14 Aug 2024

Table Space has launched Suites at Global Infocity Park in Perungudi, Chennai, providing premium, ready-to-occupy offices specifically designed for GCCs, MNCs, and Fortune 500 clients. Located strategically in Chennai's IT hub, Suites occupies over 600 seats and is easily accessible from key areas. The workspace solution includes a user-friendly app for seamless booking and management, exceptional data security, and world-class EHS standards. Launched in October 2023, Suites is also available in Gurugram, Bengaluru, and Pune. This expansion, along with recent property acquisitions, underscores Table Space's commitment to providing innovative and high-quality flexible workspace solutions.Read more

14 Aug 2024

The Maharashtra Housing and Area Development Authority (MHADA) is entering the luxury housing market with a new 39-storey project in Goregaon, offering 332 residences. The project includes 105 3 BHK and 227 2 BHK apartments, but parking has emerged as a significant challenge. Despite a multi-level car park, not all residents will secure parking spots, with priority given to 3 BHK owners. MHADA's allocation strategy, which will be decided by the housing society, mirrors common practices but raises concerns. The project is part of a broader initiative offering 2,000 homes, with a lottery expected in September.Read more

14 Aug 2024

The Enforcement Directorate (ED) attached fixed deposits from the Rose Valley group, accused of defrauding investors through false schemes, under the Prevention of Money Laundering Act (PMLA). The court has now ordered these funds, amounting to INR 12 crore, to be transferred to the Asset Disposal Committee (ADC), led by a retired judge, for distribution to around 22 lakh investors. This decision is intended to provide relief while the trial, which continues to determine the full extent of the fraud and legal consequences for the group's chairman, Gautam Kundu, remains ongoing. The ED is tasked with documenting the restitution process to ensure transparency. This step follows similar efforts in high-profile cases like those of Vijay Mallya and Nirav Modi, highlighting the judiciary's commitment to addressing financial fraud and compensating victims.Read more

13 Aug 2024

Godrej Properties Ltd has reported a remarkable 283% year-on-year increase in pre-sales for Q1 FY25, reaching INR 8,637 crore from 8.99 million square feet of space sold. This rise follows the launch of new projects worth INR 8,600 crore in key markets like Bengaluru and NCR. For FY25, the company targets pre-sales of INR 27,000 crore and project launches totaling INR 30,000 crore. Despite sequentially lower collections and rising net debt of INR 7,430 crore, Godrej Properties aims to achieve INR 15,000 crore in collections and INR 20,000 crore in business development.Read more

13 Aug 2024

Suraj Estate Developers Limited has posted strong financial results for Q1FY25, with total income rising to INR 134.6 Crores, a 30.9% increase year-over-year. EBITDA reached INR 64.2 Crores, up 36.3% from last year, while PAT more than doubled to INR 30.1 Crores, reflecting strong profitability. The company reduced net debt from INR 572 Crores to INR 352 Crores, improving financial stability. Pre-sales grew by 5.2%, driven by increased luxury unit sales. With plans for a new INR 475 Crores commercial project and a solid FY25 pre-sales target, Suraj Estate is poised for continued growth.Read more

13 Aug 2024

India's commercial real estate sector is evolving with a marked increase in flexible workspaces and sustainability. According to Colliers, flex space stock has doubled since 2019, exceeding 50 million square feet as of Q2 2024, reflecting a shift towards hybrid work models. Additionally, green-certified office space has surged by 68%, reaching approximately 490 million square feet. This growth highlights a trend towards environmentally friendly building practices driven by regulatory pressures and corporate sustainability goals. As businesses adapt to new work models and prioritise sustainability, these changes are shaping the future of India's commercial property market.Read more

13 Aug 2024

Homebuyers of the ATS Marigold project in Sector 89A, Gurugram, await possession of their flats as ATS Infrastructure Ltd. faces an investigation for fund diversion and missed pre-EMI payments. Sanctioned in 2013, the project saw buyers approaching the National Consumer Disputes Redressal Commission (NCDRC) and Economic Offences Wing (EOW) in 2021, seeking refunds and interest. Allegations include collecting funds without licenses and financial misappropriation. Despite some towers being completed, many buyers remain without their homes, continuing to pay EMIs. ATS attributes delays to external factors, stressing that project funds are monitored under RERA regulations and the SWAMIH Investment Fund.Read more

12 Aug 2024

Bengaluru-based Prestige Estates Projects reported a 3.40 percent decline in net consolidated profit for the quarter ending 30 June 2024, with a net profit of INR 307 crore compared to INR 317.80 crore in the previous year. Net consolidated total income rose by 2.96 percent to INR 2,024.50 crore. As of 30 June 2024, the company's net worth was INR 11,521.70 crore, with debt at INR 11,057.30 crore and a debt-equity ratio of 0.79. Revenue from operations grew to INR 1,862.1 crore. The Board recommended a final dividend of INR 1.80 per share.Read more

12 Aug 2024

Aranyakaa Farms has achieved a remarkable 75% increase in farmland value across nine projects over the past three years, driven by its commitment to sustainable development and innovative agricultural practices. With Bangalore facing congestion and water issues, the company offers a serene alternative, enhancing land values amid a 20-30% surge in farmland prices around the city. Notable projects like Vrindavan and Tapovan saw prices soar from INR 60 lakh to INR 1.3 crore per acre. Aranyakaa Farms' smart farming techniques and community focus have positioned it as a leader in managed farmland, with continued growth expected.Read more

12 Aug 2024

Nearly 3,000 homebuyers in Ghaziabad anticipate progress on the Wave City project as the GDA meets this month to discuss its approval. Delays have plagued the 4,000-acre development, with a decade-long wait due to unpaid land conversion fees of INR 401 crore. If approved, the developer may need another six months to prepare the land, benefiting 5,000 families already allotted plots. A committee led by the chief secretary has pushed for prioritizing homebuyers' interests, aiming to resolve long-standing issues and enable property registrations.Read more