+
Macrotech Developers to refinance debt up to Rs 2,500 cr by March
Real Estate

Macrotech Developers to refinance debt up to Rs 2,500 cr by March

According to Abhishek Lodha, MD & CEO of Macrotech Developers, the Lodha Group, which is listed as Macrotech Developers, plans to refinance up to Rs 2,500 crore of debt in the next two months to reduce its finance cost before the financial year ends.

In the last few months, the company has refinanced a similar amount of debt, lowering its average cost of debt to 11.1% as of December 31st, down from 12.3% in March 2021.

The company hopes to end the fiscal year with an average cost of debt of around 10%, down from 11.1% now.

The company's India business net debt was reduced to Rs 9,896 crores in the December quarter, allowing it to meet its full-year guidance for the fiscal year 2021-22.

After repaying the projects' debt, the company plans to repatriate all of its investments in luxury residential projects in London, as well as the revenue generated from both of these super-premium projects, in the next five quarters.

Lodha bought MacDonald House in Central London for 306 million pounds or Rs 3,120 crore in 2013 and a second property, New Court, on Carey Street, next to the London School of Economics and the Royal Courts of Justice, for 90 million pounds or Rs 930 crore in 2014.

Both MacDonald House and New Court have been redeveloped into luxury residential properties, namely 1 Grosvenor Square and Lincoln Square, respectively. Both of these properties are worth over Rs 15,000 crore in terms of gross development value.

Lodha expects to repay all of its offshore bonds worth $225 million, or Rs 1,678 crore, issued in connection with UK projects in the next four months, well ahead of their March 2023 maturity date.

The developer expects the strong sales performance of its two super-premium residential projects in London to help with debt repayment and investment repatriation.

In the quarter ended December, sales at the developer's projects 1 Grosvenor Square and Lincoln Square totalled 191 million pounds, or around Rs 1,900 crore. Following the relaxation of international travel restrictions in the previous quarter ended September, pre-sales for the 1 Grosvenor Square development totalled 110 million pounds, or Rs 1,100 crores.

Lincoln Square, the company's second premium residential project, has also maintained its strong performance, with pre-sales of 14 million pounds or roughly Rs 140 crores in the December quarter.

Macrotech Developers' Initial Public Offering (IPO) of equity shares in April raised Rs 2,500 crore. Following that, in November, the developer raised Rs 4,000 crore from foreign and domestic institutional investors in India's largest-ever Qualified Institutional Placement (QIP) by a real estate developer.

Image Source

According to Abhishek Lodha, MD & CEO of Macrotech Developers, the Lodha Group, which is listed as Macrotech Developers, plans to refinance up to Rs 2,500 crore of debt in the next two months to reduce its finance cost before the financial year ends. In the last few months, the company has refinanced a similar amount of debt, lowering its average cost of debt to 11.1% as of December 31st, down from 12.3% in March 2021. The company hopes to end the fiscal year with an average cost of debt of around 10%, down from 11.1% now. The company's India business net debt was reduced to Rs 9,896 crores in the December quarter, allowing it to meet its full-year guidance for the fiscal year 2021-22. After repaying the projects' debt, the company plans to repatriate all of its investments in luxury residential projects in London, as well as the revenue generated from both of these super-premium projects, in the next five quarters. Lodha bought MacDonald House in Central London for 306 million pounds or Rs 3,120 crore in 2013 and a second property, New Court, on Carey Street, next to the London School of Economics and the Royal Courts of Justice, for 90 million pounds or Rs 930 crore in 2014. Both MacDonald House and New Court have been redeveloped into luxury residential properties, namely 1 Grosvenor Square and Lincoln Square, respectively. Both of these properties are worth over Rs 15,000 crore in terms of gross development value. Lodha expects to repay all of its offshore bonds worth $225 million, or Rs 1,678 crore, issued in connection with UK projects in the next four months, well ahead of their March 2023 maturity date. The developer expects the strong sales performance of its two super-premium residential projects in London to help with debt repayment and investment repatriation. In the quarter ended December, sales at the developer's projects 1 Grosvenor Square and Lincoln Square totalled 191 million pounds, or around Rs 1,900 crore. Following the relaxation of international travel restrictions in the previous quarter ended September, pre-sales for the 1 Grosvenor Square development totalled 110 million pounds, or Rs 1,100 crores. Lincoln Square, the company's second premium residential project, has also maintained its strong performance, with pre-sales of 14 million pounds or roughly Rs 140 crores in the December quarter. Macrotech Developers' Initial Public Offering (IPO) of equity shares in April raised Rs 2,500 crore. Following that, in November, the developer raised Rs 4,000 crore from foreign and domestic institutional investors in India's largest-ever Qualified Institutional Placement (QIP) by a real estate developer. Image Source

Related Stories

Gold Stories

Next Story
Infrastructure Urban

NABARD Holds Seminar on Vigilance, Integrity and Good Governance

National Bank for Agriculture and Rural Development (NABARD) organised a seminar on “Vigilance: Strengthening Integrity and Good Governance” on 25 August 2026 at its Head Office in Mumbai as part of the ongoing Vigilance Awareness Campaign 2026 being observed from 17 August to 16 November 2026, with the theme “Probity for Prosperity."" The seminar was graced by Suresh N Patel, Former Central Vigilance Commissioner, Government of India, as the chief guest and keynote speaker.  The programme was attended by G S Rawat, Deputy Managing Director, Dr Ajay K Sood, Deputy Managing Dire..

Next Story
Equipment

XCMG Unveils World's First 14,000-Ton Ring Crane for Heavy Lifting

XCMG has announced that the first main unit of the world's first 14,000-ton ring crane has rolled off the production line, marking a historic breakthrough in ultra-heavy lifting technology. Jointly developed by XCMG and Sinopec Heavy Lifting & Transportation Co., Ltd., the crane will be the largest-capacity ring crane ever built, setting a new benchmark for major construction projects worldwide.The crane features a modular configuration comprising two main units that work in tandem. The first main unit has completed final assembly and can independently perform lifting operations. Once both..

Next Story
Infrastructure Urban

Thriveni Logistics orders 200 tip trailers from Jagdamba trailers

Jagdamba Trailers (JTPL), one of India’s growing trailer manufacturers, has secured a significant order for 200 Tip Trailers from Thriveni Transport and Logistics Pvt. Ltd., a leading mining and logistics company serving operations across India and overseas.The order, placed for iron ore transportation, is a major milestone for JTPL, particularly as the company secured the business after competing with more than 10 established trailer manufacturers. It also strengthens an already successful relationship between the two companies. Approximately one and a half years ago, Thriveni Transport and..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code