Page 7 - Real Estate Developers

Noida admin issues notices to builders over complaints from flat buyers: DM

The Gautam Buddh Nagar administration on Tuesday decided to issue notices to several real estate developers, including Mahagun, Ajnara and Migsun, over a slew of complaints from flat buyers, officials said. The district administration held a meeting with flat buyers and builders, where senior administrators and officers of the registration department were also present to discuss issues including delay in possession and registries of flats, among others. "It has been decided that notice would be issued to some builders, including Mahagun, Ajnara and Migsun, seeking their response over the complaints related to their housing projects," District Magistrate Manish Kumar Verma told PTI. "If their response is not found satisfactory then legal proceedings, including sealing of their premises, would be carried out. There have been complaints against some builders but majority of the issues discussed in today's meetings are related to these three builders," Verma said. He said Additional DM

Navigating Challenges: Atul Chordia's Leadership in the Ever-Evolving Real Estate Market

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Need to redefine affordable housing, say experts at BS IML Conclave

The discussion took place at the third edition of the India Mortgage Leadership Conclave, presented by India Mortgage Guarantee Corporation (IMGC) and Business Standard

Ex-Trump CFO faces possible perjury charge over civil fraud trial testimony

Manhattan prosecutors are weighing a potential perjury charge against Donald Trump's former corporate finance chief in connection with testimony he gave in October at the ex-president's New York civil fraud trial, two people familiar with the matter told the Associated Press. Allen Weisselberg, who had been the longtime chief financial officer of the Trump Organization, testified for two days at the trial, answering questions about allegations that Trump lied about his wealth on financial statements given to banks and insurance companies. It wasn't clear what part of Weisselberg's testimony drew the scrutiny of prosecutors in the office of Manhattan District Attorney Alvin Bragg. A decision on charging Weisselberg didn't appear imminent. Bragg's office was in the preliminary stages of discussions, internally and with Weisselberg's legal team, the people said. They may not necessarily lead to a criminal charge. The people were not authorized to speak publicly and did so on condition

Aparna Constructions to invest Rs 2,425 cr in 2 new Hyderabad projects

Realty firm Aparna Constructions and Estates on Tuesday said it will invest Rs 2,425 crore to develop two housing projects in Hyderabad. The two projects will have more than 2,500 apartments, offering individual unit sizes ranging from approximately 1,475 sq. ft. to 3,700 sq. ft. In a statement, the company said it has launched "two gated community apartment projects in Hyderabad, Aparna Newlands and Aparna Sarovar Towers, with a combined investment of Rs 2,425 crore." The project -- Aparna Newlands -- will be spread over 14 acres totalling 1,976 units, while the 5-acre Aparna Sarovar Towers project will have 585 units. Aparna Constructions, a division of the Aparna Group, is one of the largest real estate developers in South India. The company was founded by S S Reddy and C V Reddy in 1996. It has a portfolio of 77 projects, of which 66 are residential properties and 11 are commercial and retail spaces across Telangana, Andhra Pradesh and Karnataka. According to a recent report

Real estate players deploy AI, plug into AR and VR tech to boost sales

"Anarock used its AI/ML proptech solution ASTRA to boost primary housing sales by up to 15 per cent," says Anuj Puri, chairman, Anarock group

Keystone Realtors sales bookings up 26% to Rs 1,423 crore in Apr-Dec

Realty firm Keystone Realtors Ltd has sold properties worth Rs 1,423 crore during the April-December period this fiscal, registering a 26 per cent growth annually because of strong housing demand. Mumbai-based Keystone Realtors markets its properties under the 'Rustomjee' brand. It mainly focuses on developing housing projects in the Mumbai Metropolitan Region (MMR). The company's sales bookings stood at Rs 1,131 crore in the year-ago period. According to a regulatory filing earlier this week, the company's sales bookings in volume terms rose 9 per cent to 0.82 million sq ft during the April-December period of this fiscal from 0.75 million sq ft in the year-ago period. Amount collected from customers increased 32 per cent to Rs 1,533 crore from Rs 1,163 crore during the period under review, as per the filing. In the first nine months of this fiscal, Keystone Realtors has launched four projects with an estimated sales value of Rs 2,238 crore. Keystone Realtors has completed 23 mil

Mahindra World City signs deal with Tamil Nadu to invest Rs 1,000 cr

Real estate and infrastructure company says agreement will lead to jobs for more than 2,000 people

Tribeca Developers raises Rs 200 cr from HDFC Capital for project in Mumbai

Realty firm Tribeca Developers has tied up with Tejukaya Group to build a luxury housing project in Mumbai with Rs 1,000 crore investment and has raised Rs 200 crore from HDFC Capital for the project. Tribeca Developers is the largest developer of Trump branded projects in the world. "We have entered into a joint development agreement with Tejukaya Group to develop a 2.5-acre residential project in Parel, South Mumbai. We will develop over 400 units in this project," Tribeca Developers founder Kalpesh Mehta told PTI. Asked about the investment, Mehta said it will be around Rs 1,000 crore. "HDFC Capital is backing the project with Rs 200 crore of financing," he said, adding the company would also take construction finance. Mehta said the company is expecting Rs 1,800 crore sales realisation from this project. He said the two partners will share revenue. This is Tribeca's first project in Mumbai which will be launched in the first quarter of the next fiscal year. The 2.5-acre lan

Signature Global Q3 bookings up 47% to Rs 1,263 cr on better housing demand

Realty firm Signature Global on Monday reported 47 per cent increase in its sales booking to Rs 1,262.73 crore for the third quarter of this fiscal on strong housing demand. Its sale bookings stood at Rs 856.77 crore in the year-ago period. In a regulatory filing, Signature Global said the company sold 1,179 units in October-December period of this fiscal as against 1,089 units in the year-ago period. In terms of volumes, sale bookings rose to 1.31 million square feet in the third quarter of this fiscal from 1.10 million square feet in the year-ago period. During April-December 2023-24 , Signature Global achieved 41 per cent growth in sale bookings to Rs 3,124.12 crore from Rs 2,209.78 crore in the year-ago period. It sold 3,135 units in the first nine months of this fiscal, marginally up from 3,113 units in the corresponding period of the previous year. In volume terms, sale bookings grew 9 per cent to 3.2 million square feet during April-December of this fiscal from 2.94 millio

Macrotech Developers reports 12% rise in sale bookings to Rs 3,410 cr in Q3

Realty firm Macrotech Developers on Friday reported 12 per cent increase in its sale bookings to Rs 3,410 crore for December quarter of this fiscal year on better demand for its residential properties. Sale bookings of Macrotech Developers, which markets its properties under Lodha brand, stood at Rs 3,040 crore in the year-ago period. In a regulatory filing, Macrotech Developers informed that the company has achieved its best ever third quarter pre-sales performance. MD & CEO Abhishek Lodha said, "It is heartening to witness the housing cycle taking shape with each passing quarter. Consumer's desire to own a quality home early in their life journey and upgrade their lifestyle, continues to strengthen." On the back of steady rise in income levels and ample job creation, this desire is translating into robust demand for high quality homes, he added. Lodha said this fundamental driver of demand has enabled the company to deliver its best ever Q3 pre-sales performance at Rs 3,410 ...

Indian-origin realty developer booked for perpetuating $93 mn fraud scheme

An Indian-origin real estate developer has been charged by federal authorities in the US with perpetuating a USD 93 million fraud scheme. Rishi Kapoor, a Miami-based developer, faces charges filed by the Securities and Exchange Commission Wednesday. The SEC announced that it obtained an asset freeze and other emergency relief concerning the alleged USD 93 million real estate investment fraud perpetrated by Kapoor. The SEC also charged real estate company Location Ventures, its affiliate Urbin and 20 other related entities in connection with the fraud scheme, a statement said. According to the SEC's complaint, from approximately January 2018, until at least March 2023, Kapoor and certain of the defendant entities solicited investors by, among other things, making several material misrepresentations and omissions regarding Kapoor, Location Ventures, Urbin, and their real estate developments. The false statements allegedly included misrepresenting Kapoor's compensation; his cash ...

Malls registered high demand this year, trend likely to continue in 2024

Most malls that opened in 2023 had commitments even before they became operational, and were occupied soon after their opening

Congress leader Priyanka Gandhi named in ED's PMLA case charge sheet

ED has named Robert Vadra in its earlier charge sheet related to the case as an alleged close aide of Thampi

India's housing market to continue with high demand, growth in 2024

India's housing market defied logic this year to register all-time high sales as home buyers snapped up deals despite a jump in asking prices and the highest interest rates in six years. Market experts strongly believe the demand will not only sustain in 2024 but rise further, albeit at a slower pace, on high economic growth and expectations of a fall in home loan interest rate. The real estate industry saw record sales of residential properties in terms of both volumes and value, real estate market data showed as consumers are increasingly buying into the idea of home ownership post-Covid pandemic. The ouster of dubious developers from the real estate market thanks to greater regulatory oversight via RERA helped boost confidence among home buyers. The insolvency law too has played a role in elimination of defaulting builders. According to real estate consultant Anarock, housing sales are estimated to rise by 30 per cent this year to a record 4.74 lakh units in primary (fresh sales

PE inflow in real estate declines 44% to $3 bn so far in 2023: Knight Frank

Global investors have been cautious this year to put money into Indian real estate, as private equity inflow is down 44 per cent till December 12 to USD 3 billion compared to the entire previous year, according to Knight Frank. Real estate consultant Knight Frank India on Thursday released its data showing that the Indian real estate market received USD 3,024 million in PE investments from 23 deals between January 1 and December 12 this year, as against USD 5,357 million recorded in 2022. Global geopolitical uncertainties and a high interest rate environment with multiple rate hikes from the US Federal Reserve and the Central Bank of Canada have curbed investment activities from US and Canada, the consultant said, explaining the reason behind the slump. However, PE investments from Singapore have improved significantly, contributing more than 50 per cent to the total inflow. In terms of segments of the Indian real estate market, office assets took the lead with a 58 per cent share

Registration of properties in Pune up 7% in Nov amid higher demand: Report

Registration of properties in Pune rose by 7 per cent annually to 14,607 units in November on higher demand, according to Knight Frank India. Real estate consultant Knight Frank India on Sunday released properties' registration numbers of Pune compiled from the Maharashtra government data. A total of 14,607 units were registered last month, up from 13,694 registrations in November 2022, the data showed. Stamp duty collections for November 2023 stood at Rs 473 crore. The cumulative value of registered properties in November 2023 amounted to Rs 13,342 crore. During January-November 2023, Pune city recorded total registrations of 137,217 properties, up 9 per cent from 125,702 registrations in the corresponding period of the last calendar year. Stamp duty collections increased 10 per cent to Rs 4,779 crore during January-November this year from Rs 4,344 crore in the year-ago period. The overall value of registered properties in Pune rose 38 per cent year-on-year to Rs 106,562 crore d

Real estate firm Oberoi Realty buys 6.4-acre land in Thane for Rs 196 cr

Oberoi Realty has completed the purchase of a 6.4-acre land at Thane in Maharashtra for Rs 196 crore for the development of a real estate project. In a regulatory filing on Tuesday, Mumbai-based Oberoi Realty informed that the registry of the land has been done in its favour. In May, the company had entered into a Memorandum of Understanding (MoU) with NRB Bearings Limited for acquiring the lands located at Pokhran Road 2, Thane, Maharashtra, together with structures thereon. The acquisition was to be completed upon fulfilment of certain terms and conditions of the MoU. The same has been fulfilled. "The Company has on December 5, 2023, registered a conveyance deed of the said land admeasuring approximately 25,700 square meters (approx. 6.4 acres) in its favour and also taken possession of the said property," Oberoi Realty said. The total consideration for the acquisition of this land is about Rs 196 crore, which has been paid in its entirety. With the acquisition of this 6.4-acr

Realty sector's inventory surges to over Rs 1 trn, outpacing sales growth

This analysis is based on a common sample of 19 listed real estate companies that are part of the BSE500, BSE Midcap, and BSE Smallcap indices

3,294 acres acquired since Jan 2022 for residential projects: JLL report

Tier-II and -III cities accounted for 44.4% (1,461 acres) of the total land area transacted in the country