Page 76 - Real Estate

Foreign investors infuse $436 mn in real estate in Q3 2024, up 139%: Report

Overall, the sector received institutional investments of $0.96 billion during the quarter

Real estate remains most preferred asset class for investment: Report

According to a survey by FICCI and Anarock, 59% of respondents across 14 cities favoured real estate as the most preferred asset class

Institutional investment in real estate up 31% to $4.61 bn in Jan-Sep: Rpt

Institutional investments in the Indian real estate sector increased 31 per cent year-on-year to USD 4.61 billion in January-September 2024 amid strong consumer demand, according to Vestian. Real estate consultant Vestian on Monday released its report on 'Investment in Indian Real Estate', observing that funds' inflow from institutional investors in the first nine months of 2024 has already surpassed the total for 2023. "Investors have shown confidence in India's growth story on the back of robust GDP growth. As a result, the real estate sector witnessed increased participation from foreign investors which led to institutional investments touching a billion mark in Q3 2024," Shrinivas Rao, CEO of Vestian said. He noted that domestic investors are also actively participating, supported by the rapid infrastructure development across the country. During the latest July-September quarter, institutional investments in real estate rose 41 per cent to USD 960.8 million from USD 679.9 ...

At 5,253 Cr, Pune's stamp duty collections jump 38% in nine months of 2024

The city recorded 1,38,412 property registrations, marking a significant 29 per cent increase compared to the same period in 2023

This realty stock has surged 50% in 2 weeks; zoomed 107% thus far in CY2024

Ajmera Realty hit a new high of Rs 908, surging 5% after the company's board approved issue of equity shares to investor Mukul Mahavir Agrawal and Authum Investment & Infra on preferential basis.

Suraj Estate Developers raises Rs 343 cr via issue of shares to expand biz

Realty firm Suraj Estate Developers has raised Rs 343 crore through issue of shares and warrants mainly to buy land and meet its working capital requirements. The company has secured funds through preferential allotment of equity shares amounting to about Rs 243 crore and an additional sum of around Rs 100 crore through issue of convertible share warrants. The funds will be utilised for land acquisitions, working capital, general corporate purposes, and issue-related expenses, Suraj Estate said in a statement. A group of high-net-worth individuals, asset management funds and family offices participated in the successful fundraising round. Rajan Meenathakonil Thomas, Chairperson and Managing Director at Suraj Estate Developers, said, "This timely fund raise will provide us with the growth capital to expand our operations and diversify our product offerings. We will strategically utilize these funds to strengthen our position in the residential and commercial real estate segments, ..

FPCE writes to govt seeking realty-specific rules for homebuyers' interest

Homebuyers' association FPCE has written to consumer affairs ministry to frame specific guidelines for the Indian real estate sector to curb unfair trade practices and protect consumers' interest. Forum For People's Collective Efforts (FPCE) President Abhay Upadhyay has written a letter to Consumer Affairs Secretary Nidhi Khare, requesting her to issue "real estate sector specific guidelines under Consumer Protection Act 2019 to curb the malpractices prevalent in the sector and to save the consumers of the sector from being duped and cheated by developers." The association pointed out that the consumer forums constituted under Consumer Protection Act 2019 comprises about 10 per cent of their complaints from the consumers of real estate sector. As per the government statement in the Lok Sabha, more than 50,000 such complaints are pending before consumer forums as on July 31, 2024. In terms of value of such cases, it will be more than 10 per cent since transactions in the real estate

Prestige Estates to invest Rs 7,000 cr to develop township in Ghaziabad

Realty firm Prestige Estates Projects Ltd will invest around Rs 7,000 crore to develop a township in Ghaziabad as it looks to expand business in Delhi-NCR property market. Bengaluru-based Prestige Estates is building a commercial project at Aerocity in the national capital. It has also forayed into Delhi-NCR housing market by acquiring three land parcels in Delhi, Noida and Siddharth Vihar, Ghaziabad. Prestige Group Chairman and Managing Director Irfan Razack is bullish on Delhi-NCR residential market and said there is a potential to achieve Rs 10,000 crore worth of housing sales annually if the company is able to acquire land parcels consistently. In March, Prestige Estates Projects acquired 62.5 acres at Siddharth Vihar, Indirapuram Extension, Ghaziabad to develop a township. The township project 'Prestige City' is expected to be launched this quarter after getting all the necessary approvals. "We bought this land parcel for more than Rs 450 crore. We will be developing 10 milli

Prestige Estates Q2 bookings down 43% at Rs 4,022 cr despite strong demand

Realty firm Prestige Estates Projects Ltd's sales bookings fell 43 per cent to Rs 4,022.6 crore in the second quarter of this fiscal despite strong housing demand. In a regulatory filing on Thursday, Prestige Estates informed that it recorded sales of Rs 4,022.6 crore during the July-September quarter against Rs 7,092.6 crore in the year-ago period. During the April-September period, the sales bookings declined to Rs 7,052.2 crore against Rs 1,100.73 crore during the corresponding period of the preceding financial year. Prestige Estates is one of the leading real estate developers in the country.

BHIVE leases over 900-seater office flex space to Nuvama at Mumbai's BKC

The deal, facilitated by real estate consultancy Colliers, consolidates Nuvama's workforce

Mumbai property registrations grow 13% during Navratri: Knight Frank

The region witnessed 5,199 property registrations during the nine days of Navratri, from October 3 to October 11, 2024

Vietnamese real estate tycoon found guilty of fraud in govt graft crackdown

A Vietnamese real estate tycoon was convicted Thursday of fraudulently obtaining property worth billions of dollars in a case that has been a centrepiece of the government's crackdown on corruption. Truong My Lan was already convicted in April by the same Ho Chi Minh City court of fraud amounting to UDS 12.5 billion nearly 3 per cent of the country's gross domestic product in a separate case and sentenced to death by lethal injection. The trials were broken into two parts due to the number of allegations against her, and Thursday's verdict, which carries a maximum penalty of life in prison, adds to Lan's legal troubles as she awaits the appeal of her death sentence to be heard. Vietnam has handed down more than 2,000 death sentences in the past decades and executed more than 400 prisoners. It is a possible sentence for 14 different crimes but is generally only applied in cases of murder and drug trafficking. Standing here today is a price too expensive for me to pay. I consider t

Houses priced over Rs 4 crore see 38% sales spike, led by Delhi-NCR, Mumbai

Delhi-NCR, Mumbai, and Hyderabad led the charge, contributing nearly 90 per cent of the luxury housing sales across India's top seven cities

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Chinese stimulus to real estate checks steel price slide, worries persist

A BigMint analyst said China's latest economic stimulus measures provided a short-term boost to steel prices, driven by infrastructure spending and interest rate cuts

Office demand high as leasing to cross 80 mn sq ft in top 8 cities: C&W

Gross leasing of office space across top eight cities is likely to cross 80 million square feet this calendar year, beating a record 74.5 million square feet during 2023, according to Cushman & Wakefield. Real estate consultant Cushman & Wakefield on Wednesday released its report on the office market for the third quarter of this calendar year. The gross leasing of office space rose 66 per cent to 24.8 million square feet across the top eight cities in Q3 2024, marking the second highest quarterly leasing volume in the sector's history. During January-September, the gross leasing has reached 66.7 million square feet. Office leasing stood at 49.1 million square feet in 2018; 67.7 million square feet in 2019; 46.6 million square feet in 2020; 50.4 million square feet in 2021; 72 million square feet in 2022; and 74.5 million square feet in 2023. "Strong market fundamentals have sustained extraordinary leasing momentum in the Indian office market, as evidenced by the remarkably ...

Homebuyers' sentiment bullish on hopes of capital appreciation: Magicbricks

Homebuyers' sentiment remains strong on expectations of rise in capital and rental values of residential properties, according to Magicbricks. Real estate platform Magicbricks on Tuesday released 'Housing Sentiment Index' (HSI). "With expectations of capital appreciation and rising rental yields, the homebuyer sentiment continues to grow strong," Magicbricks said in a statement. Based on a survey of over 2,100 customers, the report indicates that the customer housing sentiment index has increased from 149 to 155 in just six months (April vs September 2024). Investor sentiment was also notably robust in Noida and Greater Noida, both recording a high HSI score of 163, while cities such as Gurugram, Ahmedabad, and Hyderabad followed closely with scores of 160 each. Conversely, markets like Delhi (HSI score 151), Bengaluru, and Mumbai (HSI score 148) exhibited relatively lower sentiment, likely attributable to rising property prices. The survey also underscored growing confidence amo

Macrotech acquires 7 land parcels to build Rs 16,600 cr housing projects

Realty firm Macrotech Developers has acquired seven land parcels in Mumbai Metropolitan Region (MMR), Pune and Bengaluru to develop housing projects with an estimated revenue potential of Rs 16,600 crore. Mumbai-based Macrotech Developers, which markets its properties under the Lodha brand, has been acquiring land through outright purchases as well as forming partnerships with landowners for joint development. In its latest operational update, the company informed that it has added four projects in Pune and Bengaluru, having Rs 5,500 crore of GDV (gross development value). During the first six months of this 2024-25 fiscal, the company has added projects worth Rs 16,600 crore, which is more than 75 per cent of its full year guidance of Rs 21,000 crore. The company had acquired three land parcels in the MMR and Pune during the April-June quarter to develop projects with a revenue potential of Rs 11,100 crore. Out of the total 7 land acquisitions, the company did not provide details

PE investments in Indian real estate sector decline 4% in H1 FY25

The decline is said to be mainly due to a 79% drop in investments in the office sector

Real estate transactions fall by 71% in 2024Q3; what's driving the decline?

The sharp fall in transaction value can be attributed to the absence of large-scale deals, said the Grant Thornton report