General Announcement::Update on London developments

Issuer & Securities

Issuer/ Manager
LODHA DEVELOPERS INTERNATIONAL LIMITED
Securities
LODHA DEV US$200M 12% 200313 - XS1148395582 - 25WB
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
05-Jun-2019 20:19:31
Status
New
Announcement Sub Title
Update on London developments
Announcement Reference
SG190605OTHRFTYE
Submitted By (Co./ Ind. Name)
Sanjyot Rangnekar
Designation
Authorised Signatory
Effective Date and Time of the event
06/06/2019 08:30:00
Description (Please provide a detailed description of the event in the box below)
Following request from various stakeholders, the company is pleased to provide an update on its London developments:

Lincoln Square: The company secured completion certification from the concerned agencies and served completion notices on 13th May 2019 for the initial units. Following the customary 15 working days period for completion, the company has received payments and handed over possession of units. It is expected that completion notices will be served on all (sold and unsold) units (in batches) between now and September 2019 (with possible variation of upto 6 weeks given historic uncertainty in last mile construction). Value of the units sold upto 30th May 2019 is GBP 270 million. Revenues from the development are expected to be GBP 490 million.

1 Grosvenor Square: The initial areas of the development will be opening in Summer 2019. Completion of the sold units is expected to be in December 2019 (with possible variation of upto 6 weeks given historic uncertainty in last mile construction) and for the unsold units by March 2020 (with possible variation of upto 6 weeks given historic uncertainty in last mile construction).