The Managing Director and Chief Executive Officer of a wealth and alternatives-focused asset firm purchased two sea-view luxury apartments in a super-premium residential tower in Mumbai’s Worli area for a total of ?170 crore. The apartments cover 12,900 sq. ft. of built-up area on the 45th and 46th floors of the tower. The deal was struck at approximately ?1.31 lakh per sq. ft., making it one of the most expensive deals on a per sq. ft. basis in the country.

The apartments were purchased directly from the developer of the project. Both units had been sold by the developer within three years of acquiring them from a joint venture partner. The mixed-use development comprises two towers, one housing a luxury hotel and the other luxury residences.

The apartments bought are part of a larger set of over 60 units previously acquired by the developer from its joint venture partner for a total investment of ?4,000 crore. Another high-profile buyer recently acquired a penthouse of similar size in the same project for ?230.55 crore.

A real estate developer reported a net consolidated loss after tax of ?6.71 crore for the quarter ended March 31, 2024, compared with a profit after tax of ?26.75 crore in the corresponding quarter of the previous fiscal, according to a stock exchange filing. The company’s net consolidated total income rose to ?946.84 crore, up 116.97% from ?436.39 crore last year.

For FY24, the company achieved pre-sales of ?5,914 crore, up 90% year-on-year, and launched 12 projects with a saleable area of 9.47 million sq. ft. Investments worth ?410 crore from external investors were successfully returned. The company deployed ?300 crore of land advances using internal accruals and debt.

The board of directors reappointed a non-executive independent director for a second five-year term and declared an interim dividend of ?6.30 per equity share, paid during the quarter.

Sales soared to ?1,947 crore in Q4 FY24, marking a 93% year-on-year growth, with sales volume for the quarter standing at 2.35 million sq. ft. and collections of ?1,094 crore. The company’s net debt stood at ?2,151 crore, with a net debt-to-equity ratio of 1.14, and the weighted average cost of debt was 11.59% as of March 31, 2024.

A real estate development firm has entered into an agreement to jointly develop a 12.2-acre land parcel in Thane’s Panchpakhadi locality. The project, which involves the rehabilitation of a large slum layout, has a total development potential of over 3.12 million sq. ft.

The current developer had received a letter of intent from the Slum Rehabilitation Authority in 2002 and is now bringing in the new development firm as a partner. Under the agreement, the lead developer will receive 69% of the project profits, while the balance 31% will go to the original developer. The project, involving over 20 slum pockets, is expected to be completed in five years. A transaction duty of over ?34.88 crore was paid for the registration of the agreement, which took place on May 7.

The plot was declared a slum rehabilitation area under the Maharashtra Slum Area (Improvement, Clearance & Development) Act, 1971. Joint development and redevelopment projects like this play a crucial role in the functioning of urban property markets. Their importance is heightened in the context of rising land prices and the decreasing availability of vacant land parcels in major urban centers.

By addressing these challenges, joint development and redevelopment initiatives significantly contribute to sustaining the growth and vibrancy of urban property markets, making them indispensable in the current real estate landscape.

A senior executive and member of the promoter group of a leading natural diamond manufacturer has purchased a sea-view luxury apartment in a super-premium residential tower in Mumbai’s upscale Worli area for approximately ?97 crore. The apartment, spread over 14,911 sq. ft. RERA carpet area, is located on the 47th floor of the tower. The purchase was made jointly with family members, and the buyers paid over ?5.84 crore in stamp duty alone for the transaction, which was registered on April 29, according to public records.

The apartment was acquired directly from the developers of the project, which was a joint venture between multiple real estate companies.

Mumbai continues to lead as the country’s most expensive property market, reaching new peaks in both property registration and revenue collection through stamp duty. South and central Mumbai—home to India’s most high-value apartments—have played a major role in driving this performance. The micro-market has seen numerous large-ticket, record-setting transactions involving industrialists, corporate executives, actors, and sports personalities in recent years.

This new unit adds one million tons of cement capacity to overall installed capacity, bringing it to a total of 45.6 million tons including its subsidiariesa cement manufacture, has installed n new cement mill, at its esxisting cement manufacturing unit in Ariyalur, Tamil Nadu with an investment of Rs 204. This new unit add one millions tons of cements capacity to the company overall installed, capacity bringing it to a total of 45.6 millions tons including it subsidiraies. 

South and meeting the demand for cement in the region and aligns with the company aim to increase its total installed capacity to 110-130 MT by 2031. A Company currently runs two integrated cement manufacturing plants situated at Tamil Nadu Dlamiapuram and Ariyalur respectively. along with a grinding unit located in Sattur. 

An investment trust has signed binding agreements to acquire a 50% stake in four Grade-A commercial real estate assets owned by a large business conglomerate.

The acquisition covers commercial properties totaling 3.3 million sq. ft. at an enterprise value of ?60,000 crore. The total equity consideration for the 50% stake will be fulfilled through a preferential allotment of units in the investment trust to the conglomerate at ?300 per unit.

Following the transaction, the conglomerate will become the second-largest unitholder in the trust with an ownership stake of 8.53%. The portfolio of assets includes: a mixed-use property spanning 1.4 million sq. ft., a corporate facility of 700,000 sq. ft. in North Gurugram, and another mixed-use asset covering 700,000 sq. ft.

Financial advisory and legal services for the transaction were provided by leading advisory and legal firms.

A flexible workspace operator has signed leases for two new centres — one in Pune and another in Chennai.

The Chennai workspace occupies three floors of a commercial tower, covering 1.5 lakh sq ft with a capacity of 2,400 desks.

The Pune workspace has been taken on lease from a local real estate developer. It spans two floors, includes 1,000 desks, and covers 60,000 sq ft.

Both new centres are scheduled to open in the second half of FY25.