19 Oct 2023

Signature Global, a prominent real estate developer in India, announced impressive financial results for Q1 FY24, reporting a substantial 113.92% growth in pre-sales, totalling INR 879.78 crore. This trend continued into H1 FY24, with pre-sales growing by 37.57% to INR 1,861.39 crore. The company's collections saw a significant increase of 64.92%, amounting to INR 1,327.45 crore in H1 FY24. Additionally, sales realization improved, reaching INR 9,800 per sq. ft. from about INR 7,425 per sq. ft. in H1 FY23. Despite a dip in revenue from operations, this performance underscores Signature Global's commitment to financial stability and growth in the real estate sector.Read more

18 Oct 2023

Hiranandani Group's Empress Hill in Powai is a luxurious residential development witnessing remarkable demand. Within a week of its launch, it has achieved sales worth Rs 1,100 crore, with half of its available properties already sold. The project, with 330 units in three towers, offers three and four-bedroom configurations and is expected to be completed by FY26, with an investment of Rs 2,000 crore. Targeting affluent homebuyers, this project reflects the growing interest in upscale housing due to the COVID-19 pandemic, increased disposable income, job opportunities, and a preference for luxurious living. It has received positive feedback from both domestic HNIs and NRIs, emphasizing punctual delivery, quality, value appreciation, and rental returns.Read more

18 Oct 2023

Godrej Properties faces a setback as CIDCO cancels the allocation of two plots in Navi Mumbai. The real estate firm has strongly opposed the cancellation, asserting that it contravenes a High Court order. Legal proceedings have been initiated by Godrej in response to this step by CIDCO. In March 2021, Godrej Properties secured these plots in Sanpada, near the sought-after Palm Beach area. In a separate development, Godrej Properties' subsidiary, Godrej Redevelopers (Mumbai), confronts a GST demand of Rs. 48.31 crore, along with interest and a penalty, which the company plans to contest legally.Read more

18 Oct 2023

A forensic audit conducted by MahaRERA on the Khar project of Highstreet Paramvir Developers has revealed multiple financial and regulatory irregularities, raising concerns about the handling of project funds and possible violations of the RERA Act by the project's promoter. The audit identified issues such as failure to deposit funds into a separate project bank account, inappropriate utilization of funds, unaccounted for loans and advances, losses from land sales, unsanctioned construction, project delays, and non-submission of essential information for the audit. This marks the first time MahaRERA has taken action against financial irregularities, underscoring the need for transparency and adherence to regulations in the real estate industry. The case has been taken up by the economic offences wing of the Mumbai Police.Read more

18 Oct 2023

The Bombay High Court has denied default bail to Sanjay Chhabriaa, a realtor embroiled in a money laundering case connected to Yes Bank. The court's decision hinged on the intricate nature of money laundering cases that necessitate in-depth investigations, and the Enforcement Directorate's (ED) ongoing inquiry. Chhabriaa had argued for default bail based on the ED's submission of its prosecution complaint within the mandated 60 days, but the ED sought permission to continue the investigation. This case underscores the complexity of money laundering and the need for comprehensive scrutiny in such matters.Read more

18 Oct 2023

The Supreme Court of India has refused bail to Mr. Surendra Kumar Hooda, a former promoter of real estate company AN Buildwell. He had sought bail while challenging the cancellation of a land allotment by the Yamuna Expressway Industrial Development Authority (YEIDA). This cancellation involved a substantial land parcel meant for a Sports City. Banks that had financed the parent company, Jaiprakash Associates Ltd (JAL), filed affidavits in support of JAL's petition to overturn YEIDA's decision. The court's decision underlines the complexity of the case, involving financial intricacies and legalities concerning land transactions, with Mr. Hooda ordered to surrender within eight weeks.Read more

18 Oct 2023

The Urban Estate Eco City-3 project by GMADA in New Chandigarh has faced setbacks due to bureaucratic hurdles and financial constraints, putting its future in uncertainty. Challenges include the Punjab government's demand for detailed land information, delaying land acquisition. The project, based on land pooling, was stalled due to fund shortages and limited landowner participation. Despite these issues, GMADA plans to launch Aerotropolis, a 1,653-acre township near the airport, showcasing its commitment to regional development. Successful resolution of hurdles will be crucial for revitalizing the Eco City-3 initiative and fostering economic growth.Read more

17 Oct 2023

Kolte-Patil Developers Ltd, a prominent Pune-based real estate company, reported remarkable sales growth in H1 FY24. Their sales surged by 64%, totalling INR 1,333 crore, driven by new project launches and steady progress in ongoing developments. The strong performance, marked by a 72% increase in sales bookings for Q2 FY24, reflects the company's commitment to enhancing customer experiences and delivering quality projects. The CEO emphasized their strong foundation and strategic investments, positioning them to create significant value for stakeholders. Kolte-Patil Developers has its presence in Pune, Mumbai, and Bengaluru.Read more

17 Oct 2023

Banks supporting Jaiprakash Associates Ltd (JAL), a company under the Jaypee Group, have submitted affidavits in the Allahabad High Court, endorsing JAL's request to reverse a decision by the Yamuna Expressway Industrial Development Authority (YEIDA) to cancel the allocation of 1,000 hectares of land. YEIDA had revoked the allocation, citing unpaid land dues of Rs 3,621 crore. JAL, however, contends the outstanding amount is Rs 1,483 crore. The court had directed the banks to clarify their positions earlier. The court further directed JAL to provide an affidavit explaining their differences with YEIDA's calculations.Read more

17 Oct 2023

Several filmmakers and companies, including actors Akshay Kumar and Kangana Ranaut, have shown interest in the International Film City project in Sector 21, Noida, Uttar Pradesh. The Yamuna Expressway Industrial Development Authority (YEIDA) floated a global tender for the third time on September 30, aiming to attract investors for the project's first phase. Representatives from production houses associated with Boney Kapoor and Ajay Devgn, as well as international firms like Sony and Universal, are reportedly interested. The tender, covering 230 acres out of the total 1,000, seeks development, operation, and maintenance partners on a public-private partnership model.Read more