A Mumbai based developer known for projects in all sectors made pre sales worth Rs 1100 crore just in the month of September.
By Varun Singh
Mumbai developers are known for making good money of their investments.
However, the pandemic had hit everyone pretty hard.
The reason being everything came to a standstill, people were interested in saving money for health instead of investing in property.
But with restrictions being eased by governments across the globe, the market is looking good.
A Mumbai based developer in the month of September made pre sales worth Rs 1100 crore in UK.
The developer in another project in London made sales worth Rs 350 crore in the last quarter.
Not keeping much of a secret, the developer is Lodha, which on Monday morning informed the stock exchange this major development.
The developer while providing an update on the performance of their UK investments claimed the mega sales.
In their 1 Grosvenor Square, London (GSQ) project, in the month of September, the project achieved Pre Sales of £110 million (Rs 1100 crores).
The reason for this bumper pre sales is, “Travel restrictions to the UK for visitors from the USA and Europe were eased starting in August 2021, allowing prospective purchasers to visit 1 Grosvenor Square development for the first time since its readiness.”
The statement by Lodha read, “The current performance exceeds our business plan and if the trend continues without any further unforeseen events, we expect to sell out the project ahead of our business plan of FY 24, expediting release of capital for our growth and deleveraging.”
Not only this Lodha managed to achieve a pre sales figure of Rs 350 crore in another London project.
The second project is Lincoln Square, London (LSQ), where the developer achieved Pre Sales of £35 million (Rs 350 crores) during the quarter,
This apparently is their best ever quarterly performance.
Lodha has several projects across the Mumbai Metropolitan Region. But as an Indian we always feel proud when an Indian firm does well even in foreign soil.