Page 62 - Real Estate

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.

Indian companies keen on Saudi's $63 billion Diriyah giga project

Several Indian firms have shown a keen interest in investing in Diriyah, a USD 63-billion Saudi Arabian giga project, while some big names like Tatas and Oberois having already signed up, its CEO Jerry Inzerillo said. Diriyah, being billed as the City of Earth, is being built on the outskirts of Saudi Arabia's capital Riyadh and it will have homes for 100,000 people and office space for a further 100,000 plus. This new city will include over 40 luxury hotels, more than 1,000 shops, over 150 restaurants and cafes, a university, arts and cultural assets, museums, an opera house, a 20,000-seater multipurpose event arena, a golf course and an international equestrian and polo centre, among other facilities. The USD 63.2 billion real estate development and tourism project aims to restore the historic birthplace of the modern Saudi kingdom and the site includes the UNESCO World Heritage Site of At-Turaif. "At Diriyah we are keen to enhance the impact of India as one of Saudi Arabia's ...

Prestige Estates to launch Rs 30K-cr projects, aims Rs 24K-cr pre-sales

Real estate firm Prestige Estates Projects Ltd is planning to launch Rs 30,000 crore of housing projects this quarter across major cities to tap robust consumer demand. According to a transcript of company's discussion with market analysts, Bengaluru-based Prestige Estates Executive Director Zayd Noaman said the company will launch "a total of Rs 30,000 crore worth of inventory" in this quarter. "We are saying this with utmost confidence as most of these projects have been logged in for RERA and should be launched in the next few weeks," he added. Noaman said the company would be launching projects mainly in Bengaluru, Delhi-NCR, Chennai, and Mumbai. Asked whether the company would be able to meet sales guidance of Rs 24,000 crore for this entire fiscal year, Prestige Group CMD Irfan Razack said it was possible provided the company gets regulatory approvals to launch projects. Prestige Estates' sales bookings have declined 38 per cent to Rs 10,065.7 crore during April-December per

Godrej Group-owned Anamudi Real Estates buys Rs 80.83 cr land in Mumbai

The land is located in Juhu, a prime Mumbai location, and spans an area of around 560 square metres

Godrej Properties Q3 results: Net debt down 49% to Rs 3,848 crore

Godrej Properties Ltd has reduced its net debt by 49 per cent to Rs 3,848 crore during the latest quarter ended December on the back of strong internal cash flow and equity fund raising. Its net debt stood at Rs 7,572 crore as on September 30, 2024, according to the company's latest investors presentation. Pirojsha Godrej, Executive Chairperson of Godrej Properties, said, "We raised Rs 6,000 crore during the third quarter through Qualified Institutional Placement (QIP) route for growth capital". The company's net debt-to-equity ratio has come down to 0.23, he added. Pirojsha said the company would be utilizing this fund to acquire land across major cities to expand its business. As per the presentation, Godrej Properties' collections of funds from customers against pre-sales rose 27 per cent to Rs 3,069 crore during the third quarter of the 2024-25 fiscal, thereby improving the company's internal cash flow situation. Godrej Properties is one of the leading real estate developers

RBI rate cut: Real estate firms expect mid-housing segments to thrive

Niranjan Hiranandani, chairman of the National Real Estate Development Council and co-founder and managing director (MD) of Mumbai-based Hiranandani Group, said

Raymond to develop Rs 1,800 cr housing project in Mumbai with landowner

Real estate company Raymond Ltd has partnered with a landowner to develop a housing project in Mumbai with an estimated revenue potential of Rs 1,800 crore. In a regulatory filing on Friday, Raymond Ltd said that "its 100 per cent owned step-down subsidiary, Ten X Realty West Ltd, has signed a joint development agreement of a prestigious residential project in the prime location of Mahim West, Mumbai." This landmark project is estimated to have a revenue potential of approximately Rs 1,800 crore, it added. Raymond Ltd did not disclose the name of the landowner and also the size of the land as well as total development potential in the upcoming project. This significant development aligns with Raymond Ltd's growth strategy to capitalise on opportunities within the dynamic MMR (Mumbai Metropolitan Region) real estate market. "With addition of this project, the Gross Development Value (GDV) of real estate projects of the company will be close to Rs 35,000 crore," the company said. W

Anu Malik, wife sell two flats in same Santacruz building for Rs 14.5 crore

As per the IGR property registration documents reviewed by Square Yards, the two apartments sold by the couple are located in Khushi Belmondo on the same floor

Experts differ on IBBI's move to permit flat possession during insolvency

One major decision in the new amendments is that resolution professionals can hand over possession of plots, apartments, and flats to homebuyers while the insolvency process is ongoing

India ranks third globally for LEED green building certification in 2024

India ranks third in USGBC's LEED green building certification globally during 2024, according to a report. India retained its third spot on US Green Building Council's (USGBC) annual list of top 10 countries and regions for LEED (Leadership in Energy and Environmental Design) in 2024, according to an statement on Thursday. LEED certifications in India are managed by the Green Business Certification Inc. (GBCI), which works to accelerate the adoption of green buildings nationwide. The annual ranking by USGBC highlights the significant progress made by countries and regions outside the United States in adopting healthy, sustainable and resilient building design, construction and operations. China topped the top 10 rankings for 2024 with over 25 million GSM certified followed by Canada with 10 million GSM. In India, as many as 370 projects, across both buildings and spaces, were certified for LEED, covering 8.50 million gross square meters (GSM) (91.5 million square ...

Akshay Kumar, Twinkle Khanna sell luxury flat in Worli for Rs 80 crore

Shahid Kapoor, Abhishek Bachchan, D'Mart's Radhakrishna Damani and Everest Masala Group's promoter, Vratika Gupta are all owners of sea facing luxury apartments in Oberoi Realty's Three Sixty West.

Godrej sells Rs 28,800 cr worth properties in 2024, tops listed firms

Godrej Properties has sold properties worth Rs 28,800 crore during the 2024 calendar year, highest among all listed real estate companies in India, on strong demand for its housing projects across many cities. Realty major, DLF -- the country's largest real estate firm in terms of market capitalisation -- sold properties worth around Rs 20,650 crore during the last calendar year mainly on high demand for its ultra-luxury housing project 'The Dahlias' in Gurugram where it sold properties in a price range of Rs 55-150 crore per unit. In an investors presentation, Godrej Properties said, "Highest ever booking value and area sold achieved by any listed real estate developer in a calendar year. Booking value grew 69 per cent to Rs 28,800 crore from sale of 26.38 million square feet of area, a volume growth of 54 per cent." The company highlighted that the Delhi-NCR market contributed maximum pre-sales in the last calendar year at Rs 9,936 crore followed by Mumbai Metropolitan Region (MMR

Elan Group to invest Rs 3,000 cr for building housing project in Gurugram

Real estate company Elan Group on Tuesday said it will invest around Rs 3,000 crore to develop a new ultra-luxury housing project on Dwarka Expressway, Gurugram. The project 'Elan The Emperor', located in Sector 106, Gurugram, is a part of 50-plus acres township comprising residential apartments, branded residences, a high-end mall, a luxury 5-star hotel, and premium office spaces. In a statement, the company said the total investment to develop this project is Rs 3,000 crore. The new project will have nearly 600 units with a saleable area of around 29 lakh square feet. This will be the second project in this township. "Sector 106 along the Dwarka Expressway is rapidly becoming the newest focal point of Gurugram's urban transformation," Vineet Dawar, President - Sales & Strategy at Elan Group, said. Elan Group has on-boarded internationally acclaimed consultants to develop this project. SWA, a landscaping architect from the US, will create outdoor spaces while UHA London serves as

Subhash Ghai buys Rs 24 cr flat in same building as Sonakshi Sinha's sale

Currently, the average resale property price for a 4BHK in the project stands at Rs 51,636 per sq.ft. while the average monthly asking rent is Rs 8.5 lakh.

DLF, Lodha: 5 real-estate shares that can gain upto 16% ahead of RBI Policy

The Nifty Realty index has surged 14% in the last 7 trading days, with select stocks rising up to 27% in anticipation of a rate cut in the upcoming RBI Policy. Here's technical view on realty stocks.

A new frontier for GCCs: Why India's Tier-II cities are gaining traction

In recent years, India has witnessed a surge in GCCs, with a notable shift toward expansion beyond metro hubs

Increased spending on housing projects will drive demand: Cement makers

Increased spending on large-scale housing and infrastructure projects announced in the Budget by the finance minister Nirmala Sitharaman will drive demand for construction materials, and allow capacity expansion, said cement makers. The Budget presents a vision for India's economic growth emphasising rural and urban development, increased infrastructure investment, employment-led growth and strategic investments, said the Cement Manufacturers' Association (CMA) welcoming the Union Budget. "The focus on increased investments on infrastructure across states amplifies opportunities and avenues for the growth of the cement sector. We appreciate the sustained core focus on infrastructure and reiterate our commitment to being partners in the Nation's progress," said CMA President Neeraj Akhoury. Moreover, the government's push on large-scale housing and infrastructure projects will drive demand for construction materials and help in capacity expansion, he said. "We are certain that despi

Game changer for property market: Real estate sector lauds Budget 2025

Even as the IT hub, which dominated the Indian commercial office market space in 2024, is expected to continue the trend in 2025, real estate and coworking experts in Bengaluru feel that the Union Budget 2025 will be a "game changer" for the industry as a whole. The union budget for 2025-26 was presented by Finance Minister Nirmala Sitharaman on Saturday. Ramani Sastri, Chairman & MD of Bengaluru-based Sterling Developers, in a statement, said that the government's concentrated efforts on infrastructure development promise to significantly enhance housing demand. "It will also benefit around 250 ancillary industries, generating numerous job opportunities and bolstering overall economic growth," he added. According to him, the establishment of the India Infrastructure Fund and emphasis on Public-Private partnerships for infrastructure in the budget is also a game-changer for the real estate industry. "The establishment of an Urban Challenge Fund of Rs 1 lakh crore will fuel the ...

Budget 2025: Realty stocks gain on Rs 96.77-cr outlay for urban development

Nifty Realty index surged 1.88 per cent in intra-day trade, driven by investor optimism after Finance Minister Nirmala Sitharaman announced a Rs 96,777 crore allocation for urban development

IRB Infra's Q3 FY25 results: Profit jumps multifold to Rs 6,026 crore

The company recognised exceptional gains of Rs 5,804 crore over fair-value assessments