Real estate company buys land for ₹2800 crore housing project

Real estate company Macrotech Developers (LODHA) has acquired about 20 acres of land in Bengaluru for the development of a Rs 2,800 crore housing project as part of its expansion plan. Mumbai-based Macrotech Developers, which markets its properties under the Lodha brand, is acquiring land through direct purchase, as well as partnering with landowners for joint development.

Sources said that out of the total land, around 20 acres was acquired in Bengaluru, the company has purchased a part of the land directly, while for the remaining portion it has entered into a joint development agreement with the land ownership.

Now five locations in Bengaluru

In its operational update for the December quarter, Macrotech Developers said that the company has added a new project in Bengaluru with a GDV (gross development value) of Rs 2,800 crore. With this acquisition, the company now has five locations in Bengaluru. Macrotech Developers said that these are expected to provide significant pre-sales growth opportunities in Bengaluru from the next financial year.