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

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

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.

Image Source

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

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

Next Story
Resources

Madhya Pradesh Champions Inclusive Tourism at Heritage Sites

On the occasion of World Heritage Day, Madhya Pradesh is taking a significant step toward inclusive tourism by making its historical sites accessible to all — especially persons with disabilities. The state is rolling out its ‘Accessibility Infrastructure and Development’ project at Maheshwar, Mandu, Dhar, and Orchha, aiming to create a more welcoming experience at these iconic cultural destinations.The initiative, under the leadership of Chief Minister Dr Mohan Yadav and Tourism Minister Shri Dharmendra Bhav Singh Lodhi, includes infrastructure upgrades such as ramps, Braille signage, w..

Next Story
Resources

Runwal Realty Onboards Sonam Kapoor as Brand Ambassador

Real estate major Runwal has unveiled a refreshed identity as Runwal Realty, signalling a renewed commitment to crafting spaces that stand the test of time. With this refresh, the brand unveils its new philosophy: “Building for Generations to Come” and welcomes Bollywood star and global fashion icon Sonam Kapoor as its brand ambassador. This evolved identity reflects Runwal Realty’s commitment to creating not just homes, but heirlooms—crafted through visionary design, meticulous planning, global design expertise and an unwavering focus on quality. With the customer at its core, each de..

Next Story
Infrastructure Urban

Emerging Trends in Infrastructure and Transport 2025: KPMG

KPMG’s latest report, The Great Reset: Emerging Trends in Infrastructure and Transport 2025 edition, sheds light on the profound changes transforming the global infrastructure landscape. As industries adapt to the challenges posed by climate change, economic pressures, and technological advancements, the report identifies key trends and provides actionable insights for leaders in infrastructure and transport sectors. “In today’s interconnected world, the lack of standardized supply chain practices is not just an operational challenge—it’s an environmental and economic one. We’..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?