Macrotech Developers Q1 sales bookings up 17% at Rs 3,350 crore

New Delhi: Realty firm Macrotech Developers has reported a 17 per cent increase in sales bookings at Rs 3,350 crore in the first quarter of this fiscal and added five new land parcels to develop projects with sales potential of around Rs 12,000 crore.

Macrotech Developers, which sells properties under the Lodha brand, had sold properties worth Rs 2,860 crore in the year-ago period.

In a regulatory filing, Macrotech Developers informed that the company achieved its best-ever first quarter pre-sales performance at Rs 33.5 billion (Rs 3,350 crore) showing a growth of 17 per cent on a year-on-year basis.

The company also announced the addition of five new projects with GDV (gross development value) potential of around Rs 12,000 crore across different micro-markets.

Abhishek Lodha, MD & CEO of Macrotech Developers, said, "with a strong start for the year, the performance achieved is in line with our guidance of 20 per cent pre-sales growth for FY24." The demand conditions remain robust with a very strong consumer desire to buy a home, he added.

"With RBI already pausing its interest rate hiking cycle and likelihood of downward journey of interest rates in next few quarters, we see momentum for housing continuing to strengthen," Lodha said.

India's job creation continues to remain robust and combined with good affordability and mortgage availability, housing will be a key driver of India's growth for the foreseeable future, he observed.

The company's net debt has increased marginally by 3 per cent to Rs 7,264 crore primarily on account of front loaded business development investment.

"This marginal increase is on a significantly enlarged base of sales and business development. We remain on the path to achieve our full-year guidance for reduction of net debt to lower of 0.5x equity and 1x operating cash flow, with significant debt reduction seen in H2," Lodha said.

Macrotech Developers, erstwhile Lodha Developers, has delivered more than 94 million square feet of real estate and is currently developing over 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 residential, commercial and industrial and logistics spaces.

Macrotech Developers Ltd is one of the leading real estate developers in the country. It is developing real estate projects in Mumbai Metropolitan Region (MMR), Pune and Bengaluru.