2023-08-12
Puravankara, a real estate developer, reported a loss of Rs 17 crore in the first quarter of the financial year 2023 despite reporting sales of Rs 323 crore, up 50% yearly. The company sold around 64,500 residential units in the first quarter of 2023. It is aiming to generate a topline of Rs 18,000 crore from these launches over the course of the next three years. This year, it plans to launch new projects totaling more than 15 million sq. ft in Bengaluru, Chennai, Kochi, and Coimbatore.
2023-08-12
Skootr Global Private Limited, a managed office space provider, has leased over 1 lakh sq. ft of space in a Max Estates office complex in Noida for five years at a monthly rent of Rs 74.22 lakh. The company has taken over the ninth and tenth floors of Max Square in Noida. The ninth story occupies an area of 49,605 sq ft, while the tenth floor covers a space of 53,505 sq. ft.
2023-08-12
According to the people familiar with the development, the Uttar Pradesh government is considering implementing a co-development policy to revive stalled projects in Noida and Greater Noida. The government is already conducting a trial project in which real estate firm Hawelia Group has taken over a 22-acre nearly completed project in Greater Noida called Shree Radha Sky Garden, where the new developer would deliver over 2,000 units.
2023-08-11
Residential property prices in India's top eight cities showed a notable 7% year-on-year gain, driven by high demand and favorable interest rates. According to CREDAI, Colliers, and Liases, Foras Kolkata had the most YoY increase in home prices, at 15%. Hyderabad and Delhi NCR came next, with YoY growth of 14% and 13%, respectively.
2023-08-11
Sunteck Realty has released its financial results for the first quarter of fiscal year 2024, disclosing a consolidated net loss of $67.3 million, a departure from the net consolidated profit recorded in the previous fiscal year's equivalent quarter. The board of directors accepted the strategic step of amalgamation of four wholly-owned subsidiaries, namely Skystar Buildcon, Advaith Infraprojects, Magnate Industries, and Shivay Brokers. This effort aims to optimize the corporate structure and business processes of the corporation.
2023-08-11
Indore district leads in income creation, collecting $6.89 billion in property sales between Q1 and July, defeating 14 other districts under the Indore and Ujjain divisions. Property income increased by 16% this year compared to the prior year. Data from the registrar's office show that over 50,000 property registrations were filed between April and July 2023, raising revenue. Expansion of Metro lines, business and IT growth, and infrastructure development all contribute to skyrocketing property values.
2023-08-11
Experian Developers, a 100% FDI-funded real estate developer backed by Experion Holdings of Singapore, has bought a 5.5-acre land block in Gurgaon's Sector 48 through a government auction for around Rs 550 crores. This is the company's fourth acquisition in the span of a few months, demonstrating its dedication to India's real estate industry and growth story.
2023-08-11
MahaRERA has hired a real estate intelligence firm to assist its compliance unit in gathering first-hand information about real estate projects that have lapsed, are financially strained, or have not filed quarterly reports or followed regulatory requirements. The agency will give MahaRERA a parallel method to examine the project's real-time status, including onsite images and stages of completion.
2023-08-11
The Reserve Bank announced on Thursday that it will provide a framework that will allow borrowers to switch to fixed interest rates, which will bring relief to borrowers of home, vehicle, and other loans who are reeling under the effects of high-interest rates. According to Reserve Bank Governor Shaktikanta Das, the framework, which will be implemented soon, will require lenders to communicate with borrowers about term and EMI.
2023-08-11
NCR-based real estate developer Bhutani Infra plans to build an uber-luxury housing project in Sector 32 of the Delhi satellite city. It will be a mixed-use development with a mall and approximately 60 large, elegant apartments. The overall anticipated investment in the project is expected to be around Rs 600 crore. An apartment is estimated to cost around Rs 12 crore, which is unheard of in the Noida market.
