LAND SALE
Car sales lose pace in June, SUVs stay in front
Passenger vehicle sales in India remained sluggish for the third consecutive month in June due to a high base and reduced post-pandemic pent-up demand. Sales rose 3.7% from a year earlier but slightly declined from May, with 340,784 units sold compared to 328,710 last year. SUVs comprised 53% of sales.
Sattva Group targets 85 pc growth in housing sales to Rs 6,500 cr this fiscal: MD Bijay Agarwal
Realty firm Sattva Group is bullish on India's housing market and will launch many projects to achieve 85 per cent growth in sales of residential properties to around Rs 6,500 crore this fiscal, a top company official said. In the 2023-24, Bengaluru-based Sattva Group achieved sales bookings of Rs 3,500 crore.
Trinamool leader, two others arrested for land grabbing and illegal dealings
West Bengal Chief Minister Mamata Banerjee strongly admonished party leaders, MLAs, ministers, and councillors on Thursday, stating unequivocally that those involved in land grabbing and the illicit sale of government land would face severe consequences. Her stern message followed the arrest of a Trinamool leader and two associates in Siliguri for their alleged involvement in illegal land transactions.
Tata Motors has a Rs 18,000 crore EV plan, reveals MD Shailesh Chandra
Tata Motors is eyeing 30-40 per cent sales from EVs by FY30 and is planning to spend about Rs 18,000 crore to develope an ecosystem for the electric vehicle business. Over the next two years, the company has scheduled for launch Curvv EV, Curvv ICE ( internal combustion engine) and Sierra EV.
Demerger to secure synergies across biz verticals, says Tata Motors Chairman N Chandrasekaran
Tata Motors is planning to demerge its existing automotive businesses into two listed entities, a move aimed at enhancing synergies across its Passenger Vehicles (PV) and Jaguar Land Rover (JLR) segments. This step is expected to boost collaborations in electric vehicles (EVs) and autonomous vehicles. Tata Motors Chairman N Chandrasekaran made this announcement at the company's 79th Annual General Meeting on Monday.
Tata Motors to revive Jaguar Land Rover's Freelander as a Made-in-China EV
Jaguar Land Rover is reviving the Freelander as an electric vehicle for the Chinese market through a partnership with Chery Automobile. Produced under their CJLR joint venture, the new Freelander aims to compete in China’s EV market and boost Tata Motors' electric profitability. Global expansion plans are also in place
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Gujarat Congress alleges GIDC land 'scam' in Bharuch; baseless, says BJP govt
The Gujarat Congress accused the state government of corruption in land allocation at two GIDC estates in Bharuch, claiming a scam worth Rs 2,000 crore. Congress leader Shaktisinh Gohil demanded an explanation from the BJP government, alleging plots were allotted at low rates without public auction, causing a massive loss to the state exchequer. The government refuted the allegations, stating the decision to reverse the estates' saturation status was made after industry bodies represented adequate unsold land, ensuring a transparent process in land allocation.
Inside Tata Motors' plan to stay ahead in the EV race
Tata Motors, a dominant player in the Indian electric car market, is on a mission to solidify its position by implementing an ambitious plan. With a significant increase in electric car sales in the past fiscal year, the company aims to further drive growth by integrating electric vehicles (EVs) and rooftop solar (RTS) systems. Tata Motors plans to promote synergy between RTS and EVs, with the goal of having 50 percent of Tata EV users also utilizing RTS by the end of the decade, a substantial increase from the current 10-15 percent.
Lenders hope to recover at least 50% of Go First dues by auctioning land parcel
Go First Dues: Lenders will hold an auction of a land parcel measuring 94.7 acres at Thane in Mumbai on July 22. Lenders have stated that the land parcel is being sold to recover Rs 3918.5 crore. The reserve price of Rs 1965 crore equates to 50% recovery for banks.
Demerger of biz to help commercial vehicle business capitalise on opportunities globally: Tata Motors
Tata Motors is planning to demerge its commercial vehicle (CV) and passenger vehicle (PV) segments into two separate listed entities to better capitalize on global growth opportunities. The CV business and related investments will be housed in one entity, while the PV business, including electric vehicles (EVs), Jaguar Land Rover (JLR) and its related investments, will come under a separate listed entity.
Mahindra sales rise 17 pc in May at 71,682 units
Mahindra & Mahindra witnessed a 17% year-on-year increase in total wholesales, reaching 71,682 units in May. Domestic passenger vehicle sales surged 31% to 43,218 units, while exports rose 2% to 2,671 units. The Farm Equipment Sector reported a 9% rise in total tractor sales, attributing the growth to timely monsoons and favorable agricultural sentiments.
Tata Motors embracing structural shifts from a position of strength and confidence: N Chandrasekaran
With the turnaround the company is embracing the structural shifts which includes an irreversible move to green mobility, rebalancing of supply chains to achieve resiliency digital acceleration with Artificial Intelligence and Machine Learning becoming mainstream, from a position of strength and confidence.
BSNL and MTNL prioritise govt organisations for land asset sales worth Rs 1 lakh crore
Recently, BSNL sold one of its properties in Lucknow to the Income Tax department for around Rs 229 crore, which was the market value of the building.
NRI Investing Guide: Are you legally allowed to buy agricultural land in India?
NRIs in India face restrictions under FEMA when purchasing agricultural land, but can inherit it from relatives to reconnect with their roots.
JLR plans to start making flagship Range Rover model in India
The local assembly will translate into a 18-22% price reduction, Amba said. The Range Rover will drop to Rs 2.6 crore from Rs 3.3 crore while the Range Rover Sport will fall to Rs 1.4 crore from Rs 1.8 crore. India levies a duty of 15% on completely knocked down kits and more than 100% on imported models.
Iconic British car brand Jaguar Land Rover plans to ride India's luxury boom
The luxury carmaker plans to launch at least half a dozen new models from the JLR stables, both ICE and EV (internal combustion engines and electric vehicles), as it seeks to capitalise on the growing number of high-net-worth individuals in the country. This is the most aggressive push by JLR since it entered the Indian market in 2009.
Godrej Properties acquires 10 land parcels in FY24 to build Rs 21,000 crore worth projects
Godrej Properties acquired 10 land parcels worth over Rs 21,000 crore last fiscal to build projects. The company aims to buy more parcels generating Rs 20,000 crore sales bookings this fiscal. It plans to launch projects worth Rs 30,000 crore to achieve 20% growth in sales. Quarterly profits rose by 14%.
Sale of ancestral property: Can daughters and her descendants make rightful claims?
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Macrotech Developers to invest Rs 3,500-4,000 cr this fiscal to acquire land parcels
Realty firm Macrotech Developers Ltd plans to invest Rs 3,500-4,000 crore this fiscal to acquire land for housing projects and capitalize on the increasing demand for residential properties. The company aims for a 60:40 mix of owned land and joint development agreements, with a target of 10,000 apartment deliveries this year.
Tata Motors shines in Q4, anticipates debt-free status; JLR posts record profit
Tata Motors Surpasses Expectations with Tripled Profit in Q4, Eyes Debt-Free Status. India's largest automaker reported a net profit of Rs 17,528 crore in Q4, thrice the previous year, aided by a deferred tax credit. The company's revenue for the period climbed 13% YoY to Rs 1.19 lakh crore. For the full FY24, Tata Motors delivered record profit and revenue, with JLR generating a net profit of £2.5 billion. The company continued deleveraging efforts, aiming for net automotive debt-free status in FY25. JLR expects consistent demand, though some stress is noted in the UK market.
Early enthusiastic EV adopter phase probably over; focus on mkt development: Tata Motors Grp CFO PB Balaji
Tata Motors is focusing on market development to boost electric vehicle (EV) penetration in India and address concerns of new customers. The company missed its guidance of selling 1 lakh units of EVs in FY24 and is confident of crossing the milestone this fiscal. Tata Motors is committed to the expansion of EVs and plans to launch its Curvv EV this year. The company is addressing what is stopping EV adoption faster and clear the pathway for it to start accelerating again.
Godrej Properties cuts net debt by 10% in Q4 on strong cash flow: Pirojsha Godrej
Godrej Properties reported a 10% reduction in its net debt in the latest March quarter to nearly Rs 6,200 crore, attributed to strong sales and customer fund collections. Executive Chairperson Pirojsha Godrej highlighted a reduction of Rs 700 crore in net debt during Q4, despite ongoing land acquisitions for future development.
Noida's Trident Realty raises Rs 1.2k cr through sale of assets
Noida-based Trident Realty has raised ₹1,200 crore through sale of assets, including Shipra Mall in Ghaziabad and a land parcel in Gurugram, as part of plans to focus on its residential business and exit non-core assets, said people close to the development.
China sanctions 2 US defense companies and says they support arms sales to Taiwan
The announcement freezes the assets of General Atomics Aeronautical Systems and General Dynamics Land Systems held within China. It also bars the companies' management from entering the country.
Jaguar Land Rover's FY24 sales jumps 81%, a five-year high and "one of the best since 2009"
Jaguar Land Rover (JLR) reported a significant 81% increase in retail sales in India for the fiscal year ending March 31, 2024. This growth represents one of the company's best performances since its launch in 2009 and is the highest in the last five years. Sales of SUVs, Range Rover, and Defender notably increased by 160% and 120% respectively year-on-year.
JLR full-year sales rise by over 20 per cent year on year
Wholesale volumes at 110,190 units in the fourth quarter (excluding the Chery Jaguar LandRover China JV) were up 16% over the same quarter a year ago, and up 9% compared to the quarter ended 31 December 2023.
Puravankara records highest-ever annual sales value, customer collection in FY24
Bengaluru-based real estate developer Puravankara achieves record-high annual sales and customer collections in FY24, with sales reaching Rs 5,914 crores, a 90% increase, and customer collections rising by 60% to Rs 3,609 crores. The company attributes its success to operational dedication, customer trust, and successful new launches. Land acquisitions and redevelopment projects contribute to growth.
K Raheja inks pact to jointly develop 2.5-acre land parcel in Mumbai’s Worli
The developer’s residential platform and the landlord have finalised a revenue share structure for the proposed joint development, wherein K Raheja Corp will get 57% revenue share, while the balance 43% will go to the landlord. As per this agreement, the developer will be responsible for all planning, design, approvals, execution, branding, and sales efforts. The pact stipulates that K Raheja Corp is expected to complete the project within five years.
Assam Govt suspends land sale NOCs for interfaith transactions
The Assam government has issued a directive to halt the processing of No Objection Certificates (NOC) for land sales involving buyers and sellers of different religions for three months. This decision comes in response to intelligence reports indicating fraudulent attempts to transfer land between religious communities, potentially leading to communal tensions, especially during the upcoming parliamentary elections. The directive allows exceptions for cases deemed necessary by the District Commissioner, with the approval of the Inspector General of Registration, Assam, to prevent any breach of law and order.
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