Page 130 - Real Estate

Akshay Sardana: A Visionary in Real Estate, Shaping the Future with Fifty1 International

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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

Macrotech eyes Rs 12k-cr sales revenue from land parcels in MMR, Bengaluru

Realty firm Macrotech Developers Ltd has acquired five land parcels in Mumbai region and Bengaluru during April-June quarter to develop housing projects with a revenue potential of Rs 12,000 crore. Macrotech Developers MD and CEO Abhishek Lodha said the company has added new projects worth Rs 12,000 crore in the first quarter of this fiscal year as against the annual guidance of Rs 17,500 crore. "We are not revising our annual target for new business development as of now," he told PTI. Macrotech Developers, which sells its properties under the Lodha brand, buys land outrightly and also forms joint development agreements (JDAs) with landowners to create pipeline for future real estate projects. "We are preferred partner for landowners for both outright deals as well as JDAs," Lodha said. According to an investor presentation, the company added four land parcels in Mumbai Metropolitan Region (MMR) and one in Bengaluru. Five projects with around Rs 12,000 crore GDV (gross developme

India's construction sector likely to see 100 mn jobs by 2030: Knight Frank

According to a new report, the real estate output is likely to touch $1 trillion by 2030

Home loan EMI in affordable housing category up 20% in last 2 yrs: Anarock

Home loan EMIs for customers who bought properties less than Rs 40 lakh have gone up 20 per cent in the last two years due to a rise in mortgage rate, according to real estate consultant Anarock. The consultant pointed out that the affordable housing segment suffered the most during the COVID pandemic and has not recovered in the last two years. Anarock said that affordable home buyers have been paying almost 20 per cent more in their EMIs over the last two years. The floating interest rates for home loans up to Rs 30 lakh have risen from 6.7 per cent in mid-2021 to nearly 9.15 per cent now. "Home loan borrowers who were paying an EMI of approx. Rs 22,700 in July 2021 are now paying about Rs 27,300 today -- an increase of approx. Rs 4,600 per month. This 20 per cent increase in the EMI has resulted in a jump of approx. Rs 11 lakh in the overall interest component - from approx. Rs 24.5 lakh interest payable in 2021 to approx. Rs 35.5 lakh today," Anarock Head-Research Prashant Thaku

Brookfield India REIT raises Rs 2,305 cr through sale of units to investors

Brookfield India Real Estate Trust has raised Rs 2,305 crore by selling units to institutional investors on private placement basis and will mainly use this fund for acquisition of two assets in Gurugram and Mumbai. In a regulatory filing, Brookprop Management Services Pvt Ltd, which is manager to Brookfield India REIT, informed that the issue committee has approved the allotment of 9,13,01,349 units to 64 successful eligible institutional investors, at the issue price of Rs 252.50 per unit. The names of investors were not disclosed. The issue price includes a discount of Rs 13.29 per unit (which is 5 per cent) on the floor price of Rs 265.79 per unit. "Pursuant to the allotment of the units in the issue, 42,63,88,422 units are issued and outstanding," the filing said. Brookfield India Real Estate Trust (Brookfield India REIT) had opened the issue on July 27 for receiving bids. Last month, the unitholders had approved raising of funds through an institutional placement of units n

Godrej Properties to invest Rs 155 cr to repair housing project in Gurugram

Realty firm Godrej Properties on Wednesday said its board has approved Rs 155 crore for repair work in its completed housing project 'Godrej Summit' at Gurugram, in Haryana after chloride was found in concretes used in the buildings. Godrej Properties also announced an offer to buy-back flats or provide rentals to all the unit holders of the project. In February last year, a partial collapse of a residential tower in Chintels Paradiso project in Gurugram led to the death of two women. Widespread corrosion of steel reinforcement in structure was found in many towers of this society. In a regulatory filing, Godrej Properties informed that its arm Godrej Projects Development Ltd (GPDL), which completed the Godrej Summit project in phases in 2017 and 2018, recently appointed an external expert to undertake a detailed independent assessment of a quality issue discovered in the project. "This assessment identified the presence of chloride in the concrete used in the project, which when i

Affordable home buyers suffer most, EMIs up 20% in just last two years

The total interest payable over a 20-year tenure is now more than the principal amount.

DLF's KP Singh sells entire 0.59% stake for Rs 731 cr: Stock exchange data

Billionaire KP Singh has sold his entire remaining stake in real estate firm DLF for around Rs 731 crore, according to the stock exchange data. It wasn't clear why Singh, who in June 2020 was named the chairman emeritus, sold the shares in the company that is now headed by his son Rajiv. According to bulk deal data on BSE, Kushal Pal Singh, one of the promoters, sold 1,44,95,360 shares on the stock exchange at Rs 504.21 each, totalling Rs 731 crore. DLF's share opened at Rs 510 per share on BSE but closed 3.65 per cent down at Rs 499.70 apiece from the Monday closing price following the sale of a large number of shares by one of the promoters. Its market cap stood at Rs 1,23,691 crore on Tuesday's closing price. As per the DLF's shareholding pattern as on June 30, 2023, 93-year-old Singh held 1,44,95,360 shares, which is equivalent to 0.59 per cent shareholding in the company. Promoters group held a 74.95 per cent stake in the company at the end of the June quarter. In June 2020

Institutional investments in real estate falls 41% to $1.6 bn in Q1: Report

Institutional investments in real estate sector fell 41 per cent year-on-year to USD 1.6 billion in the June quarter but increased 33 per cent sequentially, according to property consultant Vestian. Foreign investors dominated the total institutional investments received during the second quarter (Q2) of the calendar year 2023 (CY23), with 92 per cent share as investors are bullish about India's growth story, Bengaluru-based Vestian said in a statement on Tuesday. Institutional investments in real estate stood at USD 2.7 billion during the June quarter last year and USD 1.2 billion in the January-March period this year. Vestian noted that the Indian real estate sector has demonstrated remarkable resilience in the face of market uncertainty, witnessing a surge in institutional investments during Q2, CY23 as compared to the previous quarter. "Institutional investments reached USD 1.6 billion during Q2, marking a substantial 33.3 per cent increase from the previous quarter. However, .

India's real estate sector received $1.6 bn investment in Apr-June: Report

The institutional investment worth $1.6 billion was led by foreign investors and commercial assets such as hospitality projects, offices, retail, etc

Peerless group plans Rs 1,000 crore capital expenditure over three years

In real estate, plans are being charted to launch a 15-floor retail-commercial-residential real estate project called Trium at Rajarhat

Registration of properties in Mumbai set to fall 9-10% annually in July

Registration of properties in Mumbai municipal area is estimated to fall by 9-10 per cent year-on-year in July to more than 10,200 units, according to Knight Frank India. The registration of properties in Mumbai city (area under BMC jurisdiction) has crossed 10,200 units by 7 pm evening on Monday. As many as 11,340 units were registered during July last year. Out of the total registrations, around 82 per cent is housing. The data pertains to both primary (fresh) and secondary (resale) markets. The revenue collection is expected at more than Rs 800 crores for the state government.

Peerless Group to invest Rs 1,000 cr in capex; focuses on hospital, realty

The Peerless Group on Monday announced ambitious plans to invest over Rs 1,000 crore in capital expenditure over the next three years, a major portion of which will be channelled into the development of hospital and real estate projects. In the financial year 2022-23, the Peerless Group reported a revenue of Rs 635 crore from operations. This notable increase of 22 per cent over the previous fiscal's revenue of Rs 520 crore has been seen as a successful outcome of the company's transformation efforts undertaken last year, the company said. "While transformation is a long journey, during the last year, we have seen early results. Before Covid, our annual growth rate of revenue for the entire group used to be around 6 per cent. During FY23, we have been able to shift the growth rate to 22 per cent," said Peerless Chairman Partha Bhattacharyya. Profit before tax during FY'23 was Rs 196 crore against Rs 149 crore achieved in FY'22. The group's flagship Peerless General Finance & ...

Property registrations in Mumbai fell 12% to 9,923 units in June: Anarock

Mumbai real estate sector is likely to witness a momentary slowdown in the next few months, but the long-term direction remains upward, said Anarock

Macrotech Developers to launch 22 realty projects by March next year

Realty firm Macrotech Developers Ltd will launch 22 new projects by March next year across Mumbai Metropolitan Region (MMR), Pune and Bengaluru with an estimated sales revenue potential of Rs 12,560 crore as it seeks to tap rising housing demand. Macrotech Developers, which sells its properties under the Lodha brand, said in an investor presentation that the company launched 1.8 million square feet area in the first quarter of this fiscal year having a revenue potential of Rs 1,510 billion. The company also announced plans to launch 22 projects, having 9.4 million square feet area of saleable area, in the remaining months of this fiscal. The revenue potential is around Rs 12,560 crore. "In terms of sales bookings, we had our best ever first quarter. Our sales bookings increased 17 per cent to Rs 3,350 crore. We did not launch many projects in the first quarter. So, the sales were driven by inventories in ongoing projects," Macrotech Developers MD and CEO Abhishek Lodha told PTI. "

Brookfield India REIT opens issue to raise Rs 3,500 cr by selling units

Brookfield India Real Estate Trust has opened its issue to raise up to Rs 3,500 crore by selling units to institutional investors on private placement basis to fund acquisition of two assets in Gurugram and Mumbai. In a regulatory filing, Brookprop Management Services Pvt Ltd, which is manager to Brookfield India REIT, informed that the issue committee of its board of directors approved the opening of the issue on July 27 for receiving bids. The panel approved and adopted the preliminary placement document and the application form in connection with the issue. It also approved the floor price of Rs 265.79 per unit, the filing added. The filing did not mention the number of units offered for sale. Last month, the unitholders had approved raising of funds through an institutional placement of units not exceeding Rs 3,500 crore in one or more tranches. The committee took note of the letter from BSREP II India Office Holdings II Pte Ltd (a member of the sponsor Group) expressing their

Sunteck Realty Q1 sale bookings for properties up 16% to Rs 387 cr

Mumbai-based Sunteck Realty has reported 16 per cent increase in sale bookings of properties to Rs 387 crore for the first quarter of this fiscal year. Its sale bookings stood at Rs 333 crore in the year-ago period, according to a regulatory filing by Sunteck Realty. During the last fiscal, the company had sold properties worth Rs 1,602 crore, up 23 per cent from Rs 1,303 crore in the previous financial year. Almost all real estate developers are reporting growth in sale bookings for the first quarter of this fiscal as demand continues to remain strong across all price categories despite rise in property prices and an increase in mortgage rate.

Sales of luxury homes in India rose 130% in January-June period: CBRE

The surge in demand was primarily driven by a growing preference for enhanced amenities and more spacious living areas

Super luxury flat sales up 50% in Mumbai , Gurgaon home sells for Rs 50 cr

Increased demand from the Non-Resident Indian segment due to the strengthening of the US Dollar