07 Dec 2023

In a major development, the Enforcement Directorate (ED) has made its second arrest in connection with the money laundering investigation linked to Shine City in Lucknow. Abhishek Kumar Singh, identified as a key figure in facilitating the laundering of illicit proceeds, was apprehended from Sitapur. The investigation originated from approximately 250 FIRs against Rasheed Naseem and Shine City Group of Companies, accused of orchestrating a financial scheme that allegedly siphoned off Rs 800-1000 crore from the public. Singh's role in aiding Naseem in collecting, concealing, and laundering the ill-gotten gains has come under scrutiny, highlighting the complex web of financial misconduct surrounding Shine City.Read more

07 Dec 2023

Brigade Enterprises unveils 'Brigade Sanctuary,' a premium residential project spanning 14 acres on Whitefield-Sarjapur Road, Bengaluru. The joint development features 1275 units with 1-, 3-, and 4-bedroom homes, boasting a gross revenue potential of Rs. 2,000 Cr. Positioned strategically for easy access to Sarjapur, Varthur, Whitefield, and the outer ring road, the project prioritizes comfort, functionality, and aesthetics. Brigade Group commits to preserving over 500 trees, maintaining 80% open spaces, and providing a 32,000 sq ft clubhouse and 35 modern amenities. The project incorporates diverse natural elements and has set a completion target for December 2028.Read more

06 Dec 2023

The Greater Noida Industrial Development Authority (GNIDA) green-lit extra construction in Amrapali Group projects supervised by NBCC, foreseeing a revenue boost of Rs 450 crore. This adjustment involves raising the floor area ratio (FAR). The Amrapali Group, which is in financial turmoil, owes GNIDA nearly Rs 5,200 crore. GNIDA stands fourth in the creditor line. The present approval is part of extensive discussions with the court receiver to benefit stakeholders, notably homebuyers. This strategic move aims to address the complexity surrounding Amrapali's projects and contribute to a comprehensive resolution process.Read more

06 Dec 2023

Birla Estates Pvt Ltd, the real estate arm of the Aditya Birla Group, has unveiled a project pipeline with a gross development value (GDV) of Rs 45,000 crore. CEO K T Jithendran announced plans, including the launch of the second phase of the Birla Niyaara project in Mumbai's Worli area, offering 8.5 to 9 lakh sq ft of saleable area. With acquisitions in Walkeshwar, Mumbai, and RR Nagar, Bengaluru, the company aims for a gross pre-booking value of Rs 3,000 crore. Birla Niyaara, priced at approximately Rs 80,000 per sq ft, emerged as the highest-selling project in the Mumbai Metropolitan Region in CY2022.Read more

05 Dec 2023

Runwal Group recently reviled ambitious plans for the current financial year, aiming to acquire 10 million square feet for mixed-use development with a substantial investment of approximately Rs 1,500 crore. With an impressive land bank of nearly 55 million square feet in Mumbai, the company seeks a 20% growth from the previous year's revenue exceeding Rs 3,000 crore. Their diversified portfolio spans affordable, mid-segment, and luxury housing, alongside ventures into commercial and retail segments. Expansion plans include entry into Pune, slum rehabilitation projects, and upcoming launches in affordable and luxury housing sectors, reflecting a strategic vision for sustained growth and market responsiveness.Read more

05 Dec 2023

Magnolia Quality Development Corporation (MQDC), a Thai real estate giant, is in discussions with local builders for potential projects in the National Capital Region (NCR), eyeing a partnership announcement early next year. The focus is on luxury residential developments in Delhi and Gurugram, forming part of mixed-use projects. MQDC also plans to establish five co-working facilities in the NCR, with one operational in Greater Kailash-II and another on Golf Course Road in Gurugram. The co-working space in Gurugram started operations on November 30. MQDC, valued at over $9 billion globally, anticipates project details and investments to be finalized in early 2023.Read more

02 Dec 2023

EFC (India), the sole listed company in integrated serviced offices and co-working spaces, is set to triple its seat capacity from 32,000 to 92,000 by March 2026, capitalizing on strong institutional demand. Founder & CEO Umesh Sahay revealed the ambitious plan, funded through a mix of equity and debt, citing India's surge as the world's second-largest co-working market. The expansion aims to make EFC a major industry player. With enterprise solutions under EFC and co-working as Sprint, the company operates across seven Indian cities, offering comprehensive office space management services and anticipating significant revenue growth by FY26.Read more

02 Dec 2023

Roha Realty and Sabari Group have announced a strategic joint venture in Chembur, strengthening Roha Realty's position in the Mumbai Metropolitan Region. The collaboration aims to redefine premium living with sustainable residences covering 6 lakh sq. ft. and an estimated revenue of Rs 1000 crore. This follows Roha Realty's redevelopment agreement with MHADA for two societies in Subhash Nagar, aligning with their commitment to community enhancement. The collaboration with Sabari Group and the Subhash Nagar redevelopment anticipates generating approximately Rs. 1,500 crores, furthering Roha Realty's vision to be a leading developer prioritizing enduring value and customer-centric principles.Read more

01 Dec 2023

Hiranandani Group introduces Eleva, a service consultant development model providing expertise in development, construction, design, marketing, and sales solutions for landowners and developers. Founder Niranjan Hiranandani notes the potential to aid projects in the market. The initiative, requiring no new investment, focuses on utilizing existing infrastructure. The first project, Vista in Andheri West, Mumbai, spans 3.33 lakh square feet, with plans for five projects covering nearly five lakh square feet by March 2024. The model's service-fee revenue approach positions the group as consultants for landowners with clear titles and statutory approvals.Read more

01 Dec 2023

Chennai-based WorkEZ, a managed office and co-working space provider, is set to invest Rs 63 crore in its expansion across Chennai, Bengaluru, and Coimbatore. Leasing four new centres, including spaces in Velachery and Alwarpet in Chennai, Bengaluru, and Coimbatore, the company's managed office space portfolio now spans 1.1 million square feet. WorkEZ aims to achieve a six-million-square-foot overall portfolio by FY2028. With an annual growth rate exceeding 50 percent, the company reported over 90 percent occupancy across its eight operational centres in Chennai and marked profitability in FY23 with a CAGR of just over 150 percent.Read more