Mall developer The Phoenix Mills Ltd said it purchased an under-construction 1.1 mln sq ft mall in Indore from an asset reconstruction company for Rs 234 cr. The Mumbai-based company said it will christen the mall Phonenix MarketCity Indore and it will be ready by around the end of financial year 2021. “80% of the […]
K Raheja Corp, one of India’s biggest real estate developers, announced the launch of the fourth tower of its Raheja Vistas project in Nacharam in Hyderabad East. The tower will have 12 storeys and offer 2- and 3-bedroom flats starting at Rs 40 lakh each. “With the first three towers sold out we are confident […]
DB Realty Ltd said a civil judge in Thane has dismissed a petition by the central government that disputed the company’s ownership of 244 acres of land next to the Mira Road railway station in Mumbai, one of the fastest growing suburbs of the city. The court “dismissed the suit filed the Uol (Union of […]
Bangalore-based real estate player Sobha Ltd said it will enter the Gujarat market with a Rs 500-cr residential project in GIFT City in Ahmedabad. The project will have about 1,000 apartments that to support the ‘walk to work’ concept underlying the smart city, the company said. Ajay Pandey, MD and Group CEO of GIFT City […]
Construction company Capacit’e Infraprojects said it won two orders from Mumbai-based Oberoi Realty Group for a total of Rs 365 cr. The first is for the construction of a residential “rehab and sale tower” at Tardeo in South Mumbai. The order was obtained from group entity Shri Siddhi Avenues LLP and is worth Rs 145.50 […]
A new report by Anarock Consultants says that sales of residential real estate units, mostly apartments, fell 15% in 2017 to about 2.05 lakh in India’s top seven cities. The report also showed that Banglaore has for the first time overtaken the National Capital Region as the second biggest real estate market in India in 2017. […]
Godrej Properties Ltd said Godrej Fund Management will invest into its ‘Godrej Two’ commercial building project in Vikhroli. Godrej Fund Management was set up by the real estate company three years ago primarily with the purpose of raising funds for its real estate projects. It is currently a separate and distinct entity. Financial details, such […]
Bangalore-based real estate player Puravankara Ltd said it will invest Rs 500 cr to develop a 32 acre project near Dabolim in Central Goa. The company expects to generate sales of close to Rs 1,000 cr over the next five years from the project, Puravankara said, adding that the construction contract has already been awarded […]
Prestige Estates, arguably the biggest developer of office buildings in Bangalore, said it will pay Rs 336 cr to get 80% of a company that owns 59 acres of land on Outer Ring Road at Sarjapur in Bangalore. “The company intends to develop a state of the art commercial office space with over 6 mln […]
Bangalore-based real estate player Prestige Estates Projects said Singapore-based GIC Realty Pte Ltd, the country’s sovereign wealth fund, has signed a term sheet to explore the possibility of acquiring a ‘significant minority’ stake in the Indian company’s commercial buildings business. The term sheet is to explore an investment by Reco Jade Ind Pvt Ltd, a […]
Larsen & Toubro said it was awarded a Rs 928-cr contract by a government agency to construct 13,314 flats under the Prime Minister Awas Yojana Scheme. The flats, which will take the shape of 284 towers with four floors each, will be constructed in various locations of Krishna District of Andhra Pradesh, it added. “The scope […]
Godrej Properties said it was adding a new 7.5 lakh square-foot residential project in Gurgaon, marking the 12th project for the Mumbai-based company in the National Capital Region. The company did not give much in terms of details, except to say that the project will be a “modern group housing development”. “This project is situated […]
The finance ministry has denied that Life Insurance Corporation of India has appointed any consultant to redevelop the 10 chawls owned by the insurer in Mumbai. Replying to a question by Lok Sabha MP Arvind Sawant, the finance ministry said the insurer has neither conducted a survey on redeveloping its chawls nor has it appointed […]
Mahindra Lifespaces announced the launch of its a new affordable housing project in the Mumbai suburb of Palghar with one-room-kitchen flats starting at just Rs 8 lakhs. The project, under Mahindra Lifespace’s Happinest brand, also offers 1 Bedroom-Hall-Kitchen and 2 BHK flats “amidst lush, green surroundings” costing up to Rs 24 lakhs. The flats are […]
Pune-based real estate developer Kolte Patil Developers reported a 55% growth in its net profit for the December quarter after strong sales lifted margins compared to last year. However, on a sequential basis, net profit fell to Rs 28 cr from Rs 30 cr due to lower non-sales income. New area bookings in Q3 were […]
Housing Development Finance Corporation Ltd has tied up with Bangalore-based real estate player Prestige Estates to invest Rs 2,500 cr in affordable housing. The tie-up has been implemented through its subsidiary HDFC Capital Advisors Limited, which is the investment manager to HDFC Capital Affordable Real Estate Fund 1. The fund, which focuses on middle income […]
The government has cut the GST rate of ‘affordable houses’ covered by the ‘Credit Linked Subsidy Scheme’ to an effective rate of 8% from an effective rate of 12%, and also said that most customers should not have to pay any GST on such flats at all. The reduction in GST has been made to […]
Godrej Properties reported a sharp 66% fall in its net profit for the third quarter despite strong sales growth, as it was hit by a sharp increase in its input costs. Net profit fell to Rs 25.94 cr for the three months ended December from Rs 77.24 in the same period last year. In Q2, […]
Godrej Properties, the Mumbai-based real estate developer, continued to strike deals with other players to develop their land parcels. The company announced three new projects, including two in Bangalore and one in NOIDA near Delhi. The Bangalore projects are in Devanahalli in the north and in Electronics City in the south, and both involve Godrej […]
Real estate developer Puravankara Ltd said it has started taking ‘expressions of interest’ from buyers for its upcoming ‘affordable’ housing project at Judicial Layout, Kanakapura Road, Bangalore. Provident Park Square is being taken to market through a quasi-book building method. Under this, price bands are announced for each type of property and interested buyers can […]
