Macrotech Developers sold properties for nearly 1,100 crore in London

The company said, they saw rise in customer enquiries and visits which indicates strong sales growth in the current quarter.

Macrotech Developers sold properties worth Rs 1,100 crore of its London projects last month. The company said it expects to sell the entire project before the 2023-24 fiscal years.

Providing an update of its sales performance on October 4, 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 company update mentions that they have received numerous property enquiries and visits from the customers which indicate strong sales growth in its current quarter. The company said, “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 the release of capital for our growth and deleveraging.”

The company which was earlier named Lodha Developers said their project Lincoln Square achieved pre-sales of £35 million (around Rs 350 crores) during the current quarter which records the best quarterly performance.

Macrotech Developers came into London real estate in 2013 when it acquired the famous Macdonald House at 1 Grosvenor Square in Central London from the Canadian Government for over GBP 300million (Rs 3,100 crore)

With its first purchase, the company also acquired New Court at 48 Carey Street in Central London for 90 million pounds in 2014.

Published by– MoneyControl