03 Mar 2023

BuzzWorks, a managed office brand owned by real estate conglomerate Brigade Group has announced its plans for expansion. The company currently offers over 2,400 seats across the country which is at 99 percent occupancy. Riding the wave of increased demand for flexible office spaces post pandemic, the company intends to double its inventory along with increasing in presence in cities such as Bengaluru, Chennai, Kochi and GIFT City in FY 2024.Read more

02 Mar 2023

Navi Mumbai based builder Nalin Shah, was recently acquitted by the Vashi Magistrate Court in cheating case registered against him at Vashi Police Station. The Economic Offences Wing (EOW) had arrested Mr Shah in July 2018 based on complaint filed by a local resident for not handing over possession of two shops. However, as per MahaRERA records, the possession of the properties are due only on 30th December 2023, and so the case was dismissed by the Court for lack of proof.Read more

01 Mar 2023

Earlier this week, a special PMLA court in Mumbai granted bail to Mehul Thakur, the director of Viva Group in a money laundering case, on medical grounds. Mr Thakur has been suffering from ill health for over a year. He was first granted temporary bail in March 2022 by Bombay High Court for six months which was then extended until January this year. Post this, Mr Thakur withdrew his plea from the Bombay High Court and sought bail on medical grounds from the special court. Mr Thakur has been accused of laundering money from Housing Development Infrastructure (HDIL) to Viva Group through a several shell companies.Read more

01 Mar 2023

Making its foray into the Dubai real estate market, Sobha Realty has struck a deal with DMCC, Dubai’s flagship free zone and commodities trade and enterprise body to develop a residential tower at Jumeirah Lake Towers (JLT), Dubai. Verde by Sobha Realty will be 59-story luxury tower with seven podiums situated in Cluster H, JLT. It will offer a variety of one- to three-bedroom apartments with prices starting at AED2 million ($544,416). The project is scheduled to be completed in Q4 2026.Read more

27 Feb 2023

Mahindra Lifespace Developers, a real estate company, announced in a filing to the Bombay Stock Exchange that its Managing Director (MD) and Chief Executive Officer (CEO), Arvind Subramanian, has resigned. The Board of Directors also approved the appointment of Amit Kumar Sinha as an additional director, effective February 23, 2023. Sinha will also serve as the Managing Director (Designate) of the company until May 22, 2023. Starting on May 23, 2023, he will take on the role of full-time MD & CEO for a period of five years until May 22, 2028.Read more

24 Feb 2023

Oberoi Realty's consolidated net profit increased by 50.27% during the quarter that concluded on December 31, 2022. Its profit after tax (PAT) was Rs 702.57 crore in the third quarter of FY23 as opposed to Rs 467.53 crore in the equivalent quarter of the previous fiscal. Its profit after tax (PAT) was Rs 702.57 crore in the third quarter of FY23 as opposed to Rs 467.53 crore in the equivalent quarter of the previous fiscal, the business stated in a BSE filing.Read more

24 Feb 2023

Max Estates, a real estate development company, has entered into a joint development agreement (JDA) with Namo Realtech Private Ltd to develop a group housing project on Dwarka Expressway in Gurgaon, India. Max Estates will develop approximately 2.5 million square feet on an 11.8-acre land parcel in sector 36A Gurgaon. The company expects revenue of ?3,200 crore from the project. This will be Max Estates' first residential project in Gurgaon, while its first residential project in Noida is expected to be launched in the first half of 2023.Read more

23 Feb 2023

According to a BSE filling, Prestige Estates Projects’ overall net profit for the quarter ended December 31, 2022, increased by 75%. Its profit after tax (PAT) increased from Rs 92.40 crore in the third fiscal quarter of the prior fiscal year to Rs 161.70 crore in the third fiscal quarter of this year. The company's consolidated total revenue increased by 74.22 percent to Rs 2,347.50 crore in Q3 FY23. The company's combined total revenue for Q3 FY23 was Rs 2,347.50 crore, up by 74.22 percent from Rs 1,347.40 crore in the same quarter of FY22.Read more

22 Feb 2023

The National Green Tribunal (NGT) appointed committee has issued a show-cause notice to Jaypee Infratech and the insolvency resolution professional (IP) handling the company's insolvency case, asking why an environmental compensation of Rs 5.47 lakh should not be imposed for violating green norms in the Kensington Park-1 project. The move comes in response to a complaint from a resident over violations of green norms, including sewer overflow from manholes, across several blocks of Kensington Park-1 in Sector 133.Read more

22 Feb 2023

Keystone Realtors declare a consolidated net profit of Rs 5.82 crore during Q3 FY23. Its profit after tax (PAT) was Rs 88.42 crore in the corresponding quarter of the prior fiscal year, the business stated in a BSE filing. The company's consolidated total income in Q3 FY23 was Rs 135.55 crore comparatively to Rs 878.09 crore it reported in the same quarter last year. The company completed its initial public offering (IPO) of 1,17,37,521 equity shares with a face value of Rs. 10 each during the quarter that ended December 31, 2022.Read more