Macrotech to invest about Rs 2,500 cr this fiscal on land acquisition
Macrotech Developers will invest around Rs 2,500 crore this fiscal to buy land and to pay its joint venture partners against land acquired in the previous years.
Mumbai-headquartered Macrotech Developers, which sells its properties under the Lodha brand, is one of the leading real estate firms in the country. It buys land outright as well as enters into joint development agreements (JDAs) with land owners to create a pipeline of future projects.
"The total investment that we envisage this year into land is about Rs 2,500 crore, which includes all the new land plus any partner share for whatever land we have taken on JDA (joint development agreement) in the past years," Macrotech Developers MD and CEO Abhishek Lodha told investors.
According to a transcript of interactions with investors posted on stock exchanges, Lodha said the JDA projects tend to have investments, which is between 5 per cent and 10 per cent of the GDV (gross development value).
"And the outright lands tend to hav