04 Nov 2023

Indiabulls Real Estate has reported a significant shift in its financial performance for the quarter ending on September 30, 2023, compared to the same period in the previous fiscal year. The company registered a net consolidated loss of Rs 18.23 crore, a departure from the net consolidated profit of Rs 56.73 crore in the previous year. The decline in net consolidated total income, revenue from operations, pre-sales, and EBITDA further underscores the challenges faced in the evolving real estate sector. The increase in net debt and the voluntary dissolution of a subsidiary reflect the company's strategic adjustments to adapt to market conditions.Read more

04 Nov 2023

Macrotech Developers, formerly Lodha Group, is on track to exceed its Gross Development Value (GDV) guidance for the fiscal year. The company had set a full-year GDV target of Rs 17,500 crore and has already added projects worth Rs 14,300 crore in the first half of the fiscal year. Macrotech will continue its strategy of developing projects every 3-5 kilometres in key property markets, particularly in Mumbai and Pune. Despite not launching new locations, the company achieved its best-ever first-half pre-sales of Rs 6,890 crore. Macrotech is also focused on reducing leverage and is actively pursuing business development opportunities.Read more

03 Nov 2023

Popular real estate developer Casagrand recently launched Casagrand Palm Springs, a posh residential complex in Medavakkam Extension in Chennai. The project consists of 352 well-designed 2 and 3 BHK apartments with over 75 amenities. The price starts at just Rs. 4099 per sq. ft., which is much less than Medavakkam's normal pricing at Rs. 6500 per sq. ft. Medavakkam, a popular destination, is just 5 minutes away from the property, thus offering easy access to a number of social amenities. With a focus on open areas, the property features a 6,200 sq. ft. swimming pool, a 13,000 sq. ft. clubhouse, and a variety of amenities suitable for all age groups. Casagrand's dedication to offering reasonably priced luxury living alternatives in a prime Chennai location is reaffirmed with this launch.Read more

03 Nov 2023

Urban Vault, a leading managed office space provider, is set to augment Bengaluru's co-working landscape by adding 10,000 desks across key micro-markets. This move comes amid rising demand for flexible workspaces, propelling Urban Vault's total desk count in the city to 25,000. The new seats will be distributed among prime locations including Sarjapur Road, Hebbal, Koramangala and HSR Layout. This expansion marks a significant stride in Urban Vault's journey, aligning with its future plans of venturing into market space in Delhi, Hyderabad, and Pune.Read more

03 Nov 2023

Mahindra Lifespace Developers (MLDL) has reported a significant increase in consolidated net loss after tax, with a loss of Rs 18.93 crore for the quarter ending on September 30, 2023, compared to a loss of Rs 7.51 crore in the corresponding quarter of the previous fiscal year. The company also saw a substantial decline of 63.83 percent in net consolidated total income, falling from Rs 73.82 crore to Rs 26.70 crore. Despite these challenging financial results, the company achieved pre-sales of Rs 455 crore in its residential business, launched additional saleable area, and reported collections of Rs 311 crore. The company's allotment of shares under the Employee Stock Ownership Scheme (ESOS) demonstrates its commitment to its workforce. The future performance of MLDL will depend on market conditions and its ability to adapt to the evolving real estate and infrastructure development sectors.Read more

03 Nov 2023

The New Delhi bankruptcy court has admitted the insolvency case of the Serene Residency Group Housing Project, a subsidiary of Anal Properties and Infrastructure Ltd, due to its default on financial obligations of around Rs 257 crore. The National Company Law Tribunal (NCLT) has acknowledged Indian Bank's insolvency resolution application and appointed Navneet Kumar Gupta as the interim resolution professional (IRP). The case dates back to 2013 when the company secured a loan for the project. The NCLT's decision to restart the limitation period from the date of payment represents a significant juncture for the project, and the insolvency proceedings will unfold in the future.Read more

02 Nov 2023

The Maharashtra Real Estate Regulatory Authority (MahaRERA) Appellate Tribunal has imposed restrictions on the sale of flats within 'THE NEST,' a luxury residential project in Mumbai's Andheri West, jointly developed by the Sai Group and the Wadhwa Group. This decision follows a decade-long delay and numerous complaints from homebuyers. The tribunal's actions came in response to the plight of Vijay Choksi, a buyer who had paid in full but had not received his property. The tribunal's injunction halts flat sales. Legal proceedings are ongoing. The case highlights challenges and conflicts in the real estate sector concerning property delivery and consumer rights.Read more

02 Nov 2023

Residents of Gurugram's Chintels Paradiso rallied at Jantar Mantar, protesting against the developer for leaving them stranded. Claiming the building is unsafe due to inferior materials and that it still received an occupancy certificate from DTCP, residents have started protesting against the district administration. They demand either proper reconstruction or fair market compensation. The residents have sought intervention from the Prime Minister's Office and the Ministry of Housing and Urban Affairs demanding ‘Ghar Ke Badle Ghar'. Allegations also arise about potential misuse of the disaster management act by the administration to favour the developer.Read more

02 Nov 2023

CRC Group has announced three major projects in Noida, aiming for a top revenue of Rs 3500 crore. The projects include a Grade-A IT/ITES commercial hub ‘The Flagship’, a luxurious residential complex in collaboration with Jaypee, and the second phase of CRC Sublimis housing project. With a combined area of 72 lakh square feet under construction, these projects signify a significant stride in Noida's real estate landscape. The substantial investments underscore CRC Group’s confidence in the region’s thriving real estate and economic potential, promising a blend of luxury living and commercial vibrancy.Read more

02 Nov 2023

Co-working firm Innov8 has announced its plans for aggressive expansion in the ongoing financial year 2023-2024. The company is set to invest over Rs 100 crore to add 8,000 seats across 300,000 square feet of co-working space in major Indian cities, including Delhi NCR, Mumbai, Pune, Bengaluru, and Chennai. Innov8 has already opened five new centres earlier in the year and plans to inaugurate five more centres in the current quarter. This strategic expansion demonstrates Innov8's commitment to staying at the forefront of the dynamic co-working sector in India. The company's growth is driven by increasing demand for flexible office spaces.Read more