18 Jan 2024

In response to a Bombay High Court directive, Romell Real Estate Private Limited, the owner of Castelino Building in Vile Parle Gaothan, has committed to offering alternative accommodation to its four tenants before proceeding with the structure's demolition for redevelopment. The Brihanmumbai Municipal Corporation had earlier disconnected water and electricity services to the building due to safety concerns. The court emphasized the responsibility of property owners to rebuild dangerous structures and ordered the tenants' evacuation from the C1-categorized building by February 5. Romell Real Estate pledged equal carpet area alternatives and potential ownership of flats to the tenants in the redevelopment project.Read more

17 Jan 2024

Ajmera Realty & Infra India Ltd reports a great Q3 FY24, witnessing a 98% YoY rise in sales at Rs 253 crores. The sales growth is attributed to sustained interest in key projects like Ajmera Manhattan and Ajmera Eden in Mumbai, along with projects in Bengaluru. Despite limited inventory, the company demonstrates a strong 63% YoY increase in sales area at 1,03,573 sq.ft. Director Dhaval Ajmera expresses confidence in achieving the annual sales goal of Rs 1,000 crores, driven by elevated demand for mid-segment and premium homes. The recent acquisition of a Versova redevelopment project adds to their portfolio strength and diversification goals.Read more

17 Jan 2024

Approximately 100 residents of the Indiabulls Greens complex near Panvel staged a protest, demanding essential amenities promised by the developer. In 18 towering buildings with 3,200 flats, residents displayed placards with slogans against Indiabulls' management. Alleging non-compliance with agreements made during possession in 2017, residents paid Rs 2 lakh each for basic amenities like water supply, clubhouse, and indoor games. Threatening a criminal case for cheating, they gave the developer a week to address concerns. The Indiabulls Sangharsh Samiti initiated protests since May 2023, with residents expressing resolve to continue until basic amenities are provided. Tensions rise amid water issues and unfulfilled promises.Read more

16 Jan 2024

Arihant Superstructures Limited has revealed plans for a new Low-rise township project covering 118 acres near Panvel, Navi Mumbai. The project, acquired through outright purchase and Joint-Venture transactions, holds a development potential of 2 million sq. ft. Situated close to Chowk Railway Station, integral to the Panvel-Karjat Railway Corridor, it expands the company's land bank to over 335 acres. The strategic location aligns with Navi Mumbai International Airport & MTHL developments, totaling a gross potential of 12 million sq. ft. The due diligence process is underway, targeting completion within six months, as the company reports substantial revenue growth in FY23.Read more

16 Jan 2024

Signature Global, the Delhi NCR based real estate developer, reports a robust 47% surge in Q3 FY 2023-24 sales bookings, reaching Rs 1,262.73 crore. Sales of 1,179 units, up from 1,089 in 2022, contributed to this growth. In the first nine months, a 41% increase in sales bookings was recorded, totalling Rs 3,124.12 crore. The successful IPO in September 2023, raising Rs 730 crore, showcases investor confidence. CEO Rajat Khaturia outlined ambitious plans for residential projects spanning 21 million square feet in the next six to seven years.Read more

15 Jan 2024

Tribeca Developers, known for Trump-branded projects, has partnered with Tejukaya Group to develop a luxury residential project in Mumbai’s Parel, marking its entry into Mumbai's prime real estate market. Backed by HDFC Capital, the 2.5-acre project under the Cluster Redevelopment Policy will feature over 400 luxury residences with an estimated Rs 1,800 crore sale value. Tribeca's founder, Kalpesh Mehta, highlighted the strategic move after 10 years of landmark projects across India. The project has secured necessary approvals and is expected to launch in Q1 2024-25, offering 2-3 bedroom apartments priced between Rs 3.5 crore and Rs 6 crore.Read more

15 Jan 2024

Siddha Group has teamed up with Sejal Group for an attractive Makar Sankranti offer on their Siddha Sky affordable luxury building in Sion NX, Mumbai. The deal includes 0% stamp duty, no registration cost, and a 25:75 Builder Subvention Scheme. Celebrating new beginnings, Mr. Samyak Jain, the Director, is excited to help buyers start a new chapter. Siddha Sky boasts five 40-storey towers with a unique Rooftop Skywalk featuring a 22,000 sqft Club, Sky Lounge, and more. Strategically located near major transportation links, this offer aims to make dream homes more accessible, showcasing Siddha Group's commitment to redefining living spaces.Read more

12 Jan 2024

Bengaluru-based Prestige Estates Projects Ltd. reports a remarkable rise in sales bookings, reaching Rs 5,326.1 crore in Q3, reflecting a 111% YoY increase. The success is driven by strong demand for residential properties, with 5.46 million sq ft sold at an average realization of Rs 9,762 per sq ft. Sales for April to December FY24 show an annual rise of 81%, totaling Rs 16,333.4 crore. Notable Q3 projects include the Prestige City in Hyderabad, Prestige Ocean Towers in Mumbai and Prestige Glenbrook in Bengaluru. The company, having completed 12 million sq ft, plans key projects in Bengaluru, Mumbai and Chennai for further sales growth.Read more

12 Jan 2024

The Maharashtra Housing and Area Development Authority (MHADA) has received approval from the state housing department to take over the stalled redevelopment project of R. K. Building 1 and 2 at Ranade Road, Dadar West. The redevelopment of the Swami Samarth Krupa Building project spread across 946 square metres, was halted on the 9th floor in 2014, leaving tenants without rent for a decade. Following government authorization in August 2023, MHADA can intervene in projects inactive for over two years. Based on this, the Mumbai Building Repair and Reconstruction Board proposed MHADA's takeover, which includes scrutiny for third-party rights and loans, blacklisting the owner and developer, and filing a complaint with the BMC.Read more

11 Jan 2024

Real estate giant DLF reported a remarkable achievement, selling over 1,000 luxury housing units in its pre-launch phase for the Privana South project in Gurugram. The sales, totaling Rs 7,200 crore, were completed within three days, showcasing high demand. Covering 25 acres in Sectors 76 and 77 of Gurugram, the upscale community offers 1,113 well-thought-out premium homes. DLF emphasized its commitment to high-rise luxury developments and strategic positioning near Southern Peripheral Road, NH-48, Dwarka Expressway, and Central Peripheral Road. This success follows DLF's similar feat in March 2023, underscoring sustained demand for its upscale offerings.Read more