09 Apr 2024

ANAROCK, a prominent property services group, expands its offerings with dedicated commercial office leasing services, complementing its ANAROCK Commercial division. Led by industry veterans, the move aligns with the group's growth strategy, targeting international collaborations and top talent acquisition. Chairman Anuj Puri emphasises strategic timing for the launch, tapping into India's resilient office leasing market poised to exceed 50 million square feet by 2024-end, driven by Global Capability Centers' (GCC) expansion. This surge, led by sectors like technology and BFSI, anticipates a demand surge of 80-100 million square feet.Read more

08 Apr 2024

Sunteck Realty Limited (SRL), a prominent luxury real estate developer in India, is expanding its annuity income business by leasing its second premium commercial building, Sunteck Icon, located at BKC Junction, to Bennett, Coleman & Co Ltd. This agreement, spanning 29 years, is expected to generate substantial revenue close to Rs 2,000 crore. The company plans to strategically position itself in Mumbai's key business districts, such as the Bandra-Kurla Complex (BKC) and Oshiwara District Centre (ODC), Goregaon (West). With a diversified pipeline of projects exceeding 50 million square feet and a doubling of its Gross Development Value (GDV) to INR 30,000 crores in FY '24, SRL is set for further growth and expansion.Read more

08 Apr 2024

Tata Realty & Infrastructure (TRIL), a wholly owned subsidiary of Tata Sons, aims to increase its commercial real estate portfolio under the brand "Intellion" to 70% of its total portfolio over the next three years from the current 50%. The company seeks to emerge as a major commercial developer across India in the next 3-4 years, leveraging the steady office space absorption expected in major cities. TRIL is diversifying from residential to focus on commercial realty which provides recurring rental income and better insulates from market fluctuations.Read more

PNT Reporter

05 Apr 2024

GOCL Corporation Limited (GOCL) has entered a joint development MoU with Squarespace Builders Private Limited to monetize 264.50 acres of land in Kukatpally for INR 3,402 crore. Additionally, they will jointly develop 32 acres of land in collaboration with Hinduja Healthcare Limited. The process will unfold over 18 months, with the immediate sale of 12.50 acres for INR 520 crore. Further disbursements of funds will occur through subsequent transactions. GOCL's real estate arm is actively involved in developing Ecopolis, a 40-acre IT and IT-enabled services special economic zone in Bengaluru, in partnership with Hinduja Realty Ventures.Read more

PNT Reporter

05 Apr 2024

Real estate developer Shriram Properties faces a penalty of INR 446.79 crore from the Income Tax Department for FY 2017-18 under Section 270A. The penalty, related to share sales in its subsidiary, was issued under Section 153C. Shriram Properties contests the penalty in the Madras High Court, citing a 'status quo' order. Section 270A allows penalties for concealed income or incorrect filings, ranging from 100% to 300% of evaded tax. The case highlights the intricacies of tax laws in India, emphasising the need for companies to maintain accurate records and seek professional guidance for compliance.Read more

PNT Reporter

04 Apr 2024

Sobha Developers Limited expands its footprint in Gurugram by acquiring Bengaluru-based BNB Builders for INR 29.5 crore. This strategic move aims to capitalize on Gurugram's growing real estate demand, particularly among businesses and young professionals. Sobha gains access to 2.03 acres of prime land in Sector 106, allowing potential development of luxury apartments or office spaces. Despite facing tax assessment orders totaling INR 45.8 crore, Sobha remains focused on project delivery and assures stakeholders of uninterrupted operations. Analysts view this acquisition as a diversification strategy to tap into Gurugram's market potential.Read more

PNT Reporter

03 Apr 2024

Manasum Senior Living, a leading senior living developer, has announced the launch of IKIGAI Goa in collaboration with Prescon Homes. Located 10 minutes from Panjim, Goa, IKIGAI Goa is a luxury retirement community spread over 7.5 acres with 240 1-BHK and 2-BHK homes priced between INR 65-87 lakhs. The community offers a 35,000 sq ft clubhouse, wellness center, pools, gym and other amenities. IKIGAI Goa aims to provide seniors aged 50+ a vibrant space to live meaningful lives through holistic experiences and community support, in line with the Japanese philosophy of 'Ikigai'.Read more

PNT Reporter

03 Apr 2024

Concorde is set to invest INR 250 crore to develop a residential project in North Bengaluru, acquiring 4.5 acres for INR 100 crore. The project will encompass six towers with 424 units, projecting a revenue potential of INR 400 crore. Previously, Concorde acquired a stressed project in October 2023, achieving 85-87% revenue recognition. Targeting INR 440 crore in pre-sales this fiscal year, with H1 FY24 sales at INR 200 crore, the company plans four launches in the next 12 months. Additionally, it's developing 36 luxury towers on two acres, foreseeing revenue of INR 1,400 crore.Read more

PNT Reporter

02 Apr 2024

Group Satellite launches the final phase of its affordable housing project, Aarambh, with Aarambh Avyaan in Malad East, setting new standards for luxury living. With meticulously crafted 1 BHK homes starting from INR 50 Lacs, Avyaan offers an exclusive subvention scheme for early bird buyers. The project offers international design finesse and over 25 lavish amenities, including a rooftop garden, meditation area, and plunge pool. Clever space utilisation, large windows, and excellent connectivity make Avyaan the epitome of intelligently designed living spaces in Mumbai, promising a significant lifestyle upgrade and attractive investment opportunities.Read more

PNT Reporter

01 Apr 2024

K Raheja Corp has signed an agreement to jointly develop a 2.5-acre land parcel in Mumbai's Worli, aiming for a luxury residential project with revenue potential exceeding INR 2,000 crore. The revenue share structure allocates 57% to K Raheja Corp and 43% to the landlord. The developer will handle planning, design, approvals, execution, branding, and sales, aiming to complete the project within five years. The development, covering around 3 lakh sq ft carpet area, includes an office building and commercial outlets. Mumbai's luxury housing market has seen significant growth, with a surge in sales value and transactions, particularly in upscale areas like South Mumbai and Worli-Prabhadevi.Read more