Page 10 - Realty

Dwarka Expressway: Despite higher supply, realty prices to be in fast lane

The real estate developers and consultancies are of the view that despite a higher supply in the region, demand is likely to continue pushing realty prices up in coming years

China says it will improve real estate sales in 'forceful', 'orderly' way

Some developers should be allowed to go bankrupt or restructured according to legal and market-based rules, Ni said told press conference on sidelines of the annual meeting of parliament in Beijing

Signature Global to invest Rs 2,200 crore to develop housing project

Realty firm Signature Global will invest Rs 2,200 crore over the next five years to develop a new luxury housing project in Gurugram as part of its expansion plan amid strong consumer demand, its Chairman Pradeep Aggarwal said. "We have launched a new housing project in Sector 37D, Gurugram on Dwarka Expressway. The total units will be 1,008 in the project," he said. The company has already sold the entire 1,008 luxury flats for over Rs 3,600 crore, reflecting strong consumer demand despite the price rise. Aggarwal said the company received 5,400 EoIs (Expressions of Interest) from customers in this new 16.5-acre housing project 'DE LUXE-DXP'. Asked about the project cost, Aggarwal said the company would invest around Rs 2,200 crore to develop this project. The investments will be funded through internal accruals and advances from customers against sale bookings. He said the company would deliver this new housing project in 2028. With sales of Rs 3,600 crore in this new project,

Macrotech Developers raises Rs 3,300 crore capital through QIP route

Realty firm Macrotech Developers Ltd on Thursday said it has raised Rs 3,300 crore by selling shares to institutional investors. In a statement, the company said it has successfully closed the Qualified Institutional Placement (QIP). The QIP was oversubscribed nearly 3 times within 5 hours of issue opening and witnessed traction from a diversified set of investors with a long-term outlook, including sovereign funds, pension funds, insurers etc. This is the fourth equity raise by Macrotech Developers in the last 36 months and the company has raised over Rs 13,000 crore. The entire book was allocated to marquee global investors. Existing shareholders of the company such as Capital Group, GQG, Nomura, ADIA, and HDFC Life reaffirmed their faith in the company by enhancing their investment through this QIP, the statement said. The institutional placement also saw new marquee investors like Invesco Oppenheimer, Blackrock, Carmignac, Franklin Templeton, Norges, Lazard, APG and RWC etc.

Blackstone's giant real estate arm wants to double warehouses in India

Blackstone's real estate trust for wealthy individuals just resumed allowing customers to pull money without constraints after limiting withdrawals for about 15 months to avoid forced selling

Home prices set to rise 7% on luxury property demand, finds survey

Home prices rose 4.3% in 2023, the fastest since 2018, according to Reuters calculations based on the RBI's House Price Index

Signature Global sells 1,008 flats in Gurugram for over Rs 3,600 crore

Realty firm Signature Global on Sunday said it has sold more than 1,000 flats in its luxury housing project in Gurugram for over Rs 3,600 crore on strong demand for residential projects. Housing demand has been very strong in the last two years, especially in the luxury homes segment. In a regulatory filing, Signature Global informed that it has achieved "pre-formal launch sales of more than Rs 3,600 crore for its latest premium housing residential development project 'DE LUXE-DXP' at Sector 37D in Gurugram. The project is spread over 16.5 acres and has a sales potential of 2.7 million square feet. Signature Global will develop 1,008 units in this housing project. Pradeep Aggarwal, Chairman of Signature Global, said, "With growing affluence in the middle class, a significant population segment has developed better purchasing power and higher aspirations". These factors have led to growing demand in the mid-housing segment, he added. "...modern-day consumers are seeking a mix of

Builders bought 415 acres in Delhi-NCR for Rs 9,120 crore: Report

Real estate developers bought 415 acres of land in Delhi-NCR for about Rs 9,120 crore last year to build housing and commercial projects amid rising demand, according to JLL. In a statement on Tuesday, real estate consultant JLL India highlighted that "Delhi-NCR led both in terms of number and area of land deals, with 415 acres acquired across 36 separate transactions valued at approximately Rs 9,120 crore." Of these 415 acres, around 264 acres (64 per cent) valued over Rs 5,300 crore were acquired in Gurugram. This was followed by Noida with over 59 acres (14 per cent) land being acquired at Rs 1,775 crore. Delhi, Faridabad, and Sonipat contributed the rest. JLL India has not included Joint Development Agreements (JDAs) in this analysis and only outright purchases by real estate developers have been considered. With rising property demand, the consultant noted that real estate developers are building a robust supply pipeline by investing in acquisition of land across the country.

Tata Housing sells residential plots worth Rs 650 crore in Bengaluru

Realty firm Tata Housing has sold plots worth Rs 650 crore in its recently launched residential project in Bengaluru. In a statement, the company on Friday said it has sold all inventories in the first phase of its project, Raagam, achieving revenue of over Rs 650 crore within one week of its launch. "With 576 plots sold and a total area of 9 lakh square feet, the project's overwhelming response reflects the robust demand for premium residential offerings in Bengaluru's real estate market," it said. The project is part of township 'Tata Carnatica' in Devanahalli, North Bengaluru. Tata Housing Development Company Ltd is a subsidiary of Tata Realty and Infrastructure Ltd. Tata Housing currently has more than 33 projects with a total development potential of over 51 million square feet spread across major cities in India, Sri Lanka and Maldives. Tata and Tata Housing are registered trademarks of Tata Sons Private Ltd.

Sprawling bungalow in Lutyens' Delhi on the block for Rs 325 crore

Given their scarcity, JLL projects properties in Lutyens Bungalow Zone will come up for sale only once a year over the next 4 to 5 years

Motilal Oswal secures Rs 1,250 cr in first close for AIF real estate fund

Motilal Oswal Alternates (MO Alts), the alternative investments arm of Motilal Oswal Financial Services, on Wednesday said it has successfully closed the first tranche of its sixth real estate fund, India Realty Excellence Fund VI (IREF VI) and has secured commitments of approximately Rs 1,250 crore in this first close. The company said it is a significant milestone for MO Alts, achieving the largest and fastest first close for any of their real estate funds to date. The fund will scout for opportunities in real estate in Kolkata and seven other top cities of India including Mumbai, Delhi-NCR, Pune, Bangalore and Chennai. IREF VI strategically focuses on early-stage investments, primarily targeting mid-income/affordable residential projects across India's top eight cities. "This successful fundraising, even amidst a buoyant equity market, underscores the unwavering trust our investors have placed in our capabilities," MO Alts, MD & CEO, Vishal Tulsyan said. MO Alts said it boasts

Rera fines developer Rs 25 lakh for misleading ad on DDJAY project

Real Estate Regulatory Authority (RERA), Gurugram, has imposed a penalty of Rs 25 lakh on Yashvi Homes Pvt Ltd for publishing a misleading advertisement on a Deen Dayal Jan Awas Yojana (DDJAY) project. Yashvi Homes is developing the DDJAY residential project -- Golden gate Residency -- at Sector 3, Farukhnagar, Gurugram. The policy is known as DDJAY 2016 while the advertisement mentioned it as DDJAY 2024, which is incorrect and misleading, RERA said in a statement. Further, the promoter did not mention the details of the registration number of the project and the website of RERA, which is required under the regulations, it said. "While there is no provision for amenities like school, club house, swimming pool, badminton court, half basketball court, etc, in the approved layout plan submitted by the promoter at the time of registration, the same has been mentioned in the advertisement," said a RERA spokesperson said. Under the provisions of Section 13(1) of the Act 2016, no promote

Raymond Realty launches Bandra project with Rs 2,000 cr revenue potential

Raymond Realty, the real estate arm of Raymond Group, on Tuesday said it will develop a premium housing project at Bandra in Mumbai with an estimated revenue of around Rs 2,000 crore. In a regulatory filing, Raymond Ltd informed that the company has launched its first project outside Thane through a joint development agreement (JDA) with a land owning entity. The project named 'The Address by GS, Bandra' is spread over an area of 2.74 acres. "This project also promises substantial economic returns, with projections indicating a revenue generation over Rs 2,000 crore," Raymond said. Raymond is into textiles, apparel, denim, consumer care, engineering and real estate businesses.

China's Premier Li Qiang urges 'forceful' action to boost confidence

Chinese leaders are hunting for ways to jump-start the economy, which faces headwinds from a property slump, weak business confidence and persistent deflationary pressures

Arvind SmartSpaces sells 220 residential plots in Bengaluru for Rs 160 cr

Realty firm Arvind SmartSpaces Ltd on Monday said it has sold over 220 units in a residential plotted development project in Bengaluru for more than Rs 160 crore. In a regulatory filing, the company informed that "it has sold out the entire inventory released for sale in the 1st phase of its residential plotted development project, Arvind Orchards in Devanahalli, Bengaluru, within 7 hours of launch." "It consisted of more than 220 units valued at over Rs 160 crore. The project is housed under HDFC Platform 2," the company said. Built on around 120-year old legacy of the Lalbhai Group, and established in 2008, Ahmedabad-based Arvind SmartSpaces is one of the leading real estate firms in the country.

Country Group to invest Rs 5,000 crore in luxury housing project in Noida

Real estate developer County Group on Wednesday said it will invest Rs 5,000 crore over the next five years in a luxury housing project 'Ivory County' here. The group said it expects a sales realisation of approximately Rs 7,500 crore from the project wherein the investment would be done via self-funding, bank financing and customer advances for bookings. Envisioned in an area of 28 acres, 'Ivory County' is located in Sector 115 near FNG Expressway, Noida Expressway and Delhi-Meerut Expressway and will be the developer's largest housing project in terms of area. "The group will be investing nearly Rs 5,000 crore in next five years via self-funding, bank financing and customer advances for bookings with an expected sales realisation of Rs 7,500 crore approximately," the Country Group said in a statement. "Ivory County will have a total of 2,372 units on offer and will be developed in three distinct phases in the next five years... the project will be divided in Luxury and Ultra-Luxu

Prestige Estates Q3 results: Profit rises marginally to Rs 165 crore

Realty firm Prestige Estates Projects Ltd has reported a marginal increase in its net profit to Rs 164.7 crore for the quarter ended December. Its net profit stood at Rs 161.7 crore in the year-ago period. Total income, however, declined to Rs 1,970.5 crore in the third quarter of this fiscal year from Rs 2,347.5 crore in the corresponding period of the previous year, according to a regulatory filing on Wednesday. On the performance during the third quarter and first nine months of this fiscal, Irfan Razack, Chairman and Managing Director, Prestige Group said, "We have crossed many milestones during the current period. The record sales, collections and successful launches affirm the customers' confidence and trust in our brand and our team's dedication, hard work and commitment." Building on the momentum of delivering 12.23 million square feet during the first nine months of this fiscal, he said the company has already completed over 12 million square feet in the current ...

Shriram Properties Q3 result: PAT dips 17% to Rs 18 cr, income at Rs 240 cr

Shriram Properties Ltd on Wednesday reported a 17 per cent decline in profit after tax at Rs 18.48 crore in the quarter ended December 2023 and announced its entry into the Pune market with a real estate project worth Rs 1,300 crore. The company's net profit stood at Rs 22.36 crore in the year-ago period. The total income rose to Rs 240.57 crore in the third quarter of this fiscal, from Rs 222.01 crore in the corresponding period of the previous year, according to a regulatory filing. Shriram Properties said it is planning an entry into the Pune region, and has signed a Development Management (DM) agreement for the development of a residential project in Undri, Pune. The company has secured development rights under the DM model, and the project envisages the development of over 1.7 million square feet of residential area and 0.3 million square feet of commercial area. The project has sales value potential of over Rs 1,300 crore and is to be executed over the next 3-4 years, Shrira

Ashiana Housing Q3 results: Profit jumps three-fold to Rs 28 crore

Realty firm Ashiana Housing has reported a more than three-fold jump in its consolidated profit after tax to Rs 27.8 crore for the quarter ended December on better income amid surge in demand for residential properties. Its profit stood at Rs 9.05 crore in the year-ago period. Total income rose to Rs 189.25 crore during the October-December period of this fiscal from Rs 135.31 crore in the corresponding period of the previous year, according to a regulatory filing on Monday. Ashiana Housing's profit after tax increases sharply to Rs 66.02 crore during the April-December period of this fiscal year from Rs 17.50 crore in the year-ago period. Total income increased to Rs. 669.56 crore in the first nine months of this fiscal from Rs 308.25 crore in the corresponding period of the previous year. Delhi-based Ashiana Housing is one of the leading real estate firms in the country. It has a presence in Gurugram, Jaipur, Pune, Jamshedpur, Bhiwadi, Jodhpur and Chennai. The company is mainly

Suraj Estate Developers Q3 results: PAT at Rs 16 cr, debt falls by 38%

Suraj Estate Developers Ltd, a real estate player focused on South Central Mumbai (SCM) market with specialisation in redevelopment projects, has pared its debt level by 38 per cent to Rs 340.86 crore in the current quarter, a company statement said on Tuesday. The company had a debt level of Rs 554.3 crore as of September 30, 2023. Suraj Estate Developers repaid high-cost debt to the tune of Rs 285 crores in the month of January 2024 using the IPO proceeds, the company said. An additional Rs 23.5 crores of unsecured debt is repaid from gross collection proceeds, resulting in lower interest costs and strengthened balance sheet. We shall see this benefit of reduced interest costs from Q4FY24 onwards, Rahul Thomas, Executive Director, Suraj Estate Developers, said. The realty player raised around Rs 400 crore through an initial public offering in December last year. It was listed on exchanges on December 26. Suraj Developers reported a sequential 2.4 per cent growth in total income