Page 124 - Real Estate

Shakuntalam Lancraft to invest Rs 1,500 cr to set up industrial park in UP

Realty firm Shakuntalam Landcraft plans to invest Rs 1,500 crore to develop an industrial park on a plot which once housed South Korean automobile maker Daewoo Motors's manufacturing plant at Surajpur in Greater Noida near here. The industrial park would house more than 600 micro, small and medium enterprises (MSMEs), a top company official said, adding that these MSMEs would generate an estimated 25,000 direct and indirect jobs in the area. Talking with PTI, Shakuntalam Landcraft Director Pallavi Gupta told PTI, "We have bought 204 acres of industrial land in Surajpur, Greater Noida in an auction for about Rs 359 crores. We have planned to develop it as a gold-rated industrial park to house around 600 MSMEs at a total investment of about Rs 1,500 crore. She said that it will take two years to develop the industrial park which would have facilities like cemented roads, under-ground electricity distribution, gated campus, CCTV surveillance, round-the-clock security and other ...

Residential sales in India poised to breach decadal high this year: CBRE

Led by demand for homes priced between Rs 1 crore and Rs 1.5 crore, the sale of 300,000 units this year is expected to be much higher than the five-year average of 187,000 units

Signature Global makes healthy debut in weak market, lists at 16% premium

The stock of the real estate firm listed at Rs 445, a 16 per cent premium over its issue price of Rs 385 per share, on the BSE

UP Rera warns buyers, investors against misleading, fraudulent ads

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) on Tuesday termed the advertisements of Sarvottam World as "misleading and fraudulent" and warned buyers and investors against its upcoming project. The UP RERA noted that a real estate project named 'Megapolis/Sarvottam Megapolis' in a hi-tech township named 'NEWOIDA' is being advertised by a promoter 'Sarvottam World' and being broadcast and publicized on all platforms of media - newspapers, radio, digital, etc, according to an official statement. "In this regard, we have to inform and warn stakeholders of the real estate sector that the said advertisement is completely misleading and fraudulent. As per the description presented in the advertisement, there is no such project registered with RERA," UP RERA Secretary Pramod Kumar Upadhyay said. The mentioned registration numbers in the advertisements - UPRERAPRJ10825, UPRERAPRJ10851 and UPRERAPRJ11033 belong to another promoter i.e Uttam Steel and Associate (Consortium) an

"Arjun Gulati's Trailblazing Career: From Real Estate to Tech-Driven Ventures"

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Omaxe Group acquires over 5 acres of land in Ludhiana for Rs 220 crore

The group has another 22 million sq ft of space under construction

Bengaluru, Delhi among top 10 APAC cities with highest warehouse rent rise

Manila topped the list with a 49.8% rise in warehouse rent, followed by 38.6% in Sydney and 23.8% in Brisbane: Knight Frank

DB Realty to acquire stakes in 3 hotels for more than Rs 2,300 cr

Mumbai-based D B Realty Ltd on Monday said it will acquire shares in Bamboo Hotel Global Centre, Goan Hotels & Realty and BD And P Hotels for more than Rs 2,300 crore. These deals fall into related party transactions and are done at an arm's length basis, D B Realty said, adding this will enable the company to enter into the hospitality business. In a regulatory filing, D B Realty informed that it has entered into separate share purchase agreements to acquire shares of Bamboo Hotel Global Centre (Delhi) Pvt Ltd, Goan Hotels & Realty Pvt Ltd and BD And P Hotels (India) Pvt Ltd. As per the filing, Bamboo Hotel and Global Centre (Delhi), a joint venture between Prestige Hospitality Ventures Ltd and Marine Drive Hospitality & Realty Pvt Ltd (MDHRPL), is constructing a hotel complex 'Prestige Trade Centre at Aerocity, New Delhi. D B Realty will acquire 10,10,000 Class A equity shares in Bamboo Hotel for a total consideration of Rs 608.88 crore. The property is leased out by ...

Give details of person authorised for correspondence: UP Rera to promoters

The Uttar Pradesh RERA on Monday directed promoters of real estate projects to provide name, designation, mobile number, e-mail ID, residential address, office address etc. of their person authorized for correspondence, officials said. This has been done to ensure uninterrupted correspondence with promoters, the UP Real Estate Regulatory Authority (RERA) said, noting that contact numbers of some promoters given at the time of project registration are found inaccessible. "We have come to know through various means that the mobile numbers provided by some promoters at the time of project registration are non-functional/not in use and are switched off. "Some cases were also received in which either no one picks up the mobile number provided or a suitable response is not received during the conversation," UP RERA said. To address this issue, UP RERA has issued new guidelines to promoters to ensure uninterrupted communication with their stakeholders, especially buyers. The promoter mus

Godrej Properties sells around 670 flats worth over Rs 2K cr in Noida

Realty firm Godrej Properties Ltd on Monday said it has sold about 670 flats worth more than Rs 2000 crore in its new housing project at Noida on strong demands. Godrej Properties purchased the land through an e-auction conducted by the Noida Authority in November last year. In a regulatory filing, Godrej Properties informed that it has "sold 670 homes worth over Rs 2,000 crore in its project, Godrej Tropical Isle, located in Sector 146, Noida." This is Godrej Properties' most successful ever launch in terms of the value and volume of sales achieved, the company said. The project was launched in August. Gaurav Pandey, the MD and CEO of Godrej Properties said, "Noida is an extremely important market for Godrej Properties and we will look to further strengthen our presence in the years ahead." Godrej Properties, an arm of business conglomerate Godrej Industries, is one of the leading real estate developers in the country. It mainly focuses on the Delhi-NCR, Mumbai Metropolitan Regi

Real estate fractional ownership mkt touches Rs 4,000 cr, to grow at 25-30%

Fractional ownership of real estate is gradually gaining acceptance among investors as assets under management have touched Rs 4,000 crore, according to a report. TruBoard Partners, a tech-enabled real asset management company, has come out with a report on fractional ownership. Many private companies have set up fractional ownership platforms that allow investors to own a fraction of real estate assets. "Fractional ownership typically involves the ownership of an underlying real estate asset among multiple investors. This lowers capital requirements and facilitates participation of a larger set of players in real estate asset ownership," the report said. Investors infuse their fund in securities issued by a Special Purpose Vehicle (SPV), established by the fractional ownership platform. These platforms provide a formal channel that enables a group of people to pool in money and jointly own real estate. "Although the concept of fractional ownership of real estate is at a nascent

Infra push to drive cement demand up 10-12% this fiscal: Crisil Ratings

The massive infra spending by the government towards building roads, railway lines and power, among others, will boost cement demand by 10-12 per cent this fiscal, according to a report. The Centre has increased its budget allocation for infrastructure -- such as roads, railway lines/stations, power, including renewables, urban infra, telecom, ports, airports, and water works, among others -- by Rs 1.6 lakh crore to Rs 5.9 lakh crore for fiscal 2024 from a revised estimate of Rs 4.3 lakh crore for fiscal 2023. Continuing the robust ride of the past two fiscals, cement demand is likely to grow 10-12 per cent year-on-year to 440 million tonne in fiscal 2024, driven by strong offtake from the infrastructure segment, Crisil Ratings said in a note Friday. Cement demand grew by 12 per cent in fiscal 2023 and by 8 per cent in fiscal 2022. Combined with stable cement prices and softening power and fuel costs, the operating profit of cement manufacturers is likely to recover by Rs 200/tonne

Sebi slaps Rs 6 cr fine on DHFL's former promoters for disclosure lapses

Capital market regulator Sebi on Wednesday imposed penalties totalling Rs 6 crore on 15 entities, including Kapil Wadhawan and Dheeraj Wadhawan, for flouting disclosure norms in the case of Deewan Housing Finance Corp Ltd (DHFL). Wadhawans are the former promoters of DHFL. The fines need to be paid jointly and severally within 45 days, the Securities and Exchange Board of India (Sebi) said in an order. In its 82-page order, Sebi said the promoters, including Kapil Wadhawan and Dheeraj Wadhawan, suppressed the names of three companies -- Hemisphere Infrastructure India, Galaxy Infraprojects and Developers, and Silicon First Realtors -- which were directly or indirectly being held by the promoters of DHFL. These three companies were shown as part of public shareholders instead of being part of the promoter and promoter group of DHFL. Sebi noted that the entities being promoter or promoter group and PACs (Persons Acting in Concert) having control over DHFL were under an obligation t

Looking for a holiday home? These are the top 5 investment options for HNIs

Colliers has identified top 5 corridors based on the annual rental yield and expected capital appreciation.

Ummeed Housing Finance receives sanction of upto Rs 160 cr from US DFC

Marquee investors-backed Ummeed Housing Finance (UHFPL), a digital affordable housing finance company, on Monday said it has received a sanction of up to USD 20 million (about Rs 160 crore) from the US International Development Finance Corporation (DFC). The funding will be used to provide long-tenure housing finance to the Economically Weaker Sections (EWS), Lower-Income Groups (LIGs) and Middle-Income Groups (MIGs) in Tier 2, 3 & 4 cities in the country, the company said in a statement. The company said it is backed by the four marquee investors -- Norwest Venture Partners, Morgan Stanley Private Equity Asia, Lightrock, and CX Partners. "This is an important transaction that will provide vital financing to support increased access to affordable housing in India," said James Polan, Vice President of DFC's Office of Development Credit. DFC is the US government's development finance institution that works with the private sector to channel development capital into emerging ...

CBI books infra firm in Rs 3,800 cr bank fraud case, searches 4 locations

The CBI has conducted searches at four locations in Mumbai after registering an FIR against Unity Infraprojects Ltd, its then CMD Kishore Krishnarao Avarsekar and others for allegedly defrauding a consortium of banks to the tune of Rs 3,847.58 crore, officials said on Monday. The CBI took action on a complaint of the SBI, one of the consortium members which alleged that the fraud took place at its Commercial Branch in Mumbai where the accused persons siphoned the "Bank's funds by doing fictitious transactions, manipulated and fudged books of accounts with an objective to defraud and cheat the bank and to gain unlawfully at the cost of the Bank's funds". The officials said searches were conducted recently at the premises of the accused. The account of the 44-year-old infrastructure company, which had taken over Rs 3,800 crore from 23 lenders against moveable and non-moveable assets besides personal and corporate guarantees, had become a non-performing asset on June 24, 2014. Five yea

China's economic confidence plummets as domestic real estate crises stack

In the midst of these economic challenges, a crisis of confidence is emerging, with growing doubt about the Chinese economy's future

D B Realty raises up to Rs 1,544 crore through convertible warrants

The funds were raised through the issue to the promoter group and investors in two phases in February and March, 2022

Protect Your Dream Home: Know Your Rights

Did you know you can seek a hefty refund if changes in real estate projects affect you negatively? Watch the video to know how >

Sotheby's bags mandate to sell Rs 800 cr worth luxury properties in Mumbai

Property consultant India Sotheby's International Realty on Sunday said it has bagged a mandate to sell Rs 800 crore worth ultra-luxury apartments at Worli in Mumbai. In a statement, India Sotheby's International Realty said it has signed an exclusive sales and marketing mandate with The Residency, Worli, Mumbai that houses 19 ultra-luxury residences. Prime Realty is the developer of this project. These residences are ready with completion and occupancy certificates, it added. The price of these luxury residences starts at Rs 60 crore each. Few units have already been sold. India Sotheby's International Realty has got mandate to sell Rs 800 crore worth properties. The size of each flat is around 5,510 square feet. Amit Goyal, Managing Director of India Sotheby's International Realty, said, "Luxury real estate sales in India's financial capital and its wealthiest city, registered record-setting sales in the first six months of 2023." India Sotheby's International Realty did not