Abhishek Lodha, Managing Director and CEO of listed real estate firm Macrotech Developers, also known as Lodha Group, said the company has completed its pilot phase in Bengaluru and is targeting a 15% market share in the IT city by the end of the decade .
Abhishek Lodha, MD and CEO of Macrotech Developers said that the company’s pilot phase in the Bengaluru real estate market has been completed (Macrotech Developers)
Lodha is targeting a 15% market share in Bengaluru
The pilot phase of the company in “Bengaluru has been successfully completed. As you know, when we entered Bengaluru in mid-2021, we had said that we would be in the pilot phase for 2-3 years where we will focus on building of a strong local operations team, which understands the local operational nuances and ensures that we can present our deliveries to the consumers,” Lodha said during the Q2FY25 earnings call.
Abhishek Lodha said that in terms of moving from pilot to growth phase, “We expect to move from our current market share of 2% to 3% of revenue in Bengaluru in the last fiscal, when we did approximately ₹By the end of the decade, sales will shift from $14 billion to more than 15% of the Bengaluru market.”
“We hope to gain an average of about 2% market share each year. So we probably expect this year to be higher than last year in terms of pre-sales,” he said.
Also read: Buying a home is better than renting one: Abhishek Lodha
In April 2024, Lodha had said that his company’s market share in the Mumbai real estate market is around 10% and the market share of the top five developers in Mumbai is still in the mid-20s.
“So there is still a long, long road of consolidation to go. As more high-end players come in, they will definitely benefit the market,” he had said while talking about new players entering the real estate market in Mumbai.
Also read: Macrotech developers planning to enter a new city can make a decision in the second half of FY25
Palava city to witness a growth similar to Gurugram
According to the company, the project named Palava City in Thane, near Mumbai, is witnessing growth due to improvement in infrastructure. This will enable the city to replicate the current growth in Gurugram.
“Palava story, we are now in an important transition phase where in recent years we have moved from just a low and middle income development to a middle income development to an ambitious high end development,” Shaishav Dharia, CEO of Townships and Rental Assets, Lodha Group, said this during the company’s Q2FY25 earnings call.
“As the infrastructure continues to improve over the next three to five years, Palava will certainly have the ability to replicate what Gurugram is today, which took almost 25-30 years, and we will be able to achieve this much faster because we have already done that a lot of the inherent elements that are there,” he said.
Also read: Macrotech developers are set to launch housing projects worth ₹10,000 cr by March in MMR, Pune, Bengaluru
Earlier this year, Abhishek Lodha had said that Palava City, spread over around 4,500 hectares, could scale up and generate a turnover of over ₹8,000 crore per annum over the next few years due to the development of residential and commercial properties, including warehousing and industrial spaces and a life sciences hub.
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