Dedicated locality research platform
Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
According to a regulatory filing, Macrotech Developers, which sells homes under the Lodha brand, has reported a record sales booking of Rs 12,064 crore in the last fiscal year, representing a 34% rise from the previous year. Despite a surge in interest rates on home loans, the company has delivered a strong pre-sales momentum with sales bookings of Rs 3,025 crore in the fourth quarter of the last fiscal year and Rs 12,064 crore for the 2022-23 fiscal year, surpassing its full-year guidance of Rs 11,500 crore.
The collections of money from customers stood at Rs 10,606 crore for FY23, up 23% YoY. The net debt has further reduced to Rs 7,071 crore, showing a decline of Rs 2,229 crore for the year.
While speaking to the media, Abhishek Lodha, MD & CEO of Macrotech Developers commented on the company’s performance. He told the press that the strong quarterly performance has enabled them to surpass its annual guidance despite one of the fastest-ever increases in interest rates. He believes that the industry is poised to continue seeing demand acceleration for quality tier-1 branded homes, driven by improving affordability, consistent income growth, and consumers' desire to upgrade their lifestyle.
The company added twelve projects in FY23, which has a sales potential of around 14 million square feet of about Rs 19,800 crore. It has delivered more than 89 million square feet of real estate and is currently developing around 100 million square feet under its ongoing and planned portfolio. The group has approximately 4,400 acres of land beyond its ongoing and planned portfolio, which will be utilized in developing further residential, commercial, and industrial & logistics spaces.
Macrotech Developers has a significant presence in Mumbai. The organization has been in business for more than three decades and has built a reputation for providing its clients with properties of the highest calibre. The firm's portfolio of projects is wide and includes residential, commercial, retail, and hospitality projects. Macrotech Developers' ability to react to the shifting market conditions and commitment to completing high-quality projects have allowed them to maintain its place in the real estate industry. The business has a solid management team that has succeeded through several difficulties in the real estate industry.
The lack of transparency and accountability is one of the major issues the Indian real estate industry is now facing. It is common for developers to make commitments they can't meet, which causes drawn-out legal disputes and financial losses for customers. Macrotech Developers has been capable of shielding itself from these problems by making sure that it keeps its promises and practices high levels of transparency in all of its business interactions.
The firm has also been successful in capitalizing on India's rising demand for high-quality houses. A rapidly growing middle class in the nation is on the lookout for higher standard dwelling possibilities. By providing top-notch houses that cater to this industry, Macrotech Developers has been successful in breaking into it. Macrotech Developers has been engaged in the commercial and retail sectors in addition to its great performance in the residential sector. The corporation has built a number of office buildings and commercial centres around the nation.
Macrotech Developers is in a good position to benefit from India's rising demand for high-quality real estate in the future. The business has a significant portfolio of projects and a reputable brand that is known for its dependability and excellence. The real estate industry is projected to continue to be a major contributor to growth in India, and Macrotech Developers is ideally situated to profit from this development.
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!
