Macrotech Developers Q2 results: Properties sale hit record Rs 4,290 cr

Realty firm Macrotech Developers on Friday reported a 21 per cent increase in sales bookings to a record Rs 4,290 crore during the July-September period on better housing demand.

Mumbai-based Macrotech Developers, which markets its properties under the Lodha brand, had sold properties worth Rs 3,530 crore in the year-ago period.

The company has a major presence in Mumbai Metropolitan Region (MMR) and Pune. It has entered into the Bengaluru market as well.

In a regulatory filing, Macrotech Developers said, "We achieved our best-ever quarterly pre-sales of Rs 42.9 billion (Rs 4,290 crore) showing growth of 21 per cent year-on-year despite the inauspicious Shradhh' period falling in September this fiscal year (vs October in FY24)."

The collections of funds stood at Rs 3,070 crore in the second quarter of this fiscal year, up 11 per cent from the year-ago period.

Macrotech Developers said the company has added four new land parcels in Pune and Bengaluru, having Rs 5,500 crore of revenue potential.

On sales bookings, the company expressed confidence to achieve the target of 20 per cent growth during this fiscal year.

Macrotech Developers had registered a 20 per cent growth in sales bookings to a record Rs 14,520 crore during 2023-24, against Rs 12,060 crore in the preceding year. It has set a target of selling properties worth Rs 17,500 crore this fiscal year.

The company has delivered around 100 million square feet of real estate and is developing more than 110 million square feet under its ongoing and planned portfolio.