Macrotech Developers, a real estate development company, plans to invest Rs 3,800 crore in new projects this fiscal year, with a goal of delivering 10,000 homes by March, according to MD and CEO Abhishek Lodha. The company, which went public last year with an IPO raising Rs 2,500 crore, markets its products under the Lodha brand.
He attributed the rise in construction spending to an increase in the number of projects being completed as well as a pipeline of new launches. Furthermore, the second wave of the pandemic disrupted construction work in the June quarter of the previous fiscal year. Last fiscal year, the company delivered 6,000 housing units, with a goal of 10,000 units for 2022-23.
Boosted by rising housing demand, Macrotech Developers has set an aggressive target of increasing sales bookings by 27% this fiscal year to 11,500 crore, up from 9,024 crore the previous year. The company’s primary focus will remain on the Mumbai Metropolitan Region (MMR) and Pune. The company is looking into opportunities in Bengaluru and will make a final decision in the coming months. Macrotech Developers will continue to partner with land owners and make construction-only investments to expand its portfolio in a capital-light manner.