Sunteck Realty Q1 sees sequential decline as second wave hits

Sunteck Realty reported a sequential decline in its collections for the first quarter of FY22 compared to the immediately preceding fourth quarter of FY21, as COVID-19 curtailed new launches. Nevertheless, collections were far better than the year-ago numbers. Collections refer to the actual cash that the company collects from its buyers. Total collections for the […]

Puravankara believes offices will return, intros WfH tweaks

Puravankara Ltd, the biggest residential real estate brand in Bangalore, said it is making changes to its apartment designs to attract work-from-home customers, but believes that employees will shift back to the work-from-office model in another 12-18 months. STRONG DEMAND The company has been seeing strong demand for its residential flats, as buyers increasingly prefer […]

Sobha to create ‘mini New York’ on Hosur road

Sobha Ltd, one of India’s largest real estate developers, said it will build a ‘Manhattan-like’ mini city at Yadavanahalli, which lies between Electronics City and Hosur towards the south east of Bangalore. Despite its somewhat removed location, the project is targeted at the well-to-do, with the three-bedroom flats costing upwards of Rs 90 lakh. Chairman […]

Malls may take six months to normalize – Prestige Estates

Prestige Estates Projects, which operates some of India’s top malls such as Bangalore’s Forum Mall, said retail spending has recovered to around 70-80% of normal levels, though it may take several months for it to fully normalize. “The malls should be back in the next six months, they should stabilize fully. Hospitality should take a […]

L&T says good response to Seawoods Residences Ph II

Larsen & Toubro, India’s biggest construction firm, said it has got an encouraging response to the launch of its second phase of its Seawoods Residences project in Navi Mumbai. The first phase of the semi-premium housing project, launched early last year, saw decent levels of interest, with reports claiming that the company got 1,800 bookings […]

Godrej Properties to build new flat complex in Kalyan

Godrej Properties, arguably the healthiest and fastest growing of the major Indian real estate companies, today said it has agree to purchase a 20 acre project in Kalyan near Mumbai for a residential project. “This project will offer approximately 139,000 square meters (1.5 million square feet) of saleable area comprising primarily of residential apartments of […]

Mall footfalls down 75%-80% – Prestige Estates Projects

Prestige Estates Projects Ltd, which operates nine malls including The Forum Mall in Bangalore, said footfalls are down 75%-80% at malls due to the COVID-19 pandemic. Speaking to investors after detailing the company’s June quarter results last week, company officials also said they were seeing signs of stress among customers of residential properties, even though […]

D-Mart working on new cities, but COVID-19 impact to show

D-Mart, India’s most famous deep discount retail chain, said it is working on expanding its footprint beyond its current footprint of 214 locations, but the ongoing COVID-19 will impact the number of new stores that will be opened this year. The company, which started with just two stores in Mumbai in 2002-03, expanded to 214 […]

NRIs, Digital boost real estate sales for Godrej Properties’ in Q1

Godrej Properties, the fastest growing of India’s real estate majors, saw a surge of NRI (non-resident Indian) customers as well as a huge pick-up online sales during the COVID-19 lock-down. Despite a harsh lock-down in place in India during most of the Apr-Jun quarter, the company managed to sell a whopping 2,130 homes during the […]

Godrej Properties starts sales of flats in RK Studios

Real estate developer Godrej Properties has opened booking for its first flats in RK Studio, the 2.2-acre film studio established over six decades ago by legendary actor Raj Kapoorj. The Vikhroli, Mumbai-based developer had purchased the studio property for an undisclosed amount in May this year and announced plans to put up 3.5 lakh square […]

Brigade Group ties up with IKEA for pre-furnished homes

Brigade Group, one of India’s leading Real Estate Developers, has tied up with Swedish furniture maker IKEA to offer pre-furnished homes in India. “Brigade has set up multiple model apartments showcasing IKEA furnishing options in the home-front including Living/Dining rooms, bedrooms including children’s rooms, kitchens, and bathrooms. “Potential buyers or existing customers can visit these […]

Govt subsidy scheme shrinks affordable homes drastically

The size of apartments on sale in India are shrinking like never before, mostly due to a new affordable housing subsidy scheme announced by the government in early 2017. Under this credit subvention scheme, the government will today pay up to Rs 3.5 lakhs to banks on behalf of anyone who takes a home loan […]

Politicians face backlash for supporting illegal flats in Maradu

The demolition of five illegal high-rise apartment buildings in Kochi has snowballed into a major controversy, with some of the state’s prominent politicians who openly supported the illegal buildings now coming under fire from social media and even their own colleagues. The initial response of the political community in the state was one of support […]