Lodha Group formed four JVs in Q1
Macrotech Developers, which sells properties under Lodha brand, has formed four joint ventures in April-June to build projects with a sales value of ₹3,500 crore and is looking at two such tie-ups every quarter to expand presence in Mumbai and Pune regions, a top company official said.
Mumbai-based Macrotech, erstwhile Lodha Developers, is one of the leading real estate companies in the country. It got listed on the stock exchanges in April after launching ₹2,500crore initial public offering
(IPO).
In an interview with PTI, Macrotech Developers managing director and chief executive officer Abhishek Lodha said he remained bullish on the growth prospects of the housing segment, notwithstanding the disruption caused by the Covid-19 pandemic.
“We want to expand our presence across the Mumbai Metropolitan Region (MMR) and Pune for future growth,” Lodha said.
During the first quarter, he said the company entered into four joint development agreements (JDAs) with landowners and local realtors to build projects, comprising a total of 3.3 million square feet, in micromarkets of MMR and Pune regions.
“The estimated sales value in these four projects will be around ₹3,500 crore,” he added.
In the MMR market, it has signed two JDAs in western suburbs with sales potential of around ₹2,100 crore and one in eastern suburbs worth ₹450 crore.
One JDA has been formed in Pune with sales potential of around ₹900 crore.
Asked whether the company would add more projects through this route, Lodha said, “We are targeting to form 2 JDAs every quarter on an average.” Macrotech Developers has huge land bank in MMR and Pune, but not in all micro-markets of these two major cities in the state of Maharashtra. Our focus on the JDA is to serve all the parts of the Mumbai region and Pune where we are not present,” he said.
In MMR, Lodha said the company has a strong presence is in south central Mumbai, Thane and the extended eastern suburbs. The company is looking to grow in the western suburbs, the eastern suburbs and Navi Mumbai.