Godrej Properties to launch projects worth INR 21,000 crore by March 2025
Author : PNT Bureau
Godrej Properties plans to unveil new residential projects worth INR 21,000 crore across major Indian cities by March 2025, driven by robust consumer demand. The company aims to increase its sales bookings by 20% this fiscal year, targeting INR 27,000 crore in sales. Following an 84% surge in bookings to INR 22,527 crore last year, Godrej focuses on metropolitan areas and tier II cities. The company has already launched INR 9,000 crore worth of projects this year and reported a significant rise in net profit to INR 520.05 crore in Q1....
Sushma Group expands to Ludhiana with new housing projects
Author : PNT Bureau
The Sushma Group, renowned for its successful projects across Punjab and Himachal Pradesh, is expanding into Ludhiana to meet rising demand for quality housing. The company aims to introduce modern, sustainable living spaces, reflecting the lifestyle aspirations of Ludhiana's diverse population. Prateek Mittal of Sushma Group expressed enthusiasm for the new venture, emphasizing their commitment to high-quality construction and thoughtful planning. The expansion aligns with Sushma Group's strategy to enhance market presence and contribute to regional growth. With a focus on eco-friendly practices and community-building, Sushma Group is poised to make a significant impact in Ludhiana's real estate market....
Sobha Ltd reports 50% drop in Q1 FY25 profit, but sales surge 28%
Author : PNT Bureau
Sobha Ltd consolidated net profit plunged 50% YoY to INR 6.06 crore in Q1 FY25, down from INR 12.05 crore a year ago, as total income declined to INR 669.85 crore from INR 939.24 crore. Despite reduced revenue, sales rose 28% YoY to INR 1,874 crore, with Gurgaon and Bangalore contributing significantly. Sobha sold 562 units, achieving an average price realisation of INR 15,941 per sq ft. The company's debt-equity ratio improved to 0.47, marking 15 quarters of debt reduction. Sobha plans to launch 18.30 million sq ft of residential projects to drive future growth....
Rustomjee targets mid-mass market in FY25 with new launches in Thane and Kasara
Author : PNT Bureau
Mumbai-based Keystone Realtors Ltd., under its Rustomjee brand, is focusing on the mid-mass residential segment for FY25, with homes priced between INR 1 crore and INR 3 crore. Chairman Boman Irani stated that 75% of Rustomjee's supply will target mid-mass and aspirational buyers. Key launches include a Thane project with a revenue potential of INR 1,700 crore and a Kasara development worth INR 300 crore. Despite a drop in Q1 FY25 profit to INR 25.53 crore, pre-sales rose 22% year-on-year to INR 611 crore. The company remains focused on redevelopment projects in Mumbai and is cautiously considering expansion into Pune....
Signature Global reports INR 6.79 crore profit in Q1 FY25
Author : PNT Bureau
Signature Global (India) reported a net profit of INR 6.79 crore in Q1 FY25, recovering from a INR 7.18 crore loss in the same quarter last year. The company's total income surged 139.23% to INR 427.98 crore, with pre-sales reaching INR 31.2 billion, a 255% year-on-year increase. Collections rose 102% to INR 12.1 billion. Chairman Pradeep Kumar Aggarwal noted achieving 30% of the annual pre-sales target in Q1. The company reduced its net debt to INR 9.8 billion and appointed Gaurav Malik as CFO, with Manish Garg re-designated as Deputy CFO, effective 8 August 2024....
Keystone Realtors reports 45% profit drop despite strong pre-sales growth
Author : PNT Bureau
Keystone Realtors reported a 45% drop in consolidated net profit for Q1 FY25, to INR 25.82 crore, due to increasing expenses, while total income increased to INR 437.20 crore. Despite the earnings dip, pre-sales increased by 22% year on year to INR 611 crore. The company launched two new projects with a combined gross development value (GDV) of INR 2,017 crore and purchased another with a GDV of INR 984 crore. Chairman Boman Irani highlighted the successful INR 800 crore equity issue via QIP to support growth objectives, emphasizing a solid project pipeline and strategic efforts for future expansion....
Raymond Ltd reports 26.7% profit growth in Q1 FY2024; revenue rises to INR 987.65 crore
Author : PNT Bureau
Raymond Ltd has reported a 26.7% increase in net profit, reaching INR 57.04 crore in Q1 FY2024, up from INR 45.02 crore last year. Revenue from continuing operations soared to INR 987.65 crore, reflecting successful restructuring after the demerger of its lifestyle business. The demerger, completed on June 30, 2024, allows Raymond to focus on its core real estate and engineering sectors. The company is expanding its real estate portfolio, particularly in Mumbai, and has ventured into aerospace through its acquisition of Maini Precision Products Ltd, signalling a strong growth trajectory....
Gurugram DM orders evacuation of another 'unsafe' tower in Chintels Paradiso
Author : PNT Bureau
Gurugram District Magistrate Nishant Kumar Yadav has ordered the residents of Tower J in Chintels Paradiso, Sector 109, to vacate their flats within the space of 15 days, citing an IIT-Delhi audit report that deemed the building "unsafe." The order, issued under Section 163 of the Indian Civil Defence Code, follows a previous directive to vacate and demolish five other towers in the same society. The developer of the project, Chintels India Pvt. Ltd., is required to settle compensation claims for affected residents. Police assistance may be sought for enforcement, with penalties for non-compliance under the Disaster Management Act applicable....
Arbour invests INR 50 crore in 41-storey luxury project The Altitude in South Mumbai
Author : PNT Bureau
Arbour Investments has committed INR 50 crore to "The Altitude," a high-end residential and commercial development by VDV Group in Tardeo, South Mumbai. Strategically located opposite the Imperial Towers and near key commercial hubs, the 41-storey project features luxurious amenities such as an infinity-edge pool, sky lounge, and terrace barbecue pavilion. Designed by a renowned hotel designer, "The Altitude" aims to set a new standard in luxury living. The partnership leverages Arbour's investment expertise and VDV's extensive real estate experience, marking a significant milestone in South Mumbai's evolving real estate landscape....
DDA issues possession letters for over 1,000 flats in Dwarka's Golf View Condos
Author : PNT Bureau
The Delhi Development Authority (DDA) has issued possession letters to homebuyers of over 1,000 flats at Golf View Condos in Dwarka 19B, marking progress after project delays. To ensure quality, DDA has increased its workforce and assigned assistant engineers to each tower. A joint inspection will follow the possession letter issuance, with DDA staff addressing any identified issues. The DDA has also extended the final payment deadline by one month for delayed towers I, J, K, and L, underscoring its commitment to customer satisfaction and timely delivery....
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