Macrotech Developers Sells Properties Worth Rs 1,900 Cr
Realty firm Macrotech Developers on Wednesday said it has achieved sales bookings of around Rs.1,900 crore during the quarter ended December in its two projects in London.
Mumbai-based Macrotech Developers Ltd (MDL), which is one of the leading real estate firms in India, markets its properties under the Lodha brand. In a regulatory filing, Macrotech informed that its UK projects had their best-ever quarter of sales of 191 million pounds (around Rs.1,900 crore) in the quarter (Q3FY22).
"Basis this, we believe that MDL's investment in the UK will be significantly repatriated back to India in FY 23," the filing said.
Earlier, the company's Managing Director and CEO Abhishek Lodha had told PTI that the company was expecting to receive Rs 1,500-2000 crore from London projects.
Macrotech Developers, earlier named as Lodha Developers, had made a foray 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).
The group acquired another site in prime Central London, New Court at 48 Carey Street for 90 million pounds in 2014.
Giving further updates on the two projects, MDL informed that the sales bookings in the 1 Grosvenor Square project during the July-September quarter stood at 110 million pounds (around Rs.1,100 crore) following the relaxation of the restriction on international travel.
The momentum continued in the December quarter, with the strongest pre-sales of 177 million pounds (around Rs.1,770 crore) in the December quarter, it added.
"With these two-quarters of strong performance, the USD 225 million bonds are likely to be repaid fully in next 4 months from the sales proceeds, well in advance to its scheduled maturity of March 2023," the filing said.
Basis the current trajectory, the company expects the project to be fully sold out well ahead of the target of Q4, FY24.
On the Lincoln Square project, the company said that it has achieved pre-sales of 14 million pounds (around Rs.140 crore) during the third quarter of this fiscal.
"The project remains on track for a sell-out over the next 1-2 quarters," it added.
Meanwhile, in Indian business, Macrotech Developers' sales bookings stood at Rs.5,970 crore during the last fiscal.
In the current fiscal, the company has set a target of around 50 per cent growth in its sales bookings to Rs.9,000 crore.
Macrotech is currently developing residential, commercial and warehousing projects in Mumbai Metropolitan Region (MMR) and Pune only.
However, it has recently announced plans to enter the Bengaluru property market to capture the expected rise in housing demand from IT/ITeS employees.
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