Lodha clocks ₹1900 crore sales in London projects in Dec quarter
May 17, 2022 | By LODHA
Bengaluru: Lodha Group on Wednesday said its projects in London had their best ever quarter with sales totaling £191 million or ₹1900 crore in the October-December quarter.
Basis this, Macrotech Developers Ltd, which operates under the Lodha brand, believes its investment in the UK will be significantly repatriated back to India in 2022-23.
In the October quarter, its Grosvenor Square, London project had witnessed £110 million ( ₹1100 crore) of pre-sales following the relaxation of restriction on international travel. The momentum continued in the December quarter and the project saw its strongest ever quarterly sales performance, with pre-sales of £177 million ( ₹1770 crore). In two quarters, GSQ has achieved almost £300 million of pre-sales, the developer said.
“…With these two quarters of strong performance, the $225 million bond is likely to be repaid fully in next four months from the sales proceeds, well in advance to its scheduled maturity of March 2023. Basis current trajectory, we expect the project to be fully sold out well ahead of the business plan target of Q4FY24," Lodha said in a release.
In early 2020, Lodha Group’s UK subsidiary had launched a $225 million bond issue in the Singapore market to refinance part of its outstanding debt.
Its other London project, Lincoln Square, continued a steady performance and achieved pre-sales of £14 million ( ₹140 crore) during the December quarter. The project remains on track for sell out over the next one-two quarters.