Macrotech Developers sells properties worth Rs 1,100 cr in September

06 Oct 2021 CW Team

Real estate major Macrotech Developers has told the media that properties worth Rs 1,100 crore were sold last month in one of its London projects, and it expects to sell all inventory before the fiscal year 2023-24.

Macrotech Developers, which markets its properties in India under the Lodha brand, updated the performance of its UK investments in a regulatory filing.

Macrotech Developers, formerly known as Lodha Developers, entered the London market in 2013 when it purchased the landmark MacDonald House at 1 Grosvenor Square in Prime Central London for over GBP Rs 3,100 crore from the Canadian government.

In 2014, the group paid 90 million pounds for another prime Central London location, New Court at 48 Carey Street.

With the relaxation of travel restrictions to the UK for visitors from the US and Europe beginning in August, prospective buyers were able to visit the site at Macrotech's project, 1 Grosvenor Square, for the first time since it was prepared.

The project received pre-sales of £110 million in September, according to the filing.

Customer inquiries and visits have increased, indicating the potential for continued strong sales in the current quarter.

According to the company, current performance exceeds their business plan, and if the trend continues without any further unforeseen events, the project will be sold out ahead of schedule in FY 24, allowing capital to be released for the company's growth and deleveraging.

Macrotech reported that the other project, Lincoln Square in London, had pre-sales of 35 million pounds during the quarter, which was the project's best-ever quarterly performance.

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Also read: Macrotech Developers expects to meet 50% growth target sales in FY22

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