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Macrotech Developers sells properties worth Rs 1,100 crore in London

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 company said

Representative image: Reuters

Representative image: Reuters

Mumbai-based real estate firm Macrotech Developers on October 4 said properties worth Rs 1,100 crore were sold last month in one of its London projects and that it expects to sell the entire inventory before the 2023-24 fiscal year.

Providing an update on the performance of its UK investments, the company said in a regulatory filing that “Travel restrictions to the UK for visitors from the USA and Europe were eased starting in August 2021, allowing prospective purchasers to visit our 1 Grosvenor Square development for the first time since its readiness. In the month of September, the project achieved Pre Sales of £110 million (Rs 1100 crores).”

“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 said.

With regard to Lincoln Square, London (LSQ), the company said that it had achieved pre-sales of £35 million (around Rs 350 crores) during the quarter, its best ever quarterly performance, the company that was earlier named as Lodha Developers said.

The company  forayed 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).

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The group acquired another site in prime Central London, New Court at 48 Carey Street for 90 million pounds in 2014. It also acquired a site in prime Central London, New Court at 48 Carey Street for 90 million pounds in 2014.
Moneycontrol News
first published: Oct 4, 2021 08:40 pm

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