Page 137 - Real Estate

558,000 homes to be completed in 2023 across top 7 cities: Anarock report

NCR's estimated unit completions for CY23 account for 30% of the year's delivery pipeline. Mumbai Metropolitan Region followed NCR with a 24% share

Realty firms may complete nearly 558,000 homes in 2023 across top 7 cities

Real estate developers are expected to complete nearly 5.58 lakh homes this year across seven major cities as builders focus on accelerating the pace of construction activities, according to Anarock. Real estate consultant Anarock's data suggests that 5,57,900 homes are scheduled for completion during 2023. In the 2022 calendar year, 4,02,000 units were scheduled to be completed. The consultant did not mention whether builders were able to meet their 2022 target or not. Anarock said that the number of homes to be completed is higher because of several factors including realty law RERA, better cash flow amid rise in housing sales, use of latest technologies in construction activities and also increased funding from financial institutions. The developers are trying to avoid delay in completion of projects as it leads to cost overrun, the consultant added. Anarock Vice Chairman Santhosh Kumar said, "As per scheduled completion records, approx. 5.6 lakh homes are likely to be deliver

Fractional ownership platforms make commercial real estate accessible

Until they come under Sebi's MSM REIT framework, retail investors must rely on their own due diligence when investing through them

India Inc in a wait-and-watch mode on impact of Rs 2,000 note withdrawal

Real estate sector may face the brunt; CEOs from other sectors hopeful of business as usual

Trident Group acquires Shipra Mall in Ghaziabad for Rs 551 cr via auction

Real estate developer Trident Group has acquired Shipra Mall at Ghaziabad for Rs 551 crore through an auction process, its CEO Parvinder Singh said on Friday. Trident Group, which is developing projects in Delhi-NCR, Mumbai, and Tri-city (Panchkula), has forayed into retail real estate segment with the acquisition of Shipra Mall at Indirapuram in Ghaziabad, Uttar Pradesh. The size of the mall is 4.5 lakh square feet. "We have acquired the Shipra Mall through auction under the SARFAESI Act (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act) for Rs 551 crore. The auction was conducted by Shipra Mall's lenders Indiabulls Housing Finance and Edelweiss Asset Reconstruction Company," Singh told PTI. The property has been registered and the company paid a stamp duty and registration charge of Rs 44 crore, he said. The deal has been funded through a mix of equity and debt, Singh said. "The mall serves the catchment area of Indirapuram, Vaishal

Jharkhand RERA blacklists firms, 3 partners for violation of norms

The Jharkhand Real Estate Regulatory Authority (RERA) on Friday said it has blacklisted a real estate firm and its three partners, debarring them to undertake any projects for violation of norms and non-registration of projects. A total of 18 complaints have been received against the firm and its three partners. "In a first such move in Jharkhand, we have blacklisted M/s Rebloon Impex and its three partners - Dharmendra Kumar Dheeraj, Rajesh Kumar and Shashikant Singh for failure to get registration done with Jharkhand RERA despite court order in this regard 3.5 years back and violation of various norms," Jharkhand RERA Chairman, Ranjeet Kumar Choudhary told PTI. Member, Jharkhand RERA, Birendra Prasad said the authority was committed to ensure justice to buyers and was forced to take the step of blacklisting the firm as a last resort. "A total of 18 complaints have been registered against M/s Rebloon impex and its three ... out of which orders have been passed on 17. In the first

Realtors buy 2,181 acre land since Jan 2022 for about Rs 26,000 cr: Report

Real estate developers have acquired nearly 2,200-acre land parcels since January last year for around Rs 26,000 crore, mainly to develop residential projects, according to JLL India. In a statement, real estate consultant JLL India said that the developers have acquired around 2,181, acres of land area in the last 17 months (January 2022-May 2023) valued at over Rs 26,000 crore, with an estimated development potential of around 209 million square feet in 104 separate land deals. Out of 2,181 acres, JLL said around 578 acres (27 per cent) of the land was acquired in the first five months of 2023 alone. Branded developers have successfully closed many land transactions in top metros as well as tier 2-3 cities, driven by the resilience shown by the real estate sector. Delhi-NCR, Chennai, Mumbai Metropolitan Region (MMR) and Bengaluru lead in terms of total land area transacted accounting for 72 per cent share (around 1,576 acres), having a development potential of around 150 million

Developers log land purchases worth Rs 26,000 crore in last 17 months

Around 578 acres out of 2,181 acres, was acquired in the first five months of the calendar year 2023 (CY23) alone

Just 25% consumer, realty firms aware of ESG norms: Deloitte India survey

Deloitte India, in its survey report, has highlighted that despite Sebi implementing sustainability regulations, several mandated disclosures lack clear guidance on responses

Group 108 forays into NCR realty market, plans to invest over Rs 2000 cr

The project has a total built-up area of 40 lakh square feet and saleable area of 32 lakh square feet

Vaishnavi Group leases 400,00 sq ft office space to Navi Tech in Bengaluru

The Insurance major has leased the office for nine years and 11 months and will be paying a rent of over Rs 200 crore over the next five years for the office asset

Realty firm Group 108 signs MoU to invest Rs 2,000 crore in Noida

Realty firm Group 108 on Wednesday said it has proposed to invest Rs 2,000 crore to develop new projects in Noida and Greater Noida as part of its expansion plan. The company, earlier part of Bhutani Group and now re-branded as Group 108, is currently developing a 40 lakh square feet commercial project 'Grandthum' in Greater Noida (West). "We have signed a memorandum of understanding (MoU) at UP investment summit to invest Rs 2000 crore in the development of real estate projects," Group 108 MD Amish Bhutani told reporters here. He said the company is in talks with landowners to buy land for development of commercial and residential projects at Noida and Greater Noida. Bhutani said the ongoing commercial project, spread over 23 acres, will get completed by March 2024. This project has a total built-up area of 40 lakh square feet and saleable area of 32 lakh square feet. The company has already sold 25 lakh square feet of space. "We have invested around Rs 400 crore on this project

Commercial real estate lull to continue for at least 2 years: Anarock

MUMBAI (Reuters) - The ongoing lull in Indian commercial real estate will likely continue for at least two more years, though it was not clear when the sector would see a full recovery, the chairman of property consulting company ANAROCK said on Tuesday.

Mumbai ranks 6th in housing price growth index, globally: Report

Mumbai ranks 6th among 46 cities globally in terms of annual price growth of high-end residential properties with appreciation of 5.5 per cent, according to Knight Frank. Real estate consultant Knight Frank India in its report 'Prime Global Cities Index Q1 2023' said that Mumbai, Bengaluru and New Delhi have registered an increase in average annual prices in January-March 2023. "Mumbai moved up from the 38th rank in Q1 2022 to the 06th rank in Q1 2023 based on the annual growth in high-end or prime properties," the consultant said in a statement. Bengaluru and New Delhi also witnessed an upward movement in index ranking to 16th and 22nd ranks from their previous 37th and 39th ranks, respectively, in the first quarter of 2022 calendar year. "The rise in average prices in Mumbai was recorded at 5.5 per cent year-on-year (YoY), while it was 3 per cent YoY in Bengaluru, and 1.2 per cent YoY in New Delhi, compared to Q1 2022," it said. Dubai clinched the top position globally with an .

DLF to launch projects worth Rs 20k cr, targets sale bookings of Rs 12k cr

Realty major DLF Ltd will launch projects worth Rs 19,710 crore for sale by March next year and aims to achieve sale bookings of around Rs 12,000 crore in this fiscal on strong housing demand. On Friday, DLF reported that its sale bookings jumped more than two-fold to a record Rs 15,058 crore last fiscal from Rs 7,273 crore in the previous year. The company clocked Rs 8,000 crore from a single luxury housing project "The Arbour" which was launched in Gurugram during the March quarter. A normalized sale for 2022-23 should really have been in the range of Rs 10,000-11,000 crore. We will still keep our head guided. And we will say that in FY24 we should still be looking at sales guidance of Rs 11,000-12,000 crore, DLF CEO Ashok Tyagi told investors on Saturday in a conference call. Buoyed by record sale bookings last fiscal, DLF has chalked out an aggressive launch pipeline for 2023-24 at 11.2 million square feet area with an estimated sales revenue potential of Rs 19,710 crore. The

Sebi to regulate platforms offering ownership of real estate assets

Sebi has proposed regulating all online platform that offer fractional ownership of real estate assets, in a bid to provide protection to small investors

IndiGrid net profit rises 37% YoY to Rs 137 crore in Jan-Mar quarter

Infrastructure investment trust India Grid Trust on Friday posted a 37.4 per cent rise in its consolidated net profit to Rs 137.12 crore in the January-March 2023 quarter compared to a year ago, on the back of higher revenues. The consolidated net profit of the company was Rs 99.80 crore in the quarter ended on March 31, 2022, a BSE filing showed. On a year-on-year basis, the consolidated revenue for the quarter was up 9 per cent to Rs 598.9 crore, the company said in a statement. IndiGrid ended the quarter with an AUM (assets under management) of Rs 22,800 crore and a net debt to AUM of 59.5 per cent, leaving significant debt headroom for further growth. The Board of the Investment Manager approved a Distribution Per Unit (DPU) of Rs 3.45 for Q4 FY23, closing the year ahead of the DPU guidance of Rs 3.30 per quarter. The record date for the distribution is May 18, 2023, and shall be paid as Rs 2.53 per unit in form of interest, Rs 0.29 per unit in form of dividend, Rs 0.58 per un

In a first, Sebi mulls rules for fractional ownership in real estate

The regulator has prescribed mandatory registration of platforms operating in this space

Mohali International Airport Road- Gillco Group's Realty Haven

.

Foreign investments in real estate jumps to $26.6 bn in 2017-22: Colliers

The Indian real estate sector received USD 26.6 billion as foreign institutional investment during 2017-22 period, a three-fold jump from the previous six years, driven by inflows from USA and Canada with a share of 70 per cent, according to Colliers India. Real estate consultant Colliers India on Friday released a report "High on Investors' Agenda" report that delves into the factors that make India a preferred choice for global investors. Foreign investments in India have been on the rise over the last few years as the industry underwent an overhaul, with major structural, policy reforms inducing transparency and ease of business operations, the consultant noted. As per the data, total institutional investments in real estate rose to USD 32.9 billion during 2017-22 period from USD 25.8 billion in the 2011-16 period. Out of the total inflow, foreign institutional inflow rose to USD 26.6 billion from USD 8.2 billion. However, the investment from domestic investors fell to USD 6.3