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Godrej Properties buys 18.6 acre land in Mumbai to develop premium housing project; aims Rs 7,000 cr sales revenue

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Godrej Properties Ltd on Friday said it has bought 18.6 acre land at Kandivali in Mumbai to develop a premium housing project and expects sales revenue of about Rs 7,000 crore.

In a regulatory filing, the company informed that the project would have a developable potential of about 3.72 million square feet with an estimated revenue potential of around Rs 7,000 crore.

The project will comprise primarily premium residential apartments with supporting retail spaces.

This will be one of the company’s largest residential developments, and it significantly strengthens the firm’s presence in the western suburbs of Mumbai.

Godrej Properties highlighted that this is the 8th project addition so far this financial year and “takes the cumulative expected booking value from projects added in FY23 to approximately Rs 16,500 crore.”

Godrej Properties, one of the leading real estate developers in the country, had given a full year guidance of adding projects with a booking value potential of Rs 15,000 crore.

To expand its business and create future development pipeline, Godrej Properties acquires land parcels outrightly and also enters into joint development agreements (JDAs) with landowners.

Mohit Malhotra, MD & CEO, Godrej Properties, said the company has added a large and strategically important project in Mumbai.

“This project will allow us to significantly increase our market share in Mumbai over the next several years and fits within our strategy of deepening our presence across key real estate micro markets,” he said.

Malhotra said the company would aim to build an outstanding residential community that creates long-term value for its residents.

The land is strategically placed in a prime locality with excellent access to the Western Express Highway, Metro & Suburban Railway Stations, the company said.

Godrej Properties, a part of business conglomerate Godrej Group, focuses on four key markets — Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru and Pune, although it has a presence in Chennai, Kolkata, Kochi, Ahmedabad, Chandigarh and Nagpur as well.

Godrej Properties has set a target of Rs 10,000 crore sales bookings for 2022-23 as against Rs 7,861 crore registered during the last fiscal year.

It has already clocked a 60 per cent growth in sales bookings during the first half of this fiscal year at Rs 4,929 crore as against Rs 3,072 crore in the year-ago period.

In an interview with PTI last month, Godrej Properties Executive Chairman Pirojsha Godrej had noted that the housing demand continued to be strong despite hike in interest rates on home loans.

He expected a robust sales bookings in the second half of this fiscal.

On financial front, Godrej Properties has reported a 54 per cent increase in consolidated net profit at Rs 54.96 crore in the quarter ended September 2022 on higher income.

Its net profit stood at Rs 35.73 crore in the year-ago period.

Total income also rose to Rs 369.20 crore in the second quarter from Rs 334.22 crore a year ago.

Business

Kawasaki Introduces KLX 230 in India with Rs 3.30 Lakh Price Tag

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Kawasaki KLX 230 has been officially launched in India, priced at Rs 3.30 lakh (ex-showroom). Bookings for the dual-purpose motorcycle, which were opened after its unveiling in October, are now live. Customers who pre-booked the bike can expect deliveries to begin in January 2025. The KLX 230 has generated a lot of excitement, having been spotted several times undergoing tests prior to its India debut.

Kawasaki KLX 230, the brand’s first road-legal dual-sport motorcycle in India, combines rugged off-road capabilities with essential road-legal features. It boasts a slim, tall profile with long-travel suspension and wire-spoke wheels, designed to handle diverse terrains. For urban legality, the bike comes with an LED headlamp, turn indicators, rear-view mirrors, a saree guard, and dual-purpose tyres. Available in two vibrant colour options, Lime Green and Battle Grey, the KLX 230 is built for riders who seek both adventure and practicality.

Kawasaki KLX 230 is designed for versatile riding, featuring a high-tensile steel perimeter frame and robust suspension system with 240mm travel at the front and 250mm at the rear. The motorcycle is equipped with a 37mm telescopic fork in the front and a Uni-Trak-linked mono-shock at the rear, ensuring excellent handling across varied terrains. It comes with wire-spoke wheels sized 21 inches at the front and 18 inches at the rear, fitted with dual-purpose tyres.

The KLX 230 also boasts a dual-channel ABS system with disc brakes at both ends for superior stopping power. With a ground clearance of 265mm, a seat height of 880mm, and a kerb weight of 139kg, it strikes a balance between agility and stability. The 7.6-litre fuel tank ensures that riders can enjoy longer journeys without frequent refuelling.

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Railways completes trial run on J&K’s cable-stayed Anji Khad Bridge

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New Delhi, Dec 26: Indian Railways has successfully carried out a trial run of a tower wagon on the Anji Khad Bridge, the country’s first cable-stayed rail bridge, located in Jammu and Kashmir’s Reasi district.

The achievement is a major step forward in enhancing railway connectivity in Jammu and Kashmir, with services expected to commence in January 2025.

Railways Minister Ashwini Vaishnaw shared a video of the trial run on the social media platform X, highlighting the progress of the crucial project.

“The trial run on the Anji Khad Bridge, a key component of the Udhampur-Srinagar-Baramulla Railway Link (USBRL) project, has been successfully completed,” according to the Ministry of Railways.

Completed last month, the Anji Khad Bridge is an engineering marvel featuring a single pylon that rises 331 metres above the riverbed. It is supported by 48 cables on its lateral and central spans and stretches 473.25 metres in total length. The viaduct measures 120 metres, while the central embankment spans 94.25 metres.

This is the second-highest railway bridge in India after the Chenab Bridge, which is the highest in the world at a record 359 metres above the riverbed. Both bridges are part of the ambitious USBRL project aimed at increasing connectivity in Jammu and Kashmir.

The USBRL project stretches across 272 kilometres, of which 255 kilometres have already been completed. The remaining portion between Katra and Reasi is expected to be completed by the end of this month.

The Udhampur-Srinagar-Baramulla Rail Link (USBRL) is a 272 km railway project that connects Jammu and Kashmir to the rest of India. It is considered one of the most challenging railway projects in the Indian subcontinent.

The project will reduce travel time between Srinagar and Jammu from six hours to 3.5 hours. The railway projects have been constructed after overcoming natural challenges such as extreme temperatures, major earthquake zones, and inhospitable terrain.

Prime Minister Narendra Modi is expected to flag off the Vande Bharat train to provide a fast link for passengers travelling between Kashmir and Delhi in January 2025.

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Indian telecom industry’s revenue doubled in 5 years, Bharti Airtel biggest gainer

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New Delhi, Dec 25: The revenue of India’s telecom industry increased 8 per cent (quarter-on-quarter) to Rs 674 billion (13 per cent growth year-on-year) in the second quarter of FY25, mainly driven by tariff hikes, according to a new report.

Driven by three rounds of smartphone tariff hikes, India’s quarterly telecom revenue has almost doubled (up 96 per cent) since September 2019, implying 14 per cent five-year industry revenue CAGR, according to the report by Motilal Oswal Financial Services Ltd.

Given the consolidated market structure in the Indian telecom industry, higher data consumption, lower ARPU, and inadequate returns generated by telcos, “we expect tariff hikes to be more frequent. We build in 15 per cent tariff hike in December 2025.”

The telecom industry’s average revenue per unit (ARPU) has almost doubled from Rs 98 in September 2019 to Rs 193 in September 2024, driven by tariff hikes.

However, as a result of sharp tariff hikes, the industry’s subscriber base at 1.15 trillion in September 2024 is lower than September 2019 levels (1.17 trillion).

Among telcos, Bharti Airtel has been the biggest beneficiary of tariff hikes with a 2.2 times increase in implied ARPU, registering a 17 per cent five-year CAGR.

“We believe the significant improvement in the data subs proportion has also been a key driver for Bharti’s industry-leading ARPU,” said the report.

Over the reporting period from 2019-2024, Bharti’s revenue has increased 2.6 times, implying 21 per cent five-year revenue CAGR, with incremental revenue market share significantly higher at 48 per cent.

“With Vi’s (Vodafone Idea) large capex plans, we believe the pace of market share gains may slow down. However, RJio and Bharti are still likely to continue gaining market share at Vi’s expense, in our view,” the report noted.

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