The National Company Law Tribunal (NCLT) permits Macrotech Developers' INR 890 crore acquisition of V Hotels
Author : PNT Bureau
The National Company Law Tribunal (NCLT) approved Macrotech Developers' acquisition of V Hotels, owner of the Centaur Hotel (now Tulip Star), for INR 890 crore. The hotel's prime location in Mumbai's Juhu area attracted interest from real estate giants. Macrotech emerged as the successful bidder, offering an upfront payment of INR 278 crore to secure financial creditors, with two additional tranches of INR 405 crore each. The non-operational hotel, situated on a 6.1-acre land parcel, presents redevelopment opportunities for residential, commercial, or mixed-use projects. This acquisition revives a historic landmark and showcases Mumbai's evolving real estate landscape....
Co-living firm Settl signals rising demand for co-living spaces in major Indian cities
Author : PNT Bureau
Co-living operator Settl saw strong financial growth in 2023-24 by doubling its bed capacity to 4,000 beds across four cities and increasing revenue by 100% to INR 33 crore. This growth reflects the rising popularity of co-living spaces among young professionals in urban India. Founded in 2020, Settl partners with builders to design properties tailored to occupants needs. Around 80-90% of occupants are working professionals aged 25-35, who are attracted by amenities and community lifestyle. With the economy growing and more companies establishing operations in major tech hubs, demand for convenient, affordable co-living spaces is likely to remain robust....
hBits expands into Pune with acquisition of 44k square feet campus in CyberCity Magarpatta
Author : PNT Bureau
Fractional ownership platform hBits has acquired the 44,328 square foot campus in CyberCity Magarpatta, Pune. The agreement duration for Tenant 1 is 60 months and Tenant 2 is 108 months with a lock-in period of 36 months for both. Located in the prestigious Magarpatta City township, the campus will provide a INR 55 crore investment opportunity for investors and increase hBits' assets under management to INR 365 crores. The acquisition price and rental income of the asset offers a gross entry yield of 9% and expected internal rate of return of 15.15%. This expansion underscores Pune's attractiveness as a commercial real estate market....
Zeassetz partners with Bramhacorp to launch co-living project 'Isle of Life' in Hinjewadi, Pune
Author : PNT Bureau
Zeassetz, India's largest co-living rental investing platform, has partnered with real estate developer Bramhacorp to introduce a new co-living standard called "Isle of Life" in Hinjewadi Phase II, Pune. The project consists of 484 fully furnished studio apartments across two sizes priced from INR 22.9 lakhs. Each unit is designed to offer premium amenities and managed living. This expands Zeassetz's buy-to-rent portfolio and provides investors with a straightforward way to earn rental income through tenant management. Emphasizing affordability, convenience and easy rentals, the project is suitable for modern investors seeking high returns....
Chennai emerges as top destination for offshore businesses witnessing a 92% increase in office leasing in 2023
Author : PNT Bureau
Chennai emerges as a top destination for offshore multinational companies (MNCs) establishing Global Capability Centers (GCCs), surpassing traditional leaders Bengaluru and Hyderabad. Lower commercial rental rates, ample Grade A office space, and robust city infrastructure make Chennai an attractive choice. Its strong manufacturing sector, particularly in electronics and automobiles, complements offshore businesses. Bengaluru faces challenges with a global IT slowdown and layoffs, impacting office space leasing. Chennai's GCC market expands beyond IT sectors, attracting diverse industries like banking and R&D. This trend reflects a broader regional shift, with India and other Asian countries emerging as key hubs for cost-effective offshoring solutions....
Macrotech Developers reports Q4 FY24 net profit down by 10.61%, but FY24 profit triples
Author : PNT Bureau
Macrotech Developers, renowned for its Lodha brand, reported a Q4 FY24 net profit decline of 10.61% to INR 667 crore, yet full-year FY24 profit tripled to INR 1,554 crore compared to FY23. They've raised pre-sales guidance by 20% to INR 17,500 crore for FY25, banking on strong demand, especially in the middle-income segment. With record pre-sales of INR 14,520 crore in FY24, they solidify their position among India's top real estate developers. Financially, they reduced net debt by over INR 4,000 crore in FY24, reaching a manageable INR 3,010 crore, and improved their net worth. Total income rose, with Q4 FY24 seeing a significant increase to INR 4,083.9 crore. Lodha plans to launch seven new projects in Mumbai and Pune, totaling 3.4 million square feet, and expand into Bengaluru after successful ventures....
Experion Developers launches a luxury housing project in Noida with INR 1500 crore investment
Author : PNT Bureau
Gurugram based Experion Developers is set to invest approximately INR 1,500 crores in developing a luxury housing project named 'Experion Elements' in Noida. The project, registered with the Real Estate Regulatory Authority (RERA), will feature around 320 housing units on a 4.7-acre site, with the first phase offering about 160 units for sale. The project, boasting a total developable area exceeding 10 lakh sq ft, will offer modern amenities including electric vehicle charging infrastructure, a clubhouse, fitness centre, swimming pool, and landscaped gardens. The investment will be covered through internal accruals and advance collections from customers....
Guardians Real Estate Advisory celebrates INR 262 crore record revenue on Gudi Padwa
Author : PNT Bureau
The Guardians Real Estate Advisory celebrated a significant achievement on Gudi Padwa, generating a record-breaking INR 262 crore revenue through 181 real estate deals. Saurabh Phull, COO of The Guardians, attributed this milestone to the resilience of India's real estate market amid global economic challenges, exceeding INR 5,000 crore. Gudi Padwa's significance as a festival of new beginnings accentuated the success, as purchases made on this day are believed to bring good fortune. The Guardians' role in facilitating these transactions underscores their commitment to empowering homeownership aspirations and shaping the future of Indian real estate through innovation, customer satisfaction, and community engagement....
WeWork India expands operations with two new locations in Gurugram and Pune
Author : PNT Bureau
WeWork India, the leading flexible workspace provider in India, has announced plans to expand operations by signing lease agreements for two new buildings - HQ27 in Gurugram and Amanora Crest in Pune. HQ27 is located in Gurugram's MG Road market with over 96,000 sq ft across three floors and 1,480 desks. Amanora Crest is situated within Pune's largest mall complex, Amanora Mall, with over 87,000 sq ft and 1,700 desks. Scheduled to open in the next couple of months, both buildings offer strategically located, contemporary workspaces with amenities and will reinvent the workspace experience. WeWork India's continued expansion across cities exemplifies its reliability as a brand and is a reflection of its strong relationships with all stakeholders, including landlords, IPCs and members....
Oberoi Realty's FY 2023-24 sales bookings drop by 53% to INR 4,007 crore
Author : PNT Bureau
Oberoi Realty, a leading luxury real estate developer in India, witnessed a 53% decline in sales bookings to INR 4,007 crore in the 2023-24 financial year, compared to INR 8,572 crore in the previous year. The company sold 228 units worth INR 1,775 crore in Q4 2023-24 and 705 units worth INR 4,007 crore for the entire fiscal year. Despite the drop, attributed to a higher base effect, Oberoi Realty's performance remains notable, given its focus on the luxury and ultra-luxury residential segments, which often exhibit higher price points and longer sales cycles....
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