Lodha’s UK Projects Clock Best Ever Quarter

Mumbai-based Macrotech Developers Ltd (MDL), which markets its properties under the Lodha brand had had their best ever quarter of sales for its UK projects with sales totaling £191 million (INR ~1900 crores) in the quarter (Q3FY22). Basis this, MDL’s investment in the UK will be significantly repatriated back to India in FY 23. In the previous quarter (Q2FY22), Grosvenor Square, London (GSQ) development had £110 million (~INR 1100 crores) of pre-sales following the 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 £177 million (~INR 1770 crores). Thus, in just 2 quarters, GSQ has achieved almost £300 million 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. Basis current trajectory, we expect the project to be fully sold out well ahead of the business plan target of Q4FY24. Lincoln Square continued its steady performance and achieved pre-sales of £14 million (~INR 140 crores) during the quarter. The project remains on track for sell out over the next 1-2 quarters.