 306 million pounds or Rs 3,120 crore to acquire MacDonald House, Central London in 2013 and had acquired second property New Court next to the London School of Economics and the Royal Courts of Justice on Carey Street for 90 million pounds or Rs 930 crore in 2014. The company redeveloped both MacDonald House and New Court into luxury residential properties namely 1 Grosvenor Square and Lincoln Square, respectively. Both these properties’ gross development value stood at over Rs 15,000 crore.
The developer, aligning with its sales trajectory, had predicted that these projects would be fully sold out ahead of the business plan target set for the fourth quarter of the financial year 2023-24. Now, with the sales completion, the company has realised the entire balance on its investments and has exited the UK market. Lodha said that "From here on, we are going to be solely focussed on the significant opportunities in India".
Macrotech celebrated its most successful pre-sales performance in Q3, showcasing a remarkable 12% year-on-year growth, amounting to Rs 3,410 crore compared to Rs 3,040 crore in the last fiscal. This was mostly driven by a better demand for its residential properties. MD & CEO Abhishek Lodha said that with a steady rise in income levels and ample job creation, there is a robust demand for high quality homes. Having delivered Rs 10,300 crore of sale bookings in the first three quarters, Lodha remains on track to meet the Rs 14,500 crore sale bookings target for the full fiscal.
While Macrotech Developers reported a 42% decline in net profit to Rs 210 crore for the September quarter and a marginal dip in revenues from operations to Rs 1,750 crore, collections during the same period rose by 16% compared to the previous year, reaching Rs 2,750 crore.
Q3 also witnessed ongoing debt reduction and robust business development initiatives in Macrotech. Year-to-date, their net debt reduced to Rs 6,750 crore from Rs 7,073 crore in March 2023. Lodha added three new projects with a GDV (gross development value) of Rs 6,000 crore in Q3. With this, the company achieved Rs 20,300 crore of new business addition in the first 9 months of this fiscal, surpassing the target of Rs 17,500 crore for the full fiscal.
In conclusion, Macrotech Developers has had a very good Q3 on many fronts. The company remains on track to meet its fiscal year sales target, reflecting confidence in India's thriving real estate sector. Its exit from UK investments and increasing focus on Indian opportunities, comes at a time when the Indian real estate sector is booming, driven by robust residential demand.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
We use cookies to give you the best possible service while using our website, please click accept and carry on browsing if you're happy with this. For more information see our Privacy Policy.
Okay, Got it!This disclaimer ("Disclaimer") is applicable to the entire Site. Upon entering the Site it is recommended that you immediately read the Terms and Conditions and Privacy Policy listed therein. Your continued usage of this Site will indicate your unconditional acceptance of the said Terms and Conditions and Privacy Policy. You hereby agree that Propscience reserves the right to modify at any time, the Terms and Conditions and Privacy Policy governing this Site without prior notification. Your usage of the Site implies that you will be bound by any such modification. You agree and acknowledge that it is your responsibility to periodically visit the Site and stay updated with the Terms and Conditions and Privacy Policy of the Website.
The information contained in this Site has been provided by Propscience for information purposes only. This information does not constitute legal, professional or commercial advice. Communication, content and material within the Site may include photographs and conceptual representations of projects under development. All computer-generated images shown on the Site are only indicative of actual designs and are sourced from third party sites.
The information on this Site may contain certain technical inaccuracies and typographical errors. Any errors or omissions brought to the attention of Propscience will be corrected as soon as possible. The content of this Site is being constantly modified to meet the terms, stipulations and recommendations of the Real Estate Regulation Act, 2016 ("RERA") and rules made thereunder and may vary from the content available as of date. All content may be updated from time to time and may at times be out of date. Propscience accepts no responsibility for keeping the information in this website up to date or any liability whatsoever for any failure to do so.
While every care has been taken to ensure that the content is useful, reliable and accurate, all content and information on the Site is provided on an "as is" and "as available" basis. Propscience does not accept any responsibility or liability with regard to the content, accuracy, legality and reliability of the information provided herein, or, for any loss or damage caused arising directly or indirectly in connection with reliance on the use of such information. No information given under this Site creates a warranty or expands the scope of any warranty that cannot be disclaimed under applicable law.
This Site provides links to other websites owned by third parties. Any reference or mention to third party websites, projects or services is for purely informational purposes only. This information does not constitute either an endorsement or a recommendation. Propscience accepts no responsibility for the content, reliability and information provided on these third-party websites. Propscience will not be held liable for any personal information of data collected by these third parties or for any virus or destructive properties that may be present on these third-party sites.
Your use of the Site is solely at your own risk. You agree and acknowledge that you are solely responsible for any action you take based upon this content and that Propscience is not liable for the same. All details regarding a project/property provided on this Site are updated on the basis of information available from the respective developers/owners/promoters. All such information will not be construed as an advertisement. To find out more about a project / development, please register/contact us to visit the site you are interested in. All decisions taken by you in this regard will be taken independently and Propscience will not be liable for any such loss in connection with the same. This Site is for guidance only. Your use of this Site - including any suggestions set out in the Site and or any use of the resources available on this Site, do not create any professional - client relationship between you and Propscience. Propscience cannot accept you as a client until certain formalities and requirements are met.
We use cookies to give you the best possible service while using our website, please accept it and continue browsing if you're happy with this. For more information see our Privacy Policy