23 Aug 2024

The Golden Growth Fund (GGF) is raising INR 400 crore to invest in luxury real estate in South Delhi, focusing on land acquisition and development. Following its successful first fundraising round, GGF has acquired a prime parcel in Anand Niketan. With South Delhi's high demand for luxury homes, where prices can reach INR 30 crore per unit, GGF plans to develop premium residential properties. CEO Ankur Jalan emphasised the fund's commitment to transparency and its strategy to acquire 8 to 10 more plots this year. The initiative aims to boost investment and transform the local real estate market.Read more

22 Aug 2024

Pune's real estate market surged by 50% in the second quarter of 2024, with 39,961 property transactions, up from 26,629 last year, according to Square Yards. Residential sales reached INR 13,995 crores, driven by a 17% rise in average home prices to INR 69 lakhs. The increase is attributed to high demand for premium properties amid rising incomes. Pimpri Chinchwad and western suburbs lead the market, with Wagholi and Baner top for sales value. Analysts predict further boosts due to upcoming festivals. Major developers like VTP Realty and Kolte Patil are leading the growth.Read more

22 Aug 2024

B L Kashyap & Sons Ltd. reported a strong financial performance for Q1FY25, with consolidated revenue rising by 38.08% to INR 352.71 crore and PAT surging by 103.31% to INR 20.25 crore compared to Q1FY24. The company's order book increased by nearly 25%, reaching INR 3,545 crore as of June 30, 2024, bolstered by significant new orders worth INR 1,021 crore. Managing Director Vineet Kashyap emphasized the company's strategic execution and optimism in achieving FY2024-25 targets, with expectations to expand the order book further in FY2025-26. The company continues to capitalize on opportunities in various infrastructure sectors.Read more

22 Aug 2024

Nexus Select Trust, supported by Blackstone, is exploring a major expansion in Kolkata, aiming to acquire Ambuja Neotia's City Centre Salt Lake and City Centre New Town malls. Valued between INR 1,800 crore and INR 2,000 crore, the malls span 9 lakh square feet and are integral to Kolkata's retail scene. The deal is in early stages, with Nexus also nearing a INR 1,000 crore acquisition of three Hyderabad malls and planning further growth. With a low loan-to-value ratio, Nexus seeks to significantly enhance its retail portfolio, potentially reshaping Kolkata's shopping landscape.Read more

22 Aug 2024

Jaiprakash Associates has announced a substantial consolidated net loss of INR 1,023.44 crore for Q1 FY24, a sharp increase from the INR 180.80 crore loss recorded last year. Despite this, the company's total income grew to INR 1,770.66 crore from INR 1,505.23 crore, reflecting resilience in segments like cement and construction. The company's financial struggles are compounded by a heavy debt load and ongoing insolvency proceedings aimed at restructuring its operations. Industry experts are watching closely, as the company's recovery could impact the broader construction and infrastructure sectors in India.Read more

22 Aug 2024

Sunteck Realty has reported a net consolidated profit of INR 22.78 crore for Q1 FY25, a turnaround from last year's INR 6.73 crore loss. Total income surged 271% to INR 328.01 crore, driven by strong demand and successful project launches. Pre-sales increased 30% to INR 502 crore, while collections grew 19% to INR 342 crore. This robust performance highlights the company's recovery amid a resurgent real estate market in India, influenced by favorable loan rates and improving economic conditions. Sunteck's strong results signal positive trends for the sector and its strategic positioning for future growth.Read more

21 Aug 2024

Lucknow, contributing 3.85% to Uttar Pradesh's GDP, is experiencing a real estate surge, with property prices rising by 25-50% over the past two years. The city's real estate market is fueled by government projects, IT sector expansion, and a 300% increase in warehouse demand. Recent infrastructure investments include INR 8,200 crore for 61 new projects, enhancing connectivity and reducing congestion. Prominent areas like Hazratganj and Gomti Nagar are seeing significant growth. Challenges such as traffic and waste management persist, but with ongoing developments, Lucknow is poised for continued economic and real estate advancement.Read more

21 Aug 2024

Oravel Stays, OYO's parent company, raised INR 1,457 crore in its Series G funding round, securing INR 1,040 crore in new capital. The round included major investors such as InCred Wealth, J&A Partners, ASK Financial Holdings, and Patient Capital Investments. The funds will support OYO's growth and global expansion, with the company's valuation remaining at USD 2.4 billion. Additionally, shareholders approved increasing authorised share capital and appointed Sumer Juneja of SoftBank Investment Advisors as a Non-Executive Director. The successful funding highlights investor confidence in OYO's business model and future potential.Read more

21 Aug 2024

Interarch Building Products Ltd has launched its IPO with a price range of INR 850-900 per share, seeking to raise INR 600 crore. The subscription period runs from August 19 to August 21, 2024. Funds will be allocated for capital expenditures, system upgrades, and general corporate purposes. The IPO allocates 50% to institutional investors, 35% to retail, and 15% to non-institutional investors. With a strong order book of INR 1,153 crore and revenue growth to INR 1,293.30 crore in FY24, Interarch is well-positioned to capitalise on India's infrastructure boom.Read more

21 Aug 2024

Grihum Housing Finance, formerly Poonawala Housing Finance, reported a 77% increase in net profit after tax, reaching INR 46 crore in the first quarter of FY25. The company's assets under management (AUM) surged 39% year-on-year to INR 8,700 crore, expanding its customer base to over 80,000. The firm added 28 new branches, bringing its total to 210 locations. However, gross non-performing assets stood at 1.296%, highlighting the need for effective risk management. Recent equity infusion of INR 1,098 crore from TPG has bolstered Grihum's net worth to INR 2,390 crore, enhancing its lending capacity amid rising housing demand.Read more