Page 74 - Real Estate

Singer Avadhoot Gupte buys luxury apartment in Bandra for Rs 7.75 crore

The property is located in Khar West in Mumbai, close to major roads like Vithalbhai Patel Road, Swami Vivekanand Road, and the Western Express Highway.

Raymond Q2 results: Net profit falls 63% to Rs 59 cr, income at Rs 1,100 cr

Raymond Ltd, which is into real estate and engineering business, on Monday reported a 63 per cent decline in consolidated net profit to Rs 59.01 crore in the second quarter of this fiscal. Its net profit stood at Rs 161.16 crore in the year-ago period. Total income rose to Rs 1,100.70 crore during July-September period of this fiscal from Rs 512.35 crore in the corresponding period of the previous year, according to a regulatory filing. Gautam Hari Singhania, Chairman & Managing Director, Raymond Ltd, said, "We witnessed good momentum both in real estate and engineering businesses." "With the launch of Park Avenue- High Street Reimagined, the first of its kind retail space in Thane, Raymond Realty has taken yet another pioneering step to create the aspirational ecosystem for its current and upcoming residential projects. The project execution remains our USP as our endeavor is to continue to deliver before RERA timelines," he added.

Bollywood's tall storey: Mega deals drive real estate boom in India

Square Yards, a proptech firm, noted that when a celebrity acquires a property, commercial or residential, it tends to boost market sentiment surrounding that asset

Anarock FY25 revenue may rise 40% on strong housing demand: Chairman Puri

Real estate consultant Anarock Group is targeting over 40 per cent increase in revenue this fiscal year to Rs 800 crore mainly on the back of strong housing demand fuelled by high economic growth, its Chairman Anuj Puri said on Sunday. Mumbai-headquartered Anarock had posted a 36 per cent increase in revenue to Rs 566 crore in the last fiscal year. Homegrown Anarock was established by Anuj Puri in April 2017 after serving as country head for 10 years in an international property consultancy firm. In an interview with PTI, Puri said the company is likely to achieve a revenue of Rs 800 crore in the current fiscal year. Of the total revenue, Puri said about Rs 575 crore will come from housing brokerage services. Puri said the remaining revenue will come from land deals, capital market transactions, strategic consulting and project management besides leasing activities in office retail, data centre, and warehousing segments. Asked about the reasons for growth, he said the overall Ind

Quick commerce dark stores poised to boost India's real estate demand

Q-commerce majors rush to grab these mini warehouses to cut logistics costs and attain the last-mile delivery objective

Mumbai property registration up 22% annually in Oct to 12,960 units

Registration of properties in the Mumbai municipal region rose 22 per cent last month to 12,960 units on higher demand during the festival period, according to Knight Frank. There were 10,607 properties registered during October 2023. Citing Maharashtra government data, real estate consultant Knight Frank India said the Mumbai city (area under BMC jurisdiction) saw higher registration of properties during October this year on the back of two major festivals -- Dussehra and Diwali. "The festive period, beginning with Navratri and Diwali, are considered auspicious for property purchases, and played a role in this rise in registrations," the consultant said. Additionally, Knight Frank said, the surge in year-on-year terms can be partly attributed to the base effect. "In October 2023, first 14 days were influenced by the Shradh period, during which buyers generally avoid big ticket investments, whereas this year, Shradh ended on October 2nd, impacting only the first two days of the ..

Realty cos raise over Rs 12,800 cr between Jan-Sept 2024 via QIPs: Report

17% of total funds raised through QIPs in 9 months of 2024 went to real estate firms. Renewable energy tops the list

Realty cos raise over Rs 12,800 cr between Jan-Sept 2024 via QIPs: Report

17% of total funds raised through QIPs in 9 months of 2024 went to real estate firms. Renewable energy tops the list

Record-breaking real estate IPOs in India raise Rs 13,500 cr in 2024 so far

123 IPOs listed till October 20 this year

Shriram Properties eyes Rs 750 cr revenue from mixed-use project in Pune

Realty firm Shriram Properties Ltd on Tuesday said it has signed a joint development agreement to develop a mixed use project in Pune with a revenue potential of about Rs 750 crore. The company said in a statement that it has signed a joint development agreement (JDA) for a six-acre prime land, nestled in the upcoming micro markets of Undri in Pune. Shriram Properties will develop over 650 apartments and some retail/commercial spaces with an aggregate saleable area of over 1 million sq ft to be developed over the next four years. "The project has aggregate revenue potential of Rs 700-750 crore. The company is targeting to launch this project during H2, FY25," it said. Shriram Properties has a strong pipeline of 42 projects with 42 million sq ft of saleable area, including 26 ongoing projects with 24.3 million sq ft of saleable area as of June 30, 2024. Shriram Properties Chairman & Managing Director Murali Malayappan said, "This investment is consistent with our asset light ...

Realty firm House of Hiranandani plans to invest Rs 12,500 cr in Mumbai

Realty firm House of Hiranandani on Tuesday said it will invest Rs 12,500 crore over the next two years to develop multiple projects in Mumbai Metropolitan Region (MMR). In a statement, the company said it will develop five projects in MMR with an investment of Rs 12,500 crore. The investments, to be met through equity and internal accruals, will be made in the total development of these five projects including land acquisition, construction, and other costs. House of Hiranandani Chairman and Managing Director Surendra Hiranandani, said, "Mumbai's infrastructure development and growing demand for world-class spaces presents a tremendous opportunity for us in MMR. With this investment we are set to redefine the MMR realty market through our meticulously designed and planned luxury projects." The company will develop a 25-acre land parcel in Hiranandani Estate, Thane. It is already developing some premium luxury towers such as Castalia', located in Kandivali, Belicia' in Panch Pakhad

Creating a Positive Growth Story with the Best of Both Worlds

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Boeing to raise up to $24.3 bn to shore up finances, stave off downgrade

The most dramatic falls in fortunes have come from China's real estate sector, he added, while consumer electronics is clearly rising fast, with Xiaomi founder Lei Jun adding $5 billion to his wealth

Merlin Group executing Rs 20,000 cr projects, revenue to double in 7-8 yrs

Merlin Group, Kolkata's largest real estate developer, is currently executing projects worth Rs 20,000 crore, which are expected to double its annual revenue over the next 7-8 years, a senior official said on Monday. The announcement coincided with the unveiling of the company's new brand identity. "We have been growing steadily year on year for the past 40 years. The group is currently developing 40 million square feet that is projected to yield a total sales of Rs 20,000 crore in the coming 7-8 years," Merlin Group managing director Saket Mohta said. The current annual revenue of Merlin Group is about Rs 1500 crore, he stated. Merlin Group, with an existing portfolio of luxury residential complexes, commercial spaces, and sustainable townships across multiple cities, has executed a cumulative 20 million square feet of development over the last four decades. Currently, 30 million square feet is under development in Kolkata and nearby areas alone, out of the total 40 million squar

Lodhas to transfer stake worth Rs 20k cr in Macrotech to philanthropic firm

Real estate tycoon Abhishek Lodha and family on Monday pledged to transfer shares worth around Rs 20,000 crore in their listed entity Macrotech Developers to the group's philanthropic initiative, taking a leaf out of the Tatas. Macrotech Developers Ltd (MDL) is one of the leading real estate developers in the country, selling properties under the Lodha brand. It currently has a market capitalisation of over Rs 1.10 lakh crore. The promoters own a 72.11 per cent stake in it. As part of their initiative, Abhishek Lodha and family will transfer about 18-19 per cent stake in Macrotech Developers to Lodha Philanthropy Foundation (LPF), a non-profit organisation that uses all its income and assets solely for national and social causes. "We will soon be transferring shares worth Rs 20,000 crore of MDL to the foundation. An advisory board will be set up in January next year to manage the social initiatives," MDL MD and CEO Abhishek Lodha told PTI. LPF will carry out various social initiati

Sunil Shetty buys Rs 8 cr Bandra property: Why celebs invest crores there

Bollywood actors' interest in real estate has surged in recent years

Co-working provides nearly 23K desks to GCCs during Jan-Sep: Knight Frank

Co-working space operators have given nearly 23,000 desks to Global Capability Centres (GCCs) during the first nine months of this calendar year with MNCs preferring managed flexible office space, according to Knight Frank. Real estate consultant Knight Frank India's report 'GCC Driving India's Real Estate Growth Story' mentioned that the GCCs have emerged as the primary occupiers of flex spaces across the country. "GCC occupied flex seats across eight key markets increased from 17,380 in 2023 to 22,881 in the first nine months of 2024," it added. The consultant said that a year-on-year (YoY) analysis of GCC flex seat occupancy showed a decline in usage from the year 2021 to 2023, as companies transitioned back to traditional office spaces with the easing of the COVID-19 pandemic. "However, 2024 saw a shift with flex seat occupancy by GCCs increasing once again. This resurgence is linked to slower economic growth in the US, prompting companies to leverage India's cost advantages a

Urban Vault takes on lease 120,000 sq ft office space in Bengaluru's CBD

Urban Vault, which provides managed flexible office space to corporates, is expanding its business in Bengaluru and has taken on a lease of 1.2 lakh square feet of office space in the central business district (CBD) to open new facilities in the IT city. Established in 2018, Urban Vault has more than 20 lakh square feet of office space in its portfolio, comprising more than 30,000 desks. In a statement, Urban Vault said it has taken on lease workspaces in office buildings -- HM Square (formerly HM Icon) at Residency Road; Prestige Obelisk - Kasturba Road and Pardhanani Wilshire at MG Road. Commenting on the expansion, Urban Vault founder Amal Mishra noted that there is a great demand for managed office space in the CBD area of Bengaluru. "We have taken office space on lease in Bengaluru's CBD from property owners to set up our facilities and meet demand for premium workspace from medium to large enterprises," Mishra said. The company now has a portfolio of 1.5 lakh square feet of

Macrotech Developers to launch Rs 10,000 cr housing projects by March

Realty firm Macrotech Developers Ltd will launch nearly 8 million square feet of residential space in the second half of this fiscal with an estimated sales value of Rs 10,000 crore, as part of its strategy to expand the business. Mumbai-based Macrotech Developers sells properties under the Lodha brand. In its latest investors presentation, Macrotech Developers said it has launched a 3.6 million square feet area during the April-September period of this fiscal, with an estimated sales bookings potential of Rs 6,130 crore. During the second half of this fiscal, the company is targeting to launch a 7.9 million square feet area, having a revenue potential of Rs 10,000 crore. These projects will be launched in Mumbai Metropolitan Region (MMR), Pune and Bengaluru where the company has a significant presence. Earlier this month, Macrotech Developers reported a 21 per cent increase in sales bookings to a record Rs 4,290 crore during the July-September period on better housing demand. Th

Demand drivers likely to sustain Reits' outperformance and growth

Home stretch for real estate investment trusts as strength of the office leasing market and Q2 results show endurance