28 Aug 2024

The Central Building Research Institute (CBRI) has declared Tower C of Chintels Paradiso unsafe for habitation, marking it as the seventh out of nine towers in the complex deemed unfit. This follows a vertical collapse in February 2022 that killed two residents. The CBRI report cited severe corrosion and poor-quality concrete as key issues, making the tower non-compliant with safety standards, especially given its location in seismic zone IV. The report recommended demolition over costly and ineffective repairs. The developer is reviewing the report and will extend similar offers to Tower C's residents as previously done. The district administration has ordered the evacuation of Tower J and is prepared to take legal action if necessary.Read more

28 Aug 2024

Investors can now capitalise on prime commercial real estate with the launch of society shops at India Rashtra, Sector 88A, and Vanya City, Sector 99A, Gurgaon. These projects, authorised under the New Integrated Licensing Policy 2022 and Deen Dayal Jan Awas Yojana, offer lockable shops in highly desirable locations along Dwarka Expressway. India Rashtra offers shops from 312.328 to 384.537 sq. ft., while Vanya City features spaces from 399.95 to 1381.36 sq. ft. Registration for both projects is open until 5th September 2024, with the draw of lots on 7th September 2024. Investment starts from INR 32.46 lacs for India Rashtra and INR 46 lacs for Vanya City.Read more

27 Aug 2024

Signature Global, a Gurugram-based real estate firm, is set to expand with new housing projects in Delhi, Noida, and Greater Noida. The company has already delivered 11 million square feet of space and plans to develop 32.2 million square feet of new projects. CEO Rajat Kathuria noted that major projects outside Gurugram are expected to launch in the next financial year. For Q1 2024-25, Signature Global reported a substantial rise in sales bookings to INR 3,120 crore from INR 880 crore and achieved a net profit of INR 6.76 crore, reversing last year's loss. Net debt fell by 16% to INR 980 crore.Read more

27 Aug 2024

The Zo World introduces its latest tech-enabled clubhouse in Whitefield, Bangalore, offering a unique blend of luxury real estate and fractional ownership. Founded by Dharamveer Singh Chouhan and Chetan Singh Chauhan, Zo House caters to an exclusive community of artists, web3 innovators, and entrepreneurs. Members enjoy advanced collaborative spaces, wellness zones, fine dining, and access to a global network. The clubhouse operates on a blockchain-based NFT-gated system, with limited "Founder NFTs" offering lifetime global access and profit-sharing. This 36,000 sq.ft clubhouse demonstrates Zo's innovative lifestyle concept, with similar successful spaces in Koramangala, Dubai, and San Francisco.Read more

27 Aug 2024

Macrotech Developers Ltd, under the Lodha brand, saw its net debt rise by 43.5% to INR 4,320 crore in Q1 FY 2024-25, due to increased investment in land acquisition and construction. Despite this, the debt remains manageable at 0.24 times equity. The company's CEO, Abhishek Lodha, highlighted strong cash flows and reduced funding costs. Macrotech achieved a 20% growth in sale bookings, reaching INR 4,030 crore, with customer collections up by 12%. The firm reported a 2.7-fold increase in net profit to INR 475.3 crore and continues to expand its real estate footprint, particularly in Mumbai and Pune.Read more

26 Aug 2024

Chandak Group, a renowned Mumbai-based real estate developer with over 35 years of experience, has been honoured with the Times Redevelopment Award 2024 for 'Transformation Excellence Western Suburbs'. Their extensive portfolio includes 10 active projects across 12 million square feet, enhancing living standards for over 10,000 families. Key projects include Chandak Highscape City and Chandak Treesourus. Specialising in Society and Slum Redevelopment Schemes, Chandak Group focuses on transforming ageing neighbourhoods into modern, well-planned communities. Their approach aims to uplift living conditions and create thriving environments, responding to Mumbai's growing need for redevelopment.Read more

26 Aug 2024

Kolte-Patil Developers reported a sharp 86.72% decline in net profit for Q1 FY25, with profits falling to INR 6.37 crore from INR 47.97 crore in the same period last year. Total income also dropped by 39.45% to INR 350.29 crore. Despite these challenges, the company saw a 19% increase in collections, reaching INR 612 crore, and launched new projects with a potential top-line of INR 1,500 crore. Kolte-Patil aims to leverage its project pipeline and strong collections to navigate the challenging real estate market and improve profitability.Read more

26 Aug 2024

U.S. grocery retailer Hy-Vee is expanding its Indian presence by leasing a 54,000 sq. ft. office in Bengaluru's Karle Tech Park, accommodating 350 employees. This move follows the establishment of its Global Capability Center in April 2023 at Manyata Tech Park. With over 550 U.S. stores and USD14 billion in annual sales, Hy-Vee's Bengaluru expansion underscores its commitment to leveraging India's talent pool. This strategic investment in India's tech hub reflects a broader trend of U.S. companies capitalising on local expertise to enhance global operations.Read more

26 Aug 2024

India's office markets are witnessing a dramatic shift towards green-certified buildings, driven by the rising sustainability awareness among corporate occupiers. In Q2 2024, over 13 million square feet of office space was leased in green-certified buildings, accounting for 82% of the total leasing activity. Technology, engineering, and manufacturing sectors are leading this trend, with 80% of their leases in green spaces. Developers are aligning their offerings to global sustainability standards, offering tenants benefits like lower operating costs and improved employee productivity. This momentum is further bolstered by SEBI's new ESG disclosure norms, pushing companies to prioritize green portfolios.Read more

26 Aug 2024

Kalpataru Ltd., a player in the real estate sector, has presented a draft red herring prospectus to SEBI. The company plans to raise up to INR 1,590 crore through an initial public offering (IPO), focusing on using the funds to reduce its debt. The Mumbai-based company, an integrated real estate developer, engages in all facets of property development, including land acquisition, design, execution, and sales. Kalpataru's portfolio includes 25 ongoing projects across 22 million square feet, with a significant focus on luxury and mid-income residential spaces. The company also boasts a substantial land bank of 1,886 acres.Read more