Page 16 - Real Estate Firms

Ganga Realty plans over Rs 1,000 cr investment on Gurugram housing project

Real estate developer Ganga Realty on Monday said it will invest more than Rs 1,000 crore to develop a luxury housing project in Gurugram, Haryana. The company will build 302 apartments in this project 'Nandaka 84', which is spread over 8.33 acres, Ganga Realty said in a statement. The housing project will be completed by 2028. Vikas Garg, Joint Managing Director, Ganga Realty, said the investment of over Rs 1,000 crore will be funded through internal accruals. The prices of the apartments and penthouses start from Rs 4.05 crore onwards. In March this year, Ganga Realty had announced investments of Rs 750 crore to build an affordable housing project in Gurugram. The company is developing 2,972 apartments in its project 'Tathastu', which is spread over 22 acres in Sector 5, Sohna-Gurugram. The price of the apartment starts from Rs 25 lakh. The demand for luxury homes have risen in Gurugram in the last two and half years. To tap this demand, many real estate developers are develo

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

Puravankara bags two housing societies' redevelopment projects in Mumbai

Realty firm Puravankara Ltd has bagged two housing societies' redevelopment projects in Mumbai with a revenue potential of Rs 1,500 crore. In a statement, Bengaluru-based Puravankara Ltd said it has "secured the residential redevelopment rights for the two housing societies in the western suburbs of Mumbai". Situated in Andheri West, the project is spread over 3 acres. "It has a cumulative estimated development potential of 5.8 lakh square feet of carpet area, with approximately 3.65 lakh square feet available for sale and a potential Gross Development Value (GDV) of Rs 1,500 crore over the project's lifecycle," the statement said. Abhishek Kapoor, Group CEO of Puravankara Ltd, said this is a significant milestone as it marks our entry into the redevelopment segment. "This strategic move also underscores our commitment to expanding our footprint in Mumbai's thriving real estate market," Kapoor added. Puravankara Ltd has posted a consolidated net loss of Rs 11.22 crore in the Sept

Realtors gear up for firecracker Diwali, offers slew of attractive schemes

Flexi payment plans, iPads, and Amazon vouchers on offer for festival buyers

Anant Raj Q2 results: Net profit jumps 79% to Rs 60.37 cr on higher income

Realty firm Anant Raj Ltd has reported a 79 per cent increase in its consolidated net profit to Rs 60.37 crore for the second quarter of this fiscal on higher income. The Delhi-based realty firm had posted a net profit of Rs 33.74 crore in the year-ago period. Its total income rose to Rs 340.83 crore in the July-September period of 2023-24 from Rs 265.87 crore in the corresponding period of the previous year, the company said in a regulatory filing on Saturday. The company's total expenses grew to Rs 264.68 crore from Rs 223.84 crore. Anant Raj Ltd's share price closed at Rs 237.25 apiece Friday on the BSE, up 0.74 per cent from the previous close. Its market capitalization is nearly Rs 7,700 crore. Anant Raj Ltd is one of the leading real estate players in Delhi-NCR and adjoining cities. It is into the development of housing, commercial and data centre projects. Earlier this month, Anant Raj Ltd had said that the company would start an affordable housing project in Hyderabad and

Prestige Estates Projects aims 55% growth in bookings to hit Rs 20K cr mark

Prestige Estates Projects Ltd expects its sale bookings to rise 55 per cent this fiscal to touch an all-time high of Rs 20,000 crore driven by strong demand for residential properties. Its sale bookings stood at Rs 12,931 crore in 2022-23. Buoyed by the company's performance in the first two quarters of 2023-24, Prestige Group Chairman and Managing Director Irfan Razack said sale guidance has been revised for this fiscal year to over Rs 20,000 crore from Rs 16,000 crore earlier. "We have done pre-sales of around Rs 11,000 crore in the first two quarters. We had guided around Rs 16,000 crore (for the entire 2023-24). But having done Rs 11,000 crore of sales in the first six months, the team is very confident. Once all the approvals come and launches happen, we should cross Rs 20,000 crore," Razack said on the sidelines of CREDAI NATCON conference in Egypt recently. He sounded very bullish on demand of residential properties across all price brackets. "There is a huge demand for ...

CREDAI to help over 13,000 builders in adoption of proptech solutions

Realtors' apex body CREDAI will help over 13,000 builder members in adoption of technology solutions in real estate projects, enabling them to reduce construction time and improve quality of products. At its 21st NATCON realty conference in Sharm El Sheikh in Egypt, CREDAI announced a slew of initiatives to expedite adoption of digitisation and Artificial Intelligence (AI) among developers, especially from tier-II and III cities. It aims for full adoption of AI and modern construction methodologies in the realty sector by 2033. "Indian real estate is at the cusp of a technological revolution -- and CREDAI intends on leading this charge. We want to create impact at both macro and micro levels," CREDAI President Boman Irani said. "From integrating AI and modern technologies in construction, to financially backing and supporting start-ups... CREDAI will build a real estate industry for the future," Irani said. CREDAI's few state chapters will hold educational workshops to impart ...

Mumbai property registrations up 23% in Sep; reached 10,600 units: Report

Registration of properties in Mumbai municipal area rose 23 per cent year-on-year this month to around 10,600 units -- highest in 10 years -- on better housing demand, according to Knight Frank India. The registration of properties in Mumbai city (area under BMC jurisdiction) touched 10,594 units by 3.15 pm on Saturday. Data pertains to both primary and secondary property market. The registration process is slow on Saturday because of the start of 'shradh' period. The consultant expects the number to rise to around 10,650 units by the end of the day, out of which 82 per cent would be housing. As many as 8,628 units were registered during September last year. In the previous month, 10,902 units were registered. Registration of properties is expected to contribute Rs 1,127 crore to the state government's revenues. Shishir Baijal, Chairman & Managing Director, Knight Frank India, said, " ... for the first nine months of 2023, we have observed a monthly average of 10,420 property ...

Country Garden wins creditors' support to extend repayment of 7 yuan bonds

The firm has left much smaller payments go right up until final deadlines recently, including a combined $22.5 million in interest it paid in the final hours of grace periods ending Sept 5-6

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