Page 117 - Real Estate

Fractional ownership of property as investment tool to get boost: Experts

Market regulator Sebi's decision to allow the setting up of small and medium REITs will help regulate and propel the growth of new-age investment avenue called fractional ownership of rent yielding real estate assets, according to industry players. Real estate technology platforms facilitating fractional ownership of rent-yielding properties welcomed the Sebi decision to regulate fractional ownership real estate market, which is still at a nascent stage in India. Proptech platforms such as YOURS, ALYF, hBits, and WiseX are helping investors in having fractional ownership of primarily office and luxury holiday homes assets. Real estate consultants like Square Yards and 360 Realtors have also entered into this space. On Saturday, the Sebi board approved amendments to REITs (Real Estate Investment Trusts) Regulations, 2014 in order to create a regulatory framework for the facilitation of Small and Medium REITs (SM REITs), with an asset value of at least Rs 50 crore vis-a-vis minimum .

India's 35% stalled housing projects in Noida: White paper on homebuyers

Thirty-five per cent of India's stalled residential projects having 1.65 lakh flats worth a total of Rs 1.18 lakh crore are in Uttar Pradesh's Noida and Greater Noida, according to a white paper released on Sunday. Besides, there are at least one lakh individuals who are still waiting to register their flats while nearly 60,000 others are yet to be handed flats long after their possession date, stated the white paper, issued by citizens' platform Noida Dialogue and private body Namo Seva Kendra. BJP national vice president Gopal Krishna Agarwal on Sunday unveiled the 'White Paper on Homebuyers Issues in Gautam Buddh Nagar (Uttar Pradesh)' during a programme in Greater Noida West in presence of scores of aggrieved investors. He called for resolution of the long-pending issues of homebuyers, emphasizing the action as suggested in the white paper would come from both the Centre as well as the Uttar Pradesh government. More than 850 residential projects have been inaugurated in the Gau

Macrotech aims to trim net debt to below Rs 6,000 cr by March: MD Lodha

Realty firm Macrotech Developers aims to bring down its net debt to below Rs 6,000 crore by March next year from Rs 6,730 crore at the end of September quarter with the help of better cash flow. Macrotech Developers, which markets its properties under Lodha brand, has a presence in Mumbai Metropolitan Region (MMR), Pune and Bengaluru markets. "We have reduced our net debt by about Rs 540 crore in the second quarter of this fiscal to Rs 6,730 crore. Our target would be to reduce debt to below Rs 6,000 crore by end of this fiscal year," Macrotech Developers Managing Director and Chief Executive Officer Abhishek Lodha told PTI. The aim is to keep net debt below operating cash flow, which is estimated to be Rs 6,000 crore during 2023-24, he said. Lodha said the company had a strong performance during the September quarter on all important metrics -- sales bookings, collections of fund from customers against sales and acquisition of new land parcels for business development. "Our focus

ED searches realty major DLF in money laundering case against Supertech

The Enforcement Directorate has searched the premises of realty major DLF in Gurugram as part of a money laundering investigation against real estate firm Supertech and its promoters, official sources said Saturday. The central agency has recovered some documents during the action that was carried out over the past few days, they said. The action is linked to the ED investigation against Supertech, the sources said. An email sent by PTI to DLF did not elicit an immediate response. The ED had arrested Supertech promoter R K or Ram Kishor Arora in this case in June. It had then alleged that Arora was the main controlling person of the group who decided to "divert" crores of funds of investors and homebuyers to various shell companies. The money laundering case, filed under the criminal sections of the Prevention of Money Laundering Act (PMLA), stems from as many as 26 FIRs registered by the police departments of Delhi, Haryana and Uttar Pradesh against Supertech Limited and its gro

Emaar Properties faces FIR on MGF's complaint after Gurugram court order

On a Gurugram court's direction, police here have booked UAE-based realtor company Emaar Properties PJSC, its Indian subsidiary Emaar India and 13 others for allegedly cheating its former business partner MGF through undervaluation of land and other offences. Emaar India, in a statement, denied any "association of criminality with this issue" and alleged that it "appears to be nothing but another attempt by MGF to further harass Emaar and its employees. Following an order by Chief Judicial Magistrate Ramesh Chander on November 18, the FIR was registered on November 20 against EMAAR Properties PJSC and its Indian subsidiary, Emaar India Ltd, its director Bharat Bhushan Garg and others, the police said. The case was registered under various sections including 406 (criminal breach of trust), 418 (cheating with knowledge), 471 (using forged document), 120-B (criminal conspiracy) and 506 (criminal intimidation) of the IPC at the Sector 29 police station, they said. According to the ..

Prestige Estates expects Rs 550 cr from new housing project in Bengaluru

Realty firm Prestige Estates Projects Ltd expects Rs 550 crore revenue from its new residential project in Bengaluru. The company has launched a new housing project, 'Prestige Glenbrook' in the heart of Whitefield, Bengaluru's IT hub. "The development comprises 285 apartments across two high-rise towers with a developable area of 0.7 million square feet and has a revenue potential of Rs 550 crore," Prestige said in a regulatory filing on Thursday. Prestige Estates expects its sale bookings to rise 55 per cent this fiscal to touch an all-time high of Rs 20,000 crore on strong demand for residential properties. Its sale bookings stood at Rs 12,931 crore in 202223. "We have done pre-sales of around Rs 11,000 crore in the first two quarters. We had guided around Rs 16,000 crore (for the entire 2023-24). But having done Rs 11,000 crore of sales in the first six months, the team is very confident. Once all the approvals come and launches happen, we should cross Rs 20,000 crore," Prestig

Seek HC help in 100% evacuation clause: DDA to Signature View residents

The residents of the Signature View Apartments, up for demolition in north Delhi, can approach the high court for a hearing on the vacation clause since the matter now is sub judice, the DDA told the building RWA on Thursday. The apartment complex in Mukherjee Nagar, built in 2007-09 with 336 MIG and HIG flats, has some construction issues and is up for demolition by the Delhi Development Authority. The DDA had earlier offered to pay the residents rent only if all 336 flats are vacated. The RWA challenged the condition citing its inability to get all 336 flat owners to handover their keys at once, and requested the authority to bring down the 100 per cent vacation clause to 75 per cent, in the hope that the rest will follow the suit soon. But since the residents of nine apartments have moved the Delhi High Court and got a stay order on further action by the DDA, the matter now lies with the court, the DDA says. The RWA President said the meeting was held because the DDA was eager t

India needs 2 bn sq ft of additional healthcare real estate: Knight Frank

India is facing a deficit of 2.4 million beds to achieve the standards set by the World Health Organization

Infra push: IT hubs lead surge in price of residential real estate

Hyderabad's Gachibowli logs highest rise in avg prices between Oct 2020 and now

RMZ Corp aims to add $25 billion of assets by 2029 as it expands portfolio

RMZ has been operating in the office space for nearly two decades, along with involvement in retail and residential segments

Raymond loses Rs 1,500 cr market value after family feud breaks out

Nawaz Modi alleges corp governance lapses in the company

MANA Projects to invest Rs 500 cr in luxury housing project in Bengaluru

Realty firm MANA Projects will invest around Rs 500 crore to develop a luxury housing project in Bengaluru as it seeks to tap the rising demand for premium properties. Bengaluru-based MANA has launched a residential project which is spread over 6.39 acres and comprises 680 flats at Sarjapur Road. D Kishore Reddy, Chairman and Managing Director of MANA, said the project 'MANA Dale' will be completed over the next four years. The starting price is Rs 1.60 crore per unit. When asked about investment to develop this project, Reddy said the project cost is estimated at around Rs 500 crore. "With this launch, we further extend our presence in East Bengaluru," he said. Founded in 2000, the company is mainly into the development of residential projects. Housing demand has been strong since the last two years on pent up demand. According to real estate consultant Anarock data, housing sales rose 36 per cent year-on-year to a record 1,20,280 units across seven major cities during the ...

Brigade Enterprises to double seats in coworking brand BuzzWorks by FY24

Former hospitality and real estate professional Siddharth Verma has been appointed general manager (GM) to oversee the planned expansion of BuzzWorks

Godrej Properties to meet Rs 14K-cr sales bookings target: Pirojsha Godrej

Realty firm Godrej Properties will meet its target to sell properties worth Rs 14,000 crore this fiscal year as it expects strong demand for ongoing and upcoming housing projects, its Executive Chairperson Pirojsha Godrej said. Godrej Properties, the real estate arm of Godrej Group, had sold properties worth Rs 12,232 crore in the previous fiscal. In an interview with PTI, Pirojsha Godrej said the company is focusing on the launch and timely execution of new housing projects across major cities. "We are confident of meeting the annual guidance of Rs 14,000 crore of sales bookings. Hopefully, we can do better," he said when asked about the company's sales performance. The company has achieved 48 per cent growth in its sales bookings to Rs 7,288 crore during the April-September period of 2023-24 fiscal from Rs 4,929 crore in the year-ago period. Pirojsha noted that the company has an aggressive launch pipeline in the second half of this fiscal in four focus markets -- Delhi-NCR, Mum

Bengaluru office market dips in Q3, Hyderabad sees sharp jump: Report

7 Indian cities clock 21% growth in office leasing; 26% increase in new supply

Tata Realty in an expansion mode, in India and international markets

Has over 50 projects across India, Sri Lanka, and the Maldives

L-G refuses to consider Delhi govt's report on land acquisition case

Delhi Lieutenant Governor V K Saxena has refused to consider a report of Vigilance Minister Atishi alleging "prima facie complicity" of Chief Secretary Naresh Kumar in the Bamnoli land acquisition matter, saying it seems to be "completely based" on the minister's preconceived assumptions and presumptions, sources in the Raj Niwas said on Sunday. On its end, the Delhi government said the LG should "allow an impartial enquiry by CBI into the matter and not prejudge the matter and protect certain individuals because of his fondness for them". In a file noting the government's submission of the report to him, Saxena has said the report "could very well go on to hamper the ongoing investigation, instead of facilitating it". I have received the 'Preliminary Report' on 'Complaints', submitted by the Hon'ble Minister (Vigilance) and endorsed by the Hon'ble Chief Minister. It is surprising and unfortunate, to say the least, that this report, which deals with sensitive vigilance-related matte

3,294 acres acquired since Jan 2022 for residential projects: JLL report

Tier-II and -III cities accounted for 44.4% (1,461 acres) of the total land area transacted in the country

3,294 acres acquired since Jan 2022 for residential projects: JLL report

Tier-II and -III cities accounted for 44.4% (1,461 acres) of the total land area transacted in the country

Brigade to develop 2 mn sq. ft. of residential housing space in Bengaluru

Project estimated to yield revenue of Rs 2,100 crore on completion