Page 122 - Real Estate

Madhya Pradesh govt cancels plot grants in Bagroda industrial area

The MPIDC officials said an online allotment process will be adopted for the canceled plots

Sebi to auction 9 properties of Orion Industries, Rakhal Bharoti cos

Capital markets regulator Sebi on Friday said it will auction nine properties belonging to Orion Industries Ltd and Rakhal Bharoti group of companies to recover investors' money raised by these firms. The nine properties to be auctioned include land parcels located in West Bengal and Jharkhand. The total reserve price of these properties is pegged at around Rs 9 crore, the Securities and Exchange Board of India (Sebi) said in a notice. Inviting bids for the sale of the properties in the recovery proceedings against Orion Industries Ltd and Rakhal Bharoti group of companies, along with their respective promoters and directors, Sebi said the auction will be conducted through online mode on November 20 from 10.30 am to 12.30 pm. Quikr Realty Ltd has been engaged by Sebi to assist it in the e-auction. Of the 9 properties to go under the hammer, seven belong to RB Group of companies, which comprises Rakhal Bharoti Fish and Food Processing Ltd and R B Horticulture and Animal Project Ltd,

Mahindra Lifespace buys 5.38 acre land in Pune to build realty project

Realty firm Mahindra Lifespace Developers Ltd has acquired 5.38 acre land at Wagholi in Pune to develop a real estate project. The land is estimated to have a development potential of over 1.5 million square feet of saleable area, the company said in a regulatory filing on Thursday. Mahindra Lifespace did not disclose the deal value and name of the seller. "Wagholi is a high potential micro market of Pune. It has a growing demand for high-quality residential spaces, ready to be absorbed. "The proposed land parcel is located within a well-planned Kharadi-Wagholi micro-market, boasting robust social amenities and civic infrastructure," Amit Kumar Sinha, Managing Director & CEO of Mahindra Lifespace Developers Ltd, said. This land acquisition is aligned with the company's strategy to further solidify its presence in the city's pivotal micro-markets, he added. Mahindra Lifespace Developers is one of the leading real estate firms in the country.

Global residential prices fall but high demand keeps Indian cities costly

The global rank of top Indian cities in terms of residential price rise has jumped significantly: Knight Frank

PE investments in Indian real estate dip 12% to $2.3 billion in H1

The level of flows has remained below the pre-pandemic level of $4.2 billion in H1 FY20

Real estate demand strong despite rising interest rates: REA India CEO

"We have witnessed quarter-on-quarter growth over the last several quarters despite rising rates," said Dhruv Agarwala, CEO at REA India, part of the Australia-listed REA Group

BSE Realty index hits 15-year high; Prestige Estates Projects rises 8.6%

The index, representing the performance of real estate stocks, climbed 4.1 per cent to close at Rs 4,842.12, marking its highest level since 12 September 2008

Pakistan: World Bank suggests taxes on agri, real estate to infuse Rs 3 trn

The World Bank has suggested closing all tax exemptions and bringing agriculture, retail, and real estate under a tax bracket that can fetch three per cent of GDP in the cash-strapped Pakistan's kitty, media reports said on Tuesday. The people in two major areas in the provincial jurisdiction real estate and agriculture had most of the untaxed wealth, which should be taxed by the provincial governments to be able to improve services and reduce the financial burden on the centre, which was financing these services, newspaper Dawn quoted WB's Country Director Najy Benhassine and senior economist Tobias Haque as saying. The lender has projected that if agriculture income and properties tax is enforced properly then it could fetch three per cent of GDP in the tax collection on an annual basis, equivalent to slightly over Rs 3 trillion, the Dawn newspaper quoted Haque as saying. He said real estate and agriculture should yield revenue of two per cent and one per cent, respectively, of

Amid lower demand, new supply of affordable homes dipping in India: Anarock

On the other hand, the supply of luxury homes is rising as developers are focusing on earning higher margins and profits

CREDAI to help over 13,000 builders in adoption of proptech solutions

Realtors' apex body CREDAI will help over 13,000 builder members in adoption of technology solutions in real estate projects, enabling them to reduce construction time and improve quality of products. At its 21st NATCON realty conference in Sharm El Sheikh in Egypt, CREDAI announced a slew of initiatives to expedite adoption of digitisation and Artificial Intelligence (AI) among developers, especially from tier-II and III cities. It aims for full adoption of AI and modern construction methodologies in the realty sector by 2033. "Indian real estate is at the cusp of a technological revolution -- and CREDAI intends on leading this charge. We want to create impact at both macro and micro levels," CREDAI President Boman Irani said. "From integrating AI and modern technologies in construction, to financially backing and supporting start-ups... CREDAI will build a real estate industry for the future," Irani said. CREDAI's few state chapters will hold educational workshops to impart ...

ITC Hotels brand Storii to set up presence in Kolkata, slated to open 2024

ITC Hotels on Monday announced the signing of its first 'Storii' property in West Bengal. The property will be located near the metropolis and is slated to open in early 2024. According to a company spokesman, ITC Hotels already has three 'Storii' properties which are presently operational in Goa and Dharamshala. The Kolkata property will have 30 keys, the spokesman said. Anil Chadha, divisional chief executive of ITC Hotels, said "ITC Hotels has a strong presence in Kolkata. The 'Storii' property will be a boutique resort away from the hustle and bustle of metro life." ITC's Storii hotels are boutique properties with each having a unique 'story' owing to its architecture, location, heritage, theme or facility offerings. Ravi Todi, director, South City Projects (Kolkata), said that this is the first hospitality venture of the property developer which will bring a world-class boutique resort with a Spa.

Robust Q2, demand trends to put out welcome mat for realty stocks

Further rerating will depend on sustenance of operational outperformance, improving cash flows

Retired comfortably: Old age homes that are worth the investment

Such properties are designed for the elderly and give them company and security

Institutional investments in real estate down 21% in Jul-Sep: Colliers

Institutional investments in real estate declined 21 per cent in July-September period to USD 793.4 million due to lesser inflows in office assets, according to Colliers India. Institutional inflows stood at USD 1,002.1 million in the year-ago period. Real estate consultant Colliers India on Saturday released the data that showed a sharp fall of 89 per cent in investment in office assets to USD 79.1 million during July-September from USD 694.3 million in the corresponding period of last year. Funds inflows in mixed-use assets too dipped 73 per cent to USD 27.2 million during July-September period from USD 100.8 million in the year-ago period. However, the institutional investments in residential properties rose 47 per cent to USD 274.6 million in the third quarter of this calendar year from USD 187 million in the year-ago period. Industrial & warehousing assets attracted USD 340.3 million during July-September as against mere USD 20 million in the year-ago period. Investments in

Prestige Group Q2 sales bookings up 2-fold to Rs 7,092 cr on strong demand

Realty firm Prestige Group on Friday reported more than two-fold jump in sales bookings to Rs 7,092 crore in the second quarter of this fiscal year, on strong demand for residential properties. In a regulatory filing, Prestige Group informed that it has registered sales of Rs 7,092.6 crore, up by 102 per cent year-on-year (yoy). The collections from customers rose 1 per cent to Rs 2,639.8 crore. In terms of volumes, sales bookings rose 50 per cent yoy to 6.84 million square feet. "What makes our achievements even more noteworthy is that in just the first six months of FY'24 we have achieved sales of Rs 11,007 crore, which is close to the sales of the entire 12 months of FY23 of Rs 12,931 crore," Irfan Razack, Chairman and Managing Director, Prestige Group, said. Prestige Group achieved an average realization of Rs 10,369 per square feet, up by 29 per cent yoy for apartments/Villas. Average realization of plot was Rs 6,753 per sq ft, up by 62 per cent. The Group sold 3,659 units

RBI's status quo on rates: Housing sales to get boost, say realtors

Housing sales will get a boost during the upcoming festive season with the RBI deciding on Friday to keep repo rate unchanged, according to real estate developers. However, builders demanded that the key interest rate should be brought down in the next RBI policy review. Commenting on the RBI policy, realtors' apex body CREDAI President Boman Irani said, "This move will help maintain the momentum in housing sales during the festive season." Many investors and fence sitters would come to the fore and buy residential properties, he added. "We however reiterate the crucial need of a rate cut in the next MPC meet as current interest rates have been the highest among the last few years, that need to be brought down," Irani said. Naredco President Rajan Bandelkar said, "The stability in interest rates is a relief for developers who are navigating a complex economic scenario." This decision will benefit everyone, ensuring liquidity in the market and adding to the festive cheer, he ...

Demand for luxury homes overtakes affordable ones for first time in India

The number of homes sold in India in July-September quarter this year touched a six-year-high: Knight Frank

The real estate rollercoaster

From grappling with rising inventory, the market now has swung to the opposite extreme, but reasons for the euphoria are unclear

Winro Commercial India sells Sheela Foam's shares worth Rs 93 crore

Winro Commercial India Ltd on Tuesday offloaded shares of Sheela Foam, the maker of popular mattress brand Sleepwell, for Rs 93 crore through an open market transaction. According to the block deal data available with the National Stock Exchange (NSE), Winro Commercial India sold more than 8.34 lakh shares at an average price of Rs 1,114 apiece. This took the deal value to Rs 92.97 crore. These shares were purchased by Blue Diamond Properties Pvt Ltd at the same price. Shares of Sheela Foam fell 0.49 per cent to close at Rs 1,136 per piece on the NSE. In July, Sheela Foam Ltd said it will acquire a 94.66 per cent stake in Kurlon Enterprises Ltd (KEL) for Rs 2,150 crore.

Maha clears amendment to enable eviction from to-be-redeveloped buildings

The Maharashtra cabinet on Tuesday approved a proposal to amend law so that a house owner who opposes the redevelopment of a building against the wishes of a majority of residents can be evicted. The Maharashtra Apartment Ownership Act, 1970, will be amended accordingly, and it is expected to expedite the process of redevelopment of buildings registered under the Act, an official release said. As per an amendment of July 7, 2018, a building can be redeveloped if at least 51 percent of apartment/flat owners give their consent. But the Act did not provide for any clear course of action against the members who stall redevelopment by refusing to move out despite the majority decision. The weekly cabinet meeting here was chaired by Chief Minister Eknath Shinde. The cabinet also asked officials to conduct 'pancha-namas' or spot inspection reports of the soybean crop affected by the yellow mosaic disease speedily.