Macrotech Developers, which sells houses under the Lodha brand, reported a 12 per cent rise in pre-sales in the September quarter at Rs 3,534 crore, while collections rose 16 per cent to Rs 2,752 crore.
The company reduced its net debt by Rs 535 crore to Rs 6,730 crore at the end of the quarter.
The company had no new launches in the quarter, but added two new projects with a gross revenue potential of Rs 2,300 crore. Of its total business development target of Rs 17,500 crore for the full year, the company has completed Rs 14,300 crore worth of new projects.
“Strong underlying end-user demand for branded homes enabled us to deliver our best ever quarterly pre-sales,” Abhishek Lodha, MD and CEO, said.
In the second half of the year the company has launches planned for seven new locations and said it was on track to deliver on its full-year pre-sales target of Rs 14,500 crore.
Lodha said the government’s planned rollout of incentives for affordable housing will act as a demand booster.