Anant Raj reports 63.5% surge in net profit for June 2024 quarter
Author : PNT Bureau
Anant Raj, a key real estate sector player, reported a net profit of INR 42.28 crore for the quarter ending June 30, 2024, marking a 63.5% increase from INR 25.86 crore the previous year. Total income rose by 50.9% to INR 284.29 crore, reflecting robust demand and strategic project focus. Expenses increased to INR 227.43 crore, consistent with expansion efforts. This performance suggests a potential recovery in the real estate market, with Anant Raj's emphasis on sustainability and innovation likely enhancing its market appeal....
Oberoi Realty secures key land parcel for major development in Bandra, Mumbai
Author : PNT Bureau
Oberoi Realty has secured a development agreement for a 2,576 square metre land parcel on Carter Road, Bandra (West), Mumbai. This project will generate around 40,000 square feet of free sale area, targeting the high demand for premium real estate. The company reported a 54% revenue increase to INR 1,441.95 crore and a profit after tax of INR 584.40 crore in Q1 FY25. This initiative underscores Oberoi Realty's strategic focus on key locations and sustainable urban development, contributing to Mumbai's vibrant real estate market....
Ceratec Group reveals new brand identity as Pune real estate market evolves
Author : PNT Bureau
Pune-based Ceratec Group has rebranded to better reflect its modern vision and evolving market aspirations. The new identity, including a redesigned logo and the tagline "Exceeding Expectations," replaces the 2000 logo, symbolizing a commitment to innovation and high-quality service. Managing Director Anand Agarwal emphasized that the update aligns with their expanded service portfolio and shifting market trends. Founded in 2000 and transitioning from marble to real estate, Ceratec has developed over 65 acres in Pune and is currently focused on projects in Ravet, Hinjewadi, Balewadi, and Baner. The rebranding aims to enhance their role in Pune's dynamic real estate sector....
India real estate investment hits USD 3.9 billion in H1 2024, LA Empire innovates rental market
Author : PNT Bureau
India's real estate sector saw a rise in investment, reaching USD 2.77 billion in Q2 2024, bringing the total for the first half of the year to a record USD 3.9 billion, as reported by Cushman & Wakefield. This boom is paralleled by Ankit Lodha's LA Empire, which addresses issues in the U.S. rental market with a streamlined approach. Established in 2022, LA Empire manages nearly 30 properties worth over USD 30 million and offers flexible rental options. Lodha's innovations reflect a broader trend towards improved transparency and flexibility in the rental market, mirroring the growth in India's real estate investments....
JMS Group plans eco-friendly housing development in New Gurugram
Author : PNT Bureau
The JMS Group has acquired 8.65 acres in Sector 95A, New Gurugram, for a large-scale housing project. The development is expected to generate nearly INR 1,000 Crores in revenue, with an investment of approximately INR 400 Crores. Pushpender Singh, Managing Director, emphasised the strategic growth and the aim to redefine urban living in Gurugram. The project will feature modern amenities and eco-friendly designs, catering to various market segments. Construction will begin after approvals, with completion in a few years. The prime location and JMS Group's successful track record are anticipated to attract strong interest from homeowners and investors....
L&T Realty joins Valor Estate on project worth INR 20,000 crore
Author : PNT Bureau
L&T Realty and Valor Estate, jointly will develop a 10 acre land parcel of more than INR 20,000 crore.The land parcel will be located next to the upcoming Bombay High Court complex in Bandra-Kurla complex and is expected to be completed in over 5-6 years. Rehabilitation of 5,500 families living in slums will also be part of the project. The land parcel built will include premium housing, commercial spaces, and a 1000 key five star luxury hotel. L&T Realty did not comment and Valor Estate did not answer the media query....
Wework india adds 1.4 lakh sq. ft in Bengaluru and Noida
Author : PNT Bureau
WeWork India has expanded by adding over 1.4 lakh square feet of office space with the opening of new centres in Bengaluru and Noida. This expansion aims to cater to the growing demand for flexible workspaces in these key cities. The new centres are equipped with modern amenities and designed to support a variety of work styles. By increasing its footprint in Bengaluru and Noida, WeWork India continues to strengthen its position in the coworking space market, offering more options for businesses and professionals. With a presence in eight cities, WeWork India now offers over 90,000 desks nationwide....
Supreme Court upholds buyers right to refund with enhanced interest
Author : PNT Bureau
The Supreme Court has upheld the order of the National Consumer Disputes Redressal Commission (NCDRC), directing a developer to refund the entire amount paid by home buyers for the delayed possession of their flat. The home buyers had booked a 3BHK flat in the 'Parsvnath Paramount' project in 2008, but the developer failed to hand over the possession within the agreed timeframe of 30 months. The NCDRC had initially ordered the developer to refund the amount with 9% interest per annum, but the home buyers challenged this decision. The Supreme Court has now increased the interest rate to 12% per annum, stating that the home buyers had to suffer for a long time without any fault of their own and the agreement mentions that the developer would be a 12% interest on the amount in case of delay....
Macrotech Developers achieves best-ever Q1 with INR 475.3 crore net profit
Author : PNT Bureau
Macrotech Developers, a leading Indian real estate firm, has reported a stellar performance in the first quarter of fiscal year 2024-25, with its net profit soaring 2.7-fold to INR 475.3 crore. The company's total income grew substantially to INR 2,918.3 crore, driven by strong pre-sales that reached a remarkable INR 4,030 crore - the second consecutive quarter exceeding INR 4,000 crore. The company's robust embedded EBITDA margins of 33% and its strategic expansion into new markets like Pune have positioned it for continued growth. Leveraging its strong brand and balance sheet, Macrotech Developers has added new projects worth over INR 65,000 crore since its IPO, demonstrating its ability to capitalize on the country's growing housing demand....
Godrej Properties secures funds for major projects with INR 1,275 crore NCDs
Author : PNT Bureau
Godrej Properties has raised INR 1,275.40 crore by issuing non-convertible debentures (NCDs) on a private placement basis. The company's board approved the distribution of 93,540 unsecured redeemable NCDs worth INR 935.40 crore and an additional 34,000 NCDs worth INR 340 crore. Pirojsha Godrej, Executive Chairperson for the company, announced plans to launch residential projects valued at INR 30,000 crore this fiscal year to achieve a 20% growth in sales bookings, targeting INR 27,000 crore. In the previous fiscal year, the company saw an 84% growth in sales bookings and aims to deliver 15 million sq. ft this year....
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