Page 61 - Real Estate

Consumer protection: Flat sale to third party illegal if agreement valid

The State Commission found that termination of the agreement through a lawyer's notice was illegal; a registered agreement can only be annulled through another registered document

Merlin Group, Fashion TV to launch Rs 900 cr Kolkata luxury housing project

Kolkata-based real estate major Merlin Group has partnered with global lifestyle network Fashion TV (FTV) to introduce the city's first branded luxury residential project under F Residences. The Rs 900-crore project in Rajarhat-New Town aims to bring global luxury living standards to Kolkata, comparable to high-end residences in Poland, Bali, Dubai, Turkey, Bangkok, Singapore, and key Indian cities like Pune, Chandigarh, Mumbai, and Ludhiana, the Merlin Group said. Fashion TV will offer technical expertise in the project that aims to meet its latest global luxury trends in the project for an undisclosed license fee arrangement. "The key driver for this association is aspiration, not margins. It aligns with our vision to elevate urban living in Eastern India. Kolkata's aspirational homeowners are looking for globally inspired designs and amenities," said Saket Mohta, Managing Director, Merlin Group. This is Merlin's first branded luxury project, and the company is keen to explore .

Mahindra Lifespace to raise Rs 1,500 cr via rights issue to cut debt, grow

Real estate company Mahindra Lifespace Developers plans to raise up to Rs 1,500 crore through issue of shares to eligible shareholders for reducing its debt as well as funding further growth. The board of Mahindra Lifespaces Developers Ltd has approved the fund raise of up to Rs 1,500 crore through rights issue to the eligible shareholders of the company. The proceeds will be utilised to pare down the company's existing debt and support its future growth plans, according to a regulatory filing on February 13. Mahindra Lifespace is the real estate and infrastructure development business of the Mahindra Group. Recently, Mahindra Lifespace reported a consolidated net loss of Rs 22.47 crore for the quarter ended December 2024. The company had posted a net profit of Rs 50.02 crore in the year-ago period. Total income jumped to Rs 185.77 crore in the third quarter of this fiscal, from Rs 88.77 crore in the corresponding period of the preceding year. Total expenses shot up to Rs 200.88

Nexus Select Trust acquires Vega City Mall in Bengaluru for Rs 913 crore

This is Nexus Select's fourth mall acquisition in Bengaluru, making it the largest retail platform in the city in terms of the number of malls

Real estate firms dominate QIP market in 2024, raise Rs 22,320 cr: Report

Institutional investors 'extremely bullish' about sector's growth potential, it says

Realtors raise record Rs 22k cr via QIP in 2024: Who are biggest gainers?

Real estate was a dominant contributor with 8 developers & 1 REIT collectively raising Rs 22,320 Cr - a 16% overall share.

Realtors Landmark Developers, Sobha buy 2-acre land in Parel for Rs 423 cr

Landmark Developers and Sobha Ltd have jointly acquired a 2.11-acre land parcel at Jerbai Wadia Road, Parel, Mumbai for Rs 423.38 crore

Lumos Alternate, Bakeri Group to set up Rs 500 cr fund for housing projects

Realty company Bakeri Group and investment management firm Lumos Alternate have partnered to set up a Rs 500 crore real estate investment platform. The platform 'Sakar Realty Fund- I', which recently received final approval from Sebi, will invest in mid-market residential projects in Bengaluru, Mumbai, Ahmedabad, and Pune, with an investment horizon of 3-4 years per project, Lumos Alternate said in a statement. It aims to provide superior returns to its investors by leveraging the exceptional execution capabilities of Bakeri Group, which has delivered more than 420 lakh square feet of real estate development over its 65-year legacy. The platform is expected to attract a diverse range of investors, including high-net-worth individuals (HNIs), family offices, and institutional investors. "The real estate market has been robust over the past few years, and many family offices and HNIs are looking to establish long-term direct partnerships with credible real estate developers who have

Shriram Properties Q3FY25 results: Net profit down 30% to Rs 13 cr

Realty firm Shriram Properties on Wednesday said it has reported a 30 per cent decline in its net profit to Rs 12.97 crore in the December 2024 quarter. Its net profit stood at Rs 18.48 crore in the October-December period a year ago. Total income also fell to Rs 179.87 crore in the third quarter of this fiscal compared to Rs 240.57 crore in the corresponding period of the preceding year, according to a regulatory filing. Bengaluru-based Shriram Properties is one of the leading real estate firms in the country.

'Capital-starved real estate offers significant investment opportunities'

Housing accounts for the largest share of the overall real estate

Arkade Developers bags cluster redevelopment project with GDV of Rs 1.7k cr

The project will offer a total saleable area of approximately 6.76 lakh square feet

Maharashtra invites realtors to develop 3,360 acres owned by state bus corp

Developers will be given commercial portions on a lease period that is proposed to be extended up to 99 years

NBCC sells 1,233 flats in Greater Noida for Rs 3,217 cr through e-auction

State-owned NBCC on Tuesday said it has sold 1,233 housing units for Rs 3,217 crore through e-auction in a new project at Greater Noida, a development that will help the company complete stalled projects of the erstwhile Amrapali Group. As per the direction of the Supreme Court, Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) was formed to complete the stuck projects of Amrapali through NBCC (India) Ltd. The state-owned firm was asked to complete 38,000 flats and hand it over to homebuyers. In a statement, NBCC said it has "successfully sold 1,233 residential units at Aspire Golf Homes through an e-auction, garnering a total sale value of Rs 3,216.95 crore excluding allied charges". The project 'Aspire Gold Homes' has in total 1,507 flats across 11 towers. NBCC has earlier sold 274 units. The high-stakes auction witnessed an overwhelming response, with bids significantly exceeding the reserve price. "The fund shall mitigate the fund requirement of ongo

Mkt share of top 15 developers doubled in last 5 yrs: Godrej Properties CEO

Realty firm Godrej Properties Ltd CEO Gaurav Pandey on Tuesday highlighted that the market share of the top 15 developers has doubled in the last five years to nearly 20 per cent and expects further demand consolidation towards big branded builders in the coming years. Addressing a FICCI real estate conference here, he said the housing sector is not an easy sector to operate in. "At a very pan-India level, we are also noticing one more trend that corporate developers and top 15 developers are increasing market share. So, in the last five years, the market share has doubled for them and currently stands at about 19 per cent. "I think this will increase, especially three years from today, when maybe the market might slow down because demand aggregation happens whenever there's some sort of market slowdown," Pandey said. He highlighted that the last calendar year was very exciting for the residential segment of the Indian real estate sector. "In 2024, the residential real estate in I

Signature Global sales bookings jump 2.8 times to Rs 8,670 cr in Apr-Dec

Real estate company Signature Global sales bookings jumped 2.8 times to a record Rs 8,670 crore in the first nine months of this fiscal on strong housing demand. According to its latest investors presentation, Signature Global's achieved pre-sales or sales bookings of Rs 8,670 crore in April-December period of 2024-25 fiscal from Rs 3,120 crore in the year-ago period, registering 178 per cent annual growth. Signature Global has given a sales guidance of Rs 10,000 crore for the entire 2024-25 fiscal as against Rs 7,270 crore in the preceding financial year. Signature Global launched projects worth Rs 13,500 crore in the first nine months of this fiscal year as against the target of Rs 16,000 crore for the entire 2024-25. The company's Chairman Pradeep Kumar Aggarwal said the robust performance in the first nine months of FY25, marked by strong revenue growth and achievement of profitability, reflects the success of its strategic initiatives and execution capabilities. "The remarkab

Wide-ranging home choices await couples starting their life together

With younger buyers seeking more than just lavish homes, developers are curating the kind of homes they desire

Indian Hotels set to add another 'Taj' to Mumbai, to invest Rs 2,500 crore

The construction of the Taj Bandstand, which will house 330 rooms, 85 apartments, and convention spaces, is expected to commence in 2025

Delhi ranks 6th globally for luxury home price growth, 6.7% rise in Q4

Average annual prices rose 3.2% across the 44 residential markets

Four listed REITs distribute Rs 1,505 crore to unitholders in Q3

The distributions rose by nearly 17 per cent from Rs 1,289 crore distributed in Q3 FY24

Smartworld Developers awards Rs 532 cr contract to Varindera Constructions

Real estate company Smartworld Developers has awarded Rs 532 crore contract to Varindera Constructions for its upcoming project in Gurugram. In a statement on Monday, the company said it has awarded contracts worth about Rs 1,400 crore for its various projects in just six months. "For its upcoming iconic project, Smartworld Sky Arc, the company has awarded the construction mandate to Varindera Constructions Limited for Rs 532 crore. "The project spans 6.9 acres and includes over 900 units in its first phase. Smartworld's total investment in the development of Sky Arc is approximately Rs 1,700 crore," it said. Varindera Construction has a good track record in the construction sector, Vivek Singhal, CEO of Smartworld Developers, said. Incorporated in 2021, Smartworld Developers, which is part of M3m India Group, is developing many projects in Gurugram. It aims to deliver possession of about 50 lakh square feet in the next few months.