Puravankara posta net loss of Rs 6.71 crore in Q4 FY24

Puravankarahttps://www.puravankara.com/about-us/  has reported net consolidated loss after tax of Rs 6.71 crore during the quarter ended March 31, 2024. I t had registered profit after tax of rs 26.75 core in the corresponding quarter of the previous fiscal, the company said in a BSE filing. The company's net consolidated total income tood at rs 946.84 crore, a growth of 116.97 prcent from rs 436.39 last year. Ashish Puravankar, managing dircetor of the company said for FY24,we achieved pre-sale of rs5,914 crores, upby 90% yer on year. We launched 12 projects with a saleable area of 9.47 millions sqft. We are happy to announce that we ahve succeddfullu returned investments of IFC and ASK amounting to Rs 410 crores. We have deployed rs 300 crores of land advances from internal accruals and debt. The board of directors have reappointed Anup Sanmukh Shah as a non-executive independent director of the company for a second term of five consecutive years. The board has declared interim dividend of rs 6.30 per equity share and paid during the quarter ended March 31, 2024. Its sales soarded to rs 1,947 crore in Q4 FY24, registering 93 percent year on year growth. Sales volume for the quarter stood at 2.35 millions sqft with a collection of rs 1,094 crore.  Puravankara's net debt stood at rs 2,151 crore, an the net debt-to-equity ratio stood at 1.14 for Q4 FY24. The weighted average cost of debt stood at 11.59% as of March 31, 2024.  

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L&T realty inks pact for joint development of 12.2-acre land in Thane 

L&T Realty https://www.lntrealty.com/about-us/ , the rel estate development arm g engineering major Larsen & Toubro has entered into a an agreemnet to jointly develop a 12.2-acre land parcel in Thane's Panchpakhadi locality. The projct involving rehabilitation of a large layout of slums has a total development potential of over 3.12 millions sqft. The current developer Jagdale Infrastructure has received a letter of intent from the Slum Rehabilitation Authority in 2002 and is now bringing in L&T Realty https://www.lntrealty.com/about-us/ as its partner in the project. As per the agreement, L&T Realty, as the lead developer, will get 69% share of profits from the projects and the balance 31% will go to Jagdale Infrastructure.the project involving over 20 slums pockets is expected t be completed in five years. L&T Realty has executed the joint development agreement through one of its subsidiary duty of over Rs 34.88 crore for the registraion of the transaction that took place on May 7. As per a notification in October 2016, the plot was declared as slum rehabilitation area under the provisions of the Maharashtra Slum Area (Improvement, Clearance & Development) Act, 1971. Project invloving joint development and redevelopment play a crucical role in the functionality of most property markets. This importance is heightened in the content of rising land prices and the decreasing availability of vacant land parcels in major urban centres. 

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

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Columbia Pacific to invest rs 200 crore, add senior  living projects 4 new cities 

Columbia Pacific Communities, a US senior living community operator, plans to invest more than Rs 200 crore to widen its presence in India by entering Pune, Hyderabad, Kottayam and Kochi. Each project will require an equity investment of Rs 50 crore. The company is currently not looking at fundraising. The company plans to start renting out senior living apartments for the first time in India. CPC plans to add 800-1,000 senior living homes every year, with a potential revenue of Rs 150 crore-200 crore per project. The company is also looking at land in Mumbai and tier-II cities such as Hosur near Bengaluru. The company plans to deliver 300 senior living units in FY25 and launch an additional 1,200 units. Senior living projects are apartments built for older people, with special facilities such as wheelchair-friendly doors, anti-skid flooring, and assistive care to deal with age-related issues. Such projects have come up across Bengaluru, Hyderabad, Chennai, and Coimbatore. While most properties have been via joint ventures with developers, CPC is exploring a new avenue - a fee-based model. The company said it has identified a plot in Bengaluru for its first rental project and an announcement is to be made after the general elections.

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NERA bars auditors of Reliances Home Finances & Reliance Commerical Finance

National Fiancial Reporting Authority https://nfra.gov.in/ (NFRA) has banned auditors of Reliance Home Finance and Reliances Commerical Finances https://www.reliancemoney.co.in/, including the firms, and also levied a penalty for irregularities in the accounts of two Anil Ambani group of companies in 2018-2019. In both cases , new auditors had been appointed after Price Waterhouse has resigned. Auditor of Reliance Capital https://www.reliancecapital.co.in/About-Reliance-Capital.aspx, another group company, had faced similar action lasst month. Reliance Home Finance https://www.reliancecapital.co.in/Reliance-Home-Finance.aspx auditor Dhiraj & Dheeraj has been fined Rs 1 crore and chartered accountants and partners at the firm Piyush Patni and Pawan Kumar Gupta have been slapped with a monetary penalty and barred for three-five years from taking up aduit assignments. 
 

Reliance Commercial Finance https://www.reliancecapital.co.in/Reliance-Home-Finance.aspx auditor Shridhar & Associates has been handed a Rs 2 crore penalty, while engagement partner Ajay Vastani has been barred for five years and slapped for Rs 50 lakh fine. Suspecting fraud, Price Waterhouse had resigned as the auditor of the company with assets of over Rs 13,000 crore and liabilities, including debt, of Rs 12,623 crore. In the case of Reliance Home Finance, which is a listed entity, PW had resigned, suspecting fraud at the company. Sebi had noted that the new auditor Dhiraj & Dheeraj had issued a qualified opinion for 2018-19 without making adequate disclousres. The audit firm issued a qualified report while it was required to issue a disclaimer or adverese opinion, had the aduit been concluded as per standards of accounting. 

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Signatureglobal subsidiary buys 14.65 acres land in Gurugram 

Signatureglobal Homes, a wholly-owned subsidiary of Signatureglobal (India), has executed a sale deed to purchase the land admeasuring approximately 14.65 acres situated at Gadauli Kalan, Sector -37D Gurugram. The land has an overall potential developable area of approximate 2.7 million sqft. Pradeeo Kumar Aggrawal, chairman and whole time director of the company said, we aim to launch a residental project on this land in FY25-26.

The company sold over 4,600 units at an average ticket size of Rs 16 milion during FY24. Its sales stood at Rs 72.7 billion in FY24, a growth of 112% from Rs 34.3 billion. Collections stood at Rs 31.1 billion in FY24, a growth of 62% from Rs 19.2 billion in FY23. During FY24, the company has added about 17 million sq ft in Sector 71, on Southern Peripheral Road. Its ongoing projects are expected to be completed by FY26. The company estimates revenue recongnition of about Rs 120 billion over FY24-FY26. 
 

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Kiren Gems MD buys apartment in Mumbai Worli for 97 crore 

Mavjibhai Patel, Managing Director and part of promoter group of one of the world largest natural diamond manufactures Kiren Gems has brought a sea view luxury aparment in a super premium residental tower in Mumbai plush Worli locality for about Rs 97 crore. The apartment sperad over 14,911 sqft Rera carpet area in Three Sixty West on Dr. Annie Besant road is on the 47th floor of the wings of the tower. Patel purchased the apatment jointy with more family members. The buyers paid over rs 5.84crore as stamp duty alone for the transition that was registered on April 29, showed documents accessed through IndexTap. 

Patel brought the apartment directly from Sahana Group Skylark Buildcom and Monon Ray Realty part of jointventure Oasis Realty which had developed the project along with Oberoi Realty. Sahana Group confirmed the deal, while ET's email query to Kiran Gems remained Mumbai led the pack as the country’s biggest and most expensive property market continued its record-setting spree, reaching a new peak with best annual performance in terms of both property registration and revenue collection through stamp duty chargers. 

South and central Mumbai—home to India’s most expensive apartments—played a majo role in driving this performance. The micro-market witnessed many large-ticket record-setting transactions involving industrialists, CXOs, actors and sports personalities in the last few years. 

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This new unit adds one million tons of cement capacity to Dalmia Bharat's https://www.dalmiacement.com/ overall installed capacity, bringing it to a total of 45.6 million tons including its subsidiaries. Dalmia Bharat (DBL)https://www.dalmiacement.com/ , a 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. Dalmia Bharat currently runs two integrated cement manufacturing plants situated at Tamil Nadu Dlamiapuram and Ariyalur respectively. along with a grinding unit located in Sattur. 

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Brookfield India Real Estate Trust stake in four Bharti Enterprises assets 

The acquisition by Brookfield India Real Estate Trust includes commercial properties totalling 3.3 millions. Brookfield India Real Estate Trust (BIRET) has signed binding agreements to acquries a 50% stake in fpour Grade A assests from Bharti Enterpries (Bharti).

The acquisition includes commerical properties totalling 3.3 million sqft at an entriprise value of Rs 60,000 millions. The total equity consideration for the 50% stake will be fulfilled through a preferential allotment of units in BIRET to Bharti at Rs 300 per unit. 

Bharti, will become the second largest unitholder in BIRET with an ownership stake of 8.53%. The protfolio of assets includes operating Worldmark assets at Aerocity New Delhi, a mixed-use proptery covering 1.4 millions sqft, Airtel Centre, the corporate facility of 700.00 sqft in North Gurugram, and Worldmark Gurugram a mixed use assest spanning over 700,00 sqft. 

Kotak Mahindra Capital Company acted as the financial advisor to BIRET Khaitan & Co and Shardul Amarchand Mangaldas represented BIRET as its legal counsels. 

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Government proposes holding brokers responsible for unsolicited calls

Government has proposed holding banks, insurances companies, real estate developers and brokers, as well as other enities, including agencies making pesky calls on their behalf responsible for contacting people through numbers that are not registered with the Telecom Regulatory Authority of India https://www.trai.gov.in/ ( Trail ). Taking note of violation of consumer rights and treating unsolicited calls as unfair trade practice, the consumer affairs department held a consultation with stakeholders last week and circulated draft guildelines to deal with this problems. 

Sources said the departments guildelines will primarily focus on protecting consumer interest and help them identify pesky call. Ince consumers lodge complaints aganist such unwated calls with the National Consumer Helpline https://consumerhelpline.gov.in/ , action under the Consumer Protection Act https://consumeraffairs.nic.in/acts-and-rules/consumer-protection would be initoated. TOI has learnt that there would be three separate series of numbers-"140" for marketing, "160" for services calls and "111" for communication by governmrnt agencies to alert or inform citizens so that people can easily identify the purpose of the caller. 

The consumer affairs department has constitued a panel comprising of members from telecom industry, regulatory bodies such as telecom and financial services departments, Reserve Bank of India https://www.rbi.org.in/ , Insurance Regulatory and Development Authority https://irdai.gov.in/ , Trai, Cellular Operations Association of India https://www.coai.com/home , telemarketing companies and consumer organisations. 

The department said such calls not only violate the privacy of usersbut also the rigts of consumers. Most of such calls are from the financial services sector followed by real estate. It was also pointed out that spam callers are now switching to internet call, especially using WhatsApp to lure customers into ponzi schemes. 

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DLFS net profit increased by 61.49% in Q4 FY2

DLF has reported a growth of 61.49 per cent in its net consolidated profit during the quarter ended March 31, 2024. Its profit after tax stood at Rs 919.82crore in Q4 FY24 as against Rs 569.60 crore it registered in the corresponding quaterso of the previous fiscal, the company said in a BSE filing. 

The company's net consolidated total income stood at Rs 2,316.70 crore in Q4 FY2 a growth per cent from Rs 1,575.70 crore it recorded in the similar quarter last year. The board of director recommended divivded of Rs 5 each per equity share (250%) of face value of each Rs 2 each for FY 2023-24. 

The quarter DLF Home Developer ( DIDL ), a wholly-owned material subsidiary, has allotted 60,000-8.5% senior, secured,rated,listed,redeemable,guaranted, Rupees denomiated non-convertible debentures ( NCDs ) of the face value of Rs 100,000. 

Subsequent to the quarter, National Company Law Tribunal (NCLT) - Chandigarh bench has approved the scheme of amalgamation between Alanknt Estates,DLF Estate Developers, Kirtimaan Builders, Tiberias Developers, Ujagar Estates,  with DLF Utilities. 

Consolidated revenue of DLF Cyber City Developers (DCCDL) stood at Rs 5,903 crore in FY24, reflecting year-on-year growth of 9%; consolidated profit for the quarter stood at Rs 1,690 crore, a year-on-year growth of 18%. Cash flow from operations stood at Rs 2,726 crore for the fiscal. 

The company's retail business exhibited 18% year-on-year growth during the period. 

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CREDAI’s three-day home loan mela begins in Chennai

The Confederation of Real Estate Developers’ Associations of India https://credai.org/home (CREDAI), Chennai Chapter, started its three-day home loan mela on Friday, March 1, in T. Nagar. The mela is preceding the 16th Edition of the annual flagship property and real estate exhibition, CREDAI FAIRPRO 2024 scheduled to be held at the Chennai  Trade Centre, Nandambakkam from March 8-10. https://www.chennaitradecentre.org/CREDAI National Vice President S. Sridharan inaugurated the mela with Alok Kumar Chaturvedi, State Bank of India, Local Head Office, Deputy Managing Director (Retail – Personal Banking & Real Estate). The mela will offer access to home loan products from financial institutions, and guidance on various aspects of the home buying process, including eligibility criteria, documentation requirements, loan repayment options, exclusive offers, discounts, and incentives, according to a press release. SBI https://sbi.co.in/, Canara Bank https://canarabank.com/, HDFC Bankhttps://www.hdfcbank.com/, Indian Bank https://www.indianbank.in/, and LIC https://licindia.in/HFL are the bankers participating in this year’s Home Loan Mela 2024. 

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Periyar Nagar Government Hospital To Be Bigger in 2025

 Construction of news buildings for the govt hospital at Periyar Nagar is expected to be completed by March 2025. The expansion will increase the bed capacity from 300-827, besides offering additional healtcare servtices that will significantly improve access for about 15 lakh residents. Established in 1986 as a 100-bed facility, the Madras Medical College-affiliated  facility was intended sygeries to ease overcrowding at Rajiv Gandhi Govt General Hospital https://www.tn.gov.in/ta/detail_contact/4422/4 ( RGGGH ). In 2021, height of the Covid-19 pandemic, it was upgraded to a300-bed facility. Besides maternity services, patients come to the hospital for laparoscopic appendectomy, hernia repair, removal pf gallbladder stones, skin grafting, and other plastic surgeries. 

The hospital aims to become an organ havest centre and start PG Courses, said around of medical education, Dr J Sangumani. The hospital, which currently has around 20 doctors and 23 nurses, has requested additional stagg. RGGGH deam Dr E Theranirajan said the upgraded facility will have more staff. 

An Upgraded hopsital will provide most secondaty care services closer to home free of cot. 

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