Page 132 - Real Estate

Net debt of top 8 listed realty firms dip 43% in last 3 years: Anarock

The net debt of top eight realty firms fell 43 per cent to Rs 23,000 crore last fiscal, from around Rs 40,000 crore in 2019-20, as their cash flow improved on strong housing sales, according to Anarock. Real estate consultant Anarock noted that the unfettered demand for housing across the country has enabled the country's leading large and listed developers to reduce their debt. Anarock analysed financial performances of the top eight developers engaged in the development of residential real estate. These developers are DLF, Macrotech Developers (Lodha brand), Godrej Properties, Prestige Estates Projects, Sobha, Brigade Enterprises, Puravankara and Mahindra Lifespace Developers Ltd. Net debt of top eight listed developers has reduced from Rs 40,500 crore in FY20 to over Rs 23,000 crore in FY23. The average cost of debt for these eight players fell to 9 per cent in FY23 from 10.3 per cent in FY20. In 2020-21, the interest cost was 9.05 per cent, while the cost of debt was 7.96 per

Housing demand outlook remains positive, says DLF chairman Rajiv Singh

DLF Chairman Rajiv Singh remains bullish on India's housing sector and expects strong sales momentum to sustain on the back of rapid urbanisation, improved affordability and aspirational need. Singh also noted that the sector is witnessing a consolidation in demand towards credible and organised real estate developers. In a message to DLF's shareholders in annual report for 2022-23, Singh said the housing sector continues to experience strong demand. "The outlook for housing demand remains positive, with sustained momentum expected due to factors such as urbanization, improved affordability, favourable consumer sentiments and increasing aspirational need," he said. Singh observed that the housing sector is witnessing a trend of consolidation, which is skewed towards the more organized and credible developers. "This trend is primarily influenced by heightened consumer confidence in these brands, substantial improvements in their financial positions and their ability to deliver ...

PropVR partners Unreal Engine to develop 3D solutions for realty sector

Proptech firm Square Yards arm PropVR has partnered Unreal Engine to develop 3D solutions for real estate sector. Square Yards said in a statement that PropVR has been named as an authorised partner for Unreal Engine, an advanced real-time 3D tool developed by Epic Games. The partnership is to develop digital twin and interactive 3D solutions for the real estate industry, it added. "We have partnered with the Unreal Engine team to create the next generation of 3D solutions and digital twins for the real estate industry. Unreal Engine's graphical prowess is unmatched and will help us augment the future of real estate search and discovery experience through high-end 3D digital twins of entire cities," said Vivek Agarwal, Co-founder and CTO, Square Yards. With Unreal Engine, he said, the company can accelerate its vision to build real estate in the metaverse. Agarwal said the partnership would also help in understanding the appetite for virtual real estate experience amongst customer

Gulshan Group to invest Rs 190 crore to develop luxury housing project

Realty firm Gulshan Group on Friday said it will invest Rs 190 crore to develop a luxury housing project in Noida Extension, Uttar Pradesh. The company will develop 92 units in this 1.3-acre project named 'Gulshan Avante' located in Noida Extension (Greater Noida West). The company is selling 4-BHK fully furnished apartments, each of 3,200 square feet size, at an all inclusive price of Rs 3.52 crore. "We have already sold 44 apartments in this project. There is a great demand from businessmen and high salaried employees from this region," Gulshan Group Director Yukti Nagpal told reporters. Nagpal said the estimated project cost is Rs 190 crore, which is being funded through internal accruals. "We expect sales realisation of approximately Rs 325 crore in this project,she said. Deepak Kapoor, Director of Gulshan Group, said the company will deliver this project in the next three years. "The demand for luxury apartments has gone up significantly after the COVID-19 pandemic," Kapoo

Institutional inflows in residential sector up 385% in H1 of 2023: Colliers

Another asset class that saw high growth in the flow of money was office assets which saw a 145% jump in inflows in the first half of 2023 to $2.719 billion

Kolte-Patil Developers Q1 sales bookings increase 58% to Rs 701 crore

Realty firm Kolte-Patil Developers Ltd on Thursday reported a 58 per cent increase in its sales bookings at Rs 701 crore in the first quarter of this fiscal year. Its sales bookings stood at Rs 445 crore in the year-ago period. In a regulatory filing, Pune-based Kolte-Patil Developers informed that its sales volumes increased 52 per cent and the average sales realisation improved by 4 per cent during the April-June period of this fiscal year as compared with the same quarter of the 2022-23 financial year. Kolte-Patil has developed and constructed over 58 projects, including residential complexes, integrated townships, commercial complexes and IT Parks covering a saleable area of around 26 million square feet across Pune, Mumbai and Bengaluru.

Bengaluru tops list of APAC cities with flexible office stock, Delhi third

New flex space supply in Delhi NCR and Bangalore accelerated from 2022, with the two cities witnessing the addition of a combined 3.1 mn sq ft of stock in the first three months of 2023

Dharavi project: 8 months after Adani's winning bid, approval pending

Adani Realty was declared the highest bidder in 2022, but there has been no progress in issuing the letter of authorisation

Saya Group to invest Rs 100 cr to build 336 apartments in Noida Extension

Realty firm Saya Group on Wednesday said it will invest Rs 100 crore to develop 336 studio apartments in Greater Noida. The company will sell these 336 fully furnished studio apartments at around Rs 55 lakh. The size of each studio apartments will be around 700 square feet. "We are developing 336 studio apartments in Noida Extension (Greater Noida West). This is part of our 3-acre high street retail project Saya South X," Saya Group MD Vikas Bhasin told reporters. Saya Group is developing nearly 9 lakh square feet built-up area in this project, with a total saleable area of 6.8 lakh square feet. Out of the total saleable area, high street retail will be around 4.5 lakh square feet and studio apartments 2.3 lakh square feet. "The total investment on the entire project is Rs 450 crore," Bhasin said. He said the high street retail will be ready for fit-out by October this year and the retail area would be operational by January-February next year. Bhasin said the studio apartments

RBI looking at additional loans for home buyers of stuck projects

A meeting of a committee was held on June 19 to discuss issues related to "legacy stalled projects" in real estate

Higher demand pushed residential prices up 6% in April-June quarter: Report

During the April-June period, housing sales across the eight major cities experienced an 8% increase to 80,250 units

Residential sales between January and June touched 15-year-high: JLL report

The highest residential sales were recorded in Bengaluru followed by Mumbai and Pune

PE investments in real estate down 5% YoY at 1.9 bn in Q1 FY24: Report

Increase interest rates impact investment flows, deal activity muted

IRB Infrastructure toll revenue grows 18% to Rs 1,183 cr in Apr-Jun quarter

IRB Infrastructure Developers Ltd (IRB) on Monday said its revenue from toll collection grew by 18 per cent to Rs 1,183 crore in the first quarter of this financial year. Toll collection stood at Rs 1,000 crore in April-June quarter of preceding 2022-23, IRB said in a statement. "IRB and its private InvIT, namely IRB Infrastructure Trust, have registered a toll revenue growth of 16 per cent in the month of June 2023. Toll revenue growth for Q1FY24 for both entities was 18 per cent over the toll revenue in corresponding quarter of FY23," it said. In June 2023, the company recorded Rs 383-crore toll revenue, higher from Rs 329 crore in June 2022. Amitabh Murarka, Deputy Chief Executive Officer of IRB Infrastructure Developers Limited said, "First quarter of FY24 looks much positive as an upward trend seen in aggregate toll revenue as compared to corresponding quarter of last fiscal. We expect similar momentum for the rest of FY24." IRB has a track record of constructing, tolling, ..

There is a lot more risk aversion happening: Rothschild & Co India head

In a Q&A, the firm's India MD Chandresh Ruparel discusses the current M&A and PE space and outlook, even as he remains most bullish on India among BRICS nations for its ability to attract capital

U'khand govt approves proposal to bring ordinance to tighten land laws

The Uttarakhand government on Friday approved a proposal to bring the Land Encroachment (Prohibition) Ordinance 2023 to tighten the laws for buying land in the state and prevent people with criminal antecedents from making such purchases. It was also decided to conduct aero sports activities from George Everest Estate in Mussoorie and only undertake natural farming in a five-kilometer corridor along the banks of river Ganga. "The decisions were taken at the cabinet meeting chaired by Chief Minister Pushkar Singh Dhami," Secretary Shailesh Bagoli said. He said the ordinance has been brought to effectively curb encroachment and unauthorised occupation of public and private assets in the state.

Almost half of workers in India don't feel secure in their jobs: Survey

Job insecurity is a growing concern for workers worldwide, and in India 47 per cent of employees do not feel secure in their positions, says a survey. According to the ADP Research Institute's People at Work 2023: A Global Workforce View report, a concerning 47 per cent of employees in India do not feel secure in their positions. "Workers are bound to be worried about their jobs in these volatile and uncertain economic times, especially in light of recent reports of large-scale job losses at prominent corporations and the alleged threat of AI to human employment," said Rahul Goyal, MD, ADP. Across markets, feelings of job insecurity are highest among the young. According to a survey of over 32,000 workers, half of Gen Z (18-24 year-olds) said they do not feel secure in their jobs. This is double the proportion of over 55-year-olds who say the same. Goyal further noted that "many businesses continue to have serious problems finding and keeping talent, so the situation may not be as

BCD Group's order book up 30% to cross Rs 1,000 crore in June quarter

Construction firm BCD Group said its order book has crossed Rs 1,000 crore in June quarter of this fiscal year, up 30 per cent from the year-ago period. The Bengaluru-based firm said in a statement that it has bagged residential and commercial projects from many real estate developers, including Assetz Group, Salarpuria Sattva, Puravankara and Century Group. The company in the first quarter of FY24 received project construction orders worth Rs 300 crore for civil construction of premium properties. Angad Singh Bedi, Managing Director, BCD Group, said the company has crossed the Rs 1,000 crore order book milestone in the first quarter. "We are quite bullish for the ongoing fiscal. Bengaluru has been one of the fastest-growing residential markets for us, and we have been at the forefront of developing the city by working with the largest developers in the country," Bedi said. BCD Group, established in 1952, is into construction of real estate projects, townships, steel plants, ...

Proptech startup OfficeBanao raises funds from ex-Meta MD, ex-Collier CEO

Real estate startup OfficeBanao, which raised USD 6 million from Lightspeed in April this year, on Thursday said it has raised funds from three angel investors, including former Meta India MD Ajit Mohan and former Colliers India CEO Ramesh Nair. The company did not disclose the amount raised. Gurugram-based OfficeBanao, which is a workspace interior platform, said in a statement that it has "raised an undisclosed amount of angel investment" from Ajit Mohan, founding CEO, Hotstar and former MD, Meta India, Ramesh Nair and Apurva Chamaria - Head of Partnership solutions, start-ups & venture capital, Google India. The startup seeks to disrupt the competitive workspace interior market with its comprehensive, end-to-end service.. With the additional funding, OfficeBanao plans to fuel its expansion. "The funds will be utilized to further enhance its technology-driven platform, accelerate product development, and expand its workforce," the statement said. The platform is for designers,

Ajmera Realty & Infra India Q1 sales bookings down 44% to Rs 225 cr

Ajmera Realty & Infra India Ltd on Thursday reported a 44 per cent decline in its sales bookings to Rs 225 crore in the first quarter of this fiscal year. Its sales bookings stood at Rs 400 crore in the year-ago period. The carpet area sold fell 14 per cent to 1,35,460 square feet in April-June period of this fiscal year from 1,57,438 square feet in the corresponding period of the previous year, according to a regulatory filing. The Mumbai-based company is focused on development of luxury and mid-luxury residential projects.