Page 118 - Real Estate

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

Suraksha Realty directors buy Rs 100 cr sea-facing luxury flats in Worli

The brothers have bought the top-floor apartments in the super luxury project Naman Xena, located on the 26th and 27th floors of the tower

Total number of operational GCCs in India to increase 20% by 2025: CBRE

CBRE said that the availability and cost of talent, real estate, and supporting regulatory framework have made India the most sought-after destination for GCCs

Puravankara bags two housing societies' redevelopment projects in Mumbai

Realty firm Puravankara Ltd has bagged two housing societies' redevelopment projects in Mumbai with a revenue potential of Rs 1,500 crore. In a statement, Bengaluru-based Puravankara Ltd said it has "secured the residential redevelopment rights for the two housing societies in the western suburbs of Mumbai". Situated in Andheri West, the project is spread over 3 acres. "It has a cumulative estimated development potential of 5.8 lakh square feet of carpet area, with approximately 3.65 lakh square feet available for sale and a potential Gross Development Value (GDV) of Rs 1,500 crore over the project's lifecycle," the statement said. Abhishek Kapoor, Group CEO of Puravankara Ltd, said this is a significant milestone as it marks our entry into the redevelopment segment. "This strategic move also underscores our commitment to expanding our footprint in Mumbai's thriving real estate market," Kapoor added. Puravankara Ltd has posted a consolidated net loss of Rs 11.22 crore in the Sept

Festive boom: Mumbai property sales between Navratri and Diwali up 30%

The daily average registration rate in Mumbai climbed 26% during the October 15 and November 15 period to 407 units from 322 units last year

China housing gloom worsens as prices decline further, most in eight years

New-home prices in 70 cities, excluding state-subsidized housing, declined 0.38% last month from September, when they dropped 0.3%, National Bureau of Statistics figures showed

DDA to offer 32,000 flats of different categories under new housing scheme

The Delhi Development Authority's (DDA) highest decision-making body on Wednesday gave its nod to launch a 'Festival Special Housing Scheme 2023' under which more than 32,000 flats of different categories will be put up for sale, officials said. For the first time, more than 1,100 luxury flats will be up for grabs. These include penthouses, super HIGs and HIGs at Dwarka 19B, overlooking the upcoming DDA golf course. All these flats will be sold through e-auction, they said. The decision to launch the scheme was taken during a meeting chaired by Lieutenant Governor V K Saxena, who is also the DDA chairman. The DDA "approved launching of 'Festival Special Housing Scheme 2023', with more than 32,000 flats of different categories at various locations such as Dwarka, Lok Nayak Puram and Narela", an official statement said. People can buy DDA houses even if they already own a flat or plot in Delhi. Flats will be offered through e-auction and on a first come, first served (FCFS) basis, ..

Risland targets Rs 300 cr revenue from sale of luxury flats in South Delhi

Realty firm Risland India is expecting a revenue of around Rs 300 crore by selling the remaining 39 apartments in its completed ultra-luxury housing project in South Delhi. Global realty firm Risland Holdings forayed into the Indian real estate market in 2019 with its first housing project near Chhattarpur in the national capital at an estimated cost of about Rs 750 crore. In a statement, Risland India said the company has obtained the occupancy certificate (OC) for the 100-metre high-rise project 'Sky Mansion'. Risland CEO Jonathan said the project was officially launched in 2020 but the company is offering possession to its customers in advance as against the official possession date of August 2024. "There are 160 units in the project and out of that 121 units have been sold so far," Jonathan said. The company has achieved sales bookings of Rs 600 crore from these 121 sold units and expects another Rs 300 crore from the balance 39 apartments. Risland India Director (Sales & ...

China economy shows sparks of life despite weakness in real estate sector

China's economy showed more signs of reviving in October as retail sales and manufacturing picked up though the property sector remained sluggish, the government said Wednesday. Factory output rose 4.6% from a year earlier in October, while retail sales jumped 7.6%, helped by robust spending during the weeklong National Day holidays. But real estate investment sank 9.3%, and officials acknowledged that the industry was still in the midst of adjustment, after a crackdown on excessive borrowing by developers two years ago, coupled with the pandemic, plunged the industry into crisis. Disruptions to manufacturing, transport, travel and virtually every other aspect of life during the pandemic ended nearly a year ago when China's leaders abandoned their zero-COVID policies aimed at preventing infections. So improved economic data from October also reflect lower rates of growth a year earlier. Overall, China's recovery from the pandemic has been fitful, though recently activity has revive

Real estate sector bats for green spaces, investors willing to pay premium

DECARBONISING REALTY: The sector creates spaces that breathe life; corporates and investors willing to pay a premium to comply with global sustainability norms

Eldeco Group to invest Rs 300 cr on housing project in Himachal Pradesh

Realty firm Eldeco Group will invest about Rs 300 crore to develop a ultra-luxury housing project, comprising 80 villas, in Himachal Pradesh to tap rising consumer demand of high-end residential properties in hills. Delhi-based Eldeco Group has bought 30-acre land in Sirmaur district to develop ultra-luxury holiday homes and also established a separate subsidiary 'Terra Garden' to develop such projects across tourist locations. "We acquired 30 acre land parcel on hill few years ago. We will be developing 80 villas in this project," said Amar Kapoor, CEO of Terra Grande by Eldeco Group. The company has launched 35 villas for sale in the first phase. The starting price is Rs 5.5 crore, he added. Kapoor said the company will be investing about Rs 300 crore to develop this project. As per the declaration in registration with RERA, Eldeco Group's arm Terra Grande plans to complete this project in seven years. Kapoor said the company is looking for land parcels to develop such vacation

Realtor Anant Raj plans to raise Rs 500 cr through issue of securities

Realty firm Anant Raj Ltd on Saturday announced plans to raise up to Rs 500 crore through issue of securities to institutional investors. The company will seek shareholders' approval through a special resolution. It did not disclose the objective of the fund raising. In a regulatory filing, Anant Raj Ltd said the board of directors has inter-alia considered and approved "issuance of equity shares or other convertible securities by way of Qualified Institutions Placement (QIP), for an aggregate consideration not exceeding Rs 500 crore." The board also approved the notice of Extraordinary General Meeting (EGM) for seeking approval of shareholders by way of special resolution for approval for issuance of the securities. Recently, Anant Raj announced plans to launch three new housing projects in Gurugram and Andhra Pradesh in the next 6-9 months with an estimated sales value of Rs 4,000 crore, as it seeks to expand business amid strong demand for residential properties. Anant Raj Ltd

Shriram Properties Q2 sales bookings up 40% to Rs 608 cr on strong demand

Realty firm Shriram Properties Ltd has clocked 40 per cent growth in its sales bookings to Rs 608 crore in the second quarter of this fiscal year on better demand for its housing projects. Its sales bookings stood at Rs 435 crore in the year-ago period. According to an investors' presentation, Shriram Properties sales bookings grew 14 per cent to 1.15 million sq ft during the July-September period of this fiscal from Rs 1.01 million sq ft in the corresponding period of the previous year. Shriram Properties attributed the growth in bookings value to strong sustenance sales in ongoing projects and contribution from new phases launched during the July-September quarter. Higher sales values reflect the change in product mix and improved pricing, it said. In the first six months of the ongoing fiscal, Shriram Properties Ltd achieved sales volumes of 1.9 million sq ft -- up 14 per cent year-on-year (y-o-y) -- and sales values of Rs 1,066 crore -- up 43 per cent y-o-y. "We are encourage

Brigade Enterprises expects robust broad-based growth in next few quarters

Under real estate, Brigade caters to both residential and commercial spaces. Brigade provides the largest commercial space in Bengaluru at 3.5 million square feet

Signature Global Q2 loss narrows to Rs 20 cr; buys 25 acres in Gurugram

Realty firm Signature Global has posted a consolidated net loss of Rs 19.92 crore in the second quarter of this fiscal and said it will acquire an entity having 25 acres of land in Gurugram at nearly Rs 500 crore enterprise value. Its net loss stood at Rs 59.25 crore in the year-ago period. Total income also fell to Rs 121.16 crore during July-September period of 2023-24 financial year from Rs 135.68 crore in the corresponding period of the previous year, according to a regulatory filing on Thursday. Total expenses declined to Rs 144.84 crore in the second quarter of this fiscal year from Rs 223.33 crore in the year-ago period. Signature Global also announced that it has signed a definitive agreement to acquire 100 per cent stake in Gurugram Commercity Pvt Ltd (GCPL), which owns 25.14 acre land in Sector 71 Gurugram. The enterprise value of GCPL is Rs 495 crore. "The acquisition of GCPL will result in the Company owning ~25.14 acres of land parcel in the prime location of sector-

IMF urges Pak officials to tax agriculture, real estate, retail sectors

The recent demand was kept during an ongoing review of the USD 3 billion stand-by arrangement (SBA), Geo News learned on Thursday

Real estate markets across Asia-Pacific face interest rate pressure: Report

Colliers' Q3 2023 APAC Cap Rates Report shows strong global sentiment towards the Indian real estate market, particularly in the industrial sector

IT hubs push home rent in India up 30% in first 9 months of 2023: Anarock

The highest jump in home rent of 31% was recorded in the Whitefield region in Bengaluru

Info Edge: Good Q2 results with hiring across segments, cautious outlook

September quarter saw hiring across segments except IT, where the management guidance continues to be cautious

DLF to buy residual stakes in entities owning land in Gurugram for Rs 40 cr

Realty major DLF will acquire residual stakes in certain entities that own 63 acres of land parcels in and around Gurugram for around Rs 40 crore. DLF acquired development rights of these land parcels during 200910. In a regulatory filing on Tuesday, DLF said the finance committee of its board has approved the acquisition of around 5.22 per cent shareholding in Invecon Pvt Ltd and 4.48 per cent and 3.24 per cent shareholding in its affiliates namely Vikram Electric Equipment and Uni International, respectively. These entities are collectively referred to as 'land owning companies'. The land-owning companies collectively hold around 63 acres of land parcels in and around Gurugram, for which the company already has existing agreements. DLF said it is executing definitive agreements with the sellers and the land-owning companies along with its six other affiliates. After execution, these land-owning companies and six affiliates would become subsidiaries of the company. The considera