NEW DELHI: Godrej Properties (GPL) has acquired a 3.8-acre land parcel on Sarjapur Road in South Bengaluru.
This project has a revenue potential of ₹2,400 crore and a development potential of two million sq. ft.
With this acquisition, GPL anticipates an estimated total revenue potential of ₹3,500 crore, encompassing a total of three million sq. ft. across a larger 30-acre development.
RMZ Corp., one of India’s leading real estate developers, is contemplating an initial public offering (IPO) that could raise up to $1 billion, according to sources familiar with the situation. This move could set the stage for one of the country’s largest real estate listings. The Bengaluru-based firm has initiated preliminary discussions with bankers about the potential listing, as stated by anonymous sources due to the confidential nature of the discussions. The IPO is expected to occur later next year. RMZ has not yet officially appointed advisers, and critical factors such as timing, structure, and overall size of the offering…
NEW DELHI: Prestige Estates Projects Ltd reported a 50% increase in sales bookings, reaching ₹6,017.3 crore in the second quarter of this fiscal year, attributed to rising housing demand. In its regulatory filing, the company highlighted that robust demand across various markets and segments fueled this growth in sales bookings or pre-sales. Sales volume for the quarter totaled 4.42 million square feet, an increase of 47% year-on-year. During the July-September period, the company sold 2,069 units, with the average realization for apartments rising 8% year-on-year to ₹14,906 per square foot. Meanwhile, plots saw an impressive 43% increase in realization to…
Representative image created by AI MUMBAI: In a significant effort to tackle builders who are defaulting on rent payments to slum dwellers, the Slum Rehabilitation Authority (SRA) has successfully collected dues amounting to Rs 1,386 crore over the past three years. This includes Rs 601 crore from regular schemes, Rs 134 crore from an amnesty program, and Rs 650 crore due to a new directive mandating builders to prepay two years of rent to the agency. According to SRA data, out of the Rs 880 crore owed from regular projects, Rs 279 crore remains uncollected. Additionally, the outstanding amount from…
