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...
REAL ESTATE
Godrej launches new residential project in Gurgaon
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...
No move to redevelop LIC’s Mumbai chawls – FM
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...
Mahindra Lifespaces launches flats in Palghar for Rs 8 lakh
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...
Kolte Patil Q3 sales up 69% as RERA worries ease
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...
HDFC ties up with Bangalore-based Prestige Estate for Rs 2,500-cr affordable housing venture
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...
Affordable housing made practically GST free – Govt
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...
Godrej Properties net profit down 66% on higher costs, top line jumps
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...
Godrej Properties continues fast expansion with 2 new projects in Bangalore, 1 in Noida
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...
Puravankara starts ‘initial public offer’ for upcoming Bangalore affordable housing project
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...
Prestige brings Forum Mall to Mysore
Prestige Group, one of Bangalore’s largest real estate developers, said it has inaugurated its Forum Center City Mall in Mysore. The company operates the Forum Mall in Bangalore, one of the city’s oldest and most prominent. The Forum Center in Mysore has 3.2 lakh square...
Dalmia Group, Nisus invest in Greater NOIDA real estate project
Fund manager Nisus Finance Services Co Pvt said it, along with a Dalmia Group’s Landmark Holdings, has invested Rs 50 Cr in Casa Royale & Sanskriti, a project by Noida based Earthcon Infracon projects at Sector-1, Greater Noida, Uttar Pradesh. Landmark Holdings is the real...
Indian Real Estate unsold inventory to fall this year – Fitch
Fitch Ratings said it expects a slight improvement in the finances of real estate companies in India and forecast increasing consolidation and a reduction in the massive unsold inventories on their books. “We expect the cash flow from operations of the rated Indian developers to...
Hiranandani offers guaranteed rental for Bangalore project for 2 years
As some consumers stay away from making big ticket investments into real estate, developer House of Hiranandani has come up with a ‘guaranteed rental’ scheme for those buying property at two of its towers at the Devanahalli township in Bengaluru. The company said that, depending...
Ahluwalia Contracts wins orders worth Rs 311 cr
Ahluwalia Contracts said it won new construction orders aggregating to Rs 311 cr. “New orders worth of Rs. 170.99 Crores for construction of 300 Beds hospital in existing premises of ESIC Hospital Kolkata and worth Rs.140.00 Crores for other construction work,” it said. With this,...
RERA sales freeze drags down DLF Q2 profit by 94%, sales restarted
Real estate major DLF reported a sharp decline in its revenue and profit for the July-September quarter after it stopped taking new bookings due to the implementation of RERA in May. The company’s net profit fell by 94% to Rs 12.57 cr in July-September quarter...
Godrej Properties Q2 sales and profit double quarter on quarter
Godrej Properties, one of the few big real estate giants that weathered the slow down in the market over the last three years well, has reported strong numbers for its second quarter. Revenue from operations jumped 49% to 492 cr, while net profit rose by...
LIC withdraws insolvency case against DB Realty
Life Insurance Corporation of India, the single biggest shareholder in many listed companies in India, has withdrawn its insolvency case against DB Realty Ltd, the real estate developer said. The two companies have executed a debt settlement agreement on Oct 16, DB Realty said. With...
Nila Infrastructures to construct 3,152 flats for Rajasthan government
Nila Infrastructures Limited said it got a contract worth Rs 107.3 cr from Jodhpur Development Authority to create 3,152 flats in Barli. The Company will also get 7.5 acres free of cost that can be sold or developed. The township, to be completed in four...
Indiabulls Real Estate on the mend post demonetization hit – Fitch
Fitch Ratings affirmed property developer Indiabulls Real Estate Limited’s Long-Term Foreign-Currency Issuer Default Rating at ‘B+’ with a ‘stable’ outlook, noting that conditions for the real estate developer are improving. “The Stable Outlook reflects the recovery in IBREL’s contracted sales following India’s currency demonetisation last...