Macrotech Developers has entered into 11 joint development agreements (JDAs) with landowners with an estimated sales revenue potential of ₹14,500 crores. Mumbai-based Macrotech Developers, which is one of the leading real estate developers in India, markets its properties under Lodha NSE 0.47 % brand. The company has projects in Mumbai Metropolitan Region (MMR) and Pune markets and has been aggressively forming JDAs to expand its presence in the micro-markets of twin cities.
MD & CEO, Abhishek Lodha informed that with a focus on capital-light growth, they entered into JDA for six additional new projects during the quarter (October-December) having 4.8 million square feet of saleable area with GDV (gross development value) of ₹10,000 crores. On operational performance during the third quarter of this fiscal year, Macrotech Developers reported a 40 percent increase in its sales bookings to ₹2,608 crore from ₹1,862 crore in the year-ago period. The collections from customers against sales rose 44 percent to ₹2,127 crore from ₹1,472 crore during the period under review. Its net debt of India's business fell to ₹9,925 crore as of December 31, 2021, from ₹12,477 crore at the end of the September quarter, with the help of ₹4,000 crore raised through the sale of equity shares to institutional investors through Qualified Institutional Placement (QIP) route.