Page 146 - Real Estate

As property market hits a slump in China, are investors turning to India?

-date period till October, investment in real estate development fell 8.8% compared with the same period in the previous year, commercial floor space sold dropped 22.3%

Land deals surge over threefold in first nine months of 2022: Report

The top 8 cities include National Capital Region, Mumbai Metropolitan Region, Bengaluru, Hyderabad Pune, Chennai, Kolkata, and Ahmedabad

Land deals by builders see 3-fold jump to 68 in Jan-Sep in 8 cities: Report

Real estate developers are aggressively looking to expand their business with revival in demand, resulting in a sharp rise in the number of land deals which jumped over three-fold to 68 across eight major cities during January-September this year, according to property consultant Anarock. Anarock has compiled the land transactions, which include both outright purchases by developers and also joint development agreements (JDAs). At least 68 separate land deals, accounting for 1,656 acres, were closed in the first nine months of 2022 across top eight cities, as against just 20 land deals for 925 acres in the corresponding period of last year, it said. Out of the 68 deals in January-September period of 2022, as many as nine were either JDAs or on revenue sharing basis. The remaining deals were outright purchase. Land, the most precious finite resource amid rapid urbanisation, has been seeing increased action after the COVID-19 pandemic, Anarock noted. To encash the surge in housing .

NCLAT stays proceedings against BPTP as firm settles dispute with creditor

The National Company Law Appellate Tribunal has stayed insolvency proceedings against BPTP after the real estate firm informed NCLAT that it has settled the dispute with its operational creditor. On November 14, the National Company Law Tribunal (NCLT) had directed to initiate insolvency proceedings against BPTP Ltd, a leading real estate player in Delhi-NCR, on a petition filed by an operational creditor, RBCL Projects. During the proceedings of NCALT on Friday, the counsel appearing for BPTP informed the appellate tribunal that there was a settlement between the parties on November 15, 2022. The counsel sought time to file joint application along with their operational creditor. The counsel for BPTP's operational creditor also made a statement before NCLAT, saying it has already received the amount under the settlement. Admitting it, NCLAT directed to list the matter on November 23 for the next hearing. "In the meantime, we stay the order dated November 14, 2022," it said. Earl

M3M expects Rs 5,000 cr in sales through 13-acre land acquired in Noida

Real estate firm will invest Rs 2,400 cr in mix-use project of housing, retail and service apartments

M3M enters Noida property mkt, to invest Rs 2,400 cr in mixed-use project

Realty firm M3M India has bagged a 13-acre land parcel in Noida through e-auctions and plans to invest around Rs 2,400 crore to develop a mixed-use project, its director Pankaj Bansal said on Wednesday. M3M India, which has a major presence in Gurugram, will be foraying into Noida property market through this project. "We have secured a 52,000 square metre plot in Sector 94 through an e-auction conducted by the Noida Authority. We will be entering into the Noida market through this land acquisition," Bansal told PTI. The land has been bought at Rs 827.41 crore through auction, he said, adding that the total acquisition would reach Rs 1,200 crore including lease rent and registration charges. "We are targeting to launch this mixed-use project, comprising of housing, retail and serviced apartments, in February-March next year," Bansal said. Asked about the funding of this project, he said the company is in talks with financial institutions to raise funds. Bansal said the company pl

Abu Dhabi fund invests $500 mn in Kotak Investment's 13th real estate fund

With this new fund, KIAL has raised, managed or advised more than $3.3 billion under its real estate fund series

NCR witnesses highest YoY dip in new launches of residential units: Study

The study by the real estate consultancy firm, Anarock, said that NCR accounted for 7 per cent of the total new supply in Q3 2022 across the top seven cities.

China recalibrates policy, issues directions to rescue property sector

The move coincided with a publicly announced 20-point playbook from the National Health Commission aimed at reducing the economic and social impact of containing Covid

Smartworld Developers expect sales worth Rs 250 cr from retail project

The 100,000 sw ft project in Gurugram is spread over three floors, with units ranging from 500 sq ft to 12,000 sq ft

Wealthy Indians buying properties in Dubai, London, NY for better prices

Anuj Puri, chairman of Anarock Property Consultants links wealthy Indians buying abroad to their purchasing power

Game-changing rules for asset reconstruction companies

The new norms succinctly sum up the RBI's view on how some of the ARCs have been run

Godrej Properties highest bidder for Noida land parcels with Rs 377-cr bid

Realty firm Godrej Properties Ltd on Saturday said it has been declared as the highest bidder for two adjacent land parcels in Noida with a bid of Rs 377 crore. The company said in a regulatory filing that it has been declared as highest bidder as per the e-tendering portal of SBI, which facilitated the e-auction on behalf of Noida Authority. The company will develop residential group housing on the adjacent land parcels located in Sector 146, Noida. Spread over 12.4 acres, the land parcels will offer about 3.2 million square feet of development potential. Mohit Malhotra, MD and CEO, Godrej Properties, said, "We have witnessed strong demand for our existing projects in Noida and these projects will further strengthen our development portfolio in NCR (National Capital Region). This fits well with our strategy of deepening our presence in key micro markets across India's leading cities." Godrej Properties is one of the leading real estate developers in the country.

Signature Global launches second phase of premium projects in Gurugram

The realtor will deliver the remaining 50 per cent of the units to customers in the second phase of the projects

Hyderabad registers homes worth Rs 2,237 crore in October: Knight Frank

Near 10% dip in registrations to Rs 27,509 crore since January; units worth Rs 25-50 lakh each constitute 51% of total

SC upholds Bombay HC order quashing property tax opposed by developers

Real estate developers say they paid exorbitant amounts to municipality as Land Under Construction Tax

Travancore to Mandi: A sneak peek into the royal houses of New Delhi

The royal family of Travancore has entered into an agreement with Sahana Real Estate & Builders to sell the Travancore house for Rs 250 crore. Here is a look at other royal houses in Delhi

Only 2.1 mn houses to be built for poor in AP as against sanctioned 2.83 mn

The Andhra Pradesh government will construct only 21 lakh houses for the poor under its much-hyped 'Pedalandariki Illu' (Housing for All) programme, as against the 28.30 lakh originally sanctioned. State Housing Minister J Ramesh said, "We have distributed 30.20 lakh house sites and are building 21 lakh houses in two phases. The programme will be completed by March 2024." He said 80 per cent of the houses were under construction now. The Minister, however, did not elaborate why the scheme has been scaled down to 21 lakh from 28,30,227 houses as sanctioned in the year 2020. In the first phase, 15.10 lakh houses were supposed to be built by June 2022 and, in the second phase, another 13.20 lakh by June 2023 at a total cost of Rs 50,944 crore. The government has, in fact, taken up 18,63,562 houses in the first phase but construction of over four lakh of those has not started even after a lapse of over 17 months. As per the latest data of the Housing Department, only 1,52,325 of the

Centre may introduce changes to capital gains tax rules, says report

A task force had recommended changes in indexation benefit rules for the capital gains tax in 2019, and it is expected to be the main basis of the review

Keystone Realtors fixes share price band at Rs 514-541 for Rs 635 cr IPO

Keystone Realtors, which sells properties under the brand 'Rustomjee', on Wednesday said it has fixed a price band of Rs 514-541 a share for its Rs 635-crore initial public offering (IPO). The initial share-sale will open for public subscription on November 14 and conclude on November 16. The bidding for anchor investors will open on November 11, the company said. According to the Red Herring Prospectus (RHP), the Mumbai-based company now plans to raise Rs 635 crore. The size of the IPO has been reduced from Rs 850 crore earlier. The IPO consists of a fresh issue of equity shares aggregating up to Rs 560 crore and an Offer-For-Sale (OFS) worth Rs 75 crore by promoters. As a part of the OFS, promoter Boman Rustom Irani will now sell shares worth up to Rs 37.5 crore and stocks to the tune of Rs 18.75 crore each will be offloaded by Percy Sorabji Chowdhry and Chandresh Dinesh Mehta. The company intends to utilise the net proceeds towards funding the repayment/prepayment of borrowings