Page 144 - Real Estate

Godrej properties buys 62-acre land in Kurukshetra; eyes Rs 550 cr revenue

Realty firm Godrej Properties has purchased about 62 acres of land in Kurukshetra, Haryana for over Rs 100 crore to develop a plotted residential project and is targeting around Rs 550 crore revenue from this property. In a regulatory filing, the company informed that this project will offer about 1.4 million square feet of plotted residential development. The company did not mention the total deal value of this land parcel. However, the property brokers said the deal could be around Rs 100 crore. Kurukshetra is a self-sufficient city with good infrastructure consisting of schools, colleges, hospitals and has significant historical and religious importance. Gaurav Pandey, MD & CEO Designate, Godrej Properties, said, the company has entered into Kurukshetra. "Haryana has been a key market for us and we look forward to further strengthen our presence in Haryana with this project," he said. When contacted, a company spokesperson said the project is estimated to generate a sales ...

Godrej Properties buys 62-acre land in Kurukshetra for residential plots

Realty firm Godrej Properties on Monday said it has purchased about 62 acres of land in Kurukshetra, Haryana to develop a plotted residential project. In a regulatory filing, the company informed that this project will offer about 1.4 million square feet of plotted residential development. The company did not mention the total deal value of this land parcel. Kurukshetra is a self-sufficient city with good infrastructure consisting of schools, colleges, hospitals and has significant historical and religious importance. Gaurav Pandey, MD & CEO Designate, Godrej Properties, said, the company has entered into Kurukshetra. "Haryana has been a key market for us and we look forward to further strengthen our presence in Haryana with this project," he said. Earlier this month, Godrej Properties bought 18.6-acre land at Kandivali in Mumbai to develop a premium housing project with an estimated sales revenue of Rs 7,000 crore. Recently, the company partnered with the landowner for joint ..

Piramal Realty eyes Rs 2,200 cr sales bookings in FY23, up over 40% YoY

Piramal Realty is targeting about Rs 2,200 crore sales bookings this fiscal, up over 40 per cent year-on-year, on strong housing demand, its CEO Gaurav Sawhney said. Founded in 2012, Piramal Realty is the real estate development arm of business conglomerate Piramal Group. It is one of the leading developers with 15 million square feet of residential and commercial space under development in the Mumbai Metropolitan Region (MMR). In an interview with PTI, Sawhney said the company has achieved average annual sales bookings of around Rs 2,000 crore in the past five years as it witnessed robust demand for its residential properties across four projects that it has launched so far. Asked about the performance this fiscal, he said, "Our target is in the range of about Rs 2,200 crore. So as of now we look confident that we will cross the Rs 2,000 crore mark, given the demand is buoyant." Sales bookings were more than Rs 1,500 crore last financial year, he informed. Piramal Realty is ...

Godrej Properties eyes Rs 3,000 cr sales revenue from new land in Gurugram

Godrej Properties is expecting around Rs 3,000 crore sales revenue from development of a new housing project in Gurugram. In a regulatory filing, the company said it has "entered into an agreement for development of 14.27 acres of land in Gurugram, Haryana." The development will comprise predominantly premium residential apartments. The proposed development on 14.27-acre land will have an estimated revenue potential of about Rs 3,000 crore, it said. Godrej Properties is expanding aggressively to encash rise in housing demand. It is acquiring land outrightly and also entering into partnership with land owners to develop new projects. Earlier this month, Godrej Properties Executive Chairman Pirojsha Godrej had said, "We have added projects worth Rs 16,500 crore so far this financial year and have already crossed our full-year guidance of Rs 15,000 crore. Given strong further visibility, we will end 2022-23 fiscal much ahead of the target." With the addition of this project, the com

Piramal Realty to invest Rs 3,500 cr in 2 yrs; aims to deliver 5,000 flats

Piramal Realty will invest Rs 3,500 crore over the next two years in four ongoing housing projects as it aims to deliver a 6 million square feet area to customers, its CEO Gaurav Sawhney said. Founded in 2012, Piramal Realty is the real estate arm of the business conglomerate Piramal Group. It is one of the leading developers with 15 million square feet of residential and commercial under development in the Mumbai Metropolitan Region (MMR). In an interview with PTI, Sawhney said the company is developing 13 million square feet in phases across four residential projects in Mulund, Thane, Mahalaxmi and Byculla in the MMR. The company is developing around 12,000 apartments across these four projects. "We have launched around 8-8.5 million square feet so far in these four projects and the remaining 4-5 million square feet will be launched over the next two years," he said. Sawhney said the company is focusing on delivery and has started handing over the first set of 1,000 apartments t

India planning new rules for quicker resolution of builders' insolvency

The proposed change to the nation's Insolvency and Bankruptcy Code will permit resolution of the cases on a project-wise basis

With nearly $18-billion haul, this was best year for auction houses

This record year might say more about the nature of the auction house business than the art market itself

M3M buys 350-acre land to enter Panipat mkt and build Rs 2,700 cr township

The company expects a topline of Rs 5,000 crore from the project

PE investment in real estate down 17%, inflow up in warehousing sector

According to the report, the investment volume in warehousing stood at $1.9 bn in 2022, from $1.3 bn in 2021, up 45% YoY

PE investment in real estate down 17% to $5.13 bn; inflow up in warehousing

Private equity investment in real estate fell 17 per cent this year to USD 5.13 billion as investors turned cautious amid geopolitical and inflationary concerns, according to Knight Frank India. Private equity (PE) investment, in both pure equity and debt form, declined in housing, office and retail segments during 2022, whereas it increased in warehousing assets when compared with last year. As per the Knight Frank data, PE investment in warehousing increased 45 per cent to USD 1,907 million this year from USD 1,313 million last year. In office assets, PE investment dipped 19 per cent to USD 2,331 million this year from USD 2,882 million in 2021. PE inflows were down 50 per cent in the housing segment to USD 594 million in 2022 from USD 1,187 million last year. In retail assets as well, PE investment declined 63 per cent to USD 303 million this year from USD 817 million in 2021. Overall, PE investment has fallen to USD 5,134 million (USD 5.13 billion) this year from USD 6,199 .

Home prices set for steep 6-10% jump this fiscal, 3-5% next: Report

Home prices across the top six cities are set to jump 6-10 per cent this fiscal and 3-5 per cent in the next financial year because of a steep rise in raw material, labour and land costs, and relatively favourable demand-supply dynamics, a report said on Thursday. The report by Crisil also said large residential realtors are on course to log a robust 25 per cent sales growth in 2022-23 and 10-15 per cent in the next fiscal. The unsold inventory level is down to 2.5 years from four years pre-pandemic, and this has credit profile of the large realtors strengthening, the report said. The agency expects residential prices to rise 6-10 per cent this fiscal and a further 3-5 per cent in the next across the top six cities due to the steep increase in raw material, labour and land costs. This, however, has not impacted demand for residences adversely, given a strong preference for larger homes as the hybrid working model continues in many sectors, it added. The top six realty markets are

Sebi planning 'micro' REITs to bring property companies to nascent market

'The regulator is considering reducing the size of REITs, allowing them to hold just a single asset or a diversified portfolio, to increase supply and flexibility for investors'

HRERA imposes penalty on Brahma City for selling plots without registration

HRERA, Gurugram, has imposed a penalty of Rs 2.50 cr on Brahma City Private Limited, a real estate promoter, for violating the provisions of the real estate (regulation and development) Act of 2016

Delay in permissions can't be termed force majeure

The National Commission found that delay was caused due to submission of plans which were not in consonance with the statutory rules and regulations

Branded real estate developers may corner 50% mkt share this year: Anarock

Branded real estate developers are likely to capture more than 50 per cent market share in expected total housing sales at record 3.6 lakh units this year across seven major cities, according to Anarock. In his round-up of India's primary residential market for 2022, property consultant Anarock Chairman Anuj Puri has highlighted that housing sales this year would be over 3.6 lakh units across the seven cities, surpassing the previous high of 3.43 lakh units in 2014. The seven cities are Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Hyderabad and Pune. Among the new trends, Puri said the demand was driven by end-users and the Grade A developers have cornered more market share. "Demand, driven primarily by end-users, was mainly focused on projects by Grade A developers, who gained even more market share in 2022," he said. About 60 per cent of the 2.65 lakh units launched during January-September 2022 was by branded developers. Puri noted that these brand

WeWork India to focus on 6-8 cities, expects to be valued at $2 bn: CEO

Co-working space company 'would love' to go public but has not decided about that yet: Karan Virwani

Elan Group raises $60 mn from PAG for construction of realty projects

Realty firm Elan Group on Friday said it has raised USD 60 million from global investment firm PAG to fund construction of projects, reduce debt and expand business. The company has secured a second round of funding from PAG. In August this year, it had raised USD 50 million from PAG. The investment will be used towards growth capital to endorse existing debt and to scale up construction of its new luxury housing project -- "The Presidential", located in Sector 106 Gurugram. "This follow-on financing from PAG further strengthens the partnership between both firms and the team at Elan is geared up to put this capital to its most efficient use", said Sandeep Agarwal, CFO, Elan Group. Last month, Elan Group announced an investment of Rs 4,000 crore to develop its first housing project on Dwarka Expressway in Gurugram. In January, the group bought 40 acres of land in Gurugram from Indiabulls Real Estate Ltd (IBREL) for Rs 580 crore for the development of housing and commercial project

Macrotech Developers' promoters plan to raise Rs 3,500 crore via share sale

Realty firm Macrotech Developers' promoters plan to raise about Rs 3,500 crore by selling shares to institutional investors, according to sources. Mumbai-based Macrotech Developers sells its properties under the Lodha brand. In a regulatory filing late on Wednesday, Macrotech Developers informed that the company has launched Qualified Institutional Placement (QIP) of the equity shares. The QIP consists of an offer-for-sale (OFS) of shares by promoter group entities -- Sambhavnath Trust, Sambhavnath Infrabuild and Farms Pvt Ltd, Hightown Constructions Pvt Ltd and Homecraft Developers and Farms Pvt Ltd. The promoters are selling shares for the purpose of achieving minimum public shareholding, the filing said. As on September 2022, promoters had 82.20 per cent stake in the company and they need to bring it down to 75 per cent in order to maintain the minimum 25 per cent public shareholding. Macrotech informed that the floor price has been fixed at Rs 1,022.75 per share but did not .

Why India's growth should stay resilient

Indian property cycle has multi-year pent-up demand and is more dependent onpricing sentiments (now strengthening) instead of mortgage rates.

Rate sensitive shares trade mixed as RBI hikes repo rate by 35 bps to 6.25%

At 10:35 AM; Nifty Bank, Nifty Financial Services, Nifty PSU Bank and Nifty Private Bank indices were up in the range of 0.10% to 0.90%; while Nifty Auto and Nifty Realty indices slipped up to 0.2%.