22 Aug 2024

Jaiprakash Associates has announced a substantial consolidated net loss of INR 1,023.44 crore for Q1 FY24, a sharp increase from the INR 180.80 crore loss recorded last year. Despite this, the company's total income grew to INR 1,770.66 crore from INR 1,505.23 crore, reflecting resilience in segments like cement and construction. The company's financial struggles are compounded by a heavy debt load and ongoing insolvency proceedings aimed at restructuring its operations. Industry experts are watching closely, as the company's recovery could impact the broader construction and infrastructure sectors in India.Read more

22 Aug 2024

Sunteck Realty has reported a net consolidated profit of INR 22.78 crore for Q1 FY25, a turnaround from last year's INR 6.73 crore loss. Total income surged 271% to INR 328.01 crore, driven by strong demand and successful project launches. Pre-sales increased 30% to INR 502 crore, while collections grew 19% to INR 342 crore. This robust performance highlights the company's recovery amid a resurgent real estate market in India, influenced by favorable loan rates and improving economic conditions. Sunteck's strong results signal positive trends for the sector and its strategic positioning for future growth.Read more

21 Aug 2024

Lucknow, contributing 3.85% to Uttar Pradesh's GDP, is experiencing a real estate surge, with property prices rising by 25-50% over the past two years. The city's real estate market is fueled by government projects, IT sector expansion, and a 300% increase in warehouse demand. Recent infrastructure investments include INR 8,200 crore for 61 new projects, enhancing connectivity and reducing congestion. Prominent areas like Hazratganj and Gomti Nagar are seeing significant growth. Challenges such as traffic and waste management persist, but with ongoing developments, Lucknow is poised for continued economic and real estate advancement.Read more

21 Aug 2024

Oravel Stays, OYO's parent company, raised INR 1,457 crore in its Series G funding round, securing INR 1,040 crore in new capital. The round included major investors such as InCred Wealth, J&A Partners, ASK Financial Holdings, and Patient Capital Investments. The funds will support OYO's growth and global expansion, with the company's valuation remaining at USD 2.4 billion. Additionally, shareholders approved increasing authorised share capital and appointed Sumer Juneja of SoftBank Investment Advisors as a Non-Executive Director. The successful funding highlights investor confidence in OYO's business model and future potential.Read more

21 Aug 2024

Interarch Building Products Ltd has launched its IPO with a price range of INR 850-900 per share, seeking to raise INR 600 crore. The subscription period runs from August 19 to August 21, 2024. Funds will be allocated for capital expenditures, system upgrades, and general corporate purposes. The IPO allocates 50% to institutional investors, 35% to retail, and 15% to non-institutional investors. With a strong order book of INR 1,153 crore and revenue growth to INR 1,293.30 crore in FY24, Interarch is well-positioned to capitalise on India's infrastructure boom.Read more

21 Aug 2024

Grihum Housing Finance, formerly Poonawala Housing Finance, reported a 77% increase in net profit after tax, reaching INR 46 crore in the first quarter of FY25. The company's assets under management (AUM) surged 39% year-on-year to INR 8,700 crore, expanding its customer base to over 80,000. The firm added 28 new branches, bringing its total to 210 locations. However, gross non-performing assets stood at 1.296%, highlighting the need for effective risk management. Recent equity infusion of INR 1,098 crore from TPG has bolstered Grihum's net worth to INR 2,390 crore, enhancing its lending capacity amid rising housing demand.Read more

20 Aug 2024

Property Share has received a Small and Medium Real Estate Investment Trust (SM REIT) license from SEBI, marking a major milestone for fractional ownership in India. Registered as Property Share Investment Trust (PSIT), the platform will manage investments under new SM REIT regulations, targeting properties valued between INR 50 crore and INR 500 crore. This move follows SEBI's March 2024 regulations aimed at enhancing transparency and attracting smaller investors. Co-founder Kunal Moktan expressed enthusiasm for the upcoming IPO launch of the first SM REIT scheme, promising greater accessibility and liquidity in the Indian real estate market.Read more

20 Aug 2024

Hyderabad's real estate market is booming, with over 46,000 homes registered in 2024, leading to a 40% revenue increase compared to last year. In July 2024 alone, 7,124 homes were registered, totaling INR 4,266 crore- a 48% year-on-year increase. The surge in home ownership interest has also boosted state revenue from stamp duty, reaching INR 28,578 crore from January to June 2024. The market covers four districts: Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy, with a growing trend towards luxury homes. In July 2024, demand for properties over INR 1 crore surged by 94%, while interest in larger homes also increased. Buyer preferences are shifting, with more focus on premium and spacious properties.Read more

20 Aug 2024

NDR InvIT Trust, the first perpetual warehousing and industrial parks infrastructure investment trust (InvIT) listed on the National Stock Exchange, reported strong unaudited financial results for Q1 2024. CFO Sandeep Jain announced a distribution of INR 1.75 per unit to unitholders, highlighting the trust's AUM of 16.96 million square feet. The portfolio is well-diversified, with a weighted average lease expiry (WALE) of 11.1 years and a high occupancy rate of 96.48%. Operating in 13 cities with 33 industrial parks and 55 warehouses, NDR InvIT achieved INR 752 million in revenue and INR 657.88 million in EBITDA. The trust maintains its AAA credit rating, focusing on stakeholder value and long-term growth.Read more

20 Aug 2024

Axis Commercial Real Estate Fund, a partnership between Axis Asset Management Company Limited (Axis AMC) and real estate developer Tishman Speyer, has acquired a 1.5-acre land parcel in Chennai's Fintech City. The land, valued at INR 50 crore per acre, has the potential to support the development of a 400,000 sq ft Grade A office building within the next three years. The acquisition was made through a competitive bidding process conducted by the Tamil Nadu Industrial Development Corporation (TIDCO). This represents the first investment from the Axis Commercial Real Estate Fund, a Category II AIF with a corpus of approximately INR 550 crore. The fund's strategy involves partnering with Tishman Speyer to participate in the development phase of commercial real estate projects across eight key markets, focusing on creating top-tier office spaces to attract leading tenants.Read more