Nimbus Group to invest ₹1,100 crore to revive housing project in Noida
Nimbus Group
will invest ₹1,100 crore to develop
Arista Luxe Phase II
, a residential project located in Sector 168,
Noida
. The 10-acre project, which had earlier been stalled, is being revived under the Legacy Stalled Projects Scheme with formal approvals from the New Okhla Industrial Development Authority (NOIDA).
The development is being undertaken through a joint development agreement (JDA), with Nimbus stepping in as co-developer.
Arista Luxe Phase II will include 342 apartments spread across Towers 5, 7, 8, and 9, along with the completion of the clubhouse and common areas.
The project is expected to be completed by 2029 and is being funded through a mix of bank finance, internal accruals, and institutional lenders.
The group had previously delivered
The Golden Palms
in the same sector and has also completed projects such as
Express Park View I
& II in Greater Noida and The Hyde Park in Sector 78, Noida.
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Indian Express
19 hours ago
- Indian Express
Upcoming Jewar airport triggers land rush and with it, a rise in scams
ON DECEMBER 6, 2023, Gaurav Sharma, a 40-year-old resident of Noida's Sector 49, filed a police complaint, alleging that he, along with three of his business associates, had been duped by a group of 15 people who claimed to own a large parcel of agricultural land near the upcoming Noida International Airport in Jewar, Uttar Pradesh. The previous year in January, Gaurav, who runs a consultancy in Noida, and his partners, Gopesh Rohtagi, Yatish Aggarwal and Shilpi Aggarwal, had met Noida-based property dealers Sachin Bhati and Ravinder Sharma, who allegedly told them that 200 hectares of agricultural land near the airport was up for sale. 'Given the proximity to the upcoming airport, we thought it was a good deal since prices were bound to shoot up,' Gaurav said. 'They told us a part of this land belonged to some farmers but that would not be an issue. Between March 2022 and July 2022, they pretended to register around 24 land deals in our names. But in September that year, when we asked them to get our names on the revenue records, they started making excuses. By then, we had already paid them over Rs 24 crore, half of the amount we had fixed. We then decided to see the land and discovered that it never existed,' says Gaurav. The mastermind of the scam, Ravinder Sharma, was arrested by the Central Noida Police on July 20, 2025. Part of the National Capital Region, Jewar, riding on the real estate boom that has accompanied the construction of the new airport, has in the last few years witnessed a spike in land sales – and with it, a rise in cases of real estate fraud. Greater Noida Deputy Commissioner of Police Saad Miya Khan said that in the last two years alone, they had registered at least 20 cases against those involved in fraudulent land deals. 'On an average, there is one FIR registered every month of people being duped in the name of buying property near the airport,' said Khan Police in Gautam Buddha Nagar, of which Jewar is a part, say each of these cases is an elaborate act of fraud involving everything from fake plots to doctored maps and the same plot being sold to multiple people. 'Ravinder Sharma and the others told us they had links with some political families. We believed them. It was so well planned that everything they said appeared to be true. Everything was fake – from registration and bank documents to the 'farmers' and 'lawyers' who they produced before us,' says Gaurav. A string of real estate firms On a recent visit, The Indian Express noticed that the approach to the upcoming Noida International Airport, once an expanse of farmland, is lined with a string of real estate offices, many with prominent, neon-lit sign boards. Inside, most of these are air-conditioned spaces with CCTV cameras, mini-fridges, couches and private cabins for business meetings. Those running the real-estate firms are mostly farmers and gram panchayat members, whose land had been acquired for the airport. At his office in Sabota Mustafabad, around 4 km from the airport, farmer-turned-realtor Satish Kumar, 40, says those duping people are 'outsiders'. 'We have been farmers here, if we commit a fraud, we will be caught. People know us,' he says. He set up his business, Signature Realty, in 2020 with Riyasat Ali, a farmer in Kishorpur village. Ved Prakash Sharma, 58, of Jewar Land Service, which was established in 2017, says property rates in the area have shot up since 2012, around the time land survey for the airport project began in Jewar. 'Those days, 1,000 gaj or square yards cost Rs 4 lakh; that has gone up to Rs 35 lakh now. The price also depends on whether the land is facing the highway, how far it is from the airport or the main road etc. We can show you all kinds of property,' he says. Police say the new airport has had an impact on land prices not just in Jewar and Gautam Buddha Nagar, but in the adjoining districts of Ghaziabad, Bulandshahr and Aligarh, as a result of which the scope of the scam has expanded to these areas too. Central Noida's Deputy Commissioner of Police Shakti Mohan Avasthy said, 'These fraudsters lure victims by creating fake websites and putting up advertisements. This is a problem across districts that touch the boundaries of the airport.' It's a fraud that's riding on the high demand for land in Jewar, where, officials say, circle rates for agricultural land are proposed to go up from the existing Rs 900 per square metre to Rs 1,550 in the next revision — a 70 per cent jump that is a sign of the surging real-estate market in the region. Beyond Jewar On July 19, the Aligarh Police uncovered a land scam worth over Rs 60.89 crore. Their investigation revealed that representatives of Noida-based JSM Pro Infratech Pvt. Ltd had allegedly been posing as real estate developers and duping farmers, small investors, and officials of the Yamuna Expressway Industrial Development Authority (YEIDA) and the Revenue Department. Talking about the investigation, Aligarh Superintendent of Police (Rural) Amrit Jain said their team posed as prospective land buyers and attended a camp organised by the real-estate firm. 'We learnt that the company organises a camp every weekend. We visited one of these camps and uncovered an elaborate set-up. They would display notified YEIDA plots on a doctored map with a vision of a future township. But these plots did not belong to them,' he says. Jitendra Prasad Singh, a 40-year-old daily wager at a private firm in Noida, was among those who were duped. In May 2022, Jitendra met Kiran, an acquaintance, who informed him about plots being developed by JSM Pro Infratech near Goraula village in Aligarh, 33 km from the Jewar airport. For Jitendra, a migrant from Saran district of Bihar, owning a plot in the NCR seemed like the route to a better future. Singh was introduced to representatives of JSM, who operated out of an office in Noida's Sector 53. After hours of discussion over a map – which police later established was a doctored one – the deal was allegedly settled. 'They showed me a piece of land on the map. It was a 50-square-yard plot marked as D-648, priced at Rs 3.15 lakh. I was a labourer, the money was steep, but to own a plot seemed like a dream come true,' he said. Jitendra transferred Rs 35,000 to the bank account of the company and received a 'booking agreement' on July 15, 2022. 'After paying an additional Rs 6,300 as the first installment, I said I want to see the land I had bought,' he says. When Jitendra went to the site to take possession of his plot, he found out that there was no such plot. 'I saw people working in fields and asked them about the company and whether they owned plots there. I asked them about the company and whether they owned plots here. They said many like me had been turning up and enquiring about plots that didn't exist,' he says. In April, based on Jitendra's complaint, police registered an FIR under Bharatiya Nyaya Sanhita sections related to cheating and criminal intimidation, among others. SP Jain said, 'There are at least 25 FIRs against members of this firm. We found that they have been operating since 2020.' On June 16, senior members of the firm – including Ajit Kumar Raman, 45, Shravan Kumar, 47, and Praveen Kumar Patel, 45 –got a stay on their arrest from the Allahabad High Court. The Aligarh Police's probe revealed that members of the real-estate firm also allegedly targeted small farmers and fraudulently carried out land transactions in their names. In September 2021, Jainendra Kumar Laur, a 30-year-old farmer from Aligarh's Goraula village, was watering his millet crop when three men pulled up in a car and told him they were looking to buy a piece of agricultural land. For Jainendra, weighed down by a debt of Rs 20 lakh, the offer felt like an opportunity. 'I had borrowed heavily for the treatment of my father's brain cancer. I lost him in 2019, but the debts kept piling up. So when these people approached me with an offer to buy my land, I agreed,' says Jainendra. 'I agreed to sell just 0.154 hectares, enough to pay off my loans. The sale deed was executed on September 21, 2021, and everything seemed fine. But a year later, a man visited my farm with documents saying that I had sold 1.154 hectares of my land to him. The documents had my forged signature,' he said. Almost four years after the original transaction, on May 5, 2025, Jainendra lodged an FIR with the Aligarh Police. 'A total of 40,596.613 square meters of land in village Goraula, near the Yamuna Expressway, was identified as fraudulently acquired. Following the report's submission, the police attached property worth Rs 60.89 crore,' said SP Jain. Neetika Jha is a Correspondent with The Indian Express. She covers crime, health, environment as well as stories of human interest, in Noida, Ghaziabad and western UP. When not on the field she is probably working on another story idea. On weekends, she loves to read fiction over a cup of coffee. The Thursday Murder club, Yellow Face and Before the Coffee Gets Cold were her recent favourites. She loves her garden as much as she loves her job. She is an alumnus of Asian College of Journalism, Chennai. ... Read More
Business Standard
2 days ago
- Business Standard
'Puravankara clocks revenue of Rs 539 Crores, GDV of new land acquisitions at Rs 6,400 Crores in Q1FY26'
VMPL Bengaluru (Karnataka) [India], August 9: Puravankara Limited (NSE: PURVA | BSE: 532891), one of India's most trusted and admired real estate developers, announced its financial results for the first quarter (Q1FY26) ending June 30, 2025. In Q1FY26, the company recorded sales of Rs 1,124 crores, up 6% year-on-year, on sales volume of 1.25 million sq. ft. The average realisation rose 9% to Rs 8,988 per sq. ft, while collections stood at Rs 857 crores. Commenting on the company's performance, Mr Ashish Puravankara, Managing Director, Puravankara Limited, said, "This year marks our Golden Jubilee, and we are proud of the trust our customers have placed in us as well as the milestones we have achieved on this journey. In this quarter, we delivered a strong performance, with a 6% year-on-year increase in pre-sales, supported by healthy customer interest in our ongoing projects. Healthy collections for the quarter underscore the continued confidence that homebuyers have in our developments. Our handovers and sales were less than our expectations due to regulatory changes, including e-Khata and changes in byelaws. However, our team is confident of achieving the scheduled handover and launches. Our recent land acquisitions with an aggregate GDV potential of Rs 6,400 crores have further strengthened our growth pipeline. In Mumbai, redevelopment continues to gain traction, with our appointment as the preferred developer for eight housing societies in Chembur (GDV over Rs 2,100 crores). In the South, we have entered a JV for a 24.59-acre parcel near the airport in North Bengaluru (GDV over Rs 3,300 crores) and signed a JDA for a 5.5-acre parcel in Balegere, East Bengaluru (GDV over Rs 1,000 crores). These additions diversify our portfolio and position us strongly for sustained growth." Operational Q1FY26 Highlights: * Total area sold: 1.25 million square feet (msft) * Total sales value: Rs 1,124 crores * Average sales realisation: Rs 8,988 per square foot (psft) Consolidated Q1FY26 Financial Performance: * Total revenue stood at Rs 539 crores * Net loss for the period was Rs 69 crores * Collections: Rs 857 crores Possession: * While regulatory changes such as the e-Khata process have impacted handover and revenue recognition timelines, we remain on track for the planned delivery of over 4,500 units during the financial year * Out of planned handovers, 3.65 million square feet (3,015 units) have been completed and Occupancy Certificates (OC) received; these are currently awaiting e-Khata issuance for handover possession * In Q1FY26, we handed over 667 units, covering 0.68 million square feet, generating revenue of Rs 539 crores Projected Cash Flows: As of 30 June 2025: * The total estimated surplus from all completed and ongoing projects stands at Rs 7,915 crores * The estimated surplus from commercial projects is Rs 1,934 crores * The estimated surplus from pipeline projects is Rs 5,578 crores * The overall estimated surplus across all categories exceeds Rs 15,427 crores * The cost considered for surplus calculation does not include sales & marketing costs, corporate overheads, income tax and future repayment of debt Launches * Changes in byelaws and regulatory processes temporarily impacted the launch schedule. However, with the revised byelaws now notified, the company is back on track to launch 12.32 million square feet as per the planned timeline * During the quarter, the company launched 1.16 million square feet across various phases of ongoing projects Business development: * Puravankara was selected as the preferred developer for eight redevelopment housing societies in Chembur, Mumbai, with a Gross Development Value (GDV) of over Rs 2,100 crores * Entered into a joint venture for a 24.59-acre land parcel near Bengaluru International Airport, with a GDV of over Rs 3,300 crores * Signed a Joint Development Agreement (JDA) for a 5.5-acre parcel in Balegere, East Bengaluru, with a GDV of over Rs 1,000 crores Debt * The weighted average cost of debt has reduced to 11.35% as of June 30, 2025, compared with last quarter * Net debt stood at Rs 2,825 crores, with a net debt-to-equity ratio of 1.68 for Q1 FY26 India's real estate sector is expected to continue demonstrating strong growth potential in FY26, supported by sustained end-user demand, improved affordability, and a favourable policy environment. Office leasing momentum remains robust, with nearly 49 million sq. ft. absorbed in H1CY25, while residential sales are projected to grow 5-7% through FY25-26, according to industry estimates. The recent rate cuts by the RBI have further boosted consumer sentiment and purchasing power. Puravankara is well-poised for continued expansion and is confident in its ability to capture emerging opportunities across key micro-markets.
Economic Times
3 days ago
- Economic Times
Info Edge's Q1 profit grows 32% on year, but falls sequentially
ETtech Info Edge, the parent company of job site on Friday reported a more than 32% increase in net profit for the quarter ended June 30 compared with a year earlier, supported by revenue growth in both its recruitment and non-recruitment Noida-based firm's net profit rose to Rs 342.8 crore from Rs 258.8 crore in the first quarter of last fiscal year. Consolidated operating revenue increased 17% to Rs 790.8 crore. Sequentially, however, net profit nearly halved from Rs 677.8 crore, primarily due to slower billing growth in its recruitment business and higher expenses related to marketing and employee benefits. Billings from Info Edge's core recruitment business grew 9% year-on-year to Rs 470 crore, but moderated from the previous quarter's 18.4% expansion. Managing director and chief executive Hitesh Oberoi attributed this slowdown to macroeconomic challenges, including geopolitical uncertainties and softness in sector-specific demand, which have affected investment decisions of companies. 'We observed a trend of contract deferrals by some clients towards the end of the quarter which is usually the peak period for closures. As a result, renewal activity was impacted, leading to a moderation in overall billings growth,' he said at the quarterly earnings call.'Despite the recent moderation in recruitment billings, we remain cautiously optimistic about growth momentum in the quarters ahead,' he company's non-recruitment portfolio, which includes real estate listing platform 99acres, matrimony service Jeevansathi and education portal Shiksha, recorded combined billing growth of 17.6% during the quarter, according to an investor Edge's total income rose to Rs 1,004 crore for the quarter from Rs 827 crore a year ago, while expenses increased to Rs 563.8 crore from Rs 484.5 crore. Employee benefit expenses and advertising costs surged 11.7% and 26.8%, cited an advertising campaign during the Indian Premier League for increased marketing expenses on Naukri, and said it plans to moderate spending in this segment. However, it believes businesses such as 99acres and Jeevansathi require increased marketing investments to gain greater market from the recruitment solutions business, including grew 15% YoY to Rs 562 crore. Revenue from 99acres increased 12% to Rs 110.6 crore. Other businesses, including Jeevansathi and Shiksha, grew 30%.Regarding the impact of artificial intelligence on the job market, Oberoi said although AI adoption is still in early stages, there is a noticeable softness in demand. He cited a slowdown in hiring and business activity in certain domestic non-IT industries as well as IT services companies. 'What we are sensing right now is that there seems to be more demand for premium talent than regular sort of job seekers.' Info Edge, an early investor in the Indian startup ecosystem with stakes in companies such as Eternal and PB Fintech, recently secured shareholder approval to invest up to Rs 1,000 crore in its Info Edge Ventures Fund III to ramp up startup investments. According to the company's investor presentation, it currently holds 20 active investments in unlisted startups with a total carrying value of Rs 639 of Info Edge ended at Rs 1,332.50 on the BSE on Friday, down 2.1% from the previous close. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. End of an era: The Maggi Man who rebuilt Nestlé India bows out In a flat market, are REITs the sweet spot between growth and safety? India's last cement IPO did not work. Can JSW Cement break that curse? The airport lounge war has begun — and DreamFolks is losing Stock Radar: APL Apollo Tubes stock fails to hold momentum after hitting highs in June; what should traders do? Multibagger or IBC - Part 18: This auto ancillary started with wheels. It now also powers wind & war Weekly Top Picks: These stocks scored 10 on 10 on Stock Reports Plus Transformation underway & no tariff threat: 6 large-caps power stocks with an upside potential of up to 36%
