PNT Reporter

07 Jun 2023

Delhi-based property developer TARC Limited has announced its financial and operational progress for the quarter and fiscal year ending on March 31st, 2023. The company achieved its strongest sales performance to date, exceeding the set sales target and generating a remarkable sales value of Rs 520 crore. The TARC Tripundara project experienced a successful booking rate and higher prices, while the TARC Maceo project achieved a fully sold-out status with a significant price surge. The company has set a challenging sales target of Rs 1,500 crore for the upcoming fiscal year and aims to generate robust cash flows for business expansion and debt reduction.Read more

PNT Reporter

06 Jun 2023

NBCC (India) witnessed a significant increase in its net consolidated profit for the fourth quarter of fiscal year 2022–23. The company reported a profit after tax of Rs 113.63 crore, reflecting a 176.47 percent surge compared to the same quarter in the previous fiscal year. NBCC (India) also experienced growth in its net total income during this period. The company has proposed a final dividend pay-out and allocated funds for interest payment on customer refunds. Additionally, NBCC (India) is awaiting environmental clearance for its shared housing project in Kochi, Kerala.Read more

PNT Reporter

06 Jun 2023

As the deadline for property tax payment in Chandigarh approaches, a substantial percentage of property owners, specifically 75,473 out of 1.42 lakh assesses, have not paid their dues for the current financial year. The Municipal Corporation has issued invoices and offered a rebate option until May 31, 2023. Failure to pay within the specified time will result in penalties and interest charges.Read more

PNT Reporter

06 Jun 2023

The Bruhat Bengaluru Mahanagara Palike (BBMP) is considering a hike in property tax rates for the city of Bengaluru, which could impact over 25 lakh property owners. The Deputy Chief Minister and City Development Minister, DK Shivakumar, has examined the proposal and emphasized the need for alternative funding sources to support developmental projects. The BBMP aims to collect a total of Rs 4,790 crore in property taxes and cesses for the year 2023-24.Read more

PNT Reporter

05 Jun 2023

The CEO of PAG, Christopher Marcus Gradel, has acquired a century-old waterfront villa in Hong Kong's Pok Fu Lam district for HKD550 million (USD70.1 million). Villa Ellenbud, a Grade III historical structure, consists of two residences with stunning ocean views and a garden area. The property has the potential for redevelopment into two luxurious mansions with a combined floor space of 14,625 sq. ft. The purchase aligns with the ongoing luxury housing boom in Hong Kong, as the demand for high-value properties continues to rise.Read more

PNT Reporter

05 Jun 2023

Omaxe has reported a net loss in Q4 FY 22-23. The company disclosed a net consolidated loss after tax of Rs 104.39 crore, compared to a loss of Rs 36.62 crore in the same quarter of the previous fiscal year. The directors have proposed a dividend for preference shares, and there have been changes in the board, including the appointment of an additional director and the resignation of the current chairman. The company has also made significant investments in subsidiaries. Despite these financial challenges, Omaxe remains committed to providing diverse real estate services, including townships, housing, commercial offices, shopping centres, and hotels.Read more

PNT Reporter

05 Jun 2023

The imposition GST on the transfer of plots within the Gujarat Industrial Development Corporation (GIDC) estates in Gujarat has faced opposition from industrial units in the region. Micro, small, and medium enterprises (MSMEs) have incurred significant GST debts, surpassing their earnings, due to the financial constraints of their businesses. The Gujarat Chamber of Commerce and Industry (GCCI) has raised this issue with the state's chief minister and the Union finance minister. The matter may be taken to court if a resolution is not reached.Read more

PNT Reporter

05 Jun 2023

Emami Realty, a subsidiary of the diversified Emami Group, announced a consolidated net loss of Rs 17.79 crore for the quarter ending March 31, 2023. The company experienced a decline in net consolidated total revenue and recorded a negative EBITDA metric during this period. In fiscal year 2023, Emami Realty witnessed a significant decrease in total revenue compared to the previous year. Despite these financial challenges, Emami Group continues to be a prominent player in various sectors and has successfully developed notable projects in Kolkata.Read more

PNT Reporter

02 Jun 2023

Brigade Enterprises, a prominent real estate company, achieved a net consolidated profit of Rs. 63.09 crore in the quarter ending on March 31, 2023, marking a significant improvement compared to the net consolidated loss in the same period of the previous fiscal year. The company's total income for Q4 FY23 decreased by 9.60% to Rs. 872.11 crore. Despite the decline, Brigade Enterprises maintains a strong pipeline of ongoing and upcoming projects, totalling 20 million square feet and 7.5 million square feet, respectively. With a net debt to equity ratio of 0.55:1 and no debt in the residential division, Brigade Enterprises demonstrates financial stability and resilience.Read more

PNT Reporter

02 Jun 2023

Global distressed asset investors such as PAG, Oaktree, and Varde Partners have capitalized on opportunities amid India's real estate turmoil. While domestic lenders retreated following the NBFC crisis, these international firms injected billions into the sector, filling the credit vacuum. PAG has loaned around $1.3 billion to developers in the past four years, while Oaktree Capital and Varde Partners have made strategic investments and loaned hundreds of crores. Amidst economic reforms and market instability, this trend demonstrates how international investment is playing a crucial role in stabilizing the Indian real estate landscape.Read more