Macrotech Developers in talks to sell 4 lakh sqft office building in Mumbai

Macrotech Developers plans to sell its fully complete and rented office building of around 4 lakh square feet area, in Mumbai and is in discussion with potential buyers to monetise commercial asset

Realty firm Macrotech Developers plans to sell its fully complete and rented office building of around 4 lakh square feet area, in Mumbai and is in discussion with potential buyers to monetise its commercial asset.

Mumbai-based Macrotech Developers, one of the leading real estate developers in the country, markets its properties under 'Lodha' brand.

In an interview with PTI, Macrotech Developers MD and CEO Abhishek Lodha said the company is looking to sell its office building in Thane, which is fully rented.

He said the transaction is expected to be completed in the last quarter of this fiscal year.

Asked about the likely deal value, he said: "We are in the process of discovering the right price of this property".

Macrotech Developers is targeting to achieve a sales bookings of Rs 8,000 crore from its residential portfolio, while another Rs 1,000 crore from sales of plots in its warehousing park and office building.

During April-September, the company has sold properties worth Rs 2,960 crore and aims to double the sales in the second half.

"We continue to believe that we will achieve our sales bookings guidance of around Rs 9,000 crore in the 2021-22 financial year," Lodha said.

Macrotech Developers' sales bookings stood at Rs 5,970 crore during the last fiscal 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," Lodha said.

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.

Asked about debt, 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.