09 Aug 2023

KGK Realty (India) Limited and Dhoot Infrastructure Projects Limited have taken control of the Sare Gurugram Group housing project after the National Company Law Tribunal's approval of the resolution plan. This development is a relief for over 1200 homebuyers awaiting possession of their apartments. The 47-acre project, facing financial challenges, entered the Corporate Insolvency Resolution Process in 2021, delaying delivery from 3 to 8 years. The consortium acted as a development manager during the process, focusing on fulfilling buyers' dreams. With an initial investment of Rs 140 crore, the consortium aims to complete the project in 18 months. The move not only delivers homes but also underscores their commitment to buyers' aspirations.Read more

07 Aug 2023

Arvind SmartSpaces reported a 23.14% rise in net profit, reaching Rs 9.10 crore in Q1 FY24. Their total revenue increased by 11.35% to Rs. 69.07 crore. The company plans to expand in Ahmedabad, Bangalore, Pune, and MMR. The board approved the divestment of partnership interests in two subsidiaries. The company launched two township projects and achieved 14% YoY growth in bookings and 54% YoY growth in collections. Furthermore, Net debt decreased to Rs (87) crore, and the net debt-to-equity ratio improved to (0.18), thereby indicating prudent financial management.Read more

07 Aug 2023

Raymond Realty, the real estate arm of Raymond Group, has launched its fourth project, "Address by GS 2.0," in Thane. This move signifies the company's growing success in the real estate market. The project's launch follows the accomplishment of its previous ventures, including the prompt delivery of the initial phase of TenX Habitat. The new project promises luxurious amenities and a Roman-inspired landscaped podium, reflecting the company's dedication to offering exceptional living experiences.Read more

07 Aug 2023

Kolte-Patil Developers (KPDL) has inked deals for two new society redevelopment projects in Mumbai's Goregaon West, adding to its recent acquisitions in April-May 2023. These latest projects encompass a total saleable area of around 4.8 lakh sq. ft., with a combined top line potential of Rs. 950 crore. Including previous acquisitions in Pune and Mumbai, the company's new business development deals now aggregate a top line potential of Rs 3,450 crore. This move emphasizes Kolte-Patil's ongoing commitment to growth and innovation in the Indian real estate market.Read more

05 Aug 2023

Haridwar One is a new residential project in Haridwar, Uttarakhand, launched by prominent real estate developer ETH Infra. The project offers one, two, and three BHK apartments with a range of prices, starting from 44 lakhs to 1.15 crores. Conveniently located just two minutes away from the revered Har Ki Pauri, a significant spiritual site in Haridwar, the project aims to blend modern amenities with the spiritual ambiance of the holy city. The project boasts picturesque views of the Himalayan Mountain Ranges and features lush green gardens, a rooftop club, a skywalk, and a senior living-friendly lifestyle.Read more

05 Aug 2023

NCR-based Royal Green Realty has introduced the 'Courtyard 37D' project, an Shop-cum-Office (SCO) venture located in Gurugram's promising Sector 37D. Spanning 3.63 acres, the initiative offers exclusive built-up plots and the flexibility to develop up to 4 floors along with a basement. With investment slated to exceed Rs 60 crore through internal funds, the project is set for completion by 2025, strategically positioned near Dwarka Expressway.Read more

05 Aug 2023

Arvind SmartSpaces Limited (ASL), a prominent real estate development company in India, has announced the acquisition of two expansive golf-themed development projects in Ahmedabad. These projects cover approximately 704 acres and have a potential worth of around Rs. 2,300 crore. Positioned in South Ahmedabad, they mark ASL's 17th and 18th projects in the area. The projects will follow a joint development model, enhancing returns through low capital intensity.Read more

05 Aug 2023

Godrej Properties reported an impressive 208.68% growth in net consolidated profit, amounting to Rs 133.69 crore in Q1 FY24. The company's total revenue also surged by 196.90% to Rs 1,265.98 crore during the same period. With a robust launch pipeline and resilient demand, they aim to achieve a booking target of Rs 14,000 crore in FY24. Despite a slow start in bookings, the company witnessed a strong performance in deliveries, cash collections, and earnings. Additionally, they granted stock to eligible employees and appointed a new non-executive director.Read more

04 Aug 2023

The Enforcement Directorate (ED) has accused the directors of the Mahira Group, including Samalakha MLA Dharam Singh Chhoker and his sons Sikander Singh and Vikas Chhoker, of diverting nearly Rs 107 crore collected from approximately 1,500 homebuyers invested in an affordable housing project in Sector 68. The ED's investigation revealed that the accused orchestrated the diversion through fabricated expenditures and loans to group-related entities. The ED conducted searches in 11 locations, yielding evidence of money laundering and seizure of luxury cars, jewellery, and cash. The case originated from an FIR filed by the Gurgaon police against Sai Aaina Farms, a company under the control of the Samalakha legislator.Read more

04 Aug 2023

The Securities and Exchange Board of India (SEBI) has imposed fines of Rs 20 lakh each on Kapil Wadhawan and Dheeraj Wadhawan, former promoters of Dewan Housing Finance Corp Ltd (DHFL), for their failure to comply with disclosure norms. The regulatory action was taken after an investigation into the transfer of shares from DHFL to its subsidiary, DHFL Investments, and other related transactions during the period from February to March 2017. SEBI found significant shortcomings in disclosing crucial information to DHFL shareholders, particularly in the postal ballot notice and draft share purchase agreement.Read more