Page 127 - Real Estate

Country Garden reports $7.1 bn loss, on verge of financial collapse: Report

The losses suffered by Country Garden and the resulting cash crunch are the most recent evidence of the worsening crisis in China's real estate market

Mumbai records 21% jump in home registration revenue in August: Anarock

This is the third consecutive month of over 10,000 property registrations in Mumbai

Property sale registrations in Mumbai touch 10-year high in August: Report

The stamp duty collections also rose 23% year-on-year in Mumbai to Rs 790 crore in August as compared to Rs 644 crore in August 2022

Housing prices rose in 43 cities in Q1 of FY24, falls in 7 cities: NHB

Housing prices rose in 43 cities in the first quarter of 2023-24, while the rates of residential units fell in seven cities, according to National Housing Bank (NHB). In a Housing Price Index published by NHB, the regulator for housing finance companies said the home loan rates are still lower than the pre pandemic rates leading to a healthy affordability overall. Eight key primary residential markets -- Ahmedabad witnessed a 9.1 per cent appreciation in property prices while Bengaluru 8.9 per cent and Kolkata 7.8 per cent during the April-June 2023 period. Other cities like Chennai saw 1.1 per cent, Delhi (0.8 per cent), Hyderabad (6.9 per cent), Mumbai (2.9 per cent) and Pune (6.1 per cent) increase in the index on an annual basis as per the Housing Price Index (HPI). The 50-city HPI based on valuation prices of properties collected from banks and housing finance companies (HPI @ Assessment Prices) recorded an annual increase (Year-on-Year) of 4.8 per cent during the first quarte

JLL appointed as global real estate facilities manager by Rolls-Royce

JLL will operate as Rolls-Royce's strategic global facilities management partner across 15 million square feet of manufacturing, warehouse and office space at 44 sites in six countries

Morgan Stanley to invest Rs 300 cr in Prakhyat Group's warehousing project

Prakhhyat Group on Monday said it has partnered with a fund managed by Morgan Stanley Real Estate Investing to develop a warehousing project at Bhiwandi near Mumbai. The company did not disclose the amount of investment by Morgan Stanley Real Estate Investing (MSREI) but sources said it is around Rs 300 crore. Prakhyat Group will develop a 0.7 million square feet Grade A warehousing space at its K Square Logistics Park in Bhiwandi, the company said in a statement. This marks MSREI's entry in the Bhiwandi sub-market of Mumbai. With this, MSREI has invested in over 5.6 million sq ft of logistics assets across the country, it added. The project, One K-Square, will be built across 25 acres. The development will offer warehousing solutions to institutional customers from e-commerce, 3PL players, FMCG and FMCD sectors, among others. Prakhhyat Group will be the development manager and will be responsible for project execution, leasing, and asset management. "Through this partnership, we

Housing.com ties up with BOXX to provide insurance plan from cyber fraud

Real estate portal Housing.com on Monday said it has tied up with global insurtech player BOXX to offer cyber security plan for protecting its customers from digital fraud. This collaboration aims to provide digital security for Indian homebuyers by introducing the comprehensive 'Cyber Protect' plan. "With support from BOXX and Bajaj Allianz General Insurance, the plan empowers customers to safeguard their digital lives and secure them against digital fraud -- all for an affordable monthly premium of just Rs 199," Housing.com said in a statement. This added safeguard protects financial transactions and contributes to an overall secure online environment. Established in 2012 and later acquired by REA India in 2017, Housing.com is a prop-tech platform for homeowners, home seekers, landlords, developers, and real estate brokers. New homes, resale homes, rentals, plots, commercial spaces, and co-living spaces are listed on its platform.

The World - Hospitality and Convention Centre to Shine from the next month

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DLF to launch 2 luxury housing projects in Gurugram: MD Ashok Tyagi

Realty major DLF Ltd will launch two luxury housing projects worth Rs 15,000 crore in Gurugram during the second half of this financial year to expand its business amid strong demand for premium homes, its Managing Director Ashok Kumar Tyagi said. Buoyed by sales of Rs 8,000 crore worth of flats within three days in February in its new project 'The Arbour' at Gurugram, Tyagi said the company has set a target to achieve sales bookings of Rs 13,000 crore in this fiscal year and hopes to exceed the number. During the 2022-23 financial year, DLF posted sales bookings of Rs 15,058 crore, a more than two-fold increase from Rs 7,273 crore in the previous year. In an interview with PTI, Tyagi talked about the overall housing market and noted that the demand for ultra-luxury, luxury and mid-income residential properties is very strong. However, he mentioned that there is some stress in the affordable housing segment because of the rise in interest rates on home loans and an increase in hous

Chinese developer Country Gardens warns of $7.6 bn loss as it nears default

That compares with a profit of approximately 1.9 billion yuan (USD 264.3 million) for the same time last year

Real estate sector expected to expand to $5.8 trn by 2047: Report

International Property Consultant Knight Frank India in its latest report, 'India Real Estate: Vision 2047', prepared in association with the National Real Estate Development Council (NAREDCO) has projected that India's real estate sector is expected to expand to USD 5.8 trillion by 2047. A press release from Knight Frank said this estimated real estate output value will contribute 15.5 per cent to the total economic output in 2047 from the existing share of 7.3 per cent. The report will be unveiled by M Venkaiah Naidu, Former Vice President, at NAREDCO's Silver Jubilee Celebration event here in Hyderabad, along with other dignitaries present at the event here tomorrow, it said. By 2047, when India reaches 100 years of independence, the size of India's economy is estimated to be around USD 33 trillion, and for study purposes, Knight Frank has taken the mean estimated growth of the Indian economy to be valued at USD 36.4 trillion by 2047. Commenting on the occasion, Rajan Bandelkar,

Moody's cuts Chinese property giant Longfor's ratings to cusp of junk

China's property market has suffered a wave of defaults and debt restructurings since mid-2021 which have also left swathes of homes unfinished

Blackstone Group selling a 22% stake in Bellagio, says WSJ report

Realty Income, which owns more than 13,000 properties in the U.S. and Europe, is paying $300 million for the 22% stake in the casino and resort, the report said

Need to find ways to boost adoption of modern construction tech: Minister

Housing and Urban Affairs Minister Hardeep Singh Puri on Friday said more than 60 crore people are estimated to reside in cities by 2030 because of rapid urbanisation and stressed the need to increase adoption of new technologies in the construction industry. The minister was addressing a conference on 'Adoption of New and Emerging Building Materials and Technologies in Construction Industry', being organised by realtors' apex body CREDAI, which represents more than 13,000 developer members. "It is imperative we find feasible ways to increase the adoption of emerging materials and technologies in the construction industry," Puri said. Talking about the government's commitment in this regard, Puri recalled that the Prime Minister had emphasised the need to accelerate the movement from these older technologies into new cutting-edge technologies in the construction industry. On its part, the ministry has short-listed 54 innovative construction technologies from all over the world unde

ED files charge sheet against Supertech's chairman in money laundering case

The Enforcement Directorate (ED) Thursday filed a charge sheet against R K Arora, chairman and promoter of real estate major Supertech Group, his company, and eight others in a money laundering case, accusing them of hatching a "criminal conspiracy" to cheat home buyers. They have been accused of defrauding at least 670 home buyers of Rs 164 crore. The nearly 100-page prosecution complaint, ED's equivalent of charge sheet, was filed before Special Judge Devender Kumar Jangala, claiming there was sufficient evidence to prosecute Arora for laundering money. The court posted the matter for August 28 for taking cognisance of the charge sheet. Arora was arrested on June 27 under the criminal sections of the Prevention of Money Laundering Act (PMLA) after three rounds of questioning. The money-laundering case against the Supertech group, its directors and promoters stems from a clutch of FIRs registered by police in Delhi, Haryana and Uttar Pradesh. ED's Special Public Prosecutor N K

Strong economy to take office leasing to 40-45 mn sq ft in 2023: Colliers

In the quarter that ended on June 31, the highest QoQ change in demand for offices was noted in Chennai at 113 per cent to 3.3 mn sq ft

Mumbai to see the highest rise in residential prices in the world in 2024

At 48.8%, Dubai saw the steepest price rise in home prices in the quarter that ended on June 31 as compared to the same quarter last year: Knight Frank

NBCC sells commercial space worth Rs 821 crore in Delhi via auction

State-owned construction firm NBCC (India) Ltd has sold commercial properties worth Rs 821 crore at Nauroji Nagar in the national capital through an auction. In a statement on Wednesday, NBCC said it has conducted 20th auction for the sale of commercial space in the World Trade Centre, Nauroji Nagar, New Delhi. "The company has sold 1.98 lakh sq ft built-up area for Rs 821.02 crore, out of which 1.23 lakh sq ft area having sale value of Rs 518.08 crore has been sold to private entities," it added. "Further, as on date the company has sold 17.79 lakh sq ft through open e-auction having sale value of Rs 7,194.10 crore," NBCC said.

US new-home sales rise to highest in over a yr due to limited resale market

The data showed there were 437,000 homes for sale as of the end of last month. That represents 7.3 months of supply at the current sales rate, matching the lowest since early 2022

Shriram Properties, ASK Property Fund to jointly invest in Chennai project

Realty firm Shriram Properties Ltd (SPL) and ASK Property Fund on Wednesday announced a joint investment of Rs 206 crore in a residential project in Chennai. The joint investment is "towards 100 per cent of development rights in an ongoing project in Chennai, through SPL's wholly owned subsidiary Shrivision Elevations Pvt Ltd." The project acquisition formalities were completed and is being launched as "Shriram 122 West" shortly. With a total saleable area of 1.9 million square feet spread across two phases, the project has an aggregate revenue potential of Rs 1,200 crore in the next 5 years. The project comprises of around 1,900 residential units, predominantly targeting the mid-income group.