News

A monumental 2,000-metric-ton arch bridge, integral to the Mumbai Coastal Road project, embarked on its voyage from Mazagon Dock's Nhava unit at 12:30 PM recently.

Lodha, or Macrotech Developers, reported a 21% rise in net profit to Rs 670 crore for the March quarter. The company's operating revenue rose 23% to Rs 4,020 crore. Developer pre-sales and yearly performance are at an all-time high this quarter.

K Raheja Corp is redeveloping Mumbai's first mall, Sobo Central Mall, into a premium residential tower. It encompasses 1.3 acres in South Mumbai's premium Haji Ali neighbourhood and was launched in the late 1990s as Crossroads. A 50-story sea view skyscraper with almost 250,000 sq ft of development.

The first quarter of the year saw Delhi-NCR dominate the market for high-end luxury flats priced at least INR 15,000 per square foot among the top eight cities. A large number of new luxury apartment developments sold out rapidly in the area.

The Brihanmumbai Municipal Corporation (BMC) will build a parallel drainage line to address Andheri subway's monsoon flooding. This project intends to properly channel surplus precipitation into the Bhardawadi nullah to reduce seasonal floods.

After learning that the 30 acres in Bandra East may not be finished until 2026, the Bombay High Court examined Goregaon for its new court complex. Due to government personnel living on 13 of the 30 acres, the State Public Works Department (PWD) indicated only 13 will be removed by March 2025.

The Indian Finance Ministry has extended PMAY-G funds till September 2024 to build 3.5 million rural dwellings. This prolongation is part of the government's pursuit of "housing for all" by March 2024.

Land record digitalization will be prioritised by the Indian government to streamline land procedures. The incoming government is likely to support this critical effort with roughly ₹1,035 crore. To speed up land acquisition and construction, the initiative seeks to digitise all land records by 2026

Puravankara Group's projects in important Indian areas have received Rs 500 crore from Piramal Enterprises. This financial infusion will concentrate on commercial and residential projects via senior secured finance, highlighting their growth potential.

Thousands of families from Ramabai Ambedkar Nagar, a longtime Ghatkopar slum, are moving to high-rise housing in Vasan, Mumbai. The Slum Rehabilitation Authority (SRA) is finishing its survey work quickly to commence the Ramabai Ambedkar Nagar Development Project.

Terravista Developers, an Adani Group affiliate, bought a 25-acre land in Haveli, Pune, to expand its data centre infrastructure. Leasehold rights from Finolex Industries enabled this Rs 471 crore ($56.6 million) investment.

Mulund's Purvarang Society encouraged self-redevelopment out of fear of fraud, an encouraging gesture. This bold move resulted in the destruction of their old building and a lavish groundbreaking ceremony.

Phoenix ARC, backed by Kotak Mahindra Bank, bought two stressed loans for ₹1,800 crore from IIFL, committing to an 83% recovery rate for the Fairfax-supported non-bank lender. The ₹1,500 crore acquisition was made in an open auction, with Phoenix ARC being the lone bidder.

Embassy Group invested Rs 1,160 crore in Indiabulls Real Estate. Preferential allocation brings additional cash into Indiabulls, enabling new South Indian real estate developments.

Purevankara outperformed itself in 2024, selling Rs 5,914 crores, up 90% from Rs 3,107 crores in FY23. Customer collections increased by 60% to Rs 3,609 crores from Rs 2,258 crores last year.