Ganga Realty invests INR 1,200 crore to deliver 524 luxury units in Sector 85, Gurugram
Author : PNT Bureau
Ganga Realty will invest INR 1,200 crore in the Anantam residential project in Sector 85, Gurugram. The project spans 5.29 acres and will feature three G+59 storey towers with 524 units of 3 and 4 BHK apartments, priced from INR 16,500 per sq ft. Funded through internal accruals and customer advances, the project aims for a INR 2,000 crore sales target. Located near the Dwarka Expressway and IGI Airport, Anantam will include luxury amenities, smart home features, and sustainable technologies. Completion is expected in five years, offering "tallest luxury towers" in Gurugram and in Delhi....
Lucknow Development Authority launches ambitious housing and infrastructure schemes
Author : PNT Bureau
The Lucknow Development Authority (LDA) is set to start land acquisition for four new housing schemes: Wellness City, IT City, Educational City, and Prabandhnagar. Approved by LDA chairperson Roshan Jacob, these projects span various locations and include significant infrastructure developments. Wellness City on Sultanpur Road will feature medical facilities, while IT City will host a hi-tech park and industrial zones. Educational City on Mohan Road will have a grid layout with extensive residential and commercial plots. Prabandhnagar Scheme on IIM Road will encompass residential, commercial, and industrial areas. A tender worth INR 225 crore has been issued for infrastructure development....
Ashiana Housing launches third phase of Ashiana Ekansh in Jaipur
Author : PNT Bureau
Ashiana Housing Limited has launched the third phase of its Ashiana Ekansh project in Jaipur, Rajasthan, adding 112 new units, with 92 sold on the first day. Located in Mansarovar Extension, Ashiana Ekansh offers 560 units in 2, 3, and 4 BHK configurations, with prices starting at INR 67 lakhs. The phase is expected to be completed by December 2028. Ashiana Housing, with 11 ongoing projects in seven cities, reported a 160.59% year-on-year increase in net sales and a 67.44% rise in net profit for March 2024. The company continues to meet the growing demand for residential properties in India....
Sattva Group plans INR 14,000 crore investment in residential, office, and hospitality sectors
Author : PNT Bureau
Bengaluru-based Sattva Group announces a bold investment of INR 12,000 crore to INR 14,000 crore (USD 1.5 billion to USD 1.75 billion) over the next 2-3 years, driven by robust growth in India's real estate sector. The strategy marks a shift towards residential development following a surge in sales, aiming to double residential revenues to INR 6,000-6,500 crore (USD 750-812.5 million) by FY25. Expanding into Chennai and Mumbai, Sattva Group plans 23 million sq. ft under construction and eyes a significant commercial office market recovery with projects housing Google, Novartis, and JP Morgan. Financing includes equity, debt, and partnerships with firms like Blackstone Inc., underscoring their confidence in India's property market resilience....
Concorde acquires prime Sarjapur Road plot for INR 32 crore to develop high-rise apartments
Author : PNT Bureau
Bengaluru-based real estate developer Concorde has acquired a 1.6-acre plot on Sarjapur Road, valued at INR 32 crore, to develop a high-rise apartment tower with a GDV of INR 200 crore. The project will offer 2 and 3 BHK apartments over 225,000 sq ft, aligning with Concorde's mid-market focus. This follows their March 2024 acquisition of a 4.5-acre parcel in Thanisandra for a INR 400 crore development. Bengaluru's strong IT sector and growing population drive demand for mid-market housing, particularly in areas like Sarjapur Road. Construction is slated to start in July 2024, with further project details expected soon....
Smartworks secures INR 168 crore funding for growth and expansion in 41 centres across 13 cities
Author : PNT Bureau
Smartworks, a managed office space provider, has raised INR 168 crore (USD 20.24 million) in a funding round led by Keppel Ltd. and Ananta Capital Ventures Fund 1. The founders retain majority ownership. With 41 centres across 13 cities, including recent additions in Gurgaon, Noida, and Chennai, Smartworks serves large enterprises with flexible office solutions. This funding highlights investor confidence in the managed office space sector, which is seeing rapid growth. Competitors like WeWork India, Simpliwork, and Incuspaze have also secured significant investments, driven by the demand for flexible, scalable workspaces amid a rising start-up culture...
Paradigm Realty takes up redevelopment projects Bandra and Kandivali worth over INR 4,500 crores
Author : PNT Bureau
Mumbai's real estate market is set for a transformation as Paradigm Realty embarks on a monumental INR 4,500 crore redevelopment project across 11 housing societies in Bandra and Kandivali. This ambitious initiative promises modern luxury living with amenities like landscaped gardens and enhanced security, a significant upgrade from ageing structures. Beyond individual benefits, the project highlights Mumbai's focus on urban renewal amid land scarcity. It will add over 2.8 million square feet of living space, easing pressure on the city's housing market. The deal, boosted by Maharashtra's stamp duty waiver for society members, marks a pivotal step towards a more modern and sustainable cityscape....
Sattva Group and Bain Capital invest INR 12,000-14,000 crore in co-living venture
Author : PNT Bureau
Sattva Group and Bain Capital have announced a partnership to accelerate the growth of Colive, Sattva's co-living subsidiary. This joint venture will see an investment of INR 12,000-14,000 crore over the next 2-3 years to develop properties tailored for the co-living market. The initiative aims to build "built-to-suit" assets with an estimated pre-sales value of INR 6,000-6,500 crore in FY25, targeting young professionals and students. This partnership leverages Sattva's extensive real estate expertise and Bain Capital's financial strength, positioning Colive to capture a larger share of India's booming co-living market....
Jaiprakash Associates Ltd. (JAL), a major real estate developer in India, is entangled in a debt crisis amounting to INR 16,000 crore with its lenders, causing uncertainty for homebuyers invested in JAL's projects. The company has proposed a one-time settlement (OTS) involving an upfront payment of INR 200 crore and the balance within 18 weeks, but lenders are skeptical of its viability. This dispute, amid ongoing insolvency proceedings initiated by ICICI Bank in September 2018, risks project delays or cancellations. The upcoming hearing on July 3rd will be pivotal in determining the fate of JAL's projects and providing clarity for affected homebuyers....
MahaRERA directs Nirmal Lifestyle to refund INR 66 lakhs to buyer for delayed possession
Author : PNT Bureau
Last month, the Maharashtra Real Estate Regulatory Authority (MahaRERA) directed developer Nirmal Lifestyle to refund INR 66 lakh to buyer Amrithanand Salian for failing to deliver a flat on time. Despite the absence of a specific possession date in the allotment letter, MahaRERA considered the project registration deadline (June 30, 2016) on its website as binding. This ruling underscores RERA's role in safeguarding homebuyers' rights, ensuring developers adhere to promised timelines. The case highlights the importance of due diligence in verifying project details and agreements to mitigate risks for prospective buyers in Maharashtra's real estate market....
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