Page 4 - Housing Projects

Developers are curtailing affordable housing projects amid weak margins

According to PropEquity, new launches in the affordable housing segment have fallen over the last two years in both Tier-I and Tier-II cities

Indian housing market outlook bullish, consumer sentiments positive: Report

Consumers sentiments in India's housing market remain positive despite a rise in prices, according to realty portal Magicbricks. On Thursday, Magicbricks released a report 'Housing Sentiment Index' based on the survey of over 4,500 customers across 11 cities. "Despite inflationary pressures, the Housing Sentiment Index (HSI) across India remains robust with strong buyer confidence," it said in a statement. The survey revealed a positive market outlook for the Indian residential real estate sector with an overall HSI of 149. Magicbricks said the HSI is derived from an online survey capturing the responses of 4,500 high intent homebuyers across the top 11 cities of India, spanning various income brackets and budget preferences. The HSI score ranges from 0 to 200, with 100 representing neutrality. Indicating an expectation of market stability in the short to medium term. A score of 200 reflects a bullish sentiment while a score of 0 indicated a bearish sentiment. "Currently, the ...

SKA Group to invest Rs 600 cr to build premium housing project in Gr Noida

Realty firm SKA Group on Wednesday said it will invest nearly Rs 600 crore to develop a premium housing project in Greater Noida as part of its expansion plan. The company has so far completed four housing projects comprising 3,200 units, while two residential projects are under construction totalling 1,800 units. It is also developing a commercial project comprising 600 units. These projects are in the Noida, Greater Noida and Ghaziabad markets of Uttar Pradesh. "We have launched a new housing project 'SKA Destiny One' in Greater Noida. The project spread over 6 acres will have 645 units," SKA Group Director Sanjay Sharma told reporters here. The price ranges between Rs 1.5 crore and Rs 3 crore per apartment. The company had bought this land from Greater Noida development authority and the entire land price has been paid. The total saleable area is nearly 14 lakh square feet. Sharma said the total project cost, including land and construction, would be Rs 592 crore. The project w

Brigade Enterprises posts record sale bookings of Rs 6,013 cr last fiscal

Realty firm Brigade Enterprises Ltd on Tuesday reported a 46 per cent annual increase in its sale bookings to record Rs 6,013 crore in the last fiscal year, mainly due to better demand for its housing projects. Its sale bookings stood at Rs 4,109 crore in the 2022-23 fiscal. In a statement, Brigade Enterprises said it has achieved pre-sales of Rs 6,013 crore in FY24 and Rs 2,243 crore in the fourth quarter of FY24 the highest ever for both in terms of a quarter as well as financial year. Average sales realisation rose 23 per cent annually last fiscal year. "The residential business continued to drive sales growth, with all other verticals of the company contributing significantly and finishing strong in the financial year," Pavitra Shankar, Managing Director of Brigade Enterprises, said. The company has been able to achieve its best-ever operational performance last fiscal, she said. "we aim to leverage this performance in FY25. Our outlook is optimistic, as we believe demand fo

Godrej Properties buys land in Hyderabad for Rs 3,500 cr housing project

Realty firm Godrej Properties Ltd on Wednesday said it has bought 12.5-acre land in Hyderabad to develop a housing project having Rs 3,500 crore revenue potential. This marks the company's foray into the Hyderabad property market. In a regulatory filing, Godrej Properties informed that it has acquired 12.5-acre of land at Rajendra Nagar in Hyderabad. "The development on this land is estimated to have a potential of around 4 million square feet of saleable area comprising primarily premium residential apartments of various configurations with an estimated revenue potential of about Rs 3,500 crore," the company said. Godrej Properties said that Hyderabad would be an important market for the company. Godrej Properties has a major presence in the Mumbai Metropolitan Region (MMR), Pune, Delhi-NCR (National Capital Regions), and Bengaluru. Gaurav Pandey, MD, and CEO of Godrej Properties, said the company is entering Hyderabad, which is amongst the largest and fastest growing residentia

Signature Global to develop housing project in Gurugram as demand surges

Realty firm Signature Global has partnered the landlord to develop a housing project on a 20-acre land in Gurugram with a revenue potential of Rs 4,500 crore, as part of its expansion plan. Signature Global has entered into a Joint Development Agreement (JDA) for 20.32 acres land in sector 71, southern peripheral road, Gurugram. The total development potential on this land is 28.4 lakh square feet of residential space. Signature Global Chairman Pradeep Aggarwal said the potential sales realisation would be around Rs 4,500 crore in this upcoming project. With a surge in housing demand after the COVID pandemic, real estate developers have been acquiring land outright as well as partnering with landlords to expand their businesses. Earlier this month, Signature Global had announced the signing of three separate JDAs with landlords to develop housing projects on a total 21.38 acres land parcels. The combined development potential in volume terms is 32 lakh square feet of residential

Macrotech Developers to launch 11 projects with Rs 6K cr revenue potential

Looking to tap rising housing demand, realty firm Macrotech Developers will launch 11 projects in Mumbai, Pune and Bengaluru this quarter with an estimated revenue potential of Rs 6,260 crore. Mumbai-based Macrotech Developers is one of the leading real estate developers in the country. It has a major presence in Mumbai Metropolitan Region and Pune. The company markets its properties under the Lodha brand. In an investor presentation, the company said it has a strong launch pipeline in the fourth quarter of 2023-24. "Well placed to meet full-year pre-sales guidance with the launches planned in Q4," it said. Macrotech Developers said the company will launch a 4.4 million square feet area during the January-March quarter, of which 1 million square feet would be in Bengaluru and 0.8 million square feet in Pune. The remaining area will be in Mumbai Metropolitan Region (MMR). During the first nine months of this fiscal, Macrotech has already launched a 6.6 million square feet area with

DLF to buy 29 acres land in Gurugram for over Rs 825 cr for housing project

Realty major DLF Ltd will acquire 29 acres of land in Gurugram from IREO to build a housing project after taking over bad loans worth Rs 825 crore related to the land. A senior official of DLF said the total consideration for the 29 acres of land will exceed Rs 825 crore. The land has been mortgaged by realty firm IREO with some financial institutions. DLF plans to develop a group housing project on the land located on Golf Course Extension in Gurugram, Haryana. In a regulatory filing on Thursday, DLF said it has entered into an agreement with Standard Chartered Bank, Singapore Branch, DB International (Asia), Singapore and Deutsche Investments India (lender/bond holder). From these lenders, DLF has agreed to buy non-convertible, redeemable bonds issued by IREO (bond issuer). "We have been working with the two lenders and the developer for almost 12 months trying to structure this transaction. Today, we have signed the documents to acquire the debt from these two lenders," DLF MD

UP RERA gives 15 days to promoters to submit update on housing projects

Uttar Pradesh real estate regulator UP RERA has issued a 15-day ultimatum to promoters of group housing projects to update quarterly progress reports of their projects on its website. UP RERA Chairman Sanjay Bhoosreddy said a number of promoters fail to file QPRs (quarterly progress reports) of their projects on time and "some of them have filed the subsequent QPRs without filing the pending QPRs". Not updating quarterly progress reports of projects amounts to violation of the relevant provisions of the RERA Act, Bhoosreddy said in a set of directions issued to promoters on Thursday. "Therefore, it has been decided to allow the promoters to file the pending QPRs of their projects as well as the QPR of October to December, 2023 quarter by 15th January, 2024," the order said. As per norms, QPRs are required to be filed within 15 days of the closure of the given quarter. Accordingly, UP RERA has modified the facility on its web portal and from now onwards, promoters will be able to fi

Emaar India eyes Rs 900 crore luxury housing project in Gurugram: CEO

Realty firm Emaar India will invest Rs 900 crore over the next four years to develop a luxury housing projects in Gurugram as part of its expansion plan, a top company official said. The company, which is part of Dubai-based Emaar Properties, has launched and already sold 424 luxury homes in its group housing project 'Urban Oasis' located at Sector 62, Golf Course Extension Road in Gurugram. In an interview with PTI, Kalyan Chakrabarti, CEO of Emaar India, said, "We launched a residential project after a gap of almost four years, and were humbled by the response from the market." Emaar India has sold out all 424 flats launched in the first phase for Rs 1,723 crore in revenue. It received 10 times subscription with 4,259 expression of interests for the 424 homes available. He said the demand for luxury homes in all major cities including Gurugram is very strong from both end users and investors. Asked about the project cost, Chakrabarti said it will be around Rs 900 crore excluding

M3M India targets Rs 5,000 cr revenue from 333-acre township in Haryana

Realty firm M3M India on Wednesday said it is targeting 5,000 crore in revenue from its 333-acre township in Panipat. In a statement, the company said it has received the license to develop the 'M3M City of Dreams' township at Panipat in Haryana. The company has already sold over 700 plots -- worth about Rs 1,100 crore -- out of 2,100 plots, M3M said. M3M is expecting a topline of Rs 5,000 crore from this project. The company has received RERA registration for the entire 333-acre land parcel that it had acquired from Ambience for Rs 1,500 crore, including necessary government fees. "The company is investing Rs 1,200 crore, towards its development," M3M said, adding that the total cost, including land price, would touch Rs 2,700 crore. Gurugram-based M3M aims to deliver this project in the next 15-18 months.

Housing sales up 22%, new launches grow 17% in Jul-Sep across top 8 cities

Housing sales rose by 22 per cent and new supply by 17 per cent year-on-year across eight major cities during the July-September period on better consumer demand, according to real estate digital platform PropTiger.com. Housing brokerage platform PropTiger, which is owned by REA India, released its 'Real Insight Residential - July-September 2023' report on Thursday. REA India also owns Housing.com and Makaan.com. Sales of residential units increased to 1,01,220 units in the third quarter of this year from 83,220 units in the same period last year across eight major cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Hyderabad, Pune, and Ahmedabad. All cities, except Chennai, registered a growth in sales, with Mumbai Metropolitan Region (MMR) and Pune accounting for nearly half of the total volume. New project launches rose 17 per cent to 1,23,080 units from 1,04,820 units during the period under review. "The housing markets in the top eight cities

India to build 10k more houses in Sri Lanka in extension of housing project

India will build 10,000 more houses in the plantation areas of Sri Lanka in an extension of its housing project in the country. The High Commission of India signed two significant agreements for the construction of 10,000 houses in plantation areas of Sri Lanka under Phase-IV of the Indian Housing Project on Tuesday, a statement said. Separate agreements with the two Implementing Agencies namely National Housing Development Authority (NHDA) and State Engineering Corporation (SEC) are aimed at early rollout of the construction of the 10,000 houses. Counsellor and Head of Development Cooperation Wing, Eldos Mathew Punnoose, Chairman of SEC, Rathnasiri Kalupahana, and General Manager, NHDA, Kankanamalage Ajantha Janaka were the signatories to the two agreements. Phase IV of the Indian Housing Project is spread across 11 districts and 6 provinces of Sri Lanka. It may be recalled that the overall commitment of the Government of India under the Indian Housing Project currently stands a

India's 35% stalled housing projects in Noida: White paper on homebuyers

Thirty-five per cent of India's stalled residential projects having 1.65 lakh flats worth a total of Rs 1.18 lakh crore are in Uttar Pradesh's Noida and Greater Noida, according to a white paper released on Sunday. Besides, there are at least one lakh individuals who are still waiting to register their flats while nearly 60,000 others are yet to be handed flats long after their possession date, stated the white paper, issued by citizens' platform Noida Dialogue and private body Namo Seva Kendra. BJP national vice president Gopal Krishna Agarwal on Sunday unveiled the 'White Paper on Homebuyers Issues in Gautam Buddh Nagar (Uttar Pradesh)' during a programme in Greater Noida West in presence of scores of aggrieved investors. He called for resolution of the long-pending issues of homebuyers, emphasizing the action as suggested in the white paper would come from both the Centre as well as the Uttar Pradesh government. More than 850 residential projects have been inaugurated in the Gau

Saya Group to infuse Rs 4,000 cr in next 3 yrs in Noida, Ghaziabad projects

Real estate company Saya Group on Sunday said it will infuse Rs 4,000 crore over the next three years in its projects in Noida, Greater Noida and Ghaziabad. The development includes 2.33 million square feet commercial area where it will invest Rs 2,500 crore besides Rs 1,500 crore in luxury high-end residential project in Ghaziabad's Indirapuram. The group said at the forefront of its works stands the ongoing project, Saya Status, adjacent to the Noida-Greater Expressway, which is set to be India's tallest mall and encompasses a vast expanse of 1.4 million square feet, according to a statement. The anticipated possession of Saya Status is slated for 2025, it added. Saya Group's Chairman and Managing Director Vikas Bhasin claimed an "impeccable track record of delivering projects ahead of their designated deadlines." "This remarkable feat is a testament to the company's robust financial foundation and unwavering commitment to timely project delivery," Bhasin said. The group's land

MANA Projects to invest Rs 500 cr in luxury housing project in Bengaluru

Realty firm MANA Projects will invest around Rs 500 crore to develop a luxury housing project in Bengaluru as it seeks to tap the rising demand for premium properties. Bengaluru-based MANA has launched a residential project which is spread over 6.39 acres and comprises 680 flats at Sarjapur Road. D Kishore Reddy, Chairman and Managing Director of MANA, said the project 'MANA Dale' will be completed over the next four years. The starting price is Rs 1.60 crore per unit. When asked about investment to develop this project, Reddy said the project cost is estimated at around Rs 500 crore. "With this launch, we further extend our presence in East Bengaluru," he said. Founded in 2000, the company is mainly into the development of residential projects. Housing demand has been strong since the last two years on pent up demand. According to real estate consultant Anarock data, housing sales rose 36 per cent year-on-year to a record 1,20,280 units across seven major cities during the ...

Macrotech to invest Rs 800 cr to construct 2 housing projects in Bengaluru

Macrotech Developers will invest about Rs 800 crore to construct two housing projects in Bengaluru where it has entered to expand business amid strong demand, its MD & CEO Abhishek Lodha said. Macrotech Developers, which markets its properties under Lodha brand, has a significant presence in Mumbai Metropolitan Region (MMR) and Pune. In June last year, the company had announced its entry in the Bengaluru market by forming a joint venture to develop its first housing project. Later, it added one more housing project in the IT city. Macrotech Developers this month launched its first residential project in Bengaluru. "We are targeting to launch the second project in the fourth quarter of this fiscal. It may slip to the first quarter of the next financial year," Lodha told PTI. Asked about construction cost of these two projects, he said it is estimated to be Rs 800 crore. The gross development value or sales value is expected to be around Rs 2,500 crore from these two projects, Lodh

Eldeco Group to invest Rs 300 cr on housing project in Himachal Pradesh

Realty firm Eldeco Group will invest about Rs 300 crore to develop a ultra-luxury housing project, comprising 80 villas, in Himachal Pradesh to tap rising consumer demand of high-end residential properties in hills. Delhi-based Eldeco Group has bought 30-acre land in Sirmaur district to develop ultra-luxury holiday homes and also established a separate subsidiary 'Terra Garden' to develop such projects across tourist locations. "We acquired 30 acre land parcel on hill few years ago. We will be developing 80 villas in this project," said Amar Kapoor, CEO of Terra Grande by Eldeco Group. The company has launched 35 villas for sale in the first phase. The starting price is Rs 5.5 crore, he added. Kapoor said the company will be investing about Rs 300 crore to develop this project. As per the declaration in registration with RERA, Eldeco Group's arm Terra Grande plans to complete this project in seven years. Kapoor said the company is looking for land parcels to develop such vacation

Ajmera Realty bags housing project in Mumbai; eyes Rs 360 cr sales revenue

Ajmera Realty & Infra India Ltd on Tuesday said it will redevelop a housing society at Versova in Mumbai and is expecting to generate Rs 360 crore revenue from this project. In a regulatory filing, the Mumbai-based company informed that it has undertaken "redevelopment of Balkrishan Co-operative Housing Society based in Versova." The redevelopment is estimated to generate sales of around Rs 360 crore and will primarily comprise 3 BHK residential apartments, it added. Redevelopment and repurposing old housing societies into modernized residential asset classes has gained significant prominence in MMR, thus opening doors to newer opportunities backed by redefined interest from homebuyers," Dhaval Ajmera, Director of Ajmera Realty, said. This redevelopment project represents a strategic step towards achieving the 5x growth through joint venture / joint development agreement/ low capex acquisition via inorganic strategy, he added.

Bank of Baroda to raise Rs 10,000 cr to fund infra, housing projects

Bank of Baroda (BoB) on Wednesday said its board has approved a proposal to raise up to Rs 10,000 crore to fund infrastructure and affordable housing projects. The approval is for raising Long Term Bonds for Financing of Infrastructure and Affordable Housing aggregating to a total size of up to Rs 10,000 crore, in single or multiple tranches during 2023-24 and beyond, if found expedient, BoB said in a regulatory filing. The Reserve Bank of India on Tuesday barred state-owned BoB from onboarding new customers on its mobile app 'bob World' following material supervisory concerns. "The Reserve Bank of India has, in exercise of its power, under Section 35A of the Banking Regulation Act, 1949, directed Bank of Baroda to suspend, with immediate effect, any further onboarding of their customers onto the 'bob World' mobile application," the central bank had said in a statement. The action, the RBI had said was based on certain material supervisory concerns observed in the manner of onboard