Managing Director and CEO Abhishek Lodha of the publicly traded real estate company Macrotech Developers, which conducts business under the Lodha brand, said that new players have entered the Mumbai real estate market, and the Lodha group welcomes their presence. However, there is a long way to go for consolidation in the Mumbai market.

“We believe that our journey of growing our market share in our core markets will continue to be aided by the consolidation in the market and the market having good-quality players serving most of the demand. So, we very much welcome the presence of better-quality players in the marketplace,” Lodha said.

Following the COVID-19 pandemic, several listed real estate developers expanded their operations outside of their home states. For instance, Mumbai-based Oberoi Realty recently announced purchasing land in Noida, and Gurugram-based DLF recently joined the Mumbai real estate market. Additionally, Godrej Properties has grown its presence in many Tier-2 cities.

Furthermore, Brigade Group, Puravankara, and Prestige Group of Bengaluru have either entered the Mumbai real estate market or declared their intention to do so. Brigade Group and Prestige Group are also considering plans for the Pune real estate sector.

According to Abhishek Lodha, the Indian economy is still doing well, and India is still a shining example of economic might around the globe. The world has recently faced many difficulties, including geopolitical concerns. This is a widespread risk that is right in front of our eyes, and it occasionally has the potential to affect the direction of various macroeconomic indicators and the general mood. However, Lodha said, “Global growth has continued to surprise on the upside despite these global risks and challenges.”

Macrotech Developers plans to launch previously identified sites with a gross development value (GDV) of around Rs 12,000 crores in 2024.

Read More: Click Here