Page 89 - Real Estate

Land deals drop 57% to 325 acres in Apr-Jun on high prices: Anarock

Land acquisitions remained muted during April-June, and only 25 deals covering 325 acres were closed during this period, mainly due to high prices and general elections, according to Anarock. In contrast, there were 29 land deals closed in the year-ago period, comprising 721 acres. Real estate consultant Anarock pointed out that the general elections and the heated land prices seem to have dented the appetite for land acquisition for developers and other entities in the second quarter of 2024. The number of land deals closed in Q2 (April-June) 2024 came down to 25 transactions for around 325 acres. Prashant Thakur, Regional Director & Head - Research & Advisory, Anarock Group, said Bengaluru topped in the number of land deals. "The city (Bengaluru) saw 9 separate deals for approximately 114 acres closed in Q2 2024," he added. Gurugram saw the closure of as many as 7 deals for over 77.5 acres. Of the total land deals closed in April-June, over 17 have been proposed for ...

Realty firm Shriram Properties elevates Gopalakrishnan J as ED & Group CEO

Realty firm Shriram Properties Ltd has elevated Gopalakrishnan J as executive director and Group Chief Executive Officer (CEO) of the company. He has been elevated from the current position as Executive Director (ED) and Group Chief Financial Officer (CFO) of the Bengaluru-based Shriram Properties. In a regulatory filing on Saturday, Shriram Properties Ltd informed that the Board of Directors at its meeting held on July 20, 2024, approved the appointment of Gopalakrishnan J as Executive Director and Group CEO effective July 20, 2024. The board also appointed K R Ramesh, who was Executive Director - Operations, as Executive Director Strategy & Corporate Development effective July 20, 2024. Gopalakrishnan joined the company in 2018 and has provided significant leadership in the ongoing transformation of the company, apart from his critical role in the IPO process and building a strong growth platform in recent years. He has more than 33 years of experience in the areas of corporate

Realty check: Avoid buying commercial real estate stocks, caution analysts

On the bourses, shares of Prestige Estates, Oberoi Realty, Brigade Enterprises, DLF, Embassy REIT, and Mindspace Business Parks REIT, have surged in the range of 11 to 214 per cent

Houses worth over Rs 4 cr record 27% growth in sales in Delhi-NCR: CBRE

The first half of 2024 witnessed a surge in the luxury housing market in the Delhi-NCR region, driven by affluent buyers, enhanced amenities, and major infrastructure projects, according to CBRE

DLF to expand housing, commercial property biz: Chairman Rajiv Singh

Realty major DLF will focus on expanding its business to develop residential and commercial projects and is entering new markets Mumbai and Goa to tap into growth opportunities, its Chairman Rajiv Singh said. In his message to shareholders in the annual report, Singh said the company will continue to focus on corporate governance, operational excellence and upholding the value of the company's founders. "Our focus is to expand both our businesses, residential and commercial. The residential business continued its growth momentum, we witnessed an uptick in new sales bookings, coupled with record sales collections. "The markets response to our products continues to be very encouraging. It is with this conviction that we are entering new geographies like Mumbai and Goa," he said. While the company continues to launch new projects in Delhi-NCR, Singh said the company's strategy is to introduce a diverse range of offerings to meet the aspirational needs of the market. DLF has achieved

Where to invest in markets for the next 1 year? Siddhartha Khemka answers

The Nifty-50 is expected to deliver 12% earnings growth in FY25 over a high base of FY24 (+26 per cent Y-o-Y), said Khemka.

65% Grade A office space in India's top 7 cities green-certified: Vestian

Southern cities such as Bengaluru, Chennai, Hyderabad comprise 58% of India's total green building stock, says the consultancy

Naredco suggests raising tax relief on home loan interest to Rs 5 lakh

Realtors' body NAREDCO on Tuesday suggested that the tax exemption on interest on self-occupied property loans should be increased to Rs 5 lakh in the upcoming budget from Rs 2 lakh currently to boost housing demand amid a rise in housing prices and mortgage rates. Builders also sought some tax incentives to boost demand and supply of affordable homes. NAREDCO noted that under Section 24 of the Income Tax Act, the deduction allowed on interest on loans for self-occupied property is limited to Rs 2 lakh. "Given the rising property prices and interest rates, NAREDCO proposes increasing this limit to at least Rs 5 lakh," the association said in a statement. The realtors' body mentioned that currently the annual value of property held as stock-in-trade and not let out is considered nil for up to two years from the end of the financial year in which the construction completion certificate is obtained. After this period, the notional income is taxed. It suggested that this provision sho

Bharat Agri Fert & Realty eyes Rs 800 cr revenue from MMR housing project

Bharat Agri Fert & Realty Ltd expects Rs 800 crore revenue from its new housing project in Mumbai Metropolitan Region (MMR). In a statement on Tuesday, the company said it has launched a high-rise tower, Wembley-24 in Majiwada, Thane comprising 457 residential flats. "The Majiwada project is projected to generate total realisations of approximately Rs 800 crore over the next four years on a pro-rata basis, with the project's cost estimated at approximately Rs 300 crore, as the land is owned by the company," it said. On the launch day, the company witnessed an overwhelming response with pre-sales of around 150 units. "The robust pre-bookings and overwhelming interest on launch day underscore the market's demand for high-quality residential spaces," Yogendra D Patel, Chairman and Managing Director of Bharat Agri Fert & Realty, said. Bharat Agri Fert & Realty Ltd, established in 1962, is into three business verticals fertilisers, realty and hospitality. It is listed on stock

Birla Estates acquires 5-acre land in Gurugran to build housing project

Realty firm Birla Estates has acquired a 5-acre land in Gurugram to develop a housing project with an estimated revenue potential of more than Rs 1,400 crore. Birls Estates is a wholly-owned subsidiary of Century Textiles and Industries Limited and the real estate venture of the Aditya Birla Group. In a regulatory filing on Monday, Centure Textiles informed that Birla Estates will expand its footprint in the national capital region (NCR) with a strategic land acquisition in Sector 71, Gurugram. "This 5-acre parcel offers a development potential of around 10 lakh square feet and is expected to generate revenue of over INR 1400+ crore with aesthetically designed residences," it said. K T Jithendran, MD & CEO at Birla Estates, said, "Gurugram has been a pivotal market for us from the outset. The real estate potential in this micro-market is immense and reinforces our strong focus in the Delhi-NCR region.

Steady demand, falling supply: What's ahead for mid-segment homes in India?

A recent report by Knight Frank showed that the mid-segment had a strong 32 per cent market share in the total demand in the first six months of 2024

Mumbai's average home prices soar to record high of Rs 94 lakh: Report

Lodha Group maintained leading position in total registered transactions and sales value

Builders cut project completion time by 20% in top 7 cities: Anarock

Real estate developers across seven major cities are taking an average 18-20 per cent less time to complete a project because of tight regulations and the use of latest construction technologies, according to Anarock. Real estate consultant Anarock data analysed all projects that were launched and completed between 2010-2019 and 2014-H1 2024 across the top seven cities. In the last decade, the average time taken to complete smaller projects of less than 500 units across these seven cities was four years, while builders took 4.9 years to complete large projects of more than 500 units each. During 2010-19 period, the average time taken by builders was 4.9 years for small projects and 6.1 years for larger ones. So, the average completion time across seven major cities has fallen by 18 per cent in small projects and 20 per cent in large projects during the period under review. "The stringent rules imposed on project delays by the regulatory authorities have also been a key factor in .

Domestic investors infuse $638 mn in realty sector in Apr-Jun: Report

Domestic investors pumped USD 637.9 million in the Indian real estate during April-June -- a fivefold jump on annual basis -- expecting better returns amid strong demand, according to Vestian. Real estate consultant Vestian on Saturday released data for institutional investments in real estate during the second quarter of 2024 calendar year. As per the data, institutional investments in the Indian real estate rose 96 per cent in April-June to USD 3.1 billion from USD 1.6 billion in the corresponding period of the previous year. Shrinivas Rao, CEO, Vestian said, "The Indian real estate sector garnered significant investments in the second quarter of 2024, dominated by foreign investors as the looming uncertainty over the major economies of the world has faded away." Moreover, he said, domestic investors actively participated to capitalize on the robust economic growth. As per the data, foreign investors infused USD 2,218.1 million in April-June as against USD 1,459.2 million in the

Macrotech Developers Q1 sales up 20% at Rs 4K cr on strong housing demand

Macrotech Developers has posted a 20 per cent growth in sale bookings to Rs 4,030 crore for the first quarter of this fiscal year as housing demand continues to be strong. Sale bookings of Macrotech Developers, which markets its properties under Lodha brand, stood at Rs 3,350 crore in the year-ago period. As per its latest operational update posted on stock exchanges, the collection from customers rose 12 per cent to Rs 2,690 crore in April-June FY25 from Rs 2,400 crore in the corresponding period of the previous year. The company registered 20 per cent growth in its sale bookings (pre-sales) to a record Rs 14,520 crore during 2023-24 as against Rs 12,060 crore in the previous year. It has given a guidance of achieving 21 per cent annual growth in sale bookings this fiscal to Rs 17,500 crore. Macrotech Developers, which has a significant presence in Mumbai Metropolitan Region (MMR) and Pune and has just entered Bengaluru, will launch 17 housing projects this fiscal year, having a

Noida Authority raises land allotment prices by 6% in latest board meeting

The Noida Authority announced a significant six per cent increase in land allotment prices for the financial year 2024-25 following its 214th board meeting on Friday. The decision is set to impact the rates for group housing, institutional and industrial sectors. The meeting was chaired by UP Chief Secretary and Authority Chairperson Manoj Kumar Singh and attended by Noida Authoriy CEO Lokesh M and Additional CEO Ravindra Kumar along with various board members. "The allotment prices of various types of lands including group housing, institutional and industrial sectors have been increased by six per cent for the financial year 2024-25. The rates of residential plots have also been raised by six per cent except in the A+ category, where prices have been kept intact," according to an official statement. This adjustment also extends to industrial areas and commercial usage, specifically affecting the rates for the IT/ITES sectors, the statement added. The Noida Authority's board meet

Haryana approves ordinance to amend rule related to village common land

The state cabinet on Friday gave its nod to an ordinance seeking amendment to the rule related to use of village common land. The ordinance seeks amendment to the Haryana Village Common Lands (Regulation) Act 1961 with regard to the ownership of land in 'shamlat deh'-- the village land reserved and used for common purposes. According to the proposed amendment, ownership of land in 'shamlat deh', which were allotted on lease basis for 20 years under the East Punjab Utilization of Lands Act 1949 and the said land has been in cultivating possession of the original allottee, transferee or their legal heirs, is slated to be excluded from the ambit of 'shamlat deh' with immediate effect, said an official statement. As per the decision of the Cabinet under the chairmanship of Chief Minister Nayab Singh Saini, it is also proposed that the original lessee, transferee or their legal heir will have to pay an amount to the Gram Panchayat concerned for the transfer of ownership rights. "This ..

Brigade Enterprises expects over Rs 400 cr revenue from new housing project

Realty firm Brigade Enterprises is expecting more than Rs 400 crore revenue from its newly-launched residential tower in Bengaluru. The company has launched residential tower 'Cobalt' at its 50-acre township, Brigade El Dorado, located in KIADB Aerospace Park. "Comprising 948 one-bedroom apartments, the company has pegged the potential revenue value at over Rs 400 crore," Brigade said in a regulatory filing on Thursday. The overall size of this township is around 6.1 million (61 lakh) square feet including residential, shopping, wellness, and entertainment facilities. "In the recent past, there has been a surge in the number of multinational companies that have chosen to set up shop in North Bengaluru, creating a demand for skilled talent. This in turn has fuelled the growth and demand for high quality, sustainable real estate in the region," Amar Mysore, Executive Director, Brigade Enterprises said. Potential home buyers in the region are primarily millennials, who aren't just ..

8% growth, Rs 12,300 cr sales: Mumbai luxury housing reaches new heights

While Worli contributed 37% to luxury sales values of top 10 localities, it was Goregaon East, which recorded the highest increase i.e. 1,444%, at Rs 881 Cr.

Total value of India's top 100 realty companies soars 70% in 1 year: Report

The total valuation of these companies in India currently stands at Rs 14.2 trillion: 2024 GROHE-Hurun India Real Estate 100 list