Transcon Developers and Khotwadi residents clash over redevelopment project
Author : PNT Bureau
Residents of the Santacruz West Khotwadi slum in Mumbai have complained about not receiving rent for their homes and shops over the past six years as part of an ongoing redevelopment project led by Transcon Developers. Despite attempts to communicate their issues, the residents allege their pleas have been ignored and they have faced intimidation. They are now appealing to the government for urgent intervention to address the matter and protect their rights. Transcon Developers shared details of rent payments made and communications with authorities, stating all dues have been cleared and that the construction of new rehab buildings is also nearing completion....
Assetz Property Group teams up with Fairlark to launch Sora & Saki, an uber-luxury residential project at KIADB Hardware & IT Park
Author : PNT Bureau
Assetz Property Group, has launched Sora & Saki, an uber-luxury residential project at KIADB Hardware & IT Park in collaboration with Fairlark. This project features 990 spacious 3 and 4 BHK units with Large Living Balconies and over 25 world-class amenities, including a 25,000 sq ft clubhouse. Spread over 11.28 acres with 74% open space and a 50,000 sq ft retail area, Sora & Saki aims to redefine luxury living in North Bengaluru, offering modern design, convenience, and connectivity. Completion is expected by September 2028....
Sobha Group aims for INR 30,000 crore sales target in Mumbai's luxury housing market
Author : PNT Bureau
Sobha Group, a South Indian developer, is set to transform Mumbai's high-end housing segment. The company plans to quadruple its annual sales bookings in India to INR 30,000 crore (USD 3.7 billion) within 4-5 years, highlighting their confidence in the luxury market. Sobha's entry into Mumbai focuses on premium amenities, innovative design, and sustainability. They are exploring land purchases, joint ventures, and redevelopments to navigate Mumbai's dense landscape. Supported by a 28% increase in sales bookings and a robust financial strategy, Sobha's move promises to reshape Mumbai's luxury housing market, offering more options and fostering competition....
Brigade Group launches a INR 720 crore residential project in Bengaluru
Author : PNT Bureau
Brigade Group, a prominent South Indian property developer, has announced a new residential project in Bengaluru. This venture, positioned on a 6.9-acre site along Old Madras Road, highlights Brigade's strategic expansion in the city's thriving real estate market. The project will be developed through a Joint Development Agreement (JDA) and boasts a development potential of 800,000 square feet with an estimated gross development value (GDV) of INR 720 crore. This move highlights Brigade's confidence in Bengaluru's growth, driven by its IT sector and booming economy. The company continues to expand with additional projects across South India....
Phoenix Mills limited reports 32.61% YoY rise in Q4 net profit
Author : PNT Bureau
Phoenix Mills Limited's financial performance for Q4 FY24 impresses, with net consolidated profit after tax (PAT) surging by 32.61% YoY to INR 388.79 crore, up from INR 293.19 crore in Q4 FY23. The company's net consolidated total income witnessed a remarkable 77.96% growth to INR 1,343.14 crore, driven by a substantial 79.13% increase in income from operations to INR 1,305.94 crore. Despite a slight dip in EBITDA margin to 48%, operating EBITDA jumps by 46% to INR 627 crore. The board recommends a final dividend of INR 5 per equity share, reflecting Phoenix Mills' strong fundamentals and strategic positioning in the real estate sector....
DLF plots luxury housing expansions with The Camellias 2 and Villa Project in Goa
Author : PNT Bureau
Real estate developer DLF Ltd. plans to build upon the success of The Camellias luxury housing project with the upcoming launch of The Camellias 2 in Gurugram. Scheduled for Q3 2024-25, the 420-apartment Camellias 2 spread over 17 acres will be accessible only by invitation and have starting sizes of 9,000 sq ft, larger than Camellias. DLF will also debut a 62-villa project in Goa with prices from INR 40-50 crore, slated for August 2024. Both high-end developments aim to leverage strong demand for luxury living....
Sobha reports 85.55% Q4 net profit decline to INR 7.02 crore
Author : PNT Bureau
Real estate developer Sobha saw an 85.55% decline in net profit for Q4 FY24, totaling INR 7.02 crore, with total income dropping by 36.20% to INR 791.25 crore. Despite these setbacks, Sobha remains committed to growth and resilience. The board recommended a dividend of INR 3 per share (totaling INR 54.36 crore), demonstrating confidence in long-term prospects. Sobha also reduced net debt significantly over 14 quarters, achieving a debt-to-equity ratio of 0.50. Strategic moves include a 51% stake acquisition in C.V.S Tech Park and a planned rights issue to raise up to INR 20,000 million....
Signature Global sets ambitious INR 10,000 crore target, shifts focus to mid-income housing
Author : PNT Bureau
Signature Global, a prominent player in India's affordable housing sector, is strategically shifting towards the mid-income housing segment, aiming for significant growth. In FY24, the company reported a 112% increase in pre-sales to INR 72.7 billion (over USD 1 billion) and a 62% growth in collections to INR 31.1 billion (over USD 400 million). For FY25, Signature Global targets pre-sales of INR 10,000 crore (over USD 1.2 billion) and collections of INR 6,000 crore (over USD 750 million). With a substantial project portfolio and a focus on sustainable profitability, the company is well-positioned to meet the rising demand for mid-income housing in India....
Keystone Realtors reports 37 percent rise in annual profit
Author : PNT Bureau
Leading Mumbai developer Keystone Realtors saw its net profit for FY24 increase 36.92% to INR 112.21 crore compared to the previous year, although profit dropped 60% in the fourth quarter. While Q4 profit fell to INR 30.68 crore from INR 76.59 crore year-on-year, total income jumped over 130% for the quarter. For the full year, total income witnessed strong growth of over 215% to INR 2,275.63 crore. Keystone Realtors operates under the Rustomjee brand with a development portfolio spanning MMR, including 34 completed and 35 ongoing/planned projects delivering over 23 million square feet to date....
Siroya Corp announces 1 million sq. ft. mixed-use development in Oshiwara, Mumbai
Author : PNT Bureau
Siroya Corp has revealed plans for a massive mixed-use development in Oshiwara, Andheri West, with a staggering 1 million square feet of space. This project, encompassing residential, commercial, and retail areas, aims to redefine the area's landscape. With Oshiwara experiencing significant population growth, particularly among young professionals and families, the project's 600 residential units across two towers meet a rising demand for modern living spaces. The inclusion of commercial offices and retail spaces creates a self-sufficient community, promoting convenience and sustainability. Siroya Corp's proven track record and focus on quality instil confidence in the project's success, while its strategic location ensures excellent connectivity and accessibility....
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