Macrotech Developers saw sales bookings of around Rs 1,900 crore during the quarter ended December in its two London projects, the Mumbai-based real estate company said on January 5.
Macrotech Developers markets its properties under the Lodha brand. Its UK projects have had their best-ever quarter of sales of 191 million pounds (around Rs 1,900 crore) in the December quarter.
"Basis this, we believe that MDL's investment in the UK will be significantly repatriated back to India in FY 23," the company said in a regulatory filing.
The company said in the previous quarter (Q2FY22) Grosvenor Square, London, development had £110 million (around Rs 1,100 crores) of pre-sales following the relaxation of restrictions on international travel.
The momentum continued in the quarter and the company had its strongest quarterly sales performance at GSQ with pre-sales of £177 million (around Rs 1,770 crore). In just two quarters, GSQ achieved almost £300 million of pre-sales, the company said.
The strong performance would likely enable the company to repay in full in the next four months its $225-million bond from the sales proceeds well in advance to its scheduled maturity of March 2023, it said.
Taking into account the current trajectory, the company expects the project to be fully sold out well ahead of the business plan target of Q4FY24, it said.
For Lincoln Square, London, it said LSQ continued its steady performance and achieved pre-sales of £14 million (around Rs 140 crore) during the quarter. The project was on track for a sell-out over the next one or two quarters, the company said.
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