Prestige Group targets Rs 5,000 crore annual revenue with The Prestige City in Hyderabad
Author : PNT Bureau
Bengaluru's Prestige Group recently unveiled its largest township, The Prestige City, in Hyderabad on November 9, anticipating sales exceeding Rs 8,000 crore. Spanning 64 acres in Rajendranagar, the project comprises 4,647 apartments, 119 luxury villas, and a retail mall, with a total investment of around Rs 5,000 crore. The development is expected to be delivered in 2027, offering apartments ranging from Rs 79 lakh to over Rs 2.5 crore. Leveraging Hyderabad's unrestricted floor area ratio policy, the project features 13 towers with unrestricted height. Prestige Group aims to generate Rs 5,000 crore annual revenue from Hyderabad real estate....
Peninsula Land Ltd. records a PAT of Rs 70.77 crore in H1FY24
Author : PNT Bureau
Peninsula Land Limited reported a 112 percent YoY growth in PAT for H1FY24, attributing it to a 57 percent reduction in debt as of September '23. The company's focus on efficient project execution and debt reduction has led to consistent growth, with over 850 apartments delivered in the current fiscal year. Vice Chairman Rajeev Piramal expresses gratitude to stakeholders and envisions robust future growth with over 90 percent debt reduction and a proven track record of delivering multiple projects across cities. The company remains confident in meeting its current liabilities through operational cash flows and planned initiatives....
Supreme Court extends three-month interim bail to HDIL promoter
Author : PNT Bureau
The Supreme Court has granted interim bail for three months to Rakesh Wadhawan, the promoter of Housing Development Infrastructure Ltd (HDIL), in the Rs 4,300-crore Punjab and Maharashtra Cooperative (PMC) Bank scam case, citing medical reasons. The court considered Wadhawan's health condition and specified that he would be allowed to stay at his residence under police custody at his own expense. The bench delegated the determination of the required police presence and related expenses to the state government. Wadhawan faces charges related to an alleged Rs 200-crore loan fraud from Yes Bank and is under investigation for an alleged Rs 4,300 crore loan fraud at PMC Bank....
Group 108 launches 'ONE FNG' project in Noida with a 100 crore investment
Author : PNT Bureau
Group 108's latest venture, "ONE FNG," is set to revolutionize Noida's commercial sphere with a massive investment of around Rs. 1000 crore. Comprising high-rise office towers and a substantial retail area, the project is strategically located near the FNG Expressway. Emphasizing sustainability, wellness, and innovation, ONE FNG aligns with Group 108's commitment to redefine the city's economic landscape. With its Platinum-rated green building certification, registered under RERA, and an estimated completion within five years, this project embodies a visionary approach, indicating a transformative future for Noida's commercial real estate....
Man Infraconstruction Limited's H1FY24 triumphs: 'Aaradhya Avaan' and beyond
Author : PNT Bureau
Man Infraconstruction Limited (MICL), headquartered in Mumbai, declared its Q2FY24 and H1FY24 results, showcasing impressive growth. Notably, MICL launched the iconic 'Aaradhya Avaan' residential tower in Tardeo, Mumbai, adding 21 lakh sq. ft. to its real estate portfolio with a revenue potential of Rs. 5,200 crore. The company secured a significant Rs. 680 crore EPC order from BMCT for the Fourth Container Terminal of JNPT. Despite a dip in Q2 operating revenue, H1FY24 reported steady total income, 8% YoY EBITDA growth, and a substantial 65% YoY surge in net profit. MICL remains optimistic about Mumbai's real estate market and anticipates strong performance with upcoming project launches....
DB Realty announces strategic sale of stake in RGBPL to Kingmaker Developers for Rs 231 crores
Author : PNT Bureau
DB Realty Limited has finalized the sale of its subsidiary, Real Gem Buildtech Private Limited (RGBPL), to Kingmaker Developers Private Limited for approximately Rs 231.42 crores. This strategic move allows DB Realty to optimize assets and fund expansion plans. The transaction includes RGBPL's luxury project, 'Rustomjee Crown,' enhancing Kingmaker Developers' position in Mumbai's real estate market. This all-cash deal demonstrates DB Realty's adaptability to evolving regulations and signifies strategic industry collaborations, reflecting the dynamic nature of the real estate sector....
SRA and Omkar Realtors distribute 1,000 homes in world's tallest rehabilitation towers
Author : PNT Bureau
Mumbai's iconic Dhobi Ghat witnessed a historic moment as the Slum Rehabilitation Authority (SRA) and Omkar Realtors allocated 1,000 homes in the world's tallest rehabilitation towers. This milestone project, developed under Maharashtra's slum rehabilitation scheme, has already provided shelter to 900 families. With a vision to house 16,000 slum residents, the project covers 12 acres in Mahalaxmi, offering luxury homes with scenic views. Omkar has delivered over 17,000 units in Mumbai. This achievement marks a significant step in improving living conditions for the city's slum dwellers....
Anant Raj Limited foresees Rs 4,000 crore in revenue from four projects
Author : PNT Bureau
Anant Raj Limited, a prominent real estate developer, unveils an ambitious expansion plan encompassing residential, commercial, and industrial projects, estimated to generate a collective revenue of nearly Rs 4,000 crore. The flagship project is a luxury housing venture in Gurgaon, spanning five acres with a revenue potential of Rs 1,800 crore. Other initiatives include converting a South Delhi hotel into a versatile office and service apartment centre, expanding the Anant Raj Estate in Gurgaon, and developing the Anant Raj Centre in South Delhi. Additionally, a Tirupati affordable housing project is underway. With diverse offerings, Anant Raj Limited positions itself as a forward-thinking player in the real estate landscape....
DDA seeks consultant firm for carrying out demolition of Signature Views Apartments
Author : PNT Bureau
The Delhi Development Authority (DDA) is soliciting bids for a consulting firm to oversee the demolition of the structurally troubled Signature View Apartments in Mukherjee Nagar. A study by the Indian Institute of Technology Delhi in 2021-2022 confirmed the building's unsound condition. The DDA is seeking an experienced consultant to manage the demolition, waste removal, and recycling, with a potential six-month engagement. A pre-bid meeting has been scheduled to address potential bidders' questions and concerns. Meanwhile, residents are requesting a reduction in the 100% evacuation requirement to 75% to facilitate a smoother transition to temporary accommodations. This initiative aims to ensure a safe and efficient demolition process....
Strong demand propels Godrej Properties to record Q2 performance
Author : PNT Bureau
Godrej Properties, the real estate arm of the renowned Godrej Group, has announced outstanding financial performance for Q2 ending on September 30, 2023, signalling a promising future in India's real estate market. The company is set to surpass its projected new bookings of Rs. 14,000 crores, achieve record cash collections, and complete projects at an all-time high in the current fiscal year. The company plans to launch 14 new projects and expand 10 existing projects. Q2 saw their highest quarterly sales, a 48% increase in half-yearly sales, and an impressive 29% increase in collections, highlighting financial stability. The company's net profit increased by 22%, reflecting strong growth in total income and effective cost management....
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