 "real estate")
Realty firm Macrotech on Thursday reported a 57 per cent increase in its sales bookings during the July-September quarter to Rs 3,148 crore on strong housing demand.
Macrotech Developers, which sells its properties under the Lodha brand, is one of the leading real estate firms in the country.
Its sales bookings stood at Rs 2,003 crore in the year-ago period.
"Lodha achieved its best ever Q2 pre-sales performance of Rs 3,148 crore, showing a growth of 57 per cent on a YoY (year-on-year) basis," the company said in a regulatory filing.
The company's sales bookings have reached Rs 6,004 crore, which is 52 per cent of its guidance of Rs 11,500 crore for the full 2022-23 fiscal.
On operational performance, Abhishek Lodha, MD and CEO of Macrotech Developers said, "Despite this being the seasonally weakest quarter, it is the 2nd time in the last 3 quarters when we have surpassed Rs 3,000 crore of pre-sales, suggesting a strong underlying housing demand, the attraction of Lodha Brand among consumers, and the strength of our organisation".
He expected the sales momentum to continue in the current festive quarter and fourth quarter of this fiscal.
Macrotech Developers noted that its sales rose even though the July-September quarter generally was the weakest quarter of the year because of the monsoon and inauspicious period (Pitrupaksh / Shraadh).
"Our strong performance in H1 FY23, in spite of rising home loan rates and
rising prices evidences the strength of housing demand from Tier-1 developers in India and indicates the start of a long-term up-cycle for quality housing in India," the company said.
Abhishek further highlighted that consumer sentiment towards owning homes remains robust in the country.
"We believe that we are witnessing the beginning of a long-term up-cycle for quality housing driven by strong job creation, good affordability, and low levels of existing home ownership in urban areas," he said.
As prices rise in a reasonable manner, Abhishek said, the demand will continue to accelerate and will lead to a significant increase in volumes, particularly in mid-income and affordable housing segments.
The company will focus on significant volume growth accompanied by modest price growth.
Net debt of the company reduced marginally to Rs 8,796 crores at the end of the September quarter.
Macrotech Developers has delivered more than 86 million square feet of real estate and is currently developing around 100 million square feet under its ongoing and planned portfolio.
Lodha Group has approximately 4,400 acres of land beyond its ongoing and planned portfolio, which will be utilised in developing further residential, commercial and industrial and logistics spaces.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
