11 Nov 2023

Mumbai's iconic Dhobi Ghat witnessed a historic moment as the Slum Rehabilitation Authority (SRA) and Omkar Realtors allocated 1,000 homes in the world's tallest rehabilitation towers. This milestone project, developed under Maharashtra's slum rehabilitation scheme, has already provided shelter to 900 families. With a vision to house 16,000 slum residents, the project covers 12 acres in Mahalaxmi, offering luxury homes with scenic views. Omkar has delivered over 17,000 units in Mumbai. This achievement marks a significant step in improving living conditions for the city's slum dwellers.Read more

11 Nov 2023

DB Realty Limited has finalized the sale of its subsidiary, Real Gem Buildtech Private Limited (RGBPL), to Kingmaker Developers Private Limited for approximately Rs 231.42 crores. This strategic move allows DB Realty to optimize assets and fund expansion plans. The transaction includes RGBPL's luxury project, 'Rustomjee Crown,' enhancing Kingmaker Developers' position in Mumbai's real estate market. This all-cash deal demonstrates DB Realty's adaptability to evolving regulations and signifies strategic industry collaborations, reflecting the dynamic nature of the real estate sector.Read more

10 Nov 2023

The Delhi Development Authority (DDA) is soliciting bids for a consulting firm to oversee the demolition of the structurally troubled Signature View Apartments in Mukherjee Nagar. A study by the Indian Institute of Technology Delhi in 2021-2022 confirmed the building's unsound condition. The DDA is seeking an experienced consultant to manage the demolition, waste removal, and recycling, with a potential six-month engagement. A pre-bid meeting has been scheduled to address potential bidders' questions and concerns. Meanwhile, residents are requesting a reduction in the 100% evacuation requirement to 75% to facilitate a smoother transition to temporary accommodations. This initiative aims to ensure a safe and efficient demolition process.Read more

10 Nov 2023

Godrej Properties, the real estate arm of the renowned Godrej Group, has announced outstanding financial performance for Q2 ending on September 30, 2023, signalling a promising future in India's real estate market. The company is set to surpass its projected new bookings of Rs. 14,000 crores, achieve record cash collections, and complete projects at an all-time high in the current fiscal year. The company plans to launch 14 new projects and expand 10 existing projects. Q2 saw their highest quarterly sales, a 48% increase in half-yearly sales, and an impressive 29% increase in collections, highlighting financial stability. The company's net profit increased by 22%, reflecting strong growth in total income and effective cost management.Read more

10 Nov 2023

Golden I's IT/ITES project, 'Blue-Signature Suites', in Greater Noida West has achieved an unprecedented milestone, selling out on its launch day. This success highlights the intense demand for contemporary commercial spaces in the area. With an IGBC certification, the project comprises 210 corporate suites and 850 square feet of saleable area. The star attraction of the project is the iconic Blue Sky Tower with luxurious corporate suites featuring low density rooftop spaces with unique and exclusive features. This pioneering development aims to set new industry standards in the realm of luxury and innovation within Greater Noida West.Read more

09 Nov 2023

Macrotech Developers reported a net consolidated profit of Rs 202.8 crore, a substantial shift from the loss of Rs 932.9 crore in the corresponding quarter of the previous fiscal. Their total income marginally decreased to Rs 1,755.1 crore from Rs 1,761.2 crore it recorded in the similar quarter last year. Notably, the company achieved impressive pre-sales of Rs 3,530 crore, marked by a 12% year-on-year growth, and recorded a 16% increase in customer collections, reaching Rs 2,750 crore. The firm's present focus is on reducing debt, trimming it by Rs 540 crore to Rs 6,730 crore. The company remains on track to meet its set financial targets amid steady development in the real estate sector.Read more

09 Nov 2023

The Adani Group is considering investing a substantial Rs 12,000 crore for the redevelopment of Dharavi, Asia's largest slum. Adani owns 80% of the Special Purpose Vehicle (SPV), while the Maharashtra government holds the remaining 20%. The project aims to enhance living conditions, promote sustainable development, and stimulate economic growth. It is expected to serve as a model for slum redevelopment on a global scale. Additionally, the transformation of Dharavi includes a Metro rail project linking it to Mumbai and a new road connecting it to the Bandra-Worli Sea Link. The first round of additional funding is expected in 2024.Read more

08 Nov 2023

Arvind SmartSpaces reported a remarkable upswing in its financial performance for Q2 FY24, with a net profit of Rs 10.83 crore, marking a substantial increase from the Rs 4.89 crore recorded in the same quarter of the previous fiscal. The company's net consolidated total income also demonstrated robust growth, reaching Rs 75.27 crore, a 45.82% expansion from the previous year. Sales value for the quarter was Rs 369 crore, with a 95% year-on-year growth, and collections reached Rs 263 crore, growing by 133%. Net debt decreased to Rs.141 crore, primarily due to strong internal accruals, leading to a net debt to equity ratio of 0.30.Read more

08 Nov 2023

State-owned NBCC has made substantial progress in completing Amrapali's stalled housing projects in Noida and Greater Noida. Around 13,500 homes have been completed, with 5,100 units already handed over. Acting as a Project Management Consultant (PMC), NBCC is overseeing the completion of 38,159 units and pending facilities in 25 projects. Funding support, including Rs 1,496.45 crore from a consortium of banks, has facilitated this progress. NBCC's dedication to fulfilling homebuyers' dreams is evident, with a commitment to completing all projects by March 2025. This progress marks a significant achievement in the real estate sector.Read more

08 Nov 2023

DB Realty has sold its complete stake in Real Gem Buildtech (RGBPL) to Kingmaker Developers for about Rs 231.42 crore, ceasing RGBPL as its subsidiary. Simultaneously, DB Realty sold its Siddhivinayak Realties (SRPL) for Rs 376.18 crore to Reliance Commercial Finance. These divestments indicate a strategic move, focusing on core operations, streamlining the balance sheet, and optimizing financial structures, particularly by settling a part of the company's liabilities. DB Realty aims to enhance flexibility, strengthen its financial position, and possibly reshape its trajectory within the real estate market through these deliberate divestment actions.Read more