Page 8 - Housing

Q4 profit more than doubled on soaring demand, says Oberoi Realty

Indian real-estate developer Oberoi Realty Ltd said on Tuesday fourth-quarter profit more than doubled, boosted by strong bookings as the demand for housing saw an upswing in the country

Foreign investments in real estate jumps to $26.6 bn in 2017-22: Colliers

The Indian real estate sector received USD 26.6 billion as foreign institutional investment during 2017-22 period, a three-fold jump from the previous six years, driven by inflows from USA and Canada with a share of 70 per cent, according to Colliers India. Real estate consultant Colliers India on Friday released a report "High on Investors' Agenda" report that delves into the factors that make India a preferred choice for global investors. Foreign investments in India have been on the rise over the last few years as the industry underwent an overhaul, with major structural, policy reforms inducing transparency and ease of business operations, the consultant noted. As per the data, total institutional investments in real estate rose to USD 32.9 billion during 2017-22 period from USD 25.8 billion in the 2011-16 period. Out of the total inflow, foreign institutional inflow rose to USD 26.6 billion from USD 8.2 billion. However, the investment from domestic investors fell to USD 6.3

Promoters of stalled real estate projects must be barred for life: FPCE

Homebuyers' body FPCE has suggested that promoters of stalled real estate projects must be barred for life, besides conducting forensic audits to ascertain the diversion of funds, making projects financially unviable. Forum for People's Collective Efforts (FPCE) president Abhay Upadhyay has written to Amitabh Kant, Chairman, Committee on Stalled Projects, suggesting measures for the revival and completion of stuck projects across the country. The panel held its second meeting on May 8 to examine the issues related to legacy stalled projects. In an order dated March 31, the Union Housing and Urban Affairs Ministry has set up a 14-member committee headed by former NITI Aayog CEO Amitabh Kant to examine issues related to stalled real estate projects and recommend ways for their completion. The panel will submit a report within 6 months from the date of its first meeting. Upadhyay in the letter suggested that an exercise should be done on a pan-India basis to identify projects, which a

Singapore may vote on soaring rent as locals feel real estate price pinch

Singapore's Finance Minister Lawrence Wong said, in Singapore, the prime minister has to be a real estate agent while acknowledging that prices have soared

Realty estate index dips marginally in Jan-Mar but still positive: Report

The sentiment index for the real estate sector dropped marginally in the January-March period but remained positive, according to Knight Frank India and NAREDCO. In its 36th edition of Real Estate Sentiment Index Q1 2023 (January-March), real estate consultant Knight Frank and industry body NAREDCO said that the current sentiment score, while safely within the optimistic zone, has seen a marginal dip from 59 in December 2022 quarter to 57 in Q1 2023. This is mainly on account of stakeholder perception of the global recessionary environment and the risk of a future global downturn still exists, it said. The sentiment index is based on the survey of supply-side stakeholders like developers, investors and financial institutions. The score of above 50 indicates 'optimism' in sentiments, a score of 50 means the sentiment is 'same' or 'neutral'. The score below 50 indicates 'pessimism'. The Future Sentiment Score has increased from 58 in Q4 2022 to 61 in Q1 2023 on account of the resilie

Building projects grew by over 94% in Chennai's residential segment in Q1

Constructed projects in the residential segment in the city grew by 94.89 per cent during the January-March 2023 quarter, a study undertaken by real estate body CREDAI said on Saturday. The Research and Analysis Wing (RAW) of the Confederation of Real Estate Developers Association of India in its report said central Chennai accounted for 29 per cent of the projects followed by the city's south at 26 per cent. Despite the increase in the sales of constructed projects, the number of units registered during the quarter dropped by nine per cent. During the first quarter of calendar year 2023 (January-March), as many as 5,759 residential units were registered as against 2,955 units registered during the January-March 2022 period. "When compared to Q1-2022, we are overall pleased with the performance of the first quarter of 2023 and have generally met our expectations, regardless of a large decline in the number of projects and units registered in March 2023," CREDAI Chennai President S

Real estate sector likely to grow nearly 18% by 2030: PHDCCI report

The report also talks about the relationship between ESG and carbon footprint

Bengaluru's housing rent grow over 20% Y-o-Y in Q1 2023: Anarock report

Anarock found that Thanisandra Main Road and Marathahalli-ORR in Bengaluru recorded the highest residential rental values growth by 24 per cent each

Stress fund SWAMIH to help complete 80,000 homes in next 3 yrs: SBICAP

The government-backed stress fund for realty sector 'SWAMIH' has helped in completion of 20,577 homes so far and another 80,000 units will be delivered in the next three years. SBICAP Ventures is managing the SWAMIH (Special Window for Affordable and Mid-Income Housing), which was set up in 2019 by the government to complete stalled projects. The total size of the SWAMIH Invest Fund-I is Rs 15,530 crore, out of which Rs 10,000 crore has been infused by the Centre. Addressing realtors' body NAREDCO's conference on real estate, Irfan A Kazi, chief investment officer of SWAMIH Investment Fund, SBICAP Ventures Ltd, on Friday said about Rs 10,000 crore has been sanctioned so far and Rs 5,000 crore is still left. He highlighted that the SWAMIH fund has helped in completion of 20,577 housing units across 26 projects. The total funding in these projects were to the tune of Rs 2,200 crore. Kazi said the target is to complete about 80,000 homes over the next three years. He highlighted that

Housing, auto drive personal loan growth in January, says RBI data

Growth in personal loans accelerated to 20.4 per cent annually in January 2023 largely driven by housing' and vehicle loans', according to data released by the Reserve Bank on Tuesday. The growth in the personal loans segment was 12.8 per cent in January 2022. The data on sectoral development of bank credit in January 2023 showed that the personal loan outstanding on January 27, 2023, was Rs 39.59 lakh crore as against 32.87 lakh crore in a year ago. Data further revealed that housing loan outstanding was Rs 18.88 lakh crore in January this year as against Rs 16.36 lakh crore a year ago. The loan outstanding in the vehicle segment was nearly Rs 5 lakh crore in January 2023 against Rs 3.95 lakh crore in January 2022. On a year-on-year (y-o-y) basis, non-food bank credit registered a growth of 16.7 per cent in January 2023 as compared with 8.3 per cent a year ago. Credit growth to agriculture and allied activities improved to 14.4 per cent (y-o-y) in January 2023 from 10.4 per cent

Union Budget 2023: Allocations for women's issues higher than last year

Housing and rural employment schemes are also part of gender budget, which was first introduced in 2005-06

Budget pushes for developing transport, urban infrastructure, housing

Railways ministry gets highest-ever capital expenditure allocation, of Rs 2.4 trillion in FY24

Over 95,000 beneficiaries reject house sites provided by Andhra govt

More than 95,000 women beneficiaries, who were given house sites in Andhra Pradesh two years ago, are now refusing to build houses under a government scheme for a variety of reasons. In fact, they have been asking the state government to provide them sites at alternative locations as the layouts now proposed are either far away from human habitations or close to burial grounds. This has pushed the government into a quandary as it will be required to spend close to Rs 800 crore to find alternative sites. "If we are to fulfil the demand, we will have to acquire more than 2,000 acres of land from private owners for these people. Previously, what we gave away was government land," a top official of the Housing Department said. The department officials informed Chief Minister Y S Jagan Mohan Reddy recently that there were 95,106 "tough cases" where the beneficiaries were refusing to take the house site (1.5 cents each) and also build a house. Officials pointed out that in at least 30 p

UrbanUp: Committed to developing affordable housing for the underprivileged

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Top Headlines: Air India on metro-to-metro routes; RBI rate hike & more

A Business Standard poll shows that the Reserve Bank of India's (RBI's) Monetary Policy Committee (MPC) is likely to announce a 35-basis point (bp) hike in the repo rate on December 7

NRIs from UK, US investing in large housing units in India: Realtors

NRIs based in the US, the UK and Singapore are investing in larger housing units in their hometowns, having learned from the painful experience of living in space-tight units during the lockdown in India, and as the Work from Home (WFH) mode has become a requirement, according to experts. The real estate experts, who took part in a Singapore property show held from November 19 to 20, also said that the Non Resident Indians are also settling down with extended families, another lesson from the pandemic that living together with family members is much helpful in facing another COVID-19 wave type development in the future. There has been a paradigm shift in the residential market in terms of living and lifestyle, said Isha Kotwal, head of international sales at Total Environment, Bangalore, who presented a sustainable residential development concept at the show. Chetan Sharma, senior general manager for sales and market at Emami Realty Ltd, a pan-India property firm of Emami Group, sai

Housing, connected infra necessary for planned development of cities: UP CM

Uttar Pradesh Chief Minister Yogi Adityanath on Tuesday reviewed the state's new township policy and said housing and connected infrastructure is necessary for planned and sustainable development of cities. In the last five-and-a-half years, planned urbanisation has increased at a rapid pace in the state and this should be further encouraged keeping in view the future needs, an official release quoting the chief minister said. To make the availability of land easy to investors, it is necessary to simplify the process of land mobilisation. The process of land use change too should be simplified, he said and called for a single-window system for various approvals and clearances. It is the endeavour of the state government to ensure that every family gets accommodation, he said. Adityanath asked the officials to ensure that the interests of farmers, landowners, and customers be guarded. While approving a project, the time limit for its completion should also be fixed, he said. The ch

Ultra-rich Indians seek residency in Portugal for better healthcare

Apart from investing in housing, Indians are also applying for 'jumbo life and term' insurance covers worth $20 million

Housing sales witness 41% rise YoY in July-September: Anarock report

MMR and Hyderabad witnessed the highest new launches in Q3 2022, with approx. 36,000 units and 15,530 units, respectively

China ramps up housing support; analysts say not enough for market

The new policy will apply to cities where newly constructed housing prices declined during the June-through-August period both compared with the previous three months and with the same period of 2021