Macrotech Developers Ltd is set to invest Rs 4,500 crore this fiscal year on construction of real estate projects as it seeks to ramp up execution capabilities amid strong housing demand. It will sell its properties under the Lodha brand. As per reports, Macrotech Developers MD and CEO Abhishek Lodha has stated that the demand for residential properties continues to be strong despite increase in mortgage rates as well as housing prices. Its sales bookings grew 34 per cent in 2022-23 to Rs 12,014 crore and it has set a target of 20 per cent growth to Rs 14, 500 crore in the current financial year.
The company has generated Rs 4,600 crore worth of net operating cash flow surplus which reflects its strength to convert land into real estate products, and then building as well as selling it in a timely manner.The surplus cash flow was used for investment on land and debt reduction, he said. Recently, Macrotech Developers reported a 39 per cent increase in its consolidated net profit at Rs 744.36 crore for the quarter ended March. Under new business development, Macrotech Developers acquires land outrightly and also enter into joint development agreements with landowners to create land bank for future projects. Macrotech Developers has delivered around 94 million sq ft of real estate. It is currently developing about 105 million sq ft under its ongoing and planned portfolio.The company has over 4,300 acre of land beyond its ongoing and planned portfolio.