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

PNT Reporter

04 Apr 2024

Sobha Developers Limited expands its footprint in Gurugram by acquiring Bengaluru-based BNB Builders for INR 29.5 crore. This strategic move aims to capitalize on Gurugram's growing real estate demand, particularly among businesses and young professionals. Sobha gains access to 2.03 acres of prime land in Sector 106, allowing potential development of luxury apartments or office spaces. Despite facing tax assessment orders totaling INR 45.8 crore, Sobha remains focused on project delivery and assures stakeholders of uninterrupted operations. Analysts view this acquisition as a diversification strategy to tap into Gurugram's market potential.Read more

PNT Reporter

03 Apr 2024

Manasum Senior Living, a leading senior living developer, has announced the launch of IKIGAI Goa in collaboration with Prescon Homes. Located 10 minutes from Panjim, Goa, IKIGAI Goa is a luxury retirement community spread over 7.5 acres with 240 1-BHK and 2-BHK homes priced between INR 65-87 lakhs. The community offers a 35,000 sq ft clubhouse, wellness center, pools, gym and other amenities. IKIGAI Goa aims to provide seniors aged 50+ a vibrant space to live meaningful lives through holistic experiences and community support, in line with the Japanese philosophy of 'Ikigai'.Read more

PNT Reporter

03 Apr 2024

Concorde is set to invest INR 250 crore to develop a residential project in North Bengaluru, acquiring 4.5 acres for INR 100 crore. The project will encompass six towers with 424 units, projecting a revenue potential of INR 400 crore. Previously, Concorde acquired a stressed project in October 2023, achieving 85-87% revenue recognition. Targeting INR 440 crore in pre-sales this fiscal year, with H1 FY24 sales at INR 200 crore, the company plans four launches in the next 12 months. Additionally, it's developing 36 luxury towers on two acres, foreseeing revenue of INR 1,400 crore.Read more

PNT Reporter

02 Apr 2024

Group Satellite launches the final phase of its affordable housing project, Aarambh, with Aarambh Avyaan in Malad East, setting new standards for luxury living. With meticulously crafted 1 BHK homes starting from INR 50 Lacs, Avyaan offers an exclusive subvention scheme for early bird buyers. The project offers international design finesse and over 25 lavish amenities, including a rooftop garden, meditation area, and plunge pool. Clever space utilisation, large windows, and excellent connectivity make Avyaan the epitome of intelligently designed living spaces in Mumbai, promising a significant lifestyle upgrade and attractive investment opportunities.Read more

PNT Reporter

01 Apr 2024

K Raheja Corp has signed an agreement to jointly develop a 2.5-acre land parcel in Mumbai's Worli, aiming for a luxury residential project with revenue potential exceeding INR 2,000 crore. The revenue share structure allocates 57% to K Raheja Corp and 43% to the landlord. The developer will handle planning, design, approvals, execution, branding, and sales, aiming to complete the project within five years. The development, covering around 3 lakh sq ft carpet area, includes an office building and commercial outlets. Mumbai's luxury housing market has seen significant growth, with a surge in sales value and transactions, particularly in upscale areas like South Mumbai and Worli-Prabhadevi.Read more

PNT Reporter

29 Mar 2024

Union Living, a leading co-living startup, announced the launch of 500 bed co-living properties in Mumbai and Pune. These build-to-suit properties include 'Southside' in Mahalakshmi with 200 beds, 'Terra' in Juhu with 150 beds, and 150 studio apartments in Koregaon Park, Pune. Co-founded by Rishab Soni and Parth Soni, Union Living aims to enhance the co-living experience for students and young professionals. With a focus on modern, secure, and customised accommodations, the company's expansion will increase operational beds to 1,500 by June 2024. Pioneering the build-to-suit concept, Union Living's properties prioritise functionality, efficiency, and tenant satisfaction, reflecting their commitment to redefining co-living standards.Read more

29 Mar 2024

Real estate developer Square Feet Group has announced that it will invest INR 300 crore to construct 1,000 flats spread over 3 acres in Thane under their new project 'Yuva Rajya'. Targeting millennials, the project is located opposite Grand Central Park. In the first phase launch, 300 flats were released, of which 100 were sold within 6 hours of the launch. The total cost is estimated at INR 250-300 crore with expected sales of INR 750 crore. The group owns over 20 acres in the area and plans to complete four major projects in Thane by 2027 worth INR 1,500 crore and INR 3,500 crore in revenue, catering to various housing segments and commercial areas.Read more

PNT Reporter

28 Mar 2024

Mahindra Lifespace Developers Limited (MLDL) plans to invest INR 6,000 crore in its residential business over four years, aiming for a fivefold increase in business growth by FY28. Focused on Mumbai, Pune, and Bengaluru, the company aims to achieve a gross development value (GDV) of INR 45,000 crore through new projects and joint developments, alongside housing society redevelopments and land acquisitions, as part of its expansion strategy. Recent initiatives include the launch of Green Estates in Chennai and the successful sell-out of Lakefront Estates, reflecting MLDL's commitment to strategic growth and market presence.Read more

28 Mar 2024

Birla Estates released a show apartment at Birla Niyaara in Worli, Mumbai, including Silas, the New Signature Tower. The event featured a magnificent aerial act and an immersive customer experience developed in collaboration with specialised partners from the United Kingdom and the United States. K.T. Jithendran, Birla Estates' MD and CEO, stressed the tower's iconic status and invitation to experience uber-luxury living. The celebrity-attended launch praised the location's character. Silas boasts spectacular views and LifeDesigned residences in one of Mumbai's greatest integrated complexes, carrying on the Aditya Birla Group's tradition.Read more