Page 78 - Real Estate

NeoLiv buys 12 acre land at Alibaug to develop Rs 400 cr housing project

Realty firm NeoLiv has bought 12-acre land at Alibaug near Mumbai to develop a luxury housing project with a sales potential of around Rs 400 crore. The company did not disclose the land deal value and name of the seller. In a statement on Wednesday, NeoLiv announced the acquisition of 12 acres of prime land in Alibaug, marking the company's foray into the highly sought-after Mumbai Metropolitan Region (MMR) market. "The development with an option to extend to 20 acres and projected gross value of more than Rs 400 crore will offer an exceptional mix of premium villas and plots," it said. NeoLiv founder and CEO Mohit Malhotra said this acquisition represents a significant milestone for the company. "Backed by UHNI investors through our SEBI-approved fund and led by a highly experienced team with over 100 years of combined expertise, we are committed to delivering exceptional living experiences that will set new benchmarks for residential developments," Malhotra said. Alibaug, kno

Embassy Reit raises Rs 2,000 crore to repay NCDs maturing in October

Embassy Office Parks REIT has raised Rs 2,000 crore debt to repay non-convertible debentures maturing this month. In a regulatory filing on Tuesday, Embassy REIT said it has raised "Rs 2,000 crore of coupon-bearing debt at an interest rate of 7.95 per cent." Embassy REIT will utilise the proceeds from this debt raise to repay its Non-Convertible Debentures (NCDs) of Rs 2,000 crore maturing in October 2024. "We are pleased to announce this fundraise of Rs 2,000 crore, which has seen strong participation from mutual funds and banks," said Aravind Maiya, Chief Executive Officer of Embassy REIT. This refinancing continues to allow the company to optimally control its balance sheet and positions it to take advantage of future rate cuts to raise capital. Embassy REIT is India's first publicly listed Real Estate Investment Trust. It owns and operates a 51 million square feet portfolio of 14 office parks in Bengaluru, Mumbai, Pune, the National Capital Region (NCR) and Chennai. Embassy

Sobha Q2 sales bookings fall 32% to Rs 1,178 cr despite strong demand

Realty firm Sobha Ltd has posted a 32 per cent decline in its sale bookings to Rs 1,178.5 crore during July-September quarter despite strong housing demand. In a regulatory filing on Monday, Bengaluru-based Sobha Ltd informed that its sale bookings stood at Rs 1,178.5 crore in the second quarter of this fiscal as against Rs 1,723.8 crore in the year-ago period. "In Q2-FY25, we sold new area of 0.93 million square feet with sales value of Rs 11.79 billion at an average price realization of Rs 12,674 per square feet," the company said. In terms of volume, the sale bookings fell to 9,29,907 square feet during July- September 2024 from 16,86,196 square feet in the year-ago period. During the first six months of this fiscal, Sobha Ltd sold properties worth Rs 3,052.2 crore as against Rs 3,188.5 crore in the corresponding period of the preceding year. The company sold 21,05,268 square feet in April-September period of this fiscal as against 30,80,313 square feet in the corresponding per

Wave Group targets over Rs 500 cr from new Ghaziabad housing project

Realty firm Wave Group is expecting more than Rs 500 crore revenue from a new luxury housing project in its 4,200-acre township in Ghaziabad, Uttar Pradesh. The company has launched a new project 'Eden', spread across 5.2 acres, Wave Group said in a statement. It has launched around 250 apartments for sale. The company is expecting sales bookings value of more than Rs 500 crore, according to property consultants. Last month, Wave Group had said it plans to launch around 9,000 flats in its 4,200-acre township 'Wave City' at Ghaziabad to monetise its huge land bank amid strong housing demand. The group plans to launch about 7 million square feet in the premium and affordable group housing categories in Wave City in the current fiscal. The investment to develop a 7 million square feet area and potential sales value were not disclosed. Wave Group has already developed more than one-third of the township spread over 4,200 acres in the last 10 years by way of plotted development and ..

New house launches plunge 25%, sales dip 5% in top Indian cities: Report

The report covers major housing markets including Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Delhi-NCR, MMR (Mumbai, Navi Mumbai, and Thane), and Pune

PE investment in real estate increases to $2.2 bn in Jul-Sep: Savills India

Private equity investments in the real estate sector jumped over twofold to USD 2.2 billion in July-September as investors look for gains amid strong property demand, according to Savills India. In the year-ago period, private equity (PE) investments in real estate stood at USD 934 million. Real estate consultant Savills India also noted that the PE inflows stood at USD 3.9 billion during the January-September period of this calendar year, touching the investment quantum registered in the entire 2023. The PE inflows stood at USD 6.7 billion in 2019, USD 6.6 billion in 2020, USD 3.4 billion in 2021, USD 3.4 billion in 2022, and USD 3.9 billion in 2023. "Despite global challenges, India witnessed heightened investment activity with YTD 2024 inflows surpassing all of 2023 investments, reflecting strong investor confidence on the back of a robust macroeconomic environment," said Arvind Nandan, Managing Director, Research & Consulting, Savills India. During the July-September quarter,

PE inflows in Indian realty hit record $3.9 bn in 2024: Biggest deals of Q3

Industrial & logistics sector leads, attracting $1.7 billion in PE investments in Q3 2024

Weak Q2 sales pushes Sobha share price 4% lower on October 8

Sobha's new sales plunged 44.9 per cent year-on-year (Y-o-Y) to 929,907 square feet in Q2FY25, from 1,686,196 square feet in Q2FY24.

Top 8 housing markets see 5% annual sales dip in Sep quarter: PropTiger

Housing sales declined 5 per cent in the July-September quarter across the top eight cities due to a fall in new supply and sharp appreciation in prices, according to PropTiger. Real estate brokerage platform PropTiger.com, which is part of Australia's REA group that owns Housing.com, on Tuesday, released its report 'Real Insight' on India's residential market. A total of 96,544 units were sold in July-September, down 5 per cent from 1,01,221 units sold during the same period in 2023. The number of new residential units launched in the top 8 markets fell 25 per cent to 91,863 units from 1,23,080 units. PropTiger pointed out that a sharp increase in home prices, averaging a nearly 20 per cent increase across the top eight cities, impacted affordability. As per the data, housing sales rose only in Delhi-NCR and declined in the other seven major cities. Delhi-NCR saw a 29 per cent growth in sales to 10,098 units during July-September from 7,800 units in the year-ago period. However

IndoSpace looking to invest Rs 4,500 cr logistics and warehouse parks in TN

Logistics parks operator IndoSpace on Tuesday said it is looking to bolster its presence in the manufacturing sector with an increased investment plan of up to Rs 4,500 crore in new logistics and warehouse parks in Tamil Nadu. A leading developer of Grade A industrial and logistics real estate, IndoSpace had last year signed an initial pact with the Tamil Nadu government for investing Rs 2,000 crore in the state's logistics industry. Tamil Nadu continues to be a preferred destination for global original equipment manufacturers (OEMs) with companies like Hyundai, Nissan, Foxconn, and Pegatron announcing significant expansions in the state, IndoSpace said, adding that the company has helped develop an ancillary ecosystem that supports these OEMs. "IndoSpace announces plans to increase its investments up to Rs 4,500 crore in new logistics and warehouse parks in Tamil Nadu. These parks will support the growing manufacturing sectors like automobile and electronics in the state," the ...

Average home prices in Gurugram up 76% in 2 years to touch Rs 14,650 psf

Based on customer searches, the report stated that 3 BHK units dominate with 66 per cent of demand. Average prices of 3BHK apartments have increased 21.6 per cent on quarter to reach Rs 14600 psf.

As housing prices surge in top cities, there are ways to strike a good deal

Expensive property may force you to make some compromises but make sure you don't sacrifice the essentials

NAREDCO signs MoU with FSAI to improve safety standards in realty projects

Realtors' body NAREDCO has signed an agreement with Fire and Security Association of India (FSAI) to enhance standards related to fire safety in real estate projects. The National Real Estate Development Council (NAREDCO) has signed a Memorandum of Understanding (MoU) with FSAI to collaborate on improving fire safety, life safety, and security standards in India's real estate sector, according to a statement. FSAI is a leading organization with expertise in fire protection, life safety, security, building automation, loss prevention, and risk management. NAREDCO said the partnership aims to foster the exchange of knowledge, expertise, and technical advancements in fire protection, life safety, and security systems for the benefit of real estate stakeholders across the country. G Hari Babu, National President of NAREDCO, said, "The combined efforts of both organizations will enhance building safety, streamline regulations, and promote sustainable practices in India's urban ...

Affordable housing supply in India's top 6 cities slows to a trickle

Costs for such projects unviable, says real estate companies that see better gains in luxury properties

Macrotech Developers posts highest-ever quarterly pre-sales of Rs 4,290 cr

The company expressed its interest in exploring opportunities to scale its digital infrastructure portfolio

Warehousing space demand may dip this year to 45 mn sq ft: Report

Demand for premium warehousing spaces may decline slightly to around 45 million square feet this year across top six cities, according to CREDAI and CRE-Matrix report. The leasing transactions of warehousing space stood at 47.15 million square feet in 2023 calendar year across Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Pune, Hyderabad and Bengaluru. "Leasing of premium warehousing spaces is set to cross 45 million square feet in 2024, with H1 (January-June) 2024 clocking 20.3 million square feet and H2 (July-September) 2024 projected to cross 25 million square feet," realtors body CREDAI and data analytics firm CRE-Matrix said. India's Grade A warehousing stock is projected to surpass 300 million square feet by 2025 - which currently stands at 238.5 million square feet, providing a promising outlook for stakeholders. "The Indian Real Estate market is evolving rapidly, with specialised segments like warehousing complementing the robust growth of the more traditional ...

Macrotech Developers Q2 results: Properties sale hit record Rs 4,290 cr

Realty firm Macrotech Developers on Friday 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. Mumbai-based Macrotech Developers, which markets its properties under the Lodha brand, had sold properties worth Rs 3,530 crore in the year-ago period. The company has a major presence in Mumbai Metropolitan Region (MMR) and Pune. It has entered into the Bengaluru market as well. In a regulatory filing, Macrotech Developers said, "We achieved our best-ever quarterly pre-sales of Rs 42.9 billion (Rs 4,290 crore) showing growth of 21 per cent year-on-year despite the inauspicious Shradhh' period falling in September this fiscal year (vs October in FY24)." The collections of funds stood at Rs 3,070 crore in the second quarter of this fiscal year, up 11 per cent from the year-ago period. Macrotech Developers said the company has added four new land parcels in Pune and Bengaluru, having Rs 5,500 crore of reven

Gross office space leasing in 2024 may rise 14% in top 9 cities: CBRE

Gross leasing transactions of office space are estimated to rise 14 per cent this calendar year across nine major cities to record 70 million square feet on better demand from global and domestic corporates, according to CBRE. The gross leasing of office space stood at 61.6 million square feet in 2023. CBRE South Asia noted that "office leasing is likely to record a historic high of around 70 million square feet in 2024 across top 9 cities in India as per current estimates." The last highest office leasing was recorded in 2019 at 66.6 million square feet. Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE, said, "India's office market leasing is projected to remain strong in 2024, with Q3 (July-September ) of 2024 reflecting sustained absorption. The demand is driven by global and domestic occupiers, who are expected to continue expanding their operations and consolidating their facilities to strengthen their market presence." GCCs (global .

US office market segment shows signs of bottoming after big discount sales

The US office property market has been hard hit since the pandemic by higher interest rates and as many office workers worked from home

Housing sales rise 5% across top 8 cities in July-Sept: Knight Frank

Housing sales rose 5 per cent annually during July-September to 87,108 units in eight major cities as demand stayed strong for premium homes, according to Knight Frank India. Real estate consultant Knight Frank India on Thursday released its report 'India Real Estate' for the third quarter of 2024 calendar year through a webinar, showing a modest increase in housing sales in contrast to data provided by Anarock and PropEquity which reported drop in total sales during July-September across major cities. "Momentum in the residential market has trended up well in 2024 with Q3, 2024 recording the highest quarterly sales this year at 87,108 units," the report said. Addressing a virtual press conference, Knight Frank India CMD Shishir Baijal said, the growth in housing sales is driven by demand for premium housing costing above Rs 1 crore each. "There are concern in affordbale housing segment," Baijal said, adding that sales in this category have declined due to availability and ...