Residential project completion times improve by 20% across major Indian cities
Author : PNT Bureau
Anarock's latest report reveals a 20% reduction in average completion times for new residential projects across major Indian cities. Studying markets like Mumbai, Delhi-NCR, Chennai, Bengaluru, Pune, Hyderabad, and Kolkata, the report compares projects launched between 2014 and June 2024, which averaged 4.9 years to complete. This marks an improvement from 6.1 years for projects launched between 2010 and 2019. Mumbai and Delhi-NCR lead with notable drops in construction timelines, attributed to stricter regulations under RERA and market consolidation among larger developers. Despite improvements, Kolkata lags at 5.7 years due to delayed RERA implementation and local market challenges....
Puravankara Ltd. meets expectations with steady Q1 sales and strategic expansion
Author : PNT Bureau
Puravankara Ltd. reported impressive first-quarter (April-June 2024) sales bookings of INR 1,128 crore, matching the previous year's figures despite delaying new project launches. A 6% increase in average price realization per square foot to INR 8,746 highlights a shift towards luxury properties, reflecting growing demand in this segment. Puravankara's strategic land acquisitions in Thane and Bengaluru added 2.42 million sq ft of development space, ensuring a robust pipeline. Additionally, the company plans to raise INR 700-800 crore through a Qualified Institutional Placement (QIP) for organic and inorganic growth, while managing debt levels, which stood at INR 2,151 crore. This balanced approach positions Puravankara for sustained growth and leadership in the high-end real estate market....
Brigade Group launches 948 one-bedroom apartments in North Bengaluru's tech hub
Author : PNT Bureau
Brigade Group introduces Cobalt, featuring 948 one-bedroom apartments within the expansive Brigade El Dorado township in North Bengaluru. Designed for young professionals, Cobalt integrates sleek, contemporary architecture amidst 40 acres of lush greenery. The township offers extensive amenities including retail shops, entertainment venues, a hospital, and sports facilities. Strategically located 15 minutes from Kempegowda International Airport and near major IT parks, Cobalt ensures seamless connectivity. With completion expected by Q2 FY29, this project underscores Brigade Group's commitment to providing modern, sustainable living solutions in Bengaluru's vibrant tech corridors....
Co-working firm Innov8 has made a significant expansion in the Delhi-NCR region, investing INR 10 crore to set up three new facilities with a total sitting capacity of over 600. The new centers, spanning 60,000 square feet, are located in strategic hubs like Unitech Cyber Park, DLF Cyber City, and Okhla. Innov8's founder cited the thriving startup ecosystem and corporate presence in the region as key factors behind this expansion. As a company acquired by OYO in 2019, Innov8 now operates over 30 centers across nine cities in India, catering to more than 8,000 employees of its clients....
G Square Pavillion: Tamil Nadu's largest sports-themed plotted community
Author : PNT Bureau
G Square, South India's largest plot promoter, announced the success of G Square Pavillion in Singaperumal Koil, Tamil Nadu's largest sports-themed plotted community. Located on the Oragadam Bypass near GST Road, this DTCP-approved and RERA-registered project features 624 plots across 34.53 acres with over 50 amenities. It benefits from major infrastructure developments, including the SP Koil Overpass linking GST Road with Oragadam Bypass, and extensive connectivity via rail, road, metro, and air. The region is poised for growth, with significant automobile and IT hubs nearby. G Square Pavillion offers plots at an early bird price of INR 2799 per square foot, promising substantial future appreciation....
Worldwide Realty launches "The Golden City" in Manesar with 178 new plots
Author : PNT Bureau
Manesar, near Gurugram, is set for growth with Worldwide Realty's launch of 178 new industrial plots in "The Golden City," covering 112.5 acres. This project offers businesses well-connected spaces near major expressways and highways, including the upcoming Gurugram-Pataudi-Rewari Highway, enhancing access and reducing costs. Catering to enterprises of all sizes, The Golden City provides modern infrastructure and amenities. Vikas Aggarwal, COO of Worldwide Realty, emphasised the area's improved connectivity and strategic appeal. This development aims to attract diverse ventures, boosting Manesar's industrial landscape and contributing to the region's economic growth....
Prestige Estates Projects Ltd., a prominent Indian real estate developer, faced a 23% decline in sales bookings for Q1 FY 24-25, dropping from INR 3,914.7 crore to INR 3,029.5 crore year-on-year. The decrease is attributed to delayed project launches, resulting in sales of 2.86 million square feet and 1,364 units, down from 3.83 million square feet and a higher unit count in the previous year. Despite this, the company achieved a 16% year-on-year increase in average realisation per square foot, totaling INR 11,934 for apartments, villas, and commercial spaces. Plot sales surged 46% year-on-year, averaging INR 7,285 per square foot. Chairman and Managing Director Irfan Razack remains optimistic, emphasising Bengaluru, Hyderabad, and Mumbai as key markets contributing to their strategy of launching new projects in the upcoming quarters. Prestige's challenges reflect broader issues in the I...
Ashiana Housing plans 3 million sq ft expansion across India
Author : PNT Bureau
Ashiana Housing, renowned for senior living projects, is set to expand its portfolio, developing 2.5 to 3 million square feet across India in the financial year 2024-25. The expansion includes new ventures in existing markets like Chennai, Pune, Gurugram, Jaipur, Jodhpur, Jamshedpur, and Bhiwadi, and entering new ones like Bengaluru and Panvel. The company is introducing kid-centric housing in Jaipur and Gurugram, with units priced around INR 75 lakh to INR 3.5 crore. Additionally, a new senior living project, Ashiana Swarang, will launch in Chennai, offering 450 units priced between INR 75 lakh and INR 1.8 crore. Ashiana Housing aims to achieve INR 2,000 crore in sales for the fiscal year 2023-24....
Construction set to resume on 3C Lotus City project along Yamuna Expressway
Author : PNT Bureau
Good news for nearly 500 homebuyers of the 3C Lotus City project in Noida: construction can finally begin after years of delays due to a legal dispute. The Yamuna Expressway Industrial Development Authority (YEIDA) and the new developer, ACE Infracity Developers Private Limited, have resolved a long-standing case pending before the National Company Law Appellate Tribunal (NCLAT). The project, launched in 2012 on 100 acres, faced delays due to farmers' demands for increased compensation. With a revised plan reducing ACE's land dues from INR 506 crore to INR 299 crore and addressing farmers' compensation, construction is set to resume, bringing relief to homebuyers....
Rustomjee acquires 88-acre land for plotted development in Kasara, Thane
Author : PNT Bureau
Keystone Realtors Limited (Rustomjee Group) has acquired an 88-acre land parcel in Kasara, Thane for INR 91 crores, marking its entry into plotted development. This move caters to the rising demand for second homes away from urban areas. The project will feature approximately 500 plots across 1.5 million square feet, offering luxury living in a scenic mountain setting. Planned to launch in Q2FY25, the project aligns with Rustomjee's strategy to diversify its portfolio and improve profitability. Chairman Boman Irani emphasised the company's focus on innovation, quality, and meeting customer needs, aiming to set new industry standards in real estate....
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