Page 110 - Real Estate

India Inc likely to report 8-10% revenue growth in Q3: CRISIL Ratings

Corporates' revenues are likely to have grown 8-10 per cent in the 2023 December quarter on an annual basis, according to a report. The operating profits have likely expanded 100-150 basis points on-year in the three months ended December 2023, giving the corporates an overall operating margin of 19-20 per cent in the first nine months of 2023-24 fiscal, as per Crisil Ratings. Revenue growth would have been stronger but for the decline in agri-linked sectors such as fertilisers, consumer staples such as edible oils, industrial commodities like chlor-alkalis and commodity chemicals, and aluminium, Crisil Ratings said in the report based on the analysis of 350 companies, excluding financial services and oil and gas sectors. Also, the rating agency said that revenue growth seemed to be propelled by volume. Aniket Dani, a director with the agency, said construction-linked sectors, which together account for 20 per cent of the overall revenue, grew 5-7 per cent as construction activity

AIF commitments cross Rs 9.5 trillion till September 2023, shows data

The investment commitments are usually received in tranches from investors by the fund managers and are reflected in the total funds raised

30 major retail brands entered 14 Tier-II cities during Jan-Sep: Report

More than 30 major retail brands opened their stores in 14 Tier-II cities during the January-September period of last year, according to property consultant CBRE. In its report 'Tier-II Cities: The Time to Shine' released on Tuesday, CBRE said that several domestic and international retail brands, including Croma, Armani Exchange, Malabar Gold & Diamonds, Reliance Smart, Tanishq, H&M, Marks & Spencer, GAP, Starbucks, Pizza Express and Under Armour, have expanded their retail footprint to Tier-II cities. The Tier-II cities are Chandigarh, Jaipur, Indore, Goa, Mangalore, Kochi, Lucknow, Patna, Ranchi, Guwahati, Bhubaneshwar, Vizag, Mysore and Coimbatore. The total retail real estate space in these 14 Tier-II cities stood at 29 million square feet as of September 2023, with Jaipur, Lucknow, and Chandigarh each boasting of retail real estate space ranging between 3 to 7 million square feet, as per the report. The retail development in these cities has been a healthy mix of ...

Property prices across 13 prime cities up 19% during Oct-Dec: Report

Property prices rose 19 per cent annually during the October-December period, according to a report by real estate platform Magicbricks. Property prices across 13 prime cities increased 18.8 per cent Year-on-Year (YoY) and 3.97 per cent quarter-on-quarter (QoQ) during October-December 2023, the report released on Tuesday said. Gurugram (32.1 per cent YoY), Greater Noida (31 per cent YoY), Noida (26.1 per cent YoY), and Hyderabad (15.8 per cent YoY) exhibited the highest appreciation during this period, it added. Based on the data of over 2 crore customers within the primary (first-time sale) and secondary (resale) residential real estate market on the Magicbricks platform, the report indicated that while demand (searches) increased 2 per cent YoY, it decreased 16.9 per cent QoQ, primarily due to rising property prices. The listings reduced 16.9 per cent YoY, with exceptions in Mumbai (4.2 per cent YoY) and Hyderabad (0.4 per cent YoY), where supply increased. "The year 2023 served

Adani Group set to start mapping famous Mumbai slums Dharavi in weeks

The conglomerate owned by tycoon Gautam Adani won a government contract to redevelop Dharavi in late 2022 and will begin surveying the roughly 600 acre densely packed neighborhood in March

UP Rera starts pre-hearing scrutiny of complaints to help homebuyers

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) on Monday started pre-hearing scrutiny of complaints, in a move aimed at quick disposal of cases. UP RERA has an e-courts system for filing of complaints by the homebuyers and the promoters. It issued revised standard operating procedures (SOP) on December 2, 2023 for filing, scrutiny and hearing of complaints and conciliation. In doing so, UP RERA not only simplified the process of filing of complaints, but made it more comprehensive also, it said in a statement. "Now the process has become more user-friendly and will be conducive to early listing and speedy disposal of complaints. This facility is available from Monday (January 15, 2024) on UP RERA portal," the regulatory authority said. Explaining the process, it said the legal division of UP RERA will scrutinize the new complaint and its attachments to ascertain that the particulars of the complainant, the promoter or the respondent and the project are correct and as

Qatar's $450 billion sovereign wealth fund won't abandon Canary Wharf

Canary Wharf has struggled since the pandemic led to a shift to flexible working, bringing in fewer workers to populate the desks of the large office blocks that dominate its skyline

Real estate players deploy AI, plug into AR and VR tech to boost sales

"Anarock used its AI/ML proptech solution ASTRA to boost primary housing sales by up to 15 per cent," says Anuj Puri, chairman, Anarock group

Dharavi residents to get 350 sq ft flats after redevelopment: Adani Group

The Adani group on Monday said it will offer eligible residents of the Dharavi slum clusters new flats measuring 350 sq ft. The Adani group, which is redeveloping Dharavi slums in collaboration with the Maharashtra government, claimed the flat size was "17 per cent more" than what is offered as part of slum redevelopment projects. The new flats will have a kitchen and toilet, Adani said in a statement, adding that earlier, the dwellers of informal settlements were given houses measuring 269 sq ft. Since 2018, the state government started giving them homes measuring 315-322 sq ft. The redeveloped area will also have community halls, recreational areas, public gardens, dispensaries and daycare centres for children. January 1, 2000 has been decided as the cut-off date to determine eligible residents. The "ineligible residents" will be provided accommodation under the proposed affordable rental housing policy, as per the state government's norms. The Dharavi Redevelopment Project is

US investments in Indian real estate fell 39% to $1.35 bn in 2023: JLL

Investments from American institutions in Indian real estate market declined 39 per cent last year to USD 1.35 billion amid global uncertainties, according to JLL India. During 2022, US-based institutional investors had pumped USD 2.2 billion in Indian real estate. American funds have generally been the biggest investors in Indian real estate market. According to the JLL India report released on Monday, the total institutional investments in Indian real estate rose 14 per cent to USD 5,878 million (USD 5.87 billion) in 2023 from USD 5,151 million in the previous year. The consultant said this reflected India's resilience in the face of global economic headwinds. JLL anticipates investor confidence in the Indian growth story to continue in 2024 as well. In 2023, the largest contributors were foreign institutional investors with 63 per cent share in the total investments. However, the share of inflow from Americas, the conventionally highest contributor in investments, witnessed a

Amitabh Bachchan buys plot for Rs 14.5 crore in Ram Temple city Ayodhya

The temple town of Ayodhya is experiencing a real estate boom as the industry is betting on tourism opportunities citing the Ram Mandir launch, scheduled on January 22

Co-living operators look to expand, open more centres to tap rising demand

Co-living operators are looking to expand their businesses and open more centres in the new year, as they expect demand for fully-serviced rental accommodation to rise from working professionals and students, according to industry players. The co-living segment was worst affected during the COVID pandemic as educational institutions and offices were closed to curb the spread of the disease. Many co-living operators shut down their operations permanently or scaled down their businesses. In the last two years, co-living operators, who survived the onslaught of the pandemic, have been trying to regain the lost ground and recoup the losses as normalcy returned, leading to the opening of educational institutes and the gradual return of employees to offices. Stanza, Colive, Zolo, Olive by Embassy, Your Space, Settl., Union Living and Coho are some of the co-living operators providing rental accommodations to students and professionals. When asked about the year gone by and outlook for 20

REITs, InvITs see growth; fund mobilisation rises to Rs 11,474 cr in 2023

REITs and InvITs have gained popularity as preferred investment options, with fundraising, through the route, surging 10-fold year-on-year to Rs 11,474 crore in 2023, supported by measures taken by regulator Sebi and attractive returns offered by the instruments. Going ahead, fund mobilisation by REITs (real estate investment trusts) and InvITs (infrastructure investment trusts) is poised for significant growth in 2024, driven by several key factors, including anticipation of rate cuts and introduction of a range of policies aimed at encouraging investments like tax incentives and relaxed investment norms, Claravest Technologies co-founder Manaki Parulekar said. "This year, we are likely to see interest rates decrease in the first half of 2024 due to the expected drop in inflation. These conditions are favourable for investors who are looking to invest in long-term opportunities, such as REITs and InvITs," he added. According to data compiled by Prime Database.com, REITs and InvITs

Ajmera Realty Q3 sales bookings soar 98% to Rs 253 cr on housing demand

Ajmera Realty and Infra India Ltd's sales bookings nearly doubled to Rs 253 crore in the third quarter of the current fiscal on better housing demand. Its sales bookings stood at Rs 128 crore in the year-ago period, according to a regulatory filing earlier this week. The Mumbai-based company sold 1,03,573 square feet of carpet area during October-December this fiscal against 63,595 square feet in the corresponding period of the previous year. During April-Decemberthis fiscal, sales bookings grew 5 per cent to Rs 730 crore from Rs 694 crore in the year-ago period. The company sold 3,59,820 square feet of carpet area during the first nine months of this financial year compared to 3,01,010 square feet a year ago. Ajmera Realty & Infra India Ltd Director Dhaval Ajmera said, "As we exit Q3 FY24, we are firmly on course to achieve our sales goal of Rs 1,000 crore for this fiscal". "The real estate sector has recently witnessed a noteworthy upturn, with the index reaching a 15-year high

Keystone Realtors sales bookings up 26% to Rs 1,423 crore in Apr-Dec

Realty firm Keystone Realtors Ltd has sold properties worth Rs 1,423 crore during the April-December period this fiscal, registering a 26 per cent growth annually because of strong housing demand. Mumbai-based Keystone Realtors markets its properties under the 'Rustomjee' brand. It mainly focuses on developing housing projects in the Mumbai Metropolitan Region (MMR). The company's sales bookings stood at Rs 1,131 crore in the year-ago period. According to a regulatory filing earlier this week, the company's sales bookings in volume terms rose 9 per cent to 0.82 million sq ft during the April-December period of this fiscal from 0.75 million sq ft in the year-ago period. Amount collected from customers increased 32 per cent to Rs 1,533 crore from Rs 1,163 crore during the period under review, as per the filing. In the first nine months of this fiscal, Keystone Realtors has launched four projects with an estimated sales value of Rs 2,238 crore. Keystone Realtors has completed 23 mil

TMS Ep606: NRI homes, coffee culture, Vodafone Idea, maritime corridor

Are NRIs driving up prices of homes? Has India matured as a coffee drinking nation? Is the rally in Vodafone Idea overdone? What is the Chennai-Vladivostok maritime corridor? Answers here

UP RERA gives 15 days to promoters to submit update on housing projects

Uttar Pradesh real estate regulator UP RERA has issued a 15-day ultimatum to promoters of group housing projects to update quarterly progress reports of their projects on its website. UP RERA Chairman Sanjay Bhoosreddy said a number of promoters fail to file QPRs (quarterly progress reports) of their projects on time and "some of them have filed the subsequent QPRs without filing the pending QPRs". Not updating quarterly progress reports of projects amounts to violation of the relevant provisions of the RERA Act, Bhoosreddy said in a set of directions issued to promoters on Thursday. "Therefore, it has been decided to allow the promoters to file the pending QPRs of their projects as well as the QPR of October to December, 2023 quarter by 15th January, 2024," the order said. As per norms, QPRs are required to be filed within 15 days of the closure of the given quarter. Accordingly, UP RERA has modified the facility on its web portal and from now onwards, promoters will be able to fi

Getaway in the greens: What it takes to plan and design a farmhouse

It will be your second home and earn money by being put up for rent sometimes

Govt planning to sell 291,000 'enemy property' shares in 84 companies

The government on Thursday said it is planning to sell over 2.91 lakh 'enemy property' shares in 84 companies to individuals and corporates in tranches as it looks to dispose of assets of individuals who had migrated to Pakistan and China. In the first tranche, the government is looking to sell about 1.88 lakh shares in 20 companies and has invited bids from 10 categories of buyers, including individuals, NRIs, Hindu Undivided Families (HUFs), Qualified Institutional Buyers (QIBs), trusts and companies by February 8, according to a public notice. Assets left behind by people who have taken citizenship of Pakistan and China -- mostly between 1947 and 1962 -- are called 'enemy property'. The proposed share sale is part of the government's initiative to dispose of "enemy property" in the country. Buyers will have to place bids for shares they wish to buy and any price quoted below the reserve price set by the government will be rejected. The reserve price will be kept confidential fro

Mahindra World City signs deal with Tamil Nadu to invest Rs 1,000 cr

Real estate and infrastructure company says agreement will lead to jobs for more than 2,000 people