Embassy group ties up with Cornerstone

Bengaluru-based real estate developer Embassy Group has entered into an agreement with Cornerstone Group, a leading Bengaluru-based property group, to develop a 100-acre land parcel in Bengaluru.

Advertisement

The vision is to design and develop a large integrated business park — the Embassy Cornerstone Business Park — with a potential 12 million sq ft of premium office space backed by world-class facilities and amenities, Embassy Group Chairman and MD Jitu Virwani told reporters.

With a diversified real estate portfolio of over 37 million sq ft the company is present in the commercial, residential, hospitality, retail and recently, the warehousing space in the country across Bengaluru, Pune and Chennai, Cornerstone Group Chairman and Managing Director B P Kumar Babu said.

Parsvnath Developers post Rs25 cr loss

Realty firm Parsvnath Developers has reported a consolidated net loss of Rs25 crore for the quarter ended September 30, on lower sales.

Its net profit stood at Rs13 crore in the year-ago period, Parsvnath Developers said in a regulatory filing. Revenue dropped Rs75 crore during July-September period this fiscal from Rs256 crore in the corresponding period of the previous year.

Chairman Pradeep Jain said the company expects to witness an increase in the real estate transactions in the third quarter of the 2015-16 fiscal on the lowering of interest rates on home loans and festival season.

Parsvnath Developers has till date completed 55 projects covering 25.19 million sq ft of area. Currently, 48 projects are under construction having 69.67 million sq ft of area. The company has a land bank of 142.64 million sq ft.

No extension for Smart City plan submission

The Union Ministry of Urban Development stated that there will be no extension of time beyond December 15 this year for submission of city level Smart City Plans by respective urban local bodies and states.

According to ministry officials, quoting Minister of Urban Development M.Venkaiah Naidu emphasized that no such extension beyond December 15 will even be considered and urged all mission cities to adhere to this timeline.

Officials further added, the meeting was convened to discuss with officials of states and mission cities the actions being undertaken for preparation of city level smart city plans and particularly, efforts towards ensuring citizen participation in formulating smart city vision for each mission city and action plans besides the criteria for evaluation of smart city plans, to be submitted by December 15. — Agencies