Page 115 - Real Estate

Housing sales value to top 38%, cross Rs 4.5 trillion in 2023: Report

Sales value in nine months of 2023 exceeds that recorded in the whole of last year: Anarock Group

M3M India targets Rs 5,000 cr revenue from 333-acre township in Haryana

Realty firm M3M India on Wednesday said it is targeting 5,000 crore in revenue from its 333-acre township in Panipat. In a statement, the company said it has received the license to develop the 'M3M City of Dreams' township at Panipat in Haryana. The company has already sold over 700 plots -- worth about Rs 1,100 crore -- out of 2,100 plots, M3M said. M3M is expecting a topline of Rs 5,000 crore from this project. The company has received RERA registration for the entire 333-acre land parcel that it had acquired from Ambience for Rs 1,500 crore, including necessary government fees. "The company is investing Rs 1,200 crore, towards its development," M3M said, adding that the total cost, including land price, would touch Rs 2,700 crore. Gurugram-based M3M aims to deliver this project in the next 15-18 months.

AI to Cloud: With eye on the future, smart office boom grows louder

Smart office buildings, which incorporate features such as smart desks, motion sensors, and indoor digital maps, may grow up to 30% in five years

Godrej eyes Rs 3,000 cr revenue from new luxury housing project in Gurugram

Realty firm Godrej Properties will soon launch a luxury housing project in Gurugram with an estimated revenue potential of around Rs 3,000 crore as it seeks to encash a rise in demand for premium residential properties. The company will develop nearly 750 apartments in a 9.5-acre housing project 'Godrej Aristocrat' located at Sector 49 in Gurugram. The starting price is around Rs 4 crore per unit. According to real estate consultants, Godrej Properties has started seeking expressions of interest (EOI) from potential homebuyers and already received more than 1,200 EOIs. Market sources said the company is expecting to generate revenue of around Rs 3,000 crore from this project. Real estate consultant Anarock Vice Chairman Santhosh Kumar said the Gurugram housing market remains buoyant despite a sharp appreciation in prices. In March, DLF Ltd sold 1,137 luxury apartments, priced Rs 7 crore and above, in its housing project in Gurugram for over Rs 8,000 crore within three days. Proper

Jammu to issue notices for property source verification of NDPS convicts

In what is seen as a decisive move to combat drug trafficking in Jammu, the administration here is set to issue notices for verifying the sources of properties of those convicted under the Narcotic Drugs and Psychotropic Substances (NDPS) Act, officials said. These directives were issued to Sub-Divisional Magistrates (SDMs) by District Magistrate Sachin Kumar Vaishya during a district-level committee meeting under the Narco Coordination Centre (NCORD). SDMs should issue notices for ascertaining the sources of properties of convicts under NDPS, Vaishya said. Senior Superintendent of Police Vinod Kumar and Additional Deputy Commissioner (LO) Ansuya Jamwal, SDMs and other officers concerned were present in the meeting. Highlighting the urgency of the situation, the DM urged the SDMs to invoke the NDPS Act to combat the menace. The district magistrate discussed strategic measures to deter individuals involved in drug trafficking and stressed the importance of identifying drug hotspots

Macy's gets $5.8 billion buyout offer from investor group, says report

Arkhouse, Brigade Capital submitted a proposal to acquire the firm's stock for $21 a share

IT-SEZs office space vacancies to reduce due to amended rules: Experts

Indian REITs Association (IRA) on Monday hailed the government decision to allow demarcation of a part of the built-up area within an SEZ unit for non-processing uses, saying this will help in filing the vacant office spaces in SEZs across major cities. Brookfield India Real Estate Trust (BIRET), Embassy Office Parks REIT, Mindspace Business Parks REIT, and Nexus Select Trust, which are the founding members of the IRA, feel that the move would boost growth in India's office REIT market. The new regulations will allow partial and floor wise conversion of processing to non-processing areas, through a key amendment to SEZ Rules, 2006, the association said in a statement. "The SEZ portfolios across REITs currently maintain an occupancy rate of around 80 per cent. The recent amendment is expected to elevate occupancy levels, specifically in Grade A Business Parks," it added. The amendment also permits the utilisation of non-processing areas within these SEZs for establishing businesses

65% Indians looking to buy a home in 2024: NoBroker Annual Report 2023

The contributing factors include narrowing the gap between rents and EMIs, increase in affordability and security of owning a home

Affordability levels of homes hit in last 2 years, to improve in 2024: JLL

The rise in housing prices and mortgage rates have impacted affordability levels to buy homes in the last two years across seven major cities but it may improve next year due to a likely reduction in repo rate, according to JLL India. The improvement in affordability levels would further boost housing sales, which have risen despite increases in property prices and interest rates on home loans. The consultant on Sunday released its 'Home Purchase Affordability Index' (HPAI), which signifies whether a household earning an average annual income (at an overall city level) is eligible for a housing loan on a property in the city at the prevailing market price. "The rising repo rate in 2022 as the RBI reacted to the global recessionary and inflationary trends, plus a strong demand recovery spurring price hikes, worsened affordability in 2022," the report said. In 2023, the consultant said that affordability levels are likely to marginally worsen or remain the same when compared to 2022

Registration of properties in Pune up 7% in Nov amid higher demand: Report

Registration of properties in Pune rose by 7 per cent annually to 14,607 units in November on higher demand, according to Knight Frank India. Real estate consultant Knight Frank India on Sunday released properties' registration numbers of Pune compiled from the Maharashtra government data. A total of 14,607 units were registered last month, up from 13,694 registrations in November 2022, the data showed. Stamp duty collections for November 2023 stood at Rs 473 crore. The cumulative value of registered properties in November 2023 amounted to Rs 13,342 crore. During January-November 2023, Pune city recorded total registrations of 137,217 properties, up 9 per cent from 125,702 registrations in the corresponding period of the last calendar year. Stamp duty collections increased 10 per cent to Rs 4,779 crore during January-November this year from Rs 4,344 crore in the year-ago period. The overall value of registered properties in Pune rose 38 per cent year-on-year to Rs 106,562 crore d

Office space demand may fall 18-22% this CY: Credai-CRE Matrix

Demand for office space across six major cities is likely to decline 18-22 per cent this year on higher base effect and delays in decision making by corporates related to their expansion plans, according to CREDAI and CRE-Matrix. In their joint report, real estate developers' apex body CREDAI and data analytic firm CRE Matrix have estimated that the fresh leasing of Grade A premium office space stood at 55-57 million square feet in the 2023 calendar year. The data excludes renewals. The absorption of office space was 70 million square feet during 2022. During January-September period of this year, the leasing activities have already touched 41.8 million square feet across six major cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Pune, Chennai and Hyderabad. IT/ITeS, BFSI and co-working sectors drove two-third of office demand at a pan-India level. The report highlighted that the Grade A office space stock is 770 million square feet at the end of the third quarter

Multiple tailwinds likely to reverse REIT underperformance in markets

Commercial real estate players, especially large asset owners such as Embassy, Mindspace, Brookfield and DLF, were bearing the brunt of vacancies in SEZ space

All about property transfer, insurance ULIPs: Top personal finance stories

This week we explain the difference between a will and gift deed; next we analyse index funds of life insurers

Office rents up 7% in top 7 cities despite tepid leasing in H1FY24: Anarock

The report stated that amid increased office space completions, vacancy levels across most top cities rose marginally except in NCR, MMR, and Kolkata

Tech continues to lead; diversification shapes demand in real estate sector

By the end of 2023, office leasing space is expected to cross 50 million sq ft according to CBRE's 2023 Real Estate Overview and Outlook

Real estate firm Oberoi Realty buys 6.4-acre land in Thane for Rs 196 cr

Oberoi Realty has completed the purchase of a 6.4-acre land at Thane in Maharashtra for Rs 196 crore for the development of a real estate project. In a regulatory filing on Tuesday, Mumbai-based Oberoi Realty informed that the registry of the land has been done in its favour. In May, the company had entered into a Memorandum of Understanding (MoU) with NRB Bearings Limited for acquiring the lands located at Pokhran Road 2, Thane, Maharashtra, together with structures thereon. The acquisition was to be completed upon fulfilment of certain terms and conditions of the MoU. The same has been fulfilled. "The Company has on December 5, 2023, registered a conveyance deed of the said land admeasuring approximately 25,700 square meters (approx. 6.4 acres) in its favour and also taken possession of the said property," Oberoi Realty said. The total consideration for the acquisition of this land is about Rs 196 crore, which has been paid in its entirety. With the acquisition of this 6.4-acr

Real estate pre-sales to show robust growth in FY24: Motilal Oswal report

Pre-sales provide visibility to the company's future cash flows and collections and act as critical inputs for developers to strategise and time their new product launches

US-based Panattoni to invest Rs 110 cr for first warehousing park in India

US-based Panattoni, a global leader in industrial and logistics real estate development, will invest Rs 110 crore by March 2025 to develop a warehouse park in Delhi-NCR, its first project in the Indian market. In July last year, Panattoni announced its foray into India and said the company would invest USD 200 million to develop four industrial and logistics parks as it seeks to tap the growing demand for warehousing spaces across major cities. On Tuesday, the company announced its inaugural project in India with the Phase 1 launch of 'Panattoni Park NH71' in Delhi-NCR. "We have acquired 17-acre land to develop our first project in Delhi-NCR. The construction work will start in the first quarter of the next calendar year. It will take a year to complete the project," Panattoni India Managing Director Sandeep Chanda told PTI. The total cost to develop 3.6 lakh square feet of area would be around Rs 110 crore, he said, adding that the company has tied up with some institutional ...

Realty sector's inventory surges to over Rs 1 trn, outpacing sales growth

This analysis is based on a common sample of 19 listed real estate companies that are part of the BSE500, BSE Midcap, and BSE Smallcap indices

India's construction sector levels up as housing demand spurs economy

The construction sector grew 13.3% in July-September from a year earlier, up from 7.9% in the previous quarter and its best performance in five quarters, the data released on Thursday showed