05 Aug 2023

Godrej Properties reported an impressive 208.68% growth in net consolidated profit, amounting to Rs 133.69 crore in Q1 FY24. The company's total revenue also surged by 196.90% to Rs 1,265.98 crore during the same period. With a robust launch pipeline and resilient demand, they aim to achieve a booking target of Rs 14,000 crore in FY24. Despite a slow start in bookings, the company witnessed a strong performance in deliveries, cash collections, and earnings. Additionally, they granted stock to eligible employees and appointed a new non-executive director.Read more

04 Aug 2023

The Enforcement Directorate (ED) has accused the directors of the Mahira Group, including Samalakha MLA Dharam Singh Chhoker and his sons Sikander Singh and Vikas Chhoker, of diverting nearly Rs 107 crore collected from approximately 1,500 homebuyers invested in an affordable housing project in Sector 68. The ED's investigation revealed that the accused orchestrated the diversion through fabricated expenditures and loans to group-related entities. The ED conducted searches in 11 locations, yielding evidence of money laundering and seizure of luxury cars, jewellery, and cash. The case originated from an FIR filed by the Gurgaon police against Sai Aaina Farms, a company under the control of the Samalakha legislator.Read more

04 Aug 2023

The Securities and Exchange Board of India (SEBI) has imposed fines of Rs 20 lakh each on Kapil Wadhawan and Dheeraj Wadhawan, former promoters of Dewan Housing Finance Corp Ltd (DHFL), for their failure to comply with disclosure norms. The regulatory action was taken after an investigation into the transfer of shares from DHFL to its subsidiary, DHFL Investments, and other related transactions during the period from February to March 2017. SEBI found significant shortcomings in disclosing crucial information to DHFL shareholders, particularly in the postal ballot notice and draft share purchase agreement.Read more

04 Aug 2023

K Raheja Corp has received clearance from the Mumbai bench of the National Company Law Tribunal (NCLT) to demerge its subsidiary, K Raheja Corporate Services, as part of its strategy to consolidate and grow its residential real estate business. The move will enable the company to access capital markets through the listing of the subsidiary and to attract strategic investments. K Raheja Corp's residential vertical already spans Mumbai, Pune, Hyderabad, Bengaluru, and Goa, and the decision marks a significant step in expanding and specializing in residential real estate, underlined by recent land acquisitions and development plans.Read more

04 Aug 2023

Oberoi Realty's net consolidated profit for Q1 FY24 decreased by 20.20 percent compared to the corresponding quarter of the previous fiscal year. The company's total income also saw a slight dip of 0.31 percent in the same period. Despite challenges, the company remains confident in the demand for premium housing and anticipates sustained growth. The approval of the amalgamation scheme aims to enhance operational efficiency and value for stakeholders.Read more

03 Aug 2023

Mahindra Lifespace Developers, the real estate arm of the Mahindra Group, reported a net consolidated loss of Rs 4.27 crore in Q1 FY24, compared to a profit of Rs 75.70 crore in the same period last year. Despite this setback, MLDL remains committed to its vision, aiming for 5X growth in the next five years. The company achieved significant pre-sales of Rs 345 crore in the residential segment during the quarter. With visionary leadership and a focus on excellence, MLDL continues its journey of progress, driven by innovation and dedication.Read more

03 Aug 2023

Olive by Embassy, a prominent player in real estate, plans to launch 2,500 co-living beds in Bengaluru and Mumbai to meet the rising demand for affordable and innovative housing solutions. Focused on millennials and young professionals, the project aims to create collaborative living spaces with shared amenities, emphasizing sustainability and design excellence. By targeting India's bustling metropolitan cities, Olive seeks to redefine urban living experiences and set a precedent for the future of co-living. Leveraging expertise and strategic partnerships, the company aims to expedite construction and deliver high-quality living spaces within a year.Read more

02 Aug 2023

Macrotech Developers, a prominent real estate company, reported a significant decline of 33.95% in its net consolidated profit during the quarter ended June 30, 2023. Despite the decrease in profit and total income, the company's MD & CEO expressed positive results, with pre-sales showing growth and the 'for-sale' business segment performing well. The company remains on track to achieve its full-year guidance of reducing net debt and has displayed financial stability with favorable operating and net profit margins. Additionally, Macrotech Developers demonstrated commitment to employee incentives and effective capital utilization through the issuance of equity shares and bonus equity shares.Read more

02 Aug 2023

In Chennai's Porur neighborhood, Truliv, a co-living firm with roots in Chennai, has opened its upscale co-living facility, TruLiv Olympus. The 356-bed property is India's first of its type, built-to-suit, premium co-living space, and it covers 60,000 square feet. Truliv Olympus is equipped with contemporary amenities to meet the needs of working executives in the IT sector, including a restaurant, gaming area, gym, mini theatre, and 24/7 power backup. The property is conveniently close to important facilities and business areas.Read more

02 Aug 2023

The National Company Law Appellate Tribunal (NCLAT) has permitted a reverse corporate insolvency resolution process (CIRP) for the group housing project, The Belvedere, in Noida. The project faced delays, leading buyers to form the Belvedere Welfare Association and seek resolution for the delayed possession. The NCLAT's decision allows negotiations between the homebuyers, the developer, and a finance creditor to complete the project. Strict conditions have been imposed on the developer to protect the interests of homebuyers, including completing Phase I by January 2025 and depositing funds into a RERA-approved escrow account.Read more