05 Aug 2024

WeWork India has expanded by adding over 1.4 lakh square feet of office space with the opening of new centres in Bengaluru and Noida. This expansion aims to cater to the growing demand for flexible workspaces in these key cities. The new centres are equipped with modern amenities and designed to support a variety of work styles. By increasing its footprint in Bengaluru and Noida, WeWork India continues to strengthen its position in the coworking space market, offering more options for businesses and professionals. With a presence in eight cities, WeWork India now offers over 90,000 desks nationwide.Read more

05 Aug 2024

The Supreme Court has upheld the order of the National Consumer Disputes Redressal Commission (NCDRC), directing a developer to refund the entire amount paid by home buyers for the delayed possession of their flat. The home buyers had booked a 3BHK flat in the 'Parsvnath Paramount' project in 2008, but the developer failed to hand over the possession within the agreed timeframe of 30 months. The NCDRC had initially ordered the developer to refund the amount with 9% interest per annum, but the home buyers challenged this decision. The Supreme Court has now increased the interest rate to 12% per annum, stating that the home buyers had to suffer for a long time without any fault of their own and the agreement mentions that the developer would be a 12% interest on the amount in case of delay.Read more

05 Aug 2024

Macrotech Developers, a leading Indian real estate firm, has reported a stellar performance in the first quarter of fiscal year 2024-25, with its net profit soaring 2.7-fold to INR 475.3 crore. The company's total income grew substantially to INR 2,918.3 crore, driven by strong pre-sales that reached a remarkable INR 4,030 crore - the second consecutive quarter exceeding INR 4,000 crore. The company's robust embedded EBITDA margins of 33% and its strategic expansion into new markets like Pune have positioned it for continued growth. Leveraging its strong brand and balance sheet, Macrotech Developers has added new projects worth over INR 65,000 crore since its IPO, demonstrating its ability to capitalize on the country's growing housing demand.Read more

02 Aug 2024

The National Real Estate Development Council (NAREDCO) has inaugurated its Uttarakhand chapter, aiming to promote growth and transparency in the state's real estate sector. Minister Shri Premchand Aggarwal announced plans for 22 new townships to generate jobs and enhance revenue. Emphasising sustainable development, the initiative seeks to attract investments while preserving the environment. NAREDCO's National President, G Hari Babu, highlighted Uttarakhand's investment potential. The chapter will focus on policy advocacy, knowledge sharing, and industry collaboration, positioning Uttarakhand for significant economic growth through improved infrastructure and connectivity.Read more

02 Aug 2024

Real estate developers in Noida who have paid the initial 25% under the state government's reschedulement policy are now eligible for additional relief on their dues. This follows earlier relief that eliminated penalties and interest accrued during the Covid-19 pandemic. The new waiver targets the period from August 14, 2013, to August 19, 2015, when construction was halted due to NGT orders. Out of 57 applicants, 10-11 developers are expected to benefit. Noida Authority CEO Lokesh M confirmed ongoing assessments, aligning with the UP government's efforts to revive stalled projects. The move, welcomed by CREDAI, aims to expedite project completion and address delays caused by external factors.Read more

02 Aug 2024

India's demand for office space from Global Capability Centres (GCCs) is set to rise significantly, with projections reaching 26 million square feet by 2027, up from 19.69 million square feet in 2023. Knight Frank's report highlights a 16% increase in office leasing deals over five years, with GCCs completing 6,667 transactions. The IT/ITeS sector leads in space absorption, with Mumbai and Bengaluru as key hubs. The growth is driven by evolving hybrid work models and increased GCC activity, particularly in manufacturing. India's competitive advantages in talent and costs make it a prime destination for multinational expansion.Read more

01 Aug 2024

Over 150 residents of La Residentia Society in Greater Noida West protested against the builder's failure to provide essential services such as water, electricity, sanitation, and functional lifts. Despite possessing only 1,500 of the 3,256 flats, residents face severe infrastructure issues, including power overload, water shortages, and dysfunctional elevators. They have protested every Sunday for three weeks, but the builder denies their claims and attributes the issues to residents' non-cooperation. The ongoing conflict underscores the necessity for developers to fulfill their commitments and ensure adequate amenities for residents, requiring collaborative efforts for sustainable solutions.Read more

01 Aug 2024

Larsen & Toubro Ltd (L&T) reported a 15% increase in revenue for Q1 FY 2024-25, reaching INR 55,120 crore, driven by strong project execution and manufacturing. International orders significantly contributed, rising by 42% year-on-year and accounting for 48% of total revenue. Domestic orders fell by 20%, but overall order flow remained steady due to international growth. The company's order book is valued at INR 4.9 trillion, with major contributions from infrastructure and energy sectors. L&T projects its order book will grow to INR 9 trillion by the end of the fiscal year and is expanding its green energy portfolio.Read more

01 Aug 2024

Goa's appeal as a second home destination for India's wealthy is soaring, with DLF Limited set to launch its first super-luxury villa project outside the Delhi-NCR region. According to Sotheby's International Realty's Luxury Outlook Survey 2024, 35% of luxury home buyers prefer Goa. Factors like strong rental income, secure gated communities, and a lifestyle focus drive this trend. DLF's 62 "by-invitation" villas in Reis Magos, North Goa, priced between INR 40-50 crore, reflect this demand. North Goa's villa prices have surged 28% year-on-year, driven by high rental yields and proximity to the new Mopa Airport.Read more

01 Aug 2024

The government's SWAMIH Fund aims to deliver 20,000 stalled homes each year for the next three years, offering hope to countless families with incomplete projects. The Economic Survey 2023-24 highlights the massive issue of stalled real estate projects in India, with an estimated 4.1 lakh homes valued at INR 4.1 lakh crore currently on hold. Launched in 2019, the SWAMIH Fund has already delivered over 32,000 homes. This government initiative provides financing to complete unfinished housing projects, including those under insolvency. With a focus on strengthening the NCLT and streamlining the IBC process, the SWAMIH Fund's commitment brings renewed optimism to homebuyers awaiting their dream homes.Read more