Macrotech Developers, a real estate company based in Mumbai, has acquired nearly 20 acre of land in Bengaluru for the development of a housing project worth Rs 28 billion as part of its expansion strategy. The company, which markets properties under the Lodha brand, has been acquiring land through both outright purchases and partnerships with landowners for joint development.

Of the total land, approximately 20 acres were acquired in Bengaluru, with a portion of the land purchased outright and a joint development agreement made with the landowner for the remaining area, according to sources.

In its operational update for the December quarter, Macrotech Developers stated that it added a new project in Bengaluru, with a gross development value (GDV) of Rs 28 billion. This acquisition brings the company's presence in Bengaluru to five locations.

The company noted that this expansion is expected to provide significant pre-sales growth opportunities in Bengaluru starting from the next financial year.

Macrotech Developers entered the Bengaluru housing market a few years ago, expanding from its stronghold in the Mumbai Metropolitan Region (MMR) and Pune, where it has a substantial market share. Encouraged by the response to its first residential project in Bengaluru, the company decided to gradually expand its presence in the city to meet rising demand.

In the 2023-24 financial year, Macrotech Developers achieved a 20 per cent growth in sales bookings, reaching a record Rs 145.20 billion, up from Rs 120.60 billion in the previous year. The company has set a target of selling properties worth Rs 175 billion in the current fiscal year and is confident about achieving this goal.

Earlier this month, the company reported a 32 per cent year-on-year increase in sales bookings, reaching Rs 45.10 billion for the quarter ending December, compared to Rs 34.10 billion in the same period the previous year. Macrotech Developers had stated in a regulatory filing that it achieved its best-ever quarterly pre-sales of Rs 45.10 billion, showing a 32 per cent year-on-year growth.

In the first nine months of the current fiscal year, the company registered a 25 per cent increase in sales bookings, reaching Rs 128.20 billion, up from Rs 103 billion during the corresponding period of the 2023-24 financial year.

Macrotech Developers has delivered approximately 100 million square feet of real estate and is currently developing over 110 million square feet across its on-going and planned projects. In addition to housing, the company is also involved in developing industrial and logistics parks across multiple states.