Construction Industry News
Real estate broker Macrotech Developers Ltd told media on Thursday that it has entered the Bengaluru market and formed a joint venture (JV) to develop its first housing project with an estimated sales booking value of Rs 1,200 crore.
In a regulatory filing, Macrotech Developers said it would obtain 100% equity from G Corp Homes to access the Bengaluru market.
Macrotech Developers, which sells its properties under the Lodha brand, has a strong presence in the Mumbai (MMR) metropolitan region and Pune.
Macrotech said the company's first project in Bengaluru has been inked through the Joint Development Agreement (JDA) by acquiring 100% shares of a company namely G Corp Homes Pvt Ltd.
G Corp Homes has been acquired for a value of Rs 21 crore, and real estate consultant Anarock has facilitated the contract. The project is located in the adjacent Manyata Tech Park.
The project has a gross development value (GDV) potential of approximately Rs 1,200 crore and a salable area of ​​approximately 1.3 million square feet. The project launch is likely in the next 6-12 months.
Macrotech said Bengaluru would be the third housing market where the company's residential developments will be open to customers, covering nearly two-thirds of the housing market of the seven largest Indian cities.
This follows the company's successful expansion in Pune, where it now has two functioning projects and several more to be launched in FY23.
Based on strong underlying housing demand and consolidation in the industry, the company hopes to grow its presales by more than 20% compound annual growth rate (CAGR) over the medium term, Macrotech said.
The foray into the Bengaluru market will be one of the drivers of sustainable low-risk growth.
The company has hired Rajendra Joshi as CEO for the Bengaluru market, Macrotech said.
During the current fiscal year, Macrotech Developers is targeting a 27% increase in its sales bookings from Rs 11,500 crore on better demand prospects and a robust pipeline of new launches. The sales entries amounted to Rs 9,000 crore in the previous fiscal year (FY).
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