Gera Developments expects FY27 revenue to rise 73% to ₹1,465 crore; gross margin seen at 24%

Gera Developments is forecasting a revenue boost of roughly 73% year-on-year, projecting a ₹1,465 crore for FY27. The company is committed to sustaining a 24% gross margin and a 12% EBITDA margin, despite the challenges of escalating construction costs. To combat this, they will adjust pricing on unsold properties.

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ED files charge sheet against Raheja Developers, promoters' family

Enforcement Directorate has filed a charge sheet against Raheja Developers and its promoter for money laundering. Allegations include fraud related to homebuyers who paid for properties but did not receive possession. The charge sheet seeks confiscation of assets worth Rs 2,399.65 crore related to the case. The accused include members of the Raheja family who allegedly diverted homebuyers' funds for unauthorized purposes.

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Defence ministry orders immediate halt to construction projects near defence establishments in Mumbai

The Defence ministry has issued an immediate halt to construction projects near defence establishments without necessary approvals. This decision affects numerous ongoing developments, especially in suburban areas close to ordnance depots. Many projects in Malad-Kandivli are currently under various stages of construction and could be stalled. Developers and homebuyers are facing deepening uncertainty due to this sudden change. The halt could significantly impact the real estate sector in Mumbai.

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DLF to invest ₹3,750 crore in JV with Everstone to acquire economic interest in IREO companies

DLF and Everstone Group have agreed to form a joint venture to invest in IREO and other IREO group companies in India. DLF plans to invest about ₹3,750 crore for a majority stake in the JV, which will ultimately hold an aggregate economic interest of approximately 40% in the IREO India companies.

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Haryana proposes FAR up to 264% for residential plots, S+4 height limit

The Haryana government is initiating amendments to the Haryana Building Code, which would enhance construction opportunities. Under the proposed changes, residential plots of up to 250 square metres would be eligible for a maximum floor area ratio of 264%. This modification is intended to assist homeowners wishing to remodel or expand their homes, as well as help developers.

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SC allows conveyance deeds for Parsvnath homebuyers in completed projects

The Supreme Court has authorized the execution of conveyance deeds for Parsvnath Developers' homebuyers. This pivotal decision follows extensive legal discussions surrounding the company's insolvency and the rights of homebuyers. Additionally, the court mandated the release of funds to cover critical expenses for affected projects, alleviating the prolonged distress experienced by buyers waiting years for their homes to be completed.

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NLMC puts HIL's 5.119-acre Delhi land parcel on e-auction block at ₹830 crore

The National Land Monetisation Corporation has initiated the sale of a 5.119-acre land parcel belonging to HIL (India) with a reserve price of Rs 829.69 crore. The auction will be conducted online, encouraging consortiums to place bids. To ensure clarity, a pre-bid meeting was convened for prospective bidders. This move is part of the government's strategy to unlock the value in surplus public sector assets, promoting efficient asset utilization.

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