Page 5 - Housing Projects

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

86% housing projects launched between Jul 2017-Dec 2018 completed: Anarock

It was driven by tighter regulations under the realty law Real Estate (Regulation and Development) Act, 2016

Uttar Pradesh govt plans to revive 10,000 stalled housing projects

In the non-NCR districts, Lucknow accounted for 400 or 20 per cent of the total projects underway

Realty firms must execute projects following rules: Delhi-RERA chairman

Real estate developers should carry out projects as per rules and must fulfil promise made to their customers, Delhi-RERA chairman Anand Kumar has said. The focus should be on building trust among the public, said Kumar. Addressing a national conference on Real Estate Development and Action Plan for New India organised by Industry body Assocham, he said a message to all stakeholders in the real estate sector to be alert. "Builders, developers and collaborators must work in a transparent manner according to rules and prepare projects as promised to the customers," the Delhi-RERA chairman was quoted as saying in a statement by Assocham. "While buying any land, plot, flat or commercial property sold as 'RERA registered', check it on RERA's website, he said. Kumar urged the builders, developers and entrepreneurs in the real estate sector to work with transparency to increase trust among agents and customers. Even today there are a large number of builders and developers who do not wa

Shriram Properties to invest Rs 750 cr on construction of housing projects

Shriram Properties will invest around Rs 750 crore this fiscal on construction of its ongoing and new residential projects as it looks to scale up business amid strong housing demand, its CMD M Murali said. Bengaluru-based Shriram Properties had spent Rs 500 crore in the last financial year on construction works. In an interview with PTI, Shriram Properties Chairman and Managing Director M Murali highlighted that the company achieved a 25 per cent growth in sales bookings to touch an all-time high of Rs 1,846 crore last fiscal, on higher volumes and better price realisation. Asked about the target of sales bookings for this fiscal, Murali said, "We are looking at about 20 per cent growth in volume terms and 25 per cent growth in value." Sales volumes stood at 4.02 million square feet in the last fiscal, which is a new record, as against 3.8 million square feet in 2021-22. The average annual sales realisation grew 8 per cent annually during the last financial year. Shriram Propert

Brigade to launch 10 housing projects, to invest Rs 3,000 cr on const: MD

Realty firm Brigade Enterprises will launch 10 housing projects this fiscal across Bengaluru and Chennai with an estimated construction cost of Rs 3,000 crore as it looks to encash rising demand for residential properties, its MD Pavitra Shankar said. In an interview with PTI, she sounded extremely bullish on India's residential market and said the company would like to grow housing sales by 15-20 per cent during the current 2023-24 fiscal. "Overall, the last financial year was very good, primarily driven by our residential and hospitality business. Things in retail were also very good and office was quite stable," Pavitra said. Bengaluru-based Brigade Enterprises achieved a record sales bookings of Rs 4,109 crore, mostly housing with small portion of commercial properties, a 36 per cent growth from the 2021-22 financial year. In terms of area also, sales bookings grew by 34 per cent to a record 6.3 million square feet. "I think it's reflective of general demand by customers," sh

Godrej Properties on land-buying spree; to acquire Rs 15k cr projects

Seeking to encash strong housing demand, realty firm Godrej Properties will acquire multiple land parcels this fiscal having sales revenue potential of around Rs 15,000 crore post-development. Last fiscal, Godrej Properties was very aggressive on land acquisition and added 18 new land parcels with sales potential of Rs 32,000 crore post-development. In an interview with PTI, Godrej Executive Chairman Pirojsha Godrej said the company will continue to add new land parcels for future developments, but it will scale down the pace. Asked about the FY24 guidance for new business development, which means outright land purchase and joint development agreements (JDAs) with landowners, he said, for now it has been set at Rs 15,000 crore in this fiscal. However, Pirojsha said the company would easily achieve higher numbers. On reasons behind setting a lower target for new business development, Pirojsha said, "Last year was an exceptional year. Not necessarily we will have such numbers every

Macrotech to invest about Rs 2,500 cr this fiscal on land acquisition

Macrotech Developers will invest around Rs 2,500 crore this fiscal to buy land and to pay its joint venture partners against land acquired in the previous years. Mumbai-headquartered Macrotech Developers, which sells its properties under the Lodha brand, is one of the leading real estate firms in the country. It buys land outright as well as enters into joint development agreements (JDAs) with land owners to create a pipeline of future projects. "The total investment that we envisage this year into land is about Rs 2,500 crore, which includes all the new land plus any partner share for whatever land we have taken on JDA (joint development agreement) in the past years," Macrotech Developers MD and CEO Abhishek Lodha told investors. According to a transcript of interactions with investors posted on stock exchanges, Lodha said the JDA projects tend to have investments, which is between 5 per cent and 10 per cent of the GDV (gross development value). "And the outright lands tend to hav

Macrotech adds 12 land parcels in FY23 to build new projects to meet demand

Realty firm Macrotech Developers has added 12 land parcels for the development last fiscal, with an estimated revenue potential of nearly Rs 20,000 crore as it seeks to expand the business to tap rising housing demand. The company had given a guidance of Rs 15,000 crore for new business development for 2022-23 fiscal. Macrotech Developers, which sells its properties under the Lodha brand, acquires land outright and also enters into joint development agreements (JDAs) with landowners to expand the business. It mainly focuses on Mumbai Metropolitan Region (MMR) and the Pune market. It has entered Bengaluru recently. "We continue to remain the preferred partner for various landowners across micro-markets for JDA partnerships," Macrotech Developers MD and CEO Abhishek Lodha said. The company has added 12 projects in FY23 on 14 million square feet for a combined GDV (gross development value) of Rs 19,800 crore, he added. "Business growth robustness continues to strengthen with a ...

DLF sells 1,137 flats in Gurugram for over Rs 8,000 crore within 3 days

Realty major DLF Ltd on Thursday said it has sold 1,137 luxury apartments, priced Rs 7 crore and above, in its housing project in Gurugram for over Rs 8,000 crore within 3 days, reflecting a strong demand for premium flats across major cities. In a regulatory filing, DLF informed that it has "witnessed record breaking pre-formal launch sales of Rs 8,000-plus crores for its luxury high-rise residences, The Arbour". DLF will build 1,137 4BHK apartments across five towers (38-39 storeys) in this 25-acre project. The project is located at Golf Course Extension Road, Sector-63 Gurugram. The project has been fully sold out within three days even before its launch, DLF said. Aakash Ohri, Group Executive Director and Chief Business Officer, DLF Ltd, said, "Our latest luxury offering, 'The Arbour' has received a phenomenal response even before it was launched." The interest shown by discerning homebuyers in the country and overseas is clearly an endorsement of the highly aspirational DLF

Godrej Properties buys Raj Kapoor's Mumbai Bungalow for Rs 100 crore

Godrej Properties Ltd has acquired legendary film actor, director and producer Raj Kapoor's Bungalow at Chembur in Mumbai for around Rs 100 crore to develop a luxury housing project with a sales potential of Rs 500 crore. The land was purchased from the Kapoor family, legal heirs of Raj Kapoor, the company said in a regulatory filing. When contacted, Godrej Properties Executive Chairman Pirojsha Godrej told PTI: "The total size of the land is around 1 acre. We will develop a premium housing project on this land parcel." "The project will have an estimated sales revenue potential of about Rs 500 crore," Pirojsha Godrej said. He did not disclose the deal value citing confidentiality. Sources said the deal value is around Rs 100 crore. When contacted, real estate consultant Anarock Chairman Anuj Puri told PTI: "The market rate of one acre land at Chembur will be Rs 100-110 crore. Chembur is a vibrant residential market with good connectivity to BKC (Bandra Kurla Complex)." Puri said

Kim Jong breaks ground for housing, farm projects amid economic isolation

North Korea says leader Kim Jong Un attended groundbreaking ceremonies for new housing and farming projects, which are part of his push for domestic achievements as the country's economic isolation deepens amid his defiant pursuit of nuclear arms. North Korea's official Korean Central News Agency said Kim broke ground Wednesday for the construction of a huge greenhouse farm in the outskirts of the capital, Pyongyang, where senior North Korean official Jo Yong Won in a speech said that providing Pyongyang residents with fresh vegetables in all seasons was a top priority. Kim also attended a ceremony marking the start of second-stage construction project to build 10,000 new homes in Pyongyang's Hwasong district. The project is part of broader plans to supply 50,000 new homes in the capital under a five-year national development plan that runs through 2025. Experts say North Korea has severe shortages in quality housing that deepened over decades of economic decay. But living condition

Relief to flat buyers of stuck projects, Rs 101 cr recovered: MahaRERA

Follow-ups on compensation orders for flat buyers has resulted in recovery of Rs 101 crore from developers in Maharashtra, the real estate regulator for the state said on Thursday. Maharashtra Real Estate Regulatory Authority (MahaRERA) regularly passes orders against developers who have not delivered on projects and follows up on them by sending warrants for recoveries to district collectors, it said in a statement. Follow-up actions since December resulted in developers at 118 projects in Mumbai city, Mumbai suburbs, Pune and Raigad paying up Rs 100.56 crore, it added. A total of 594 warrants were issued for the recovery of Rs 413.79 crore from the developers in the four districts, which led to the recoveries, the statement said. In Mumbai city, 3 warrants led to the recovery of Rs 11.42 crore from demands for Rs 44.92 crore in 14 warrants, while the same in Mumbai suburbs was 80 warrants leading to the recovery of Rs 55.57 crore as against demands of Rs 255.84 crore through 343

Unsold housing stock fell 10% to 461,600 units at December-end: PropEquity

Unsold housing stocks dropped 10 per cent to 4,61,600 units across nine major cities at the end of the December on better sales, PropEquity said on Monday. According to its data, unsold housing inventories stood at 5,12,526 units at the end of the September quarter across these nine cities. "Despite many challenges ...home sales strongly recovered this year. It is worth noting that the demand in the industry and the positive sentiment is growing. Even with the steady rise in mortgage rates, customers were still taking loans in anticipation of appreciation of properties and as end users for the units," said Samir Jasuja, Founder and Managing Director of PropEquity, said. In Kolkata, unsold housing stocks fell 12 per cent to 17,715 units from 20,096 units at the end of the September quarter. In Navi Mumbai, unsold housing inventories fell 10 per cent to 27,815 units from 30,986 units, while in Mumbai unsold stocks declined 5 per cent to 58,587 units from 61,755 units. Thane saw a 11

DLF plans to launch Rs 7,500 cr-worth premium housing project in Gurugram

Realty major DLF Ltd plans to launch a luxury housing project in Gurugram next month with an estimated sales revenue of around Rs 7,500 crore as it seeks to tap strong demand for high-end apartments. The company plans to develop around 1,100 apartments in this residential project, DLF Group Executive Director and Chief Business Officer Aakash Ohri told PTI. "We are planning to launch next month a premium residential project in Sector 63 Gurugram. The estimated sales realisation of this project will be around Rs 7,500 crore," he said. "Demand for real estate across various price points is very strong, especially for products offered by trusted developers," Ohri said. DLF, the country's largest real estate firm in terms of market capitalisation, achieved a 45 per cent growth in sales bookings to Rs 6,599 crore in April-December period of this fiscal and is on track to achieve its annual sales guidance of Rs 8,000 crore. DLF's sales bookings stood at Rs 4,544 crore in the year-ago ..

Godrej Properties buys land in Chennai worth Rs 100 cr for housing project

Godrej Properties, a part of business conglomerate Godrej Group, is one of the leading real estate developers in the country

HDFC Capital raises $376 million for affordable housing fund H-Care 3

HDFC Capital, the real estate private equity arm of HDFC Group, on Monday achieved the initial close for second scheme of its third fund, raising USD 376 million. The latest fund raising is the third by HDFC Capital's affordable real estate fund (H-Care 3) and the primary investor in the H-Care schemes is a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), HDFC said in a statement. Since the launch in 2016, the fund, across its schemes, has created a USD 3.1 billion funding platform, making it one of the largest private finance platforms in the world focused on development of affordable housing. The fund will provide long-term, flexible funding across the life cycle of affordable and mid-income housing projects including early-stage funding. In addition, it will also invest in companies in the construction technology, fintech, sustainability-tech etc. engaged in the affordable housing ecosystem. HDFC Capital targets to finance 10 lakh affordable homes through a

Godrej Properties buys 9-acre land for Rs 300 cr to build housing project

Godrej Properties has bought a 9-acre land in Gurugram for around Rs 300 crore to develop a housing project. On December 29, the company had informed stock exchanges about acquisition of the land through an outright purchase, but did not mention the deal value. According to market sources, Godrej Properties bought this 9-acre land for Rs 300 crore. The project with a development potential of about 1.6 million square feet area, has an estimated revenue potential of about Rs 2,500 crore. The site is strategically located with easy access from Golf Course Road Extension, also known as Southern Peripheral Road. Early last year, Godrej Properties Executive Chairman Pirojsha Godrej had announced that the company would invest USD 1 billion on future development of projects. It is aggressively acquiring land parcels either outright or in partnership with land owners. Godrej Properties, a part of business conglomerate Godrej Group, is one of the leading real estate developers in the ...

Online registration date for CIDCO housing scheme in Navi Mumbai extended

The last date for online registration for state-run CIDCO's mass housing scheme has been extended till January 6 from December 22 due to the overwhelming response from people, an official said on Thursday. A total of 7,849 apartments are available in Bambandongri railway station, Kharkopar East 2A, Kharkopar East 2B and Kharkopar East 2P in Ulwe node of Navi Mumbai as part of City Industrial and Development Corporation's Mass Housing Scheme Diwali - 2022, he said. The scheme was launched on October 24 this year, he said, adding the final list of accepted applications will be published on January 18. The lotter to choose winners will be held on February 3.

Godrej Properties buys 12 acres land in Pune to build housing project

Realty firm Godrej Properties on Tuesday said it has acquired 12 acres of land in Pune for development of a housing project that has an estimated sales revenue potential of about Rs 2,000 crore. According to a regulatory filing, the company has, on outright basis, acquired a 12-acre land parcel in Mundhwa-East, Pune. The development on this land will primarily be for a premium group housing project. The project will have a developable potential of approximately 2.2 million square feet with an estimated revenue potential of approximately Rs 2,000 crore, it added. Mohit Malhotra, MD & CEO, Godrej Properties, said, "Mundhwa is an important micromarket in Pune and we are happy to add this land parcel to our portfolio. This will further expand our presence in Pune and fits with our strategy of deepening our presence in established micro markets across India's leading cities." Godrej Properties, which is part of business conglomerate Goderj group, is one of the leading real estate ...