Page 121 - Real Estate

BAM Digital Realty appoints CB Velayuthan as Chief Executive Officer

BAM Digital Realty, a joint venture between Brookfield Infrastructure and Digital Realty, on Monday announced the appointment of C B Velayuthan as its chief executive officer. BAM Digital Realty in July had announced that Reliance Industries would be joining the entity as an equal partner to form a three-way joint venture. The deal is currently under regulatory approval. The new entity will operate under the brand name Digital Connexion: A Brookfield, Jio and Digital Realty Company when finalized. Velayuthan will lead the India team to deliver on the digital infrastructure needs of this rapidly growing market, becoming a full product spectrum digital infrastructure provider that can support the capacity and connectivity requirements of cloud service providers, hyperscalers and enterprise customers in India and across the world, BAM Digital Realty said in a statement. Velayuthan joins BAM Digital Realty from Equinix as their Global Managing Director of Strategic Alliances. Previousl

Oberoi Realty sales bookings fell 17% to Rs 965 crore in Jul-Sep quarter

Oberoi Realty has reported a 17 per cent decline in sales bookings to Rs 965 crore in the second quarter of this fiscal. Its sales bookings stood at Rs 1,156 crore in the year-ago period. According to a regulatory filing on October 20, the company booked 151 units during the JulySeptember period as against 132 units in the year-ago period. In terms of volume, the company sales bookings stood at 2,20,828 square feet of carpet area in the second quarter of this fiscal as against 2,33,947 square feet in the year-ago period. The company booked 261 units during the first six months of this fiscal, down from 296 units in the year-ago period. Sales in volume terms declined to 3,66,716 square feet during AprilSeptember period from 4,78,892 square feet in the year-ago period. Mumbai-based Oberoi Realty is one of the leading real estate firms in the country.

Developing 15 mn sq ft in Noida, expanding out of NCR: Bhutani Infra CEO

Real estate player Bhutani Infra is developing a 15 million square feet area in four projects in Noida and is expanding out of NCR for the first time in four locations, including Goa. Bhutani Infra CEO and founder Ashish Bhutani said outside NCR they are developing a total of 10 million square feet area in Goa, Uttarakhand, Punjab and Uttar Pradesh. "We are currently working on our four projects in Noida in NCR which include a high-end residential project in Sector 128, a mix use project in Sector 150, Cyberthum in Sector 104, a shopping mall in Sector 133. Total area under development is 15 million square feet," Bhutani told PTI. Cyberthum is going to be the "tallest office twin towers in North India" and is expected to be ready by 2024, he said. He said the idea behind the group's upcoming projects is also not just to create commercial and residential projects but come up with landmark structures that stand out from others. Having delivered 16 projects in Delhi, Noida and Ghazia

Anant Raj Q2 results: Net profit jumps 79% to Rs 60.37 cr on higher income

Realty firm Anant Raj Ltd has reported a 79 per cent increase in its consolidated net profit to Rs 60.37 crore for the second quarter of this fiscal on higher income. The Delhi-based realty firm had posted a net profit of Rs 33.74 crore in the year-ago period. Its total income rose to Rs 340.83 crore in the July-September period of 2023-24 from Rs 265.87 crore in the corresponding period of the previous year, the company said in a regulatory filing on Saturday. The company's total expenses grew to Rs 264.68 crore from Rs 223.84 crore. Anant Raj Ltd's share price closed at Rs 237.25 apiece Friday on the BSE, up 0.74 per cent from the previous close. Its market capitalization is nearly Rs 7,700 crore. Anant Raj Ltd is one of the leading real estate players in Delhi-NCR and adjoining cities. It is into the development of housing, commercial and data centre projects. Earlier this month, Anant Raj Ltd had said that the company would start an affordable housing project in Hyderabad and

Industrial & warehouse leasing demand picks up in Q3, stable at 17 mn sq ft

Chennai led the leasing activity in Q3, accounting for 30% share among India's top five cities

Leasing of retail real estate space up 46% in Jan-Sep across 8 cities: CBRE

Leasing of retail space rose 46 per cent across eight cities in the January-September period to 4.73 million square feet on better demand from retailers, according to CBRE. The absorption of retail space stood at 3.23 million square feet in the year-ago period. The data is for absorption of retail real estate space in shopping malls, prominent high street locations and standalone retail properties. In terms of cities, Bengaluru, Delhi-NCR and Pune collectively accounted for a share of over 61 per cent in leasing activity during this period. Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa at CBRE, said, there has been a remarkable growth in retail absorption and supply addition. "With the surge in newly available spaces and the onset of the festive season, we anticipate a continued upswing in space utilisation," he said. Magazine said the retail sector is on the brink of a remarkable transformation, where retailers are keen on revamping the ...

China's homes register steep decline in prices, major blow to sentiment

New-home prices in 70 cities, excluding state-subsidized housing, declined 0.3% last month from August, when they slipped 0.29%, National Bureau of Statistics figures showed Thursday

Share of realty recoveries under insolvency and bankruptcy code rises to 18.8%

Updates on Jaypee Infratech, Unitech, Supertech, Lavasa Corporation, Amrapali, D S Kulkarni, Three C Homes, Radius Estates, and others undergoing or having completed CIRP

US commercial property distress hits $80 bn in Q3, highest level in decade

The value of buildings in bankruptcy, repossessed by lenders or in the process of liquidation increased by a net $5.6 billion in the quarter, MSCI Real Assets reported

Reliance Industries' luxury real estate bet gets HSBC financing boost

London-based bank originally provided £60 mn loan facility to subsidiary of Reliance Industries Ltd. shortly after it acquired the Stoke Park estate in southeast England for £57 million in 2021

Noida Airport a year away, but regional real estate dreams already soaring

'People are coming from all over India to buy land - Delhi, Agra, Meerut, Rajasthan, Mumbai'

Realty books 19% of total realisation via insolvency proceedings: Report

Real estate accounts for nearly 19 per cent of the total realisation under insolvency proceedings, according to a report by Anarock and Khaitan & Co. Real estate consultant Anarock and law firm Khaitan & Co on Wednesday released a report 'Update on IBC (Insolvency and Bankruptcy Code) in Indian Real Estate'. "The real estate sector on a reported basis accounted for more than 50 per cent of the total realisations under IBC. However, subsequent to the release of data by IBBI, a large key case went sub-judice following the admission of an appeal before the NCLAT, resulting in the real estate sector accounting for 18.8 per cent of total realisations under IBC," Anarock said in a statement. Anarock's arm Anarock Capital MD and CEO Shobhit Agarwal said the total number of corporate insolvency resolution process (CIRP) cases filed has risen from an average of 208 per quarter in FY22 to an average of 313 in FY23. "FY24, however, has commenced on a weak note with 238 cases admitted ...

ESR buys 58 acre land in Nagpur for logistic park, to invest Rs 400 crore

ESR Group on Tuesday said it has acquired 58 acre of land in Nagpur to build a logistic park and will invest Rs 400 crore in the construction and development. ESR Group, in a statement, said that it has acquired 58 acre of land in Nagpur with a total development potential of 1.4 million square feet. "ESR has also committed to invest Rs 400 crore (USD 48 million) for the construction and development of ESR Nagpur Logistics Park 2, which will be the company's second logistics park in Nagpur and its twentieth park across the country," it added. With the successful land acquisition, ESR Nagpur Logistics Park- 2 will help boost the supply of modern Grade A logistics facilities within the Gondkhairi-Kalmeshwar logistics cluster. The park is designed to accommodate 10 buildings, with building sizes ranging from 67,000 sq ft to 1,90,000 sq ft to meet a broad spectrum of tenant needs, ranging from e-commerce to third-party logistics (3PL), retail and fast-moving consumer goods (FMCG). Abhi

Thailand's MQDC to open 42,000 square feet co-working centre in Gurugram

Thailand-based leading realty firm Magnolia Quality Development Corporation (MQDC) will soon open its second co-working centre in India and has taken on lease 42,000 square feet of office space in Gurugram. MQDC already has one co-working facility in South Delhi and is opening its second facility, 'Whizdom Club India, at Golf Course Road, Gurugram, next month. The upcoming centre is located at 'Tapasya One', a LEED Gold-rated building. The centre will have a seating capacity of over 450 and is designed to cater to the diverse needs of working professionals, corporations, and startups in the NCR region. Commenting on the expansion, Chulamas Jitpatima (Amy), Country Director, MQDC India, said, In 2019, we launched Whizdom Club in South Delhi with the aim to transform India's co-working segment with inventive facilities and services for students, young professionals, entrepreneurs, and enterprises." Since the inception of its operations, she said the company has identified significan

Sales of apartments in Jan-Sep rise 21% to 196,227 units: JLL report

Sales of apartments during the January-September period went up 21 per cent year-on-year to 1,96,227 units across seven major cities on better demand, according to property consultant JLL India. As many as 1,61,575 units were sold in the same period last year. Sales of apartments in January-September period of this year have already touched 91 per cent of 2022 annual sales. "With the onset of the festive season, robust sales are expected in the upcoming quarter and as a result, annual sales in 2023 are expected to surpass sales of 215,000 units recorded in the previous year," JLL India said in a statement on Monday. Across seven major cities, new launches of apartments also rose 21 per cent to 2,23,905 units during the first nine months of 2023 from 1,84,317 units in the year-ago period. The seven cities tracked were Delhi-NCR, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, and Pune. Mumbai includes Mumbai city, Mumbai suburbs, Thane city, and Navi Mumbai. JLL said the data incl

Signature Global cuts net debt by 66% in last six months to Rs 370 crore

Realty firm Signature Global's net debt declined 66 per cent to Rs 369.96 crore at the end of the September quarter from Rs 1,093.89 crore at the end of last fiscal year. "Our net debt reduced to Rs 369.96 crore at the end of HI, FY24 from Rs 1,093.89 crore at the end of FY23," Gurugram-based Signature Global said in its latest operational update submitted on stock exchanges. 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. "We have been able to reduce our net debt significantly in the second quarter following funds raised through initial public offer (IPO)," Pradeep Kumar Aggarwal, Chairman and Whole-Time Director of Signature Global, said. On operational performance, Signature Global reported a 38 per cent growth in sales bookings at Rs 1,861.39 crore in the first six .

Skootr gives on lease 21,000 sq ft to US based Pinnacle in Hyderabad

Co-working firm Skootr has provided on lease 21,000 square feet office space to US-based Pinnacle at its new centre in Hyderabad. Real estate consultant Colliers India facilitated the leasing deal. Pinnacle, a leading industrial reliability solutions company, has a strong presence in the US and is now setting up shop in India, Colliers said in a statement on Monday. Gurugram-based Skootr has taken on lease around 3 lakh square feet to open a new centre 'My Home Twitza' in Hyderabad's secondary business district. The total seating capacity in the centre is around 3,500. In this new centre, which will be operational this month, Skootr has provided on lease 21,000 square feet area comprising 350 desks. "The demand for agility has surged to unprecedented levels due to the profound transformation of workforce behaviours during the pandemic. It is highly unlikely that these behaviours will revert to their pre-pandemic norms. "In this climate of uncertainty, flexible spaces are emerging

Prestige Estates Projects aims 55% growth in bookings to hit Rs 20K cr mark

Prestige Estates Projects Ltd expects its sale bookings to rise 55 per cent this fiscal to touch an all-time high of Rs 20,000 crore driven by strong demand for residential properties. Its sale bookings stood at Rs 12,931 crore in 2022-23. Buoyed by the company's performance in the first two quarters of 2023-24, Prestige Group Chairman and Managing Director Irfan Razack said sale guidance has been revised for this fiscal year to over Rs 20,000 crore from Rs 16,000 crore earlier. "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," Razack said on the sidelines of CREDAI NATCON conference in Egypt recently. He sounded very bullish on demand of residential properties across all price brackets. "There is a huge demand for ...

Unsold housing stock dips 3% in Sept quarter to 508,000 units: PropEquity

Unsold housing stock fell 3 per cent in nine major cities during the July-September period to 5.08 lakh units, compared to the previous quarter, as sales were higher than supply, according to PropEquity. According to a report by data analytic firm PropEquity, unsold housing inventories have fallen to 5,08,464 units at the end of the September quarter, as against 5,26,497 units as on June 30, this year. During the July-September quarter, PropEquity data showed that housing sales were 1,15,904 units, while new supply was at 97,871 units across nine major cities. As a result, the number of unsold homes fell. "Housing prices have been climbing in major Indian cities in post-COVID years. While this upward trend in capital values is attracting investors to India's key real estate markets, there is reduction in unsold housing stock," said Samir Jasuja, Founder & CEO of PropEquity. Housing demand is currently facing challenges due to appreciation in both prices and mortgage rates, he ...

Signature Global sales bookings up 38% to Rs 1,861 cr during Apr-Sept

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 and mid-income residential projects. Its sales bookings stood at Rs 1,353 crore in the year-ago period. Last month, Signature Global successfully launched its Initial Public Offering (IPO) to raise Rs 730 crore. The public issue, comprising fresh issue of shares worth Rs 603 crore and an offer-for-sale (OFS) of Rs 127 crore, was subscribed 11.88 times. According to its operational update, the company's sales bookings in volume terms rose to 1.90 million square feet during the April-September period of 2023-24 financial year, from 1.82 million square feet in the year-ago period. Signature Global collected Rs 1,327.45 crore during the first six months of this fiscal, from Rs 804.89 crore in the corresponding period of last fiscal year. Pradeep Kumar Aggarwal, Chairman and Whole-Time Director of Signatur