Kolte-Patil Q1 FY25 records 19% increase in collections with new project launches
Author : PNT Bureau
Kolte-Patil Developers reported a sharp 86.72% decline in net profit for Q1 FY25, with profits falling to INR 6.37 crore from INR 47.97 crore in the same period last year. Total income also dropped by 39.45% to INR 350.29 crore. Despite these challenges, the company saw a 19% increase in collections, reaching INR 612 crore, and launched new projects with a potential top-line of INR 1,500 crore. Kolte-Patil aims to leverage its project pipeline and strong collections to navigate the challenging real estate market and improve profitability....
Hy-Vee expands in India with 54,000 sq. ft. office in Bengaluru
Author : PNT Bureau
U.S. grocery retailer Hy-Vee is expanding its Indian presence by leasing a 54,000 sq. ft. office in Bengaluru's Karle Tech Park, accommodating 350 employees. This move follows the establishment of its Global Capability Center in April 2023 at Manyata Tech Park. With over 550 U.S. stores and USD14 billion in annual sales, Hy-Vee's Bengaluru expansion underscores its commitment to leveraging India's talent pool. This strategic investment in India's tech hub reflects a broader trend of U.S. companies capitalising on local expertise to enhance global operations....
Indian offices go green as demand surges for sustainable workspaces
Author : PNT Bureau
India's office markets are witnessing a dramatic shift towards green-certified buildings, driven by the rising sustainability awareness among corporate occupiers. In Q2 2024, over 13 million square feet of office space was leased in green-certified buildings, accounting for 82% of the total leasing activity. Technology, engineering, and manufacturing sectors are leading this trend, with 80% of their leases in green spaces. Developers are aligning their offerings to global sustainability standards, offering tenants benefits like lower operating costs and improved employee productivity. This momentum is further bolstered by SEBI's new ESG disclosure norms, pushing companies to prioritize green portfolios....
Kalpataru submits an INR 1590 crore IPO draft with SEBI
Author : PNT Bureau
Kalpataru Ltd., a player in the real estate sector, has presented a draft red herring prospectus to SEBI. The company plans to raise up to INR 1,590 crore through an initial public offering (IPO), focusing on using the funds to reduce its debt. The Mumbai-based company, an integrated real estate developer, engages in all facets of property development, including land acquisition, design, execution, and sales. Kalpataru's portfolio includes 25 ongoing projects across 22 million square feet, with a significant focus on luxury and mid-income residential spaces. The company also boasts a substantial land bank of 1,886 acres....
The innovative Digital Rakhi campaign by Chandak Group strikes a chord with many
Author : PNT Bureau
Chandak Group, a leading Mumbai real estate developer, launched an innovative digital Raksha Bandhan campaign titled "Deliver Rakhi in Just 30 Seconds." This initiative addressed the challenges of geographical distance by allowing siblings to send personalized Digital Rakhis instantly via an Augmented Reality (AR) filter. Running from August 17 to August 19, 2024, the campaign saw over 3,000 Digital Rakhis sent globally, blending modern technology with traditional celebrations. The campaign bridged distances, making Raksha Bandhan a memorable occasion for families and communities....
Ajmera Realty secures CRISIL A-/Stable rating, boosting credibility with 67% of projects sold
Author : PNT Bureau
Ajmera Realty & Infra India Ltd (ARIIL) has received a CRISIL A-/Stable rating, reflecting its strong financial and operational performance. This rating enhances ARIIL's credibility, supporting its plans to optimise its debt profile and pursue new industry collaborations. Managing seven active projects with 11.31 lakh sq. ft. of saleable area, ARIIL has achieved 67% sales and is progressing toward 51% overall completion. The company is also planning seven new projects with a GDV of INR 4,270 crore. ARIIL's proactive approach and recent rating position it as a key player in India's evolving real estate market....
Emperium Premio launches in Gurugram with 216 luxury units
Author : PNT Bureau
Emperium's new luxury project, Emperium Premio, is set to transform Gurugram's real estate landscape. Located in Sector 37C along the Dwarka Expressway, Premio offers 216 apartments in 2, 3, and 4 BHK configurations, plus penthouses, ranging from 1308 to 3600 square feet. Each unit features premium fittings, modular kitchens, and a focus on sustainability with rainwater harvesting and energy-efficient systems. The project includes upscale amenities like a double-height lobby, rooftop pool, and fitness centre. Ravi Saund and Hardeep Singh, Founding Directors of Emperium, promise a blend of luxury, convenience, and eco-friendly living....
NCLT approves Oberoi Constructions' INR 273 crore resolution plan for Nirmal Lifestyle Realty acquisition
Author : PNT Bureau
The National Company Law Tribunal (NCLT) has approved Oberoi Constructions' INR 273 crore resolution plan to acquire Nirmal Lifestyle Realty, which has been undergoing a corporate insolvency resolution process (CIRP) since December 2021. This acquisition includes a land parcel in the eco-sensitive zone of Sanjay Gandhi National Park, with a 180-day window to obtain necessary approvals. The resolution plan cancels Nirmal's existing equity shares and transfers ownership to Oberoi Constructions. This decision highlights structured processes and regulatory compliance in corporate restructuring under the Insolvency and Bankruptcy Code (IBC)....
Godrej Properties acquires 90 acres in Khalapur for 1.7 million sq. ft. residential project
Author : PNT Bureau
Godrej Properties Limited (GPL) has acquired a 90-acre land parcel in Khalapur, Raigad district, Maharashtra, with plans to develop 1.7 million square feet of residential plotted developments. Positioned near the Karjat-Khopoli Road, this strategic acquisition caters to the growing demand for customizable housing options. The move aligns with GPL's aggressive expansion, including recent acquisitions in Greater Noida, and reflects the company's focus on meeting the needs of modern homebuyers seeking flexibility and space in emerging suburban areas....
Max Estates secures Noida Authority approval for Delhi One Project
Author : PNT Bureau
Max Estates has received approval from the Noida authority for its 'Delhi One' commercial project in Sector 16B, following the settlement of INR 613 crore in dues. The project, initially stalled due to financial issues, will now proceed after Max Estates agreed to a payment plan under a resolution plan approved by the NCLT in February 2023. The development will add 2.8 million square feet of office and residential space, with significant portions already constructed. This approval marks a crucial step for Max Estates and underscores Noida's commitment to advancing commercial real estate and economic growth....
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