Home / Companies / News /  Macrotech’s sales pick up amid easing curbs in UK
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BENGALURU : Mumbai-based Macrotech Developers Ltd, formerly Lodha, on Monday said its two projects in London— Grosvenor Square and Lincoln Square—have clocked good sales in the September quarter.

As travel restrictions to the UK eased for visitors from Europe and the US starting August, prospective buyers were allowed to visit its 1 Grosvenor Square project, the developer said. In September, the Grosvenor Square project achieved pre-sales of 1,100 crore (£110 million), as customer queries and visits continued to rise. “The current performance exceeds our business plan and if the trend continues without any further unforeseen events, we expect to sell out the project (Grosvenor Square) ahead of our business plan of FY24, expediting release of capital for our growth and deleveraging," the company said in a regulatory filing.

The Grosvenor Square property was bought by Lodha Group in 2014 for about 3,000 crore. It is located in the upscale Mayfair Enclave near the US Embassy and Hyde Park. Its other project in London, Lincoln Square, clocked pre-sales of 350 crore (£ 35 million) in the June-September period, its best-ever quarterly performance, the developer said.

It had bought the Lincoln Square property in 2014 and launched the project in 2016. In 2017, Lodha UK, the London-based development arm of Lodha, had raised $375 million (£ 290 million) of construction finance from Cain Hoy for its Lincoln Square project. In December 2020, Lodha UK said it had sold a penthouse and two apartments in the Grosvenor Square project to a buyer, whose details were not disclosed, for 1,400 crore.

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