Page 98 - Real Estate

Godrej Properties zooms 11% on strong profits; analysts bullish for FY25

Godrej Properties posted a 14 per cent year-on-year (YoY) increase in its consolidated net profit, reaching Rs 471 crore for the quarter ending March 2024

Arvind SmartSpaces Q4 results: Net Profit rises 67% to Rs 15 crore

Realty firm Arvind SmartSpaces Ltd on Monday reported 67 per cent increase in net profit to Rs 15.49 crore for the quarter ended March on higher income. Its net profit stood at Rs 9.30 crore in the year-ago period. Total income rose to Rs 120.10 crore in the quarter from Rs 94.37 crore a year ago. During 2023-24 fiscal year, the company's net profit increased to Rs 41.57 crore from Rs 25.60 crore in the preceding year. Total income went up to Rs 350.87 crore from Rs 263.25 crore in 2022-23. On operational front, the company's sale bookings rose 38 per cent to Rs 1,107 crore in 2023-24 from Rs 802 crore in the previous year. "FY24 has been a landmark year of the company with milestones achieved across bookings, collections and business development. The company has recorded the highest ever annual bookings of Rs 1,107 crore, a growth of 38 per cent year-on-year (YoY)," Kamal Singal, Managing Director and CEO, Arvind SmartSpaces said. He said the company acquired new projects with

Square Yards Q4 results: Revenue up 49% to Rs 1,004 cr on strong demand

Square Yards, which is mainly in the housing and home loan brokerage business, on Monday said its revenue has risen 49 per cent to Rs 1,004.45 crore during the last fiscal year, driven by strong demand for residential properties. Of the total revenue, its India business contributed 79 per cent, Square Yards said in a statement. Square Yards also has a presence in Dubai and some other countries. Its revenue stood at Rs 672.4 crore in the preceding 2022-23 fiscal. "For the first time, the company has achieved EBITDA profitability for the full year FY24. Additionally, Square Yards reached operating cash flow breakeven in H2FY24," the statement said. Of the total revenue from operations during the last fiscal year, the company said the real estate services contributed Rs 428.94 crore while financial products and services added Rs 448.69 crore. The digital product services and interior services generated Rs 40.68 crore and Rs 77.82 crore, respectively, during the last fiscal year. "F

REIT to invest Rs 3,800 cr to construct of 6.1 mn sq ft office space

Bullish on demand for premium workspace, Embassy Office Parks REIT will invest Rs 3,800 crore over the next four years to complete its ongoing office complexes as part of its strategy to expand rental portfolio. Embassy REIT, which is India's first publicly listed Real Estate Investment Trust (REIT), currently has 36.5 million (365 lakh) square feet of completed office space across Bengaluru, Mumbai, Pune and Delhi-NCR. In an interview with PTI, Aravind Maiya, Chief Executive Officer of Embassy REIT, said the company's business has been growing from strength to strength. To expand its portfolio, he said the company is constructing 6.1 million (61 lakh) square feet of premium office space in Bengaluru to cater to rising demand from global capability centres (GCCs) and also domestic players. That apart, Maiya said the company has signed an agreement to purchase Embassy Splendid TechZone (ESTZ), a Grade-A business park, from sponsor Embassy Group for an enterprise value of Rs 1,269 .

Godrej Properties to launch housing projects worth Rs 30,000 cr in FY25

Realty firm Godrej Properties plans to launch residential projects worth Rs 30,000 crore this fiscal across major cities to achieve 20 per cent growth in sales bookings amid strong demand, its executive chairperson Pirojsha Godrej said. In an interview with PTI, Pirojsha said, "We have given a sales bookings guidance of Rs 27,000 crore for the current fiscal, a 20 per cent growth from high base in 2023-24." In the last fiscal, the company's sales bookings jumped 84 per cent to a record Rs 22,527 crore, from Rs 12,232 crore in the preceding year. This is the highest sales reported so far by any listed entity for FY'24. Pirojsha said the housing demand continues to be strong, especially for reputed brands. "It (2023-24 fiscal) was a great year overall, whether you look at launches, sales, collection from customers, business development, deliveries of projects, cash flow and profit. We are really excited to see the kind of momentum in the business." He expected housing demand to sust

Godrej Properties Q4FY24 results: Profit rises 14% to Rs 471.26 crore

Total income rose to Rs 1,914.82 crore in the fourth quarter of last fiscal from Rs 1,838.82 crore in the corresponding period of the previous year, the company informed in a regulatory filing

This real estate stock has zoomed 28% in two days, hits 52-week high

Shares of the real estate development arm of Max Group, Max Estates have rallied 28.4 per cent in the last two trading sessions, reaching its 52-week high at Rs 375 on the BSE in Friday's intraday

Embassy Group sales bookings up 85% to Rs 2,250 cr on better housing demand

Realty firm Embassy Group on Thursday said its sales bookings rose 85 per cent in the last fiscal year to record Rs 2,250 crore on strong housing demand. In a statement, the company said it achieved best-ever performance in the 202324 fiscal year for its residential business, with sales transaction value of Rs 2,250 crore -- an 85.5 per cent jump from the preceding year. Embassy Group sold 21.18 lakh sq ft, achieving a year-on-year growth of 103 per cent in area sold. This was primarily fuelled by interest from high net-worth individuals (HNIs) and non-resident Indians (NRIs) in ready-to-move-in luxury projects, the company said. Embassy Group COO Aditya Virwani said, "WAs we anticipate a sustained upcycle in the country's housing market in the coming years, we are committed to maintaining this momentum." With housing demand, increasingly consolidating towards Grade A developers, he said the company would replicate its success in the office segment to residential business. "We ha

53 mn sq ft office space eligible to be monetised via SM-REIT for Rs 70K cr

Rating agency ICRA has estimated that around 530 lakh square feet of office spaces are eligible for small and medium REITs (SM-REIT) listing, creating a monetisation opportunity of Rs 67,000-71,000 crore. In November last year, the Sebi board cleared the amendments to the REITs Regulations, 2014, in order to create a regulatory framework for the facilitation of SM REITs, with an asset value of at least Rs 50 crore vis-a-vis minimum asset value of Rs 500 crore for existing REITs. As per the notification, the minimum price of each unit of the scheme of SM-REIT shall be Rs 10 lakh or such other amount as may be specified by Sebi from time to time. The size of the asset proposed to be acquired in a scheme of the SM-REIT is at least Rs 50 crore and less than Rs 500 crore. "Small and Medium REITs will provide an opportunity for small Grade A and most of the Grade B office developers to monetise their investments. Also, Fractional Ownership Platforms (FOPs) are expected to be formalised, .

Beijing eases rules on multiple home purchases to fight property slump

Families who have reached the existing ownership limits will now be permitted to buy an additional home in the region beyond Beijing's fifth ring road

New kid on the block: Real estate FOPs ready to roll out bit-sized Reits

Sebi's push for SM REITs has the potential to regularise underlying real estate assets to the tune of over Rs 4,000 crore in the near to mid-term, believes Colliers a real-estate consultant

Residential real estate prices in India to go up 4-6% this year: Report

Rising per capita income, moderating inflation, stable commodity prices to support demand, it says

Sale of homes priced above Rs 4 cr comprises 5% of total, says report

Mumbai top in the sale of such homes in March quarter, demand falls in Delhi NCR from a year ago

Mumbai is luxury market leader, over 1300 flats sold above Rs 4 cr in Q1

The city boasts over 40 per cent of the country's total luxury housing inventory, attracting high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNIs)

Strained Chinese cities unable to raise funds to pay home buying subsidies

The property market accounted for about a quarter of China's economic activity at its peak

Realtors retool pricing strategies amid rising cost of construction

The higher costs in Mumbai can be attributed to the increased prices of essential construction materials like cement, reinforced steel, structural steel, and stones

Rental yields from housing assets in Gurugram up 4.1%, says report

Rental yields in housing properties located at Gurugram and Noida have improved over the last few years and stood at 4.1 per cent and 3.7 per cent, respectively, during the latest March quarter, according to Anarock. Rental yield is the annual return on investment (ROI) investors earn from capital invested in a property. Real estate consultant Anarock report mentioned that there has been a steep rise in rental housing demand in the top cities. As a result, average rental values have soared and rental yields have been heading steadily north. The Anarock data showed that Bengaluru tops the list with a rental yield of 4.45 per cent during January-March 2024. Bengaluru's rental yield in pre-Covid 2019 stood at 3.6 per cent. Mumbai comes next among the top cities with a rental yield of 4.15 per cent in the first quarter of 2024 as against 3.5 per cent back in 2019. Gurugram is close behind with a rental yield of 4.1 per cent against 3.5 per cent in 2019. As per the data, the rental y

Aurum PropTech loss widens to Rs 55 cr in FY24, income up 68% at Rs 233 cr

Aurum PropTech Ltd on Monday reported a consolidated net loss of Rs 55.75 crore during the last financial year despite higher revenue. The company had posted a net loss of Rs 28.69 crore in the preceding year. Total income rose to Rs 233.07 crore in 2023-24 from Rs 139.05 crore a year ago, according to a regulatory filing. Total expenses surged to Rs 309.43 crore last fiscal from Rs 188.95 crore in the 2022-23 financial year. Onkar Shetye, Executive Director of Aurum PropTech, said the company has reported another year of "consistent performance across revenue, road to profitability, user growth and tech innovation". "Total income grew to Rs 233 crore, demonstrating a robust 68 per cent Y-o-Y (year-on-year) growth with EBIDTA (earning before interest, depreciation, tax and amortisation) improving to 9.9 per cent, displaying a sustained EBIDTA margin improvement of around 1,150 BPS (basis points) Y-o-Y," Shetye said. During the last fiscal, Shetye said, the company made a notable

MahaRERA proposes to make developers mention amenity details with deadlines

Developers in Maharashtra may soon have to mention the finer details of amenities at housing projects and a deadline by when they will be available for use to buyers, the state's real estate regulator said on Monday. MahaRERA, the real estate watchdog, has proposed the norms to put an end to the uncertainty of guaranteed facilities and amenities in housing projects, according to a statement. Residents may be "enticed" by the vision of a swimming pool, gym, or a community centre, but the agreement often remains silent on when these facilities and amenities will become available or what their specifications might be, the statement said. The lack of clarity can lead to unfulfilled expectations and potential disputes in future, it said. At present, the 'Schedule Two' of the Model Agreement for Sale only mentions the facilities and amenities but does not provide for any details with regards to their features and delivery date, the regulator said. "The proposed order now makes it mandat

IBREL Q4 results: Loss narrows to Rs 302 cr, income down at Rs 39.54 cr

Indiabulls Real Estate Ltd (IBREL) has posted widening of consolidated net loss at Rs 1,038.65 crore for the last fiscal year. Its net loss stood at Rs 608.38 crore in 2022-23. Total income also fell to Rs 468.75 crore during 2023-24 from Rs 648.47 crore in the preceding year, according to a regulatory filing on Friday. IBREL's ness loss in March quarter FY24 narrowed to Rs 302 crore from Rs 375.99 crore in the year-ago period. Total income fell to Rs 39.54 crore in the quarter from Rs 132.91 crore in the year-ago period. Mumbai-based IBREL is one of the leading real estate developers in the country.