Page 129 - Real Estate

Colliers India appoints Badal Yagnik as new CEO with immediate effect

Yagnik has earlier served at Cushman & Wakefield (C&W) as MD for leasing services in India. Before that, he was working with Jones Lang LaSalle

Ahmedabad most affordable city in India; Pune, Kolkata follow: Knight Frank

Mumbai is the least affordable city followed by Hyderabad and the National Capital Region

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Avg monthly rent of warehousing space up 4% in Delhi-NCR in 1st six months

The average monthly rent of warehousing and logistics space in and around the national capital region rose 4 per cent annually to Rs 22.5 per square feet in the first six months of this year on higher demand, according to real estate consultant Vestian. The leasing of warehousing and logistics space in Delhi-NCR increased 68 per cent to 4.7 million square feet in the January-June period this year as against 2.8 million square feet in the year-ago period. "The Indian warehousing and logistics sector is sailing through global headwinds on the back of strong and sustainable fundamentals. Several mega infrastructure projects are planned across the country to improve connectivity and reduce transit time," Vestian Chief Executive Officer Shrinivas Rao said. Across seven major cities, Vestian in a report on Wednesday said micro-markets of Delhi-NCR quoted the highest weighted average rentals of Rs 22.5 per sq ft a month compared to Rs 21.6 in the year-ago period. Bengaluru closely followe

Evergrande's EV maker agrees to sell 28% stake for $500 mn to Dubai's NWTN

NWTN has agreed to invest $500 million in China Evergrande New Energy Vehicle Group Ltd. in exchange for shares and a majority of the EV maker's board

Brookfield India REIT Q1 net operating income rises to Rs 245 crore

Brookfield India Real Estate Trust on Monday reported a 4.5 per cent increase in net operating income to Rs 245.3 crore in the June quarter and announced distribution of Rs 164.16 crore to unitholders. Adjusted net operating income grew 4.5 per cent year-on-year to Rs 245.3 crore in the first quarter of the current fiscal from Rs 234.6 crore in the year-ago period. Income from operating lease rentals grew 3.9 per cent on-year to Rs 211,3 crore from Rs 203.4 crore in the same period a year ago. On the operational front, the company did gross leasing of 2,98,000 square feet in the June quarter, which includes 63,000 square feet of new leasing and 2,35,000 square feet of renewals. Brookfield India Real Estate Trust said it has financial commitment in place for the acquisition of two large commercial assets, totalling 6.5 million square feet, in an equal partnership with GIC, from Brookfield Asset Management's private real estate funds. Recently, the company raised Rs 2,305.4 crore ..

Khan Market rent up 7% in Q1, South Ex rent grew 145%: Cushman & Wakefield

Khan Market -- Delhi's upscale high-street retail location -- witnessed a 7 per cent growth year-on-year in average monthly rent during the April-June period at Rs 1,500 per square feet, according to Cushman & Wakefield. The rentals in Khan Market, the most expensive retail destination in India, had fallen sharply during the Covid pandemic but now it has bounced back. The rent in Khan Market stood at Rs 1,200 per sq ft a month during July-September 2020, down 14 per cent from the year-ago period. In its Marketbeat report for retail real estate during April-June 2023, Cushman & Wakefield said that the rent in Khan Market stood at Rs 1,500 per square feet. South Extension I & II saw a 14 per cent growth in the average rental to Rs 800 per square feet a month, while Lajpat Nagar witnessed a 10 per cent growth to Rs 275 per square feet. Rentals remained stable in Connaught Place at Rs 1,050 per square feet. As per the data, the monthly rent in Greater Kailash I, M Block grew ..

Shriram Properties Q1 profit rises 59% to Rs 16.62 cr on better income

Realty firm Shriram Properties on Monday reported a 59 per cent increase in its consolidated net profit to Rs 16.62 crore for the first quarter of this fiscal. Its net profit stood at Rs 10.47 crore in the year-ago period. The total income rose to Rs 157.17 crore during the April-June period of 2023-24 from Rs 145.11 crore in the year-ago period, according to a regulatory filing. Its sales volumes increased 17 per cent year-on-year to 0.78 million square feet during the first quarter of this fiscal. Sales bookings in value terms rose 47 per cent annually to Rs 459 crore, driven by strong sustenance sales in ongoing projects and two successful launches during April-June. M Murali, CMD, Shriram Properties said: We are encouraged by the continuing strong operating and financial performance...Looking ahead, with our launches, we remain positive in our commitment to, delivering homes and contributing meaningfully to the growth of the company". The company's gross debt was 12 per cent .

Unsold homes highest in Maharashtra's Thane at 107,179 units: PropEquity

Thane in Mumbai Metropolitan Region has the maximum 1.07 lakh unsold homes at the end of June quarter, while Chennai has the lowest at nearly 20,000 units, according to PropEquity. Across nine major cities, data analytic firm PropEquity said unsold housing stocks declined 2 per cent to 5,15,169 units at the end of June quarter from 5,26,914 units at the end of March. "The largest share for the unsold stock among the Tier-1 cities is of Thane with 21 per cent. Chennai has the minimum unsold stock of residential units in Q2 2023," PropEquity Founder and CEO Samir Jasuja said. Housing sales in April-June across nine cities were 1,22,213 units, while new supply was 1,10,468 units. This led to a reduction in number of unsold residential units. As per the data, the unsold housing stocks in Thane were 1,07,179 units at the end of June quarter, down 2 per cent from 109,511 units at March-end. Mumbai saw a 3 per cent fall in unsold housing stocks to 60,911 units from 62,735 units. Howev

Kirloskar Industries profit after tax dips 9% to Rs 94 cr in June quarter

Kirloskar Industries Ltd on Saturday reported a 9 per cent year-on-year drop in its consolidated Profit After Tax (PAT) at Rs 94 crore for June quarter of the ongoing financial year. The company had posted a consolidated PAT of Rs 102.9 crore in the first quarter of FY23, Kirloskar Industries said in a statement. The total income for the quarter under review stood at Rs 1,518.2 crore, as compared to Rs 1,513.5 crore in the corresponding quarter of the previous fiscal, the company said. Kirloskar Industries Managing Director Mahesh Chhabria said the company is now entering into an exciting phase of its business realignment plan, and that "Avante's first project is progressing as planned and we expect to complete it at the end of the year." Kirloskar Industries also said in the statement that its wholly-owned subsidiary, Avante Spaces Ltd, has issued 27,24,868 fully paid-up equity shares on June 30, to the company on the conversion of Optionally Convertible Debentures (OCDs), basis f

NBCC posts Rs 77.41 cr profit in Q1, total income rises to Rs 1,965 cr

State-owned NBCC Ltd has posted a consolidated net profit of Rs 77.41 crore in the first quarter of this fiscal year. The company had posted a net loss of Rs 4.84 crore in the year-ago period. Total income increased to Rs 1,965.80 crore during April-June quarter of 2023-24 financial year, from Rs 1,853.24 crore in the corresponding period of the previous year, according to a regulatory filing on Thursday. NBCC is into project management consultancy (PMC) and real estate businesses. NBCC said in a statement that 94.6 per cent of business revenue comes under PMC segment and redevelopment works.

Puravankara consolidated net loss at Rs 17.86 crore in June quarter

Realty firm Puravankara Ltd on Friday reported a consolidated net loss of Rs 17.86 crore in the first quarter of this fiscal year on higher expenses. The company had posted a net profit of Rs 34.44 crore in the year-ago period. Total income rose to Rs 335.81 crore during the April-June period of the 2023-24 financial year from Rs 297.35 crore in the corresponding period of the previous year, according to a regulatory filing. The company's total expenses increased to Rs 362.84 crore from Rs 249.34 crore during the period under review, the Bengaluru-based firm said.

Tata Realty buys 102,000 sq metre land in Bengaluru from Graphite India

Tata Realty and Infrastructure Ltd (TRIL) has bought over 1.02 lakh square metres of land in Bengaluru from Graphite India Ltd for Rs 986 crore. In a regulatory filing earlier this week, Graphite India said that a committee of directors approved a proposal to sell 1,02,349.33 square metres of land in Bengaluru for an aggregate consideration of Rs 986.13 crore to TRIL's two subsidiaries TRIL Bengaluru Real Estate Five Ltd and TRIL Bengaluru Real Estate Six Ltd. The land has been sold, along with the structures standing thereon having an aggregate built-up area of 12,674 square feet, the filing said. The company received the entire consideration on August 7, and the registration process was also completed on the same day. TRIL is a 100 per cent subsidiary of Tata Sons. Graphite India manufactures graphite electrodes as well as carbon and graphite speciality products. It has six plants in India. According to real estate consultant Anarock, real estate developers remained active in la

Robust demand, positive sentiment push housing prices up 7% in June quarter

Kolkata recorded the highest increase in residential prices at 15 per cent during the quarter

Brigade Enterprises Q1 profit falls 56% as real estate sales drag

Real estate consulting firm Anarock said in July factors like inflation, any potential rise in interest rates and corporate layoffs could weigh on growth in the next two quarters

Luxury homes see highest average price appreciation since 2018: Anarock

Hyderabad recorded the highest jump of 42 per cent in the average price of luxury homes between 2018 and the first six months of 2023

Mindspace Business Park REIT appoints Ramesh Nair as new CEO from September

Mindspace Business Park REIT has appointed Ramesh Nair as its new Chief Executive Officer with effect from September 1. Nair, who has experience of more than two decades in real estate sector, was earlier CEO of real estate consultant Colliers India. Before that, Nair was CEO & Country Head at JLL India where he worked for over 21 years. The Board of Directors of K Raheja Corp Investment Managers Pvt Ltd, manager to Mindspace Business Parks REIT, noted the resignation of Vinod Rohira, the current CEO, with effect from August 31, 2023. It also approved the appointment of Nair as the CEO with effect from September 1, 2023, according to a regulatory filing on Monday. The board approved the appointment of Rohira as the additional (non-executive, nonindependent) director on the board of the Mindspace REIT. Rohira will also have a larger role within the K Raheja group as Managing Director and CEO Commercial Real Estate, K Raheja Corp. He will also be on the board of the residential ..

PE inflow in real estate up 51% to Rs 24,680 cr: Cushman & Wakefield

Private equity investment in real estate rose 51 per cent year-on-year to Rs 24,680 crore in the first six months of this year, Cushman & Wakefield said on Monday. The private equity (PE) investment during April-June stood at Rs 15,850 crore (USD 1.92 billion), which was 63 per cent higher than the previous quarter and 60 per cent higher than the same period last year. "H1-2023 (January-June) witnessed a cumulative inflow of close to Rs 24,680 crore (USD 2.99 billion) which is 51 per cent higher than H1-22, mainly driven by investment in the office segment and also increased investments in alternate segments like logistics & industrial and data centres," real estate consultant Cushman & Wakefield said in a statement. Equity investment constituted for 87 per cent of the total inflows. Somy Thomas, Managing Director, Valuations and Co Head, Capital Markets at Cushman & Wakefield, said, "Indian office markets are one of the most resilient investment classes in the real ...

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Realtors body raise concern over hike in registration charges in Tamil Nadu

A real estate body on Saturday raised concerns over the Tamil Nadu government's decision to levy 9 per cent apartment registration charges as it would have adverse consequences on potential homebuyers. Following the hike, the registration revenue to the exchequer would decline, Confederation of Real Estate Developers' Association of India (CREDAI), Chennai said. "The decision to increase the flat registration fee with immediate effect will impact the government and homebuyers more than the developers. The hike will affect property buyers who have already purchased the flat but have not yet registered," CREDAI Chennai President S Sivagurunathan said. "Booking cancellations can happen as a result of this," he cautioned and the move would also "impair" the government's goal of providing a home for everyone by 2030. "CREDAI Chennai requests the government to rethink its choice and reverse the increase in the cost of flat registration. The increased flat registration costs will directly