Page 114 - Real Estate

PE inflow in real estate declines 44% to $3 bn so far in 2023: Knight Frank

Global investors have been cautious this year to put money into Indian real estate, as private equity inflow is down 44 per cent till December 12 to USD 3 billion compared to the entire previous year, according to Knight Frank. Real estate consultant Knight Frank India on Thursday released its data showing that the Indian real estate market received USD 3,024 million in PE investments from 23 deals between January 1 and December 12 this year, as against USD 5,357 million recorded in 2022. Global geopolitical uncertainties and a high interest rate environment with multiple rate hikes from the US Federal Reserve and the Central Bank of Canada have curbed investment activities from US and Canada, the consultant said, explaining the reason behind the slump. However, PE investments from Singapore have improved significantly, contributing more than 50 per cent to the total inflow. In terms of segments of the Indian real estate market, office assets took the lead with a 58 per cent share

India to register highest home sales since 2008 in 2023: JLL report

In the first 9 months of 2023, the highest sales were reported in the mid-segment homes, with a ticket size of Rs 50-75 lakh

20% stake worth Rs 6,171 crore in Embassy REIT sold through block deals

The prominent buyers included HDFC Mutual Fund, Fidelity Funds South East Asia and ICICI Prudential Mutual Fund, among others

Realty firm K Raheja Corp Homes sees strong buyer demand from West India

In addition, the company has plans to add more 2.5 million square feet to build on its existing 6.5 million square feet of saleable area, totalling about 9 million square feet during the rest of FY 24

Centre likely to review IBC Bill only after 2024 general elections

The decision to revisit the proposed amendment Bill is also in the backdrop of frequent amendments that the IBC has undergone since its introduction in 2016. The law has been changed six times so far

Proptech startup HouseEazy raises $1 million from investors as seed funding

HouseEazy, a vertical marketplace for resale homes, on Tuesday said it has raised USD 1 million (over Rs 8 crore) from investors as seed funding led by Antler. Other notable investors in the round include India Accelerator, AC Ventures, Agility Ventures, Finvolve Ventures and industry veterans like Pirojsha Godrej (Executive Chairperson at Godrej Properties) and Sandeep Aggarwal (Founder at Droom), the company said in a statement. Seeking to bring trust, transparency and convenience to secondary real estate transactions, HouseEazy is building a full-stack, data-driven technology platform to provide the best prices and instant liquidity to sellers and title-checked, refurbished, ready-to-move-in homes to buyers. HouseEazy founders Tarun Sainani and Deepak Bhatia, who previously worked together at Godrej Properties, bring over 25 years of combined experience in the real estate industry. According to Housing.com data, proptech companies have received USD 4 billion in funding since 200

Lowrise takes the high ground: Why it's a homebuyers' favourite choice

Investing in a villa at a prime location is seen as a financially prudent decision that provides appreciation and stability in the long run

Net leasing of office space seen flat this year across top 7 cities: Report

Net office space leasing across seven major cities is likely to remain stable at 37-39 million sq ft during this calendar year, despite global economic concerns and is expected to rise 20 per cent next year, according to JLL. Net absorption, or leasing of office space, stood at 37.99 million sq ft during the 2022 calendar year in seven major cities -- Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad, and Pune. The office space demand hit a record at 47.92 million sq ft in 2019, but declined sharply to 25.38 million sq ft in 2020 and 26.03 million sq ft in 2021, according to real estate consultant JLL India data. The consultant said the office sector has seen sustained growth in demand this year despite global sluggishness, and is poised to achieve the next level of growth in 2024. "Net absorption from January-September 2023 was 26 million sq ft, which is 68 per cent of the 2022 full-year number. In 2023, net absorption in the office market is expected to be at par with 202

Flexible office space market may rise to over Rs 14,000 cr in FY24: Report

India's flexible office space market size is estimated to rise 60 per cent to over Rs 14,000 crore this fiscal due to an increase in rent charged by operators per desk and portfolio expansion, according to Upflex India report. Upflex India, a marketplace for flexible workspaces, has released its first report 'Co-Working and Managed Offices Redefining the Indian Commercial Real Estate'. Real estate consultant Anarock brought US-based Upflex to India in 2021. As per the report, the annual co-working market size in terms of rental income is estimated to rise to Rs 14,227 crore this fiscal from Rs 8,903 crore in the previous year. The total portfolio of flexible workspace operators has increased to 12.66 lakh from 10.4 lakh in 2022-23. In terms of area, the portfolio has risen to 57 lakh square feet from 47 lakh square feet. Upflex data showed that the average price per seat per month has increased to Rs 10,400 from Rs 9,200 per desk. The occupancy level has increased to 90 per cent fr

Emaar India eyes Rs 900 crore luxury housing project in Gurugram: CEO

Realty firm Emaar India will invest Rs 900 crore over the next four years to develop a luxury housing projects in Gurugram as part of its expansion plan, a top company official said. The company, which is part of Dubai-based Emaar Properties, has launched and already sold 424 luxury homes in its group housing project 'Urban Oasis' located at Sector 62, Golf Course Extension Road in Gurugram. In an interview with PTI, Kalyan Chakrabarti, CEO of Emaar India, said, "We launched a residential project after a gap of almost four years, and were humbled by the response from the market." Emaar India has sold out all 424 flats launched in the first phase for Rs 1,723 crore in revenue. It received 10 times subscription with 4,259 expression of interests for the 424 homes available. He said the demand for luxury homes in all major cities including Gurugram is very strong from both end users and investors. Asked about the project cost, Chakrabarti said it will be around Rs 900 crore excluding

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DDA & the market's revenge

A DDA flat was a privilege in a city where almost nobody could build anything. Its inventory of unsold flats exceeds 40,000 at Rs 18,000 crore. It's still building more

Office space leased in Noida in last 3 years almost same as between 2010-20

Around 10 million sq feet of office space was leased out in Noida between 2010 and 2020 while almost the same has happened within the last three years, real estate stakeholders said Friday, noting the city's growth in the sector. Noida, they said, also has a chance to develop as a more sustainable city in terms of infrastructure as compared to Gurugram or Delhi while noting that the upcoming airport would also be a growth vector in western Uttar Pradesh region. Politicians, realtors, property consultants and researchers shared their views at 'the Growth Story of Noida', an industry event organized at CRC The Flagship here. "Between 2010 and 2020, the office leasing in Noida was around 10 million sq feet while since 2020 the region has seen nearly 9 million sq feet of total grade A leasing till September 2023 and the figure is likely to reach 10 million square feet by this year-end," Managing Director, North India, Colliers Bhupindra Singh said. "This speaks volumes about the growth

SEZ rules amendments to benefit commercial office leasing: Report

The recent changes in the SEZ rules will benefit commercial office leasing and allow flexibility in demarcating parts of the SEZ area without significant cost implications, according to a report. The department of commerce on December 6 notified amendments to the Special Economic Zones (SEZ) rules of 2005. The amendments permit demarcation of parts of an SEZ area into non-SEZ area after repayment of tax benefits availed to date. Such demarcated areas are expected to have better occupancy, in line with the existing non-SEZ spaces, Crisil Ratings said in a note on Friday. Hence, benefits from better leasing and higher income from such parts will outweigh associated costs, the report said. The SEZ Act was introduced in 2005 to drive exports by providing tax exemptions for companies operating in such areas. While the sunset clause on these benefits kicked in from April 2020, higher compliance requirements continued. Also, prior to the amendments, SEZ operators could de-notify only th

India at 14th spot in housing cost rise in Jul-Sep with 5.9% growth: Report

India jumped 18 places to 14th rank in home price appreciation globally in September quarter, with nearly 6 per cent price rise year-on-year, according to Knight Frank India. Real estate consultant Knight Frank's Global House Price Index tracks nominal and real price growth across 56 countries in local currencies. Turkiye is at number one position with an annual 89.2 per cent appreciation, followed by Croatia (13.7 per cent), Greece 11.9 per cent, Colombia 11.2 per cent and North Macedonia 11 per cent. "Annual global house prices continue to rise despite central banks' efforts to combat inflation through higher interest rates. Average annual price growth stands at 3.5 per cent, closely approaching the pre-pandemic ten-year average of 3.7 per cent," Knight Frank said. Among the 56 markets monitored, 35 experienced annual price growth, while 21 witnessed price decline. "India climbed 18 spots to 14th rank in the global house price index in Q3 2023. The price increase of 5.9 per cent

China's Country Garden prevents worsening of debt crisis with payment

The distressed builder's onshore unit, Country Garden Real Estate Group Co., repaid in full $111 million bond with a put option that expired Wednesday, it said in a filing

Embassy REIT expects SEZ regulation tweak to boost its finances from FY25

Embassy, which has business parks at SEZs in Bengaluru and Noida, saw its consolidated profit fall 46% to 236.8 million rupees ($2.84 million) in the September quarter, while its revenue grew about 4%

Embassy REIT expects SEZ regulation tweak to boost its finances from FY25

Embassy, which has business parks at SEZs in Bengaluru and Noida, saw its consolidated profit fall 46% to 236.8 million rupees ($2.84 million) in the September quarter, while its revenue grew about 4%

Office leasing in BFSI sector between Jan-Sep at a decadal high: CBRE

Within the BFSI sector, demand for office spaces was led by Global Capability Centres in the top six cities in India: CBRE

China's economy may slow sharply in 2024, recovery fragile: World Bank

China's economy will slow next year, with annual growth falling to 4.5% from 5.2% this year despite a recent recovery spurred by investments in factories and construction and in demand for services, the World Bank said in a report issued Thursday. The report said the recovery of the world's second-largest economy from setbacks of the COVID-19 pandemic, among other shocks, remains fragile, dogged by weakness in the property sector and in global demand for China's exports, high debt levels and wavering consumer confidence. The estimate that growth would be around 5% this year but then fall in coming months was in line with other forecasts. Growth is expected to slow further in 2025, to 4.3% from 4.5% next year, the World Bank said. The economy has yoyoed in the past few years, with growth ranging from 2.2% in 2020 to 8.4% in 2021 and 3% last year. Stringent limits on travel and other activities during the pandemic hit manufacturing and transport. Job losses due to those disruptions an