Macrotech’ London projects achieve Rs 1,900 cr

Mumbai, Jan 5: City-based realty player Macrotech Developers on Wednesday said it has booked sales of nearly Rs 1,900 crore in two of its projects in London in the third quarter which ended on December 31, 2021.
The projects in Grosvenor Square and Lincoln Square achieved sales booking of Rs 1,770 crore and Rs 140 crore respectively during the October-December 2021 quarter, the company said in a regulatory filing.
UK projects had their best ever quarter of sales totalling Rs 1,900 crore in Q3 FY22. We believe that MDL’s investment in the UK will be significantly repatriated back to India in FY 23, the company said.
During the July-September, 2021 quarter, the Grosvenor Square development booked pre-sales of Rs 1,100 crore following a relaxation of restriction on international travel.
The momentum continued in the quarter and we had our strongest ever quarterly sales performance at GSQ with pre-sales of Rs 1,770 crore. Thus, in just quarters, GSQ has achieved almost Rs 3,000 crore of pre-sales.
“With these two quarters of strong performance, the $225 million bond is likely to be repaid fully in next 4 months from the sales proceeds, well in advance to its scheduled maturity of March 2023. We expect the project to be fully sold out well ahead of the business plan target of Q4FY24,? it said.
The company said its second project – Lincoln Square – continued its steady performance and achieved pre-sales of Rs 140 crore during the quarter and that it remains on track for sell out over the next 1-2 quarters.
Macrotech Developers is one of the leading real estate players in Mumbai and is currently developing projects in the commercial, residential and warehousing space across Mumbai region and Pune.