Macrotech Developers, the Mumbai-based real estate giant operating under the Lodha brand, has acquired a nearly 20-acre land parcel in Bengaluru to develop a residential project valued at Rs 2,800 crore. This acquisition is part of the company’s strategy to expand its presence in the city. Macrotech has been acquiring land through outright purchases and joint development agreements with landowners.
In its December quarter operational update, the company announced the addition of a new project in Bengaluru, further solidifying its presence in the city. This brings the total number of locations the company is active in Bengaluru to five. The residential project will contribute significantly to Macrotech’s growth, with a Gross Development Value (GDV) of Rs 2,800 crore.
Macrotech’s foray into Bengaluru comes after the success of its first residential project there, which encouraged the company to increase its footprint in the city. The housing market in Bengaluru continues to show strong demand, especially from the growing IT sector.
For the fiscal year 2023-24, Macrotech Developers reported a record 20% growth in sales bookings, reaching Rs 14,520 crore. The company is targeting Rs 17,500 crore in property sales for the current fiscal year, with strong confidence in achieving this goal.
Read Also: