27 Aug 2024

Macrotech Developers Ltd, under the Lodha brand, saw its net debt rise by 43.5% to INR 4,320 crore in Q1 FY 2024-25, due to increased investment in land acquisition and construction. Despite this, the debt remains manageable at 0.24 times equity. The company's CEO, Abhishek Lodha, highlighted strong cash flows and reduced funding costs. Macrotech achieved a 20% growth in sale bookings, reaching INR 4,030 crore, with customer collections up by 12%. The firm reported a 2.7-fold increase in net profit to INR 475.3 crore and continues to expand its real estate footprint, particularly in Mumbai and Pune.Read more

26 Aug 2024

Chandak Group, a renowned Mumbai-based real estate developer with over 35 years of experience, has been honoured with the Times Redevelopment Award 2024 for 'Transformation Excellence Western Suburbs'. Their extensive portfolio includes 10 active projects across 12 million square feet, enhancing living standards for over 10,000 families. Key projects include Chandak Highscape City and Chandak Treesourus. Specialising in Society and Slum Redevelopment Schemes, Chandak Group focuses on transforming ageing neighbourhoods into modern, well-planned communities. Their approach aims to uplift living conditions and create thriving environments, responding to Mumbai's growing need for redevelopment.Read more

26 Aug 2024

Kolte-Patil Developers reported a sharp 86.72% decline in net profit for Q1 FY25, with profits falling to INR 6.37 crore from INR 47.97 crore in the same period last year. Total income also dropped by 39.45% to INR 350.29 crore. Despite these challenges, the company saw a 19% increase in collections, reaching INR 612 crore, and launched new projects with a potential top-line of INR 1,500 crore. Kolte-Patil aims to leverage its project pipeline and strong collections to navigate the challenging real estate market and improve profitability.Read more

26 Aug 2024

U.S. grocery retailer Hy-Vee is expanding its Indian presence by leasing a 54,000 sq. ft. office in Bengaluru's Karle Tech Park, accommodating 350 employees. This move follows the establishment of its Global Capability Center in April 2023 at Manyata Tech Park. With over 550 U.S. stores and USD14 billion in annual sales, Hy-Vee's Bengaluru expansion underscores its commitment to leveraging India's talent pool. This strategic investment in India's tech hub reflects a broader trend of U.S. companies capitalising on local expertise to enhance global operations.Read more

26 Aug 2024

India's office markets are witnessing a dramatic shift towards green-certified buildings, driven by the rising sustainability awareness among corporate occupiers. In Q2 2024, over 13 million square feet of office space was leased in green-certified buildings, accounting for 82% of the total leasing activity. Technology, engineering, and manufacturing sectors are leading this trend, with 80% of their leases in green spaces. Developers are aligning their offerings to global sustainability standards, offering tenants benefits like lower operating costs and improved employee productivity. This momentum is further bolstered by SEBI's new ESG disclosure norms, pushing companies to prioritize green portfolios.Read more

26 Aug 2024

Kalpataru Ltd., a player in the real estate sector, has presented a draft red herring prospectus to SEBI. The company plans to raise up to INR 1,590 crore through an initial public offering (IPO), focusing on using the funds to reduce its debt. The Mumbai-based company, an integrated real estate developer, engages in all facets of property development, including land acquisition, design, execution, and sales. Kalpataru's portfolio includes 25 ongoing projects across 22 million square feet, with a significant focus on luxury and mid-income residential spaces. The company also boasts a substantial land bank of 1,886 acres.Read more

23 Aug 2024

Emperium's new luxury project, Emperium Premio, is set to transform Gurugram's real estate landscape. Located in Sector 37C along the Dwarka Expressway, Premio offers 216 apartments in 2, 3, and 4 BHK configurations, plus penthouses, ranging from 1308 to 3600 square feet. Each unit features premium fittings, modular kitchens, and a focus on sustainability with rainwater harvesting and energy-efficient systems. The project includes upscale amenities like a double-height lobby, rooftop pool, and fitness centre. Ravi Saund and Hardeep Singh, Founding Directors of Emperium, promise a blend of luxury, convenience, and eco-friendly living.Read more

23 Aug 2024

Ajmera Realty & Infra India Ltd (ARIIL) has received a CRISIL A-/Stable rating, reflecting its strong financial and operational performance. This rating enhances ARIIL's credibility, supporting its plans to optimise its debt profile and pursue new industry collaborations. Managing seven active projects with 11.31 lakh sq. ft. of saleable area, ARIIL has achieved 67% sales and is progressing toward 51% overall completion. The company is also planning seven new projects with a GDV of INR 4,270 crore. ARIIL's proactive approach and recent rating position it as a key player in India's evolving real estate market.Read more

23 Aug 2024

Godrej Properties Limited (GPL) has acquired a 90-acre land parcel in Khalapur, Raigad district, Maharashtra, with plans to develop 1.7 million square feet of residential plotted developments. Positioned near the Karjat-Khopoli Road, this strategic acquisition caters to the growing demand for customizable housing options. The move aligns with GPL's aggressive expansion, including recent acquisitions in Greater Noida, and reflects the company's focus on meeting the needs of modern homebuyers seeking flexibility and space in emerging suburban areas.Read more

23 Aug 2024

The National Company Law Tribunal (NCLT) has approved Oberoi Constructions' INR 273 crore resolution plan to acquire Nirmal Lifestyle Realty, which has been undergoing a corporate insolvency resolution process (CIRP) since December 2021. This acquisition includes a land parcel in the eco-sensitive zone of Sanjay Gandhi National Park, with a 180-day window to obtain necessary approvals. The resolution plan cancels Nirmal's existing equity shares and transfers ownership to Oberoi Constructions. This decision highlights structured processes and regulatory compliance in corporate restructuring under the Insolvency and Bankruptcy Code (IBC).Read more