19 Apr 2024

Godrej Properties reported its highest ever quarterly and annual booking sales in Q4 and FY24. Booking value in Q4 grew 135% to over INR 9,500 crore while FY24 bookings grew 84% to more than INR 22,500 crore. This was backed by strong demand for new project launches in NCR and Mumbai and an improved product mix. The company surpassed its booking target for FY24 and has gained market share over competitors. With continued growth planned in key markets and expansion to Hyderabad, Godrej Properties is well positioned for further sales growth under the leadership of MD Gaurav Pandey.Read more

19 Apr 2024

Piramal Enterprises has invested over INR 500 crores in various real estate projects of Puravankara Group. The strategic partnership encompasses commercial and residential developments in cities like Bengaluru, Goa, etc. Notable projects include 800,000 sq ft of commercial space in Bengaluru and 1.5 million sq ft of residential properties in Goa. Puravankara Group is a leading developer with a portfolio spanning major cities. The partnership signifies both companies' commitment to high-quality projects catering to evolving customer needs.Read more

19 Apr 2024

DevX, a managed office space provider, is set to double its footprint in the next two years, eyeing tier-2 and tier-3 cities amidst the rise of remote and hybrid work models. With centers in major cities like Mumbai and Delhi, DevX aims to cater to the demand for flexible office spaces in smaller cities like Udaipur, Raipur, and Jaipur. Additionally, international expansion into Dubai and Singapore aligns with the trend of global capability centers. Umesh Uttamchandani, DevX's co-founder, sees immense potential in India's smaller cities and aims to unlock it by providing flexible workspace solutions. With recent funding and innovative initiatives like partnering with Deakin University for an India campus in GIFT City, Gujarat, DevX is poised to meet the evolving needs of businesses and professionals beyond traditional metropolitan hubs.Read more

18 Apr 2024

Ajmera Realty & Infra India Ltd. witnessed a 3.79% rise in its shares after its Q4 FY24 results announcement, boasting sales crossing the INR 1,000 crore milestone. The firm reported remarkable growth, with sales area up by 63% to 1,12,931 sq. ft. and sales value soaring by 104% to INR 287 crores year-on-year. Collections also soared by 91% to INR 197 crores. The company credited improved connectivity via Atal Setu, Wadala, for the sales boost. Ajmera Manhattan achieved a record INR 100 crore in sales in a single month, and Ajmera Greenfinity's next phase launch was equally impactful. With six new projects added, the launch pipeline expanded to 1.3 million sq. ft. and a GDV of INR 3,130 crore in FY24.Read more

18 Apr 2024

Sobha Ltd., a real estate developer, has reported a significant uptick in sales bookings for the fiscal year 2023-24. Their sales surged by 28% year-on-year, totaling INR 6,644.1 crore (approximately USD 8.2 billion), marking their highest-ever performance across key metrics. This growth stems from both increased sales volumes, with 8% more residential space sold (6.08 million square feet), and a notable 19% rise in average selling prices to INR 10,922 per square foot. Sobha attributes this success to India's robust housing market, fuelled by factors like government spending, domestic consumption, and infrastructure development. With a diverse presence across regions like Bengaluru, Kerala, Tamil Nadu, Pune, and more, Sobha continues to cater to a broad spectrum of homebuyers nationwide.Read more

17 Apr 2024

NCR-based real estate developer Migsun Group has acquired land in Lucknow to develop a mixed-use project called Migsun Lucknow Central. Spread over 20,239 sqm, the INR 426 crore project will have retail spaces, a food court, business suites, and studio apartments. Around 500 units will be launched in the first phase priced at INR 49 lakh each. This is Migsun Group's second commercial project in Lucknow, expanding their operations beyond Delhi-NCR to tier 2 cities like Lucknow.Read more

17 Apr 2024

SP Group's plans to refinance its INR 20,000 crore debt by pledging its remaining stake in Tata Sons is facing issues. Lenders have expressed concerns over technical difficulties in refinancing restricted shares and raising another round of funding through pledging. The group needs to repay debt in May but lenders say pledging shares already used as collateral once before may not be appropriate. Refinancing could also be rejected by Tata Sons as it requires board approval due to share transfer restrictions.Read more

17 Apr 2024

Raymond Realty, Raymond Ltd's real estate arm, is leading the surge in Mumbai's property sector with projects set to yield INR 30,000 crore. A significant portion stems from developing 48 acres in Thane, part of their vast land holdings. Expanding into Mumbai, their Bandra project, valued at INR 2,000 crore, is witnessing robust sales. Two more launches are slated in Mahim and Sion, promising 5 lakh sq. ft. each, with a combined revenue potential of INR 6,000 crore. Adopting a phased approach in Thane over five years, Raymond Realty focuses on offering "affordable premium" homes, aiming to surpass their INR 2,000 crore booking target, projecting over INR 7,000 crore.Read more

16 Apr 2024

Godrej Properties Ltd. (GPL) celebrated a remarkable achievement with their project, Godrej Zenith in Gurugram's Sector 89, recording sales of over 1,050 homes valued at INR 3,000 crore (USD 370 million). This milestone underscores the increasing demand for quality housing in Gurugram. As GPL's largest residential development in the city, Godrej Zenith's success paves the way for future projects in Gurugram, with launches planned in Sector 103, Sector 43, and Sector 54 in FY25. GPL's strong sales performance extends nationwide, with significant sales figures in Gurugram, Mumbai, and Noida, indicating a positive outlook for the real estate market.Read more

16 Apr 2024

Prestige Group, a real estate company, reported record sales of INR 11,007 crore in the first half of FY24, a 69% increase from the previous year. The company's sales were driven by strong demand in Bengaluru, Mumbai, Hyderabad, and Chennai. Prestige Group is expanding its presence in the Delhi-NCR market and plans to have sales of INR 25,000 crore in FY25. The company's success is attributed to its focus on quality projects, customer service, and a diverse portfolio catering to mid-income and luxury segments.Read more