Macrotech Developers, one of India’s leading real estate companies, is setting its sights on reducing its net debt to below Rs 6,000 crore by March. The move comes as the company continues to face challenges in the real estate sector, brought on by the COVID-19 pandemic.

The real estate industry has been significantly impacted by the pandemic, with stagnant sales and delayed project completions. Macrotech Developers, formerly known as Lodha Developers, has been actively working towards reducing its debt burden and improving its financial position.

Macrotech’s net debt currently stands at around Rs 16,400 crore, as of December 2020. The company aims to bring it down to Rs 6,000 crore through a combination of debt reduction and asset monetization.

According to industry experts, the real estate sector is expected to witness a gradual recovery in the coming months, as the economy revives and consumer sentiment improves. Macrotech’s focus on debt reduction will help position the company strongly in the market.

In addition to reducing debt, Macrotech Developers is also looking to monetize its land parcels and complete its ongoing projects in order to generate cash flow and improve liquidity. The company plans to achieve this through a combination of sales and joint venture partnerships.

Macrotech Developers has a diverse portfolio of residential, commercial, and industrial projects across major cities in India. The company is known for its high-quality developments and has completed over 80 projects spanning more than 50 million square feet of area.

As the real estate sector gradually picks up pace, Macrotech aims to strengthen its market position and capitalize on the growing demand for housing and commercial spaces. By reducing debt, improving liquidity, and completing ongoing projects, the company aims to enhance its financial performance and provide value to its stakeholders.

There are positive signs of recovery in the real estate market, as developers adapt to changing consumer preferences and market dynamics. Macrotech Developers’ proactive approach towards debt reduction and asset monetization is expected to benefit the company in the long run, as it navigates through the challenges posed by the COVID-19 pandemic.