Page 120 - Real Estate

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.

Realty firm Macrotech to launch housing projects worth Rs 12,000 cr by Mar

Realty firm Macrotech Developers Ltd plans to launch housing projects worth Rs 12,000 crore by March next year to tap strong consumer demand for quality homes from branded players, its MD and CEO Abhishek Lodha said on Monday. With strong launch pipeline, Lodha exuded confidence that the company would easily achieve the Rs 14,500 crore sales booking target fixed for the current fiscal year as against Rs 12,070 crore in the previous year. Macrotech Developers, which sells properties under 'Lodha' brand, has already achieved sales bookings of Rs 6,890 crore during the first six months of this fiscal. In an interview with PTI, Lodha said the company's operational performance during the first six months of the current 2023-24 fiscal was very strong in terms of sales bookings, collections from customers and new business development, which means acquiring new land parcels through outright and joint ventures. The company launched 3.7 million square feet of area during the first six months

Trident Realty to invest Rs 700 cr to build independent floors at Panchkula

Trident Realty on Sunday said it will invest Rs 700 crore to develop more than 400 luxury independent floors in Panchkula. Delhi-based Trident Realty is developing a 200-acre township Trident Hills at Panchkula. In the township, the company has launched 412 independent floors project 'Windsong Residences'. Trident Realty is planning to invest Rs 700 crore for the construction of 412 units of low-rise premium independent floors, the company said in a statement. Each independent floor shall be constructed on 360 and 545 square yard plot area with a starting price of Rs 2.22 crore. The company expects revenue of Rs 1,000 crore from the sales of independent floors, the statement said. S K Narvar, Group Chairman, Trident Realty, said, "We are confident of our expansion plans as we have an impressive pipeline of launches ahead. Trident Realty has a presence in Delhi-NCR, Mumbai Metropolitan Region and Tri-City (Chandigarh), with its footprints across housing, retail, office and hospit

Delhi-NCR 6th most expensive office rental mkt among APAC's top 23 cities

Delhi-NCR is the sixth most expensive market among Asia Pacific's prime office markets with an annual occupancy cost of USD 78.4 per square foot during the July-September period, according to Knight Frank. Occupancy cost includes rent, local taxes and other charges. Real estate consultant Knight Frank has released its Asia-Pacific Prime Office Rental Index for Q3 (July-September) 2023. Hong Kong SAR continued to be APAC's most expensive office market during the quarter with an occupancy cost of USD 164.7 per square foot per year. Mumbai was the ninth most expensive commercial market in the APAC region with an annual occupancy cost of USD 70.5 per square foot. Occupancy cost of prime office space in Bengaluru was USD 36.1 per square foot per year and the city was ranked 19th out of 23 cities tracked across the APAC region. Singapore was the second most expensive followed by Sydney, Tokyo and Seoul. Beijing ranked seventh, Ho Chi Minh City eighth and Shanghai 10th. "Demand for off

Smart city projects driving up prices of real estate: MD Hubballi Dharwad

Hubballi-Dharwad Smart City Limited has redeveloped Chitaguppi Hospital to provide high-quality healthcare services to the people of Hubballi-Dharwad

Macrotech Developers posts net profit at Rs 202.8 cr in Jul-Sep quarter

Realty firm Macrotech Developers Ltd on Saturday reported a consolidated net profit of Rs 202.8 crore for the July-September quarter of this fiscal. The company had posted a net loss of Rs 932.9 crore in the year-ago period. Total income declined marginally to Rs 1,755.1 crore in the July-September period of the 2023-24 fiscal from Rs 1,761.2 crore in the corresponding period of the previous year, according to a regulatory filing. Macrotech Developers sells properties under 'Lodha' brand. Commenting on the performance, Abhishek Lodha, MD & CEO, Macrotech Developers, said, We achieved our best ever quarterly pre-sales performance at Rs 3,530 crore showing 12 per cent YoY (year-on-year) growth in spite of the quarter being the seasonally weakest." With this strong performance, the company has achieved pre-sales of Rs 6,890 crore in the first half of this fiscal, its best-ever first half in terms of pre-sales or sales bookings. "On the ground, demand conditions continue to strengthe

Realty advisor CBRE cuts profit forecast as high rates hurt property market

"Commercial real estate capital markets remained under significant pressure in the third quarter," CEO Bob Sulentic said in a statement

Demand for co-working spaces surges due to flexible work, high realty costs

According to the 'India Real Estate Q3' report by Knight Frank, the country recorded office transactions of 16.1 million square feet during the July-September quarter

NBCC sells nearly 400,000 sq ft commercial space in Delhi for Rs 1,558 cr

State-owned construction firm NBCC (India) Ltd on Friday said it has sold nearly 4 lakh square feet of commercial space at the World Trade Centre in Nauroji Nagar, South Delhi for Rs 1,557.51 crore through an auction. NBCC conducted 21st auction for the sale of commercial space in the World Trade Centre, Nauroji Nagar. "The company has sold a total unsold commercial inventory of 3.91 lakh sq. ft. (approx) having sale value of Rs 1,557.51 crore," NBCC said in a statement. Out of the total area sold, 2.97 lakh square feet having sale value of Rs 1,183.7 crore has been sold to private entities. "This is the highest sale realisation in a single auction since the launch of WTC, New Delhi in 2017," the company said. So far, NBCC has sold a total unsold commercial inventory of 21.7 lakh square feet through open e-auction having sale value of Rs 8,751.61 crore. Housing and Urban Affairs ministry has appointed NBCC as implementing agency for re-development of Nauroji Nagar. NBCC is author

Institutional investors betting big on Indian housing, investments up 71%

The share of domestic investors accounted for 71% of total institutional investments received in the July-September quarter: Vestian

CRC Group eyes Rs 1,200 cr revenues from new commercial project in Noida

Realty firm CRC Group is expecting revenues of Rs 1,200 crore over the next four years from a premium commercial project in Noida, comprising 24 lakh square feet of built-up area. The company has acquired 11 acres land in Sector 140 A, Noida in Uttar Pradesh to develop a Grade-A integrated IT/ITeS commercial project. CRC Group Founder and CEO Kunal Bhalla on Wednesday said the company will develop 12 lakh square feet of office spaces, 4 lakh square feet of retail space and 102 service apartments in this project. "We will be selling office space while the retail space will be provided on lease," he told reporters. Bhalla said the company is expecting a revenue of Rs 1,200 crore from this project. According to him, the project cost would be around Rs 750-800 crore. CRC Group Director (Marketing and Business Management) Salil Kumar said the company is in talks with operators to manage its service apartments in this commercial project. There is a great demand for Grade-A office spac

Property registrations in Mumbai 37% higher during Navratri this year

Maharashtra earned Rs 435 crore from the registration of these properties this year

Industrial & Logistics sector leasing to touch 5-year high in 2023: CBRE

In the July-September quarter, Chennai recorded the highest absorption of 2.1 msf followed by Bangalore and Mumbai

Signature Global buys 26 acre land in Gurugram to build housing project

Realty firm Signature Global on Monday said it has acquired 25.75 acre land in Gurugram to develop a group housing project. The company did not disclose the deal value and the name of the seller. In a regulatory filing, Signature Global said the "company has entered into a Sale Deed for acquiring a land parcel admeasuring approximate 25.75 acres located at village Fazilpur, Gurugram, Haryana, for development of a group housing project." This land parcel has the overall potential developable area of about 3.25 million square feet, it added. Last month, Signature Global successfully launched its Initial Public Offering (IPO) to raise Rs 730 crore. The public issue, comprising a fresh issue of shares worth Rs 603 crore and an Offer For Sale (OFS) component of Rs 127 crore, was subscribed 11.88 times. Realty firm Signature Global has reported a 38 per cent growth in sales bookings at Rs 1,861.39 crore in the first six months of this fiscal year, on better demand for its affordable an