Realty developer Lodha, also known as Macrotech Developers, has reported its highest-ever third-quarter pre-sales of Rs 3,410 crores and collections of Rs 2,594 crores for the quarter ending December. The company added three new projects during the quarter, with a total gross development value potential of Rs 6,000 crores, bringing the project addition for the first three quarters of 2023-24 to Rs 20,300 crores.
Following the conclusion of this deal, Goel Ganga Ventures India will become a wholly owned subsidiary of the Mumbai-headquartered company. No regulatory approvals are required for the acquisition of the real estate company, Macrotech Developers said in a regulatory filing.
A single judge of the Calcutta High Court had earlier given full authority to a panel of three administrators — one each nominated by the Birla and Lodha families and a retired judge — to take control of the entire estate of the late Priyamvada Devi Birla, former chairperson of the MP Birla Group, who died on July 3, 2004. The judge in September 2020 passed an order directing the removal of Harsh Vardhan Lodha as the chairman of the MP Birla Group on the basis of a contentious concept of “extended estate”.
The company, based on the sales trajectory, had earlier guided the projects will be fully sold out ahead of the business plan target of the fourth quarter of the financial year 2023-24.
Real estate firm Macrotech Developers plans to decrease its net debt to under Rs 6,000 crore by March next year, down from Rs 6,730 crore in September. Macrotech aims to align net debt with operating cash flow, projected to be Rs 6,000 crore in 2023-24. The company reported positive Q2 performance, reducing net debt by Rs 540 crore and achieving strong sales.