05 Jan 2024

The Enforcement Directorate (ED) has attached properties worth Rs 54 lakh belonging to Jarnail Singh Bajwa, owner of Bajwa Developers, under the Prevention of Money Laundering Act. Following Mohali police fraud cases, investigations revealed that Bajwa, as Managing Director, allegedly defrauded individuals of Rs 3.17 crore by promising residential plots through his firm. Earlier arrested in March 2022, he was rearrested in September. The ED's action signals a crackdown on financial wrongdoing and underscores the need for stringent measures to address corruption in the real estate sector, safeguarding public interests.Read more

04 Jan 2024

Godrej Properties has acquired a 4-acre land parcel in Yeshwanthpur, Bengaluru, with plans to develop premium residential apartments totaling 0.7 million sq ft. The project, estimated to yield Rs 1,000 crore, could reach Rs 1,250 crore with an additional 1-acre land acquisition, making it a 5-acre parcel. Gaurav Pandey, MD & CEO, stated this move strengthens their presence in Bengaluru. The company aims to capitalize on housing demand, targeting multiple land acquisitions this fiscal to generate around Rs 15,000 crore in revenue post-development. Godrej Properties achieved a 48% sales booking growth, reaching Rs 7,288 crore during April-September 2023-24.Read more

04 Jan 2024

The Enforcement Directorate (ED) has provisionally attached properties worth Rs 6.93 crore belonging to builder Shailesh Savla in connection with a money laundering case linked to the rehabilitation of slum dwellers at the Juhu Taj Slum Society. The ED recently filed a chargesheet against Savla and his companies for allegedly selling flats intended for slum dwellers to influential individuals, including Bollywood celebrities. The case involves irregularities in the allotment of residential accommodation and shops under the Juhu Taj Slum Rehabilitation Scheme, with Savla accused of cheating the government and a construction firm. The attached properties include a residential flat and fixed deposits.Read more

03 Jan 2024

Kolte-Patil Developers has divested a 3% stake for Rs 111 crore. Promoters Rajesh Anirudha Patil, Sunita Rajesh Patil, and Sunita Milind Kolte led the move, reflecting a reshuffling of ownership dynamics within the Pune-based realty firm. The National Stock Exchange reported the sale of over 22.80 lakh equity shares at prices ranging from Rs 486 to Rs 486.01 each. Despite undisclosed buyer details, Kolte-Patil's stock surged by 5.08%, reflecting investor confidence amid a robust Q2 performance with a 72% increase in sales bookings, totalling Rs 632 crore.Read more

03 Jan 2024

MICL Group has introduced a new chapter in urban living with its upcoming project in Pali Hill, Bandra West. This exclusive development, marked by meticulous attention to detail, signifies luxury as a lifestyle. Man Infraconstruction Ltd, a significant player in real estate, plans to redevelop the Virgo Co-operative Housing Society Limited property. MICL holds a substantial 34% stake in this venture and anticipates an impressive revenue of Rs. 500 Crores from this landmark 50,000 sq. ft. venture. Positioned in the heart of Bandra West, it offers limited residential units, emphasizing a unique living experience.Read more

01 Jan 2024

Godrej Construction, a flagship of the Godrej Group, has achieved a milestone with the completion of 'The Cocoon,' a 500 sq. ft. office at its Greenfield campus in Khalapur. Utilizing 3D Construction Printing (3DCP) Technology and prefabricated modules, the office showcases innovative design with a curvilinear elliptical structure. The absence of columns maximizes usable space, and the sustainable approach incorporates up to 20% Recycled Concrete Aggregates (RCA), sourced from Godrej & Boyce's recycling facility. Notably, the entire project, including civil work, electrical tasks, plumbing, and landscaping, was completed in a swift 40 hours. 'The Cocoon' stands as a symbol of innovation, efficiency, and a commitment to sustainable practices in the construction industry.Read more

01 Jan 2024

Experion Developers, the Indian subsidiary of Singapore's Experion Holdings, is set for an ambitious year ahead, with plans to launch projects exceeding Rs 10,000 crore in cumulative sales value. The company's strategic land acquisitions, totalling Rs 2,100 crore, have positioned it for expansion in the National Capital Region (NCR) and other urban centres. Experion Developers intends to diversifying its geographical footprint, earmarking land in Amritsar, Goa, and Panipat for future development. With a diverse project portfolio, the company anticipates substantial growth in FY24, aligning with broader industry trends and reinforcing its position as a key player in India's competitive real estate landscape.Read more

29 Dec 2023

DLF, a leading real estate developer, is set to launch a luxury residential project in Gurugram's Sector 76, projecting revenues between Rs 8,000 crore and Rs 10,000 crore. The formal launch is anticipated in January 2024, marking DLF's significant venture into the Southern Peripheral Road (SPR) area. The project, part of the integrated 'Privana' township spanning 120 acres, is expected to offer 1,100 premium residences in the price range of Rs 17,000 to Rs 18,000 per square foot, following the success of DLF's earlier project, 'The Arbour.'Read more

29 Dec 2023

State-owned NBCC has announced the completion of the sale of 5,000 residential units valued at Rs 2,900 crore across various projects of the Amrapali Group, as part of the Supreme Court-directed initiative through Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE). This significant milestone represents over 80 percent of the available inventory, providing relief to buyers who have awaited possession for years. NBCC, committed to completing Amrapali projects, aims to finish all remaining projects by March 2025, as it actively addresses challenges and contributes to the resolution of the long-standing issue of stalled residential developments.Read more

28 Dec 2023

Godrej Properties Ltd achieves a remarkable milestone with the sale of over 600 apartments in its upscale Gurugram project, Godrej Aristocrat, raking in an impressive Rs 2,600 crore. This exceeds the previous record set by Godrej Tropical Isle in Noida, showcasing the company's most successful launch to date. Managing Director Gaurav Pandey highlights Gurugram's strategic importance, revealing plans for four new projects in 2024. The company reports a 48% increase in sales bookings, reaching Rs 7,288 crore in April-September 2023-24, with Delhi-NCR contributing significantly. Executive Chairperson Pirojsha Godrej expresses confidence in achieving a Rs 14,000 crore sales target this fiscal year, signalling robust growth and expansion.Read more