Nexus Select Trust reported a 27.18% decline in net consolidated profit for Q2 FY 24, amounting to Rs 251.46 crore. The total income also dropped by 34.38%, reaching Rs 557.32 crore. Despite the profit decrease, the trust declared distributions of Rs 452.07 crore for the quarter, emphasizing robust consumption growth and resilient net operating income. CEO Dalip Sehgal announced the signing of a non-binding term sheet for the acquisition of three malls in southern India, showcasing strategic expansion amid market challenges. Nexus Select Trust maintained strong performance indicators, including 97% leased occupancy in the retail segment and 18% YoY growth in tenant sales....
Prestige Estates projects soars with 512.58% YoY growth in net profit in Q2
Author : PNT Bureau
Prestige Estates Projects achieved a remarkable 512.58% YoY growth in net profit, reaching Rs 910.3 crore in Q2 FY 24, compared to Rs 148.6 crore in the same period last year. The company's net consolidated total income surged by 120.79%, reaching Rs 3,256 crore. Notably, strategic acquisitions, including stakes in Dashanya Tech Parkz and Techzone Technologies, exemplify Prestige Estates Projects' commitment to diversification and expansion. These robust financials and strategic initiatives position the company for sustained success in India's real estate sector....
Blaze engulfs homes and factories in Byculla West, causing damage to goods
Author : PNT Bureau
A level-II fire erupted in Byculla West, Mumbai, damaging structures including the Jubali building and Dhobighat chawl. The fire, covering 5,000 to 6,000 square feet, was extinguished by 12:03 p.m. Nine people were rescued, and no injuries were reported. The affected area housed manufacturing units for leather goods, causing significant losses. While the cause is under investigation, a short circuit is suspected. The incident highlights vulnerabilities due to limited ventilation and the use of inflammable materials. Residents escaped unharmed, but the economic impact on workers and business owners is substantial, emphasizing the need for fire safety measures....
Supreme Court orders swift possession for homebuyers in Mantri Serenity project
Author : PNT Bureau
The Supreme Court has issued an interim order directing Mantri Castles Private Ltd (now Castles Vista Pvt Ltd), also known as Mantri Developers, to hand over possession of the delayed Mantri Serenity project to 48 homebuyers in Bengaluru. Despite full or nearly full payment, the buyers faced prolonged delays, prompting legal action. The court mandates possession within a week, adhering to the agreement terms, with completion before the next hearing on February 14. The National Consumer Disputes Redressal Commission had earlier disposed of the case, leading the homebuyers to appeal to the Supreme Court for resolution....
Brigade Group reports robust Q2 FY24 financial performance with Rs 134 crore net profit
Author : PNT Bureau
Bengaluru's Brigade Group reported stellar financials in Q2 FY24, achieving a net profit of Rs 134 crore, a substantial increase from the previous year. Total revenue reached Rs 1,408 crore, with collections of Rs 1,439 crore and EBITDA at Rs 366 crore. The real estate segment saw bookings of 1.67 million sq ft valued at Rs 1,249 crore. The residential sector contributed significantly, with revenue at Rs 1,063 crore and EBITDA of Rs 155 crore. The commercial and hospitality segments also exhibited robust growth, underlining Brigade Group's diversified and resilient approach to real estate....
Piramal Enterprises records notable turnaround with Rs 48 crore profit in Q2 FY24
Author : PNT Bureau
Piramal Enterprises Limited has reported a remarkable recovery with a net profit of Rs 48.19 crore in Q2 FY24, compared to a loss in the same quarter last year. The company's total income rose to Rs 2,205.21 crore, marking a 12.73% increase year-on-year. Additionally, PEL announced a buyback of equity shares worth Rs 1,750 crore. The firm's strong performance is further emphasized by a robust growth in its total assets under management and a significant increase in retail lending disbursements, indicating a positive trajectory in its financial services sector....
Indiabulls Housing Finance announces 2.94% increase in Q2 net profit
Author : PNT Bureau
Indiabulls Housing Finance reported a 2.94% increase in net consolidated profit at Rs 297.98 crore for Q2 FY24. The company's net consolidated total income rose by 0.49% to Rs 2,242.30 crore. The board approved the issuance of nonconvertible debentures up to Rs 5,000 crore. Additionally, 79,34,267 equity shares were allotted upon stock option exercise. Securities issuance included 1,013,259 NCDs worth Rs 101.32 crore and 1,131,783 NCDs worth Rs 113.17 crore. As of September 30, 2023, net worth was Rs 16,736.92 crore, debt-equity ratio at 2.59, net profit margin at 13.32%, gross NPAs at 3.72%, and net NPAs at 2.22%....
Mahindra Lifespace Developers halts joint development project in Dahisar East
Author : PNT Bureau
Mahindra Lifespace Developers, the real estate arm of Mahindra Group, has terminated the joint development of a 4.8-acre land parcel in Dahisar East, Mumbai, citing significant delays in regulatory clearances. The project, initially announced in October 2021, aimed to provide approximately 5 lakh sq. ft. of carpet area. Additionally, the company faces a Rs. 4.6 lakh penalty from Pimpri Chinchwad Municipal Corporation for alleged violations related to air pollution control at its Pune construction site, as per the Air (Prevention and Control of Pollution) Act 1981 and state regulations....
Risland India's Sky Mansion in South Delhi secures Occupancy Certificate
Author : PNT Bureau
Risland India achieves a milestone as Sky Mansion, its South Delhi skyscraper, receives an advanced Occupancy Certificate, signalling readiness for immediate move-in. The subsidiary of Singapore-based Risland boasts a global residential portfolio of Rs 1 lakh crores and aims to apply a 5% price hike this month following the project's completion before the scheduled date. With top-notch amenities, infinite views, and a strategic location, Sky Mansion positions itself as a premium residential choice, with notable neighbours including celebrities like Yuvraj Singh who owns a penthouse in the building....
Eldeco Housing and Industries reports sharp profit drop in Q2 FY24
Author : PNT Bureau
Eldeco Housing and Industries reported a significant 27.82% decrease in its consolidated net profit for the quarter ending September 30, 2023, with profit after tax at Rs 6.41 crore. The company's total income also dipped by 48.02% to Rs 18.65 crore. Chairman Pankaj Bajaj highlighted their successful land acquisitions, a 6% increase in bookings, and the delivery of 96,546 sq.ft during H1 FY24. Eldeco saw a booking value of Rs. 24.7 crore in Q2 FY24 and secured a capital infusion of Rs. 160 crores. Despite the profit decline, the company remains focused on expansion and development initiatives....
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