OYO's Innov8 enters the managed office space market
Author : PNT Bureau
OYO-owned Innov8 has launched a new vertical in the managed office space sector, signaling its expansion into this growing market. With plans to add 4 million square feet of managed office space in India over the next three years, the startup is investing INR 50 crore to develop high-quality infrastructure. Innov8 aims to construct Grade A buildings featuring premium amenities, including a significant project in Mumbai. Established in 2015 by Malik, Innov8 currently operates in nine cities, serving over 350 brands, including notable names like Swiggy and PhonePe. OYO acquired the company in 2019 for approximately INR 220 crore (USD 31.84 million)....
Oberoi Realty receives NCLT approval for Nirmal Realty takeover
Author : PNT Bureau
In August 2024, Oberoi Realty received approval from the National Company Law Tribunal (NCLT) to acquire Nirmal Lifestyle through the corporate insolvency resolution process. Nirmal Lifestyle holds rights to over 20,000 square meters of land in Mulund West, Mumbai, located adjacent to Oberoi's Eternia project, offering valuable expansion potential. Oberoi Realty will settle Nirmal's INR 273 crore debt, purchasing the company's equity for INR 1 lakh, making Nirmal Lifestyle a fully-owned subsidiary. Additionally, Oberoi plans to raise INR 6,000 crore to fund future projects through phased issuance of shares and other instruments. With these moves, Oberoi Realty is strengthening its foothold in Mumbai's competitive real estate market, enhancing its growth outlook, especially in suburban and high-growth regions....
DLF to launch India's most expensive project 'The Dahlias' with prices starting at INR 80,000 per sq. ft
Author : PNT Bureau
DLF, India's largest real estate firm by market capitalization, is preparing to launch its most expensive project, DLF The Dahlias, on Golf Course Road in Gurugram. Featuring 400 residences priced from INR 80,000 per square foot, the average cost per apartment is expected to be around INR 100 crore. With a projected sales value of INR 34,000 crore, the project is set to surpass DLF's Camellias, another high-end development in the area. The Dahlias is anticipated to rival Mumbai's luxury projects, marking a new benchmark in India's luxury real estate market, attracting high-net-worth individuals to the NCR region....
Arvind SmartSpaces announces new Bengaluru project, targets INR 600 crore in revenue
Author : PNT Bureau
Arvind SmartSpaces Limited (ASL), part of the Lalbhai group, has announced a joint development agreement for a new residential project on ITPL Road, Bengaluru, covering 4.2 lakh square feet with a revenue potential of INR 600 crore. This move reflects ASL's strategy to tap into Bengaluru's thriving real estate market, driven by its status as an IT hub and growing population. Kamal Singal, MD & CEO, highlighted the company's strong growth prospects with a cumulative business potential of INR 1,010 crore for the year. ASL's expansion into key markets like Bengaluru positions it well for continued success in India's resurgent real estate sector....
Puravankara’s H1 FY25 sees impressive sales and land acquisitions in key markets
Author : PNT Bureau
Puravankara reported pre-sales of INR 1,331 crore in Q2-FY25, a rise from INR 1,128 crore in Q1, with total pre-sales of INR 2,459 crore in H1-FY25. Customer-collections reached INR 1,033 crore in Q2, up 18% year-on-year, INR 1,998 crore for H1, up 27%. Average-price-realisation increased by 9% to INR 8,697 per sq-ft The company acquired 5.75 million sq-ft of saleable-land in Mumbai, Bengaluru, and Goa with a potential GDV of over INR 10,000 crore. It signed a JDA for a 1.95-acre plot in Electronics City and entered South Mumbai's luxury market....
Unitech warns defaulters, over 50 crore in outstanding payments threaten project delays and allotment cancellations
Author : PNT Bureau
The government-appointed board of directors at Unitech Group has issued a stern warning to homebuyers who are defaulting on payments, indicating that construction of their flats could be halted and allotments canceled if payments are not made promptly. After nearly a decade of stalled construction, work has resumed on several Unitech projects across cities like Noida, Gurgaon, and Bhubaneswar. However, inconsistent payment compliance is hindering progress. For example, projects in Greater Noida have seen only a fraction of the demanded payments, with some buyers opting to pay penalties rather than dues. Unitech has urged defaulting homebuyers to settle outstanding amounts or face severe consequences....
Keystone Realtors sees record pre-sales in Q2 FY25 with new project launches
Author : PNT Bureau
Keystone Realtors Ltd, operating under the Rustomjee brand, has reported a significant increase in pre-sales, reaching INR 7 billion in Q2 FY25, marking a remarkable 129% year-on-year growth compared to INR 3.06 billion in the same quarter last year. The company's total pre-sales for H1 FY25 stand at INR 13.11 billion, reflecting a 62% increase from the previous year. Keystone launched three new projects in Q2, adding a saleable area of 2.49 million sq ft and an estimated gross development value (GDV) of INR 20.40 billion....
Sheth Realty launches Codename Younique in Sion, garnering INR 200 crore in 45 days
Author : PNT Bureau
Sheth Realty's maiden redevelopment project, Codename Younique, located in Sion, has achieved a sales of over INR 200 crore within 45 days of its launch. The project, an investment of INR 150 crore with a total estimated cost of INR 800 crore, marks the developer's entry into the redevelopment sector. Spread over two acres, it offers 350 premium 2 and 3 BHK units, complemented by retail outlets and a serene Ganesh temple. Developed in partnership with the Aakshya Group, its success is attributed to strategic pricing and flexible payment plans, appealing to first-time buyers, professionals, and families upgrading their lifestyles....
Ajmera Realty reports steady growth in Q2FY25 with INR 254 crore sales and 20% rise in collections
Author : PNT Bureau
Ajmera Realty & Infra India Ltd (ARIIL) has announced its performance for Q2FY25, achieving impressive sales of INR 254 crore and collections of INR 133 crore. This reflects a 1% increase in sales and a significant 20% rise in collections year-on-year, showcasing the company's robust performance. The company saw strong demand across its diverse portfolio, which includes luxury projects like Ajmera Manhattan and Ajmera Prive, as well as affordable housing options such as Ajmera Vihara, which successfully sold 49% of its units. Looking ahead, Ajmera Realty plans to launch new projects in the second half of FY25, particularly focusing on the upcoming festive season....
WeWork India opens luxurious 61st workspace on Bengaluru's Cunningham Road
Author : PNT Bureau
WeWork India has unveiled its latest premium workspace, WeWork 37 Cunningham, located in one of Bengaluru's prime business areas. Spanning over 61,000 sq. ft. and housing 891 desks across four floors, this space stands out for its luxurious design, cutting-edge technology, and bespoke services. As Bengaluru grows as a hub for multinational corporations, the demand for world-class workspaces is rising. WeWork 37 Cunningham meets this need by offering a mix of elegance, functionality, and sustainability, making it a perfect choice for large enterprises and businesses....
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