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

18 Nov 2023

Bengaluru's Brigade Group reported stellar financials in Q2 FY24, achieving a net profit of Rs 134 crore, a substantial increase from the previous year. Total revenue reached Rs 1,408 crore, with collections of Rs 1,439 crore and EBITDA at Rs 366 crore. The real estate segment saw bookings of 1.67 million sq ft valued at Rs 1,249 crore. The residential sector contributed significantly, with revenue at Rs 1,063 crore and EBITDA of Rs 155 crore. The commercial and hospitality segments also exhibited robust growth, underlining Brigade Group's diversified and resilient approach to real estate.Read more

18 Nov 2023

Piramal Enterprises Limited has reported a remarkable recovery with a net profit of Rs 48.19 crore in Q2 FY24, compared to a loss in the same quarter last year. The company's total income rose to Rs 2,205.21 crore, marking a 12.73% increase year-on-year. Additionally, PEL announced a buyback of equity shares worth Rs 1,750 crore. The firm's strong performance is further emphasized by a robust growth in its total assets under management and a significant increase in retail lending disbursements, indicating a positive trajectory in its financial services sector.Read more

18 Nov 2023

Indiabulls Housing Finance reported a 2.94% increase in net consolidated profit at Rs 297.98 crore for Q2 FY24. The company's net consolidated total income rose by 0.49% to Rs 2,242.30 crore. The board approved the issuance of nonconvertible debentures up to Rs 5,000 crore. Additionally, 79,34,267 equity shares were allotted upon stock option exercise. Securities issuance included 1,013,259 NCDs worth Rs 101.32 crore and 1,131,783 NCDs worth Rs 113.17 crore. As of September 30, 2023, net worth was Rs 16,736.92 crore, debt-equity ratio at 2.59, net profit margin at 13.32%, gross NPAs at 3.72%, and net NPAs at 2.22%.Read more

17 Nov 2023

Mahindra Lifespace Developers, the real estate arm of Mahindra Group, has terminated the joint development of a 4.8-acre land parcel in Dahisar East, Mumbai, citing significant delays in regulatory clearances. The project, initially announced in October 2021, aimed to provide approximately 5 lakh sq. ft. of carpet area. Additionally, the company faces a Rs. 4.6 lakh penalty from Pimpri Chinchwad Municipal Corporation for alleged violations related to air pollution control at its Pune construction site, as per the Air (Prevention and Control of Pollution) Act 1981 and state regulations.Read more

17 Nov 2023

Risland India achieves a milestone as Sky Mansion, its South Delhi skyscraper, receives an advanced Occupancy Certificate, signalling readiness for immediate move-in. The subsidiary of Singapore-based Risland boasts a global residential portfolio of Rs 1 lakh crores and aims to apply a 5% price hike this month following the project's completion before the scheduled date. With top-notch amenities, infinite views, and a strategic location, Sky Mansion positions itself as a premium residential choice, with notable neighbours including celebrities like Yuvraj Singh who owns a penthouse in the building.Read more

17 Nov 2023

Eldeco Housing and Industries reported a significant 27.82% decrease in its consolidated net profit for the quarter ending September 30, 2023, with profit after tax at Rs 6.41 crore. The company's total income also dipped by 48.02% to Rs 18.65 crore. Chairman Pankaj Bajaj highlighted their successful land acquisitions, a 6% increase in bookings, and the delivery of 96,546 sq.ft during H1 FY24. Eldeco saw a booking value of Rs. 24.7 crore in Q2 FY24 and secured a capital infusion of Rs. 160 crores. Despite the profit decline, the company remains focused on expansion and development initiatives.Read more

16 Nov 2023

Bengaluru's Prestige Group recently unveiled its largest township, The Prestige City, in Hyderabad on November 9, anticipating sales exceeding Rs 8,000 crore. Spanning 64 acres in Rajendranagar, the project comprises 4,647 apartments, 119 luxury villas, and a retail mall, with a total investment of around Rs 5,000 crore. The development is expected to be delivered in 2027, offering apartments ranging from Rs 79 lakh to over Rs 2.5 crore. Leveraging Hyderabad's unrestricted floor area ratio policy, the project features 13 towers with unrestricted height. Prestige Group aims to generate Rs 5,000 crore annual revenue from Hyderabad real estate.Read more

15 Nov 2023

Peninsula Land Limited reported a 112 percent YoY growth in PAT for H1FY24, attributing it to a 57 percent reduction in debt as of September '23. The company's focus on efficient project execution and debt reduction has led to consistent growth, with over 850 apartments delivered in the current fiscal year. Vice Chairman Rajeev Piramal expresses gratitude to stakeholders and envisions robust future growth with over 90 percent debt reduction and a proven track record of delivering multiple projects across cities. The company remains confident in meeting its current liabilities through operational cash flows and planned initiatives.Read more

15 Nov 2023

The Supreme Court has granted interim bail for three months to Rakesh Wadhawan, the promoter of Housing Development Infrastructure Ltd (HDIL), in the Rs 4,300-crore Punjab and Maharashtra Cooperative (PMC) Bank scam case, citing medical reasons. The court considered Wadhawan's health condition and specified that he would be allowed to stay at his residence under police custody at his own expense. The bench delegated the determination of the required police presence and related expenses to the state government. Wadhawan faces charges related to an alleged Rs 200-crore loan fraud from Yes Bank and is under investigation for an alleged Rs 4,300 crore loan fraud at PMC Bank.Read more