Page 108 - Real Estate

Evergrande creditors to recover just fraction of debt after liquidation

Almost all of Evergrande's assets are in mainland China, presenting legal hurdles for non-Chinese administrators

Jaiprakash Associates Q3 results: Net loss widens to Rs 476 crore

Jaiprakash Associates on Tuesday reported a consolidated net loss of Rs 476.12 crore in the third quarter of this fiscal year. Its net loss stood at Rs 314.51 crore in the year-ago period. Total income declined to Rs 1,558.58 crore during the October-December period of this fiscal year from Rs 1,933.11 crore in the corresponding period of the previous year, according to a regulatory filing. Jaiprakash Associates is into construction, cement, real estate and hospitality businesses, among others.

Strong launch pipeline factored into realty major DLF's valuations

The rental income in DCCDL's commercial portfolio increased by 8 per cent YoY to Rs 1,100 crore with a 21 per cent rise in retail income

Economic prospects

Interventions needed to support long-term growth

Construction equipment sales rise 30% to 36,055 units in Q3: ICEMA

India's construction equipment industry has witnessed a 30 per cent rise in sales to 36,055 units in the third quarter of the current fiscal, a report said on Monday. As per the data released by Indian Construction Equipment Manufacturers Association (ICEMA), the construction equipment (CE) industry had sold 27,817 units in the third quarter of the previous fiscal. "Of the overall sales for Q3 FY24, 33,135 units were sold domestically and 2,920 units were exported," it said. Sales of material handling equipment rose 46 per cent to 4,482 units and concrete equipment sales grew 43 per cent to 3,840 units during the period. Road construction and material processing equipment sales stood at 1,958 and 688 units, registering an increase of 38 per cent and 18 per cent, respectively. ICEMA President V Vivekanand requested the government to ensure that the steady pace of execution of projects is maintained, which is critical for the consistent growth and development of the construction ...

Boney Kapoor-Bhutani backed firm wins bid to develop Film City near Noida

Bayview Projects, backed by filmmaker Boney Kapoor and real estate developer Bhutani Group, on Tuesday bagged a contract to develop the International Film City near the upcoming Noida International Airport in Uttar Pradesh, according to officials. The financial bid for the greenfield project was opened on Tuesday afternoon by the Yamuna Expressway Industrial Development Authority (YEIDA), which functions under the Uttar Pradesh government. "M/s Bayview Projects LLP (Boney Kapoor and Bhutani Group) will develop the International Film City in the Yamuna Expressway area after making the highest bid for the Film City," YEIDA said in a brief statement. The selection of the concessionaire although remains to be approved by the state government before land is allotted to it for the development of the project, according to an official. Bayview Projects was competing against Super Cassettes Industries Private Limited (T-series), Supersonic Technobuild Private Limited (backed by film star ..

'Macrotech Developers aims to generate surplus cash in Q4, reduce debt'

Realty firm Macrotech Developers Ltd will focus on generating surplus cash flow and reducing debt by at least 11 per cent this quarter to Rs 6,000 crore helped by strong housing demand, its MD and CEO Abhishek Lodha said. In an interview with PTI, he expressed confidence in achieving sales bookings guidance of Rs 14,500 crore for this fiscal year on the back of a strong launch pipeline in the current January-March quarter. Mumbai-based Macrotech Developers markets its properties under the Lodha brand. It is one of the leading real estate developers in the country with a major presence in Mumbai Metropolitan Region (MMR) and Pune. "Under new business development, we have already added many land parcels in the first nine months of this fiscal with an estimated revenue potential of Rs 20,300 crore as against the full-year target of Rs 17,500 crore. We will not be adding any meaningful projects this quarter," Lodha said. Macrotech Developers buys land outright and also partners with ..

Keystone Realtors Q3 results: Net profit jumps 5-fold to Rs 30 crore

Keystone Realtors on Tuesday reported a five-fold jump in consolidated net profit at Rs 29.88 crore for the quarter ended December 2023 on higher income. Its net profit stood at Rs 5.82 crore in the year-ago period. Mumbai-based Keystone Realtors, which markets its properties under 'Rustomjee' brand, posted a significant growth in total income at Rs 533.33 crore during October-December FY24 as against Rs 135.55 crore in the year-ago period, according to a regulatory filing. Commenting on the performance, Boman Irani, Chairman and Managing Director, Keystone Realtors, said, "For Q3 of FY24, the company has demonstrated good progress in terms of pre-sales, new project additions and new launches. "In Q3 FY24, Rustomjee Group delivered a remarkable performance, achieving a substantial increase in pre-sales, which rose to Rs 6.16 billion (Rs 616 crore), showcasing a remarkable 101 per cent quarter-on-quarter (QoQ) increase. Looking ahead, we estimate a sustained growth trajectory in ...

Aparna Constructions to invest Rs 2,425 cr in 2 new Hyderabad projects

Realty firm Aparna Constructions and Estates on Tuesday said it will invest Rs 2,425 crore to develop two housing projects in Hyderabad. The two projects will have more than 2,500 apartments, offering individual unit sizes ranging from approximately 1,475 sq. ft. to 3,700 sq. ft. In a statement, the company said it has launched "two gated community apartment projects in Hyderabad, Aparna Newlands and Aparna Sarovar Towers, with a combined investment of Rs 2,425 crore." The project -- Aparna Newlands -- will be spread over 14 acres totalling 1,976 units, while the 5-acre Aparna Sarovar Towers project will have 585 units. Aparna Constructions, a division of the Aparna Group, is one of the largest real estate developers in South India. The company was founded by S S Reddy and C V Reddy in 1996. It has a portfolio of 77 projects, of which 66 are residential properties and 11 are commercial and retail spaces across Telangana, Andhra Pradesh and Karnataka. According to a recent report

Court orders Evergrande to liquidate after it failed to reach debt deal

A Hong Kong court on Monday ordered property developer China Evergrande Group to liquidate after it was unable to reach a restructuring deal with creditors. Judge Linda Chan said it was appropriate for the court to order Evergrande to wind up its business given a lack of progress on the part of the company putting forward a viable restructuring proposal as well as Evergrande's insolvency. Evergrande was granted an earlier reprieve after it said it was attempting to refine a new debt restructuring plan of more than USD 300 billion in liabilities. Evergrande, the world's most indebted property developer, is one of many property firms that ran into trouble when Chinese regulators cracked down on excessive borrowing in the real estate sector. The company first defaulted on its financial obligations in 2021, just over a year after Beijing clamped down on lending to property developers in an effort to cool a property bubble.

Real estate sector in the middle of a growth cycle: Motilal Oswal

Despite the price hikes, affordability improved across markets as income growth surpassed pricing growth, which should keep momentum intact in demand and pricing, the report stated

Sunteck Realty to develop two projects in Mumbai, eyes Rs 3,000 cr revenue

Sunteck Realty Ltd on Monday said it will develop two luxury housing projects in Mumbai with an estimated revenue of around Rs 3,000 crore. In a regulatory filing, the company said it is set to enter two of Mumbai's most exclusive and sought-after locations -- Nepean Sea Road in South Mumbai and Bullock Road, Bandstand in Bandra (West). Sunteck Realty plans to develop these sites into ultra-luxurious residential apartments. "This again adds Rs 3,000 crores of GDV (gross development value) to Sunteck's portfolio, which has been exponentially growing over the last few years. The company has more than doubled its GDV from Rs 12,500 crore in FY2022 to Rs 30,100 crore in FY2024," the company said. Sunteck Realty Ltd focuses on a city-centric development portfolio of about 52.5 million square feet spread across 32 projects.

Mindspace REIT Q3 results: Profit up 16% at Rs 147 cr, income at Rs 610 cr

Mindspace Business Parks REIT on Monday reported a 16 per cent increase in its consolidated net profit to Rs 146.8 crore for the latest December quarter and announced distribution of Rs 285 crore to unitholders, mainly in the form of dividends. Its net profit stood at Rs 126.5 crore in the year-ago period. The total income rose to Rs 610.8 crore in the October-December period of this fiscal from Rs 560.4 crore a year ago, according to a regulatory filing. The company also announced a distribution of Rs 4.80 per unit aggregating to Rs 284.6 crore, which comprises a dividend of Rs 4.29 per unit totalling Rs 254.4 crore, interest of Rs 0.50 per unit aggregating to Rs 29.7 crore and other income of Rs 0.01 per unit, aggregating to Rs 60 lakh. The Board of Directors of K Raheja Corp Investment Managers Pvt Ltd, manager to Mindspace Business Parks REIT, approved the proposed acquisition and term sheet to be entered in relation to the acquisition of certain units measuring leasable area o

New affordable housing plan likely before 2024 Lok Sabha elections

Govt takes feedback for credit-linked subsidy scheme in urban areas

Macrotech Developers Q3FY24 results: Net profit up 25% at Rs 505 cr

Realty firm sees strong demand boost, with sales and income surging

Macrotech Developers Q3 results: Net profit rises 25% to Rs 505 crore

Realty firm Macrotech Developers Ltd on Saturday reported a 25 per cent increase in its consolidated net profit to Rs 505 crore for the third quarter of this fiscal year. Its net profit stood at Rs 405 crore in the year-ago period. Total income rose to Rs 2,958.7 crore in the October-December period of the 2023-24 financial year from Rs 1,902.4 crore in the corresponding period of the previous year, according to a regulatory filing. Mumbai-based Macrotech Developers is one of the leading real estate developers in the country. The company markets its properties under Lodha brand.

'Fund inflow in real estate from foreign investors dips 30% to $2.73 bn'

The inflow of funds in Indian real estate from foreign investors fell 30 per cent to USD 2.73 billion last year, but the influx jumped more than two times from domestic players to USD 1.51 billion, according to real estate consultant Vestian. According to Vestian data, the total institutional investments in real estate declined 12 per cent to USD 4.3 billion in 2023, from USD 4.9 billion in the previous year. The consultant highlighted that investments from foreign funds fell 30 per cent annually because of their cautious approach, but rose 120 per cent from domestic investors. Domestic investors pumped in USD 1,511 million (USD 1.5 billion) last year, as against USD 687 million in the 2022 calendar year. However, the inflow from foreign funds stood lower at USD 2,733 million last year, as against USD 3,926 million in 2022. Accordingly, the share of domestic investors increased to 35 per cent in 2023 from 14 per cent in 2022. Shrinivas Rao, CEO of Vestian, said, "Despite uncertai

Interim Budget 2024: What does the real estate sector expect from Centre?

Interim budget 2024: Here's what the experts of the real estate sector expect from the Centre

DLF, Prestige, Sobha: CLSA downgrades select realty stocks. Here's why

Most positive factors in terms of a pick-up in housing demand and office space absorption, CLSA said, are already priced in.

China expands access to loans for developers, acting to end debt crisis

China has rolled out new rules meant to expand access to commercial bank loans for property developers as Beijing doubles down on its effort to end a prolonged crisis in the real estate industry. The policies will allow real estate companies to use bank loans pledged against commercial properties such as offices and shopping malls to repay their other loans and bonds and to cover operating expenses. They were announced late Wednesday by the People's Bank of China, the National Financial Regulatory Administration and the Finance Ministry. Beijing has moved this week to stabilise ailing financial markets and boost the economy by freeing up more money for lending in various ways. That includes cutting required bank reserves. The flurry of new measures and pronouncements from senior Communist Party officials about the need to stabilise financial markets and build confidence in the economy, the world's second largest, appears to reflect a renewed determination to get growth back on ...