Page 119 - Real Estate

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

Brookfield India REIT Q2 net operating income up 44% to Rs 346.7 crore

Brookfield India Real Estate Trust on Tuesday reported a 44 per cent rise in net operating income to Rs 346.7 crore in the second quarter of this fiscal year and distributed Rs 193.2 crore to unit holders, primarily as dividend. Its net operating income (NOI) stood at Rs 241.3 crore in the year-ago period. In a regulatory filing, the company informed that it achieved gross leasing of 5.21 lakh square feet during the July-September period of 2023-24 financial year. Income from operating lease rentals increased by 33 per cent to Rs 274.1 crore in the second quarter of this fiscal, from Rs 205.6 crore in the year-ago period. Brookfield India Real Estate Trust has seven large integrated office parks located in Mumbai, Gurugram, Noida, and Kolkata. Its portfolio consists of 25.3 million square feet of total leasable area, comprising 20.7 million square feet of operating area, 0.7 million square feet of under construction area and 3.9 million square feet of future development ...

India saw sale of luxury homes double in first 9 months this year: CBRE

CBRE said that the home sales in the festive season this year are expected to be the highest in three years

NYC, San Francisco offices brace for pain from WeWork's bankruptcy

The coworking giant's spiral into bankruptcy hit landlords along the way as it renegotiated and sought to exit many leases

WeWork's bankruptcy proceeding caps swift downfall for $47 billion standout

It caps a wild ride for a company that began with the idea of re-imagining staid offices as fun places to hang out and grew to a behemoth worth $47 billion at its peak

IBBI suggests project-based insolvency, excludes allotted property

IBBI has also proposed project-based insolvency to attract multiple bidders for different projects in real estate insolvencies

Realtors gear up for firecracker Diwali, offers slew of attractive schemes

Flexi payment plans, iPads, and Amazon vouchers on offer for festival buyers

Green buildings can reduce emissions by 35%, maintenance costs by 20%

KPMG in India and Colliers' 'Sustainable real estate: An opportunity to leverage' report finds developers moving towards sustainable real estate despite costs increasing by 5-15%

Festive season: Residential real estate sector witnesses robust demand

The festive season provides the one last thrust to residential real estate activity in India, according to Colliers India

IBBI likely to bring out discussion paper on real estate insolvency

Increased involvement of the Real Estate Regulatory Authority, or RERA, could also be proposed in the upcoming discussion paper

Real estate developer Sobha posts Q2 profit fall on higher expenses

Analysts, however, flagged muted launches by regional developers, including Sobha peers Prestige Estate Projects and Brigade Enterprises

D B Realty arms sell shareholding in Siddhivinayak Realties for Rs 376 cr

D B Realty on Thursday said its subsidiaries have sold their entire shareholding in form of shares and debentures in Siddhivinayak Realties Pvt Ltd to Reliance Commercial Finance Ltd (RCFL) for Rs 376.18 crore to settle dues partly. In a regulatory filing, Mumbai-based D B Realty said that its subsidiaries have entered into a share purchase agreement on November 1 to sell their entire shareholding in equity shares and OCDs (optionally convertible debentures) in Siddhivinayak Realties to RCFL for Rs 376.18 crore. This has been done to "settle part of the group liabilities given by RCFL to the company, its subsidiary - Goregaon Hotel And Realty Pvt Ltd and its associate - Bamboo Hotel & Global Centre (Delhi) Pvt Ltd.

Home sales in India this year to be 30% higher than in 2022: Colliers

Industry numbers show that home sales this year have already crossed the total sales in 2022, the consultancy said

Real estate developers liable to pay GST for over-charging electricity

Real estate developers and RWAs will be liable to pay 18 per cent GST on electricity bills if they charge from flat owners more than the power tariff prescribed by Discoms. The Central Board of Indirect Taxes and Customs (CBIC) has issued a clarification on the applicability of GST on reimbursement of electricity charges received by real estate companies, malls, airport operators etc from their lessees/occupants. As per the clarification, where electricity is supplied by the real estate owners, resident welfare associations (RWAs), real estate developers etc as a pure agent, it will not form a part of the value of their supply. It further said where they charge for electricity on an actual basis that is, they charge the same amount for electricity from their lessees or occupants as charged by the state electricity boards or Discoms, they will be deemed to be acting as 'pure agent' for this supply, and hence GST will not be levied. The CBIC clarification came after doubts were raise

315Work Avenue leases 162,000 sq. ft. of shared office space to BNY Mellon

315Work Avenue now has five centres spread across 0.5 million square feet in Pune, totalling around 10,000 seats in the city and plans to double it by 2024

Mumbai reports 4th highest rise in home prices globally: Knight Frank

The price rise was the steepest in Manila at 21.2%, followed by 15.9% in Dubai and 10.4% in Shanghai

Global real estate fundraising slumps 71% with interest rate risk

Around the world, $18.2 billion was raised by 61 funds in the three months through September, a 71% decline from the second quarter, when 117 funds raised $63.4 billion

Registration of properties in Mumbai up 26% to 10,607 units in Oct

Registration of properties in Mumbai municipal region rose 26 per cent annually to 10,607 units during October, according to Knight Frank India. Total 8,422 properties were registered in October last year in Mumbai city (area under BMC jurisdiction). Of the overall registered properties, residential units constituted 80 per cent. The registration in October 2023 has been the highest in the past 11 years. Shishir Baijal, Chairman & Managing Director, Knight Frank India, said, "The Mumbai residential real estate market continues to demonstrate impressive resilience, consistently exceeding the threshold of 10,000 property transactions." Commenting on the trend, CREDAI President Boman Irani said, "October has witnessed another strong month of property registrations and housing sales, which is a further validation of homebuyers' positive sentiments especially amidst the ongoing festive season." Apart from this being an auspicious time to buy a house, Irani said there are other factors

DLF's sales bookings rise 9% to Rs 2,228 crore during Jul-Sep quarter

Realty major DLF has achieved a 9 per cent growth in sales bookings to Rs 2,228 crore during the second quarter of this fiscal mainly on better demand for its luxury housing project. According to its investors' presentation, DLF clocked sales bookings of Rs 2,228 crore during the July-September period of this fiscal from Rs 2,052 crore in the year-ago period. DLF sold 14 units at its super-luxury housing project 'The Camellias' for Rs 720 crore during the second quarter of this fiscal. The company sold commercial units worth Rs 160 crore. In a statement, DLF said, "Our new products and existing inventory continue to evince strong customer interest. Our super luxury offering - The Camellias in DLF 5, Gurugram, saw healthy demand during the second quarter and continues to set new benchmarks vindicating strong demand for high quality residential products backed by a strong brand". DLF said it continues to see sustained demand momentum across all segments and hence keeps a positive ...

DLF Q2 results: Net profit up 31% to Rs 623 cr on higher revenue

Realty major DLF on Monday reported a 31 per cent rise in consolidated net profit to Rs 622.78 crore for the second quarter of this fiscal year on higher revenue. Its net profit stood at Rs 477.04 crore in the year-ago period. Total income increased to Rs 1,476.42 crore from Rs 1,360.30 crore in the corresponding period of the previous year, according to a regulatory filing. During the April-September period of this fiscal, DLF's net profit rose to Rs 1,149.78 crore from Rs 946.61 crore in the year-ago period. Total income grew to Rs 2,998.13 crore in the first six months of this fiscal from Rs 2,876.78 crore earlier.