15 Sep 2023

Godrej Properties has made a significant impact in the real estate sector, achieving an annual booking value of over Rs 2,000 crore in major markets, including NCR, Mumbai Metropolitan Region, Bengaluru, and Pune. The company reported impressive sales bookings of Rs 12,232 crore, a 56% increase from the previous year, driven by substantial volume growth and the sale of over 12,500 homes. Sustenance sales grew by 25%, new project launches soared by over 100%, and the company added 18 new projects with an estimated revenue potential of Rs 32,000 crore. With ambitious goals for the future, Godrej Properties aims to continue its strong performance in the real estate sector.Read more

14 Sep 2023

Kochra Realty, a real estate firm, has taken over a long-delayed residential project in Mumbai's Dahisar suburb worth Rs 700 crore. The company plans to revive and complete the project by early 2025, bringing relief to nearly 600 homebuyers. Ashapura Housing previously managed the project but encountered financial difficulties. Kochra Realty has assumed the project's debt and ownership, with the aim of delivering 384 apartments by the end of this year, while the rest will be ready by early 2025. This move aligns with the trend of established developers rescuing stalled projects to ensure their completion.Read more

14 Sep 2023

A luxury residential project will be built in Lutyens' Delhi by the Bengaluru-based Prestige Group in a joint development venture with TDI Infratech. The property is held by TDI Infratech and is valued at between INR 325 and 350 crore ($43 and $46 million), with an estimated INR 700 crore ($93 million) in potential revenue. Prestige Group plans to build eight to nine boutique apartments in an area where high-rises are often prohibited, though specifics are still being worked out. This action represents Prestige Group's desire to enter the residential sector in Delhi.Read more

14 Sep 2023

Birla Estates Private Limited, a subsidiary of Century Textiles and Industries Limited, has unveiled a real estate project in Bengaluru's Devanahalli area with a potential revenue of Rs 3,000 crore. The project, called Birla Trimaya, is being launched in phases, offering 1, 2, and 3BHK apartments and duplexes across eight towers. Located near the upcoming BIAL IT Investment Region, it aims to attract a diverse range of investors. Birla Estates' CEO, KT Jithendran, highlighted the growing business hub in North Bengaluru, making it an attractive destination for skilled professionals seeking an opulent lifestyle. The project is in collaboration with Ramaiah Realty LLP.Read more

13 Sep 2023

With plans to construct 11 new campuses, flexible workspace provider Awfis is growing its presence in South India. With the addition of over 8,000 seats, these locations will be ideally positioned in Bengaluru, Hyderabad, Chennai, and Kochi. Each property is picked in accordance with the particular market dynamics of the city in which it is located. This growth demonstrates Awfis' dedication to addressing the changing workspace requirements in the southern area. Modern infrastructure will be present in the new centres, which will serve a wide range of professionals, business owners, and organizations from numerous industries.Read more

13 Sep 2023

The Sports City project in Noida's Sector 79 is mired in challenges, with residents and stakeholders expressing concerns about its delayed progress and encroachments. The project, initially designed to integrate sports infrastructure with housing, has faced setbacks due to non-compliance with basic licensing requirements. Unauthorized activities by local sports academies and vendors have further complicated the situation. Despite complaints, authorities have struggled to curb encroachments effectively. The delays and encroachments have not only affected the project itself but also left thousands of flat owners in nearby projects in uncertainty. Legal intervention from the Allahabad High Court is now seeking resolution to these ongoing disputes.Read more

13 Sep 2023

The Brisk Lumbini project in Sector 109 of Gurugram is facing discord between the Resident Welfare Association (RWA) and the developer following a structural audit. The RWA is demanding greater transparency and involvement in the repair process due to concerns about the quality of work, while the developer remains unresponsive. District authorities have intervened, and the dispute centres on communication, repair standards, and conflicting interests between the RWA and the developer.Read more

12 Sep 2023

The Mumbai City police's Economic Offences Wing has closed a 2012 case against Nirmal Lifestyle directors and others, including Videocon's founder, for allegedly cheating 28 home buyers of nearly Rs 12.7 crore. The closure comes after a thorough investigation revealed that the homebuyers had received refunds, interest, and settled their grievances, leading to the case being deemed civil rather than criminal in nature. The Nirmal Lifestyle group had been facing financial constraints, and this case was one of several registered against them in 2022.Read more

12 Sep 2023

The National Consumer Disputes Redressal Commission (NCDRC) has ruled against the developers of the World One project in 'Upper Worli,' finding them responsible for unfair trade practices and a deficiency in service. The NCDRC has ordered refunds with interest to three flat buyers, totalling approximately Rs 33 crore, with a maximum pay out of Rs 13 crore. The project faced significant delays due to the Airports Authority of India withholding a No Objection Certificate. The NCDRC rejected the developers' argument that the flat purchasers should have terminated their agreements, emphasizing the developers' responsibility for the project's delays and lack of necessary approvals. This ruling sets a precedent for consumer rights in real estate disputes.Read more

12 Sep 2023

Sumadhura Infracon, a prominent real estate developer, intends to invest Rs 5,000 crore to double its property portfolio in the next three years. The company recently acquired 45 acres along Bengaluru's Outer Ring Road for a commercial project and plans to construct three million square feet of residences and develop two million square feet of land in 2023. Chairman G. Madhusudhan highlighted that internal accruals and strong financial institution partnerships would fund most of the projects. The company also ventures into plotted development with nearly 100 acres in Devanahalli, aiming for a total of five million square feet of construction.Read more