Realty firm Macrotech Developers has signed multiple joint development agreements (JDAs) with land owners to construct real estate projects, with an estimated sales revenue potential of Rs 15,000 crore, as part of its strategy to expand its business operations amid rising demand of residential properties.
Mumbai-based Macrotech Developers, which markets its properties under the Lodha brand, got listed in April last year after raising Rs 2,500 crore through its Initial Public Offering (IPO).
In a statement on Wednesday evening, the company said it has "continued with its focus on capital light growth through the JDA model, signing new projects with GDV (gross development value) of around Rs 15,000 crores in FY22". The company said it expects to achieve similar additions in new projects in FY'23, on the back of a robust pipeline of new deals.
On the operational front, Macrotech Developers reported a 51 per cent growth in its sales booking to a record Rs 9,024 crore in the last fiscal, as against Rs 5,970 crore in the previous year. Collections from customers rose 70 per cent to Rs 8,597 crore during the last fiscal. Net debt of India business reduced to Rs 9,310 crore as on March 31, 2022.
Apart from India business, the company said it has clocked a sales booking of around Rs 5,000 crore in London business, taking the total to over Rs 14,000 crore.
"Our best-ever quarterly and annual performance showcases the growing demand for high quality homes in India. Q4, FY22 was our best-ever quarter with around Rs 5,000 crore of sales - Rs 3,456 crore in India and 173 million pounds in UK," said Abhishek Lodha, MD & CEO, Macrotech Developers.
He said the company has delivered India pre-sales at Rs 9,024 crore for FY22, thus meeting its guidance, despite disruption due to COVID-19 second wave in April-May 2021, as well as impact of Omicron variant in January 2022.
"We believe that the housing sector will grow by 3-4x (3 to 4 times) in this decade (2021-2030), as India grows into a USD 5 trillion economy and reaps the benefits of its young population entering the workforce. Housing will create significant jobs - directly and in the supply chain, and spur consumption as home owners feel wealthier with gradually rising home prices," said Abhishek.
Macrotech Developers has recently announced plans to enter the Bengaluru property market to capture the expected rise in housing demand from IT/ITeS employees.
Macrotech Developers, earlier named as Lodha Developers, had made a foray into the London market in 2013 with the acquisition of the landmark MacDonald House at 1 Grosvenor Square in prime Central London from the Canadian government for over GBP 300 million ( Rs 3,100 crore).
The group acquired another site in prime Central London, New Court at 48 Carey Street for 90 million pounds in 2014. Macrotech Developers, earlier named as Lodha Developers, had made a foray into the London market in 2013 with the acquisition of the landmark MacDonald House at 1 Grosvenor Square in prime Central London from the Canadian government for over GBP 300 million ( Rs 3,100 crore).
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
