Builders & Projects

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Ridham Gada elected president of NAREDCO Maharashtra NEXTGEN

Ridham Gada has been elected as the new president of NAREDCO Maharashtra NEXTGEN, succeeding Rishabh Siroya who will now serve as chairman of NAREDCO Maharashtra NEXTGEN. As a partner at Prem Group and with over 15 years' experience in real estate, Ridham aims to foster growth and ensure a robust sector during his tenure. He is well-known for his innovative approach and vision to create living spaces beyond square footage. Both Prashant Sharma of NAREDCO Maharashtra and Rishabh Siroya expressed confidence in Ridham's leadership and ability to inspire young professionals....
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Brigade Enterprises acquires 4.6 acres land on Old Madras road for new project

Brigade Group has successfully secured a prime parcel of land on Old Madras Road in Bengaluru, marking a significant milestone in their real estate endeavours. With a hefty investment of INR 660 crore, the residential project will sprawl across 4.6 acres, emphasising sustainability as a core principle. Managing Director Pavitra Shankar highlights the project's strategic alignment with Brigade's growth trajectory, emphasising its commitment to providing eco-friendly living spaces tailored to meet customer preferences. With an extensive pipeline totalling 12.61 million square feet, Brigade Group continues to revolutionise urban living standards across Bengaluru, Chennai, and Hyderabad....
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KPIL achieves all-time high annual combined revenue

Kalpataru Projects International Limited (KPIL) reported stellar financial performance for Q4 FY24 and FY24. Revenue grew 22% YoY in Q4 and 20% in FY24, while EBITDA surged 36% and 19% respectively. Profit figures (PBT and PAT) also witnessed significant YoY growth. With a strong order book of INR 58,415 crores, up 27% YoY, and new orders worth INR 30,022 crores in FY24, KPIL is well-positioned for future growth. The company proposed a dividend of INR 8 per share and plans to strengthen its position in T&D and civil construction, leveraging the infrastructure push in India and globally....
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Suraj Estate Developers report rise in Q4 net profit despite drop in revenues

Real estate developer Suraj Estate Developers reported a 17.44% rise in Q4 FY24 net profit to INR 19.46 crore, despite a 75.22% drop in net consolidated total income to INR 103.03 crore for the quarter. The company's effective cost control measures led to a 54% growth in EBITDA and 710 bps rise in margins. Collections for FY24 stood at INR 316 crore. The board approved plans to raise up to INR 500 crore through various means and acquisition of a redevelopment project in Mumbai with a GDV of INR 120 crore....
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Incuspaze aggressively expands portfolio to meet rising demand for flexible workspaces in India

Flexible workspace provider Incuspaze has been rapidly expanding its portfolio across major Indian cities to capitalize on the growing demand for flexible office spaces. In one of the largest leasing deals of 2024, Incuspaze leased over 350,000 square feet of office space in Gurgaon. The company also leased significant spaces in Pune and Jaipur as part of its target to add 1.5 million square feet to its portfolio this year. Incuspaze aims to grow its total portfolio to 7 million square feet by 2026, driven primarily by demand from large and mid-sized enterprises seeking cost-effective, flexible workspace solutions....
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Larsen & Toubro (L&T) expects order book to grow by INR 1 trillion in FY25

Engineering conglomerate Larsen & Toubro (L&T) expects its order book to grow by INR 1 trillion to INR 5.75 trillion in FY25, driven by a 10% increase in order intake and 15% revenue growth. However, L&T remains cautious about disruptions from ongoing general elections in the first half of the year. In FY24, L&T's order book expanded to INR 4.75 trillion with a 15% rise in annual revenues. In Q4FY24, L&T reported a 10.3% rise in net profit to INR 4,396.12 crore. Segment performances were mixed with infrastructure and energy orders growing strongly. L&T has earmarked a capex of INR 4,000 crore for FY25....
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DevX expands coworking footprint with new 35,000 sq ft facility in Jaipur

DevX, a leading provider of managed coworking spaces and startup accelerator in Gujarat, has opened a new 35,000 square foot facility in Jaipur. The company aims to expand this new center by an additional 200,000 square feet in the next year. Founded in 2017, DevX supports startups through infrastructure, partnerships and events. It takes an equal partner approach to help companies grow. The new Jaipur center will deepen DevX's presence in North India and accommodate global clients like Persistent Systems. DevX plans to invest 60 crores to double its national portfolio to 25 centers by 2024, targeting growth-focused companies seeking top-quality managed workspaces....
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Casagrand launches 30 acre luxury township at Sholinganallur

Casagrand HolaChennai is a 30-acre luxury township launched by Casagrand in Sholinganallur, Chennai. Housing 1818 apartments, villas and signature villas, it offers over 160 high-end amenities aimed at supreme comfort, leisure and community living. Priced starting INR 4599/sqft versus the market rate of INR 6500/sqft, it provides great value. Strategically located opposite Infosys with proximity to IT parks, schools and hospitals, the area is poised for growth. Tailored amenities for families, kids and seniors promise a luxurious lifestyle unmatched in the locality. Casagrand HolaChennai is set to become the benchmark for luxury living for discerning homebuyers in Chennai....
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Housing companies leverage Akshaya Tritiya festival to boost home sales

Several leading real estate developers in Mumbai launched attractive promotional offers and schemes during the recent Akshaya Tritiya festival to take advantage of the positive sentiment around property purchases and further increase home sales. Traditionally considered an auspicious time for major investments like property buying, housing companies introduced exciting games, lucky draws, cash discounts and other incentives at some of their key projects to leverage the festive spirit of Akshaya Tritiya and ride the ongoing growth momentum in the real estate sector....
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Birla Estates' Silas Tower at Birla Niyaara records sales of INR 2500 crore at launch

Birla Estates Private Limited, a subsidiary of Century Textiles and Industries Limited, announced that its tower Silas at Birla Niyaara recorded sales of INR 2,500 crore at launch. This pushed Birla Niyaara's total sales so far to over INR 5,400 crore. Silas features 148 palatial 4BHK-5BHK residences, continuing the luxury legacy of the first tower. This tower is the second phase of Birla Niyaara. In the first phase, the company launched 414 flats, of which it has closed over 85% of sales. The company aims to reach a gross pre-booking value of approximately INR 3,000 crore through its three projects in Mumbai and Bengaluru - Worli and Walkeshwar in Mumbai and RR Nagar in Bengaluru....
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The House of Abhinandan Lodha (HoABL) announces One GOA, a luxury project

The House of Abhinandan Lodha (HoABL) introduces One GOA, a revolutionary 130-acre luxury development in Bicholim, Goa, emphasising sustainability and opulent living. Featuring a 5-star hotel, expansive clubhouse, and a sprawling man-made beach, One GOA epitomises harmonious living amidst lush greenery. Designed by Enzyme architects, the project offers state-of-the-art amenities, including gyms, cafes, and a multi-cuisine restaurant. With Goa's infrastructure growth and improved connectivity, One GOA presents a lucrative investment opportunity. Committed to sustainability, the project boasts a carbon-negative status with over 3,000 trees planted. HoABL's portfolio spans 18 million sq. ft. across strategic locations in India, ensuring diverse investment options with growth potential....
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Oberoi Realty to redevelop 12,790 sq. metre leased land for high-end residences

Oberoi Realty has revealed plans to redevelop a 12,790 sq. metre plot in Adarsh Nagar, Worli, Mumbai, aiming to create new high-end residences. The project involves modernising seven buildings currently housing 504 flats, likely leased from the Maharashtra Housing and Area Development Authority. Expected to yield 624,000 sq. ft. of free sale space, Oberoi Realty's focus on high-end residences signifies a strategic move to target a specific segment of the Mumbai property market. Amidst a sales bookings slowdown, this redevelopment aims to revitalise Worli's Adarsh Nagar area, potentially incorporating sustainable features to attract environmentally-conscious buyers and redefine luxury living in the prime Mumbai location....
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Godrej Properties reports strong Q4FY24 results: PAT up 14% to INR 471 crore

Godrej Properties (GPL) reported a 14% rise in Q4 FY24 profit to INR 471 crore, up from INR 412 crore year-on-year. However, revenue fell 15% to INR 1,426 crore. For FY24, revenue rose to INR 3,035 crore from INR 2,252 crore in FY23, while adjusted EBITDA increased to INR 1,379 crore. The company added 10 new housing projects in FY24 with a total revenue potential of INR 21,225 crore, 42% more than its guidance of INR 15,000 crore. Total bookings for FY24 grew 84% to a record INR 22,527 crore driven by 20 million square feet of space sales. Going forward, GPL targets FY25 bookings of INR 27,000 crore....
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Shriram Properties announces acquisition of 4-acre land parcel in Chandapura, Bengaluru

Leading South Indian real estate developer Shriram Properties Limited (SPL) has announced the acquisition of a 4-acre land parcel in Chandapura, Bengaluru to develop a luxury residential project. The project will consist of approximately 350 meticulously designed apartments within a saleable area of 4 lakh square feet, with an estimated revenue of over Rs. 250 crores. Nestled in vibrant Chandapura with proximity to IT parks and amenities, the project aims to provide a high-quality living experience. SPL has a robust pipeline of 47 projects with 51 million square feet of saleable area, including 25 ongoing projects of 23.5 million square feet as of March 31, 2024....
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Arvind SmartSpaces profits up by 62%, bookings hit record high of INR 1,107 crore

Arvind SmartSpaces Ltd., renowned for its premium real estate developments in Ahmedabad, Bengaluru, and Pune, reported robust financial results for the quarter and fiscal year ending March 2024. With a remarkable 67% increase, the company's net profit for Q4 2023-24 surged to INR 15.49 crore, while the annual net profit reached INR 41.57 crore, reflecting a substantial 62% growth. Impressively, Arvind SmartSpaces achieved its highest-ever annual sales bookings of INR 1,107 crore, marking a notable 38% increase from the previous year's bookings. This stellar performance is attributed to strategic expansion efforts, new project acquisitions, and a heightened focus on customer satisfaction....
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CapitaLand India Trust (CLINT) expands presence in Hyderabad's HITEC city with 2.5 million sq. ft. office space acquisition

CapitaLand India Trust (CLINT), a Singapore-based REIT, expands its presence in Hyderabad's IT hub by acquiring 2.5 million sq. ft. of office space in HITEC City. The forward purchase agreement with Phoenix Group secures prime assets in a location with strong leasing demand. CLINT's phased investment approach strategically manages cash flow while benefiting from the area's growth potential. CEO Sanjeev Dasgupta highlights the strategic value of the acquisition, building on CLINT's successful track record in Hyderabad. This move highlights Hyderabad's appeal to major investors, driven by world-class infrastructure, SEZs, a skilled workforce, and government support, ensuring continued growth and innovation in HITEC City....
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Raymond Ltd. reports 18% increase in profit, plans expansion into high-growth sectors

Raymond Ltd. reports an 18% increase in consolidated profit after tax, reaching INR 229 crore in the last quarter of FY24, with a significant improvement from the previous year. Consolidated net revenue also rose by 23% to INR 2,688 crore. For the entire fiscal year, consolidated profit after tax surged to INR 1,638 crore, showcasing a growth of over 200%. Chairman Gautam Hari Singhania attributes this success to positive performance across all business segments, notably the real estate segment, which saw strong booking momentum. Raymond's diversification into high-growth sectors like aerospace, defence, and auto components further strengthens its position for future growth. Singhania's re-appointment as Managing Director reflects confidence in his leadership and vision for the company's future....
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Trehan Group launches affordable housing project Shalimar Heights in Alwar

The Trehan Group has launched a new affordable housing project called Shalimar Heights in Alwar, Rajasthan. Located just 10 minutes from the Delhi-Mumbai Expressway, the project offers connectivity to Delhi, Gurugram and Jaipur. Comprising 320 units of 1BHK and 2BHK flats priced between Rs. 10.25-23.99 lakhs, the project is part of Trehan Group's 200-acre township Apna Ghar Shalimar. Managing Director Saransh Trehan stated the project aims to fulfill the aspirations of homebuyers seeking affordable homes with amenities like security, backup power and recreational spaces....
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UrbanWrk reveals cutting-edge workspace in Hyderabad's Hi-Tech hub

UrbanWrk inaugurated a cutting-edge workspace spanning 50,000 sq ft at Raheja Mindspace, Hi-Tech City, Hyderabad, catering to enterprises with 50-500 employees. The design emphasises functionality and elegance, featuring a minimalist aesthetic with wooden rafters guiding visitors to various sections. With Hyderabad's flexi space market accounting for 6% of India's total, UrbanWrk's strategic move anticipates the city's entrepreneurial growth. Anuj Munot, Co-Founder and CEO, highlights the space's appeal to professionals and businesses seeking adaptability. With tech, BFSI, and flex spaces driving demand, Hyderabad's diverse industry landscape positions it for sustained flexi workspace growth, aligning with UrbanWrk's expansion strategy....
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Godrej Properties reveals INR 30,000 crore expansion plan, targets major Indian cities for residential projects

Godrej Properties, renowned for its quality and trust, is embarking on an aggressive expansion plan, aiming to launch residential projects worth INR 30,000 crore across major Indian cities this fiscal year. Bolstered by record-breaking sales bookings of INR 22,527 crore in 2023-24, the company solidifies its position as India's largest publicly listed real estate developer. Notable achievements include acquiring a 4-acre land parcel in Bengaluru and entering the Hyderabad market with a 12.5-acre acquisition. With a focus on sustainable construction practices and strategic expansion into key markets, Godrej Properties is poised for continued success....
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Kalpataru secures INR 2,100 crore redevelopment project in Andheri's Lokhandwala

Kalpataru Ltd. has secured the rights to redevelop a housing society in Mumbai's Lokhandwala area, with a projected value of INR 2,100 crore. This ambitious project encompasses transforming nearly 4 acres of land, including 12 existing residential buildings, into a modern development exceeding 8 lakh sq. ft. Kalpataru plans to prioritize resident well-being by providing 3 lakh sq. ft of redeveloped space for existing residents, alongside saleable space projected to generate significant revenue. Emphasizing modern design and amenities, including green spaces with mangrove views, the project aligns with Mumbai's redevelopment boom, contributing to urban revitalization. This strategic move reflects Kalpataru's commitment to meeting evolving buyer preferences and capitalizing on Mumbai's real estate potential....
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E-infra and Hero FinCorp partner for a USD 50 million project in Hyderabad with Elegant Nivasa

E-infra, a prominent developer with a vast portfolio, has teamed up with Hero FinCorp to develop Elegant Nivasa, a luxury residential project in Hyderabad's prime location of Tellapur. Spread across 4 acres, the project comprises three 23-floor towers offering spacious apartments ranging from 1375 to 2205 sq. ft. With a lavish clubhouse and HMDA approval, Elegant Nivasa promises a luxurious lifestyle adhering to all regulations. This partnership aims to achieve a turnover of INR 300 crore in three years, supported by Hero FinCorp's financial expertise. Both parties' express enthusiasm for the collaboration, emphasizing luxury living, architectural finesse, and community building....
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Lohia Global ventures into real estate via subsidiary Lohia Developers, investing INR 1,000 crore

Lohia Global, a conglomerate spanning multiple sectors, is entering the real estate market through its subsidiary, Lohia Developers, targeting India's premium housing segment in tier-II cities. With a substantial investment of INR 1,000 crore, they plan to develop five projects covering 30 lakh square feet in Moradabad, Lucknow, and Delhi NCR over five years. Director Pyush Lohia cites increasing demand for high-quality housing in tier-II cities, driven by rising disposable incomes. With a significant land bank, they aim to construct 175 villas in Moradabad initially, followed by group housing projects in Delhi and Lucknow. This strategic move aligns with Lohia Global's ambitious revenue target of USD 1 billion by 2030, with real estate projected to contribute significantly. While their focus on tier-II cities and premium housing presents a novel approach, its success will be closely mon...
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Indiabulls Real Estate obtains Sky Forest projects for INR 646.71 crore in Mumbai

Indiabulls Real Estate has bolstered its presence in Mumbai through the strategic acquisition of Sky Forest Projects (SFPPL), completed by its subsidiary, Indiabulls Constructions. The acquisition, valued at approximately INR 646.71 crore, grants Indiabulls full ownership of Sky Forest, a residential project in Lower Parel. Despite reporting a consolidated net loss of INR 1,038.65 crore for FY24, indicating a rise from the previous year, the move underscores Indiabulls' commitment to Mumbai's real estate market. Analysts view the acquisition positively, citing Lower Parel's established commercial and residential status, though effective project management will be crucial amid rising construction costs and market competition. The acquisition marks a pivotal moment for Indiabulls Real Estate, signaling confidence in Mumbai's growth potential and the premium residential segment....
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Tulip Monsella sells over INR 300 crore on launch day in Gurugram

Tulip Infratech's luxury project, Tulip Monsella, in Gurugram, witnessed remarkable success with its second phase launch, generating over INR 300 crore in sales on the first day alone. The project offers a comprehensive mixed-use development spanning 60 lakh sq. ft., including luxurious residential units and 6 lakh sq. ft. of commercial space. The competitive pricing at INR 27,000 per sq. ft. attracted discerning homebuyers, leading to rapid sales. The project's strategic location, upscale amenities, and Tulip Infratech's proven track record contribute to its appeal. This success signals a strong demand for high-quality luxury developments in Gurugram's real estate market....
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Sumadhura Group acquires 40 acres in Bengaluru for INR 800 crore

Sumadhura Group, a real estate developer in South India, has announced land acquisition in Bengaluru, demonstrating confidence in the city's thriving housing market. With an investment of approximately INR 800 crore, the acquisition spans 40 acres across chosen locations. The company plans to develop four new residential projects, addressing the city's growing demand for quality housing. With construction expected to begin within the next three quarters, these projects will collectively offer around six million square feet of saleable area. This move strengthens Sumadhura Group's presence in Bengaluru and positions them for future growth, with plans to explore opportunities in other high-growth cities like Pune and Chennai. This diversification underscores their commitment to catering to diverse demographics and project types, contributing to the overall development landscape of India's ...
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Womeki Group invests INR 44 crore in a 34,000-square-foot office space in Noida's Alphathum

Womeki Group has made a significant stride in the real estate sector with the acquisition of a sprawling 34,000-square-foot office space in Noida Sector 90, Alphathum, valued at INR 44 crore. This investment underscores their commitment to driving the region's business landscape forward, positioning them to capitalise on the anticipated surge in Noida's office space demand. The workspace, designed to accommodate over 400 employees, prioritises productivity and collaboration, catering to the evolving needs of today's workforce. Notably, it features the world's longest infinity pool, offering employees a serene environment to recharge. With excellent connectivity to key areas and modern amenities like a vibrant caf� and well-equipped conference rooms, Womeki Group's acquisition sets a new benchmark for office space design, emphasising employee well-being, functionality, and strategi...
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Prestige Ocean Towers: Prestige Group's iconic luxury development in South Mumbai

Prestige Group, India's leading real estate developer, has launched their prestigious luxury project Prestige Ocean Towers in Marine Lines, South Mumbai. Comprising just 169 spacious homes spread across two towers within a 2-acre plot, the development offers spectacular views of the Queen's Necklace and Arabian Sea. Designed by renowned architects Norman Foster and Hafeez Contractor, Prestige Ocean Towers will have a built-up area of 4.62 lakh square feet and estimated revenues of INR 4,100 crores. The group has already pre-launched 75 residences worth INR 1,700 crores and sold over 70% of these units, reflecting strong customer demand for the group's high-quality offerings....
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Dextrus expands coworking empire in One BKC, Mumbai, offering over 1,000 workspaces

Dextrus, a key player in Mumbai's coworking sector, has strengthened its footprint in the bustling Bandra Kurla Complex (BKC) by unveiling its third center. This expansion boosts Dextrus' workspace capacity in Mumbai to over 1,000 seats across BKC and Lower Parel. Situated in One BKC, the new workspace spans 12,000 square feet, accommodating around 300 dedicated workspaces. Dextrus pioneers the "Build by Dextrus" initiative, allowing businesses to customize their office space seamlessly. The center offers a dynamic ecosystem with amenities like well-equipped meeting rooms, breakout areas, a cafe, and private phone booths, fostering collaboration and productivity. Robin Chhabra, Dextrus' Founder & CEO, underscores the company's commitment to tailored workspace solutions....
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Casagrand introduces French-themed residential community Casagrand French Town in Chennai

Casagrand introduces its latest project, Casagrand French Town, a French-themed residential community sprawled over 10.76 acres in Chennai. With over 8.4 acres dedicated to lush greenery, the project embraces nature amidst urban living. Strategically located near Medavakkam and Velachery, it offers easy access to essential amenities and major IT hubs. The development includes 2 & 3 BHK apartments and 4 BHK villas, addressing the demand for spacious living areas. Boasting 95+ amenities, including a 23,000 sq. ft. clubhouse, the community fosters a vibrant social environment. With a focus on resident well-being, features like a reflexology pathway and meditation lawn promote relaxation. Casagrand French Town redefines luxury living, blending French charm with modern amenities, making it an appealing choice for Chennai's homebuyers....
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The National Company Law Tribunal (NCLT) permits Macrotech Developers' INR 890 crore acquisition of V Hotels

The National Company Law Tribunal (NCLT) approved Macrotech Developers' acquisition of V Hotels, owner of the Centaur Hotel (now Tulip Star), for INR 890 crore. The hotel's prime location in Mumbai's Juhu area attracted interest from real estate giants. Macrotech emerged as the successful bidder, offering an upfront payment of INR 278 crore to secure financial creditors, with two additional tranches of INR 405 crore each. The non-operational hotel, situated on a 6.1-acre land parcel, presents redevelopment opportunities for residential, commercial, or mixed-use projects. This acquisition revives a historic landmark and showcases Mumbai's evolving real estate landscape....
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Co-living firm Settl signals rising demand for co-living spaces in major Indian cities

Co-living operator Settl saw strong financial growth in 2023-24 by doubling its bed capacity to 4,000 beds across four cities and increasing revenue by 100% to INR 33 crore. This growth reflects the rising popularity of co-living spaces among young professionals in urban India. Founded in 2020, Settl partners with builders to design properties tailored to occupants needs. Around 80-90% of occupants are working professionals aged 25-35, who are attracted by amenities and community lifestyle. With the economy growing and more companies establishing operations in major tech hubs, demand for convenient, affordable co-living spaces is likely to remain robust....
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