PNT Reporter

18 Mar 2024

Ajmera Realty & Infra India Ltd recently secured credit facilities of INR 500 crore from Standard Chartered Bank and ICICI Bank, earmarked for their Ajmera Manhattan project in Mumbai's Wadala area. A notable portion of INR 200 crore will be used to partially prepay a loan from HDFC Bank. The deal, achieved on favourable terms due to Ajmera Manhattan's strong performance, underscores the company's financial reliability and commitment to a 5x growth vision. With a focus on reducing corporate debt by 90 percent within three years, the company aims to leverage internal accruals for this purpose. Ajmera Manhattan's high booking reflects the robust demand along the Sewri-Wadala belt, boosted by infrastructure developments like the Mumbai Trans-Harbour Link.Read more

PNT Reporter

18 Mar 2024

The Sri Kurumba Educational and Charitable Trust, founded by PNC Menon and Sobha Menon, is making substantial contributions to philanthropy through its Sobha Community Home Project, "Griha Sobha 2024." This initiative aims to provide free housing to 220 women-led underprivileged families in Palakkad district, addressing the widespread issue of inadequate housing in India. The recent inauguration event marked a significant milestone, with the handover of keys for the first set of 100 homes, and the foundation stone laid for an additional 120 homes as part of the commitment to offer a total of 1000 homes to women from resource-limited families.Read more

PNT Reporter

15 Mar 2024

Runwal Group introduces Skydeck residences in Runwal Pinnacle, offering panoramic city views and luxury amenities. With towers among the tallest in Mumbai's eastern suburbs, the project features meticulously designed 1, 2, and 3 BHK apartments. Private decks are available above the 40th floor, redefining high-rise luxury living. Residents enjoy top-notch recreational facilities, including a 2-level clubhouse and a Jain temple. The project's prime location and excellent connectivity make it a desirable address in Mumbai.Read more

14 Mar 2024

Prestige Group, renowned for its upscale developments, unveiled "Prestige Somerville" in Whitefield, Bangalore. With 306 apartments spread across 6.5 acres, this low-density project offers an abundance of green spaces. Positioned near key IT hubs and amenities, it promises convenience and tranquillity. Featuring 3 and 4-bedroom luxury apartments, the project boasts a clubhouse, pool, and lush landscapes. Expected to be completed by March 2026, Prestige Somerville aims to redefine opulent living in Bangalore. With prices estimated at around INR 1.5 Crore for 3-bedroom and INR 2.0 Crore for 4-bedroom units, it's poised to captivate discerning buyers seeking elegance and comfort.Read more

14 Mar 2024

DLF, India's largest real estate developer, is in discussions with Bharti Realty to acquire phases of Aerocity in Delhi, totaling 17 million square feet. The project includes 5 million square feet of retail space and is anticipated to generate INR 5,000 crore in annual rental income. Bharti Realty initially developed the project, and later, Brookfield acquired a majority stake. DLF aims to strengthen its rental portfolio through this acquisition. The development involves creating an SPV, which DLF Cyber City Developers will manage. Bharti Realty has already initiated development expansion, investing over INR 6,595 crore. This expansion aims to enlarge a commercial district with new assets, expanding the existing Worldmark properties.Read more

13 Mar 2024

In the last quarter of 2023, Bengaluru's real estate market witnessed a surge in sales, revealing notable shifts in property preferences and investment trends. Larsen & Toubro (L&T) emerged as the top seller, recording sales worth INR 1,004 crore, followed by Prestige Group and Sobha Group. Affordable segment properties below INR 50 lakh constituted 48% of total transactions, reflecting a clear trend towards budget-friendly housing. Mid-segment homes valued between INR 50 lakh to 1 crore saw a slight uptick, while the luxury segment also experienced growth. North Bengaluru led in sales, propelled by projects like L&T Raintree Boulevard, while South Bengaluru remained a top choice due to its robust infrastructure and connectivity. Central and East Bengaluru also saw significant success, reflecting the city's vibrant real estate landscape and evolving aspirations of its residents.Read more

13 Mar 2024

Signature Global has planned to revolutionise Gurugram's real estate with upcoming projects spanning 8-10 million sq. ft. Strategically located in key sectors like 71, 84, and along Sohna Road, the company emphasizes affordability, pricing mid-income homes at INR 1-1.5 crore and upper mid-income at INR 4-5 crore. Despite a reported loss last fiscal year, they target INR 11,000-12,000 crore worth of projects by 2026, investing INR 1,000-1,200 crore annually for land acquisition. With strong sales performance and a robust pipeline, Signature Global has aimed to reshape Gurugram's real estate landscape, focusing on mid-income and upper mid-income segments.Read more

12 Mar 2024

Godrej Properties has announced plans to develop a large township project in North Bengaluru under a profit-sharing model. The project, spanning 62 acres, will offer approximately 56 lakh sq ft of saleable area, primarily comprising residential apartments. With an estimated booking value of INR 5,000 crore, the project is expected to launch in the upcoming financial year. Godrej Properties has achieved strong financial performance, with sale bookings rising 59% and net profit increasing 11% in the December quarter. The company has acquired land parcels with a revenue potential of over INR 32,000 crore in FY23 and plans to add more land parcels in the coming months.Read more

11 Mar 2024

Mahindra Lifespace Developers, the real estate arm of the Mahindra Group, plans to build a project pipeline worth over INR 45,000 crore as part of its growth strategy. The target is nearly 10 times its current size, focusing on joint developments, housing society redevelopments, and land acquisitions in Mumbai, Pune, and Bengaluru. The company will invest INR 7,500 crore through internal accruals, parent company capital, and external financing. The growth will primarily drive through residential projects, while the industrial segment remains stable. Mahindra Lifespace has recently launched Mahindra Codename Crown in Pune and plans to capitalize on the redevelopment boom in Mumbai. The company's current development footprint spans 35.06 million sq ft across seven Indian cities, with ongoing projects totaling 14.48 million square feet.Read more

11 Mar 2024

Awfis, a leading name in flexible workspace solutions, expands its footprint in Bhubaneshwar with the inauguration of its third and largest centre, covering nearly 1 lakh square feet at the Odisha Technology Centre, Anand Bazar. The esteemed Chief Minister of Odisha, Shri Naveen Patnaik, officially opened the facility, tailored to accommodate the needs of two Fortune 500 companies in Information Technology services and Consulting. With a comprehensive range of amenities and interiors inspired by Odisha's rich heritage, the centre reflects Awfis's commitment to innovation and modern infrastructure. This strategic move underscores the growing trend towards flexible working and caters to the increasing demand for coworking spaces in Tier II cities.Read more