Macrotech Developers, which acquired five plots of land in the Mumbai region and Bengaluru during the first quarter of this financial year, plans to develop Lodha-branded housing projects with a revenue potential of Rs 12,000 crore, a quarter of which would be in the luxury segment.
To cash in on strong demand, Macrotech Developers plans to launch 22 projects across the Mumbai Metropolitan Region, Pune and Bengaluru. Two or three of these projects are expected to be in the luxury segment.
As much as 25 percent of the Rs 12,000 crore would be in the luxury category. These would be across two to three new projects, where units are priced upwards of Rs 25 crore. The contribution of luxury housing projects is not in terms of volume but in terms of value, he said, adding that the company sold 2,350 units worth Rs 3,450 crore in Q1.
The company has a scale ranging from Rs 40 lakh to Rs 400 crore. Of the Rs 3,450 crore, nearly Rs 800 crore business came from the luxury segment that comprises units priced at Rs 25 crore and above.
Traction in the luxury segment has been high over the past two years and its share has gone up to at least 25 percent now from barely 10 percent earlier. The luxury segment does have its unique aspects. For example, 99 percent of the luxury homes bought in Mumbai are sold as bare-shell units.
