According to three people in the know, it is exploring various options, including alliances and joint ventures, and may even exit the business altogether.
Registration of housing properties in the Mumbai municipal region increased 35 per cent year-on-year to 7,556 units during this month on rising demand, according to Knight Frank. The registrations for September 2021 were 87 per cent higher compared to the pre-pandemic period of September 2019. "Mumbai BMC region (Churchgate to Dahisar and Colaba to Mulund) recorded its best September month performance. Recording 35 per cent YoY growth in property registrations in September 2021, 7,556 units is a 10-year best performance in the month of September," Knight Frank said in a statement.
Encouraged by a steady recovery seen in the first two weeks of February, hospitality firms expect the business hotels in metros including Mumbai, Bengaluru, Chennai, Kolkata and Hyderabad that have been lagging the leisure hotels in terms of revenue per available room (RevPar) to catch up in the coming months. Huge pent-up demand for MICE (meetings, incentives, conference and exhibitions) as companies slowly return to hosting physical events coupled with easing of the recently announced restrictions on international travel, will also help in getting closer to pre-Covid levels of revenue, they said. The Omicron wave that peaked in January had derailed the strong month-on-month recovery seen by the hotels since August.
In a breather to the Mumbai-based realty developer G L Raheja group in its long-drawn legal battle with Wadia Group Chairman Nusli Wadia over a 478-acre prime plot in Malad, Mumbai, the Bombay High Court on Thursday allowed an appeal filed by a Raheja unit against an earlier order, which was in favour of Wadia.
Lifestyle retailer Shoppers Stop plans to up its headcount by nearly 1,000 in the next six months in line with the roll-outs of its new stores in five cities across India.
The managing director of a US-based pension fund blamed the fall on the carnage in stock markets globally and the heavy pullout by investors. "Last year saw unprecedented pullouts by hedge funds as they faced huge redemption pressure. Lots of investors believed they had paid too much and sold off. Most of the funds were listed in 2006 when realty prices were high. But now, prices have come down in most parts of the world."
Tatas' drive into Sanand area for their Nano project has given a major fillip to Mumbai-based real estate major K Raheja Corp to set up its support infrastructure projects in the area.
Business tycoon Nusli Wadia has dragged G L Raheja and kin, Sandeep G Raheja and Sonali G Raheja, and Ferrani Hotels belonging to the GL Raheja Group to the Bombay high court. The dispute is about violating the agreement between Wadia and the Rahejas on developing nearly 478 acres in Malad in the western suburb of Mumbai.
Shopper's Stop soared 20% at BSE following reports of a buyout by RIL and A V Birla group.
In addition to Tier-1 and Tier-2 cities where the company has a presence, we have also identified 23-24 cities for expansion.
The JV is expected to invest Rs 2,300 crore (Rs 23 billion) in the next three years. The focus will be on retail and industrial logistics, including that of auto, auto components and other sectors. The JV plans to build 7.5 million sq ft of warehousing space in the next three years and 25 million sq ft in five years. The JV has acquired 27 acres in Pune so far and is in the final stages of buying nearly 460 acres in Mumbai, Chennai, Delhi, Bengaluru and Kolkata, among others.
Globus has signed bollywood actress Kareena Kapoor as its new brand ambassador. Another cinestar Soha Ali Khan endorsed the brand for a while.
Rajan Raheja Group's apparel retail chain Globus is planning to invest up to Rs 150 crore (Rs 1.5 billion) over the next three years to take the number of its exclusive outlets to 50.
Bullish on the growth of retail sector in India, Raheja group company Inorbit Malls said On Wednesday it would invest around Rs 1,500 crore (Rs 15 billion) over the next three years to build malls in west and south India.
The sale of Nature's Basket, Godrej's chain of food stores in west India, is the second exit by a big group in a year in the category
The expansion into smaller towns is coming at a time when the online retail space has not only seen consolidation but is actually looking to collaborate with physical stores. Abhineet Kumar reports.
Four new retailers from US, two from Germany may have shown interest in setting up shop in India.
News media takes a beating from the economy, advertisers and the rupee. To stay afloat, publishers are reacting by folding up businesses and axing staff.
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