Page 16 - Real Estate Firms

Chinese developer Country Gardens warns of $7.6 bn loss as it nears default

That compares with a profit of approximately 1.9 billion yuan (USD 264.3 million) for the same time last year

Keystone Realtors net profit jumps over 9-fold to Rs 46.97 crore in Q1

Realty firm Keystone Realtors Ltd on Monday reported an over 9-fold jump in its consolidated net profit at Rs 46.97 crore for the June quarter on higher income. Its net profit stood at Rs 4.97 crore in the year-ago period. Total income increased to Rs 282.82 crore during the April-June period of 2023-24 fiscal from Rs 176 crore in the corresponding period of the previous year, according to a regulatory filing. Keystone Realtors markets its properties under 'Rustomjee' brand. Boman Irani, Chairman and Managing Director of Keystone Realtors, said the company has recorded pre-sales of Rs 500 crore during the first quarter of this fiscal, signifying growth of 106 per cent year-on-year. "We have further strengthened our strategy of executing through our asset light expansion model with the successful addition of 3 new projects in prominent locations like Prabhadevi, Kandivali (W) and Pali Hill," he added. Incorporated in 1995, Keystone Realtors is one of the leading real estate develo

Nifty Realty gains 2% in weak market; Prestige Estates, DLF soar up to 9%

Including today's gains, the Nifty Realty index has surged 7 per cent this week as against 0.3 per cent fall in the benchmark indices

Dubai's stock market hits an 8-year high, lifted by a real estate boom

Buoyed by a surge in real estate activity, the Dubai Financial Market has reached its highest point in nearly eight years and extended year-to-date gains to nearly 25 per cent. The city-state's bourse peaked at 4,022 on Tuesday before pulling back to 3,986 on Thursday. It's trading at the highest levels since August 2015. This year the Dubai Financial Market has outperformed the S and P 500, which is up nearly 20 per cent, and the MSCI All Country World Index, a benchmark for global equities, which is up 16 per cent. Dubai, a global business hub home to 3.5 million people, weathered the pandemic while keeping its vital tourism industry afloat. The latest real estate boom is driven in part by an influx of Russian investors following Moscow's invasion of Ukraine. Shares of Emaar Properties and Emaar Development led the recent gains following a four-day break for the Muslim holiday of Eid al-Adha at the end of last month. The state-backed developers are behind dozens of high-rise ...

Centre holds meetings with RBI over stalled real estate projects

The government is keen to resolve all the issues as investments by several homebuyers are stuck in stalled projects; Delhi NCR and Mumbai accounted for 77% of delayed or stalled projects

Buyer preference for bigger, premium homes is big win for these 11 builders

The 11 large and listed realtors in the sample set are Brigade Enterprises, DLF, Godrej Properties, Kolte-Patil Developers, Macrotech Developers, Mahindra Lifespace Developers, Oberoi Realty, Prestige

Saya Group to invest Rs 2,000 cr in 1.4 mn sq ft-shopping mall in Noida

Realty firm Saya Group will invest Rs 2,000 crore to develop a 14 lakh square feet shopping mall in Noida as part of its expansion plan, its CMD Vikas Bhasin said on Wednesday. The construction work has started and the shopping mall 'Saya Status' is expected to be operational in January 2025. "We are developing the country's tallest mall in Sector 128, Noida Expressway. The total built up area is 14 lakh square feet while the leasable area is 11 lakh square feet," Bhasin told reporters. The height of the 9-floor shopping mall is around 160 square feet, the company said. The company will keep 70 per cent area in the mall and sell 30 per cent area to investors. The company however will retain the leasing rights. Asked about investment, Bhasin said the total cost will be around Rs 2,000 crore, including expenditure on land, construction and marketing. The investment will be funded through internal accruals and loans from IIFL. Saya Group is selling the retail space in a price range

Need to upgrade brokers' skills for better real estate services: FICCI-JLL

Industry body FICCI and real estate consultant JLL India have pitched for formal training and certification courses for property brokers to upgrade their skills, enabling them to help clients in taking informed decisions. FICCI and JLL India have jointly come out with a white paper titled '(Re)Shaping Real Estate Professionals', which highlighted that the real estate agent registration grew from 33,270 in January 2019, to 71,514 in January 2023, across the country under the Real Estate (Development and Regulations) Act, 2016, known as RERA law. A delegation led by Vineet Nanda, Chairman - Regional Urban Infra Committee, FICCI, recently presented the white paper to Arun Kumar Gupta, ACS, Town & Country Planning, Haryana, according to a statement. Nanda, Director Sales & Marketing of realty firm Krisumi Corporation, briefed Gupta about the education programme available currently to skill brokers, also called as channel partners. "Presently, despite the RERA, only 30 per cent of .

Customised insolvency and bankruptcy resolution in work for realty sector

The government is planning to make changes in the IBC to allow 'customised resolutions' in residential real estate projects

India calling: NRI investments in Indian real estate have doubled

The share of NRIs in the sales of premium and luxury products has more than doubled to 20 per cent, industry experts said

Govt considering registration of flats even if developers go bankrupt

If this move sees daylight, it is expected to relieve thousands of homebuyers living with the scary thought of all their money going down the drain if in case their developer goes bankrupt

Ajmera Realty & Infra profit up 7.9% in Q4FY23, income down 36.7%

However, for the full year, total income fell to Rs 440.63 crore in FY23 from Rs 489.11 crore in FY22

Demand for commercial property in India robust, US, Europe struggle

The unabated interest hikes by the Federal Reserve of the United States have resulted in a situation where cheap money is no more available

Real estate demand firm, retail leasing up by 130% YoY: CBRE Report

High-ticket projects that cost Rs 1.5 crore or more would continue to see high-demand. The impact of rising home loan interest rates is likely to be limited

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

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

Prestige Estates sales bookings rise 25% to Rs 12,930 cr in FY23

Realty firm Prestige Estates on Wednesday said its sales bookings rose by 25 per cent to a record Rs 12,930.9 crore in the last fiscal year on strong housing demand. In a regulatory filing, the Bengaluru-based firm said, "During the fiscal year FY23, the group registered record-breaking highest sales of Rs 12,930.9 crore (up by 25 per cent year-on-year) and highest ever collections of Rs 9,805.5 crore (up by 31 per cent y-o-y)." Sales bookings stood at 15.09 million square feet with an average realization of Rs 8,812 per sq ft (up by 17 per cent year-on-year) for apartments/ villas/ commercial sales and average realization of Rs 4,124 per square feet (down 2 per cent y-o-y) for plot sales. The group sold more than 9,600 homes in FY23 spanning over 15 million square feet area. During the last fiscal, the new launches totalled 26.38 million square feet up by 57 per cent annually. The total completions during the last fiscal year stood at 15.68 million square feet, up by 10 per cent

M3M India FY23 sales bookings jump over two-fold to Rs 13,000 cr

Realty firm M3M India on Monday said its sales bookings jumped more than two-fold to record Rs 13,000 crore during the last fiscal on better demand for housing and commercial properties. The Gurugram-based company, in a statement, said it has "recorded the highest ever sales of Rs 13,000 crore, which is 113 per cent higher when compared to the sales of Rs 6,100 crore in FY22". Among listed entities, Macrotech Developers (Lodha Group) and Godrej Properties have already reported sales bookings of over Rs 12,000 crore each in the last fiscal. DLF's sales bookings are expected to be around Rs 15,000 crore, while Bengaluru's Prestige Group is also estimated to clock sales bookings of around Rs 12,000 crore. Giving further details of its operational performance in 2022-23, M3M said its sales bookings of housing properties increased more than two-fold to Rs 9,307 crore from Rs 4,022 crore in the previous year. The company's sales bookings in commercial properties rose 78 per cent to Rs 3

DLF, Godrej Prop: Realty stks still have room to build gains, say analysts

The pause, even if temporary, in the interest rate cycle is a positive development for the real estate sector and should see an increase in home-buying

Real estate institutional investment up 37% to $1.65 bn in Jan-Mar: Report

Institutional investment in real estate increased 37 per cent to USD 1.65 billion during January-March, driven by higher inflow in office and housing properties, according to Colliers. Inflows stood at USD 1.2 billion in the same period last year, it added. Foreign investors preferred to deploy funds in office assets, while domestic players put more money into housing. The office sector continued to drive the investment inflows, accounting for 55 per cent of the total inflows during the January-March period, the data from real estate consultant Colliers India showed. The residential segment's share was 22 per cent. Institutional investment inflows in the office sector rose 41 per cent to USD 907.6 million during January-March from USD 643.6 million in the corresponding period of the previous year. Inflows in residential assets jumped to USD 361.1 million from USD 16.5 million. Industrial and Warehousing assets saw a 20 per cent growth in inflows to USD 216.3 million from USD 179

Macrotech sells properties worth Rs 12,064 cr in FY23, sales rise 34%

Realty firm Macrotech Developers' sales bookings rose 34 per cent to a record Rs 12,064 crore in the last fiscal, on better demand despite rise in interest rates on home loans. Mumbai-based Macrotech Developers, which sells homes under the Lodha brand, is one of the leading real estate firms in the country. In a regulatory filing, Macrotech Developers said it has delivered a strong pre-sales momentum with sales bookings of Rs 3,025 crore in the fourth quarter of last fiscal and Rs 12,064 crore for 2022-23 fiscal. The company said it has surpassed the full-year guidance of Rs 11,500 crore. The collections of money from customers stood at Rs 10,606 crore for FY23, up 23 per cent YoY (year-on-year). Net debt has further reduced to Rs 7,071 crore, showing a decline of Rs 2,229 crore for the year. Abhishek Lodha, MD & CEO, Macrotech Developers, said the company has achieved yet another quarter of strong performance enabling us to surpass its annual guidance. "The icing on the cake is