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Macrotech Developers, which has projects in Mumbai and Pune regions, is looking to enter the Bengaluru market to tap huge property demand in the IT city and will invest Rs 3,000 crore equity capital for growth as it aims to increase its annual sales bookings by almost three times to Rs 20,000 crore by 2025-26, a top company official said.
The Mumbai-based company, an erstwhile Lodha Developers, is one of the leading real estate firms in the country and markets its properties under the ‘Lodha’ brand.
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According to media reported, Macrotech Developers Managing Director and CEO Abhishek Lodha said the company would deploy Rs 3,000 crore, out of the total Rs 4,000 crore recently being raised via the sale of shares to institutional investors, for growth in a capital-light manner in Mumbai Metropolitan Region (MMR) and Pune.
“Now, with our balance sheet being rock solid that it is right now, the demand is just becoming enormous. That is why we have raised fresh capital within seven months of our initial public offer (IPO),” he said.
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