Page 145 - Real Estate

Costly home loans pinch realtors, worry about financial closure of projects

Worry about financial closure of projects if interest rates go up any further

Casagrand eyes Rs 500 cr revenue from boutique residential properties

City-based property developer Casagrand has drawn up plans to develop boutique residential properties across prime locations in Chennai, Bengaluru and Hyderabad, the company said on Wednesday. Under this initiative, Casagrand aims to build private residential communities with high-end specifications in metros with generation of Rs 500 crore as revenue from this segment. As more focus was laid in developing large-scale projects including high-rise buildings and independent villas, the significance in the residential localities was ignored for a while, Casagrand said in a statement. "Venturing into this segment, Casagrand is aiming to add a minimum of 100 boutique residences in the next 12 months across Chennai, Bengaluru, Hyderabad," the firm said. Commenting on the initiative, Casagrand founder Arun Mn said, "We feel this particular segment has been overlooked by the reputed builders as we all have focused on building a bigger community, but after analysing that this segment has hu

Indian investments in foreign stocks, property touch a record high in Dec

Diversification, returns an impetus for moving more capital abroad

Not REITs to riches for investors as the near-term headwinds blow

Budget proposals, delayed DESH Bill, hiring slowdown, and rising interest rates present a wall of short-term worry

Average residential property rentals to rise further: Industry experts

Consumers are preferring to take homes on instead of buying them, as construction costs and interest rates rise

Conduct separate title searches on plot, apartment to avoid disputes

Not doing so can hurt buyer even years later, when he tries to sell the unit

Max Estates eyes over Rs 3,200 cr revenue from housing project in Gurugram

Max Ventures & Industries Ltd's (MaxVIL) real estate arm Max Estates has entered into an agreement to develop a 12-acre housing project in Gurugram with an estimated sales revenue of over Rs 3,200 crore. MaxVIL said in a statement that it has entered the Gurugram residential real estate market through a joint development agreement, with development potential of around 2.4 million square feet and gross development value in excess of Rs 3,200 crore. The size of land parcel is about 11.8 acres and it is located in Sector 36A, Gurugram, with direct access from the Dwarka Expressway. Sources said that MaxVIL has entered into a joint development agreement (JDA) with Mohit Jain who owns the land in his personal capacity. Jain is managing director of Krisumi Corporation, which is a joint venture of auto component maker Krishna Group and Japan's Sumitomo Corporation Ltd. Commenting on the deal, Sahil Vachani, MD & CEO of Max Ventures & Industries Ltd, said, "FY2023 has been a ...

Godrej Properties acquires Raj Kapoor's Bungalow in Mumbai for Rs 500 cr

Godrej Properties Ltd on Friday said it has acquired legendary film actor, director, and producer Raj Kapoor's Bungalow at Chembur in Mumbai to develop a luxury housing project. The land was purchased from the Kapoor family, legal heirs of Raj Kapoor, the company said in a regulatory filing. The deal value has not been disclosed. The site is located at Deonar Farm Road, Chembur, Mumbai, adjacent to Tata Institute of Social Sciences (TISS). In May 2019, Godrej Properties had acquired R K Studios in Chembur from the Kapoor family to develop a premium mixed-use project Godrej RKS. The project is expected to be delivered this year. Gaurav Pandey, MD and CEO, Godrej Properties, said, "We are pleased to add this iconic project to our portfolio and are grateful to the Kapoor family for entrusting us with this opportunity." The demand for premium developments has been strong over the past few years, he said. This project will allow us to further strengthen our presence in Chembur, Pand

39,000 real estate agents in Maharashtra to be trained: MahaRERA official

Maharashtra Real Estate Regulatory Authority (MahaRERA) will train 39,000 real estate agents from across the state to enable them to impart better services to home and property buyers, a top official from the regulatory body said on Wednesday. MahaRERA plans to complete the training, which has been made mandatory for agents, by September, said its nodal officer Sanjay Deshmukh at a session here organised for the first batch of the property agents. Four agencies, including the National Real Estate Development Council (NAREDCO), have been entrusted with the mandatory training, which will be followed by an exam, said the official. Being the middlemen between buyers and sellers of properties, agents are expected to guide both parties in the right direction, he said. Rajan Bandelkar, president of NAREDCO said the move will bring in more transparency in the working of real estate agents. A MahaRERA official said the government has also asked real estate agents to file their returns, a m

Sebi notifies governance norms for REITs, InvITs similar to listed cos

Markets watchdog Sebi on Wednesday notified governance norms for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) on the lines of listed companies. In two separate notifications, provisions such as those related to tenure of auditor, computation of leverage and unclaimed or unpaid distribution have been streamlined by the regulator. This comes after the board of Sebi approved a proposal in December for introducing governance norms for REITs and InvITs on the lines of corporate governance norms for listed companies. As part of streamlining the provisions for REITs and InvITs, the regulator said the tenure of an auditor will be made till the conclusion of the fifth annual general meeting of unitholders, and a statutory auditor will undertake a limited audit of all the entities or companies whose accounts are to be consolidated. REITs or InvITs would not appoint an individual as the auditor for more than one term of five consecutive years, while an .

Alliance Group firm buys 96.5-acre land; to invest Rs 3,600 cr in township

Realty firm Urbanrise, an Alliance Group company, has acquired a 96.5 acre land parcel at Tambaram, Chennai from Reliance Capital and will invest Rs 3,600 crore to develop a township project. The company said in a statement that it will develop a mega township project on the land parcel that has a "development potential of 13 million square feet with an expected revenue of Rs 7,000 crore." The company, however, did not disclose the financial details of the transaction. Urbanrise said it has been acquiring large tracts of land in premium locations across Bengaluru, Chennai, and Hyderabad markets to expand its business. Manoj Namburu, Chairman and MD of Alliance Group and Urbanrise said the Tambaram locality is fast emerging as a commercial-cum-residential hub of Chennai. "We are looking at developing an integrated township with world-class amenities..," he added. Alliance Group is one of the leading real estate firms in South India that has delivered over 7,500 homes. The organisa

CCI approves acquisition of real estate assets by Nexus Select Trust

Competition Commission of India on Monday approved the acquisition of commercial real estate assets by Nexus Select Trust. Nexus Select Trust is a Sebi-registered real estate investment trust (acquirer REIT) and is backed by global investment firm Blackstone. The proposed transaction involves the direct acquisition of 100 per cent shareholding of 15 entities and indirect acquisition of 100 per cent shareholding of two entities acting through acquirer REIT's manager -- Select Infrastructure Pvt Ltd and Nexus South Mall Management Pvt Ltd, according to an official release. It also cleared the direct acquisition of 50 per cent equity shares of ITIPL from its existing shareholders by the acquirer REIT (acting through its manager), the release said. The entities are primarily engaged in the commercial real estate sector in India.

Brigade Enterprises sells properties worth Rs 2,618.5 cr in Apr-Dec FY23

Realty firm Brigade Enterprises has sold housing and commercial properties worth Rs 2,618.5 crore during the first three quarters of 2022-23 fiscal, up 31 per cent from the year-ago period, on better demand and higher price realisation. Bengaluru-based Brigade Enterprises is one of the leading real estate firms in the country with a strong presence in South India. In its investor presentation, the company highlighted that it has "achieved sales value of Rs 26,185 million (Rs 2,618.5 crore) during 9 months of FY23, a growth of 31 per cent over 9 month of FY22". Its sales bookings stood at Rs 1,994.8 crore in the year-ago period. In volume terms, the sales bookings rose 25 per cent to 39,58,000 square feet during the April-December period of 2022-23 fiscal from 31,68,000 square feet in the corresponding period of the previous fiscal. The average sales realisation grew 5 per cent to Rs 6,616 per square feet from Rs 6,298 per square feet. Out of the total sales bookings in the first

House rent across major cities in India to keep rising in 2023: Anarock

The biggest jump in the house rent was seen in Noida Sector 150 where the monthly rent for a 1,000 sq ft flat jumped 23 per cent from Rs 15,500/month in 2019 to Rs 19,000/month

Realty check for luxury housing after crucial change in tax structure

Deduction can be availed of under Section 54 and Section 54F in the same assessment year, thereby enhancing total limit, say tax experts

Delhi-Mumbai expressway's first leg to boost Gurugram market, say realtors

It will give a huge boost to the residential and commercial market in Gurugram's Sohna and to industries, warehousing & logistics as well

Mumbai ranks 7th as preferred destination for real estate investments

Mumbai is at seventh position in Asia Pacific as a preferred destination for cross-border investments in real estate sector, according to property consultant CBRE India. The consultant on Friday released its '2023 Asia Pacific Investor Intentions Survey'. "Mumbai is ranked 7th among the 10 APAC cities and emerged as a preferred destination for cross-border investment in the region," it said. Mumbai ranks ahead of Shanghai (ranked 8), Hanoi (ranked 9) and Seoul (ranked 10) on the list. No other Indian city had featured in the list in the last two years. Tokyo topped the chart for the fourth consecutive year as the target market for cross-border investment, followed by Singapore. Vietnam continues to benefit from its status as a 'China-plus One' destination. The survey, polled more than 530 Asia Pacific-based investors across a range of investor types from developers, private investors, and REITs to institutions such as insurance companies, pension funds and sovereign wealth funds,

Mumbai, Bengaluru among top 5 APAC cities with the steepest home price rise

Delhi was also on the list of top ten such cities with an average price rise of 6.8 per cent in the second half of 2022

Costliest property deal: Welspun's BK Goenka buys triplex for Rs 240 crore

The penthouse has been purchased in the Three Sixty West project at Annie Besant Road in Worli, Mumbai

Large Budget allocation to infrastructure makes theme attractive

While infra funds can offer good returns over long term, returns tend to swing wildly from one year to next