Page 107 - Real Estate

Sobha Q3 results: Profit declines more than 50% to Rs 15.08 crore

Consolidated net profit for the Bengaluru-based company was Rs 15.08 crore ($1.8 million) in the quarter ended Dec 31, compared with Rs 31.81 crore a year earlier

Need to redefine affordable housing, say experts at BS IML Conclave

The discussion took place at the third edition of the India Mortgage Leadership Conclave, presented by India Mortgage Guarantee Corporation (IMGC) and Business Standard

Garuda Construction and Engineering files IPO draft papers to raise funds

Garuda Construction and Engineering Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering. With this, the total number of draft offer documents filed by the companies has reached 10 in this year so far. The proposed IPO is a combination of a fresh issue of 1.83 crore equity shares and an Offer For Sale of 95 lakh equity shares by promoter PKH Ventures Ltd, according to the Draft Red Herring Prospectus (DRHP) uploaded on Sebi's website on Wednesday. Proceeds from the fresh issue will be used to support the working capital requirement of the Mumbai-based company and for general corporate purposes, including unidentified inorganic acquisition. PKH Ventures currently holds 77.07 per cent stake in Garuda Construction and Engineering. Garuda Construction and Engineering is involved in several projects for residential, commercial, residential-cum-commercial, hospitality, infrastructure and industrial projects. According to

Development of first phase of Noida Film City to generate 10,000 jobs: CBRE

The first phase of International Film City will cost around Rs 1,510 crore and will be developed near the upcoming Jewar Airport

70% Indians have positive outlook about their life at home: Survey

Hinting at a positive demand scenario for home furnishing solutions, a survey by Swedish major Ikea has found that seven of ten Indians are optimistic about their 'life at home' over the next two years. According to the 10th Life at Home report by the Swedish furniture retailer Ikea, 71 per cent of Indians hold a positive outlook for the next two years, significantly surpassing the global average of 47 per cent. The survey findings, Ikea says, help it develop home furnishing solutions that suit people's needs, wants, and dreams. Ikea in its latest edition of 'life at home', has found for 50 per cent of Indians, home is their favourite place to be The report also adds that 56 per cent of Indians are planning to move in the next two years, and an additional 18 per cent are planning to stay in their current home but renovate. Ikea India CEO and CSO (Chief Sustainability Officer) Susanne Pulverer said though there have been common threads in experiences and aspirations for a better li

Nexus Select Trust Q3 results: Profit at Rs 107 cr, income at Rs 588 cr

Nexus Select Trust -- the country's first retail space-backed REIT-- on Tuesday reported a consolidated net profit of Rs 106.85 crore in the December quarter and announced the distribution of Rs 303 crore to unitholders in the form of interest and dividend. Total income stood at Rs 588.4 crore in the third quarter of this fiscal, according to a regulatory filing. The year-ago period numbers were not available as the company was listed last year. In a statement, the company said it has achieved net operating income (NOI) of Rs 418.5 crore in the October-December quarter of this fiscal, up 14 per cent from the year-ago period. "During the third quarter, we leased 0.25 million square feet achieving our highest-ever retail occupancy of 97.3 per cent. Our tenant sales grew by 8 per cent Year-on-Year (YoY) ahead of the market growth. Our net operating income grew by 14 per cent YoY and we are on track to achieve our guidance for FY24," Dalip Sehgal, Executive Director and Chief Executive

Brigade Q3 results: Profit up 31% on strong growth in residential segment

In the real estate segment, Brigade achieved its strongest performance ever for Q3 of a financial year with sales of 1.7 million square feet with a sale value of Rs 1,524 crore

Godrej Properties Q3 results: Profit rises 11% to Rs 63 cr; bookings up 76%

Godrej Properties on Tuesday reported an 11 per cent increase in its consolidated net profit to Rs 62.72 crore in the December quarter, while sales bookings grew 76 per cent annually to Rs 5,720 crore during the period on better housing demand. The realty firm's net profit stood at Rs 56.40 crore in the year-ago period. Total income rose to Rs 548.31 crore in the third quarter of this fiscal year from Rs 404.58 crore in the corresponding period of the previous year, according to a regulatory filing. Godrej Properties said its sales bookings grew by 76 per cent Year-on-Year (YoY) to Rs 5,720 crore in the October-December period. In the first nine months of this fiscal, sales bookings rose 59 per cent YoY to Rs 13,008 crore. "Booking value in the first nine months of 2023-24 was 106 per cent of booking value for the entire FY'23, which was the company's previous best-ever year." Godrej Properties, which is part of business conglomerate Godrej Group, is one of the leading real estate

Shapoorji Pallonji Real Estate eyes Rs 250 cr revenue from new project

Shapoorji Pallonji Real Estate is expecting over Rs 250 crore revenue from its new housing project in Mumbai and has raised Rs 55 crore to finance the development. In a statement, the company said WSB Real Estate Debt Fund II (WSBREDF II) has invested Rs 55 crore in its premium project 'BKC 9' at Bandra East, Mumbai. The project is a collaborative effort between Shapoorji Pallonji Real Estate (SPRE) and Vakratunda Buildcon Private Ltd. (VBPL). The company anticipates revenue exceeding Rs 250 crore from this project, it said. "The WSBREDF-II fund has committed an investment of Rs 55 crore to complete the premium project, BKC 9," it said. The project, spread over nearly half acre of land, has 92 apartments. The price of the apartments starts at Rs 2.11 crore. Nirav Dalal, Business Head and Chief Investment Officer, Shapoorji Pallonji Real Estate, said, "Our collaboration with WSB Partners reinforces our dedication to delivering innovative and top-tier developments that redefine th

Canada extends ban on foreigners buying residential real estate to 2026

Prime Minister Justin Trudeau's government acted to prohibit non-Canadians from buying residential real estate in 2022, with the measure to expire on Jan. 1, 2025

Anarock raises Rs 200 cr from 360 One Asset Management for biz expansion

The funding aims to enhance Anarock's technology infrastructure, accelerate its expansion, and introduce innovations to strengthen its leadership in the Indian real estate services sector

Man Infraconstruction Q3 results: Net profit falls 4.5% to Rs 86.51 crore

Man Infraconstruction Ltd on Monday posted a fall of 4.5 per cent to Rs 86.51 crore in the December 2023 quarter due to lower income. It had clocked a net profit of Rs 90.60 in the October-December period of preceding 2022-23 financial year, the company said in an exchange filing. The company's total income fell to Rs 261.34 crore as against Rs 471.77 crore in the year-ago period. However, the company managed to trim its expenses to Rs 149.07 crore from Rs 346.21 crore in the third quarter of FY23. EPC firm Man Infraconstruction is into verticals like ports, infrastructure, commercial projects, institutions, IT projects and futuristic lifestyle houses.

Address to amenities: What to look for when you buy a luxury apartment?

The 'bigger is better' and the address must me famous, say real estate industry executives

Govt working on scheme to help middle-class buy homes: Manoj Joshi

The government is "working on a scheme" to help middle-class people purchase or construct their own houses, Housing and Urban Affairs Secretary Manoj Joshi on Friday said, as he stressed that real estate has a critical role in the country becoming USD 30 trillion economy by 2047. Inaugurating the real estate association NAREDCO's National Convention, he said real estate is the most critical factor in India becoming a developed nation and reaching a USD 30 trillion economy. Joshi stressed that building urban infrastructure and urban housing would be key to economic growth. The government has been focusing a lot on urban planning in the last few years, he said, adding that states are being given incentives to make reforms in urban planning. A lot of states have undertaken reforms, the secretary said, and highlighted good work done in Gujarat in this area. Referring to the budget announcement that the government will launch a scheme to help the middle class in acquiring homes, Joshi

Demand to rise as Budget proposes to help middle-class buy homes: Realtors

Realtors on Thursday hailed the Budget proposal of launching a scheme to help middle-class people buy or build their own homes, saying this will boost demand for residential properties and help in the overall growth of the real estate sector. In the interim Budget for 2024-25, Finance Minister Nirmala Sitharaman announced that the government will launch a scheme to help deserving sections of the middle class 'living in rented houses, or slums, or chawls and unauthorised colonies' to buy or build their own houses. She also said 2 crore more homes will be built for the rural poor in the next five years under the continuing PM Awas Yojana (Grameen). Commenting on the Budget proposals, CREDAI President Boman Irani said these initiatives are "encouraging and will aid in the growth of the housing market". Sustained focus on infrastructure development will further boost growth in the housing sector, he said. With tax rates remaining unchanged, Irani said the common man will not have ...

Budget focus on infra, connectivity to help real estate growth: Experts

The Interim Union Budget 2024-25 also focused on women's empowerment through housing facilities under the PM Awas Yojna scheme

Raymond Q3 results: PAT jumps to Rs 185 cr on branded apparel, realty boost

It had logged a net profit of Rs 96.60 crore in October-December FY23, according to a regulatory filing by the company

Realty sector reacts on Budget with cautious optimism, hails PMAY expansion

The real estate sector echoed a sentiment of cautious optimism while reacting to the interim Budget presented by Union Finance Minister Nirmala Sitharaman in the Lok Sabha on Thursday. A M Karthik, senior vice-president and co-group head at ICRA Ltd, emphasised the positive impact of the Budget on affordable housing demand. Karthik predicted a surge in demand for affordable housing units following the Centre's announcement of an additional two crore housing units under the PMAY (Grameen) and a proposed housing scheme for the middle class. Noting the potential benefits for housing finance companies, he anticipated a boost in credit flow to these segments. "While liquidity at this juncture looks tight, a lower GOI borrowing programme in the next fiscal could temper the funding cost increase of these lenders," he said. Samantak Das, chief economist and head of research and REIS, India, JLL, noted the absence of major announcements but highlighted the government's focus on fiscal prud

BNP Paribas net income falls 50%, misses earnings forecast in Q4

BNP's group sales in the fourth quarter were up 0.1% to 10.9 billion euros, below the 11.4 billion-euro average analyst estimate

Kajaria Ceramics Q3 results: Profit up by 40.2% at Rs 104 cr on demand rise

Separately, Kajaria approved investments of up to Rs 50 crore and Rs 30 crore in Keronite Tiles and Kajaria Ultima to make them a subsidiary and wholly-owned subsidiary, respectively