Investigations and delays plague ATS Marigold, leaving homebuyers stranded
Author : PNT Bureau
Homebuyers of the ATS Marigold project in Sector 89A, Gurugram, await possession of their flats as ATS Infrastructure Ltd. faces an investigation for fund diversion and missed pre-EMI payments. Sanctioned in 2013, the project saw buyers approaching the National Consumer Disputes Redressal Commission (NCDRC) and Economic Offences Wing (EOW) in 2021, seeking refunds and interest. Allegations include collecting funds without licenses and financial misappropriation. Despite some towers being completed, many buyers remain without their homes, continuing to pay EMIs. ATS attributes delays to external factors, stressing that project funds are monitored under RERA regulations and the SWAMIH Investment Fund....
Godrej Properties reports 283% rise in pre-sales, aims for INR 27,000 crore in FY25
Author : PNT Bureau
Godrej Properties Ltd has reported a remarkable 283% year-on-year increase in pre-sales for Q1 FY25, reaching INR 8,637 crore from 8.99 million square feet of space sold. This rise follows the launch of new projects worth INR 8,600 crore in key markets like Bengaluru and NCR. For FY25, the company targets pre-sales of INR 27,000 crore and project launches totaling INR 30,000 crore. Despite sequentially lower collections and rising net debt of INR 7,430 crore, Godrej Properties aims to achieve INR 15,000 crore in collections and INR 20,000 crore in business development....
Suraj Estate Developers reports 30.9% revenue growth and doubles PAT in Q1FY25
Author : PNT Bureau
Suraj Estate Developers Limited has posted strong financial results for Q1FY25, with total income rising to INR 134.6 Crores, a 30.9% increase year-over-year. EBITDA reached INR 64.2 Crores, up 36.3% from last year, while PAT more than doubled to INR 30.1 Crores, reflecting strong profitability. The company reduced net debt from INR 572 Crores to INR 352 Crores, improving financial stability. Pre-sales grew by 5.2%, driven by increased luxury unit sales. With plans for a new INR 475 Crores commercial project and a solid FY25 pre-sales target, Suraj Estate is poised for continued growth....
India's flex space doubles to 50 MSF; green certified offices up 68% since 2019
Author : PNT Bureau
India's commercial real estate sector is evolving with a marked increase in flexible workspaces and sustainability. According to Colliers, flex space stock has doubled since 2019, exceeding 50 million square feet as of Q2 2024, reflecting a shift towards hybrid work models. Additionally, green-certified office space has surged by 68%, reaching approximately 490 million square feet. This growth highlights a trend towards environmentally friendly building practices driven by regulatory pressures and corporate sustainability goals. As businesses adapt to new work models and prioritise sustainability, these changes are shaping the future of India's commercial property market....
Aranyakaa Farms in Bengaluru sees 75% increase in farmland value over three years
Author : PNT Bureau
Aranyakaa Farms has achieved a remarkable 75% increase in farmland value across nine projects over the past three years, driven by its commitment to sustainable development and innovative agricultural practices. With Bangalore facing congestion and water issues, the company offers a serene alternative, enhancing land values amid a 20-30% surge in farmland prices around the city. Notable projects like Vrindavan and Tapovan saw prices soar from INR 60 lakh to INR 1.3 crore per acre. Aranyakaa Farms' smart farming techniques and community focus have positioned it as a leader in managed farmland, with continued growth expected....
Growing demand for one-bedroom units in co-living spaces
Author : PNT Bureau
India's co-living sector is experiencing a shift towards one-bedroom units, driven by increased demand from corporate employees and students seeking more space and privacy post-pandemic. Companies like Housr and Truliv report significant rises in requests for 1 BHK units, with Housr predicting such units to rise from 30% to 50% of their inventory within 8-10 months. The sector, projected to grow to USD 40 billion in five years, sees cities like Bengaluru and Hyderabad leading the demand for fully furnished, managed living spaces. This trend highlights changing lifestyle preferences and the importance of privacy in modern co-living....
Prestige Estates Projects' announces a 3.40% net profit decline in Q1 FY25
Author : PNT Bureau
Bengaluru-based Prestige Estates Projects reported a 3.40 percent decline in net consolidated profit for the quarter ending 30 June 2024, with a net profit of INR 307 crore compared to INR 317.80 crore in the previous year. Net consolidated total income rose by 2.96 percent to INR 2,024.50 crore. As of 30 June 2024, the company's net worth was INR 11,521.70 crore, with debt at INR 11,057.30 crore and a debt-equity ratio of 0.79. Revenue from operations grew to INR 1,862.1 crore. The Board recommended a final dividend of INR 1.80 per share....
GDA to review Wave City project in Ghaziabad as 3,000 homebuyers await decision
Author : PNT Bureau
Nearly 3,000 homebuyers in Ghaziabad anticipate progress on the Wave City project as the GDA meets this month to discuss its approval. Delays have plagued the 4,000-acre development, with a decade-long wait due to unpaid land conversion fees of INR 401 crore. If approved, the developer may need another six months to prepare the land, benefiting 5,000 families already allotted plots. A committee led by the chief secretary has pushed for prioritizing homebuyers' interests, aiming to resolve long-standing issues and enable property registrations....
Sheth Realty's Codename Younique campaign promotes luxury living with quick commute to BKC
Author : PNT Bureau
Sheth Realty's new campaign for their luxury project Codename Younique highlights the benefit of reduced commute times to the Bandra Kurla Complex (BKC), Mumbai's key business hub. Featuring slogans like "Hop. Skip. Jump. BKC.", the campaign underscores the project's strategic location near the Sion-BKC connector. The luxury gated community boasts over 45 amenities and targets professionals earning INR 45 lakh per annum or more. The campaign utilises digital platforms including Facebook, LinkedIn, and Instagram, aiming to attract buyers seeking both convenience and high-end living. Chintan Sheth emphasises the value of luxury and time-saving features in their marketing strategy....
Arkade Group launches 'Family First' campaign to highlight commitment to family-centric living
Author : PNT Bureau
Arkade Group's new campaign, "Family First," showcases the real estate developer's dedication to family-oriented values since 1986. With over 5,000 satisfied customers, the campaign highlights core values like care and trust through radio, OOH advertising, and digital media. A standout feature is the CGI technology used to create engaging content, including visuals of the number '1' in prominent city locations, symbolising the company's leadership in family-centric developments. Arkade Group's innovative marketing and focus on enhancing family life reflect its commitment to creating meaningful residential spaces in Mumbai....
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