Macrotech Developers to invest Rs 4,500 crore on real estate projects in the current financial year
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Speaking to PTI, Abhishek Lodha, Managing Director and Chief Executive Officer (CEO) of Macrotech Developers said that the demand for residential properties continues to rise despite rising interest rates and house prices.
New Delhi. Macrotech Developers Limited will invest Rs 4,500 crore on real estate projects in the current financial year. The company is looking to increase its execution capacity to meet the huge demand for homes. Macrotech Developers is one of the leading real estate companies in the country selling its properties under the Lodha brand name. Speaking to PTI, Abhishek Lodha, Managing Director and Chief Executive Officer (CEO) of Macrotech Developers said that the demand for residential properties continues to rise despite rising interest rates and house prices.
He informed that the company’s sales booking in FY 2022-23 stood at Rs 12,014 crore with a 34 per cent growth and in the current financial year the company has set a target of Rs 14,500 crore with a 20 per cent growth. Lodha said the company has generated a net cash flow surplus of Rs 4,600 crore, which reflects its “strength” in converting land into real estate products and then construction as well as timely sales.
When asked about the construction expenditure in the last financial year and the target for 2023-24, Lodha said that in the financial year 2022-23 we spent a little over Rs 3,300 crore on construction. This year it is planned to increase it by one-third. An investment of around Rs 4,300-4,500 crore is planned on manufacturing. Lodha said, “Our sales bookings grew by 34 per cent in the last financial year. Therefore, the cost of manufacturing will also increase.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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