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realty developer Lodhais a listed company Macrotech Developers have entered into an agreement with is more realty Developing a 1.4-million-square-foot free-standing component Mumbai in which project HDFC Was an investor.
hdfc merged with HDFC bank Will get a fixed built-up area as part of the repayment of the investment made earlier.
As per the terms of the agreement, macrotech Developers will be responsible for the development of the mixed-use project AndheriWhile Havmore Realty is expected to get approvals apart from completing the rehabilitation part of the project.
HDFC was the financial investor in the development which was being undertaken by Havmore Realty as a slum rehabilitation project. This agreement with Macrotech Developers was done before the merger of HDFC Bank and HDFC Bank.
Macrotech developers will get access to a total base area of around 2.50 lakh sq ft for development. The company has paid stamp duty of Rs 7.83 crore for registration of the deal in May, documents show CRE Matrix,
ET had first reported that Lodha was in talks with HDFC to acquire the development rights for the project on the Western Express Highway.
The project has already completed most of the rehabilitation portion, while Macrotech Developers has recently started construction work on the free-standing component of the project.
Macrotech Developers has already launched a luxury residential project with configurations of 3- and 4-bedroom apartments and penthouses with prices above Rs 6.5 crore. According to property brokers operating in the vicinity, the project has received bookings for around 70% of the launched inventory so far.
ET’s email queries to HDFC and Lodha remained unanswered at the time of writing.
In the June quarter, Lodha has added five new projects in various micro-markets with a potential gross development value of Rs 12,000 crore.
“Given the pace of new project additions and the strengthening pipeline of business development opportunities, we are on track to exceed our full-year guidance for new project additions.” Abhishek Lodhasaid MD & CEO, Lodha on Tuesday while detailing the company’s operational update for the June quarter.
The company has provided full year guidance for new business development through additional projects of Rs 17,500 crore for the current financial year.
Industry experts believe that this will accelerate the ongoing market consolidation in favor of large and established developers due to their better execution ability in the current market environment and access to liquidity as compared to smaller developers.
Macrotech Developers has registered its highest ever Q1 pre-sales of Rs 3,353 crore, marking a strong start to the financial year 2023-24.
The company’s collections increased to Rs 2,403 crore during the quarter and it is expected to grow in the remaining quarters of the financial year. Its net debt rose 3% to Rs 7,264 crore, mainly due to front-loaded business development investments.
According to Lodha, the modest growth is on a significantly increased base of sales and business development. The company remains on track to achieve its full-year guidance for net debt to equity of 0.5 times equity and 1-times operating cash flow reduction, with the second half of the year seeing significant debt reduction.
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