Page 138 - Real Estate

DLF Q4 profit up 40% to Rs 569.6 cr, net profit rises 36% to Rs 2,034 cr

Realty major DLF on Friday reported a 40 per cent increase in its consolidated net profit at Rs 569.60 crore in the quarter ended March 2023 on lower expenses. Its net profit stood at Rs 405.54 crore in the year-ago period. Total income fell to Rs 1,575.70 crore in the fourth quarter of this fiscal year from Rs 1,652.13 crore in the corresponding period of the previous year, according to a regulatory filing. DLF's net profit increased 36 per cent to Rs 2,033.95 crore in the last fiscal from Rs 1,500.32 crore in the 2021-22. Total income declined to Rs 6,012.14 crore in 2022-23 financial year from Rs 6,137.85 crore in the previous year. DLF is India's largest real estate developers in terms of market capitalisation.

Sundaram Home Finance confident of growth as demand remains positive: MD

Sundaram Home Finance was confident of continuing its growth during the current financial year as the demand in real estate sector remains positive, a top official said on Friday. The company, a wholly-owned subsidiary of non-banking finance company Sundaram Finance Ltd, has reported net profit at Rs 65.68 crore up by 23.8 per cent from Rs 53.05 crore registered in same period of last year. Disbursements during the quarter under review went up to Rs 1,222.46 crore from Rs 794.08 crore registered during corresponding quarter of last year. "The demand in the real estate sector continues to be positive. We are confident of continuing our growth trajectory in FY24. Our growth will continue to be driven by expansion in Tier III and IV towns this year," Sundaram Home Finance MD Lakshminarayanan Duraiswamy said. For the year ending March 31, 2023 the net profit of the company grew to Rs 215.81 crore as compared to Rs 167.70 crore registered in same period of last year. Disbursements for

Indian real estate saw foreign inflows of $26.6 billion between 2017-22

In the quarter that ended March 31, the institutional investments in the real estate sector were up 37 per cent to $1.7 billion: Colliers India

Ajmera Realty & Infra profit up 7.9% in Q4FY23, income down 36.7%

However, for the full year, total income fell to Rs 440.63 crore in FY23 from Rs 489.11 crore in FY22

Singapore authorities say more property measures will be taken if needed

The comments come after Singapore increased the tax that some homebuyers have to pay for property purchases

TransIndia Realty & Logistics Parks to sell crane biz for Rs 121 crore

Allcargo Group firm TransIndia Realty & Logistics Parks on Wednesday announced that it has signed a pact with Premier Heavy Lift Pvt Ltd for selling its crane business to the latter for Rs 121 crore. TransIndia Realty & Logistics Parks Ltd, which specialises in developing and leasing industrial parks, demerged from Allcargo Logistics, and is in the process of becoming an independent listed entity. The demerger is part of Allcargo's restructuring plan. Allcargo Group has been divesting from non-core businesses and selling equipment business is part of this strategy, the company said. The sale of the crane business is on a going concern by way of a slump sale for a lump-sum cash consideration of Rs 121 crore, excluding working capital adjustments as per business transfer agreement, the company said in a statement. The deal proceeds will be utilised for investing in strategic growth areas for TransIndia, which will now exclusively focus on logistics infra and real estate ...

Bengaluru tops list for best high streets, Hyderabad & Mumbai follow: Study

Bengaluru's MG Road is the best high street and the city has three other such shopping hubs

Mr. Rajas Jain of Kumar World building the real estate in Pune

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Promoters of stalled real estate projects must be barred for life: FPCE

Homebuyers' body FPCE has suggested that promoters of stalled real estate projects must be barred for life, besides conducting forensic audits to ascertain the diversion of funds, making projects financially unviable. Forum for People's Collective Efforts (FPCE) president Abhay Upadhyay has written to Amitabh Kant, Chairman, Committee on Stalled Projects, suggesting measures for the revival and completion of stuck projects across the country. The panel held its second meeting on May 8 to examine the issues related to legacy stalled projects. In an order dated March 31, the Union Housing and Urban Affairs Ministry has set up a 14-member committee headed by former NITI Aayog CEO Amitabh Kant to examine issues related to stalled real estate projects and recommend ways for their completion. The panel will submit a report within 6 months from the date of its first meeting. Upadhyay in the letter suggested that an exercise should be done on a pan-India basis to identify projects, which a

Central Advisory Council discusses legacy stalled real estate projects

The Central Advisory Council constituted under the Real Estate (Regulation and Development) Act on Tuesday discussed issues like legacy stalled projects and uniformity in rules framed by states and Union territories under the provisions of the Act. Union Housing and Urban Affairs Minister Hardeep Singh Puri chaired the CAC (Central Advisory Council) meeting where participants were informed that 32 states/UTs have set up real estate regulatory authorities. It was informed that Ladakh, Meghalaya and Sikkim are yet to establish any such authority, while six states/UTs (Arunachal Pradesh, Manipur, Mizoram, Telangana, Jammu and Kashmir, and Puducherry) are yet to establish permanent regulatory authorities. The CAC also discussed the issue of legacy stalled real estate projects. HUA secretary Manoj Joshi asked members to submit their suggestions to the committee chaired by G20 Sherpa and former NITI Aayog CEO Amitabh Kant. The panel was set up to examine all issues related to legacy stal

Nam Estates-Embassy One merger faces delay, says Indiabulls Real Estate

The company's market valuation fell Rs 748.59 crore to Rs 2,997.63 crore

Demand for commercial property in India robust, US, Europe struggle

The unabated interest hikes by the Federal Reserve of the United States have resulted in a situation where cheap money is no more available

91Springboard starts new co-working in Gurugram with over 1,000 desks

Co-working operator 91Springboard has taken on lease 40,000 square feet office space in Gurugram to start a new centre with more than 1,000 seats capacity as demand for flexible workspace has risen post-Covid. 91Springboard has already started the centre at Udyog Vihar in Gurugram. This is its fourth co-working centre in the city, the company said in a statement. With the opening of this new centre, the company now offers over 20,000 desks across eight cities. Having established its first co-working centre in Delhi in 2012, 91Springboard currently has 24 centres across Bengaluru, Mumbai, New Delhi, Hyderabad, Gurugram, Noida, Pune, and Goa.

Birla Estates buys 28.6-acre land in K'taka for project worth Rs 3,000 cr

Birla Estates on Monday said it has acquired 28.6-acre land in Bengaluru to develop a housing project with an estimated sales potential of Rs 3,000 crore. In a regulatory filing, Century Textiles and Industries Ltd said its arm Birla Estates Pvt Ltd has purchased the 28.6-acre prime land parcel in the fast-developing micro-market of Sarjapur Road, Bengaluru. The company, however, did not disclose the deal value. Birla Estates is the real estate arm of the Aditya Birla Group. "The proposed project is estimated to have a revenue potential of about Rs 3,000 crore," the filing said. The development will essentially comprise residential housing along with convenience retail options. KT Jithendran, MD and CEO, of Birla Estates said, "We believe that this region has immense potential to become the next IT hub, and our Grade-A residential complex will serve as a haven for modern professionals in the area". Birla Estates Pvt Ltd, a 100 per cent wholly-owned subsidiary of Century Textiles

Sales of luxury flats soars 2.5 times across 7 cities in March quater

Sales of luxury residential properties -- each priced Rs 4 crore and above -- jumped 2.5 times to 4,000 units in January-March this year across 7 cities on strong demand for large apartments with better amenities, according to CBRE. In its report, real estate consultant CBRE said the sales of luxury homes stood at 1,600 units in the year-ago period. As per the data, sales of luxury flats in Delhi-NCR jumped over three-fold to 1,900 units in the March quarter from 600 units in the year-ago period. Sales of premium apartments in Mumbai increased to 1,150 units from 800 units. In Pune, sales stood at 150 units, a sharp jump from 10 units in the year-ago period. Bengaluru saw flat demand at 50 units. Sales of luxury homes doubled to 100 units from 50 units in Kolkata. Hyderabad witnessed more than eight-time rise to 430 units from 50 units. Sales of luxury apartments in Chennai rose five times to 250 units in January-March 2023 from 50 units in the corresponding period a year ago.

Co-working operators leases 7,068 office desks in Jan-Mar across Delhi-NCR

Co-working operators provided on lease 7,068 desks in January-March across Delhi-NCR, highest since December quarter of 2019, amid rising demand for flexible workspace from corporates and others, according to JLL India. Education, consulting and technology companies led the leasing demand for flexible seats. The demand for managed office from enterprises was high and they contributed 75 per cent of the total leasing of flexible seats during the January-March quarter of this calendar year. "What is interesting to note is that most of this leasing demand was for managed office space by enterprises who were looking for a more customized flex space with a focus on end-to-end amenities and workplace management," the consultant said. During 2022 calendar year, 21,299 seats were leased by co-working operators, of which 65 per cent demand was for managed office space. More than 28,000 seats were leased by flex operators during the 15-month period from January 2022-March 2023. During this

87 real estate deals signed for 1862 acres of land in FY23 across India

Although the number of deals went up around 50% but the increase in terms of area didn't go up proportionally, which means developers are making large number of deals with smaller area

Luxury segment housing sales up by 151%, Delhi-NCR leads with 216% growth

The post-pandemic rise in ownership of luxury housing is believed to be a result of a changed mindset of the homebuyers

Singapore may vote on soaring rent as locals feel real estate price pinch

Singapore's Finance Minister Lawrence Wong said, in Singapore, the prime minister has to be a real estate agent while acknowledging that prices have soared

Avighna Group to invest Rs 1,000 crore to develop towers in Mumbai

The two projects will be funded through internal accruals, without seeking any external borrowings or institutional funding, the company said in a statement