SignatureGlobal makes strong start in FY25, targets INR 100 billion in pre-sales
Author : PNT Bureau
SignatureGlobal, a leader in affordable and mid-income housing in India, has reported a robust start to FY25 with INR 31.2 billion in Q1 pre-sales, marking a 255% YoY growth. This achievement surpasses 30% of their ambitious INR 100 billion full-year target. Collections also surged by 102%, reaching INR 12.1 billion, while net debt decreased by 16% to INR 9.8 billion. With an average sales realisation of INR 15,369 per sq ft, the company plans to stabilise this figure with new mid-income housing projects. SignatureGlobal's strong performance underscores their focus on affordability and readiness to meet growing housing demands in India....
Whiteland Corporation and Marriott International to invest INR 5600 crore in building Westin Residences in Gurugram
Author : PNT Bureau
Whiteland Corporation, a leading real estate developer in Delhi's NCR, has joined forces with Marriott International Inc. to bring the prestigious Westin Residences to Sector 103 in Gurugram. This partnership combines Whiteland's expertise in delivering high-quality, sustainable projects with Marriott's renowned brand and commitment to wellness. The Westin Residences project, estimated at a staggering investment of INR 5,600 crore, will offer a range of three- and four-bedroom residences spanning 235 to 386 square meters, catering to the discerning preferences of modern homebuyers. The project's design and amenities have been meticulously crafted by renowned industry experts, ensuring a harmonious blend of architectural excellence, lush landscaping, and sophisticated interiors....
Brigade Enterprise plans INR 1,100 crore residential project in West Bengaluru
Author : PNT Bureau
Brigade Enterprise Limited (BEL) is set to launch a significant residential project in West Bengaluru, facilitated by Knight Frank India. This project, spanning 1.2 million square feet on an 8-acre land parcel, addresses the growing demand for quality housing in the area. The project has a projected sales value of INR 1,100 crore (USD 163 million). West Bengaluru's strong infrastructure, including a 30 km metro line and proximity to major highways and industrial areas, makes it an attractive location. With a surge in demand for high-end properties and rising property prices, this development aligns with the city's growth and expansion plans....
Raymond Ltd proposes de-merger of Raymond Realty to unlock shareholder value
Author : PNT Bureau
Raymond Ltd, the renowned textile major, has announced plans to demerge its real estate business into a separate entity called Raymond Realty Ltd. This strategic move aims to unlock the growth potential of Raymond's real estate portfolio, which accounts for 24% of the company's total revenue. The demerger will allow Raymond Realty to operate independently and potentially attract fresh investors or strategic partners, while enabling Raymond Ltd to focus on its core textile and engineering businesses. The new real estate company will inherit a significant land bank in Thane, with ongoing projects valued at over INR 9,000 crore and the potential to generate more than INR 25,000 crore in revenue. Additionally, Raymond Realty has recently expanded its footprint in Mumbai through several joint development agreements, further strengthening its real estate portfolio....
Brigade Group announces 1.2 million sq. ft. project on Tumkur Road, Bengaluru with INR 1,100 crore GDV
Author : PNT Bureau
Brigade Group has launched an 8-acre residential project on Tumkur Road, West Bengaluru, featuring modern apartments at attractive prices. With a total built-up area of 1.2 million square feet (approx. 111,650 square meters), the project will offer two and three-bedroom apartments to meet the growing demand for mid-sized homes. Executive Director Pradyumna Krishnakumar highlighted the project's Gross Development Value (GDV) of INR 1,100 crore (USD 137 million). This launch follows the recent introduction of Brigade Insignia in Yelahanka. West Bengaluru's excellent connectivity and infrastructure make it a desirable location for this new residential venture....
Unitech Group resumes construction on 5,500 homes after Noida Authority approval
Author : PNT Bureau
The Noida Authority has recently granted layout map approvals for several unfinished housing projects by the Unitech Group, providing relief to over 5,500 buyers whose homes were stalled. This decision follows a Supreme Court directive in April 2024, prioritizing completion of projects where flats have already been allotted. The approved projects cover 246 acres with partially built structures, while another 197 acres of undeveloped land remain for future considerations. Construction is set to restart pending environmental clearances, with Unitech aiming for timely completion, contingent on funding and other approvals. The focus remains on delivering homes to awaiting buyers across sectors 96, 97, 98, 113, and 117 in Noida....
Jaiprakash Associates considers asset sales to recover its INR 52,000 crore debt
Author : PNT Bureau
Jaiprakash Associates Limited (JAL) is grappling with a colossal debt of INR 52,000 crore (approximately USD 6.5 billion). While the company's founders offered personal guarantees totaling INR 778 crore (about USD 97 million), this covers less than 2% of the total debt. Following a petition by ICICI Bank, JAL was admitted to bankruptcy court, highlighting the limited value of these guarantees. Creditors, led by State Bank of India with claims over INR 15,000 crore and ICICI Bank with claims exceeding INR 9,200 crore, are focusing on monetising JAL's assets, including hotels, cement plants, and prime real estate, to recover their funds....
Concorde Group acquires a 1.6-acre land in Bengaluru for a residential project
Author : PNT Bureau
Leading real estate developer Concorde Group has acquired a 1.6-acre land parcel on Sarjapur Road in Bengaluru for a new residential project estimated at INR 200 crores. Facilitated by Colliers India, the project will feature a high-rise building with 2 and 3 BHK apartments, integrating home automation for enhanced security and energy efficiency. A signature Evolve clubhouse will provide top-notch amenities. The prime location offers access to key IT clusters and improved connectivity with the upcoming Peripheral Road and Namma Metro expansion. This acquisition underscores Concorde's commitment to innovative, high-quality living spaces, reinforcing its position as a top real estate developer....
Godrej Properties achieves record sales of INR 3,150 crore in Bengaluru's Godrej Woodscapes project
Author : PNT Bureau
Godrej Properties has reached a milestone with its Godrej Woodscapes project in Whitefield-Budigere Cross, Bengaluru, selling over 2,000 homes and generating sales exceeding INR 3,150 crore (approximately USD 39 million). This project marks their most successful launch in Bengaluru and the highest sales volume and value ever for the company. This achievement, coupled with another recent launch exceeding INR 3,000 crore in sales, highlights the strong demand for residential properties in Bengaluru. With a robust pipeline of new projects in Bengaluru and plans to enter the Hyderabad market, Godrej Properties is set for continued growth in South India....
Puravankara acquires prime land parcels in Bengaluru and Mumbai with a GDV of INR 6,400 crore
Author : PNT Bureau
Puravankara has acquired a 7.26-acre land parcel in Hebbagodi, Bengaluru, with a saleable area of 7.5 lakh sq ft and a potential gross development value (GDV) of over INR 900 crore. Additionally, it announced a 12.75-acre land acquisition in Thane and Mumbai, with a GDV of INR 5,500 crore. Its subsidiary, Provident Housing, bought landowner shares in Provident Botanico and Provident Capella for INR 165 crore and INR 86 crore, respectively, adding a GDV of INR 1,550 crore. The group plans to launch 14 million sq ft in FY25, focusing on development and land replenishment....
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