Macrotech Developers unveils ₹1,500-cr project in a joint venture

Realty builder Macrotech Developers, earlier known as Lodha Developers, has formed two joint ventures to build projects with sales value worth ₹1,500 crore and is scouting more such partnerships to grow business. MD and CEO, Abhishek Lodha informed that the company has entered into two Joint Development Agreements (JDAs) in Mumbai Metropolitan Region (MMR) and also in Pune with two real estate companies. The company requires a huge land bank in MMR and Pune, but not in all micro-markets of these two cities and is currently focusing on MMR and Pune for the next 2-3 years. Recently, the company has entered into two JDAs, first at Western Suburbs (Malad) having an estimated GDV (Gross Development Value) of around ₹600 crore and second at Pune (NIBM) with an estimated GDV of about ₹900 crore. In these projects, the company would share revenue with landowners and partners in both these projects, while the structures are different, approximately 20 per cent of the top line will be a margin for the company.