Page 11 - Real Estate Firms

Macrotech Developers raises stake in 3 warehousing firms for Rs 239.56 cr

Macrotech Developers has increased its stake in three warehousing companies by buying out shares of Ivanhoe Warehousing India Inc. in these firms for Rs 239.56 crore. The share acquisition in the three firms would help Macrotech Developers in increasing its rental income. In a regulatory filing, the company said it has executed Securities Purchase Agreements (SPAs) with Ivanhoe Warehousing India Inc in this regard. It has increased its stake in "Digital Infrastructure Platform entities (Bellissimo Digital Infrastructure Development Management Pvt Ltd, Palava Induslogic 4 Pvt Ltd and Bellissimo In City FC Mumbai 1 Pvt Ltd), in entirety at a consideration of Rs 239.56 crore, the filing added. The company's interest post the above acquisition in Bellissimo Digital Infrastructure Development Management Pvt Ltd, Palava Induslogic 4 Pvt Ltd and Bellissimo In City FC Mumbai 1 Pvt Ltd would increase to 70 per cent, 66.67 per cent and 66.67 per cent, respectively, it added. Macrotech ...

Arkade Developers IPO gets subscribed 106.40 times on offer's last day

The initial share sale of Arkade Developers got subscribed 106.40 times on the last day of the offer on Thursday. The Rs 410-crore initial share sale received bids for 2,52,97,38,200 shares against 2,37,75,719 shares on offer, according to data available with the NSE. Qualified institutional buyers subscribed the offer 163.16 times while the quota for non-institutional investors fetched 162.75 times subscription. The portion for retail individual investors received 50.65 times subscription. The initial public offering (IPO) of Arkade Developers Ltd got fully subscribed on the first day of the share sale on Monday and ended the day with 5.79 times subscription. The realty firm has raised Rs 122.40 crore from anchor investors. The company has fixed a price band of Rs 121-128 per share for its Rs 410-crore IPO, which is entirely a fresh issue of equity shares worth Rs 410 crore with no offer-for-sale (OFS) component. Proceeds from the issue will be used for the development of the ..

Landmark Group to invest Rs 4,200 cr in 2 yrs for projects in Delhi-NCR

Realty firm Landmark Group will invest Rs 4,200 crore to develop a new housing and commercial project in Delhi-NCR as part of its expansion plan. In a statement, Gurugram-based Landmark Group said it is gearing up to expand its business portfolio with the robust project pipeline. "The company is investing Rs 4,200 crore in the next two years to launch a mix of projects in the luxury housing, retail, and commercial segments," it added. Landmark Group said its upcoming projects are located in micro-markets of Gurugram like Dwarka Expressway and New Gurugram. Sandeep Chhillar, Chairman & Founder of Landmark Group, said, "The real estate sector is flourishing and Gurugram's realty market growth has been impressive over the last couple of years." "Gurugram and its micro-markets continue to be the preferred investment destination for investors and buyers across residential, retail, and commercial segments. With our expansion plan, we aim to cater to the burgeoning demand in the region .

ICICI Securities raises Signature Global target price, sees 35% upside

Following the boost in its target price, Signature Global share gained 1.77% intraday. The price hike was attributed to its strong project portfolio and its scope for expansion beyond Gurugram.

Buy Macrotech & Sunteck; Hold Oberoi Realty & Godrej Prop, suggests Nuvama

The analysts believe that factors like healthy leverage, an increased focus on business development, and the potential for interest rate cuts will boost sales in the city.

Omaxe Group to invest Rs 2,500 cr to build 50-acre complex in Delhi

Realty firm Omaxe Group will invest Rs 2,500 crore to develop a 50-acre commercial-cum-sports complex at Dwarka in the national capital to expand its business. In a statement, Omaxe said it has launched the commercial project 'The Omaxe State' comprising sports complex, retail area and a hotel. The company will build a cricket-cum-football stadium of global standards apart from indoor games facilities. Spanning over 50.4 acre in Dwarka Sector 19-B, the project is being developed in partnership with the Delhi Development Authority (DDA) under a public-private partnership (PPP) model, with an investment of over Rs 2,500 crore. "Delhi, the capital of India with a population of more than 3.3 crore, has long awaited a world-class cricket stadium," the company said. The project will feature a world-class, modern ICC and FIFA-standard international cricket-cum-football stadium with a seating capacity of over 30,000, as well as an international multi-sports indoor stadium that can accommo

Godrej Properties tops among 21 realty cos with Q1 sales worth Rs 35k cr

India's 21 major listed real estate developers have together sold properties worth nearly Rs 35,000 crore during the latest June quarter with Godrej Properties reporting highest sale bookings. Except few, all major listed real estate developers have shown annual growth in sale bookings in the April-June quarter driven by strong consumer demand for residential properties, especially of luxury homes. According to the data compiled from regulatory filings, India's 21 major listed realty firms have reported combined sale bookings of Rs 34,927.5 crore in the first quarter of 2024-25 fiscal. Out of these combined sale bookings, bulk of pre-sales came from residential segment. In terms of sale bookings, Godrej Properties emerged as the largest listed player in the June quarter with pre-sales of Rs 8,637 crore. DLF Ltd, the country's largest realty firm in terms of market capitalisation, reported more than three-fold jump in its sale bookings at Rs 6,404 crore in the first quarter of this

Shriram Properties to focus on mid-segments; eyes doubling annual sales

Shriram Properties Ltd, the real estate division of the diversified conglomerate Shriram Group, would focus predominantly on medium housing segments as it aims to double sales volume, triple revenues over the next three years, a top official said on Friday. The company has rolled out a new brand identity SPLNxT (referring to Shriram Properties Ltd Next) which aims to transform the perception of Shriram Properties Ltd, elevating brand image, Executive Director and Group CEO Gopalakrishnan said here. The year 2024 also marks the silver jubilee year for the real estate entity and has completed over 42 projects across key cities. It has another 42 new projects in the pipeline, he said. Gopalakrishnan along with Shriram Properties Ltd Chairman and Managing Director Murali M and senior officials were here to announce the company's plans over the next three years. "As an integral part of SPLNxT, we are embarking on a mission that looks to double (sales) volume, triple income and quadruple

Industry came forward for rules on small, medium Reits, says Sebi chief

Sebi chief Madhabi Puri Buch on Thursday said there has been a positive response to small and medium REITs (real estate investment trusts) and industry players came forward for regulations on such entities. Recently, the Securities and Exchange Board of India (Sebi) implemented regulations for small and medium real estate investment trusts (SM REITs) aimed at significantly increasing investor interest in fractional ownership of real estate assets. Speaking at the Global Fintech Fest 2024, Buch spoke about compliances and the role of the regulator and said that industry players came forward for regulations on small and medium REITs. The remarks by the Sebi chairperson came days after the US short-seller Hindenburg Research alleged that recent amendments to Sebi's REIT Regulations 2014 were made to benefit a specific multinational financial conglomerate. However, the markets regulator had stated that Sebi (REIT) Regulations, 2014 has been amended from time to time. Also, Hindenburg

Global Real Estate Transparency Index 2024: India ranks 31; UK leads list

India's tier-I real estate markets have entered into the 'transparent' zone for the first time, driven by institutionalisation of commercial assets and improvement in access to diverse real estate dat

Tribeca picks 4 Indian cities for Trump Towers in FY26, seeks new deals

The company has targeted Mumbai, Pune, Gurugram, and Hyderabad as the new locations for Trump Towers in India

Keystone Realtors to invest Rs 900 cr on housing project in FY25: CMD Irani

Keystone Realtors will step up investment on construction of residential projects this fiscal to Rs 800-900 crore as part of its strategy to ramp up execution capabilities. Keystone Realtors, which sells its properties under Rustomjee brand, is one of the leading real estate developers in the country with a significant presence in the Mumbai Metropolitan Region (MMR). In an interview with PTI, the company's CMD Boman Irani, who is also president of realtors' apex body CREDAI, said the company would invest a lot on construction and land purchases this fiscal to grow its business. "We will be investing around Rs 800-900 crore on pure construction during this fiscal. We invested around Rs 400 crore in the last financial year," he said. Irani said the company has a surplus liquidity of around Rs 3,000 crore to make investments for growth. "We raised Rs 800 crore from Qualified institutional placement (QIP) plus our internal cash flow," he said. Irani noted that the demand in the hous

Omaxe Q1 results: Net loss widens to Rs 147.44 cr on rise in expenses

Realty firm Omaxe Ltd has posted a consolidated net loss of Rs 147.44 crore in the first quarter of this fiscal year on higher expenses. The company's net loss stood at Rs 106.32 crore in the year-ago period. The total income increased to Rs 385.23 crore in the April-June period of this fiscal year, from Rs 220.85 crore in the corresponding period of the previous year, according to a regulatory filing on August 13. Total expenses rose to Rs 542.40 crore in the quarter under review, from Rs 352.39 crore a year ago. Omaxe is one of the leading real estate developers in the country. It has a presence in Delhi-NCR, Punjab, Haryana and Uttar Pradesh.

Realty firm Kalpataru Ltd files draft papers to raise Rs 1,590 cr via IPO

Real estate firm Kalpataru Ltd has filed draft prospectus with market regulator SEBI to launch its initial public offering (IPO) for raising up to Rs 1,590 crore, mainly to reduce debt. The Mumbai-based company has filed the draft red herring prospectus (DRHP) to launch its IPO, which comprises fresh issue of shares, having face value of Rs 10 each, aggregating up to Rs 1,590 crore. It would use Rs 1,192.5 crore for repayment/prepayment, in full or in part, of certain borrowings. "We are an integrated real estate development company involved in all key activities associated with real estate development, including the identification and acquisition of land (or development rights thereto), planning, designing, execution, sales, and marketing of our projects," the DRHP said. The company has a portfolio of 40 ongoing, forthcoming and planned projects comprising 49.77 million square feet area. Of these 25 projects having 22 million square feet are currently underway. While a majority o

House of Abhinandan Lodha eyes 30% growth in property sales in FY25

Realty firm The House of Abhinandan Lodha, which is into development of residential plots, reported a 3-fold jump in sales bookings last financial year to Rs 1,800 crore and is targeting at least a 30 per cent growth in 2024-25, amid strong consumer demand. Mumbai-based The House of Abhinandan Lodha, which was formed in 2021, has already launched nearly 10 plotted development projects covering 650 acres in Maharashtra, Goa, and Ayodhya in Uttar Pradesh. The company has sold plots in a price range of Rs 10 lakh to Rs 15 crore, depending on the location. In an interview to PTI, the company's Chairman Abhinandan Lodha noted that the demand for housing plots has been very strong post-COVID pandemic. Asked about operational performances, he said, "In the last fiscal, we did close to Rs 1,800 crore of sales bookings as against around Rs 570 crore in the 2022-23 fiscal. We expect our sales to continue to grow at 30 per cent or more in the current fiscal." Lodha said the company's profit a

Signature Global cuts net debt by 16% in June quarter on strong sales

Realty firm Signature Global's net debt has come down by 16 per cent in June quarter to Rs 980 crore on better cash flows amid strong sales in its housing projects. In its latest investor presentation for the June quarter, the company informed that its net debt stood at Rs 980 crore as on June 30, 2024, as against Rs 1,160 crore at the end of the last financial year. "The company aims to keep net debt below 0.5 times of the projected operating surplus for the ongoing financial year, as a long term discipline," the presentation said. Earlier this week, Signature Global reported a consolidated net profit of Rs 6.76 crore for the quarter ended June on higher income. The company had posted a net loss of Rs 7.22 crore in the year-ago period. Total income rose to Rs 427.98 crore in April-June of 2024-25 fiscal from Rs 178.90 crore in the corresponding period of the previous year. Pradeep Kumar Aggarwal, Chairman and WholeTime Director, highlighted that, "In the first quarter itself, we

Property Share becomes first FOP; gets Sebi license for small, medium REIT

Property Share, which facilitates fractional ownership of commercial assets, on Friday said it has received the Small and Medium Real Estate Investment Trust (SM REIT) license from market regulator SEBI. In a statement, the company said it has "become the first fractional ownership platform (FOP) to receive the Small and Medium Real Estate Investment Trust (SM REIT) license from the Securities and Exchange Board of India (SEBI)". The license has been given by the SEBI under the newly notified SM REIT regulations under the name of Property Share Investment Trust (PSIT). Property Share will become the investment manager of PSIT. In 2022, Property Share raised Rs 347 crore in a Series B round from WestBridge Capital. "We look forward to continue working closely with SEBI in launching the IPO (Initial Public Offer) of the first SM REIT scheme in the weeks to come," said Kunal Moktan, Co-Founder of Property Share.

Kolte-Patil Developers hits 52-week low on weak Q1 show; stock slips 4%

The fall in the share price came after the company announced a weak set of June quarter (Q1FY25) results.

Sobha zooms 5% after Q1FY25 results; overall sales value jumps 28% YoY

The surge in Sobha share price came after the real estate developer's overall sales value rose 28% Y-o-Y to Rs 1,874 crore. Sequentially, the overall sales grew 24.6%, compared to Q4FY24

Govt data reveals over 50,000 real estate cases pending in consumer courts

Over 50,000 cases related to real estate are pending in consumer courts, according to the government data. In a written reply to Lok Sabha, Minister of State for Food and Consumer Affairs B L Verma informed about the details of cases pending in consumer commissions relating to real estate. As per the data, there have been 2,44,813 cases filed in consumer courts at national, state and district levels. Out of that 1,94,555 cases have been disposed and 50,258 cases are pending as on July 31, 2024. "The Consumer Protection Act, 2019 provides for three tier quasi-judicial machinery at district, state and central levels commonly known as 'Consumer Commissions' for protection of the rights of consumers and to provide simple and speedy redressal of consumer disputes," Verma said. The Act provides for simplification of the adjudication process in the consumer commissions; filing of a complaint by a consumer in the consumer commission; virtual hearing; deemed admissibility of complaints if .