Macrotech Developers sells properties worth Rs 1,100 crore in London
Realty firm Macrotech Developers said properties worth Rs 1,100 crore were sold last month in one of its projects in London and it expects to sell all inventories before 2023-24 fiscal year. In a regulatory filing, Macrotech Developers, which markets its properties under Lodha brand in India, gave an update on the performance of its UK investments.
Mumbai-based Macrotech Developers, earlier named as Lodha Developers, had made a foray into the London market in 2013 with the acquisition of the landmark MacDonald House at 1 Grosvenor Square in prime Central London from the Canadian government for over GBP 300 million (Rs 3,100 crore).
The group acquired another site in prime Central London, New Court at 48 Carey Street for 90 million pounds in 2014.
Macrotech informed on Monday that prospective buyers were able to visit the site at its project, 1 Grosvenor Square for the first time since it was readied, with easing of travel restrictions to the UK for visitors from the US and Europe from August.
“In the month of September, the project achieved pre sales of £110 million (around Rs 1,100 crore),” the filing said.
The level of customer enquiries and visits has continued to rise and indicate the potential for continued strong sales performance in the current quarter.
“The current performance exceeds our business plan and if the trend continues without any further unforeseen events, we expect to sell out the project ahead of our business plan of FY 24, expediting release of capital for our growth and deleveraging,” it added.
On the other project Lincoln Square, London, Macrotech informed that the project achieved pre sales of 35 million pounds (around Rs 350 crore) during the quarter, its best ever quarterly performance.