Sobha Ltd., a real estate developer, has reported a significant uptick in sales bookings for the fiscal year 2023-24. Their sales surged by 28% year-on-year, totaling INR 6,644.1 crore (approximately USD 8.2 billion), marking their highest-ever performance across key metrics. This growth stems from both increased sales volumes, with 8% more residential space sold (6.08 million square feet), and a notable 19% rise in average selling prices to INR 10,922 per square foot. Sobha attributes this success to India's robust housing market, fuelled by factors like government spending, domestic consumption, and infrastructure development. With a diverse presence across regions like Bengaluru, Kerala, Tamil Nadu, Pune, and more, Sobha continues to cater to a broad spectrum of homebuyers nationwide....
Migsun Group launches INR 426 crore mixed-use project in Lucknow
Author : PNT Bureau
NCR-based real estate developer Migsun Group has acquired land in Lucknow to develop a mixed-use project called Migsun Lucknow Central. Spread over 20,239 sqm, the INR 426 crore project will have retail spaces, a food court, business suites, and studio apartments. Around 500 units will be launched in the first phase priced at INR 49 lakh each. This is Migsun Group's second commercial project in Lucknow, expanding their operations beyond Delhi-NCR to tier 2 cities like Lucknow....
Raymond Realty's Mumbai projects set to generate INR 30,000 crore in revenue
Author : PNT Bureau
Raymond Realty, Raymond Ltd's real estate arm, is leading the surge in Mumbai's property sector with projects set to yield INR 30,000 crore. A significant portion stems from developing 48 acres in Thane, part of their vast land holdings. Expanding into Mumbai, their Bandra project, valued at INR 2,000 crore, is witnessing robust sales. Two more launches are slated in Mahim and Sion, promising 5 lakh sq. ft. each, with a combined revenue potential of INR 6,000 crore. Adopting a phased approach in Thane over five years, Raymond Realty focuses on offering "affordable premium" homes, aiming to surpass their INR 2,000 crore booking target, projecting over INR 7,000 crore....
SP Group's debt refinancing plan using Tata Shares may run into trouble
Author : PNT Bureau
SP Group's plans to refinance its INR 20,000 crore debt by pledging its remaining stake in Tata Sons is facing issues. Lenders have expressed concerns over technical difficulties in refinancing restricted shares and raising another round of funding through pledging. The group needs to repay debt in May but lenders say pledging shares already used as collateral once before may not be appropriate. Refinancing could also be rejected by Tata Sons as it requires board approval due to share transfer restrictions....
Godrej Properties achieves record-breaking sales of INR 3,000 crore with Godrej Zenith in Gurugram
Author : PNT Bureau
Godrej Properties Ltd. (GPL) celebrated a remarkable achievement with their project, Godrej Zenith in Gurugram's Sector 89, recording sales of over 1,050 homes valued at INR 3,000 crore (USD 370 million). This milestone underscores the increasing demand for quality housing in Gurugram. As GPL's largest residential development in the city, Godrej Zenith's success paves the way for future projects in Gurugram, with launches planned in Sector 103, Sector 43, and Sector 54 in FY25. GPL's strong sales performance extends nationwide, with significant sales figures in Gurugram, Mumbai, and Noida, indicating a positive outlook for the real estate market....
Prestige Group achieves sales record of INR 21,040 crore in FY24
Author : PNT Bureau
Prestige Group, a real estate company, reported record sales of INR 11,007 crore in the first half of FY24, a 69% increase from the previous year. The company's sales were driven by strong demand in Bengaluru, Mumbai, Hyderabad, and Chennai. Prestige Group is expanding its presence in the Delhi-NCR market and plans to have sales of INR 25,000 crore in FY25. The company's success is attributed to its focus on quality projects, customer service, and a diverse portfolio catering to mid-income and luxury segments....
Sobha Crystal Meadows: An exclusive collection of luxury row homes in Bengaluru
Author : PNT Bureau
Sobha Limited, a leading real estate developer, has launched Sobha Crystal Meadows, a collection of 290 English-inspired luxury row homes in Bengaluru. Located on a 26-acre property off Sarjapur Road, the development offers lavish 4-bedroom homes ranging from 4,237-4,815 sq ft with modern amenities. 68% of the area is reserved as open space. Priced over INR 10.5 crore, the homes are aimed at C-suite executives and provide a blend of contemporary design and traditional architectural elements for a serene living experience away from the city bustle....
Rustomjee's Keystone realtors record 41% rise in sales booking for FY24
Author : PNT Bureau
Mumbai's Keystone Realtors, recognized for its Rustomjee brand, saw a rise in sales bookings, reaching INR 2,266 crore in FY23-24, marking a 41% increase from the previous fiscal year. Moreover, the company sold 1.21 million square feet of space, up 17% from the previous year. Notably, the final quarter of FY23-24 witnessed a remarkable 78% surge in sales bookings, with INR 843 crore in bookings, and a 36% increase in area sold. Analysts credit this growth to the persistent demand for homeownership, favourable interest rates, and the reputation of developers like Rustomjee for quality and reliability. CEO Boman Irani expressed optimism, citing achievements across various metrics....
Tata Realty & Infrastructure Ltd. achieves WELL certifications for sustainable workplaces
Author : PNT Bureau
Tata Realty & Infrastructure Ltd. (TRIL) has achieved a remarkable feat by securing prestigious WELL Core certifications from the International WELL Building Institute (IWBI) for its commercial portfolio. The Ramanujan Intellion Park in Chennai has been awarded the highest Platinum level WELL Core Certification, making it the first in India and among the top 100 globally. TRIL is a global leader in WELL at scale, applying health-focused strategies across its entire portfolio. Intellion Parks in Mumbai and Gurugram have secured WELL Gold Precertification and WELL Health-Safety Rating. TRIL's commitment to occupant well-being through superior air quality, water quality, mold prevention, health promotion, movement encouragement, and optimized acoustics is exemplary....
Signature Global records INR 7,270 crore sales in FY24, doubling from previous year
Author : PNT Bureau
Signature Global reported a rise in sales bookings, reaching INR 4,140 crore in Q4 FY24, driven by strong demand for luxury projects in Gurugram. Full-year sales doubled to INR 7,270 crore. Notably, the company surpassed its FY24 guidance of INR 4,500 crore. Pre-sales and collections grew 112% and 62% respectively, with record quarterly and annual performances. Sales realisation rose by 49% to INR 11,762 per sq. ft. Despite a marginal increase, net debt stood at INR 11.6 billion. Pradeep Kumar Aggarwal, Chairman, attributed the success to execution capabilities and customer trust, anticipating strong growth in FY25....
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