InvestorQ : What is the big sale deal that Macrotech is planning in the Mumbai realty market?
Tisha Malhotra made post

What is the big sale deal that Macrotech is planning in the Mumbai realty market?

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Aashna Tripathi answered.
2 months ago
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Macrotech Developers, formerly known as Lodha Developers, has plans to sell its fully completed and rented office building having built up area of around 400,000 SFT in Mumbai. Macrotech is currently in discussions with potential buyers to monetise this commercial asset. It may be recollected that Macrotech had recently come out with an IPO of Rs.2,500 crore earlier this year and has rallied sharply since as it has gradually wound down its debt.

Macrotech is expecting the transaction to be completed in the last quarter of this fiscal year that is the quarter ending March 2022. Not much about the deal value of the monetization but these funds will be used to wind down its debt so as to make the balance sheet lighter and more fleet-footed. Macrotech is targeting bookings of Rs.8,000 crore from its residential portfolio plus Rs.1,000 crore from sales of plots in its warehousing park and office building.

For FY22, Macrotech plans to increase its sales bookings to Rs.9,000 crore compared to just Rs.5,970 crore last fiscal year. Macrotech is largely focused only in the Mumbai Metropolitan Region or MMR and Pune markets. It has already cut its debt from Rs.16,400 crore to Rs. 12,500 crore and will be further wound down to Rs.10,000 crore by the end of the current fiscal year 2021-22.
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