23 Nov 2023

Bengaluru-based Shriram Properties aims to deliver 2.5 million sq ft (msf) of residential space worth Rs 1,500 crore by FY24, with 50% of the units in the mid-market segment and affordable range. Locations include Bengaluru, Chennai, Kolkata, Coimbatore, and Vizag. The company plans to launch 5,000 units, which is about 5.3 msf, primarily in Electronic City, Yelahanka, and Jalahalli. Despite rising land prices, Shriram Properties aims to manage debt, currently at Rs 430 crore, through asset liquidation and debt reduction strategies including joint investments.Read more

23 Nov 2023

Provident Housing, a Puravankara Group subsidiary, is set to launch its inaugural themed villament project, Provident Deansgate, in Bengaluru. Priced at over Rs 1.9 crore per villa, the project spans 15 acres in North Bengaluru's IVC Road and comprises 288 duplex villaments themed in Manchester architectural style. With pre-sales already accounting for 30%, the CEO anticipates a robust response to the December 10 launch. The company aims for a top line of Rs 600 crore and plans to expand its total launched space to 3.3 million square feet by the end of FY24, investing Rs 1,150 crore across Bengaluru, Chennai, and Kochi.Read more

23 Nov 2023

Real estate developer Omaxe is set to invest approximately Rs 4,000 crore in the next four years primarily focusing on Tier II and Tier III cities. The projects, spanning 1,200 acres, will be in Uttar Pradesh, Madhya Pradesh, and Punjab. Omaxe plans to launch residential and commercial ventures in cities like Indore, Ujjain, Amritsar, Chandigarh, Gorakhpur, and more. In Uttar Pradesh alone, the investment is expected to reach Rs 2,500 crore. The company is diversifying its portfolio with townships, plotted projects, and mid-segment developments, aiming for higher returns in these burgeoning markets.Read more

22 Nov 2023

The Bombay High Court has ruled against the Thane Municipal Corporation's (TMC) refusal to grant Sheth Developers additional space, calling it "manifestly arbitrary." The court found the TMC's decision violated legal principles, including legitimate expectations and the doctrine of promissory estoppel. The dispute centred on the TMC's suspension of its Buy-Back Policy (BBP), which Sheth Developers contested, citing principles of legitimate expectations and promissory estoppel. The ruling underscores the court's commitment to preventing arbitrary actions by authorities and upholding fairness in administrative decisions, promoting transparency and adherence to commitments made by governmental bodies.Read more

22 Nov 2023

Brigade Group, Krishna Priya Estates, and Micro Labs have entered into a joint development agreement (JDA) to develop over 14 acres of land in Yelahanka, Bengaluru. The estimated revenue for the project is Rs 2,000 crores, with around two million sq ft dedicated to residential housing. Brigade Group's recent land acquisitions in key locations like Bengaluru, Hyderabad, and Chennai provide a significant development potential of 7 million sq ft and a gross development value (GDV) of Rs. 7,700 crores. The company plans to launch approximately 13 million sq ft in the next four quarters, with a focus on aggressive growth.Read more

22 Nov 2023

Delhi-based realty firm Eldeco Group is set to invest Rs 300 crore in constructing an ultra-luxury housing project with 80 villas in Himachal Pradesh. Acquiring a 30-acre land parcel in Sirmaur district, the project is part of a new subsidiary, 'Terra Garden,' dedicated to developing high-end projects across tourist destinations. CEO Amar Kapoor stated that 35 villas have been launched for sale, starting at Rs 5.5 crore. The seven-year project aligns with rising demand for luxury villas, and Eldeco is exploring opportunities in states like Uttarakhand and Goa, open to joint ventures for expansion.Read more

21 Nov 2023

Nexus Select Trust reported a 27.18% decline in net consolidated profit for Q2 FY 24, amounting to Rs 251.46 crore. The total income also dropped by 34.38%, reaching Rs 557.32 crore. Despite the profit decrease, the trust declared distributions of Rs 452.07 crore for the quarter, emphasizing robust consumption growth and resilient net operating income. CEO Dalip Sehgal announced the signing of a non-binding term sheet for the acquisition of three malls in southern India, showcasing strategic expansion amid market challenges. Nexus Select Trust maintained strong performance indicators, including 97% leased occupancy in the retail segment and 18% YoY growth in tenant sales.Read more

21 Nov 2023

Prestige Estates Projects achieved a remarkable 512.58% YoY growth in net profit, reaching Rs 910.3 crore in Q2 FY 24, compared to Rs 148.6 crore in the same period last year. The company's net consolidated total income surged by 120.79%, reaching Rs 3,256 crore. Notably, strategic acquisitions, including stakes in Dashanya Tech Parkz and Techzone Technologies, exemplify Prestige Estates Projects' commitment to diversification and expansion. These robust financials and strategic initiatives position the company for sustained success in India's real estate sector.Read more

21 Nov 2023

A level-II fire erupted in Byculla West, Mumbai, damaging structures including the Jubali building and Dhobighat chawl. The fire, covering 5,000 to 6,000 square feet, was extinguished by 12:03 p.m. Nine people were rescued, and no injuries were reported. The affected area housed manufacturing units for leather goods, causing significant losses. While the cause is under investigation, a short circuit is suspected. The incident highlights vulnerabilities due to limited ventilation and the use of inflammable materials. Residents escaped unharmed, but the economic impact on workers and business owners is substantial, emphasizing the need for fire safety measures.Read more

18 Nov 2023

The Supreme Court has issued an interim order directing Mantri Castles Private Ltd (now Castles Vista Pvt Ltd), also known as Mantri Developers, to hand over possession of the delayed Mantri Serenity project to 48 homebuyers in Bengaluru. Despite full or nearly full payment, the buyers faced prolonged delays, prompting legal action. The court mandates possession within a week, adhering to the agreement terms, with completion before the next hearing on February 14. The National Consumer Disputes Redressal Commission had earlier disposed of the case, leading the homebuyers to appeal to the Supreme Court for resolution.Read more