Page 87 - Real Estate

Brigade Enterprises likely to stand tall on robust launch pipeline

FY24 saw a strong show in all its key segments - residential real estate, rentals and hospitality

Luxury homes capture 45% of Delhi-NCR real estate sales, Gurugram leads

Gurugram has emerged as the epicenter of this luxury housing boom, accounting for nearly 60% of luxury sales in the NCR.

Prestige Estates Projects Q1 results: Net profit falls 12% to Rs 233 cr

The housing market, especially in the premium segment, has seen continued growth in the past few quarters, with higher-end buyers remaining unfazed by inflationary pressures

Property buyers in Mumbai demand larger flats; registration up 16% in July

The Western and Central Suburbs of Mumbai continue to be the preferred choices for property buyers

Tougher tax rules for property owners but rollover relief offers solace

The rollover benefits aim to soften the blow for those reinvesting their proceeds in other residential properties.

Godrej Properties sales jump four-fold in June quarter to Rs 8,637 crore

Godrej Properties clocked a four-fold jump in consolidated net profit to Rs 520.05 crore year-on-year

VTP Luxe: Reimagining Opulence, Redefining Pune

.

Macrotech Developers Q1 results: Profit jumps to Rs 475 cr on higher income

Realty firm Macrotech Developers on Tuesday reported a 2.7-fold jump in its consolidated net profit to Rs 475.3 crore for the June 2024 quarter on higher income. Its net profit stood at Rs 178.4 crore in the year-ago period. Total income grew to Rs 2,918.3 crore during the April-June period of this fiscal year from Rs 1,671.8 crore in the corresponding period of the preceding year. Abhishek Lodha, MD & CEO of Macrotech Developers Ltd, said, "Q1, FY'25 was our best ever 1st quarter with Rs 4,030 crore of pre-sales our 2nd consecutive quarter of over Rs 4,000 crore pre-sales. The icing on the cake is that these strong pre-sales have come alongside robust embedded EBITDA margins of 33 per cent." "Delivery of strong pre-sales from a diverse portfolio of projects with strong margins showcases the predictability and consistency of our business model," he added. Lodha highlighted that the company's pre-sales in Pune stood at more than Rs 1,000 crore in Q1 (more than 50 per cent of its .

Bhive expands footprint in Brigade Metropolis, signs 2nd lease of 42k sq ft

Bhive noted the launch of a new facility on the 7th floor of Summit B, complementing its existing office in Summit A

Nexus Select Trust Q1 results: Net operating income up 7% at Rs 412.7 cr

Nexus Select Trust, a listed REIT backed by retail real estate, on Tuesday reported 7 per cent increase in net operating income to Rs 412.7 crore for June quarter and announced plans to raise up to Rs 1,700 crore through issue of commercial papers and debentures. In a regulatory filing, the company said it achieved retail Net Operating Income (NOI) of Rs 371.9 crore in April-June period of this fiscal, up 8 per cent from the year-ago period. Nexus Select Trust declared distribution of Rs 325.3 crore or Rs 2.147 per unit for the first quarter of 2024-25. "Signed two term sheets for acquisition of 0.8 million square feet retail assets; commenced due diligence. Overall, 5 assets under acquisition including the acquisitions announced in the past," the company said. Nexus Select Trust said the board has also approved raising of funds by issuing listed, rated, redeemable, commercial papers, for an aggregate principal amount of up to Rs 500 crore and also non-convertible debentures up to

Delhi-NCR emerges as 5th most expensive office space rental market in APAC

Despite a challenging global economic backdrop, prime office rents have remained remarkably stable. This stability, coupled with a 50% surge in transaction volumes during Q2 2024,

L&T Realty, Valor Estate to co-develop Rs 20k cr project in Mumbai's BKC

The project will feature a mix of premium housing, commercial spaces, and a five-star luxury hotel. It has a total development potential of over 7.5 million square feet

Nifty Realty up 2.5% on July 29; what's driving the rally? Analysts weigh

A major driver behind this rally, analysts said, is DLF's strong June quarter performance.

Nifty Realty up 2.5% on July 29; what's driving the rally? Analysts weigh

A major driver behind this rally, analysts said, is DLF's strong June quarter performance.

DLF's growth potential anchors market confidence, brick by brick

Constructing value: With fortified finances, real estate major builds on sector consolidation

DLF-GIC JV firm DCCDL's office rental income rises 11% to Rs 942 cr in Q1

Realty firm DLF's rental arm DCCDL has posted an 11 per cent annual increase in office rental income to Rs 942 crore during the first quarter of this fiscal on better demand for its premium workspace. DLF Cyber City Developers Ltd (DCCDL) is a joint venture between DLF and Singapore sovereign wealth fund GIC. DLF holds a 66.67 per cent stake, while the GIC has a 33.33 per cent stake in DCCDL. According to the latest investor presentation, DCCDL's rental income from office buildings rose to Rs 942 crore during the April-June period of the current fiscal from Rs 851 crore in the year-ago period. The rental income from retail real estate space grew 9 per cent to Rs 210 crore in the first quarter of this fiscal from Rs 192 crore a year ago. On the commercial real estate segment, DLF said it has achieved "double-digit rental growth through organic growth and new developments". "Significant increase in retail presence; portfolio to grow to 2 times in the next 4-5 years," it added. DLF

DLF plans to launch Rs 1.04 trn worth real estate projects in medium term

Realty major DLF plans to launch nearly 37 million square feet area for sale in the medium term across various cities with revenue potential of Rs 1.04 lakh crore as part of its strategy to encash strong demand for luxury homes. In its latest investor presentation for the April-June quarter, DLF informed about the "planned launches of Rs 1+ lakh crore (36 million square feet) of new products over the medium term". Giving the break-up, the company said a 12.8 million square feet area will be launched for sales this fiscal with a revenue potential of Rs 42,000 crore. In the subsequent years, DLF intends to launch a 24 million square feet area having a gross development value of Rs 62,500 crore. Out of the total Rs 1,04,500 crore worth projects that it intends to launch in medium term, only Rs 1,000 crore worth is planed from commercial properties and the remaining from the housing segment. These projects, largely residential, will be launched primarily in Delhi, Gurugram, Chandigar

Godrej Industries Group's family office divests 4.4% stake in Sobha

Godrej Industries Group's family office arm Anamudi Real Estates LLP on Friday divested a 4.4 per cent stake in realty firm Sobha Ltd for Rs 858 crore via open market transactions. According to the exchange data, Anamudi Real Estates LLP offloaded 47.37 lakh shares, amounting to a 4.43 per cent stake in Sobha Ltd. Shares were disposed of at an average price of Rs 1,810.44 apiece, taking the transaction value to Rs 857.70 crore. After the stake sale, Anamudi Real Estates' shareholding in Bengaluru-based Sobha declined to 5.57 per cent from 9.99 per cent. Meanwhile, Mirae Asset Mutual Fund (MF), Invesco MF and Aditya Birla Sun Life MF acquired 23.09 lakh shares of Sobha. Shares were acquired in the range of Rs 1,809.82-1,810.05 apiece, taking the combined transaction value to Rs 418.06 crore. Details of other buyers could not be ascertained. Sources said the Godrej Industries Group family office has sold shares in Sobha Ltd at a 10-times multiple of the original investments, inclu

Realty major DLF retains sales bookings target at Rs 17,000 crore for FY25

Realty major DLF has maintained sales bookings guidance of Rs 17,000 crore with likely upside for this fiscal and said it has receivables of around Rs 21,000 crore from customers compared to residual construction expenses of about Rs 11,000 crore on ongoing projects. In a conference with analysts, DLF Managing Director Ashok Tyagi also asserted that the withdrawal of indexation benefit for calculating long term capital gain (LTCG) tax on property sales would not have "much bearing" on consumer demand. When asked whether the company would revise its sales bookings guidance upwards, Tyagi said the company would stick to its target with possible upside and might issue fresh guidance after the second quarter when there would be clear visibility of launches of projects. DLF's sales bookings jumped over three-fold to Rs 6,404 crore during the first quarter of this fiscal on strong demand for its luxury housing properties. The company had sold properties worth Rs 2,040 crore in the year-ag

Open to feedback on tax changes but... read FinMin latest remark on Budget

Union Finance Minister Nirmala Sitharaman's recent remark follows feedback from several experts and salaried individuals who feel that the Budget did not provide sufficient relief to the middle class