Page 85 - Real Estate

IPO-bound Kalpataru Ltd's net loss narrows to Rs 101 cr in last fiscal

Real estate firm Kalpataru Ltd has posted a consolidated net loss of Rs 100.74 crore during the last financial year on lower income. Last week, the company filed a preliminary document with capital markets regulator Sebi to launch its initial public offering (IPO) to raise up to Rs 1,590 crore, mainly to reduce debt. Mumbai-based Kalpataru Ltd has filed the draft red herring prospectus (DRHP) to launch its IPO, which comprises a fresh issue of shares, having a face value of Rs 10 each, aggregating up to Rs 1,590 crore. It would use Rs 1,192.5 crore for repayment/prepayment, in full or in part, of certain borrowings. According to the DRHP, the company posted a consolidated net loss of Rs 100.74 crore during 2023-24 fiscal, down from a net loss of Rs 200.73 crore in the preceding financial year. Total income also declined to Rs 2,029.93 crore in the last fiscal from Rs 3,716.61 crore in the 2022-23 financial year. "We are an integrated real estate development company involved in al

Four listed REITs disburse Rs 1,371 cr to unitholders in Apr-Jun quarter

Four publicly listed real estate investment trusts have distributed Rs 1,371 crore to their unit holders for the first quarter of this fiscal, according to industry data. These four publicly listed real estate investment trusts (REITs) in India are Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, and Nexus Select Trust. Indian REITs Association (IRA) data showed that in the latest June quarter, these four REITs have together distributed more than Rs 1,371 crore to over 2,45,000 unit holders. Since their inception over the past five years, these four REITs have collectively distributed more than Rs 18,000 crore to their unit holders. Indian REITs market now oversees gross Assets Under Management (AUM) of over Rs 1,40,000 crore. The portfolio managed by these REITs spans approximately 122 million square feet of Grade A office and retail space across the country. Indian REITs Association, a non-profit organization established under the ..

Shapoorji Pallonji to take its real-estate arm public in 2 years: Report

In the first phase, Shapoorji Pallonji Real Estate aims to raise around $800-900 million through an IPO of about 10-12 per cent stake

Fuelled by high demand, QTS level in India at a historic low: Knight Frank

The demand for luxury homes continues to drive the Indian residential market, but the affordable segment is shaky

Keystone Realtors eyes 32% growth in housing sales this year: CMD

Keystone Realtors has set a target of 32 per cent growth in its sale bookings this fiscal to Rs 3,000 crore on strong housing demand and is hopeful of crossing this number, its Chairman and Managing Director Boman Irani said. Keystone Realtors, which sells its properties under Rustomjee brand, is one of the leading real estate developers in the country with a significant presence in Mumbai Metropolitan Region (MMR). In an interview with PTI, Irani -- who is also president of realtors' apex body CREDAI -- noted that the demand in the housing market continues to be strong, encouraging the company to invest more in land acquisition and construction activities. "We have a dry powder of around Rs 3,000 crore to make investments for growth. We raised Rs 800 crore from qualified institutional placement (QIP) plus our internal cash flow," he said. Asked about the sale bookings outlook, Irani said, "We are targeting to achieve Rs 3,000 crore pre-sales this fiscal. We will cross that ...

Australia's Lendlease reports $1 bn loss amid strategy shift, delays

The country's largest property developer reported a full year loss after tax attributable of A$1.50 billion ($1.00 billion) as compared to a loss of A$232 million a year ago

Macrotech net debt rises 43.5% to Rs 4.3K cr in Q1 on higher capex for land

Realty firm Macrotech Developers Ltd's net debt rose 43.5 per cent to Rs 4,320 crore during the first quarter of this fiscal year due to higher investment in land acquisition and construction. Mumbai-based Macrotech Developers, which sells its projects under the Lodha brand, is one of the leading developers in the country. According to its latest investors presentation, the company's net debt stood at Rs 4,320 crore as of June 30, 2024, against Rs 3,010 crore at the end of the March quarter of 2023-24. The net debt stood at Rs 4,320 crore, 0.24 times equity, well below the ceiling of 0.5 times equity, the presentation said. The investment in growth led to an increase in net debt, the company added. According to a transcript of discussions with analysts, Macrotech Developers MD and CEO Abhishek Lodha said, "In spite of the significant level of business development plus a significant ramp up in construction spend in this quarter, our net debt stood at Rs 4,300 crores, which is 0.24

Omaxe Q1 results: Net loss widens to Rs 147.44 cr on rise in expenses

Realty firm Omaxe Ltd has posted a consolidated net loss of Rs 147.44 crore in the first quarter of this fiscal year on higher expenses. The company's net loss stood at Rs 106.32 crore in the year-ago period. The total income increased to Rs 385.23 crore in the April-June period of this fiscal year, from Rs 220.85 crore in the corresponding period of the previous year, according to a regulatory filing on August 13. Total expenses rose to Rs 542.40 crore in the quarter under review, from Rs 352.39 crore a year ago. Omaxe is one of the leading real estate developers in the country. It has a presence in Delhi-NCR, Punjab, Haryana and Uttar Pradesh.

Delhi-NCR gets max real estate investment in Jan-Jun at $633.3 mn: Report

Delhi-NCR's real estate market has attracted highest private equity investment of USD 633.3 million during January-June period of this year as investors look to encash high demand for prime office space and luxury housing, according to Cushman & Wakefield. In its latest capital market report, real estate consultant Cushman & Wakefield mentioned that Delhi-NCR attracted USD 633.3 million of inflows during the first six months of this calendar year. Out of the total investment in Delhi-NCR, office assets received USD 483.6 million, while residential USD 149.6 million. The consultant noted that the surge in investments in Delhi-NCR has been primarily driven by the office segment, with major equity buy-outs by prominent fund houses. Residential sector in the city has also seen continued interest specially in the high-end and luxury segment. Across six major cities, the total investment in real estate stood at USD 3.9 billion during January-June 2024. Multi-city deals dominated ...

This American city found to be least desirable due to crimes, living cost

According to the Clever study, 73 per cent of Americans are content where they are, but 59 per cent feel dissatisfied, and 43 per cent admitted to feeling embarrassed by their state

Realty firm Kalpataru Ltd files draft papers to raise Rs 1,590 cr via IPO

Real estate firm Kalpataru Ltd has filed draft prospectus with market regulator SEBI to launch its initial public offering (IPO) for raising up to Rs 1,590 crore, mainly to reduce debt. The Mumbai-based company has filed the draft red herring prospectus (DRHP) to launch its IPO, which comprises fresh issue of shares, having face value of Rs 10 each, aggregating up to Rs 1,590 crore. It would use Rs 1,192.5 crore for repayment/prepayment, in full or in part, of certain borrowings. "We are an integrated real estate development company involved in all key activities associated with real estate development, including the identification and acquisition of land (or development rights thereto), planning, designing, execution, sales, and marketing of our projects," the DRHP said. The company has a portfolio of 40 ongoing, forthcoming and planned projects comprising 49.77 million square feet area. Of these 25 projects having 22 million square feet are currently underway. While a majority o

Renting your home to foreigners: Follow these rules to avoid legal trouble

Recently, 52 flat owners in a residential society in Gurgaon found themselves facing legal action for not following the proper procedures

House of Abhinandan Lodha eyes 30% growth in property sales in FY25

Realty firm The House of Abhinandan Lodha, which is into development of residential plots, reported a 3-fold jump in sales bookings last financial year to Rs 1,800 crore and is targeting at least a 30 per cent growth in 2024-25, amid strong consumer demand. Mumbai-based The House of Abhinandan Lodha, which was formed in 2021, has already launched nearly 10 plotted development projects covering 650 acres in Maharashtra, Goa, and Ayodhya in Uttar Pradesh. The company has sold plots in a price range of Rs 10 lakh to Rs 15 crore, depending on the location. In an interview to PTI, the company's Chairman Abhinandan Lodha noted that the demand for housing plots has been very strong post-COVID pandemic. Asked about operational performances, he said, "In the last fiscal, we did close to Rs 1,800 crore of sales bookings as against around Rs 570 crore in the 2022-23 fiscal. We expect our sales to continue to grow at 30 per cent or more in the current fiscal." Lodha said the company's profit a

Property slump, weak consumption drags down China's economic recovery

A continued property crisis and weak consumption dragged on China's economic recovery in July, according to data released Thursday by the National Bureau of Statistics. Unemployment rose for the first time since February, clocking in at 5.2 per cent, compared to 5 per cent in June. Industrial production also rose more slowly than the previous month, showing a 5.1 per cent year-on-year increase in July, compared to a 5.3 per cent rise in June. Retail sales grew slightly more than analysts had expected, rising 2.7 per cent year-on-year in July, compared to 2 per cent in June. Statistics bureau spokesperson Liu Aihua said the recovery in consumption will be further consolidated given recent government policies to boost consumer spending. Beijing announced plans last month to use 150 billion Yuan (USD 20.9 billion) in government debt to finance trade-ins for consumer goods such as appliances and cars to stimulate spending. Consumption contributed around 60 per cent of China's economi

Rescued firms 2.5 times those liquidated in realty sector, shows IBBI data

IBC experts feel that despite the positive trend of more resolutions than liquidations in real estate insolvencies under the IBC, several challenges persist

Developer, investor sentiment in realty sector moderated in Apr-Jun: Report

While the overall sentiment remains optimistic, it has fallen considerably from the all-time high levels in the January-March quarter this year

Orris Group: Pioneering Modernization and Customer-Centric Development in NCR

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ED starts restitution of flats worth Rs 20 cr to cheated Gurugram buyers

The Enforcement Directorate has initiated the process of restitution of flats worth more than Rs 20 crore to homebuyers of a Gurugram realty project who were allegedly cheated by the builder company, official sources said Wednesday. The case pertains to flats constructed by the SRS Group as part of projects like SRS Pearl, SRS City and SRS Prime. The process to restitute 78 flats of genuine homebuyers in these SRS projects has been initiated following the Appellate Tribunal, instituted under the Prevention of Money Laundering Act (PMLA), issuing an order on August 12 allowing the ED to return these flats worth a total Rs 20.15 crore to their rightful claimants. The central agency in January 2020 had provisionally attached assets worth Rs 2,215 crore as part of a money laundering investigation against the SRS Group of companies in a case related to alleged fraud committed against a number of homebuyers and investors. It was alleged by the ED that the SRS group of companies received

Godrej Industries Q1 results: Profit up 81% at Rs 322 cr on higher income

Business conglomerate Godrej Industries Ltd on Tuesday reported an 81 per cent increase in consolidated net profit at Rs 322.49 crore for the April-June quarter of 2024, on higher income. Its net profit stood at Rs 178.06 crore in the year-ago period. Total income increased to Rs 5,259.41 crore in the April-June period of 2024-25 fiscal, from Rs 4,893.40 crore in the corresponding period of the previous year, according to a regulatory filing. Godrej Industries has presence in chemicals, estate management (real estate), finance & investments. On business performance of its subsidiaries, joint ventures and associate companies, Godrej Industries said the consolidated sales of Godrej Consumer Products Ltd (GCPL) stood at Rs 3,311 crore in the first quarter of this fiscal. Godrej Properties' total Income grew to Rs 1,638 crore in April-June period of this fiscal, from Rs 1,315 crore in the year-ago period. Godrej Agrovet's total income declined to Rs 2,360 crore in the period under ..

Green-certified buildings account for 82% of all office leasing: Colliers

Sebi's mandatory sustainability reporting norm also playing a key role in rising interest in green buildings India, led by tech-hub Bengaluru