Page 133 - Real Estate

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.

Puravankara Q1 sales bookings jump over 2-fold to record Rs 1,126 cr

Realty firm Puravankara Ltd on Thursday said its sales bookings jumped over two-fold to Rs 1,126 crore in the first quarter of this fiscal on better housing demand and higher price realisation. In a regulatory filing, the company shared its operational performance for the April-June quarter of 2023-24. The company's sales bookings in volume terms rose 97 per cent to 1.36 million square feet in the first quarter of this fiscal from 0.69 million square feet in the year-ago period. In value terms, the sales bookings jumped to Rs 1,126 crore from Rs 513 crore. The average price realisation went up 11 per cent to Rs 8,277 per square feet from Rs 7,436 per square feet during the period under review. "Achieved highest ever sale value of Rs 1,126 crore in any quarter and the first quarter of any financial year since inception," Bengaluru-based Puravankara said. It attributed the growth in sales to factors like need for larger houses, rising incomes, job creation, and stable home loan rate

Puravankara soars 13% as it records highest-ever sales value in Q1FY24

The sale's value more than doubled, zooming 119 per cent year-on-year, to Rs 1,126 crore from previous year's Q1 sales of Rs 513 crore

Top Headlines: RBI's path to internationalise rupee, data protection bill

Business Standard brings you the top headlines at this hour

REITs will continue to have strong potential in India in future: Experts

The real estate investment trusts (REITs) in India will continue to have "huge potential" in the future as these may expand to other asset classes such as industrial, data centre, hospitality, healthcare and education, experts said. REITs are companies that own and operate income-producing real estate, and their shares are traded on stock exchanges. "REITs in India are still at their early stages as compared to other regional markets. India's REIT market capitalisation is less than 10 per cent of that of countries like the US and Singapore and other countries in the Asia-Pacific region. "Considering the size of the Indian office market, there exists a huge potential for more REITs and expansion of current REITs," Colliers India MD (Capital Markets and Investment Services) Piyush Gupta said. Embassy Office Parks REIT Deputy Chief Financial Officer Abhishek Agarwal recently said the company remained optimistic about the office REIT market and was looking for expansion. The company w

Sebi amends guidelines for institutional placement of units by InvITs

Sebi on Wednesday amended the guidelines for preferential issue and institutional placement of units by Infrastructure Investment Trusts and Real Estate Investment Trusts. The changes have been made after receiving feedback from stakeholders. In two separate but similarly-worded circulars issued for InvITs and REITs, Sebi has mentioned about pricing for institutional placement of units. "The institutional placement should be made at a price not less than the average of the weekly high and low of the closing prices of the units of the same class quoted on the stock exchange during the two weeks preceding the relevant date," Sebi said. According to the regulator, InvITs and REITs may offer a discount of not more than five per cent on the price, subject to approval of the unitholders concerned. The relevant date for deciding the price would be the "date of the meeting in which the board of directors of the manager decides to open the issue".

Unsold housing stock drops 21% in Delhi NCR in April-June quarter: Anarock

It is the steepest drop of available stock among the top seven cities in India

Office space leasing up 2% at 14.6 mn sq ft in top 6 cities: Colliers

Average office rentals remained stable during April-June at Rs 95 per square feet across six major cities as new supply rose 32 per cent, while demand grew by a modest 2 per cent, according to Colliers India. Real estate consultant Colliers India released its quarterly data of six major office markets -- Bengaluru, Delhi-NCR, Mumbai, Chennai, Hyderabad and Pune -- on Wednesday. Gross leasing of office space rose 2 per cent to 14.6 million square feet across top six cities during April-June, from 14.3 million square feet in the year-ago period, driven by technology, engineering & manufacturing sectors. Chennai saw a three-fold jump in office demand, beating Delhi-NCR and Mumbai in leasing activities. New supply of office space rose 32 per cent to 12.4 million square feet across these six cities from 9.4 million square feet. Weighted average rental remained flat at Rs 95 per square feet a month, across six cities. Peush Jain, Managing Director, Office Services, India, Colliers, ...

Macrotech Developers Q1 bookings up 17% at Rs 3,350 cr; adds 5 new projects

Realty firm Macrotech Developers has reported a 17 per cent increase in sales bookings at Rs 3,350 crore in the first quarter of this fiscal and added five new land parcels to develop projects with sales potential of around Rs 12,000 crore. Macrotech Developers, which sells properties under the Lodha brand, had sold properties worth Rs 2,860 crore in the year-ago period. In a regulatory filing, Macrotech Developers informed that the company achieved its best-ever first quarter pre-sales performance at Rs 33.5 billion (Rs 3,350 crore) showing a growth of 17 per cent on a year-on-year basis. The company also announced the addition of five new projects with GDV (gross development value) potential of around Rs 12,000 crore across different micro-markets. Abhishek Lodha, MD & CEO of Macrotech Developers, said, "with a strong start for the year, the performance achieved is in line with our guidance of 20 per cent pre-sales growth for FY24." The demand conditions remain robust with a ...

Arkade Group to invest Rs 470 cr on new housing project in Mulund, Mumbai

Realty firm Arkade Group will invest Rs 470 crore to develop a housing project at Mulund in Mumbai. The project 'Arkade Nest' is spread over 2 acres and will have 350 flats. "The total investment estimate in this project is Rs 470 crore, out of which Rs.115 crore has been spent so far," Mumba-based realty firm Arkade said in a statement. Established in 1986, the Arkade Group is planning an initial public offering (IPO) to raise about Rs 600 crore in a fresh issue of shares, it added. The group clocked a total sales bookings of Rs 150 crore in the first quarter of this fiscal.

Home sales in NCR touch 10-yr high, flats upwards of Rs 1 cr most in demand

In NCR, Gurugram accounted for a mammoth 82% of the total half yearly launches.

Sale of mid-segment homes overtakes affordable in India: Knight Frank

At the same time, since the first half of 2018, the sale of premium homes in India has gone up over 143%

How does India's $11.1 trillion household savings into equities stack up

Jefferies estimates the structural flows from retail to the equity markets at around $30-35 billion per annum

UP RERA asks Ajnara Realtech to complete stuck project by June 2025

Real estate regulator in Uttar Pradesh has asked realty firm Ajnara Realtech to complete its stalled housing project in Greater Noida, comprising nearly 600 flats, by June 2025. The project 'Ajnara Le Garden Phase-3', located in Noida Extension (Greater Noida -West), was launched in 2014 but could not be completed. There are 585 flats in four towers in this project, of which 476 units have been sold to customers. In a statement, the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) on Monday said it has authorised Ajnara Realtech, the existing promoter of the Ajnara Le-Garden Phase-3 project, to complete the remaining construction. The promoter has been given time till June 2025 to complete the remaining construction work and ensure possession of homes to 476 allottees, it said. "UP-RERA, with a view to protect the interests of the allottees of a stuck project... authorised the existing promoter, Ajnara Realtech, to undertake the completion of the remaining construction and

Investcorp makes addl Rs 500 crore investment in NDR Warehousing

Investcorp, a global investment manager specialising in alternative investments, has pumped in Rs 500 crore more into NDR Warehousing. This is the second investment that the fund has made into the warehouse development and operating platform. It had invested USD 55 million last year, the fund said in a statement Monday. Investcorp's India real estate team invests in real estate projects located in top tier cities and so far, it has deployed over USD 350 million across the warehousing, residential and education related sectors broadly with a social infrastructure focus. NDR has a diversified asset portfolio comprising warehouses across 10 cities including Chennai, Mumbai, Coimbatore and Kolkata, offering over or 14 million square feet area with an aggregate occupancy rate of over 95 per cent. It also has around 5 million square feet under construction. NDR is considering listing part of its warehousing portfolio as an Infrastructure Investment Trust (InvIT) later this year. "Our s

Hero Realty sells 77 plots in Gurugram project for Rs 180 cr in single day

Hero Realty has sold all 77 plots for about Rs 180 crore in its newly launched project in Gurugram. All the plots were sold on June 29, the first day of the launch itself. The selling price starts from Rs 1.99 crore and onwards. Hero Realty has launched a plotted development project 'The Ark' in Sector 85, Gurugram, spread over 5 acres, a company statement said. Dharmesh Shah, CEO of Hero Realty Pvt Ltd, said, "We are delighted with foraying into the plotted development in the Delhi-NCR market and are committed to meeting the evolving needs of our customers. With the help of technology and our brand value, the NCR will experience best practices even in the plotted segment." In February, Hero Realty purchased a 5-acre land in Gurugram for Rs 90 crore to develop a plotted residential project. The total cost to develop this project is estimated at Rs 115 crore. The project will be developed by the end of next year. The company has formed a separate vertical 'Hero Earth' for undertak

Mahindra Lifespaces forays into plotted development; to start in Chennai

Realty firm Mahindra Lifespaces Developers Ltd on Monday announced its foray into plotted developments and launched first project in Chennai to sell plots to customers in a 19-acre project. The company has come up with first plotted development project 'Lakefront Estates by Mahindra' at Mahindra World City (MWC), Chennai, it said in a regulatory filing. Spread over 19 acres, the project will offer a wide range of plots meeting the customers' needs and aspirations, with sizes up to 5,000 square feet. Mahindra Lifespace, the real estate and infrastructure development business of the Mahindra Group, did not share detail about the cost of this project, number of plots being offered as well as the selling price and the estimated sales realisation from this project. Mahindra Lifespace development footprint spans 33.58 million square feet of completed, ongoing and forthcoming residential projects across seven Indian cities. It has over 5,000 acres of ongoing and forthcoming projects under

Prestige Estates plans to make $195 mn housing project debut in Indian mkt

Prestige has, for years, focussed on its home turf of Bengaluru and a few south Indian cities, developing more than 280 residential, commercial, retail and hospitality projects

Mahindra Lifespaces gets into plotted development with 'Lakefront Estates'

The project is designed to provide an ideal, customised living experience with green open spaces and access to excellent infrastructure and facilities, said the company