NAREDCO establishes chapter in Uttarakhand to promote real estate development
Author : PNT Bureau
The National Real Estate Development Council (NAREDCO) has inaugurated its Uttarakhand chapter, aiming to promote growth and transparency in the state's real estate sector. Minister Shri Premchand Aggarwal announced plans for 22 new townships to generate jobs and enhance revenue. Emphasising sustainable development, the initiative seeks to attract investments while preserving the environment. NAREDCO's National President, G Hari Babu, highlighted Uttarakhand's investment potential. The chapter will focus on policy advocacy, knowledge sharing, and industry collaboration, positioning Uttarakhand for significant economic growth through improved infrastructure and connectivity....
Noida developers to get extra relief as state waives dues for period affected by NGT orders
Author : PNT Bureau
Real estate developers in Noida who have paid the initial 25% under the state government's reschedulement policy are now eligible for additional relief on their dues. This follows earlier relief that eliminated penalties and interest accrued during the Covid-19 pandemic. The new waiver targets the period from August 14, 2013, to August 19, 2015, when construction was halted due to NGT orders. Out of 57 applicants, 10-11 developers are expected to benefit. Noida Authority CEO Lokesh M confirmed ongoing assessments, aligning with the UP government's efforts to revive stalled projects. The move, welcomed by CREDAI, aims to expedite project completion and address delays caused by external factors....
India's GCC office space demand expected to rise to 26 million sq ft by 2027
Author : PNT Bureau
India's demand for office space from Global Capability Centres (GCCs) is set to rise significantly, with projections reaching 26 million square feet by 2027, up from 19.69 million square feet in 2023. Knight Frank's report highlights a 16% increase in office leasing deals over five years, with GCCs completing 6,667 transactions. The IT/ITeS sector leads in space absorption, with Mumbai and Bengaluru as key hubs. The growth is driven by evolving hybrid work models and increased GCC activity, particularly in manufacturing. India's competitive advantages in talent and costs make it a prime destination for multinational expansion....
Residents of La Residentia protest over lack of basic amenities in Greater Noida West
Author : PNT Bureau
Over 150 residents of La Residentia Society in Greater Noida West protested against the builder's failure to provide essential services such as water, electricity, sanitation, and functional lifts. Despite possessing only 1,500 of the 3,256 flats, residents face severe infrastructure issues, including power overload, water shortages, and dysfunctional elevators. They have protested every Sunday for three weeks, but the builder denies their claims and attributes the issues to residents' non-cooperation. The ongoing conflict underscores the necessity for developers to fulfill their commitments and ensure adequate amenities for residents, requiring collaborative efforts for sustainable solutions....
L&T reports a 15% revenue increase in Q1 FY 2024-25
Author : PNT Bureau
Larsen & Toubro Ltd (L&T) reported a 15% increase in revenue for Q1 FY 2024-25, reaching INR 55,120 crore, driven by strong project execution and manufacturing. International orders significantly contributed, rising by 42% year-on-year and accounting for 48% of total revenue. Domestic orders fell by 20%, but overall order flow remained steady due to international growth. The company's order book is valued at INR 4.9 trillion, with major contributions from infrastructure and energy sectors. L&T projects its order book will grow to INR 9 trillion by the end of the fiscal year and is expanding its green energy portfolio....
DLF ventures into Goa with super-luxury villa project amid rising demand
Author : PNT Bureau
Goa's appeal as a second home destination for India's wealthy is soaring, with DLF Limited set to launch its first super-luxury villa project outside the Delhi-NCR region. According to Sotheby's International Realty's Luxury Outlook Survey 2024, 35% of luxury home buyers prefer Goa. Factors like strong rental income, secure gated communities, and a lifestyle focus drive this trend. DLF's 62 "by-invitation" villas in Reis Magos, North Goa, priced between INR 40-50 crore, reflect this demand. North Goa's villa prices have surged 28% year-on-year, driven by high rental yields and proximity to the new Mopa Airport....
SWAMIH fund to deliver 20,000 stalled homes annually, for the next three years
Author : PNT Bureau
The government's SWAMIH Fund aims to deliver 20,000 stalled homes each year for the next three years, offering hope to countless families with incomplete projects. The Economic Survey 2023-24 highlights the massive issue of stalled real estate projects in India, with an estimated 4.1 lakh homes valued at INR 4.1 lakh crore currently on hold. Launched in 2019, the SWAMIH Fund has already delivered over 32,000 homes. This government initiative provides financing to complete unfinished housing projects, including those under insolvency. With a focus on strengthening the NCLT and streamlining the IBC process, the SWAMIH Fund's commitment brings renewed optimism to homebuyers awaiting their dream homes....
Mahindra Lifespace to develop 104 acres in Mahindra World City, Chennai
Author : PNT Bureau
Mahindra Lifespace has secured approval to develop an additional 104 acres within its Mahindra World City project near Chennai. The Ministry of Commerce and Industry has allowed the partial denotification of 42.073 hectares (approximately 104 acres) of SEZ land, enabling its use for commercial and residential projects. This move supports Mahindra Lifespace's strategy to meet rising market demand, with plans to launch projects in Chennai and Jaipur over the next year. The company aims for a Gross Development Value of INR 45,000 crore (USD 5.4 billion) from residential projects alone. Shares have risen by 24% over the past year, reflecting strong investor confidence....
DLF reports INR 6,958 crore revenue and 38% pay rise for Chairman Rajiv Singh in 2023-24
Author : PNT Bureau
DLF Limited, an Indian real estate developer, reported significant growth in executive salaries and revenue for FY 2023-24. Chairman Rajiv Singh's remuneration surged 38% to INR 27.30 crore, reflecting his role in navigating a competitive market. Recognised as the richest real estate entrepreneur in India, Singh's leadership has bolstered DLF's market valuation to INR 2 lakh crore. Additionally, Managing Directors Ashok Kumar Tyagi and Devinder Singh received INR 13.52 crore each, marking increases of 27% and 26% respectively. With consolidated revenue rising 16% to INR 6,958 crore, DLF plans a 15% sales growth target for FY 2024-25, focusing on luxury housing projects....
CoWrks expands to Mumbai and Bengaluru with 1.4 lakh square feet of new co-working spaces
Author : PNT Bureau
CoWrks, a leading provider of premium co-working spaces in India, is significantly expanding its presence with four new centers in Mumbai and Bengaluru. The new Mumbai location at Equinox and two new centers in Bengaluru- Ecoworld and Centennial-add 1.4 lakh square feet to CoWrks' portfolio, increasing their total managed area to 15 lakh square feet. With this expansion, CoWrks now operates 34 centers across India. The move taps into the booming flexible workspace market, with Bengaluru leading the market with a 25% share and Mumbai at 13%, reflecting the growing demand for co-working solutions....
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