Oberoi Realty unveils 'Forestville', a biophilic oasis in Thane's Kolshet area
Author : PNT Bureau
Oberoi Realty has unveiled Forestville, an expansive residential project spanning 18 acres in Thane's Kolshet area near Mumbai. Comprising five towers, the development offers 3 BHK apartments starting at 1,090 square feet and a base price of Rs 1.87 crore. Inspired by biophilic design principles, Forestville aims to seamlessly integrate nature with urban living, incorporating green spaces, water features, and eco-conscious design. Oberoi Realty strategically focuses on the 3 BHK segment, aligning with market demands in Kolshet. Forestville reflects Oberoi Realty's commitment to innovation and meeting the evolving preferences of discerning homebuyers....
NCLT Kolkata orders corporate insolvency resolution process for Fort Projects
Author : PNT Bureau
The National Company Law Tribunal (NCLT) in Kolkata has initiated insolvency proceedings against Fort Projects following a complaint from Emami Realty, with claims totalling Rs 91 crore. Emami Realty, a part of Emami Group, accused Fort Projects of defaulting on a principal amount of Rs 82 crore, plus over Rs 9 crore in interest. The decision underscores financial challenges in the real estate sector, appointing an interim resolution professional to oversee the Corporate Insolvency Resolution Process for Fort Projects....
Builders in Karnataka sentenced to three years for noncompliance with Consumer Commission orders
Author : PNT Bureau
The Dakshina Kannada District Consumer Disputes Redressal Commission has sentenced city-based builders Naveen Cardoza and Ujwal D'Souza, along with landowners William Saldanha, B Gayathri Pai, and Lucy Saldanha, to three years in prison and a Rs 1 lakh fine for their failure to comply with the commission's orders. The charges originated from a complaint filed by Dr Laveena Noronha, who alleged a deficiency in service by Marian Infrastructures, developers of the Lake View project. Despite previous orders, the developers failed to provide allocated parking space and compensation to Dr Laveena, leading to the sentencing. The court revoked their bail and imposed additional penalties for non-payment....
MICL targets a revenue potential exceeding Rs 8,000 crore across three projects
Author : PNT Bureau
Man Infraconstruction Limited (MICL) anticipates revenue exceeding Rs 8,000 crore from three Mumbai real estate projects, including the Tardeo project, touted as one of India's tallest buildings. Aaradhya Avaan, MICL's ultra-luxury venture in Tardeo, envisions revenue surpassing Rs 3,000 crore. Collaborating with stakeholders, MICL employs a nuanced revenue-sharing model for the Tardeo project. Additionally, strategic projects in Goregaon and Ghatkopar contribute to MICL's expansive real estate portfolio. Sales achievements for H1 2023 showcase robust performance, while a confident stance prevails amid rising interest costs, reflecting the evolving dynamics of the real estate landscape....
Shriram Properties targets Rs 1,500 crore sales, plans 5.3 million sq ft deliveries by FY24
Author : PNT Bureau
Bengaluru-based Shriram Properties aims to deliver 2.5 million sq ft (msf) of residential space worth Rs 1,500 crore by FY24, with 50% of the units in the mid-market segment and affordable range. Locations include Bengaluru, Chennai, Kolkata, Coimbatore, and Vizag. The company plans to launch 5,000 units, which is about 5.3 msf, primarily in Electronic City, Yelahanka, and Jalahalli. Despite rising land prices, Shriram Properties aims to manage debt, currently at Rs 430 crore, through asset liquidation and debt reduction strategies including joint investments....
Provident Housing launches a Rs 600 crore Villament project ‘Provident Deansgate’ in Bengaluru
Author : PNT Bureau
Provident Housing, a Puravankara Group subsidiary, is set to launch its inaugural themed villament project, Provident Deansgate, in Bengaluru. Priced at over Rs 1.9 crore per villa, the project spans 15 acres in North Bengaluru's IVC Road and comprises 288 duplex villaments themed in Manchester architectural style. With pre-sales already accounting for 30%, the CEO anticipates a robust response to the December 10 launch. The company aims for a top line of Rs 600 crore and plans to expand its total launched space to 3.3 million square feet by the end of FY24, investing Rs 1,150 crore across Bengaluru, Chennai, and Kochi....
Omaxe eyes tier II and tier III cities with a Rs 4,000 crore investment push
Author : PNT Bureau
Real estate developer Omaxe is set to invest approximately Rs 4,000 crore in the next four years primarily focusing on Tier II and Tier III cities. The projects, spanning 1,200 acres, will be in Uttar Pradesh, Madhya Pradesh, and Punjab. Omaxe plans to launch residential and commercial ventures in cities like Indore, Ujjain, Amritsar, Chandigarh, Gorakhpur, and more. In Uttar Pradesh alone, the investment is expected to reach Rs 2,500 crore. The company is diversifying its portfolio with townships, plotted projects, and mid-segment developments, aiming for higher returns in these burgeoning markets....
Legal Victory for Sheth Developers as Bombay High Court deems TMC’s decision arbitrary
Author : PNT Bureau
The Bombay High Court has ruled against the Thane Municipal Corporation's (TMC) refusal to grant Sheth Developers additional space, calling it "manifestly arbitrary." The court found the TMC's decision violated legal principles, including legitimate expectations and the doctrine of promissory estoppel. The dispute centred on the TMC's suspension of its Buy-Back Policy (BBP), which Sheth Developers contested, citing principles of legitimate expectations and promissory estoppel. The ruling underscores the court's commitment to preventing arbitrary actions by authorities and upholding fairness in administrative decisions, promoting transparency and adherence to commitments made by governmental bodies....
Brigade Group forms a JV to develop 14 acres in Yelahanka, Bengaluru
Author : PNT Bureau
Brigade Group, Krishna Priya Estates, and Micro Labs have entered into a joint development agreement (JDA) to develop over 14 acres of land in Yelahanka, Bengaluru. The estimated revenue for the project is Rs 2,000 crores, with around two million sq ft dedicated to residential housing. Brigade Group's recent land acquisitions in key locations like Bengaluru, Hyderabad, and Chennai provide a significant development potential of 7 million sq ft and a gross development value (GDV) of Rs. 7,700 crores. The company plans to launch approximately 13 million sq ft in the next four quarters, with a focus on aggressive growth....
Eldeco Group's Rs 300 crore venture with Terra Garden to redefine hillside living
Author : PNT Bureau
Delhi-based realty firm Eldeco Group is set to invest Rs 300 crore in constructing an ultra-luxury housing project with 80 villas in Himachal Pradesh. Acquiring a 30-acre land parcel in Sirmaur district, the project is part of a new subsidiary, 'Terra Garden,' dedicated to developing high-end projects across tourist destinations. CEO Amar Kapoor stated that 35 villas have been launched for sale, starting at Rs 5.5 crore. The seven-year project aligns with rising demand for luxury villas, and Eldeco is exploring opportunities in states like Uttarakhand and Goa, open to joint ventures for expansion....
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