Macrotech Developers will invest about Rs 800 crore to construct two housing projects in Bengaluru where it has entered to expand business amid strong demand, its MD & CEO Abhishek Lodha said.
Macrotech Developers, which markets its properties under Lodha brand, has a significant presence in Mumbai Metropolitan Region (MMR) and Pune.
In June last year, the company had announced its entry in the Bengaluru market by forming a joint venture to develop its first housing project. Later, it added one more housing project in the IT city.
Macrotech Developers this month launched its first residential project in Bengaluru.
“We are targeting to launch the second project in the fourth quarter of this fiscal. It may slip to the first quarter of the next financial year,” Lodha told PTI.
Asked about construction cost of these two projects, he said it is estimated to be Rs 800 crore.
The gross development value or sales value is expected to be around Rs 2,500 crore from these two projects, Lodha said.
Macrotech Developers will be selling apartments in the range of Rs 1.5-2.5 crore each.
Lodha asserted that the company would continue to focus on MMR and Pune residential markets.
In Bengaluru, he said the company would like to focus on sales and marketing as well as execution of these two projects, before deciding to expand further.
On operational front, Macrotech Developers achieved sale bookings of Rs 6,890 crore during the first six months of this fiscal as against Rs 6,000 crore in the same period of previous year.