Page 143 - Real Estate

Realty sector seeks industry status, tax breaks, big housing push in Budget

Demands include 10x spike in SWAMIH fund to Rs 50,000 cr, uniform 25% corporation tax rate, finalisation of the state rental housing policy, among other things

Kumar World Founder Rajas Jain- Paving the way for a new real estate market

.

BK Modi Group plans to invest $1 bn in 5 years in realty, wellness

BK Modi Group plans to invest about USD 1 billion over the next five years in Indian real estate and wellness space as it sees huge growth potential in these two sectors. In an interview with PTI, group founder B K Modi asserted that there is a tremendous scope of bringing new technologies in the real estate sector as well as wellness space. "We will be investing around USD 1 billion over the next five years," he said when asked about the proposed investment in these new ventures. On source of investment, he said the group will also rope in foreign investors in the proposed projects. The group is already constructing a commercial real estate project in Mumbai in partnership with a developer and now has plans to expand this business. On the concept of private smart city, Modi said the group will develop a mixed use project in Rampur, Uttar Pradesh. It already has a piece of land for this project where it will construct housing, mall, hospital and office space. "Whatever is the ne

Builders go for outright land buys amid better residential demand

Of 68 land deals closed in nine months of 2022, nearly 40 deals comprising over 590 acres are proposed for residential development

UP-RERA website to improve services with launch of version 2.0 by May

This exercise is being performed to facilitate users with improved experience in accessing the services of the portal, reduced time and efforts in resolving complaints and speedy actions

Hostel plots, coaching villas drive Kota's real estate sector growth

The real estate sector in Rajasthan's Kota, dubbed the country's coaching hub for competitive exams, has two unique options when it comes to properties -- hostel plots and coaching villas. With over two lakh students moving to the city to prepare for the exams, Kota's real estate sector has grown with the coaching industry as people invest in building hostels and other forms of temporary accommodations for those coming here. While hostel plots are bought mostly by locals aspiring to start their own businesses, coaching villas are popular among well off families who move to the city to stay with their children as they complete their coaching for competitive exams as well as schooling. "The plot sizes that can be converted into hostels with 30, 50 and 70 rooms are the most popular. Each hostel room comprises a bed, study table and wardrobe. Each hostel has a mess, common area for recreation and some extra rooms that are designated 'parents room' and are occupied by them whenever they

Over 98,000 unsold homes in Delhi-NCR at 2022-end: PropTiger report

The Delhi-NCR market has 98,290 unsold housing units at the end of 2022 calendar year and it will take around five years for builders to sell these stocks at current sales velocity, according to PropTiger.com. In its latest report, housing brokerage firm PropTiger has mentioned that unsold inventory rose 17 per cent in 2022 to 8,49,510 units across eight major cities. Out of these, nearly 8.5 lakh unsold stocks, 80 per cent units are under construction, while 20 per cent homes are completed and ready-to-move-in. These cities are -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad, Pune and Ahmedabad. With improvement in housing sales across 8 cities, the inventory overhang -- the estimated time builders would take to sell off the existing unsold stock based on the current sales velocity -- has declined to 33 months in 2022, as compared to 42 months during 2021, the consultant said. "Pune, Kolkata and Chennai have the lowest inventory overhang of

Global slowdown could dent office space demand in H1 2023 after strong 2022

Demand from domestic companies will, however, lend stability to the market

Mumbai Dec home sale registrations added Rs 821 cr to state revenues: Study

Need for home ownership drives demand; over 100,000 sale deeds registered for second year on trot in 2022. In fact, registrations were up 9% YoY in 2022, to hit a 10-year high

Residential real estate sales to lag commercial in FY23: CRISIL

On the commercial real estate front, after a healthy performance in the first half of this financial year, net leasing will slow down in the second half owing to fears of an impending global recession

Godrej Properties buys 9-acre land in Gurugram, sees revenue of Rs 2,500 cr

Golf Course Road Extension will offer 1.6 million square feet of premium residential development

Supertech offered 9,705 flats without occupancy certificates: NCLAT told

Debt-laden Supertech offered 9,705 flats across 18 residential projects to their owners without obtaining occupancy certificates from the respective development authorities, according to a report prepared by the realty firm's interim resolution professional. The Interim Resolution Professional (IRP) Hitesh Goel has submitted the status report about the company to the National Company Law Appellate Tribunal (NCLAT). Supertech has filed an appeal before the appellate tribunal challenging the National Company Law Tribunal's (NCLT) ruling on March 25 this year, wherein it initiated insolvency proceedings against the company. The matter is pending before NCLAT. The status report, pertaining to 18 residential projects spread across Uttar Pradesh, Haryana and Uttarakhand, was submitted to NCLAT on May 31. "As per the information received from the management, there are 148 towers/plots/Villas and approximately 10,000 houses where the possession has been offered but OC has not yet received,

Ahmedabad, Kolkata & Pune most affordable housing markets in 2022: Report

Despite showing the maximum improvement since 2011, Mumbai was the least affordable city in India in 2022: Knight Frank

Arvind SmartSpaces hits new high in a weak market, rises 105% in 6 months

ASSL has completed 3.8 million sf of projects, while 14.9 million sf projects are under construction and around 6.6 million sf projects are under pipeline

Post pandemic pent-up demand surge, realty space may face global headwinds

A surge in post-pandemic pent-up demand helped India's property market overcome risks from rising interest rates this year but the dream run might face hurdles from global headwinds in 2023. Any moderation in growth will mark a premature end to what industry watchers believe to be the start of a "long-term upcycle" in the Indian real estate sector. The optimism emanates from record housing sales this year, surpassing the pre-COVID 2019 numbers and the previous high of 2014. "2022 proved to be a successful year for the residential real estate market as momentum of sales and consolidation of players continued," property consultant Anarock's Chairman Anuj Puri said. Fundamentally, the market is much more mature and stable than it was prior to the pandemic, he told PTI. Puri said he is "hoping that 2023 calendar year is as vibrant as 2022 for the residential market, provided the headwinds of possible global recession, high inflation and interest rates and Covid resurgence doesn't beco

Go ahead with house purchase in 2023 despite high loan rates

By the time interest rates moderate, prices could move higher

Housing sales up 50%, new supply doubles in top-8 cities in 2022: PropTiger

Mumbai and Pune lead property demand, taking a combined 56% share in overall sales; demand grew sequentially and yearly in all four quarters of the year

Net office market absorption at three-year high of 38 mn sq ft in 2022: JLL

Strong job creation, India's credentials as tech and innovation hub, firm corporate expansion plans, and a greater number of firms eyeing India for talent, were key growth drivers

Experts see 2023 as a year of smooth sailing for real estate sector

Demand likely to remain buoyant despite prospects of another rate hike; industry looking for tax breaks, lower transaction costs

Housing sales in top-7 cities up 54%, top previous high of 2014: Anarock

Current sales momentum is likely to continue in first quarter of 2023; most of the sales are driven by end-users