Macrotech Developers Aims Rs 6,000 Crore Sales In H2
Macrotech Developers has sold properties worth Rs 3,000 crore during April-September on better demand, and looks to double its sales bookings in the second half to reach the Rs 9,000 crore target this fiscal year. Mumbai-based Macrotech Developers, one of the leading real estate developers in the country, markets its properties under "Lodha" brand. Macrotech Developers MD and CEO Abhishek Lodha said sales bookings in July-September jumped over two times to Rs 2,003 crore from the previous quarter, taking the total sales bookings to Rs 2,960 crore in the first half of this fiscal year.”We continue to believe that we will achieve our sales bookings guidance of around Rs 9,000 crore in the 2021-22 financial year. "We need to do Rs 5,000 crore of sales bookings during October-- March period of FY'22 from our residential portfolio. Rs 1,000 crore will come from non-regular sales-- monetisation of commercial and warehousing properties," he said. Lodha highlighted that momentum in housing sales has been very-very strong since June, helping the company to achieve a record Q2 sales bookings of over Rs 2,000 crore. Macrotech Developers, which got listed on the stock exchanges in April after raising Rs 2,500 crore through its initial public offering (IPO), focuses only on Mumbai Metropolitan Region (MMR) and Pune markets. "Regular sales bookings of Rs 2,500 crore each in the current and next quarter are achievable, considering we did Rs 2,000 crore sales in Q2, when demand generally tends to remain low because of the monsoon season in Mumbai and Pitru-Paksha," Lodha said. Macrotech Developers' sales bookings stood at Rs 5,970 crore during the last fiscal year. Bullish on the outlook for housing demand, Lodha expects robust sales during the current quarter on strong festive demand and very low interest rates on home loans. He said the company is focusing on sustainable development, by reducing carbon footprints and expanding green covers across all its projects, to cater to the aspirations of prospective homebuyers. To encash pent-up as well as fresh demand, Macrotech plans to launch 5 million square feet of projects in this fiscal. Lodha said the company's debt is at around Rs 12,500 crore, which will be reduced to about Rs 10,000 crore by end of this fiscal year as per the guidance. On London business, the company achieved a sales bookings of Rs 1,450 crore in the September quarter. "We were earlier expecting to recieve Rs 1,500-2,000 crore from our London business by FY'24. With improved sales, the return on investment could be faster. We will wait for another quarter to give any fresh guidance," he said.
Tags : News/Views Mumbai Metropolitan Region commercial Lodha Macrotech Developers Monetisation Carbon Footprints Warehousing Properties Return On Investment