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

Of this 20 acres, 20 acres was acquired in Bengaluru, part of it was bought outright and part of it was joint development agreement with the landowner, sources said.

In its December quarter operational update, Macrotech Developers announced that it has added a new project in Bengaluru with a gross development value (GDV) of Rs 28 billion. This makes it the fifth location in Bengaluru for the company.

The company said this will provide significant pre-sales growth in Bengaluru from next financial year.

Macrotech Developers had forayed into Bengaluru housing market a few years ago from its stronghold in Mumbai Metropolitan Region (MMR) and Pune where it has a significant presence. After the success of its first residential project in Bengaluru, the company decided to gradually increase its presence in the city to meet the growing demand.

In 2023-24 Macrotech Developers achieved 20% growth in sales bookings and reached a record Rs 145.20 billion from Rs 120.60 billion in previous year. The company has targeted to sell properties worth Rs 175 billion in current fiscal and is confident of achieving it.

Earlier this month the company had reported 32% year on year growth in sales bookings and reached Rs 45.10 billion for the quarter ended December from Rs 34.10 billion in the same quarter previous year. Macrotech Developers had said in a regulatory filing that it has achieved its highest ever quarterly pre-sales of Rs 45.10 billion, 32% year on year growth.

In nine months of the current fiscal the company has seen 25% growth in sales bookings and reached Rs 128.20 billion from Rs 103 billion in the same period of 2023-24.

Macrotech Developers has delivered around 100 million sq ft of real estate and is developing over 110 million sq ft across its ongoing and planned projects. Besides housing the company is also developing industrial and logistics parks across multiple states.