24 Oct 2024

Oberoi Realty reported a strong 29.05% growth in net consolidated profit for Q2 FY25, reaching INR 589.44 crore, up from INR 456.76 crore in the same period last year. The company's total consolidated income also rose by 9.23% to INR 1,358.62 crore. Oberoi Realty announced a second interim dividend of INR 2 per share and redeemed INR 70 crore in Non-Convertible Debentures, optimizing its capital structure. The board also approved raising up to INR 6,000 crore for future projects. With a robust net worth of INR 14,799.98 crore, a low debt-equity ratio of 0.14, and strong profit margins, the company continues on a growth trajectory.Read more

23 Oct 2024

Shapoorji Pallonji Real Estate (SPRE) has joined forces with KREEVA, the real estate arm of the Kanodia Group, to develop a high-end residential project in Sector 46, Gurugram. The project will span 1.74 acres, offering luxury apartments tailored for discerning buyers in the National Capital Region (NCR). This venture brings together SPRE's real estate expertise and KREEVA's vision, aiming to redefine urban living with superior design, quality construction, and world-class amenities in one of Gurugram's most sought-after locations.Read more

23 Oct 2024

Oberoi Realty's operations committee has approved the issuance of non-convertible debentures worth up to INR 1,500 crore through private placement, as per a filing with the Bombay Stock Exchange. To secure this issuance, a first-ranking pari passu charge has been established on unsold flats in the 'Eternia' and 'Enigma' projects in Mulund (West), Mumbai, along with associated receivables and an escrow account. Additionally, the board has greenlit a proposal to raise up to INR 6,000 crore through various securities, showcasing the company's strategy to bolster its financial position and support ongoing developments.Read more

23 Oct 2024

The Central Building Research Institute (CBRI) has declared Tower A of Chintels Paradiso uninhabitable, marking it as the eighth tower in the complex to be deemed unsafe due to significant structural deterioration from severe corrosion and poor-quality concrete. Previous audits by IIT-Delhi had already classified six other towers as unsafe, with demolition set to begin next month. Although Towers A, B, and C were initially considered safe, further assessments revealed potential issues. A spokesperson for the developer indicated that compensation or reconstruction options will be available for residents once Tower A is vacated.Read more

23 Oct 2024

Paradigm Realty is offering exclusive festive promotions across three of its premier residential projects-Paradigm 71 Midtown in Chembur, Paradigm Anantaara in Borivali (West), and Paradigm Artteza in Santacruz (West). These offers provide significant savings and privileges for homebuyers and investors. At Artteza, luxurious 2 BHK apartments start from INR 3.51 crore, featuring air-conditioned homes and modern modular kitchens. Paradigm Anantaara offers 2 & 3 BHK residences from INR 2.14 crore, with easy payment plans, while 71 Midtown in Chembur has 1 & 2 BHK homes starting at INR 1.09 crore. Offers include low upfront payments, EMI options, and zero SDR, valid until November 30, 2024.Read more

22 Oct 2024

The income tax investigation unit in Hyderabad conducted raids last week at various locations connected to Anvitha Real Estate Group, investigating potential tax evasion. The group is involved in real estate projects across Abu Dhabi, the United States, and Kollur, Hyderabad. Searches were carried out in Hyderabad and Rangareddy districts, targeting offices of directors Atchuta Rao Boppana and Anup Boppana, as well as the registered office in Gachibowli. The probe also extended to related companies like Anvitha Buildpro and Anvitha Assets Private Limited.Read more

22 Oct 2024

Iraah Lifespaces, a newcomer in ultra-luxury villa development, has launched bespoke properties in Maharashtra's prime locations-Alibaug and Lonavala. These high-end villas, located near celebrity homes, cater to ultra-high-net-worth individuals (UHNIs), high-net-worth individuals (HNIs), CXOs, and NRIs. Designed to reflect luxury and elegance, the villas blend contemporary aesthetics with natural beauty, offering a tranquil yet luxurious lifestyle. Founder Vikas Sutaria emphasized the brand's focus on creating lifestyle destinations that meet the aspirations of their elite clientele. With growing interest in wellness and spacious homes, Iraah Lifespaces is strategically positioned to lead the luxury villa market, incorporating sustainable practices while offering unparalleled living experiences in Maharashtra's scenic locales.Read more

22 Oct 2024

Godrej Properties (GPL) has won the bid to develop a 6.54-acre group housing project in Kharghar, Navi Mumbai, offering around two million square feet of residential space with an estimated revenue potential of INR 3,500 crore. In the first half of the financial year, GPL saw a 62% rise in collections and over 200% growth in operational cash flow. The company added eight new projects, with a saleable area of 11 million square feet and a booking value potential of INR 12,650 crore.Read more

21 Oct 2024

Gaurs Group, a leading NCR-based real estate developer, plans to raise funds for a 5 million sq ft commercial project in Noida. The project, spread over 18 acres, will include 2.5 million sq ft of retail space, 2 million sq ft of A-Grade office space, a convention centre, and a hotel, requiring an INR 3,000 crore investment. Additionally, the company launched a 12-acre luxury project in Ghaziabad, selling 1,200 apartments in three days, and plans an ultra-luxury project in Noida's Jaypee Greens. Gaurs Group aims to reduce debt with INR 4,500 crore in receivables.Read more

21 Oct 2024

Sobha Ltd, a leading real estate firm, reported a 32 per cent decline in sale bookings for the July-September quarter, totalling INR 1,178.5 crore, compared to INR 1,723.8 crore in the same period last year. The company sold 929,907 square feet of property, down from 1,686,196 square feet a year ago. In the first half of the fiscal year, sales amounted to INR 3,052.2 crore, slightly lower than the INR 3,188.5 crore recorded last year. Despite robust housing demand, Sobha's sales volume has declined, though it remains a significant player with projects across south India, Delhi-NCR, Pune, and Gujarat.Read more