24 Jul 2024

Prestige Estates Projects Ltd., a prominent Indian real estate developer, faced a 23% decline in sales bookings for Q1 FY 24-25, dropping from INR 3,914.7 crore to INR 3,029.5 crore year-on-year. The decrease is attributed to delayed project launches, resulting in sales of 2.86 million square feet and 1,364 units, down from 3.83 million square feet and a higher unit count in the previous year. Despite this, the company achieved a 16% year-on-year increase in average realisation per square foot, totaling INR 11,934 for apartments, villas, and commercial spaces. Plot sales surged 46% year-on-year, averaging INR 7,285 per square foot. Chairman and Managing Director Irfan Razack remains optimistic, emphasising Bengaluru, Hyderabad, and Mumbai as key markets contributing to their strategy of launching new projects in the upcoming quarters. Prestige's challenges reflect broader issues in the Indian real estate sector, including approval delays and economic pressures impacting both developers and buyers.Read more

23 Jul 2024

Ashiana Housing, renowned for senior living projects, is set to expand its portfolio, developing 2.5 to 3 million square feet across India in the financial year 2024-25. The expansion includes new ventures in existing markets like Chennai, Pune, Gurugram, Jaipur, Jodhpur, Jamshedpur, and Bhiwadi, and entering new ones like Bengaluru and Panvel. The company is introducing kid-centric housing in Jaipur and Gurugram, with units priced around INR 75 lakh to INR 3.5 crore. Additionally, a new senior living project, Ashiana Swarang, will launch in Chennai, offering 450 units priced between INR 75 lakh and INR 1.8 crore. Ashiana Housing aims to achieve INR 2,000 crore in sales for the fiscal year 2023-24.Read more

23 Jul 2024

Good news for nearly 500 homebuyers of the 3C Lotus City project in Noida: construction can finally begin after years of delays due to a legal dispute. The Yamuna Expressway Industrial Development Authority (YEIDA) and the new developer, ACE Infracity Developers Private Limited, have resolved a long-standing case pending before the National Company Law Appellate Tribunal (NCLAT). The project, launched in 2012 on 100 acres, faced delays due to farmers' demands for increased compensation. With a revised plan reducing ACE's land dues from INR 506 crore to INR 299 crore and addressing farmers' compensation, construction is set to resume, bringing relief to homebuyers.Read more

23 Jul 2024

Keystone Realtors Limited (Rustomjee Group) has acquired an 88-acre land parcel in Kasara, Thane for INR 91 crores, marking its entry into plotted development. This move caters to the rising demand for second homes away from urban areas. The project will feature approximately 500 plots across 1.5 million square feet, offering luxury living in a scenic mountain setting. Planned to launch in Q2FY25, the project aligns with Rustomjee's strategy to diversify its portfolio and improve profitability. Chairman Boman Irani emphasised the company's focus on innovation, quality, and meeting customer needs, aiming to set new industry standards in real estate.Read more

22 Jul 2024

Ashwin Sheth Group, a prominent Mumbai-based real estate developer, is set to embark on a major expansion drive. The company plans to invest around INR 5,000 crore to strengthen its presence in the Mumbai Metropolitan Region (MMR) and explore new markets like Bengaluru, Delhi-NCR, Hyderabad, and Chennai. Aiming to double its sales bookings to INR 3,000 crore in the current fiscal, the group also intends to launch its IPO within the next 18-24 months, seeking to raise up to INR 3,000 crore. This strategic move will enable the company to fund its ambitious growth plans and diversify its product portfolio into new segments like warehousing.Read more

22 Jul 2024

Keystone Realtors, a leading real estate developer, has announced strong operational performance for the first quarter of fiscal year 2025. The company achieved pre-sales of INR 6.11 billion, a 22% year-over-year growth, and collections of INR 4.85 billion. Keystone Realtors launched two new projects with a total saleable area of 0.63 million square feet and an estimated GDV of INR 20.17 billion. The company also added a new redevelopment project with a saleable area of 0.35 million square feet and an estimated GDV of INR 9.84 billion. This performance demonstrates Keystone Realtors' commitment to sustained growth and operational excellence.Read more

19 Jul 2024

Experion Developers, the Indian subsidiary of Singapore's Experion Holdings Pte Ltd, has been aggressively expanding its footprint in the premium residential market of Gurugram. The company has acquired a 7.81-acre plot at Dwarka Expressway for INR 400 crore, with plans to invest an additional INR 2,000 crore to build 3 million square feet of luxury homes. In the last one-and-a-half years, Experion has acquired five plots worth INR 2,100 crore, primarily in Gurugram, where it is launching new projects. The company's latest acquisition in Sector 88A is expected to generate a revenue of INR 3,700 crore. Experion's strategy of strategic land acquisitions and luxury project development aims to capitalize on the flourishing demand for premium residential properties in the region.Read more

19 Jul 2024

Alphacorp announces Alphacorp SKYI, a luxury residential project in Gurugram's Sector 15, Part 2, featuring 200 exclusive units ranging from 2,400 to 3,600 sq. ft. The project emphasizes eco-friendly living with GRIHA Certified 4 Star and IGBC Gold 4 Star ratings, including rainwater harvesting and energy-efficient amenities. Strategically located for easy access and benefiting from Gurugram's expanding Metro network, Alphacorp SKYI promises luxury, sustainability, and convenience. Construction begins September 2024, with an estimated INR 350 crore investment, affirming Alphacorp's commitment to excellence in Gurugram's real estate market.Read more

18 Jul 2024

Pune's luxury real estate market has hit a new high with the sale of the "Emperor Palace" penthouse at Lodha One Bund Garden for an unprecedented INR 37 crore. This expansive 12,000-square-foot property, perched atop a residential tower, offers panoramic views of 500 acres of lush greenery, redefining luxury living in the city. Built by Lodha, the penthouse exemplifies Pune's growing demand for exclusive gated communities with top-tier amenities. This sale marks a significant milestone, surpassing previous high-end property sales and signaling continued growth in Pune's luxury real estate segment.Read more

18 Jul 2024

South Korean investment giant Mirae Asset plans to establish its first Global Capability Centre (GCC) outside South Korea in India. The centre, expected to be operational by mid-2024, will manage back-office functions and leverage India's tech expertise to support Mirae Asset's USD 225 billion global operations. With over INR 1.16 lakh crore (USD 14.56 billion) in Indian Assets Under Management, Mirae Asset's Vice Chairman, Swarup Mohanty, highlighted the GCC's role in expanding their nine Indian businesses to 14-15 within four years. The centre will also enhance their ETF and AI capabilities, bolstering India's position as a global financial hub.Read more