29 Jul 2023

DevX, Gujarat's premier managed office space provider, unveils its grand 4th coworking space in Ahmedabad, a colossal 1,80,000 square feet centre on SBR road, the largest in Gujarat. With an investment of Rs 60 crore, DevX plans to double its India portfolio. Founded in 2017, it fosters innovative start-ups, offering world-class infrastructure and strategic partnerships. DevX garners praise from clients, enhancing productivity and fostering growth. This dynamic ecosystem extends beyond workspaces, facilitating hackathons, seminars, and events. The company aims to consolidate its pan-India presence by 2023. A trailblazer in Gujarat's managed office space segment, DevX sets new standards and embodies collaboration and innovation.Read more

29 Jul 2023

K Raheja Corp, a prominent real estate developer, acquired a 3.72-acre land parcel in Mumbai's Mulund suburb for Rs 130 crore, intending to develop a premium residential project. The company recently completed the transaction, paying stamp duty and the initial amount to the landowner. K Raheja Corp plans to pay the remaining balance after nine months from the deed's execution or upon receiving the commencement certificate. The company's interest in residential developments aligns with the current trend of developers utilizing land for housing projects amid a positive housing market upcycle.Read more

28 Jul 2023

DLF and Trident Buildtech have signed a joint venture (JV) agreement to re-enter the Mumbai real estate market. Pegeen Builders & Developers , a subscriber of DLF, will give Trident 9800 equity shares as part of the agreement. The JV seeks to partner on a project in Andheri (W), Mumbai to rehabilitate slums and improve the living conditions of slum dwellers. DLF's strategic move to increase its presence in Mumbai's dynamic real estate sector and support urban development in the city is marked by the move. The project's completion date is set for August 31, 2023.Read more

28 Jul 2023

WeWork India, the leading flexible workspace provider, has announced a strategic partnership with real estate developer Panchshil Realty to expand Managed Office spaces in Pune. The collaboration will enhance two recently opened buildings, Eleven West and The Golden Bell, with comprehensive workspace solutions. With the unique blend of WeWork's scalable solutions and Panchshil Realty's real estate expertise, the partnership aims to redefine Pune's commercial real estate sector by incorporating innovation, flexibility, and global standards into the city's workspace landscape.Read more

27 Jul 2023

The National Company Law Appellate Tribunal (NCLAT) granted a final opportunity to homebuyers of the Orris Greenopolis project in Sector 89 to file their claims and be part of the creditors' committee during the ongoing insolvency proceedings against Three C Shelters Pvt Ltd. The reverification of claims was ordered by the NCLT due to concerns about dubious or fraudulent claims, ensuring a fair resolution process for legitimate stakeholders. The insolvency case arises from the failure of Three C Shelters Pvt Ltd to complete the housing project and allegations of fund misappropriation.Read more

27 Jul 2023

DLF, a prominent real estate company, reported a 12.13 percent rise in net consolidated profit in Q1 FY24, reaching Rs 526.11 crore. Total income rose marginally by 0.36 percent to Rs 1,521.71 crore. The NCLT approved DLF's amalgamation scheme, and the company divested a 49 percent stake in Pegeen Builders & Developers for a project in Mumbai. Q1 FY24 sales bookings amounted to Rs 2,040 crore with a 52 percent gross margin. Net debt was reduced to a historic low of Rs 57 crore. DLF Cyber City Developers achieved a 12 percent YoY growth in consolidated revenue (Rs 1,412 crore) and a 21 percent growth in consolidated profit (Rs 391 crore).Read more

27 Jul 2023

The National Green Tribunal's joint committee conducted an investigation into the Omaxe Greens housing project in Mohali and found a series of environmental violations. The violations included inadequate sewage treatment plant maintenance, groundwater extraction without permission, poor rainwater harvesting, and waste management practices. The report highlights the need for corrective actions to ensure compliance with environmental norms and protect the ecological balance in the region.Read more

27 Jul 2023

The Ahana Enclave housing project in Lucknow has missed its completion deadline, resulting in a financial burden of Rs 17 crore annually for the Lucknow Municipal Corporation (LMC). The delay has also caused interest payments on borrowed funds and unsold flats adding to the financial strain. Corporators have raised concerns about the project's slow progress and its impact on the city's finances. The LMC aims to expedite the sale of remaining flats to alleviate financial pressure and complete the project by December 2023.Read more

26 Jul 2023

The Purvanchal Group, a renowned real estate developer, has taken over the delayed Lotus Arena project in Noida after approval from the National Company Law Tribunal. The project faced significant delays and challenges, leaving many buyers waiting for almost a decade. With the resolution plan approved, the Purvanchal Group aims to complete the project within thirty-six months and deliver the homes to the buyers. The association of Lotus Arena buyers expressed joy and hope for timely completion, as Purvanchal Group steps in to fulfill their commitment with a plan worth Rs. 584 crore.Read more

24 Jul 2023

The recent arrest of the managing director of Meritt Infra Private Limited on charges of cheating has sparked concerns about the trustworthiness of private construction companies. The case of D Rajamani, a victim who invested his savings in the company, sheds light on the risks unsuspecting individuals face when trusting such ventures. Despite paying a substantial amount to the company, Rajamani and several others fell victim to fraudulent practices, causing significant financial losses. This incident underscores the need for stricter regulations and improved oversight to protect consumers from deceptive practices in the construction industry. It serves as a cautionary tale, highlighting the importance of due diligence and vigilant decision-making when investing in private construction ventures.Read more