Kolte-Patil Developers sets new milestones in sales and collections for H1FY25
Author : PNT Bureau
Kolte-Patil Developers Ltd. (KPDL) reported its highest-ever quarterly sales of INR 770 crore for Q2FY25, with the premium 24K segment contributing 30%. Sales volumes reached 1.03 million square feet, driven by flagship projects like Life Republic. Average realisations increased by 16% year-on-year to INR 7,472 per square foot. Collections totalled INR 550 crore for the quarter and INR 1,162 crore for H1FY25. CRISIL upgraded KPDL's ratings, reflecting financial strength. KPDL's growth is fuelled by strong sales, premium project success, and disciplined financial management, positioning it for continued success in Pune, Mumbai, and Bengaluru....
Ansal Properties ordered to maintain status quo on INR 503 crore assets by Delhi High Court
Author : PNT Bureau
The Delhi High Court has directed Ansal Properties and Infrastructure Ltd. to maintain the status quo on its unencumbered assets following a petition by Debenture Trustee Vistra ITCL. This order, aimed at enforcing a previous Arbitral Tribunal ruling requiring security of INR 503 crore, prohibits any dealings with these assets. A follow-up hearing is scheduled for January 2025 to assess further developments in the case....
Aditya Birla Real Estate reports Q2 FY25 net profit of INR 2.82 crore
Author : PNT Bureau
Aditya Birla Real Estate has reported a remarkable turnaround for Q2 FY25, posting a net profit of INR 2.82 crore, compared to a net loss of INR 32.87 crore in the same quarter last year. Total income surged by 30.26% to INR 1,138.08 crore, driven by increased demand and successful project launches. Key acquisitions include a 10-acre site in Worli, Mumbai, with a gross development value of INR 14,000 crore, and a five-acre plot in Gurugram valued at INR 1,400 crore. This growth, along with a stable financial position, highlights the company's resilience and potential for future expansion in India's recovering real estate market....
Minimalist Hotels launches coworking spaces in Goa, Delhi, and Varanasi
Author : PNT Bureau
Minimalist Hotels, India's leading poshtel chain, has launched new coworking spaces at its Goa, New Delhi, and Varanasi locations. These upscale hostels, combining luxury and affordability, now offer dedicated workspaces within their cafes, catering to remote workers and travellers with flexible schedules. Promoting "hybrid hospitality," Minimalist Hotels allows guests and non-guests alike to access productive environments for video calls, networking, or brainstorming. Daily passes are available at INR 1,000, while a monthly membership costs INR 20,000, offering discounts on food, beverages, and stays. This thoughtful blend of work and leisure makes Minimalist Hotels ideal for modern travellers....
Noida: Nirala World acquires land in Greater Noida to launch a new commercial project
Author : PNT Bureau
Nirala World has acquired 2.6 acres of land in Greater Noida West for INR 180 crore to develop a commercial project, possibly a mall or high street. The project will begin once UPRERA approvals are obtained. The firm recently launched a luxury residential project, 'Nirala Trio,' and has already completed the 25-acre 'Nirala Estate' development, delivering 3,600 homes, with 450 more units to be handed over soon....
Prestige Estates to develop 'Prestige City' Township in Ghaziabad
Author : PNT Bureau
Prestige Estates Projects Ltd is investing around INR 7,000 crore to develop a large township in Ghaziabad, part of its expansion in the Delhi-NCR property market. The 'Prestige City' project will span 10 million square feet, featuring residential units, retail, and educational facilities, with expected revenue of over INR 10,000 crore. The company has also acquired land in central Delhi for an ultra-luxury housing project and plans a project in Noida. Despite a recent decline in sales bookings, Prestige achieved INR 21,040 crore in bookings last fiscal year and aims for INR 24,000 crore this year, positioning itself for further growth in Delhi-NCR....
Iraah Lifespaces wins top honours at Business Excellence Awards 2024 for luxury villas
Author : PNT Bureau
Iraah Lifespaces, a leading ultra-luxury villa developer, recently won two prestigious awards at the Business Excellence Awards 2024: Best Developer of the Year in Luxury Second Homes and Best Design Concept & Architecture. The awards were presented to founder Vikas Sutaria by actress Bhagyashree during a ceremony in Mumbai. Sutaria attributed the success to his team's dedication in creating exceptional living spaces that blend luxury with comfort. Known for its innovative designs in scenic locations like Alibaug and Lonavala, Iraah Lifespaces continues to set benchmarks in sustainable, high-quality villa development. The company remains a leader in crafting ultra-luxury homes that reflect elegance and modern aesthetics....
Godrej Properties expands portfolio with strategic acquisitions in Ahmedabad and Navi Mumbai
Author : PNT Bureau
Godrej Properties has acquired three acres in Vastrapur, Ahmedabad, to develop 0.9 million square feet of residential space, with an estimated booking value of INR 1,300 crore. The project offers diverse apartment configurations in a prime location with excellent connectivity and amenities. Additionally, Godrej emerged as the highest bidder for a group housing project in Kharghar, Navi Mumbai, and is planning a 6.54-acre development, offering around 2 million square feet of space. With an expected total revenue potential of INR 3,500 crore, these projects reflect the company's focus on strategic growth, addressing varied housing needs, and reinforcing its leadership in India's real estate market....
Noida: Documents issued to 81 homebuyers of Eldeco Aamantran
Author : PNT Bureau
The stamps and registration department hosted a special camp at Eldeco Aamantran in Sector 119, Noida, where 81 flats were registered, generating INR 2.4 crore in revenue. The developer chose not to participate in the UP-government's rehabilitation scheme due to low outstanding dues. Homebuyers expressed joy at receiving their registration papers, likening it to an early Diwali celebration. Nikhil Singhal, president of the apartment owners' association, noted that 950 out of 1,260 flats had been registered, with 310 still pending. The department plans additional camps, with the next one scheduled for October 22 at Great Value Sharanam in Sector 107....
Suraj Estate Developers raises INR 343 crore through equity shares and convertible warrants to fuel expansion
Author : PNT Bureau
Suraj Estate Developers has raised INR 343 crore through a preferential allotment of equity shares (INR 243 crore) and convertible share warrants (INR 100 crore). The funds will support land acquisitions, working capital, and corporate expenses. The company issued 21,05,467 equity shares at INR 714 per share, increasing its paid-up capital to INR 23.88 crore. Additionally, 13,30,000 convertible warrants were issued at INR 750 per warrant, with 25% paid upfront. The promoter group's holding will dilute from 74.95% to 67.71%. This fundraising strengthens Suraj Estate's operational capacity and positions it for growth in the residential and commercial real estate segments....
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