Page 106 - Real Estate

Luxury housing sales in India jumped 75% in 2023, threefold in Delhi: CBRE

The share of luxury homes, priced at or above Rs 4 crore, in total sales, also doubled in 2023

Warehousing & logistics sector resilient amid investment drought: Vestian

Vestian stated that the sector received investments worth $646 million in 2023, accounting for 15 per cent of the total institutional investment received in the real estate sector

Warehousing & Logistics leasing in 2023 exceeded pre-pandemic level by 15%

The data released by Vestian Research showed that the absorption has been on the rise since 2021 when it was 30.2 msf

Prestige Estates Q3 results: Profit rises marginally to Rs 165 crore

Realty firm Prestige Estates Projects Ltd has reported a marginal increase in its net profit to Rs 164.7 crore for the quarter ended December. Its net profit stood at Rs 161.7 crore in the year-ago period. Total income, however, declined to Rs 1,970.5 crore in the third quarter of this fiscal year from Rs 2,347.5 crore in the corresponding period of the previous year, according to a regulatory filing on Wednesday. On the performance during the third quarter and first nine months of this fiscal, Irfan Razack, Chairman and Managing Director, Prestige Group said, "We have crossed many milestones during the current period. The record sales, collections and successful launches affirm the customers' confidence and trust in our brand and our team's dedication, hard work and commitment." Building on the momentum of delivering 12.23 million square feet during the first nine months of this fiscal, he said the company has already completed over 12 million square feet in the current ...

Shriram Properties Q3 result: PAT dips 17% to Rs 18 cr, income at Rs 240 cr

Shriram Properties Ltd on Wednesday reported a 17 per cent decline in profit after tax at Rs 18.48 crore in the quarter ended December 2023 and announced its entry into the Pune market with a real estate project worth Rs 1,300 crore. The company's net profit stood at Rs 22.36 crore in the year-ago period. The total income rose to Rs 240.57 crore in the third quarter of this fiscal, from Rs 222.01 crore in the corresponding period of the previous year, according to a regulatory filing. Shriram Properties said it is planning an entry into the Pune region, and has signed a Development Management (DM) agreement for the development of a residential project in Undri, Pune. The company has secured development rights under the DM model, and the project envisages the development of over 1.7 million square feet of residential area and 0.3 million square feet of commercial area. The project has sales value potential of over Rs 1,300 crore and is to be executed over the next 3-4 years, Shrira

Relief to homebuyers: Allotted houses to stay out of liquidation, says IBBI

12 key changes to overall regulations introduced to ensure transparency

Ashiana Housing Q3 results: Profit jumps three-fold to Rs 28 crore

Realty firm Ashiana Housing has reported a more than three-fold jump in its consolidated profit after tax to Rs 27.8 crore for the quarter ended December on better income amid surge in demand for residential properties. Its profit stood at Rs 9.05 crore in the year-ago period. Total income rose to Rs 189.25 crore during the October-December period of this fiscal from Rs 135.31 crore in the corresponding period of the previous year, according to a regulatory filing on Monday. Ashiana Housing's profit after tax increases sharply to Rs 66.02 crore during the April-December period of this fiscal year from Rs 17.50 crore in the year-ago period. Total income increased to Rs. 669.56 crore in the first nine months of this fiscal from Rs 308.25 crore in the corresponding period of the previous year. Delhi-based Ashiana Housing is one of the leading real estate firms in the country. It has a presence in Gurugram, Jaipur, Pune, Jamshedpur, Bhiwadi, Jodhpur and Chennai. The company is mainly

Suraj Estate Developers Q3 results: PAT at Rs 16 cr, debt falls by 38%

Suraj Estate Developers Ltd, a real estate player focused on South Central Mumbai (SCM) market with specialisation in redevelopment projects, has pared its debt level by 38 per cent to Rs 340.86 crore in the current quarter, a company statement said on Tuesday. The company had a debt level of Rs 554.3 crore as of September 30, 2023. Suraj Estate Developers repaid high-cost debt to the tune of Rs 285 crores in the month of January 2024 using the IPO proceeds, the company said. An additional Rs 23.5 crores of unsecured debt is repaid from gross collection proceeds, resulting in lower interest costs and strengthened balance sheet. We shall see this benefit of reduced interest costs from Q4FY24 onwards, Rahul Thomas, Executive Director, Suraj Estate Developers, said. The realty player raised around Rs 400 crore through an initial public offering in December last year. It was listed on exchanges on December 26. Suraj Developers reported a sequential 2.4 per cent growth in total income

Colliers to construct Infibeam Avenues' $10 mn AI, tech hub in Ahmedabad

The AI hub will be established within GIFT City, Gujarat, with the Ahmedabad campus serving as an extension, slated to be operational within 18 months

Brookfield India Real Estate Trust to distribute Rs 209 cr to unitholders

Brookfield India Real Estate Trust on Monday reported an 89 per cent growth in net operating income to Rs 453.4 crore and declared distribution of Rs 208.56 crore for the December quarter. The distribution comprises Rs 97 crore at Rs 2.21 per unit in the form of interest payment on shareholder loan, Non-Convertible Debentures (NCDs) and Compulsory Convertible Debentures (CCDs), Rs 108.89 crore at Rs 2.48 per unit in the form of repayment of Special Purpose Vehicles (SPV) debt and NCD and the balance Rs 2.63 crore at Rs 0.06 per unit in the form of interest on fixed deposit. In a regulatory filing, the company said it will distribute Rs 208.56 crore at Rs 4.75 per unit to unit holders for the December quarter. The company's net profit declined to Rs 16.57 crore during the quarter from Rs 24.68 crore in the year-ago period. Total income, however, rose to Rs 561.13 crore during the October-December period from Rs 309.34 crore in the corresponding period of the previous year. On ...

'Godrej Properties to beat FY24 guidance, sale bookings to hit Rs 18k cr'

Godrej Properties' sale bookings are likely to rise 50 per cent annually to over Rs 18,000 crore this fiscal year, beating the annual guidance on strong demand for its residential projects. In an interview with PTI, Executive Chairperson Pirojsha Godrej said the company is hopeful of selling properties of more than Rs 5,000 crore during January-March period of this fiscal year, repeating the performance of the previous two quarters. The real estate arm of Godrej Group had sold properties worth Rs 12,232 crore in 2022-23 and had given sales guidance of Rs 14,000 crore for the current fiscal. "We have crossed last year bookings number already in the first nine months of this fiscal and expect to go well past our full-year guidance. Overall we are happy with what is going from an operational perspective and hoping for a strong end to this fiscal year," said Pirojsha. "We have done Rs 5,000 crore plus sales bookings in the last two quarters. We hope to do that again in the fourth ...

D B realty board gives in-principal nod to demerge hospitality business

Mumbai-based D B realty on Friday said its board has in-principally approved a proposal to demerge the company's hospitality business as part of its efforts to unlock the value for shareholders. In a regulatory filing, the company informed that the Board of Directors has considered and in-principally approved the proposal to demerge its hospitality business consisting of hotel business and assets. The assets include Goan Hotels & Realty Pvt Ltd (a wholly owned subsidiary), BD and P Hotels (India) Pvt Ltd (a subsidiary), and Bamboo Hotel And Global Centre (Delhi) Pvt Ltd (an associate of the company). "The demerger will unlock the value of the real estate and hospitality business for the company's shareholders, enable a differentiated strategy to capture the huge potential of the Indian hospitality sector, and attract a distinct set of investors, partners, collaborators, and leadership talent focused on the hospitality business," D B Realty said. It will also ensure that the real ..

NCC Q3 results: Profit jumps 40% to Rs 221 crore on robust order book

The company's consolidated net profit after tax rose nearly 40% year-on-year to Rs 221 crore ($26.63 million) in the three months ended Dec. 31

Builders seek interest rate cut in RBI's next meet to boost housing demand

Realtors on Thursday demanded that the RBI should consider reducing the repo rate in its next monetary policy review meeting to boost sales of residential properties, while welcoming stability in the interest rate regime. Real estate developers and consultants feel that the strong momentum in the housing market will continue with the RBI deciding to keep the key policy rate unchanged. The RBI decided to keep the policy rate unchanged for the sixth time in a row in view of global uncertainty and the need to bring down retail inflation to 4 per cent. RBI governor Shaktikanta Das in his statement said the buoyant demand for residential housing, coupled with increased thrust on government capex, is expected to propel construction activity. Realtors' apex body CREDAI President Boman Irani said the high GDP growth indicates that the "Indian economy is stable with relatively healthy macro-economic indicators and can absorb any impact of a repo rate cut, if announced, in the next financial

Sumadhura Group leases warehousing space to Zomato in Bengaluru

Sumadhura Logistics Park marks the company's entry into the ever-expanding logistics sector, catering to the growing demand for top-notch warehousing solutions in Bengaluru and surrounding areas

Zomato leases its largest warehousing space in the country in Bengaluru

The warehousing space spans 300,000 square feet and is located at Bengaluru's Hoskote

RBI MPC keeps repo rate at 6.5%: What does real estate industry think?

Repo rate unchanged: The experts in the real estate industry said that this decision is likely to keep the momentum in the industry intact

Noida, Gr Noida register residential property of Rs 3,179 cr in Dec quarter

Noida and Greater Noida have witnessed 7,481 property registrations worth Rs 3,179 crore in the fourth quarter of 2023, according to data by online real estate platform Square Yards. The data is based on the property registered by the Inspector General of Registration (IGR), Uttar Pradesh, the platform said in a statement on Wednesday. In Noida, 247 properties worth Rs 157 crore were registered in 'Noida Central' during the period, while 205 units valued at Rs 109 crore were registered on Noida Expressway, the data showed. As many as 6,366 properties worth Rs 2,643.7 crore were registered in Greater Noida West, also known as Noida Extension, and 643 units were registered in the 'Yamuna Expressway' area, the data showed. Among developers, Nirala World led with the registry of 371 units amounting to Rs 203 crore, followed by Ace Group with 259 registrations totalling Rs 181 crore in the October-December 2023 quarter, Square Yards said. Gaurs Group logged 213 registries with a value

Banks must be allowed to lend for land to developers: Parekh at BS IMLC

At the BS IML Conclave, Deepak Parekh said that some incentives must be provided to the developers to make affordable homes

One size fits all doesn't work in affordable housing: Expert at BS IMLC

At the BS IML Conclave 2024, LIC Housing Finance CEO T Adhikari said that one size fits all scheme doesn't work in affordable housing