REALTY FIRM
Prestige One appoints Colliers Project Leaders as project manager
This strategic agreement underscores Prestige One's commitment to maintaining its top position in the real estate market by leveraging the expertise of renowned global firms.
Uttar Pradesh: ED files second prosecution complaint in Shine City fraud case
The ED has now filed a prosecution complaint against Asif Naseem, Rashid Naseem, Amitabh Kumar Srivastava, Meera Srivastava and 11 Shine City Group companies. The court took cognizance of the prosecution complaint on June 10.
Mahindra Lifespace eyes Rs 8-10K crore sales in housing, industrial spaces by FY28
Amit Sinha, MD & CEO, mentioned the successful annual sales and highest pre-sales of Rs 2,328 crore in residential business for Mahindra Lifespace. They also achieved land leasing of 119.4 acres for industrial business.
Central Park plans to list realty business in two-three years
"We follow the practises of a listed firm and with future generation coming in, we want to list the company. We have substantial land bank across Gurugram and are adding more, which will take valuation of the company further up," said Amarjit Bakshi, chairman and MD, Central Park. The company is expected to launch 7 million sq ft in the current fiscal with ₹2,000 crore investment.
Realty Co Total Environment has raised Rs 1600 crore from top lenders
Total Environment has paid off approximately ₹2,070 crore of debt raised from top-tier financial institutions, driven by robust residential sales.
India emerges a top five destination for realty FDI
India ranked among the top five global destinations for cross-border capital in land and development site investments in the March quarter, with foreign investors accounting for about 55% of the inflows, according to real estate services firm Colliers. Significantly, 73% of new foreign investments targeted ready assets, as reported in Colliers' latest Asia Pacific Global Capital Flows report.
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Builders want reduction in repo rate in RBI's next monetary policy to boost housing sales
Real estate developers urged the RBI to lower the repo rate in the upcoming monetary policy to reduce home loan interest rates and stimulate housing demand, as the RBI maintained the rate at 6.50%. Industry experts anticipate potential rate cuts in the future to boost the real estate sector further amid strong market performance.
Unsold housing stock up 24 per cent in top 7 cities, builders need 22 months to sell: Report
Unsold housing stocks in seven major cities have risen by 24 per cent since 2019, totaling about 4,68,000 units in March 2024. However, realty firms are expected to sell them 31 per cent faster due to high sales velocity, according to JLL India. The time to sell the active unsold inventory has decreased from 32 months in 2019 to just 22 months in Q1 2024, driven by a surge in housing demand.
Properties worth Rs 1.17 lk cr sold by 18 listed realty firms in FY24; Godrej properties at top
Major real estate developers in India, including Godrej Properties, Prestige Estates Projects, and DLF, achieved significant sales bookings in the last fiscal year driven by strong demand for residential properties, especially luxury homes.
Infra push, talent access helps satellite cities reshape India's commercial realty
India's commercial real estate landscape in satellite and tier II cities is undergoing significant transformation due to robust infrastructure development, strategic urban planning, talent availability, and lower cost of living. Cities like Navi Mumbai, Pune, Gurugram, Noida, and Hyderabad have seen extensive investment in road networks, metro connectivity, and digital infrastructure, making them attractive hubs for businesses.
Brigade Enterprises shares rise 9%, hit 52-week high after Q4 profit jumps nearly 3-fold
Brigade Enterprises' shares surged 9% to a 52-week high after reporting a three-fold jump in net profit. Managing Director Pavitra Shankar expressed confidence in sustained performance with ongoing and upcoming projects in Bengaluru, Chennai, and Hyderabad.
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.
Brigade Enterprises Q4 Results: Profit jumps nearly 3-fold to 206 crore
Realty firm Brigade Enterprises Ltd on Tuesday reported a nearly three-fold jump in consolidated net profit to Rs 206.09 crore for the March quarter on the back of higher income. Its net profit stood at Rs 69.25 crore in the year-ago period.
Shahid Kapoor buys sea-view luxury apartment in Mumbai’s Worli for Rs 60.4 cr
The apartment spread over 6,176 sq ft on the 24th floor of Three Sixty West project on Dr. Annie Besant Road is the second such deal concluded by the actor in this luxury residential tower. Prior to this, Kapoor and his wife had purchased a duplex on the 42nd and 43rd floor of the same tower of the high-rise project for over Rs 58.57 crore in 2018.
360 ONE founder Karan Bhagat buys luxury apartments in Mumbai’s Worli for Rs 170 crore
Bhagat founded 360 ONE, formerly known as IIFL Wealth & Asset Management, along with his colleagues in 2008. The firm is currently among India's largest asset and wealth management firms with more than $56.3 billion assets under management. Bhagat’s team works with and for around 7,200 top families in India including industrialists; new age technology founders and professionals including leading CEOs, lawyers as well as sportspersons and artistes.
Sobha Q4 Results: Net profit down 86% YoY to Rs 7 crore
Realty firm Sobha Ltd on Friday reported 86 per cent decline in consolidated net profit to Rs 7.02 crore for the quarter ended March 2024 on lower income. Its net profit stood at Rs 48.57 crore in the year-ago period.
Shapoorji Pallonji Group seeks more time to clear payments
The company is required to pay around 14 billion rupees ($167.62 million) to bondholders of Goswami Infratech when it services the debt of another group company Sterling Investment Corp.
Prestige Estates CEO resigns, co rejigs senior management
Realty developer Prestige Estates has reorganized its senior management team in response to the resignation of its Chief Executive Officer (CEO), Venkata Narayana K, who is departing to establish a realty fund. Venkat took on the position of CEO at Prestige Estates in August 2017, following a 20-year tenure with the company during which he also served as Chief Financial Officer and Company Secretary.
Peninsula Land, Delta Corp, AA Group to set up Rs 765-cr realty platform
This joint entity will undertake residential redevelopment in the Mumbai Metropolitan Region and plotted development in and around the Mumbai region, Alibaug, Khopoli, Karjat and Pune.
Industrial biotechnology firm and a realty player lay ground for 6-7% stock returns
Nifty started with a jump but soon dipped into a range for the day. It closed with a loss.
Brick by brick, Pirojsha changed the realty game at Godrej
Pirojsha Godrej's strategic leadership at Godrej Properties during the global financial crisis led to innovative approaches like joint developments and a capital-lite model. His focus on efficiency and immediate project launches propels the company's growth.
NCLT OKs Macrotech Developers' acquisition of Centaur Hotel owner’s V Hotels
Lodha Group-owned Macrotech Developers is paying around Rs 890 crore to acquire the hotel property in Juhu, an affluent suburb in western Mumbai. The bankrupt hotel company had admitted liabilities of over Rs 2,500 crore. Financial lenders of V Hotels had in June 2023 approved Macrotech’s resolution plan with all voting in its favour.
Macrotech Developers to invest Rs 5,000 crore in FY25 on construction of realty projects: Abhishek Lodha
Macrotech Developers, led by Abhishek Lodha, aims to invest over Rs 5,000 crore this fiscal year. The company plans to deliver 10,000+ units, expand to Bengaluru, and target sales worth Rs 17,500 crore.
Accacia, a decarbonisation platform focusing on the real estate raises $6.5 million
Real estate and construction activity contribute to about 40% of global Greenhouse Gas (GHG) emissions. The sector lacks robust tools to measure climate risks and define decarbonisation pathways.
Brigade Group reports best ever performance in FY24
The company has achieved record presales of Rs 6,013 crore in FY24 and Rs 2,243 crore in Q4 FY24, the highest ever for both a quarter and a financial year.
Prestige Estates achieves record sales bookings in FY'24 at Rs 21,040 crore
Realty firm Prestige Estates Projects Ltd achieved a record-high sales bookings of Rs 21,040 crore in FY24, marking a 63% increase from the previous year. The company saw strong demand for residential properties, with sales bookings exceeding Rs 10,000 crore for DLF, Godrej Properties, Macrotech Developers, and Prestige. Prestige Group aims to become the largest real estate developer in India by sales bookings.
Office leasing likely to rise 10-12 pc this year driven by demand from GCCs: RMZ Chairman Raj Menda
Menda, who is also Chairman of FICCI Committee on Urban Development and Real Estate, noted that the demand for bigger spaces, starting from 5 lakh square feet to 10 lakh square feet, from foreign firms has tapered down and enquiries are more for 50,000 square feet to 2 lakh square feet office spaces.
Godrej Properties acquires many plots with Rs 20,000 crore revenue potential this fiscal
Godrej Properties acquires land parcels worth over Rs 20,000 crore, surpassing guidance. Recent acquisitions in Hyderabad, Noida, and Bengaluru contribute to revenue potential. Sale bookings expected to exceed Rs 18,000 crore, with consolidated net profit of Rs 62.72 crore reported.
Savvy Group bags bid for a mega commercial project in GIFT City
The project - spread over 2.8 million sq ft and entailing an investment of more than ₹1,200 crore - will also include an innovation and startup hub. The company has pipped three other bidders to bag the proposed project that surpasses all existing developments within the GIFT City, which previously boasted the largest development covering a million sq ft.
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