Page 102 - Real Estate

GOCL to monetise 264 acres of land parcel in Kukatpally for Rs 3,402 crore

Hinduja Group firm GOCL Corporation Limited (GOCL) on Wednesday said it has inked an initial pact with Hyderabad-based Squarespace Builders to initiate the strategic monetization of approximately 264.50 acres of prime land located in Kukatpally for Rs 3,402 crores. Additionally, the agreement includes the development of 32 acres of land under a Joint Development Agreement (JDA), in collaboration with Hinduja Estates Private Limited, now known as Hinduja Healthcare Limited (HHL), the company said in a statement. The process will get completed over 18 months in carefully planned tranches, contingent upon the fulfilment of any associated covenants, it said, adding that R 520 crore will be received as the first instalment under the pact. The company said it has commenced the immediate sale of 12.50 acres of the 32 acres under the JDA. "As the first tranche, the company will receive a payment of Rs 520 crores, of which Rs 160 crores will be the consideration for the sale of 12.50 acres,

Magicrete completes process of acquisition of majority stake in Maxlite

Magicrete, which produces building product AAC Blocks, construction chemicals, and precast construction solutions, on Wednesday said it has completed the acquisition of a majority stake in Maxlite. The company did not disclose the actual stake that it has acquired and also the deal value. In a statement, Magicrete said this strategic acquisition would enhance its total installed capacity of AAC (Autoclaved Aerated Concrete) blocks to 1.8 million cubic metres per annum. Maxlite is an AAC Blocks manufacturer located in South India, headquartered in Bengaluru. It operates two AAC Blocks manufacturing facilities, one in Karnataka and the other in Tamil Nadu, boasting a combined annual capacity of 5,00,000 cubic meters. AAC Blocks serve as resource-efficient alternatives to traditional red clay bricks, offering superior thermal insulation and reducing construction time and structural load. They are about ten times larger than clay bricks and are manufactured using waste fly ash, thereb

NBCC sells 480,000 sq ft commercial space in South Delhi for Rs 1,905 crore

State-owned construction firm NBCC (India) on Wednesday said it has sold 4.8 lakh square feet of commercial space in South Delhi for Rs 1,905 crore on behalf of the government. In the 25th e-auction for commercial space at World Trade Centre (WTC) in Nauroji Nagar here, NBCC achieved the highest sale realization till date with the sale of 4.8 lakh square feet of commercial space for Rs 1,905 crore. "Power Finance Corporation Ltd, Security Printing and Minting Corporation of India Ltd and Solar Energy Corporation of India Ltd are the major organisations who bought space during this e-auction," it added. Out of the total area sold, around 4.38 lakh square feet having a sale value of about Rs 1,740 crore has been sold to public sector units (PSUs). The total number of successful bidders was five, out of which three were PSU bidders and two private entities. As on date, NBCC has sold a total commercial space of over 30 lakh square feet through 25 e-auctions having a sale value of over

DLF plans to raise Rs 600 crore through issue of debentures to investors

Realty firm DLF Ltd is raising Rs 600 crore through issue of non-convertible debentures (NCDs) to investors for refinancing of its existing debts. In a regulatory filing on Wednesday, DLF informed that the company's wholly owned subsidiary DLF Home Developers Ltd has raised this amount. The Securities Allotment Committee of the Board of Directors of DHDL has approved the allotment of 60,000 NCDs, having face value of Rs 1 lakh each, for an aggregate principal amount of Rs 600 crore on a private placement basis to eligible investors. DLF, the country's largest real estate developer in terms of market capitalisation, did not mention where the amount would be utilised. Sources said the amount will be utilised for refinancing its existing debts. DLF Group has 215 million square feet of development potential across residential and commercial segments. The group has an annuity portfolio of over 42 million square feet. The company's sales bookings jumped two times annually to Rs 13,316

Housing sales in Jan-Mar rise 14%, average prices up 10-32%: Anarock

Housing sales have risen 14 per cent, while average prices are up 10-32 per cent across seven major cities during the January-March period of this year, as demand continues to be strong, according to Anarock. The sales of residential properties increased in Mumbai Metropolitan Region (MMR), Pune, Bengaluru and Hyderabad, but declined in Delhi-NCR, Chennai and Kolkata. On Wednesday, real estate consultant Anarock released its data for the top seven primary (first sale) residential markets in the country. As per the data, housing sales rose 14 per cent to 1,30,170 units during January-March quarter this year across top seven cities, from 1,13,775 units in the year-ago period. "The quarter has recorded the highest ever sales in the last decade amid a significant rise in demand for high-ticket homes priced Rs 1.5 crore and above," Anarock Chairman Anuj Puri said. Among cities, the housing sales in MMR rose 24 per cent to 42,920 units during January-March, from 34,690 units in the year

Squarefeet Group to invest Rs 300 cr on new housing project in Mumbai

Realty firm Squarefeet Group will invest around Rs 300 crore to develop a housing project at Thane in Mumbai Metropolitan Region (MMR). The company plans to develop about 1,000 flats in this 3-acre project named 'Yuva Rajya' and is targeting a revenue of Rs 750 crore over the next 4-5 years. Sachin Marani, Director of Squarefeet Group, said the company has launched around 300 apartments in the first phase and out of that 100 units were sold on the first day of the launch. "The total project cost is Rs 250-300 crore, while the sales realisation is estimated at Rs 750 crore," he said, adding that the company is targeting millenials for this affordable luxury project. The construction work has already started and the project will be delivered over the next four years. Mumbai-based Squarefeet Group has already completed more than 5,000 flats across various projects in Thane and is currently developing many projects. Housing sales have been very growing post-Covid pandemic on strong

Mahindra Lifespace to invest Rs 6,000 crore in residential business by FY28

It is also setting sight on housing society redevelopments, and the acquisition of land parcels on an outright basis

Usher in transparency, not price controls

A standard rate chart for hospitals across the country is impractical as it doesn't consider real estate costs that vary widely across locations

Housing.com not actively seeking acquisition, open for opportunities: CEO

Proptech firm REA India, which owns Housing.com and PropTiger, is not actively looking for acquisition for further growth but the company is open to evaluate "interesting" opportunities that complement the business or help in securing new technologies, its CEO Dhruv Agarwala said. REA India, which is part of Australia-based REA Group, will focus on consolidating its both businesses -- real estate classified platform Housing.com and residential brokerage portal PropTiger.com, he added. In an interview with PTI, Agarwala, who is also CEO of Housing.com and PropTiger, said there is no plan of acquisition in near future. However, he said, "We always remain open if there is an interesting opportunity, which might help us bring in better talent or help us fulfill a product gap like we did for mortgage, or if we see an interesting technology. In that sense we are open, but not sort of actively seeking acquisitions.. He emphasised that the focus would be on growth of existing businesses, m

China looking into PwC's role in $78 billion Evergrande fraud case

No decision has been made on whether to penalize the auditor

Residential buyers willing to pay 5-10% more for green buildings: Report

Among corporate occupiers, over 85 per cent already lease green office spaces, motivated by energy savings and sustainability targets

Zaramount Unveils Luxurious Living in the Heart of Goa with Casa Havana and Casa Vino Villas

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Shares of Prestige zoom 5% on new land purchase worth Rs 468 cr

Share of realty estate group Prestige soared 5 per cent on Friday's intraday trade. The company's shares jumped 5.41 per cent on National Stock Exchange as against 0.05 per cent dip in Nifty50

Prestige Estates Projects buys 62.5 acres in Ghaziabad to build township

Realty firm Prestige Estates Projects Ltd on Thursday said it has acquired 62.5 acres at Indirapuram Extension in Delhi-NCR to develop a township that has a revenue potential of Rs 10,000 crore. The company said the acquisition cost is Rs 468 crore and includes a revenue share with the landlord. In a regulatory filing, the company said this strategic acquisition marks a significant milestone for Prestige Group as it expands its footprint in the dynamic real estate market of Delhi-NCR. The acquired land, with a saleable area of 10 million sq ft, will be developed primarily as residential, complemented by education and retail. This project will be branded under the successful 'The Prestige City' format. "The cost of acquisition amounts to Rs 468 crore, along with a revenue share," Prestige Group said. Commenting on the acquisition, Prestige Group Chairman and Managing Director Irfan Razack said, "We are excited about acquiring this prime land in NCR, presenting an excellent opportu

Reits seek changes in regulations to get easier access to capital

They expect the Reit landscape, which is now limited to office space and retail, to expand to hotels, residential properties, data centres, and logistics

Corporate real estate sentiment highest since April-June 2022: Report

Number of corporate real estate deals likely to increase in quarters ahead, it indicates

Buildings sector will exceed country's entire GHG emissions budget

Emissions from India's buildings sector between 2020 and 2070 are projected to reach 90.85 gigatonnes of carbon dioxide equivalent in the business-as-usual scenario, exceeding the carbon budget allocated for the entire country, according to a report released on Monday. The countries are striving to achieve net-zero emissions (a balance between greenhouse gases emitted and removed from the atmosphere) to limit the rise in global average temperatures to 1.5 degrees Celsius and prevent further worsening of climate impacts. Becoming a net-zero economy is particularly challenging for India as it must achieve the dual goals of fulfilling developmental aspirations and curbing greenhouse gas (GHG) emissions. The Sixth Assessment Report of the Intergovernmental Panel on Climate Change (IPCC AR6) estimated the remaining global carbon budget (from 2020 onwards) for a 50 percent chance of limiting global warming to 1.5 degrees Celsius to be 500 gigatonnes of CO2 equivalent. According to Climat

Real estate sector may touch market size of $1.3 trillion by 2034: Report

The real estate sector is estimated to reach a market size of USD 1.3 trillion by 2034 and USD 5.17 trillion by 2047, according to a report by realtors body CREDAI. The current market size of Indian real estate is Rs 24 lakh crore (around USD 300 billion), split between residential and commercial segments in the ratio of 80 per cent and 20 per cent, respectively, it said in a statement on Saturday. The Confederation of Real Estate Developers' Association of India (CREDAI) on Saturday released a report 'Building Viksit Bharat-Transformative role of the real estate sector in India', at its event YouthCon. According to CREDAI, Indian real estate will have a significant impact on the Indian economy in the coming years "with the sector projected to reach USD 1.3 trillion (13.8 per cent of projected GDP) by FY 2034 and USD 5.17 trillion (17.5 per cent of projected GDP) by 2047." Among the residential segment, 61 per cent of current supply is above the cost of Rs 45 lakh. The average hom

Developed India will need matured, better real estate sector: Puri

Housing and Urban Affairs Minister Hardeep Singh Puri on Friday said a highly matured and developed real estate sector with an estimated market size of USD 1 trillion by 2030 is needed to achieve the vision of a developed India by 2047. Addressing an event organised by realtors' body CREDAI's youth wing, the minister said the enactment of real estate regulatory law 'RERA" has been a transformational development for the entire sector. "A developed India by 2047 will also require a highly matured and developed real estate sector, both in the residential and the commercial segment," Puri said. He highlighted that investments are coming into commercial real estate including data centres and warehousing. The establishment of Real Estate Investment Trusts (REITs) has also helped in attracting investments into the real estate sector, the minister added. "RERA was a transformational development. It is unbelievable that one of the largest sectors in the economy didn't have a regulator for

Haryana launches one-time settlement schemes for HSIIDC plot allottees

The scheme is applicable to the existing allottees of commercial, institutional, residential or group housing plots or sites, who have been allotted plots and sites before January 2021