Housing Project

NBCC, MTNL sign pact for Rs 1,600 cr worth housing-cum-commercial project

State-owned NBCC (India) Ltd has signed an initial pact to develop a Rs 1,600-crore worth housing-cum-commercial project on a 14-acre land parcel owned by MTNL on Pankha Road in the national capital. In a statement on Thursday, NBCC said that it has signed a Memorandum of Understanding (MoU) with Mahanagar Telephone Nigam Ltd (MTNL) to collaborate and "develop a prominent land parcel of MTNL measuring approximately 13.88 acres located on Pankha Road, New Delhi." This project aims to transform the land into a state-of-the-art residential/ commercial space, leveraging the expertise and resources of both organizations. "The project is valued at Rs 1600 crore approximately," NBCC said. The MoU was signed in the presence of K P Mahadevaswamy, CMD, NBCC, A Robert J. Ravi, CMD, MTNL. MTNL, a leading public sector telecommunications company and NBCC, a Navratna enterprise under the Ministry of Housing & Urban Affairs, have committed to this development project. "NBCC will act as the ...

Keystone Realtors to invest Rs 900 cr on housing project in FY25: CMD Irani

Keystone Realtors will step up investment on construction of residential projects this fiscal to Rs 800-900 crore as part of its strategy to ramp up execution capabilities. Keystone Realtors, which sells its properties under Rustomjee brand, is one of the leading real estate developers in the country with a significant presence in the Mumbai Metropolitan Region (MMR). In an interview with PTI, the company's CMD Boman Irani, who is also president of realtors' apex body CREDAI, said the company would invest a lot on construction and land purchases this fiscal to grow its business. "We will be investing around Rs 800-900 crore on pure construction during this fiscal. We invested around Rs 400 crore in the last financial year," he said. Irani said the company has a surplus liquidity of around Rs 3,000 crore to make investments for growth. "We raised Rs 800 crore from Qualified institutional placement (QIP) plus our internal cash flow," he said. Irani noted that the demand in the hous

Nearly 2,000 housing projects stalled across 42 cities: PropEquity

Nearly 2,000 housing projects comprising 5.08 lakh units are stalled across 42 cities in the country, mainly due to financial mismanagement by developers and lack of execution capabilities, according to data analytic firm PropEquity. As per the PropEquity data, there are 1,981 residential projects that are stalled totalling 5.08 lakh units. Of these stalled projects, as many as 1,636 projects totalling 4,31,946 units are in 14 tier I cities, while 345 projects totalling 76,256 units are in 28 tier II cities. It also pointed out that the number of stalled units rose to 5,08,202 from 4,65,555 units in 2018. Samir Jasuja, Founder and CEO at PropEquity said, "The problem of stalled projects and the subsequent rise is due to the lack of execution capabilities of developers, cash-flow mismanagement and diversion of funds to buy new land banks or retire other loans." He stressed on the need to provide independent third-party audit services for homebuyers to empower them to make an informe

Bharat Agri Fert & Realty eyes Rs 800 cr revenue from MMR housing project

Bharat Agri Fert & Realty Ltd expects Rs 800 crore revenue from its new housing project in Mumbai Metropolitan Region (MMR). In a statement on Tuesday, the company said it has launched a high-rise tower, Wembley-24 in Majiwada, Thane comprising 457 residential flats. "The Majiwada project is projected to generate total realisations of approximately Rs 800 crore over the next four years on a pro-rata basis, with the project's cost estimated at approximately Rs 300 crore, as the land is owned by the company," it said. On the launch day, the company witnessed an overwhelming response with pre-sales of around 150 units. "The robust pre-bookings and overwhelming interest on launch day underscore the market's demand for high-quality residential spaces," Yogendra D Patel, Chairman and Managing Director of Bharat Agri Fert & Realty, said. Bharat Agri Fert & Realty Ltd, established in 1962, is into three business verticals fertilisers, realty and hospitality. It is listed on stock

Macrotech acquires 3 land parcels during April-June quarter in Mumbai, Pune

Bullish on housing demand, realty firm Macrotech Developers has acquired three land parcels in the Mumbai region and Pune during the April-June quarter to develop projects with a revenue potential of more than Rs 11,000 crore. Mumbai-based Macrotech Developers, which markets its properties under the Lodha brand, is acquiring land parcels through two routes -- outright purchases and partnerships with landowners. Giving an update on business development, Macrotech Developers said, "We added three projects in MMR (Mumbai Metropolitan Region) and Pune having Rs 11,100 crore of GDV (gross development value), which is more than 50 per cent of full-year guidance of Rs 21,000 crore". The company, in its latest operational updates, did not mention whether it bought outright or entered into joint development agreements (JDAs) with landowners. During 2023-24, the company added many new land parcels to build housing projects with a potential sales value of over Rs 20,000 crore. To expand busi

Brigade Enterprises eyes Rs 1,100 cr revenue from housing project in B'luru

Realty firm Brigade Enterprises on Thursday said it has launched a new housing project with a revenue potential of Rs 1,100 crore. The project 'Brigade Insignia' is located at Yelahanka, Bengaluru, and comprises 379 units. "The project has a revenue potential of Rs 1,100 crore," the company said in a statement. Pavitra Shankar, Managing Director of Brigade Enterprises Ltd, said, "Demand for residential projects is currently high, and the segment is witnessing steady growth. This project is set to ride on that demand and is part of our 11 million square feet expansion plan in the residential space and will be ideal, both as an investment and for ownership." Apartments at Brigade Insignia are available at a ticket size ranging from Rs 3 crore to Rs 9 crore. The project is expected to be completed in June 2029. Brigade Group is one of India's leading property developers. Instituted in 1986, the company has developed many projects across South Indian cities - Bengaluru, Mysuru, Hydera

All you know need to know about China's affordable housing policy

Authorities hope that over time, improving access to affordable housing could provide utility to some of the excess construction undertaken in the boom years

Commercial real estate has bounced back after Covid-19 pandemic blues

Office leasing has surpassed pre-pandemic levels, driven by the growth of global capability centres (GCCs) and flexible office spaces

Luxury housing cashes in on a growing affluent class, evolving lifestyles

This surge is being fuelled by millennials with increasing incomes and elevated expectations

A vision for smart, resilient, inclusive cities: Naredco's G Hari Babu

'The introduction of Real Estate (Regulation and Development) Act (Rera) in 2016 marked a major shift, bringing transparency and accountability with mandatory project registration, buyer protection'

India to be a top global commercial realty market: Anshuman Magazine

Last year, there was an absorption of 16.4 million square feet, one of the highest globally. In 2022, the absorption was 57.9 million sq ft, and this year is also expected to be strong

HFCs see realty sector expanding with tech adoption and govt backing

Housing finance companies underscore their healthy capital positions amidst heightened investor interest in the segment

Signature Global aims to sell Rs 10,000 cr worth homes in FY25, up 38%

Realty firm Signature Global Ltd has set a target to sell housing properties worth Rs 10,000 crore in 2024-25, up 38 per cent from the last fiscal, as it expects demand for residential assets to remain strong. In its investors presentation, the company has given a guidance of Rs 10,000 crore for sales bookings in the current fiscal. The company's sales bookings more than doubled to Rs 7,268 crore in 2023-24 from Rs 3,430 crore in the preceding year. The company, which is mainly developing projects at Gurugram in Haryana, sold 4,619 units last fiscal as against 4,512 units in 2022-23. In terms of area, Signature Global sold 6.18 million square feet in 2023-24, up from 4.35 million square feet in the preceding years. Sales realisation for 2023-24 averaged Rs 11,762 per square feet compared to Rs 7,886 per square feet in the previous fiscal. Pradeep Kumar Aggarwal, Chairman of Signature Global, said, "The financial year 2023-24 marked a significant period for our company, characteri

Macrotech Developers to launch 17 housing projects worth Rs 12K crore

Macrotech Developers will launch in this fiscal 17 housing projects, having a revenue potential of Rs 12,000 crore, to boost its sale bookings that hit a record in 2023-24 riding on strong demand. According to an investors presentation, Macrotech Developers-- which markets its properties under Lodha brand -- will launch 10 new projects and 7 new phases in existing residential projects during 2024-25 across Mumbai Metropolitan Region (MMR), Pune and Bengaluru. The total area to be launched is estimated at 10.1 million square feet with an estimated gross development value (GDV) of Rs 12,100 crore. However, the company said the guidance for launch pipeline of this fiscal might shoot up as it might acquire more land parcels and be able to launch in this financial year itself. Even during FY24, Macrotech Developers cited that the company launched projects worth Rs 18,000 crore as against the guidance of Rs 13,000 crore. Macrotech Developers, one of the leading real estate developers in

Godrej Properties to launch housing projects worth Rs 30,000 cr in FY25

Realty firm Godrej Properties plans to launch residential projects worth Rs 30,000 crore this fiscal across major cities to achieve 20 per cent growth in sales bookings amid strong demand, its executive chairperson Pirojsha Godrej said. In an interview with PTI, Pirojsha said, "We have given a sales bookings guidance of Rs 27,000 crore for the current fiscal, a 20 per cent growth from high base in 2023-24." In the last fiscal, the company's sales bookings jumped 84 per cent to a record Rs 22,527 crore, from Rs 12,232 crore in the preceding year. This is the highest sales reported so far by any listed entity for FY'24. Pirojsha said the housing demand continues to be strong, especially for reputed brands. "It (2023-24 fiscal) was a great year overall, whether you look at launches, sales, collection from customers, business development, deliveries of projects, cash flow and profit. We are really excited to see the kind of momentum in the business." He expected housing demand to sust

Experion Developers to invest Rs 1,500 cr to build new projects in Noida

Realty firm Experion Developers will invest about Rs 1,500 crore to develop a luxury housing project in Noida as part of its expansion plans amid sharp rise in demand for residential properties. Gurugram-based Experion Developers has registered its new project 'Experion Elements' with real estate regulatory authority, RERA, for launch. The company, a wholly owned subsidiary of Experion Holdings Pte Ltd, Singapore, will develop around 320 housing units in this 4.7-acre project at Noida in Uttar Pradesh. In the first phase, around 160 units are being launched for sale. Experion Developers CEO Nagaraju Routhu said the company is entering Noida, which is an important real estate market in Delhi-NCR. With the receipt of the RERA registration for this project, he said the company is launching the first phase of this project comprising 160 units. The company had bought this land from the state government through auction process to develop this housing project. The total developable are

Squarefeet Group to invest Rs 300 cr on new housing project in Mumbai

Realty firm Squarefeet Group will invest around Rs 300 crore to develop a housing project at Thane in Mumbai Metropolitan Region (MMR). The company plans to develop about 1,000 flats in this 3-acre project named 'Yuva Rajya' and is targeting a revenue of Rs 750 crore over the next 4-5 years. Sachin Marani, Director of Squarefeet Group, said the company has launched around 300 apartments in the first phase and out of that 100 units were sold on the first day of the launch. "The total project cost is Rs 250-300 crore, while the sales realisation is estimated at Rs 750 crore," he said, adding that the company is targeting millenials for this affordable luxury project. The construction work has already started and the project will be delivered over the next four years. Mumbai-based Squarefeet Group has already completed more than 5,000 flats across various projects in Thane and is currently developing many projects. Housing sales have been very growing post-Covid pandemic on strong

Godrej Properties buys Rs 506 cr land in Noida for Rs 3k cr housing project

Realty firm Godrej Properties Ltd has bought 6.46-acre land in Noida for around Rs 500 crore to develop a housing project with an estimated revenue of Rs 3,000 crore, as part of its expansion plan to tap rising demand. In a regulatory filing on Tuesday, the company informed it has been "declared the highest bidder and has secured the allotment letter to develop a prime land parcel in Noida through an e-auction conducted by the NOIDA development authority." Spread over 6.46 acres, the land is located in Sector 44, Noida. The company did not divulge the deal value, but sources said the company bought this land for Rs 506 crore. "The land parcel will offer around 1.4 million (14 lakh) square feet of development potential and an estimated revenue potential of around Rs 3,000 crore," Godrej Properties said, adding that this will be the company's sixth project in Noida. "We have witnessed strong demand for our existing projects in Noida and this project will further strengthen our ...

Signature Global sells 1,008 flats in Gurugram for over Rs 3,600 crore

Realty firm Signature Global on Sunday said it has sold more than 1,000 flats in its luxury housing project in Gurugram for over Rs 3,600 crore on strong demand for residential projects. Housing demand has been very strong in the last two years, especially in the luxury homes segment. In a regulatory filing, Signature Global informed that it has achieved "pre-formal launch sales of more than Rs 3,600 crore for its latest premium housing residential development project 'DE LUXE-DXP' at Sector 37D in Gurugram. The project is spread over 16.5 acres and has a sales potential of 2.7 million square feet. Signature Global will develop 1,008 units in this housing project. Pradeep Aggarwal, Chairman of Signature Global, said, "With growing affluence in the middle class, a significant population segment has developed better purchasing power and higher aspirations". These factors have led to growing demand in the mid-housing segment, he added. "...modern-day consumers are seeking a mix of

Raymond Realty launches Bandra project with Rs 2,000 cr revenue potential

Raymond Realty, the real estate arm of Raymond Group, on Tuesday said it will develop a premium housing project at Bandra in Mumbai with an estimated revenue of around Rs 2,000 crore. In a regulatory filing, Raymond Ltd informed that the company has launched its first project outside Thane through a joint development agreement (JDA) with a land owning entity. The project named 'The Address by GS, Bandra' is spread over an area of 2.74 acres. "This project also promises substantial economic returns, with projections indicating a revenue generation over Rs 2,000 crore," Raymond said. Raymond is into textiles, apparel, denim, consumer care, engineering and real estate businesses.