Page 116 - Real Estate

Godrej Properties debt up 17% to Rs 6,174 cr to fund land acquisitions

Realty firm Godrej Properties net debt rose 17 per cent in the July-September quarter to Rs 6,174 crore mainly due to fund acquisition of land parcels. According to its investors presentation, the net debt of Mumbai-based Godrej Properties stood at Rs 6,174 crore as on September 30, 2023. Its net debt was Rs 5,298 crore as on June 30, 2023 and Rs 3,649 crore at the end of the last fiscal. Last month, Godrej Properties Executive Chairperson Pirojsha Godrej had said that the net debt has risen because of aggressive land acquisitions done by the company since last April. Most of the land acquisition has been done outright which requires upfront payment, he had said. However, Pirojsha Godrej maintained that the debt position is comfortable as the net debt-equity ratio is 0.65. During the last financial year, Godrej Properties acquired multiple land parcels across various cities to develop housing projects that can generate a revenue of Rs 32,325 crore. In the current fiscal, the comp

Evergrande risking liquidation if creditors veto plan for handling debts

A Hong Kong court will convene a hearing on Monday on troubled Chinese property developer Evergrande's plans for restructuring its more than USD 300 billion in debts and staving off liquidation. The company, the world's most indebted property developer, ran into trouble when Chinese regulators cracked down on excessive borrowing in the real estate sector. Last month, the company said Chinese police were investigating Evergrande's chairman, Hui Ka Yan, for unspecified suspected crimes in the latest obstacle to the company's efforts to resolve its financial woes. The Hong Kong High Court has postponed the hearing over Evergrande's potential liquidation several times. Judge Linda Chan said in October that Monday's hearing would be the last before a decision is handed down. Evergrande could be ordered to liquidate if the plan is rejected by its creditors. In September, Evergrande abandoned its initial debt restructuring plan after authorities banned it from issuing new dollar bonds, w

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

UP RERA issues notices to 130 promoters over illegal real estate ads

Uttar Pradesh Real Estate Regulatory Authority (UP RERA) on Friday said it has issued notices to about 130 promoters across the state for violation of rules related to advertisement of registered projects. The regulator also noted non-compliance with its recent orders by a majority of promoters despite being granted time during a review by UP RERA Chairman Sanjay Bhoosreddy, as per an official statement. In recent months, UP RERA has issued directions about the promotion and advertisements of registered and unregistered projects, mentioning the RERA registration number and portal prominently and uploading the coordinates of a designated director of the organisation for correspondence. It also called for updating and correcting the filed details of projects on the RERA portal, maintaining active telephone numbers for consumers, appointing knowledgeable persons to answer them and activating helpline numbers for mega projects. Apart from this, the directions included providing complet

India's flex stock to cross 80 mn sq ft by 2026, Bengaluru tops chart

This phenomenon is expected due to the change in workplace dynamics of the occupiers in tier-1 as well as tier-2 and tier-3 cities

India home prices to outstrip inflation, driven by high end of market: Poll

The survey predicted home prices in large urban centres Mumbai, Delhi and Bengaluru rising 6.0%, 7.0% and 7.0% next year, respectively

Property registrations in Mumbai to touch 11-year high in Nov: Knight Frank

Mumbai is expected to witness 9,548 property registrations in November, reflecting a 7 per cent increase compared to the same month last year

58 homes priced over Rs 40 cr sold in India this year, 4 above Rs 200 cr

Of the 53 deals in Mumbai city, at least three were for price tags above Rs 200 crore and seven deals were closed for between Rs 100 and Rs 200 crore each.

DLF mulls first bond issue in three years amid revival of real estate mkt

"It is difficult to pinpoint the exact timing (of the issue), as the talks are at a very basic stage," the banker said

DDA identifies land to build cricket stadium, five-star hotel in Narela

The Delhi Development Authority (DDA) has identified 50 acres of land in Narela for developing an international cricket stadium along with a five-star hotel and a world-class medical facility, Raj Niwas officials said on Wednesday. Lieutenant Governor V K Saxena has asked the DDA to also identify land in the area for facilities for football, hockey and other Olympic sports, they said. In a major decision that will give a decisive push to infrastructure development here and change the landscape of Narela, DDA has identified 50 acres of land near the Urban Extension Road Project (UER-II) for the development of an international cricket stadium along with a five-star hotel and a world-class medical facility, the officials said. "Saxena, who has been steering the project, has also directed DDA to further identify land parcels in the vicinity to develop sporting infrastructure related to football, hockey and other Olympic sports, with the view to strengthen Delhi's claims for hosting the

DDA identifies land to build cricket stadium, five-star hotel in Narela

The Delhi Development Authority (DDA) has identified 50 acres of land in Narela for developing an international cricket stadium along with a five-star hotel and a world-class medical facility, Raj Niwas officials said on Wednesday. Lieutenant Governor V K Saxena has asked the DDA to also identify land in the area for facilities for football, hockey and other Olympic sports, they said. In a major decision that will give a decisive push to infrastructure development here and change the landscape of Narela, DDA has identified 50 acres of land near the Urban Extension Road Project (UER-II) for the development of an international cricket stadium along with a five-star hotel and a world-class medical facility, the officials said. "Saxena, who has been steering the project, has also directed DDA to further identify land parcels in the vicinity to develop sporting infrastructure related to football, hockey and other Olympic sports, with the view to strengthen Delhi's claims for hosting the

With retail demand and investor interest up, India set to get bigger malls

High interest from investors, along with comfortable balance sheets, is expected to keep credit risk profiles of mall owners stable, says Crisil

'Indian real estate most preferred in Asia-Pacific for global investors'

Colliers data also shows institutional investment in real estate soared 27 per cent year-on-year in the first nine months of 2023

India to build 10k more houses in Sri Lanka in extension of housing project

India will build 10,000 more houses in the plantation areas of Sri Lanka in an extension of its housing project in the country. The High Commission of India signed two significant agreements for the construction of 10,000 houses in plantation areas of Sri Lanka under Phase-IV of the Indian Housing Project on Tuesday, a statement said. Separate agreements with the two Implementing Agencies namely National Housing Development Authority (NHDA) and State Engineering Corporation (SEC) are aimed at early rollout of the construction of the 10,000 houses. Counsellor and Head of Development Cooperation Wing, Eldos Mathew Punnoose, Chairman of SEC, Rathnasiri Kalupahana, and General Manager, NHDA, Kankanamalage Ajantha Janaka were the signatories to the two agreements. Phase IV of the Indian Housing Project is spread across 11 districts and 6 provinces of Sri Lanka. It may be recalled that the overall commitment of the Government of India under the Indian Housing Project currently stands a

Delhi RERA withdraws order banning listing new property after meeting L-G

The Delhi Real Estate Regulatory Authority withdrew its September order directing sub registrars not to register properties in violation of building bylaws, hours after its top brass met Lt Governor V K Saxena on Tuesday, officials said. Earlier in the day, Saxena met the chairman and members of Delhi RERA along with the chief secretary and divisional commissioner at Raj Niwas over the issue. "The LG impressed upon and requested the RERA to revisit its order in view of the hardship it is causing to common people in Delhi," said a Raj Niwas official. A fresh order issued by Delhi RERA secretary stated, Considering the various facts on record, the Authority has decided to withdraw its order dated 11.09.2023 with immediate effect." During the meeting with RERA chairman and members, the LG brought to their notice the "acute problems and harassment" being faced by the residents of Delhi in a wide ranging discussion regarding the "repercussion of its order", the Raj Niwas official said.

Realty major Tribeca Developers appoints Rajat Khandelwal as its CEO

Realty firm Tribeca Developers on Tuesday said it has appointed Rajat Khandelwal as the Chief Executive Officer. Khandelwal has 19 years of experience in the industry. He has served as the President of Central Park in Delhi-NCR, as the CEO of West India of Ozone Group, and as the COO of Omkar Developers, the company said in a statement. Khandelwal holds a PGDM in Finance and Marketing from IIM Kozhikode and a BE in Mechanical Engineering from SGSITS, Indore. "Tribeca is currently in an accelerated growth phase, and I am confident that Rajat is the ideal person to spearhead the business to new heights during this pivotal time," Tribeca Developers Founder Kalpesh Mehta said. Currently, Tribeca is developing over 6 million sq ft of branded residential projects in India with a sale value of Rs 6,000 crore and has a development pipeline of over 4 million sq ft. Tribeca is the largest developer of Trump-branded properties in the world, second only to the Trump Organization, the statemen

OYO restarts self-operated hotels, seeks partnerships with realty sector

Hospitality tech platform OYO on Tuesday said it has restarted self-operated hotels tagged as 'Managed by OYO' through the company's app and website and is seeking partnerships with real estate developers to identify properties for these hotels. "As part of the program, OYO will secure annual to long-term management contracts on the revenue share basis of 200 premium hotels across Indian metros and give its top hotel operators an opportunity to leverage their expertise in maintaining operational excellence and high customer satisfaction," the company said. OYO closed its self-operated hotel model in 2020, just before the start of the first wave of COVID-19, and is restarting after three years. During the pilot phase of the programme, OYO has partnered with 30 realtors and started operations in more than 35 hotels. These hotels are spread across key cities such as Delhi, Bengaluru, Hyderabad, Kolkata, Goa, Jaipur, Mumbai, Chennai, Pune, Pondicherry and Vadodara. These hotels will be

Bhutani Infra sells all retail units in Noida project in 12 hours of launch

Luxury realtor Bhutani Infra on Monday said all retail spaces in its new project Avenue 133 -- a mall in Noida Sector 133 -- were sold out within 12 hours of its launch. Industry sources said the sale of retail space in phase one of Avenue 133 has fetched over Rs 1,000 crore for the real estate developer, with price ranging from Rs 24,000 sq ft to Rs 40,000 sq ft. The second phase of the project is scheduled for sale next year and the group is eyeing revenue upwards of Rs 1,500 crore from it, a source close to the realty group told PTI. "Avenue 133 is one of the fastest selling assets. Our last record stood at three weeks. This time it has been less than 12 hours," Bhutani told PTI. However, he declined to share details about units sold or revenue earned. About the pace of sale, Bhutani said the speed is not surprising for Noida, which has become the point of focus in the industry now. "The plus point with this project is that it has filled a void for a good, major commercial pro

Small and medium REITs: Most players ready for a shift to new Sebi rules

Most existing players said that Sebi's proposed framework will help reach a wider audience and help lower costs

Ganga Realty plans over Rs 1,000 cr investment on Gurugram housing project

Real estate developer Ganga Realty on Monday said it will invest more than Rs 1,000 crore to develop a luxury housing project in Gurugram, Haryana. The company will build 302 apartments in this project 'Nandaka 84', which is spread over 8.33 acres, Ganga Realty said in a statement. The housing project will be completed by 2028. Vikas Garg, Joint Managing Director, Ganga Realty, said the investment of over Rs 1,000 crore will be funded through internal accruals. The prices of the apartments and penthouses start from Rs 4.05 crore onwards. In March this year, Ganga Realty had announced investments of Rs 750 crore to build an affordable housing project in Gurugram. The company is developing 2,972 apartments in its project 'Tathastu', which is spread over 22 acres in Sector 5, Sohna-Gurugram. The price of the apartment starts from Rs 25 lakh. The demand for luxury homes have risen in Gurugram in the last two and half years. To tap this demand, many real estate developers are develo