Page 12 - Real Estate Firms

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 .

Prestige Estates Projects Q1 results: Net profit falls 12% to Rs 233 cr

The housing market, especially in the premium segment, has seen continued growth in the past few quarters, with higher-end buyers remaining unfazed by inflationary pressures

Godrej Properties sales jump four-fold in June quarter to Rs 8,637 crore

Godrej Properties clocked a four-fold jump in consolidated net profit to Rs 520.05 crore year-on-year

Nexus Select Trust Q1 results: Net operating income up 7% at Rs 412.7 cr

Nexus Select Trust, a listed REIT backed by retail real estate, on Tuesday reported 7 per cent increase in net operating income to Rs 412.7 crore for June quarter and announced plans to raise up to Rs 1,700 crore through issue of commercial papers and debentures. In a regulatory filing, the company said it achieved retail Net Operating Income (NOI) of Rs 371.9 crore in April-June period of this fiscal, up 8 per cent from the year-ago period. Nexus Select Trust declared distribution of Rs 325.3 crore or Rs 2.147 per unit for the first quarter of 2024-25. "Signed two term sheets for acquisition of 0.8 million square feet retail assets; commenced due diligence. Overall, 5 assets under acquisition including the acquisitions announced in the past," the company said. Nexus Select Trust said the board has also approved raising of funds by issuing listed, rated, redeemable, commercial papers, for an aggregate principal amount of up to Rs 500 crore and also non-convertible debentures up to

Nifty Realty up 2.5% on July 29; what's driving the rally? Analysts weigh

A major driver behind this rally, analysts said, is DLF's strong June quarter performance.

DLF Q1FY25 results: Profit increases 23% to Rs 645.61 cr on higher income

Total income rose to Rs 1,729.82 crore during the April-June period of this fiscal from Rs 1,521.71 crore in the corresponding period of the previous year, according to a regulatory filing

Budget 2024 took away property indexation: Gainers, losers, tax calculation

Mumbai and the National Capital Region (NCR) are likely to be hit the most by Budget 2024 property indexation benefit loss, said analysts at CLSA in a note

A balanced Budget 2024-25 should be a big relief for markets: Manish Jain

India Budget 2024-25 News Highlights: By raising LTCG tax to 12.5 per cent and STCG tax to 20 per cent, the overhang for stock markets gets removed

This real estate stock has jumped 30% in 8 sessions; hit record high today

Sunteck Realty share price: Shares of Sunteck Realty extended their rally into the eighth trading session on Tuesday, July 16, as they jumped 15 per cent to Rs 698.35 per share on the BSE

Macrotech Developers Q1 sales up 20% at Rs 4K cr on strong housing demand

Macrotech Developers has posted a 20 per cent growth in sale bookings to Rs 4,030 crore for the first quarter of this fiscal year as housing demand continues to be strong. Sale bookings of Macrotech Developers, which markets its properties under Lodha brand, stood at Rs 3,350 crore in the year-ago period. As per its latest operational update posted on stock exchanges, the collection from customers rose 12 per cent to Rs 2,690 crore in April-June FY25 from Rs 2,400 crore in the corresponding period of the previous year. The company registered 20 per cent growth in its sale bookings (pre-sales) to a record Rs 14,520 crore during 2023-24 as against Rs 12,060 crore in the previous year. It has given a guidance of achieving 21 per cent annual growth in sale bookings this fiscal to Rs 17,500 crore. Macrotech Developers, which has a significant presence in Mumbai Metropolitan Region (MMR) and Pune and has just entered Bengaluru, will launch 17 housing projects this fiscal year, having a

Realtors expand portfolios, boost investments on robust demand in FY25

The Prestige group has announced a robust launch for FY25 with residential developments valued at about Rs 60,000 crore

Real estate stocks strategy: Do not cash out fully, say analysts

residential sales across the top seven cities (National Capital Region, Mumbai Metropolitan Region, Bengaluru, Pune, Hyderabad, Chennai and Kolkata) slipped 8 per cent quarter-on-quarter in Q1-FY25