11 Apr 2024

Godrej Properties Limited (GPL) achieved a milestone in Mumbai with Godrej Reserve, Kandivali, selling INR 2,690 crore worth of inventory within 15 months of acquisition. This success highlighted the demand for premium residential properties in well-connected areas like Kandivali. The project benefits from Kandivali's developed infrastructure and excellent connectivity via the Western Express Highway and metro lines. With a potential revenue of INR 7,000 crore, Godrej Reserve strengthens GPL's foothold in Mumbai's suburbs. Additionally, GPL entered Hyderabad's market in February with a 12.5-acre acquisition in Rajendra Nagar, highlighting its commitment to providing quality living spaces across India.Read more

11 Apr 2024

Bengaluru's Brigade Group partners with United Oxygen Company Private Limited to develop a 3 lakh sq ft Grade A office space on ITPL Road, Whitefield, with a projected value of INR 340 crore. Joint Managing Director Nirupa Shankar highlights the prime location and sustainable design, anticipating it will meet the demand for top-tier work facilities. The group plans to focus on commercial development in Bengaluru, Hyderabad, and Chennai, while expanding into smaller cities like Thiruvananthapuram and Cochin. Additionally, they aim to double their retail portfolio, adding a destination mall in Hyderabad and two smaller malls in Bengaluru's under-development townships.Read more

10 Apr 2024

In FY24, Macrotech Developers surpassed expectations by revealing new projects across Mumbai Metropolitan Region (MMR), Pune, and Bengaluru, with a combined Gross Development Value (GDV) reaching INR 203 billion. This figure notably surpassed their initial guidance of INR 175 billion. The company attributed its success to operating cash flow generation and a recent raise in equity.The company's strategic expansion underscores its commitment to real estate development in key metropolitan areas, indicating strong growth prospects and market confidence in its offerings.Read more

09 Apr 2024

Homebuyers affected by stalled projects by Aliens Developers in Hyderabad received a lifeline as SWAMIH and Nisus Finance invested over INR 465 crore. Aliens HUB, a plotted development in Chennaram, received INR 145 crore from Nisus Finance, while SWAMIH invested INR 320 crore in Aliens Space Station, a mid-income housing project in Tellapur. These funds will cover existing loans, project expenses, and facilitate completion, benefiting over 2,000 homebuyers. SWAMIH, launched by the government to address stalled projects, has now provided substantial funding to revive projects and protect homebuyers' interests, offering hope for resolution in Hyderabad's real estate sector.Read more

09 Apr 2024

Prestige Group has acquired 21 acres of land in Bengaluru for INR 450 crore. The company intends to utilise the land for residential development, with plans spanning approximately four million square feet of developable area. This ambitious project is expected to yield around 1,800 apartments, catering to the growing demand for housing in the city. Venkat K Narayana, Group CEO, expressed plans to launch the project within three quarters and complete development in four years.The acquisition reflects Prestige Group's strategic expansion efforts and commitment to meeting the housing needs of Bengaluru's populace.Read more

09 Apr 2024

ANAROCK, a prominent property services group, expands its offerings with dedicated commercial office leasing services, complementing its ANAROCK Commercial division. Led by industry veterans, the move aligns with the group's growth strategy, targeting international collaborations and top talent acquisition. Chairman Anuj Puri emphasises strategic timing for the launch, tapping into India's resilient office leasing market poised to exceed 50 million square feet by 2024-end, driven by Global Capability Centers' (GCC) expansion. This surge, led by sectors like technology and BFSI, anticipates a demand surge of 80-100 million square feet.Read more

08 Apr 2024

Sunteck Realty Limited (SRL), a prominent luxury real estate developer in India, is expanding its annuity income business by leasing its second premium commercial building, Sunteck Icon, located at BKC Junction, to Bennett, Coleman & Co Ltd. This agreement, spanning 29 years, is expected to generate substantial revenue close to Rs 2,000 crore. The company plans to strategically position itself in Mumbai's key business districts, such as the Bandra-Kurla Complex (BKC) and Oshiwara District Centre (ODC), Goregaon (West). With a diversified pipeline of projects exceeding 50 million square feet and a doubling of its Gross Development Value (GDV) to INR 30,000 crores in FY '24, SRL is set for further growth and expansion.Read more

08 Apr 2024

Tata Realty & Infrastructure (TRIL), a wholly owned subsidiary of Tata Sons, aims to increase its commercial real estate portfolio under the brand "Intellion" to 70% of its total portfolio over the next three years from the current 50%. The company seeks to emerge as a major commercial developer across India in the next 3-4 years, leveraging the steady office space absorption expected in major cities. TRIL is diversifying from residential to focus on commercial realty which provides recurring rental income and better insulates from market fluctuations.Read more

PNT Reporter

05 Apr 2024

GOCL Corporation Limited (GOCL) has entered a joint development MoU with Squarespace Builders Private Limited to monetize 264.50 acres of land in Kukatpally for INR 3,402 crore. Additionally, they will jointly develop 32 acres of land in collaboration with Hinduja Healthcare Limited. The process will unfold over 18 months, with the immediate sale of 12.50 acres for INR 520 crore. Further disbursements of funds will occur through subsequent transactions. GOCL's real estate arm is actively involved in developing Ecopolis, a 40-acre IT and IT-enabled services special economic zone in Bengaluru, in partnership with Hinduja Realty Ventures.Read more

PNT Reporter

05 Apr 2024

Real estate developer Shriram Properties faces a penalty of INR 446.79 crore from the Income Tax Department for FY 2017-18 under Section 270A. The penalty, related to share sales in its subsidiary, was issued under Section 153C. Shriram Properties contests the penalty in the Madras High Court, citing a 'status quo' order. Section 270A allows penalties for concealed income or incorrect filings, ranging from 100% to 300% of evaded tax. The case highlights the intricacies of tax laws in India, emphasising the need for companies to maintain accurate records and seek professional guidance for compliance.Read more