Category: REAL ESTATE
Puravankara reports revenue of Rs 676 Crore for Q1, Y-o-Y growth of 101%
Puravankara Limited (BSE: 532891), announced its financial results today for the first quarter (Q1FY25) ending June 30, 2024.
The company achieved quarterly sales value* of Rs 1,128 crore for Q1FY25 in sustenance vs Rs 1,126 crores in Q1FY24, as the planned launches were deferred to Q2FY25. The company also achieved quarterly customer collections* from the real estate business of Rs 965 crores in Q1FY25 compared to Rs 696 crores in Q1FY24, up by 39 per cent y-o-y. Average price realisation increased by 6% Y-o-Y to Rs 8,746/sft. Revenue from projects stood at Rs 676 crores (+101% Y-o-Y).
Commenting on the company’s performance, Ashish Puravankara, Managing Director, Puravankara Limited, said, “The revenue recognised went up to Rs 676 crores on account of higher delivery of 929 units, a 108% growth over last year’s delivery, demonstrating our commitment and focus on operations. While the company sold 1.29 msft, our focus was on replenishing our landbank. The company deployed Rs 762 crores for land acquisition in MMR, Goa and Bengaluru.”
Highlights
Operational Highlights for Q1FY25
· Sales value stood at Rs 1,128 crores
· Average price realisation stood at Rs 8,746/sft
· 1.16 msft delivered in Q1FY25 compared to 0.49 msft in Q1FY24
Consolidated Q1FY25 Financial Performance
· Revenue from projects stood at Rs 676 crores (+101% Y-o-Y)
· EBITDA stood at Rs 148 crores (96 % Y-o-Y)
· Profit of Rs 15 crores as compared to a loss of Rs 17 crores in Q1FY24
Debt
The net debt stood at Rs 2,237 crores for Q1FY25.
* Sales value includes taxes and includes economic interest attributable to Landowners under revenue share arrangement, which was 0.05 msft during Q1FY25 and 0.14 msft during Q1FY24. Customer Collection includes taxes.
Outlook
The Indian real estate sector is poised for robust growth in FY25, driven by the country’s strong economic performance and rising demand across residential, commercial, and industrial segments. The IMF has revised India’s GDP forecast to 7% from 6.8% for FY25. Increased urbanization, infrastructure development, and favourable government policies are boosting homebuyers confidence. The residential sector is witnessing a continued surge in demand. Overall inventory overhang has reduced from 3.7 years (2017) to 1.3 years (Q1 CY 2024). Puravankara is expected to experience sustained growth, in line with the sector, supported by a conducive economic environment and evolving consumer preferences.
Signify inaugurates the 1st exclusive WiZ store in Pune
Bringing the best of connected technologies to India, Signify, the world leader in lighting, has launched its first exclusive WiZ Store in Pune, this marks a significant milestone in the brand’s expansion across the nation. With this launch, Signify redefines how consumers experience lighting by offering a fully connected, customizable, and intuitive smart lighting journey.
Located in one of India’s most rapidly growing IT and real estate hubs—the WiZ Store is designed to resonate with the city’s young, tech-savvy, and innovative audience. The store will showcase Philips Smart LED products powered by WiZ, enabling users to control lighting through apps, voice assistants, and smart switches. The store offers a hands-on experience of how smart lighting can seamlessly blend into modern lifestyles. The store features a vast selection of connected SKUs, offering a holistic shopping experience to customers.
Commenting on the power packed launch C Arun Kumar, Head of Consumer Business – Signify Greater India, said, “The launch of our WiZ Store in Pune reflects our deep commitment to shaping the future of smart homes in India. Pune, with its thriving innovation ecosystem and forward-thinking consumers was a natural choice to introduce our most immersive connected lighting experience yet. Through the WiZ platform, we are empowering people to personalize their spaces with intuitive lighting that’s not only functional but enhances their lifestyle and well-being. This store isn’t just a retail space, it’s a live experience centre that showcases how technology and design can work together to transform everyday living. Looking ahead, we see immense potential for smart lighting across India’s rapidly urbanizing cities and our commitment is to support the growth by delivering innovative, connected solutions that enhance comfort, design, and sustainability”.
The launch of the WiZ Store in Pune cements Signify’s leadership in India’s smart‑lighting market. Leveraging the expertise in connected lighting, ongoing product innovation, and strategic collaborations with channel partners and design professionals, Signify is committed to delivering innovative, user‑centric lighting solutions that meet the evolving needs of Indian homes and businesses.
Bayside Corporations Announces Plans to Hire Over 400 Employees in the Next 6 Months
New Delhi: Goa-based Bayside Corporations (BCS), a luxury real estate firm in India, has announced its hiring plans for the next 2 quarters. The firm is scouting for talent across the country and aims to hire approximately 400 team members in its sales division. The hiring will primarily be conducted at its Goa and Chandigarh-Tricity locations.
Bayside Corporations (BCS) is a conglomerate of companies that has been operating in the Indian real estate market for the last 14 years. Previously focused on marketing, investments, and land purchases, BCS is now aggressively expanding its domain into luxury home sales under its own brand name. The firm is already active in Goa and Chandigarh-Tricity and will soon announce its operations in the UAE market.
According to the firm’s spokesperson, “The Indian luxury real estate market has literally quadrupled in the last year, and we at BCS are confident that the market will continue to grow. This sector demands an organized brokerage firm at the ground level to achieve better sales. We are a unique group with a focused approach to selling luxury homes exclusively, and we are confident of achieving good numbers this fiscal year. Hence, the hiring is in full swing.”
Bayside Corporations (BCS) was recently in the news for announcing sales targets exceeding INR 100 crores from Goa and Chandigarh-Tricity. With this new announcement, the firm has clearly demonstrated its aim to become the largest real estate consultancy or brokerage firm in India for luxury housing.
Puravankara unveils a landmark residential project in Keshav Nagar, Pune
Puravankara Limited, one of India’s most trusted and admired real estate developers, announced the launch of its newest landmark project – Purva Atmosphere in Keshav Nagar, Pune. Spread across 10 acres with 70% open spaces, this development seamlessly blends sustainable design with modern amenities, offering a truly unique lifestyle experience.
Purva Atmosphere features two 30-story towers offering 240 units of 2 BHKs and 180 units of spacious 3 BHK apartments. Designed to ensure ample natural light, ventilation, and Vastu compliance, these residences offer the perfect blend of comfort and functionality.
Purva Atmosphere is thoughtfully designed with sustainability at its core. As an Indian Green Building Council (IGBC) compliant project, it features unique landscaping inspired by Bali’s iconic terraces, blending nature with modern living. With large lush green spaces spread across the ground and podium levels, the project is designed to prioritise the well-being of its residents. At the heart of the project lies a one-acre central podium landscape area with a clubhouse and swimming pool.
Commenting on the launch, Rajat Rastogi, CEO- West & Commercial Assets, Puravankara Limited, said, “Pune continues to be a key focus area in our strategic expansion plans, and Purva Atmosphere marks a significant milestone in our journey. With thoughtfully designed low-density homes offering only 150 flats per acre, the project ensures ample space and privacy, making it a perfect setting for comfortable, sustainable living. It represents our unwavering commitment to creating a sustainable world for people to live their dreams. Every aspect, from the expansive green spaces to the carefully curated amenities, reflects our dedication to providing a lifestyle that goes beyond just four walls.”
Providing over fifty thoughtfully curated lifestyle amenities, including yoga pods, sensory gardens, an oxygenated gym, and a sprawling 30,000 sq. ft. clubhouse, Purva Atmosphere caters to contemporary urban dwellers’ physical, emotional, and social needs. The project will also feature hi-street retail and co-working spaces.
The project’s strategic location near the proposed Kharadi Bridge ensures seamless connectivity to Magarpatta, Hadapsar, Kalyani Nagar, and other major IT hubs.
“Nestled in the heart of Keshav Nagar, the project’s strategic location—close to Kharadi and Magarpatta IT parks—combined with its world-cl-ass amenities and sustainable design, positions it as a standout offering in Pune’s real estate market. We believe this development will redefine luxury and community living,” said Rastogi.
Buyers can select from 2 BHK and 3 BHK homes, with prices starting at ₹95 lakhs for 2 BHK and ₹1.49 crore for 3 BHK respectively.
We blend unique dishes with popular,comforting favorites to cater to a wide range of tastes
The journey of Tender Shades began in March 2024 when my brother and I were working in the corporate sector. Despite knowing the risks and challenges of the restaurant industry, we had always been passionate about the food business and dreamt of opening our own café.
With a commitment to providing customers with a clean, welcoming ambiance and affordable coffee, along with a variety of delicious dishes, we decided to turn that dream into reality.
After conducting market research in Mahavir Nagar, we designed a menu that blends unique dishes with popular, comforting favorites to cater to a wide range of tastes.
One of the most challenging tasks was naming our brand. Today, many ask us, “What does Tender Shades mean, and how did you come up with the name?”
The story behind the name is that we spent a lot of time brainstorming something unique. From the start, we were clear about one thing for the café’s interior—we didn’t want a rustic look or color scheme, instead opting for pastel tones.
If you look at the logo and overall brand colors of Tender Shades, you’ll notice we’ve used pastel shades without any rustic elements, both in the logo and the café’s interior.
This idea inspired us to name the brand around the concept of pastel colors. We wanted the name to reflect both the ambiance and the delicious food we offer. After much research, we found that “Tender Shades” was a perfect fit.
“Tender” signifies warmth and gentleness, reflecting the welcoming atmosphere, while “Shades” represents the variety we offer, both in the décor and the menu.
We began our search for a location by exploring various options online. We weren’t looking for a crowded spot; instead, we wanted a place slightly away from the main streets of Mahavir Nagar, where there would be less hustle and bustle, allowing customers to relax and enjoy their food and coffee in peace.
While searching for the right space, we learned how the real estate industry operates. If you’re unfamiliar with the market, it’s easy to get quoted prices much higher than the actual rates. Fortunately, we had a few family friends in the industry who helped us secure a place at a fair price, meeting our requirements.
Once the location was finalized, we embarked on the renovation process, which took around 45 days. We handled much of the work ourselves, from painting to other tasks.
Simultaneously, we began the process of hiring staff. Since we planned to be present at the café ourselves, we didn’t want to hire too many people initially. We focused on bringing in just the right number of staff to ensure smooth operations.
After connecting with many candidates over 15 days, we found the perfect team for every role, and we are grateful to have them working with us.
As the interior neared completion and the kitchen setup was almost done, we started menu trials and conducted hygiene and cleanliness training sessions.
During this time, we were fortunate to receive guidance and support from various industry experts, which was invaluable as we were new to the business and still learning.
After nearly 2.5 months of hard work and sleepless nights, we were ready to launch on 12th August 2024.
Our Best Dishes!!
Our special Malvani Chicken Pizza is a fusion of traditional flavors and modern style. The chicken topping is marinated and cooked in authentic Malvani masalas, giving each bite a burst of bold, coastal spices. Paired with our freshly made pizza dough and the perfect blend of cheese, it’s a unique and flavorful experience you won’t want to miss!
Panini Veggie Grilled Sandwich:
Our Panini Veggie Grilled Sandwich is a healthy yet flavorful option, made with wholesome multigrain panini bread. It’s filled with a mix of fresh, exotic veggies, grilled to perfection for a delicious, satisfying bite. Perfect for those who crave a nutritious meal without compromising on taste!
Shades’s Special Malvani Chicken/ Paneer Pizza:
Our menu comprises of various continental and Chinese food along with all types of coffees and mocktails. Personally we being from the Konkan region of Maharashtra, we’ve tried to introduce fusion reciepes wherein we’ve introduced Malvani Chicken Pizza and many other dishes in our menu.
Our Panini Veggie Grilled Sandwich is a healthy yet flavorful option, made with wholesome multigrain panini bread. It’s filled with a mix of fresh, exotic veggies, grilled to perfection for a delicious, satisfying bite. Perfect for those who crave a nutritious meal without compromising on taste!
Apart from the regular delicacies we also have the option of healthy bites wherein we’ve various types of salads and our signature recipes. So here we’ve tried to make various dishes which will be tasty and healthy at the same time.
Healthy Chicken Burgers/ Wraps:
Our Healthy Chicken Burger and Wrap offer a guilt-free indulgence without sacrificing flavor. The chicken is air-fried for a crispy texture, and we’ve used low-calorie sauces to keep it light. It’s the perfect choice for those looking for a tasty yet health-conscious meal option!
Green Mac n Cheese:
Our Green Mac n Cheese is a unique twist on the classic, made with a basil-based pesto sauce that gives it a vibrant green color and a distinct, refreshing flavor. Creamy, rich, and full of goodness, it’s the perfect choice for those looking to try something deliciously different!
Niraj Tawde: I completed my MBA from Mumbai University in 2017 and started working in the corporate sector. I always had a desire to start something of my own, and during the Covid period, I ventured into retailing locally manufactured products from the Konkan region of Maharashtra.
Currently, I’m not fully involved in the day-to-day operations of Tender Shades, as I continue with my corporate job. Most of the responsibilities are handled by Chinmay, and we’ve divided our roles in a way that ensures the smooth running of the café.
Chinmay Tawde: I completed my graduation in Marketing in 2023. While still in college, I started working and always had a desire to start something of my own.
The food industry had always fascinated me. In March 2024, I came up with the idea of starting Tender Shades after realizing that Mahavir Nagar lacked a proper place where people could relax and enjoy good food at affordable prices, as most of the options there were focused on street food.
I handle the majority of the responsibilities at Tender Shades, and I truly enjoy the process. Every day brings new challenges, and with the support of my team, we find solutions together.
Being new to the restaurant industry, we face new hurdles regularly, but thanks to our dedicated team and the guidance of close friends, we’ve been able to overcome each challenge and continue moving forward.
Our Panini Veggie Grilled Sandwich is a healthy yet flavorful option, made with wholesome multigrain panini bread. It’s filled with a mix of fresh, exotic veggies, grilled to perfection for a delicious, satisfying bite. Perfect for those who crave a nutritious meal without compromising on taste!
When Chinmay came up with the idea of starting a café, I was both excited and a bit unsure, as setting up a café involves significant risk and requires substantial capital investment.
After many discussions, thorough market research, and guidance from friends and mentors in the industry, we decided to move forward, driven by Chinmay’s confidence and positive outlook.
Courtesy : In Conversation with ‘Chinmay Tawde & Niraj Tawde – Restaurateurs at Tender Shades – Bistro & Lounge at Mahavir Nagar, Kandivali West, Mumbai.
Building a Legacy of Excellence and Shaping the Future of Mumbai’s Western Suburbs : HUM Developers
Since its incorporation in 2004, HUM Developers Private Limited has built a strong reputation in Mumbai’s real estate market, specializing in construction and redevelopment.
Founded by Late Shri Nilesh K. Maniar and Shri Dinesh H. Patil, the company has consistently delivered projects that stand out for their quality and timely completion.
Today, the company is led by Chintan Nilesh Maniar, Managing Director and an MBA in Finance from the UK, with the continued guidance of co-founder Shri Dinesh H. Patil. Their leadership, coupled with the expertise of Shri Sidharth Nilesh Maniar, Chartered Accountant and head of the Finance Department, has allowed HUM Developers to thrive in a highly competitive market.
What started as a traditional construction company, ventured into the field of joint development completing more than 30 residential/commercial projects in the western suburbs and extended suburbs has now focused on redevelopment projects —a vital area in the space-starved city of Mumbai.
Having built its foundation on the core values of trust, transparency, and customer satisfaction, HUM Developers has thrived over two decades in the industry, consistently exceeding expectations in every project it undertakes.
As HUM Developers continues its mission of providing modern, quality housing, several ongoing projects are transforming the landscape of Mumbai’s western suburbs.
These developments, HUM Solaris, Gagansagar and Hum Durga are designed to meet the evolving needs of urban families, combining convenience, comfort, and superior connectivity.
With a team of skilled professionals comprising architects, RCC consultants, project consultants and administrative experts—HUM Developers is currently working on a number of redevelopment projects across the city.
The company’s entry into the redevelopment space five years ago marked a turning point, as it began reshaping existing buildings into modern, high-quality residential complexes.
Among the company’s proudest achievements is the VISHAL-1 project, located in Soniwadi, Borivali West which was completed in 24 months.
This 14 storied building, designed with 3 flats per floor, boasts a grand elevation, a terrace for social gatherings, a children’s play area, and stack parking for 39 cars.
The project not only showcases HUM Developers’ commitment to architectural excellence but also stands as a testament to the company’s ability to deliver projects within the stipulated timeframe.
Ongoing projects by HUM Developers continue to move ahead at a steady pace, with all of them tracking well within their deadlines—a hallmark of their professional and efficient approach.
HUM Solaris – Upper Mahavir Nagar, Kandivali West
A prestigious project very close to Kandivali Metro station offering 1 BHK to 3 BHK apartments with RERA carpet areas ranging from 472 to 944 sq. ft., HUM Solaris has received its full Commencement Certificate (C.C.), and show flats are available for viewing.
This project features Vastu-compliant homes, zero wastage apartments, and spacious balcony options. Residents will enjoy a variety of amenities, including a rooftop activity area, podium parking, and a meditation deck, all while benefiting from excellent connectivity to metro stations, schools, and shopping malls.
Gagansagar – Borivali West
Located near MCF Garden and Devidas Road, Gagansagar is a standout project in Borivali West. It offers 1 BHK, 2 BHK, and 3 BHK apartments with RERA carpet areas ranging from 467 to 1052 sq. ft.
The project features G+2 podium parking and 18 habitable floors, along with key amenities such as a mutipurpose hall, gymnasium, etc on a EcoDeck floor, star-gazing deck, and rooftop activity area. Its location offers super connectivity, with easy access to Eksar Metro Station, schools, and parks, making it a perfect choice for families.
Hum Durga – Dahisar East
Located in Dahisar East, opposite DSF Garden, Hum Durga features 1 BHK and 2 BHK apartments with RERA carpet areas ranging from 370 to 546 sq. ft. With Vastu-compliant layouts, G levels of commercial space, and 14 habitable stories, this project stands out as a premier residential offering in the area.
Amenities include a terrace garden, yoga deck, open gym, and kids’ play area. With Dahisar Station just 4 minutes away and the Dahisar (E) Metro Station within a 5-minute walk, Hum Durga offers unrivaled connectivity for urban commuters
The Future of HUM Developers and the Western Suburbs
The future of HUM Developers looks brighter than ever. With over 20 years of experience and a successful transition into the redevelopment market, the company is well-equipped to continue delivering high-quality projects.
Their focus on customer-centric innovation ensures that they stay ahead in a competitive market while retaining the loyalty of their clients.
As for the future of Mumbai’s western suburbs, areas like Borivali, Kandivali, and Dahisar are witnessing unprecedented growth in terms of infrastructure development, connectivity, and residential projects.
HUM Developers is at the forefront of this transformation, contributing to the modernization of these neighbourhood by providing residents with contemporary housing solutions that meet the evolving needs of urban living.
The western suburbs are rapidly becoming the preferred destination for families seeking modern amenities, improved connectivity, and a balanced lifestyle.
With the upcoming Metro lines and infrastructure improvements in the region, the demand for redevelopment will only rise. HUM Developers is well-positioned to take advantage of this demand, offering projects that blend quality construction with modern living at its core within committed time lines.
In the years to come, HUM Developers is set to play a key role in shaping the skyline of Mumbai’s western suburbs, combining its legacy of trust with an unwavering commitment to delivering exceptional value to its customers.
Courtesy : In Conversation with the ‘Managing Director – Chintan Maniar’ at HUM Developers, Kandivili West, Mumbai, India
Surendra Hiranandani, Chairman and Managing Director, House of Hiranandani, on RBI’s Monetary Policy Announcement
The monetary policy committee’s decision to maintain the current repo rate is prudent and encouraging for the housing market. The stance of the committee provides prospective homebuyers with optimism as it acknowledges the controlled inflation. The Indian real estate market has witnessed a notable growth of 9.5% since early 2023. The REPO rate decision, coupled with the upcoming festive season, will only bolster this growth further.
Festive season embarks a surge in the demand and sales of properties connected to long-standing traditions and characterised by their auspicious origins. Additionally, the steadfast repo rate plays a crucial role in relieving pressure within the sector and spurring growth in infrastructure and construction. This, in turn, fosters a sense of confidence within the real estate industry, inspiring them to embark on new projects while benefiting from a stable interest rate environment.
This assurance of a favourable financial climate sets the stage for a robust phase of construction and development, offering the promise of a brighter future not only for the housing market but also for the overall economy.
Emami Marks Golden Milestone, accomplishes 50 Glorious Years
Emami Group, one of the leading diversified business conglomerates in India, proudly marks its 50th anniversary, commemorating five decades of delivering happiness to the nation. The celebration reflects the remarkable journey of Emami from a humble beginning of a personal care product manufacturing company in the by-lanes of Kolkata to a Rs 30,000 cr business conglomerate employing around 25,000 people across the world, embodying the spirit of Indian entrepreneurship. The Emami Group was founded in the mid-70s in Kolkata, West Bengal by two childhood friends Mr. R S Agarwal and Mr. R S Goenka, who embarked on a courageous entrepreneurial journey that marked the inception of Emami.
With a 50-year history in background, Emami has grown to be a trusted brand in India. Its journey is marked by significant milestones and achievements, reflecting qualities like Courage, Tenacity, Spirit of Togetherness, Trust, and Care. Emami, known for touching the lives of its consumers and spreading happiness, is well known for its Innovative, Differentiated and Disruptive offerings. Present in 70 countries across SAARC, MENAP, SEA, Africa, Eastern Europe, and the CIS countries, Emami is acknowledged as a global brand with values rooted in India.
Established in 1974, Emami, under the visionary leadership of R S Agarwal and R S Goenka, started with a modest capital. Thereafter, Emami as a brand has grown from strength to strength – a journey that has been marked by pivotal landmarks – launch of flagship products like BoroPlus (1982), Navratna (1989), and Fair and Handsome (2005). Noteworthy turning points encompass acquisition of Zandu in 2008 and that of business of Kesh King in 2015. The philosophy of “Innovision,” where capabilities are driven through world-class innovation based on deep consumer insight, has propelled Emami to its present stature. Further, the Group’s major business decisions of diversification into businesses of edible oil and food, paper, pharma retail, leisure retail, real estate, contemporary art and sports where it has etched its leading positions successfully over the years, reflects its vision for growth. Emami’s evolution over time is also exhibited through its business approach of being present in dynamic new age categories offering high growth potential through strategic investments. The brand’s resilience in the face of challenges, its disruptive approach to business, and the tenacity with which it has pursued its goals exemplify the spirit of Indian entrepreneurship.
On the occasion of the beginning of 50 years celebration, the Emami Group formally unveiled a special Logo showcasing the legendary founders and the Group’s vision – ‘Making Lives Happier’. As one of the initiatives of this momentous occasion, the Emami Group has also commissioned a sculpture titled ‘The Earth Keeper’ at HIDCO ECO Park, Kolkata, representing the spirit of leadership, shared identity, the environment and hope that resonates with what Emami stands for. Crafted by
renowned artist and sculptor Jagannath Panda, the bronze installation features a deer with a hoof on a stack of books titled “Encyclopaedia of Desire,” symbolizing human materialistic desires’ environmental cost. Birds on the antlers signify collective refuge-seeking, advocating unity in addressing ecological challenges. Through commissioning of this unique artwork, the Group endeavours to present the city a symbolic structure that adds value to its surroundings.
Mr. Aditya V Agarwal and Mr. Mohan Goenka, Promoter Directors, Emami Group, said “We are extremely proud to celebrate this landmark year of Emami. This achievement reflects our journey of delivering happiness and consumer delight through our exceptional products and services. It also highlights our commitment to India and its growth. We are grateful for the trust and support all our stakeholders including customers, partners, and employees have placed on us over the years, and we look forward to many more years of this home grown success story to continue. Our commitment to deliver innovative and effective products at competitive prices has been a driving force for Emami throughout its five-decades of journey.”
To celebrate its completion of 50 years milestone in 2024, the Group has planned many other activities over the next few months. With the concept of protecting its legacy, the Group is setting up a Legacy–cum-Experience Centre on the lines of a museum spread over 5,000 sq ft in Kolkata to showcase its journey as an inspirational experience for the future. A Book on Emami will also be published on this occasion. The Group will host other initiatives such as an Art camp and a Conclave where the Group will felicitate people who have played a significant role in its journey. The conclave will also host Talk Sessions by eminent speakers on the 50 year celebration theme – ‘Making Lives Happier’.
CREDAI-NCR Stresses ‘Deemed Approval’ Clause to Accelerate Real Estate Deliveries
Following the mandate by UP RERA requiring promoters to obtain an OC/CC before offering possession letters to all allottees, the Confederation of Real Estate Developers Association of India NCR (CREDAI-NCR) has reiterated the critical importance of the long-standing regulation concerning the approval process for Occupation Certificates (OC) and Completion Certificates (CC) in the real estate industry. According to this regulation, if a request for an OC or CC is not responded to by the relevant authority within a stipulated time frame, the approval is automatically deemed to be granted. This allows developers to proceed with offering possession to their customers, thereby ensuring timely project delivery.
The deemed approval clause has been instrumental in mitigating delays traditionally associated with obtaining OC/CC approvals. This regulation helps to avoid project hold-ups and alleviates financial strain on both developers and homebuyers. By ensuring a streamlined and predictable approval process, the deemed approval clause promotes efficiency and instils confidence among buyers in the reliability of developers.
Manoj Gaur, President of CREDAI-NCR, emphasized the importance of this regulation, stating, “We emphasize the importance of this regulation and remain committed to adhering to it. It is imperative for us to understand every aspect of the authority’s guidelines, and this clause, where the OC/CC is ‘deemed to be accepted’ if not responded to within the specified period, is no exception.”
In Noida’s dynamic real estate industry, the process of obtaining OC/CC approval is a significant milestone in project completion. Developers apply for these certificates upon the completion of construction and after securing the necessary clearances, including fire safety, elevator safety, electricity, and water provisions. If the authority fails to respond within the stipulated period, developers are empowered to proceed with offering possession, ensuring that projects are delivered on schedule.
Salil Kumar, Director, Sales & Marketing at CRC Group, highlighted the importance of the deemed approval clause: “The deemed approval clause for the OC/CC is vital for regulation that ensures timely project delivery. Allowing developers to proceed with the offer of possession to its customers mitigates delays, instills confidence among homebuyers, and exemplifies developers’ commitment to transparency in the realty market.”
Yash Miglani, Managing Director of Migsun Group, echoed this sentiment, stating, “This proactive approach for the deemed approval clause for OC/CC within a stipulated time plays a huge role in maintaining the momentum in project completion. This regulation alleviates unnecessary delays, enabling developers to offer possession promptly and reliably. Hence, the clause is pivotal in maintaining the project timelines and upholding buyers’ trust.”
With a robust pipeline of upcoming project launches, we are confident that we will sustain the momentum of pre-sales growth
Puravankara Limited (BSE: 532891), one of India’s most trusted and admired real estate developers, recorded a sale value of INR 1,600 crores for Q2FY24. This is the highest-ever for any quarter since inception, a 102 per cent increase, compared to INR 791 crores of sale value in Q2FY23.
The company also achieved a sale value of INR 2,725 crores in H1FY24. Up by 109 per cent when compared to INR 1,304 crores in H1FY24.
Commenting on the update, Ashish Puravankara, Managing Director, Puravankara Limited, said, “For the second quarter of FY24, pre-sales have increased more than twofold, showing a remarkable growth of 102 per cent compared to the same period last year.
With a robust pipeline of upcoming project launches, we are confident that we will sustain the momentum of pre-sales growth. These new launches are complemented by noteworthy achievements in sustenance sales, supported by efficient and swift execution, resulting in a 70 per cent year-on-year increase in collections.
These continuous improvements signify our company’s commitment to optimising operational efficiency, enhancing profitability, and strengthening our financial foundation.
As we embark on the path of driving incremental growth, our focus on new acquisitions is a key element of our expansion strategy. By strategically identifying and integrating businesses that complement our strengths and objectives, we aim to diversify our portfolio, enter new markets, and capitalise on emerging trends. We are confident to maintain the sturdy growth in pre-sales driven by new launches as well as sustenance projects.”
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