04 Aug 2023

K Raheja Corp has received clearance from the Mumbai bench of the National Company Law Tribunal (NCLT) to demerge its subsidiary, K Raheja Corporate Services, as part of its strategy to consolidate and grow its residential real estate business. The move will enable the company to access capital markets through the listing of the subsidiary and to attract strategic investments. K Raheja Corp's residential vertical already spans Mumbai, Pune, Hyderabad, Bengaluru, and Goa, and the decision marks a significant step in expanding and specializing in residential real estate, underlined by recent land acquisitions and development plans.Read more

04 Aug 2023

Oberoi Realty's net consolidated profit for Q1 FY24 decreased by 20.20 percent compared to the corresponding quarter of the previous fiscal year. The company's total income also saw a slight dip of 0.31 percent in the same period. Despite challenges, the company remains confident in the demand for premium housing and anticipates sustained growth. The approval of the amalgamation scheme aims to enhance operational efficiency and value for stakeholders.Read more

03 Aug 2023

Mahindra Lifespace Developers, the real estate arm of the Mahindra Group, reported a net consolidated loss of Rs 4.27 crore in Q1 FY24, compared to a profit of Rs 75.70 crore in the same period last year. Despite this setback, MLDL remains committed to its vision, aiming for 5X growth in the next five years. The company achieved significant pre-sales of Rs 345 crore in the residential segment during the quarter. With visionary leadership and a focus on excellence, MLDL continues its journey of progress, driven by innovation and dedication.Read more

03 Aug 2023

Olive by Embassy, a prominent player in real estate, plans to launch 2,500 co-living beds in Bengaluru and Mumbai to meet the rising demand for affordable and innovative housing solutions. Focused on millennials and young professionals, the project aims to create collaborative living spaces with shared amenities, emphasizing sustainability and design excellence. By targeting India's bustling metropolitan cities, Olive seeks to redefine urban living experiences and set a precedent for the future of co-living. Leveraging expertise and strategic partnerships, the company aims to expedite construction and deliver high-quality living spaces within a year.Read more

02 Aug 2023

Macrotech Developers, a prominent real estate company, reported a significant decline of 33.95% in its net consolidated profit during the quarter ended June 30, 2023. Despite the decrease in profit and total income, the company's MD & CEO expressed positive results, with pre-sales showing growth and the 'for-sale' business segment performing well. The company remains on track to achieve its full-year guidance of reducing net debt and has displayed financial stability with favorable operating and net profit margins. Additionally, Macrotech Developers demonstrated commitment to employee incentives and effective capital utilization through the issuance of equity shares and bonus equity shares.Read more

02 Aug 2023

In Chennai's Porur neighborhood, Truliv, a co-living firm with roots in Chennai, has opened its upscale co-living facility, TruLiv Olympus. The 356-bed property is India's first of its type, built-to-suit, premium co-living space, and it covers 60,000 square feet. Truliv Olympus is equipped with contemporary amenities to meet the needs of working executives in the IT sector, including a restaurant, gaming area, gym, mini theatre, and 24/7 power backup. The property is conveniently close to important facilities and business areas.Read more

02 Aug 2023

The National Company Law Appellate Tribunal (NCLAT) has permitted a reverse corporate insolvency resolution process (CIRP) for the group housing project, The Belvedere, in Noida. The project faced delays, leading buyers to form the Belvedere Welfare Association and seek resolution for the delayed possession. The NCLAT's decision allows negotiations between the homebuyers, the developer, and a finance creditor to complete the project. Strict conditions have been imposed on the developer to protect the interests of homebuyers, including completing Phase I by January 2025 and depositing funds into a RERA-approved escrow account.Read more

02 Aug 2023

Home First Finance Company India experienced an impressive 34.89 percent surge in net consolidated profit during Q1 FY24, reaching Rs 69.12 crore. Its net consolidated total income also rose by 53.42 percent to Rs 259.80 crore. Notably, disbursement rose by 35.4 percent to Rs 895 crore, and assets under management reached Rs 7,776 crore, a 33.3 percent YoY increase. With a robust provision coverage ratio and increased total borrowings, Home First Finance continues to demonstrate financial acumen and growth in the market.Read more

01 Aug 2023

Suraj Estate Developers, a pioneering real estate player, filed a fresh IPO with Sebi to raise Rs 400 crore. The IPO is entirely composed of a fresh issue of equity shares. The funds will be used to repay debt, acquire land, and for general corporate purposes. The company boasts 42 completed projects and has 11 ongoing and 21 upcoming projects. In FY23, they achieved a profit of Rs 32 crore, with revenue reaching Rs 306 crore. ITI Capital Ltd. and Anand Rathi Advisors Ltd. are the book-running lead managers.Read more

31 Jul 2023

Suraksha Group, the approved resolution applicant for Jaypee Infratech, has proposed building 20,000 flats and offering additional compensation to farmers who parted with their land. The proposal is being evaluated by financial consultant Currie and Brown. The Yamuna Expressway Industrial Development Authority (YEIDA) will prepare a counter-proposal, to be presented to the NCLAT on August 25. The case started when YEIDA challenged Suraksha's resolution proposal. Suraksha has requested the government to provide 79 acres without cost and a 15-year concession extension for the Yamuna Expressway. The resolution is crucial to complete pending projects and address farmers' grievances.Read more