15 Aug 2024

Max Estates is launching a luxury housing project, 'Estates 360,' along the Dwarka Expressway in Gurugram. The project, covering 2.4 million square feet, features Delhi-NCR's first "intergenerational living community," blending senior and non-senior residences. With an estimated gross development value of INR 4,000 crore, it includes 864 units, with one-third dedicated to senior living. The project, awaiting RERA approval, will launch soon, with apartment prices of around INR 5 crore. Supported by New York Life Insurance's equity investment, Max Estates maintains a strong financial position, emphasising innovative real estate solutions and community-focused living.Read more

15 Aug 2024

Fortius Infra, led by Gopi Krishnan, has completed two major real estate projects in Bengaluru: Fortius Origin, a 180,000 sq. ft commercial office in Koramangala, and Under the Sun, a 600,000 sq ft luxury villa community in Devanahalli. Partnering with Colliers India, Fortius tackled challenges like high-water tables and used innovative solutions to finish ahead of schedule. Colliers will manage leasing and facilities for Fortius Origin. These projects highlight the importance of developer-management firm collaboration to meet Bengaluru's growing demand for commercial and residential spaces. Fortius Infra's projects are set to impact the city's infrastructure and living standards positively.Read more

15 Aug 2024

Sobha Ltd is enhancing its footprint in Gurgaon with a joint development agreement for a 12-acre residential project in Sector 63A, marking its third venture in the city. Sobha plans to add 9 million square feet of residential space in FY25, reflecting growing demand in the area. The Golf Course Extension is a key focus due to its high-end infrastructure. With a 28% rise in FY24 sales to INR 6,644 crore, Sobha's expansion strategy aligns with Gurgaon's booming real estate market.Read more

14 Aug 2024

Top IT and ITeS companies are realigning workspaces for flexibility, innovation, and sustainability, doubling flexible space in portfolios to 10-15% in 2024, surpassing 50 million square feet. This trend, driven by increasing demand from domestic and global enterprises, is expected to grow in 2025. Companies are leveraging data analytics and AI to optimise real estate strategies and exploring CRE partner models. The sector is experiencing significant changes, with an increase in outsourcing and a hybrid work model. Experts highlight the importance of transforming office spaces to enhance employee engagement, innovation, and sustainability, with substantial demand from technology firms.Read more

14 Aug 2024

The National Company Law Tribunal (NCLT) in Mumbai has approved the acquisition of bankrupt Satra Properties by a consortium of realty developers under a INR 184 crore resolution plan. The tribunal dismissed former promoter Praful Satra's claims of undervaluation and illegality in the resolution plan. Satra's lawyer had argued that the properties in Mumbai and Jodhpur were undervalued, but the resolution professional (RP) countered that valuations were conducted by reputable firms. The tribunal noted that all stakeholders were informed and involved, and hence the resolution plan had majority approval. The Resolution Professional had received claims of about INR 719 crore.Read more

14 Aug 2024

Table Space has launched Suites at Global Infocity Park in Perungudi, Chennai, providing premium, ready-to-occupy offices specifically designed for GCCs, MNCs, and Fortune 500 clients. Located strategically in Chennai's IT hub, Suites occupies over 600 seats and is easily accessible from key areas. The workspace solution includes a user-friendly app for seamless booking and management, exceptional data security, and world-class EHS standards. Launched in October 2023, Suites is also available in Gurugram, Bengaluru, and Pune. This expansion, along with recent property acquisitions, underscores Table Space's commitment to providing innovative and high-quality flexible workspace solutions.Read more

14 Aug 2024

The Maharashtra Housing and Area Development Authority (MHADA) is entering the luxury housing market with a new 39-storey project in Goregaon, offering 332 residences. The project includes 105 3 BHK and 227 2 BHK apartments, but parking has emerged as a significant challenge. Despite a multi-level car park, not all residents will secure parking spots, with priority given to 3 BHK owners. MHADA's allocation strategy, which will be decided by the housing society, mirrors common practices but raises concerns. The project is part of a broader initiative offering 2,000 homes, with a lottery expected in September.Read more

14 Aug 2024

The Enforcement Directorate (ED) attached fixed deposits from the Rose Valley group, accused of defrauding investors through false schemes, under the Prevention of Money Laundering Act (PMLA). The court has now ordered these funds, amounting to INR 12 crore, to be transferred to the Asset Disposal Committee (ADC), led by a retired judge, for distribution to around 22 lakh investors. This decision is intended to provide relief while the trial, which continues to determine the full extent of the fraud and legal consequences for the group's chairman, Gautam Kundu, remains ongoing. The ED is tasked with documenting the restitution process to ensure transparency. This step follows similar efforts in high-profile cases like those of Vijay Mallya and Nirav Modi, highlighting the judiciary's commitment to addressing financial fraud and compensating victims.Read more

13 Aug 2024

Godrej Properties Ltd has reported a remarkable 283% year-on-year increase in pre-sales for Q1 FY25, reaching INR 8,637 crore from 8.99 million square feet of space sold. This rise follows the launch of new projects worth INR 8,600 crore in key markets like Bengaluru and NCR. For FY25, the company targets pre-sales of INR 27,000 crore and project launches totaling INR 30,000 crore. Despite sequentially lower collections and rising net debt of INR 7,430 crore, Godrej Properties aims to achieve INR 15,000 crore in collections and INR 20,000 crore in business development.Read more

13 Aug 2024

Suraj Estate Developers Limited has posted strong financial results for Q1FY25, with total income rising to INR 134.6 Crores, a 30.9% increase year-over-year. EBITDA reached INR 64.2 Crores, up 36.3% from last year, while PAT more than doubled to INR 30.1 Crores, reflecting strong profitability. The company reduced net debt from INR 572 Crores to INR 352 Crores, improving financial stability. Pre-sales grew by 5.2%, driven by increased luxury unit sales. With plans for a new INR 475 Crores commercial project and a solid FY25 pre-sales target, Suraj Estate is poised for continued growth.Read more