Macrotech Developers to Launch Rs 2,800 Crore Project in Bengaluru

Bangalore

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January 13, 2025

Hyderabad Real Estate Records 7% Growth in 2024

Macrotech Developers to Launch Rs 2,800 Crore Project in Bengaluru

Macrotech Developers, known for its premium residential developments under the Lodha brand, has acquired a significant 20-acre land parcel in Bengaluru for an ambitious new housing project valued at Rs 2,800 crore. This acquisition is part of the company’s broader strategy to expand its footprint across India, and especially in Bengaluru, a city that has become a hotspot for real estate growth driven by its booming tech sector, rising job opportunities, and increased demand for quality residential spaces.

The land acquisition in Bengaluru is strategically significant, not only because of the size of the development but also due to Macrotech’s approach to growth. The company has utilised a combination of outright land purchases and joint development agreements (JDAs) with landowners to optimise its project execution. In this case, while Macrotech has outright purchased a portion of the 20-acre plot, it has entered into a joint development agreement for the remainder, a model that has proven effective for the company’s expansion in various markets across India.

In its recent operational update for the December quarter, Macrotech Developers confirmed the addition of this new project to its Bengaluru portfolio, bringing the company’s total number of developments in the city to five. With a Gross Development Value (GDV) of Rs 2,800 crore, the project is expected to be a major contributor to Macrotech’s long-term revenue growth. Bengaluru has emerged as a prime location for large-scale housing projects due to its burgeoning middle class, the rise of the technology industry, and the city’s attractiveness to both domestic and international investors.

As the city continues to experience rapid growth, real estate developers like Macrotech are increasingly focusing on sustainability as a key factor in their project planning. The housing sector is not without its challenges, particularly when it comes to environmental concerns and urbanisation. With Bengaluru already facing issues such as traffic congestion, water scarcity, and waste management, developers are now looking to incorporate green building standards and energy-efficient solutions to reduce the ecological footprint of new developments. This includes adopting rainwater harvesting, renewable energy solutions, and eco-friendly construction materials, as well as focusing on integrated urban design that prioritises green spaces and communal areas.

Macrotech’s move in Bengaluru also reflects the increasing demand for high-end residential properties, especially among tech professionals and high-net-worth individuals who are flocking to the city for career opportunities. As Bengaluru’s infrastructure improves with the development of metro connectivity, highways, and business districts, the demand for luxury homes is expected to rise. Macrotech Developers’ new project, with its significant GDV, is a testament to the robust growth potential the city holds for real estate developers.

In comparison to other cities in India, Bengaluru’s real estate market is seen as a high-growth segment. Cities like Mumbai and Delhi have traditionally dominated the luxury real estate space, but with Bengaluru’s IT-driven economy and growing professional demographic, it is fast becoming a contender. The focus on sustainability in urban development, however, remains a critical factor, and developers like Macrotech must continue to lead the way in ensuring that their projects are not just commercially viable, but also environmentally responsible.

Thiruvananthapuram Leads Kerala’s Real Estate Boom Driven by NRI Demand

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January 13, 2025

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Thiruvananthapuram Leads Kerala’s Real Estate Boom Driven by NRI Demand

In an unexpected twist, Thiruvananthapuram has outpaced Ernakulam in residential unit registrations under Kerala Real Estate Regulatory Authority (K-RERA) in 2024, marking a significant shift in the state’s real estate landscape. The capital city recorded an impressive 2,987 unit registrations, surpassing Ernakulam’s 2,864, a development that signals growing demand for residential properties in the city. The surge is predominantly attributed to a rising influx of non-resident Indians (NRIs) and professionals from neighbouring states, who are choosing Thiruvananthapuram as their preferred destination for investment and settlement.

Historically, Ernakulam has been the focal point of Kerala’s real estate sector, driven by its cosmopolitan appeal, robust infrastructure, and proximity to major urban centres. Yet, Thiruvananthapuram’s real estate market is rapidly gaining traction, primarily because of the city’s evolving economic landscape and the growing preference for a balanced lifestyle. Real estate experts attribute the city’s appeal to factors such as its expanding IT sector, increased employment opportunities, affordable housing, and the presence of top-tier educational and healthcare institutions. These elements are increasingly drawing NRIs, especially those looking to settle back after stints abroad. “Thiruvananthapuram offers a perfect blend of modernity and tradition, making it an attractive option for NRIs,” stated a senior official from K-RERA.

The city’s appeal doesn’t just stop at NRIs. Thiruvananthapuram has also become a magnet for professionals relocating from other parts of Kerala, particularly Tamil Nadu, seeking opportunities in the expanding IT sector, government services, and emerging industries. The Trivandrum Chamber of Commerce and Industry (TCCI) president, SN Raghuchandran Nair, highlighted key factors driving this trend, including the city’s excellent medical facilities, education system, and its strategic location with seamless connectivity, including the significant boost from the upcoming Vizhinjam Port. Nair further emphasised that the city’s manageable traffic and international consular presence were added attractions for those considering Thiruvananthapuram as their home.

Comparing registration data across districts in Kerala further underscores the prominence of Thiruvananthapuram. While districts like Thrissur (1,236 units) and Kozhikode (1,195 units) recorded respectable figures, they were eclipsed by the state capital. Districts like Palakkad (541), Kottayam (245), and Kollam (54) saw significantly fewer registrations, indicating more subdued real estate activity in these regions. Malappuram (149) and Alappuzha (52) were at the bottom of the list, reflecting limited interest in these areas.

However, this growth in real estate comes with its own set of challenges, particularly around sustainability and urban planning. As the demand for residential units increases, Thiruvananthapuram must address the environmental impact of urbanisation. The city must ensure that development keeps pace with sustainability goals, integrating green spaces, efficient waste management, and energy-efficient infrastructure. Thiruvananthapuram’s ongoing growth in the real estate sector provides an opportunity to redefine urban planning in Kerala, focusing not just on quantity but also on quality of life for its growing population.

Indiabulls Real Estate-Embassy Merger Approved by NCLAT

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January 13, 2025

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Indiabulls Real Estate-Embassy Merger Approved by NCLAT

In a significant development, the National Company Law Appellate Tribunal (NCLAT) has granted approval for the long-awaited merger between Indiabulls Real Estate (IBREL) and Embassy Group. The appellate body set aside the earlier ruling of the National Company Law Tribunal (NCLT), Chandigarh, which had stalled the merger process for over 18 months. This ruling has provided much-needed relief to both real estate giants, enabling them to proceed with their plan to create a consolidated real estate powerhouse.

The proposed merger, which involves IBREL, Embassy One Commercial Property Developments (EOCPDPL), and NAM Estates, has been a subject of intense scrutiny and legal back-and-forth since 2023. Despite securing all necessary regulatory clearances, including approval from the Competition Commission of India (CCI), the stock exchanges, and shareholders, the Chandigarh bench of NCLT had withheld its permission. The primary concern raised by the Income Tax Department revolved around the valuation of shares and the swap ratio under the scheme. However, NCLAT dismissed these objections, stating that the valuation method used, particularly the Discounted Cash Flow (DCF) approach, was a recognised and valid practice. The tribunal further stressed that the decision on the valuation should lie with the companies’ boards, shareholders, and creditors.

The tribunal’s ruling is a turning point in the saga of corporate amalgamations, as it upholds the commercial wisdom of the parties involved. The decision to override the NCLT’s objections reflects a more progressive stance on merger approvals. It also underscores the importance of allowing businesses to make strategic decisions that align with market dynamics, rather than getting bogged down by technical objections. With the approval of the NCLAT, the merger is now set to move forward, creating one of India’s largest real estate conglomerates, combining the strengths of North India’s IBREL and South India-based Embassy Group. The companies have expressed their intention to build a pan-India real estate entity that can compete on a global scale.

One of the key highlights of this merger is its potential to significantly reshape the Indian real estate market. By combining their assets, operational expertise, and geographical reach, the merged entity will be able to deliver large-scale residential and commercial projects. As urbanisation continues to accelerate, such consolidations are seen as essential for creating more efficient and resource-optimised developments. The merger will allow the companies to leverage economies of scale, diversify their portfolios, and enhance their competitive positioning in the increasingly crowded real estate sector.

However, while the merger brings substantial growth opportunities, there are concerns regarding the environmental sustainability of such large-scale developments. In a time where India is grappling with challenges like urban sprawl, air pollution, and waste management, it becomes essential for major real estate firms to integrate sustainable practices into their plans. Both IBREL and Embassy Group have acknowledged this need and are expected to incorporate green building standards, energy-efficient technologies, and sustainable construction methods into their projects. This will ensure that their growing footprint does not negatively impact the environment, particularly in urban areas that are already facing significant environmental challenges.

In conclusion, the NCLAT’s decision to approve the Indiabulls-Embassy merger marks a critical milestone for both companies and for the Indian real estate sector as a whole. It underscores the growing trend of consolidation within the industry, as companies look to bolster their market presence and operational efficiency. While the merger presents exciting prospects for business growth, its success will ultimately depend on the ability of the newly formed entity to integrate sustainability into its operations and contribute positively to India’s urban development.

SEBI Clears JSW Cement IPO, Set to Raise ₹4,000 Crore

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January 11, 2025

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Rajasthan JSW Cement Expansion Signals Market Shift

SEBI Clears JSW Cement IPO, Set to Raise ₹4,000 Crore

JSW Cement Ltd. is now on track to launch its much-anticipated initial public offering (IPO) after the Securities and Exchange Board of India (SEBI) lifted the hold on the offering. The greenlight from SEBI marks the end of a phase of uncertainty and signals a major development for the company, as it prepares to raise up to ₹4,000 crore through the public listing.

The IPO, which had been paused in September 2024 without explanation, will now proceed within 30 to 60 days. The offering will comprise two components: a ₹2,000 crore fresh issue and a ₹2,000 crore offer for sale (OFS), which will allow existing stakeholders, including the State Bank of India, AP Asia Opportunistic Holdings Pte., and Synergy Metals Investments Ltd., to divest their shares. The funds raised from the IPO will be pivotal for JSW Cement, with plans to use ₹800 crore for the development of a new cement manufacturing facility in Nagaur, Rajasthan. Additionally, a portion of the proceeds will be directed towards reducing corporate debt, further strengthening the company’s financial health. JSW Cement, with an annual production capacity of 20.6 million metric tonnes (as of March 2024), has a diverse portfolio that includes various types of cement like Portland slag cement, ordinary Portland cement, and Concreel HD.

The company is a significant player in the building materials sector, contributing to cement manufacturing as well as the construction chemicals market. The IPO is expected to be a key milestone in JSW Cement’s growth trajectory, offering an opportunity for early investors to exit and potentially boosting the company’s visibility in the public markets. The IPO process will be managed by a consortium of financial institutions including JM Financial Ltd., Axis Capital Ltd., Citigroup Global Markets India Pvt., and Goldman Sachs (India) Securities Pvt. Meanwhile, KFin Technologies has been appointed as the registrar for the offering. JSW Cement’s public listing is not just an opportunity for investors but also represents a critical step in the company’s expansion strategy, with a new cement plant in Rajasthan being one of its key growth drivers.

Maradu Experiences Decline in High-Rise Projects Post-Demolitions

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January 11, 2025

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Maradu Experiences Decline in High-Rise Projects Post-Demolitions

Five years after the dramatic demolition of four high-rise apartment complexes in Maradu, Kochi, the area’s real estate activity has seen a marked shift. While construction activity has surged in recent years, the number of new high-rise projects has decreased significantly. Data from Maradu municipality reveals a rise in building permits for residential and commercial buildings, but these are predominantly for independent houses and smaller projects, with a noticeable drop in large-scale high-rises.

In 2019, before the controversial demolitions, the municipality issued 121 building permits. The following year, in 2020, 113 permits were issued. However, the numbers began to grow substantially in 2021, reaching 356 permits. While the numbers slightly decreased to 332 in 2022 and 241 in 2023, they still represent a substantial increase in overall construction activity. Despite this growth, the shift towards smaller residential and commercial projects highlights a significant change in the type of construction taking place in Maradu. Maradu’s growth was initially driven by large-scale investments, especially in the waterfront areas near Kundannoor, where prime property once commanded high values. However, the 2020 demolitions, which took place due to violations of Coastal Regulation Zone (CRZ) norms, have left a lasting impact on investor confidence. According to Antony Ashanparambil, Chairperson of the Maradu municipality, the demolitions tarnished the area’s reputation and have led to a drop in real estate revenue. Despite the reclassification of some CRZ-2 areas to CRZ-3, which allows for construction in certain waterfront zones, the area has struggled to attract significant real estate investment. The municipality and the Confederation of Real Estate Developers Association of India (Credai) estimate a 40% drop in investment since 2020, with high-rise projects largely being abandoned in favour of smaller developments.

Ravi Jacob, President of Credai Kochi, explains that the hesitancy to invest in high-rise buildings stems from a lack of demand from potential buyers. “People are hesitant to buy apartments in the area,” he says. “Due to this, builders are apprehensive about investing in high-rise constructions.” This lack of demand has made developers wary of sinking money into large-scale projects in Maradu. However, there is still hope for a revival. The Maradu municipality is optimistic that if the Supreme Court grants approval to issue licenses for high-rise constructions on the land where the demolished buildings once stood, the real estate market could experience a turnaround. Some developers have already shown interest in re-utilising the land for new high-rise projects, but this is contingent on legal approvals. The decline in high-rise construction in Maradu serves as a cautionary tale of how regulatory issues can significantly impact real estate development. The area’s recovery depends not only on legal approvals but also on restoring investor and public confidence in Maradu as a viable location for large-scale residential and commercial projects. As the municipality plans to host an investor meet in March 2025, it remains to be seen if these efforts will lead to a resurgence of high-rise developments in the area.

Jaipur Development Authority Clears 600 Bighas of Encroached Land for Public Housing

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January 11, 2025

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Jaipur Development Authority Clears 600 Bighas of Encroached Land for Public Housing

The Jaipur Development Authority (JDA) has successfully removed encroachments from over 600 bighas of government land over the past four months. This land, which is estimated to be worth Rs 2,000 crore, will be repurposed for public housing and commercial development. The JDA’s action aligns with its ongoing efforts to clear encroachments and utilise government land for the benefit of the city’s residents.

According to JDA officials, the government land cleared of encroachments will be used for various schemes, including affordable housing projects and commercial developments, which will boost the city’s infrastructure and economic growth. One such project is the Govind Vihar scheme, where 250 bighas of land, valued at Rs 1,300 crore, was cleared in November 2024. Plots and houses are now being made available to the public at concessional rates, offering a significant opportunity for homebuyers. JDA Commissioner Anandi highlighted that the authority is committed to systematically planning and developing the land cleared of encroachments. “By clearing encroachments, we are not only making land available for affordable housing but also generating revenue through other schemes such as warehouses, farmhouses, and commercial developments. This will contribute to the overall development of Jaipur,” said Anandi.

Recent actions taken by the JDA include the removal of encroachments in various zones of Jaipur. In Zone-12, near Daulatpura, approximately 80 bighas of government land worth Rs 160 crore were cleared, while in Zone-9, near Hingonia Gaushala, one bigha of land was reclaimed. Additionally, in Zone-14, two illegal colonies built on private land were demolished in their initial stages, along with a new illegal colony spanning 20 bighas. The JDA has also appealed to the citizens of Jaipur to actively participate in this ongoing campaign against illegal encroachments. Residents are encouraged to report illegal constructions or encroachments by contacting the JDA’s control room helpline numbers or by emailing the authority with information on such activities.

The public opinion surrounding this initiative has been largely positive. Many residents are appreciative of the JDA’s efforts to address illegal encroachments, which have long been a significant problem in the city. They see this as a step towards better urban planning, which will not only alleviate the housing shortage but also bring more transparency and order to the city’s development. The creation of affordable housing through these cleared lands is particularly welcomed by those struggling to find reasonably priced homes in a rapidly growing city. However, some residents are concerned about the pace of the initiative. While the JDA has made considerable progress, the sheer scale of encroachments in the city means that much work still needs to be done. There are calls for greater enforcement and quicker action to tackle illegal colonies and encroachments across all zones. The JDA’s ongoing efforts to clear encroachments from government land are seen as a positive step towards the urban development of Jaipur. With planned housing and commercial projects set to boost the local economy, the initiative holds promise for the city’s future. However, the JDA must continue its efforts to address the scale of encroachments and ensure that its developments are sustainable and beneficial to all residents.

New Luxury Housing Project in Ghaziabad Set to Transform Region

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January 11, 2025

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New Luxury Housing Project in Ghaziabad Set to Transform Region

In an ambitious move set to redefine the luxury housing landscape in Ghaziabad, Prateek Group, a leading real estate developer based in Noida, has announced the launch of its new luxury project, Prateek Grand Begonia. With an estimated worth of Rs 5,000-6,000 crore, this development will comprise 2,400 units, offering a mix of 2, 3, and 4 BHK apartments. Strategically located in Siddharth Vihar, the project is poised to leverage the growing popularity of the region, further transforming it into a coveted destination for luxury living.

Siddharth Vihar, an area that has already shown promise due to its strategic proximity to key routes like NH24, which connects Ghaziabad to Delhi and Meerut, has seen a significant uptick in property demand. The area’s burgeoning status as a prime real estate hub is underscored by the success of Prateek Grand City, another township development by the group. Since its launch, property values in the area have seen a remarkable increase, more than doubling in some cases, as reported by industry experts. This appreciation speaks volumes about the growing confidence in the region, both from investors and prospective homebuyers.

Prateek Grand Begonia aims to capitalise on this upward trend by offering high-end living spaces that cater to the needs of today’s discerning urban dwellers. The 2,400 units will range from spacious 2 BHK apartments to luxurious 4 BHK residences, equipped with top-tier amenities, modern infrastructure, and scenic views. The project’s strategic location near key business districts, schools, and healthcare facilities further adds to its appeal, making it a lucrative proposition for families, working professionals, and high-net-worth individuals (HNIs) alike.

While the project promises to revolutionise Ghaziabad’s real estate market, it also brings with it significant considerations from a sustainability standpoint. As luxury real estate projects proliferate, the impact on the environment, local resources, and urban infrastructure must be carefully managed. The Prateek Group, known for its commitment to quality, has pledged to integrate sustainable practices into the project. This includes energy-efficient buildings, eco-friendly landscaping, and responsible water and waste management systems. As urban areas like Ghaziabad continue to grow, developers face increasing pressure to balance luxury with environmental consciousness, ensuring that the footprint of such large-scale projects does not compromise the long-term sustainability of the region.

Moreover, this project holds significant potential for boosting the local economy and providing a substantial push to the employment market. The construction and operational phases will create numerous jobs, from skilled labour to high-end service roles, indirectly benefiting local businesses and the surrounding community. However, urban renewal projects like these must be implemented with careful planning to avoid overcrowding, strain on local resources, and environmental degradation.

In conclusion, Prateek Grand Begonia is more than just a luxury housing project – it is a testament to the rapid urbanisation and infrastructural growth in Ghaziabad. As India’s real estate sector continues to evolve, projects like these are increasingly becoming the norm, catering to the growing demand for high-end, sustainable living spaces. With its strategic location, luxury offerings, and commitment to sustainable development, Prateek Grand Begonia is set to become a landmark in Ghaziabad’s urban landscape, ushering in a new era of premium living in the region.

Infrastructure Drives Luxury Real Estate Growth in Delhi-NCR

Pune

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January 11, 2025

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Infrastructure Drives Luxury Real Estate Growth in Delhi-NCR

The real estate market in India has been experiencing notable growth, particularly in the luxury housing sector, as infrastructure developments and urban renewal initiatives lay the foundation for increased demand in 2025. Bhupinder Singh, Chairman of Gurugram-based HCBS Developments, provides insightful commentary on the driving forces behind this surge in demand, with a focus on premium properties, branded residences, and key infrastructure projects like the Dwarka Expressway.

Singh highlights that 2024 has been a year of impressive recovery for the Indian real estate market, particularly in the luxury housing segment. The post-pandemic rebound has resulted in a surge of interest from high-net-worth individuals (HNIs), seeking exclusive apartments that offer not just a home, but a lifestyle. As a result, demand for luxury properties and branded residences has witnessed a substantial uptick, driven by India’s growing affluent middle class. According to market reports, the demand for luxury homes is expected to remain strong through 2025, with these properties becoming increasingly attractive to those looking for more than just square footage but a well-curated living experience.

One of the key catalysts propelling this demand is the ongoing infrastructure boom in Delhi-NCR, particularly with developments like the Dwarka Expressway. This ambitious project, which promises to significantly reduce commute times between Dwarka and Gurgaon, is set to make properties along the corridor more accessible and desirable. Singh points out that better connectivity, along with developments such as the upcoming Metro lines and other urban renewal projects, has been a game-changer for the region’s real estate market. Properties in proximity to such infrastructural enhancements tend to see a premium in their valuation, which has spurred both investment and end-user demand for residential spaces in the vicinity.

A notable trend that Singh observes is the growing popularity of branded residences. These are homes that bear the name of established hospitality brands and are known for their high-end amenities and services. These properties cater to the tastes of India’s wealthy elite, who value not only luxury but exclusivity. The appeal of branded residences lies in their promise of seamless living with a blend of design, quality, and convenience. Singh explains that this segment is gaining traction not only in metros like Delhi and Mumbai but also in emerging urban centres such as Gurugram and Noida, as urban professionals increasingly seek homes that match their elevated lifestyles.

From a sustainability perspective, the growth of luxury housing can raise concerns about the environmental impact of such developments, particularly in terms of resource consumption and urban sprawl. However, there is a noticeable shift within the sector toward more sustainable and eco-friendly construction practices. Many developers are adopting green building certifications, investing in energy-efficient technologies, and incorporating sustainable materials into their projects. Singh acknowledges that while luxury developments often face criticism for their high resource consumption, there is increasing pressure from both regulators and buyers to ensure that new buildings are environmentally conscious. In this context, infrastructure projects like the Dwarka Expressway not only serve to improve urban mobility but also hold the potential to drive more sustainable growth by reducing traffic congestion and promoting public transport.

As we move into 2025, the confluence of these infrastructure projects, urban renewal initiatives, and changing buyer preferences will continue to shape the real estate market in Delhi-NCR. The luxury housing segment is set to remain a key area of growth, but it will increasingly need to align with sustainability goals to meet the demands of both consumers and policymakers alike.

JK Cement Signs MoU with DPIIT to Support Startups

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January 11, 2025

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JK Cement Signs MoU with DPIIT to Support Startups

JK Cement has entered into a memorandum of understanding (MoU) with the Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce & Industry. The partnership aims to provide crucial support to startups, entrepreneurs, and innovators across the manufacturing domain.

This collaboration seeks to bolster India’s startup ecosystem by offering access to JK Cement’s state-of-the-art infrastructure, research and development (R&D) facilities, and manufacturing resources. The MoU includes provisions for mentorship programmes and pilot projects, aimed at nurturing innovation and facilitating practical solutions for manufacturing challenges. Additionally, startups will be able to tap into university resources, which will further drive collaborative opportunities and enhance the industry’s talent pool. Sanjiv Singh, Joint Secretary at DPIIT, noted that this collaboration represents a critical initiative to enhance India’s manufacturing capabilities and create a conducive environment for the growth of startups. He emphasized the potential impact of such partnerships in transforming innovative ideas into scalable solutions that contribute to India’s self-reliant, manufacturing-driven economy.

Dr. Sumeet Kumar Jarangal, Director of Startup India, expressed optimism over the initiative, highlighting that the programme would support at least 10 startups within the year, further accelerating entrepreneurial growth and technological advancement in the manufacturing sector. The partnership between JK Cement and DPIIT signals a promising future for India’s manufacturing landscape, positioning the country as a key player in global innovation. With their combined expertise, both organizations aim to foster a competitive ecosystem that will help the nation become a global leader in manufacturing innovation.

NCL Industries Reports 12% Decline in Cement Production, Doors Segment Grows

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January 11, 2025

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NCL Industries Reports 12% Decline in Cement Production, Doors Segment Grows

NCL Industries Ltd, a prominent Hyderabad-based cement manufacturer, has released its operational update for the third quarter of FY2024, showing mixed performance across its business segments. While the cement segment faced a downturn, the doors division posted a robust performance, driving overall growth.

In a challenging quarter for the cement industry, NCL Industries reported a 12 percent year-on-year (YoY) decline in cement production, falling to 6.61 lakh tonnes from 7.49 lakh tonnes in Q3 FY2023. Similarly, cement dispatches also dipped 11 percent YoY, totalling 6.62 lakh tonnes, down from 7.41 lakh tonnes in the previous year. This reduction in cement output is attributed to sluggish demand, likely reflecting broader market trends and ongoing challenges within the sector. Adding to the decline, the company’s cement board production dropped by 3 percent YoY, falling to 20,231 tonnes, while dispatches decreased by 5 percent YoY to 18,743 tonnes. The ready-mix concrete (RMC) segment also showed a marginal decline of 1 percent, with production and sales standing at 88,258 cubic metres (CuM), compared to 80,974 CuM during the same period last year.

However, amidst the overall weakness in the cement division, the company reported significant growth in its doors segment. The doors division saw a remarkable 39 percent YoY growth, with production and sales reaching 8,680 units, up from 6,237 units in Q3 FY2023. This growth highlights the resilience and strength of NCL Industries’ diversification strategy, as the doors segment continues to outperform expectations. Despite the mixed performance, the company’s shares ended the day at ₹204, marking a slight dip of ₹0.15 or 0.073 percent on the Bombay Stock Exchange (BSE). Investors will likely be keeping a close eye on future performance, particularly how the cement segment recovers and if the doors segment can sustain its growth trajectory.

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