Royal India Corporation Limited (RICL) raises INR 99 crores in preferential issue
Author : PNT Bureau
RICL announces a significant preferential issue, securing INR 99 crores for strategic growth initiatives. CEO Manoj Punamiya emphasizes the company's commitment to redefining urban living through projects like Kalyan Marina, Juhu, and Kalyan APMC. Noteworthy investors, including Sunder Iyer and the Mangal Keshav family offices, join the venture. Proceeds from the issue will fund Kalyan Marina, set to generate INR 265 crores over three years. Discussions for projects in Juhu and Kalyan APMC are underway, projecting revenues of INR 150 crores and INR 300 crores, respectively. RICL's focus on quality and luxury underpins its vision for transformative urban developments....
Boom in coworking spaces driven by diverse sectors and major enterprises
Author : PNT Bureau
As companies mandate return to office rules, demand for flexible workspaces is surging across major cities and tier 2 markets in India. Large enterprises, startups, and freelancers are increasingly opting for coworking and managed offices over traditional leases for their cost benefits and flexibility. Demand is coming up across sectors such as tech, IT/ITeS, professional services & consulting, health & pharma, manufacturing, food aggregators, BFSI, BPOs, GCCs, airlines and media. Major operators report 85-100% occupancy underscoring strong demand for these services. Experts attribute this trend to the ability of these workspaces to successfully fuse employee flexibility with cost benefits that bolster both individual and business performance in current market conditions....
Skyscrapers to multiply in Mumbai region by over one-third by 2030
Author : PNT Bureau
A new report from property consultancy Anarock reveals that the number of skyscrapers over 40 floors tall in the Mumbai Metropolitan Region will grow by 34% between 2024-2030. There are currently 361 high-rise buildings in the MMR, with 154 completed so far and another 207 scheduled for completion in the next six years. Rising population levels and higher development densities permitted over the last decade are fuelling demand for tall buildings. The state government's recent reduction of premiums for additional constructed space is also encouraging more high-rise development among builders. South Central Mumbai currently has the most towers, though growth is projected across all areas in the coming years....
Manasum Group launches Banyan at Godrej Royale Woods in Bengaluru
Author : PNT Bureau
Manasum Group, one of India's fastest-growing senior living brands, has introduced "Banyan" at Godrej Royale Woods in North Bengaluru. This serene sanctuary for seniors offers a unique blend of luxury, comfort, and holistic wellness, setting a new benchmark for retirement homes in India. Strategically located just a 5-minute drive from the KIAL airport toll, Banyan features ready-to-move-in 1 & 2 BHK residences starting from INR 60 lakh onwards, designed to cater to the discerning needs of today's seniors. Spanning 13 acres, the Banyan project comprises 191 residences, while the Godrej Royale Woods project has a total of 1,678 units and features over 1,000 trees. Banyan's commitment to holistic living is evident through its comprehensive range of amenities aimed at ensuring the physical, emotional, and social well-being of its residents....
Sameera Group to invest in senior living homes in Bengaluru, Chennai and Vellore
Author : PNT Bureau
Sameera Group and Vedaanta Senior Living have partnered to develop senior living projects in Chennai, Bengaluru, and Vellore, with an investment of INR 500 crore to create 1,000 senior homes over five years. This collaboration combines Sameera's expertise in real estate development with Vedaanta's senior care knowledge to address the rising demand for high-quality, affordable senior living solutions in South India. The first project in Kancheepuram will set the standard for future developments, aiming to provide superior living environments for seniors....
Paranjape Schemes hands over 1,000 units across Pune projects
Author : PNT Bureau
Paranjape Schemes, a leading real estate developer in Pune, has successfully handed over 1,000 units across their projects in Blue Ridge Township, Forest Trails Township, and Wakad, covering a total carpet area of 450,000 square feet. This achievement underscores the brand's commitment to delivering quality homes to their customers. With these new additions, the company's presence in Pune has grown significantly, with over 5,000 units already delivered in Groves (Blue Ridge) and more than 2,000 residences in Athashri (Forest Trails). The company's premium project, The Broadway in Wakad, has also received a great response in the previous phase. These newly completed units are a testament to the company's dedication to exceptional execution and unwavering quality standards, solidifying its efficiency and reliability in the real estate sector....
Prestige Estates targets 25-30% pre-sales growth with INR 75,910 crore
Author : PNT Bureau
Prestige Estates, an Indian real estate developer, aims for a 25-30% increase in pre-sales, building on a record INR 72,104 crore in FY24. With a strong launch pipeline of 59.2 million square feet and a potential gross development value of INR 75,910 crore, the company is optimistic despite challenges like project approval delays and competition in new markets such as Mumbai and Delhi. Expansion into NCR and diversification into offices, retail spaces, and hospitality are key strategies. However, significant investments and rising debt levels, with a net debt of INR 77,790 crore and a net debt-to-equity ratio of 0.66, pose financial challenges....
Indiabulls Real Estate acquires new projects in Bengaluru and Chennai
Author : PNT Bureau
Indiabulls Real Estate has made a series of strategic acquisitions, expanding its residential development portfolio in Bengaluru and Chennai. The company acquired the rights to three major projects from Embassy Property Developments - Embassy Residency in Chennai, Embassy Eden in North Bengaluru, and Embassy East Avenue in Whitefield, Bengaluru. These acquisitions, totaling over 1.6 million square feet of saleable area, strengthen Indiabulls' presence in key real estate markets. Alongside these developments, the company also completed the acquisition of Equinox Developments. In a separate announcement, Indiabulls Housing Finance reported a 21% rise in consolidated net profit for the March quarter, reflecting its robust financial performance. The company's improving asset quality, with declining gross and net non-performing assets, further underscores its operational efficiency....
India's top developers target ultra-luxury real estate segment, offering homes priced at INR 10 crore and above
Author : PNT Bureau
Top real estate developers in India are shifting focus to super-luxury homes priced at INR 10 crore and above, following the success of homes in the INR 2-4 crore range. These exclusive residences boast larger living spaces, five to six bedrooms, and premium amenities, strategically located in prime areas of cities like Gurugram, Mumbai, Goa, and Hyderabad. Renowned developers such as DLF Ltd, Prestige Group, and K Raheja Corp Homes are leading the charge, catering to the elite's demand for opulent living. With strong demand driving sales, developers are poised to launch even higher-priced projects, reaffirming India's status as a destination for ultra-luxury real estate....
Columbia Pacific Communities and KITES Senior Care to create India's first and largest retirement community
Author : PNT Bureau
Columbia Pacific Communities (CPC) and KITES Senior Care are joining forces in a INR 250 crore merger to create India's first and largest Continuing Care Retirement Community (CCRC). CPC will invest INR 65 crore for a 25% stake in KITES. The merger will fuel expansion plans, with KITES developing over 1,000 beds across six South Indian cities and CPC adding 1,200 residential units, aiming for 10,000 senior living units and 2,000 geriatric care beds within five years. This initiative addresses the growing demand for senior care, driven by rising life expectancy and nuclear families, and targets the Indian senior living market, projected to reach USD 12 billion by 2030....
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