Godrej Properties, part of the Godrej group, may float an initial public offer of about Rs 500 crore (Rs 5 billion) in the next three months, said a banker close to the development. The company plans to sell 9.4 million equity shares in the IPO, which will constitute 13.5 per cent paid up capital of the company, the draft red herring prospectus filed by it showed. The company also plans a pre-IPO placement of 2.4 million shares with investors, the company said.
Operating sales in Mumbai and London were weaker by 20 per cent and 50 per cent, respectively.
About 7 per cent was priced between Rs 3 crore and Rs 5 crore, 22 per cent priced between Rs 5 crore and Rs 8 crore, and 15 per cent above Rs 8 crore.
Real estate developers are hoping that the slew of tax concessions announced in Union Budget 2025, set to take effect this financial year, will spur demand for affordable and mid-segment housing, even as the broader housing market shows signs of fatigue.
Pankaja Munde of the BJP -- Dhananjay Munde's cousin -- has been made the guardian minister of Jalna district.
Shiv Sena's Dadaji Bhuse is the new school education minister while Uday Samant continues to be the industries minister.
The company will develop residential and commercial real estate on the 17-acre land in the plush area, which it bought from DLF last year.
Mumbai-based developers Macrotech Developers (Lodha) and Oberoi Realty have emerged as top gainers among largecap realty stocks over the past month, with gains ranging from 29 per cent to 33 per cent. Strong ongoing sales trends in Mumbai's core market, record bookings in the January-March quarter, and healthy guidance for 2024-25 (FY25) have propelled these companies, which derive the majority of their revenues from India's financial capital.
Nearly 98% of shareholders vote in favour of his reappointment and payment of remuneration to Lodha.
'Just this year alone, close to 40 major transactions involving Bollywood stars have been recorded.'
The retrenchments at the company promoted by Mumbai BJP chief Mangal Prabhat Lodha come at a time when the economic growth has dipped to a six-year low of 5 per cent, which has led many to fear if the spectre of job losses across sectors awaits next.
The national real estate market presents an intriguing picture. Lower volumes and flat pricing serve as dampeners. Sales bookings across the top ten markets have seen 6 per cent growth year-on-year (Y-o-Y) between April and August 2024, but sales volume is down 8 per cent Y-o-Y. Unsold inventory is up.
The 30-year-old managing director of the Lodha Group, who had a stint with McKinsey before joining the group which is the same age as him, clearly walks the talk.
Citing astonishing capitulation of Nagaland in a women's Under-19 match, former Board of Control for Cricket in India president Anurag Thakur on Friday pointed out that not all the Lodha Committee reforms are appropriate.
The revival in Mumbai's property market could help the group.
Six office-bearers of the Uttar Pradesh Cricket Association (UPCA) including secretary Rajiv Shukla on Thursday stepped down from their respective posts.
Real estate developer Lodha group has roped in UK-based Yoo Ltd to design, brand and market one of its two luxury towers coming up in Mumbai.
'All members of the then 2009 Indian Premier League (IPL) governing council are equally responsible for the mess created in the league and singling out Lalit Modi is improper'
Vinod Rai welcomed the Supreme Court order on mandatory cooling off period for Board of Control for Cricket in India office-bearers after two consecutive terms and for putting a roadmap in place for the Board's elections.
Former captain Anil Kumble said that many of the recommendations of the Lodha Committee report would be good for Indian cricket if they are implemented. "Many of the aspects of Justice Lodha recommendations are really good, especially the proposal to form Steering Committee of Players' Association. "If implemented, it will be good for Indian cricket," Kumble told reporters. The Supreme Court-appointed Lodha Panel had recommended the formation of players' association by a four-member steering committee comprising former union home secretary G K Pillai (chairperson) and former India cricketers Mohinder Amarnath, Kumble and Diana Edulji (ex-Indian women's team captain), to raise their concerns.
Ace investor Rakesh Jhunjhunwala on Thursday said real estate developers are afflicted with very low return on capital as compared to bluechip stocks. Jhunjhunwala, who runs RARE Enterprises and is set to be a major shareholder in an upcoming airliner, said only the affordable housing developers can look at listing because of the volumes which they can deliver. It can be noted that very few developers like Macrotech Developers formerly Lodha, and DLF are listed on the bourses. Jhunjhunwala cited the case of DLF, saying the stock price plummeted to Rs 80 from Rs 1,300 per piece to illustrate the risks associated.
The far-reaching effect on the implementation of the Lodha Committee's recommendations calling for sweeping reforms in the BCCI's structure and the subsequent scathing observation on the matter by the Supreme Court which has shaken the Board members, is set to dominate the Special General Meeting.
The ruling Bharatiya Janata Party received over Rs 785 crore in contributions from individuals, electoral trusts and corporates in 2019-20, which is over five times more than what the Congress received during the same period.
The company said it has received Rs 2,727 crore in full from Lodha Developers against the sale of 17-acre land in Mumbai and will utilise almost entire proceeds to cut whopping debt of over Rs 22,000 crore.
The project, titled New Cuffe Parade, will come up at Wadala and is spread across 23 acres over the next five to seven years.
The Delhi and District Cricket Association on Wednesday refused to implement the Justice Lodha Committee's recommendations which could have direct ramifications on the functioning of BCCI's state units. The managing committee of DDCA met here to review and deliberate on various observations of the Lodha Committee, and was not quite convinced about most of the major recommendations calling for sweeping reforms in the BCCI's governing structure. The DDCA is not on the same page with Lodha panel on major issues like elections and terms of office bearers, DDCA office bearers simultaneously holding a post in BCCI, proxy voting and conflict of interest among others. On the issue of one person holding one post, the DDCA, in a statement signed by vice-presidents Chetan Chauhan and CK Khanna, said: "We the managing committee of DDCA feel that it is the freedom of concerned state associations, to decide (whether) the appointment of office bearers would affect/restrict administrative function of DDCA or not. "So long members of the executive committee (directors) do not feel that the functioning of DDCA is being jeopardized, there cannot be any justified reason in imposing this clause." The controversial cricket body is in favour of continuation of proxy voting.
The only major point, where the amicus suggested a change was reverting to the five-man selection panel from the current three-member committee. It also suggested a change in 'Test Players Only' clause to minimum 20 first-class matches.
Consultants say at Rs 1,442 a sq ft, the developer has got a good bargain.
A look at what can happen if the Supreme Court decides to implement the reforms the Justice Lodha panel recommended for the BCCI.
The acquisition of CDA Contracts was completed by Indsur Group through its UK-headquartered arm Indsur Nevron Eurotherm Ltd.
NCP MLA Jitendra Awhad said that the number of 'love jihad' cases cited by Lodha two days ago was factually incorrect and that there have been nearly 3,000 cases of interfaith marriages.
Hurun Report and GROHE India named Lodha Developers' M P Lodha and family as India's richest real estate entrepreneur with a wealth of Rs 31,960 crore, followed by DLF's vice chairman Rajiv Singh and Embassy group founder Jitendra Virwani in the second and third position respectively. Total wealth of top 100 Indians in the real estate sector stood at Rs 2,77,080 crore -- up 17 per cent against 2018. While Mumbai accounted for six of the top 10 and 37 of the 100 names, Delhi and Bengaluru had 19 residents each who featured on the list. Smita V Crishna of Godrej Properties featured as the richest woman.
The "interfaith marriage-family coordination committee (state level)" will be headed by Maharashtra's women and child development minister Mangal Prabhat Lodha, said a government resolution.
BCCI president Anurag Thakur has written a letter to the Supreme Court appointed Justice RM Lodha panel, intimating them that he is ready to meet the members any day after November 9. A reliable BCCI source confirmed the development. "Yes, the president has informed the Panel that he is ready to meet post Wednesday. In his affidavit also, he had already apologised that he could not appear before the committee as the Monsoon session of Parliament was on at that point of time," a BCCI official in know of things told PTI on Sunday.
The deterioration in the market mood has directly impacted fund-raising plans of real estate developers, many of whom have either delayed their initial public offers or have decided to go slow.
Women and child development minister Mangal Prabhat Lodha made the announcement in the legislative assembly while replying to a debate on the issue.
Nationalist Congress Party leader Ajit Pawar was given the finance and planning portfolio on Friday, nearly two weeks after he broke away from the original party and took oath as Maharashtra's deputy chief minister.
The Supreme Court-appointed Justice Rajendra Mal Lodha panel asked the Board of Control for Cricket in India to accept its reforms before proceeding ahead with the process of awarding the Indian Premier League media rights from 2018 onwards.
A property in Mumbai has always been a real estate developer's prized catch.
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