Page 6 - Housing Sector

REA India FY24 results: Revenue up 31% at Rs 563 cr on strong demand

PropTech startup REA India, which owns Housing.com platform, clocked a revenue of Rs 563 crore, up 31 per cent in the last fiscal ended June, helped by strong demand of residential properties, its CEO Dhruv Agarwala said. REA India, which is part of Australia's publicly listed firm REA, is a full-stack real estate technology firm and owns two online classified advertisement platforms Housing.com and Makaan.com, as well as housing brokerage firm PropTiger. Commenting on the performance of last fiscal, Agarwala said the company's revenue grew 31 per cent to Rs 563 crore in 2023-24 fiscal (July-June), from Rs 430 crore in the preceding year. He noted that the revenue of advertising platform Housing.com and property brokerage arm PropTiger increased by 25 per cent to 68 million australian dollar (AUD) from AUD 55 million. Its revenue from adjacency products and services like movers & packers by 46 per cent to AUD 35 million from AUD 24 million. Agarwala said the company's losses at ..

NCLT orders insolvency proceedings against Supertech Township Projects

The National Company Law Tribunal has directed to initiate insolvency proceedings against Supertech Township Projects on a plea filed by Punjab & Sind Bank over a default of Rs 216.92 crore. This is the third group firm of Ram Kishor Arora-led realty major Supertech to go through the Corporate Insolvency Resolution Process (CIRP). Earlier in June this year, the National Company Law Tribunal (NCLT) directed to initiate CIRP against Supertech Realtors, which is developing residential apartments, offices, retail and luxury hotels at its "Supernova" projects. In March 2022, CIRP was initiated against Supertech Ltd. On July 12, a Delhi-based NCLT bench admitted the plea against Supertech Township Projects filed by Punjab & Sind Bank and appointed Umesh Singhal as the Insolvency Resolution Professional. Supertech Township Projects is developing a Group Housing Project - Golf Country at Yamuna Expressway, Greater Noida, Uttar Pradesh. The cost of the project was estimated at around ..

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

China unveils plans to tackle property crisis, focus on affordable housing

Cities across China have only just started to release statements on their efforts to implement the May directive, with details of the targeted population groups emerging for the first time

Steady demand, falling supply: What's ahead for mid-segment homes in India?

A recent report by Knight Frank showed that the mid-segment had a strong 32 per cent market share in the total demand in the first six months of 2024

China's June new home prices fall at fastest pace in 9 years, shows data

New home prices were down 4.5 per cent from a year earlier, hitting the lowest since June 2015, deeper than a 3.9 per cent slide in May, according to Reuters calculations based on NBS data

Builders cut project completion time by 20% in top 7 cities: Anarock

Real estate developers across seven major cities are taking an average 18-20 per cent less time to complete a project because of tight regulations and the use of latest construction technologies, according to Anarock. Real estate consultant Anarock data analysed all projects that were launched and completed between 2010-2019 and 2014-H1 2024 across the top seven cities. In the last decade, the average time taken to complete smaller projects of less than 500 units across these seven cities was four years, while builders took 4.9 years to complete large projects of more than 500 units each. During 2010-19 period, the average time taken by builders was 4.9 years for small projects and 6.1 years for larger ones. So, the average completion time across seven major cities has fallen by 18 per cent in small projects and 20 per cent in large projects during the period under review. "The stringent rules imposed on project delays by the regulatory authorities have also been a key factor in .

Lok Sabha elections cool down home sales in April-June quarter: Report

Consumer sentiment still 'extremely positive' about real estate investments, it says

Housing sales in top 8 cities decline by 6% in Apr-Jun: PropTiger

Housing sales across the top eight cities declined 6 per cent in the April-June period compared with the preceding quarter as builders and investors were cautious due to Lok Sabha polls, according to PropTiger. Property brokerage platform PropTiger, which is part of REA India that owns Housing.com, on Thursday released its quarterly data on housing demand and supply. As per the data, housing sales fell 6 per cent to 1,13,768 units during the April-June period from 120,642 units in the preceding January-March quarter. However, the housing sales rose 42 per cent in April-June from 80,245 units in the year-ago period. "Demand for homes moderated during the April-June period on account of the general elections even though consumer sentiment continues to remain extremely positive about real estate investments on the back of strong fundamentals," said Vikas Wadhawan, Group CFO, REA India, and Business Head, PropTiger.com. The developer community, too, exercised caution, as evidenced by

High-rise safety concern in Gurugram after plaster falls at Sec-106, 107

Chunks of concrete plaster fell from the balconies of two residential complexes, Paras Dews in Sector 106 and Signature Global Solera in Sector 107 of Gurugram

Housing sales up 11% in FY24 in top 30 Tier-II cities: PropEquity

Rise in housing demand is not restricted to major cities as sales of residential properties rose 11 per cent last fiscal across 30 Tier II towns to nearly 2.08 lakh units, according to PropEquity. Real estate data analytic firm PropEquity on Friday released a report on Tier II cities' housing market. The data showed that housing sales increased 11 per cent to 2,07,896 units in 2023-24 as against 1,86,951 units in the preceding financial year. Top 10 Tier II cities -- Ahmedabad, Vadodara, Surat, Nashik, Gandhi Nagar, Jaipur, Nagpur, Bhubaneshwar, Visakhapatnam and Mohali-- contributed 80 per cent to the total sales in 30 small towns. These 10 cities together clocked sales of 1,68,998 residential units in 2023-24, up 11 per cent from 1,51,706 homes in 2022-23. The other 20 Tier II cities are Bhopal, Lucknow, Goa, Coimbatore, Raipur, Vijayawada, Indore, Kochi, Trivandrum, Mangalore, Guntur, Bhiwadi, Dehradun, Ludhiana, Chandigarh, Agra, Mysore, Sonepat, Panipat and Amritsar. Samir .

Mahindra Lifespace aims for Rs 8-10K cr sales in housing, industrial spaces

Realty firm Mahindra Lifespace Developers Ltd is targeting a sharp increase in its annual sales of housing properties and industrial space to Rs 8,000-10,000 crore by 2027-28 fiscal on rising demand. Mumbai-based Mahindra Lifespace sold residential properties and industrial space worth Rs 2,698 crore in the last fiscal as against Rs 2,268 crore in the 2022-23 financial year. According to the latest presentation in an investor meet, Mahindra Lifespace has mentioned about the target to achieve Rs 8,000-10,000 crore worth of sales in the 2027-28 fiscal in its two verticals -- residential and industrial park. Mahindra Lifespace has been actively buying land and also partnering with landlords for the development of residential properties. It has also entered into the redevelopment of housing societies in Mumbai. During the last fiscal, Mahindra Lifespace reported a marginal decline in consolidated net profit to Rs 97.89 crore on lower income. Its net profit stood at Rs 101.43 crore in

Will extension of PMAY revive affordable housing in India? Experts weigh in

This comes when the affordable housing sector has been struggling due to higher demand for bigger, costlier homes in India

Ultra-luxury housing in India sees shift to ultra-customised marketing

Prestige Group, a leading real estate developer, is targeting ultra-luxury buyers using the "by appointment" method

Shared spaces: Demand for co-living spaces up again after Covid blip

With occupancy rates up again, coliving firms are also promoting their centres as hubs for networking with like-minded individuals

Election impact on demand anticipated to be moderate: Shishir Baijal

As global uncertainties gradually abate, the robust Indian economy and favourable real estate fundamentals are anticipated to bolster private equity inflows into the sector

Connectivity to infra push turning smaller cities into real estate hotspots

In cities like Meerut, where multiple infrastructure projects are underway, developers have already acquired land for future projects two to three years in advance

How green is my building: Demand for sustainable homes, offices is rising

Amid increasing concern for the health of the planet, sustainability is emerging as more than just a trendy buzzword for developers

HUDCO stock hits record high; zooms 15% on heavy volumes

HUDCO stock price update: HUDCO zoomed 15% on hopes of strong earnings growth going ahead. The stock has rallied 43% from its recent low.

Godrej Properties targets Rs 25,000 cr sales bookings in FY25: Chairman

Enthused by record sales bookings of Rs 22,500 crore last fiscal on strong housing demand, Godrej Properties Ltd Executive Chairman Pirojsha Godrej said the company would like to see some growth even on a high base and aim to achieve Rs 25,000 crore pre-sales numbers in 2024-25. Earlier this week, Godrej Properties reported an 84 per cent increase in sales booking last fiscal to a record Rs 22,500 crore on higher volumes and the launch of premium housing projects amid strong consumer demand. Godrej Properties has surpassed the sales booking numbers of Bengaluru-based Prestige Group, which has reported pre-sales of Rs 21,040 crore during 2023-24, and is likely to emerge as the largest listed real estate developer in terms of sales bookings in the 2023-24 financial year. In an interview with PTI, Pirojsha Godrej said the company is expecting another good financial year, banking on the positive consumer sentiments. "I think we will see another good year if the market stays as strong a