Page 11 - Realty

Evergrande creditors to recover just fraction of debt after liquidation

Almost all of Evergrande's assets are in mainland China, presenting legal hurdles for non-Chinese administrators

Jaiprakash Associates Q3 results: Net loss widens to Rs 476 crore

Jaiprakash Associates on Tuesday reported a consolidated net loss of Rs 476.12 crore in the third quarter of this fiscal year. Its net loss stood at Rs 314.51 crore in the year-ago period. Total income declined to Rs 1,558.58 crore during the October-December period of this fiscal year from Rs 1,933.11 crore in the corresponding period of the previous year, according to a regulatory filing. Jaiprakash Associates is into construction, cement, real estate and hospitality businesses, among others.

Keystone Realtors Q3 results: Net profit jumps 5-fold to Rs 30 crore

Keystone Realtors on Tuesday reported a five-fold jump in consolidated net profit at Rs 29.88 crore for the quarter ended December 2023 on higher income. Its net profit stood at Rs 5.82 crore in the year-ago period. Mumbai-based Keystone Realtors, which markets its properties under 'Rustomjee' brand, posted a significant growth in total income at Rs 533.33 crore during October-December FY24 as against Rs 135.55 crore in the year-ago period, according to a regulatory filing. Commenting on the performance, Boman Irani, Chairman and Managing Director, Keystone Realtors, said, "For Q3 of FY24, the company has demonstrated good progress in terms of pre-sales, new project additions and new launches. "In Q3 FY24, Rustomjee Group delivered a remarkable performance, achieving a substantial increase in pre-sales, which rose to Rs 6.16 billion (Rs 616 crore), showcasing a remarkable 101 per cent quarter-on-quarter (QoQ) increase. Looking ahead, we estimate a sustained growth trajectory in ...

Sunteck Realty to develop two projects in Mumbai, eyes Rs 3,000 cr revenue

Sunteck Realty Ltd on Monday said it will develop two luxury housing projects in Mumbai with an estimated revenue of around Rs 3,000 crore. In a regulatory filing, the company said it is set to enter two of Mumbai's most exclusive and sought-after locations -- Nepean Sea Road in South Mumbai and Bullock Road, Bandstand in Bandra (West). Sunteck Realty plans to develop these sites into ultra-luxurious residential apartments. "This again adds Rs 3,000 crores of GDV (gross development value) to Sunteck's portfolio, which has been exponentially growing over the last few years. The company has more than doubled its GDV from Rs 12,500 crore in FY2022 to Rs 30,100 crore in FY2024," the company said. Sunteck Realty Ltd focuses on a city-centric development portfolio of about 52.5 million square feet spread across 32 projects.

Mindspace REIT Q3 results: Profit up 16% at Rs 147 cr, income at Rs 610 cr

Mindspace Business Parks REIT on Monday reported a 16 per cent increase in its consolidated net profit to Rs 146.8 crore for the latest December quarter and announced distribution of Rs 285 crore to unitholders, mainly in the form of dividends. Its net profit stood at Rs 126.5 crore in the year-ago period. The total income rose to Rs 610.8 crore in the October-December period of this fiscal from Rs 560.4 crore a year ago, according to a regulatory filing. The company also announced a distribution of Rs 4.80 per unit aggregating to Rs 284.6 crore, which comprises a dividend of Rs 4.29 per unit totalling Rs 254.4 crore, interest of Rs 0.50 per unit aggregating to Rs 29.7 crore and other income of Rs 0.01 per unit, aggregating to Rs 60 lakh. The Board of Directors of K Raheja Corp Investment Managers Pvt Ltd, manager to Mindspace Business Parks REIT, approved the proposed acquisition and term sheet to be entered in relation to the acquisition of certain units measuring leasable area o

Macrotech Developers to launch 11 projects with Rs 6K cr revenue potential

Looking to tap rising housing demand, realty firm Macrotech Developers will launch 11 projects in Mumbai, Pune and Bengaluru this quarter with an estimated revenue potential of Rs 6,260 crore. Mumbai-based Macrotech Developers is one of the leading real estate developers in the country. It has a major presence in Mumbai Metropolitan Region and Pune. The company markets its properties under the Lodha brand. In an investor presentation, the company said it has a strong launch pipeline in the fourth quarter of 2023-24. "Well placed to meet full-year pre-sales guidance with the launches planned in Q4," it said. Macrotech Developers said the company will launch a 4.4 million square feet area during the January-March quarter, of which 1 million square feet would be in Bengaluru and 0.8 million square feet in Pune. The remaining area will be in Mumbai Metropolitan Region (MMR). During the first nine months of this fiscal, Macrotech has already launched a 6.6 million square feet area with

Macrotech Developers Q3FY24 results: Net profit up 25% at Rs 505 cr

Realty firm sees strong demand boost, with sales and income surging

'Fund inflow in real estate from foreign investors dips 30% to $2.73 bn'

The inflow of funds in Indian real estate from foreign investors fell 30 per cent to USD 2.73 billion last year, but the influx jumped more than two times from domestic players to USD 1.51 billion, according to real estate consultant Vestian. According to Vestian data, the total institutional investments in real estate declined 12 per cent to USD 4.3 billion in 2023, from USD 4.9 billion in the previous year. The consultant highlighted that investments from foreign funds fell 30 per cent annually because of their cautious approach, but rose 120 per cent from domestic investors. Domestic investors pumped in USD 1,511 million (USD 1.5 billion) last year, as against USD 687 million in the 2022 calendar year. However, the inflow from foreign funds stood lower at USD 2,733 million last year, as against USD 3,926 million in 2022. Accordingly, the share of domestic investors increased to 35 per cent in 2023 from 14 per cent in 2022. Shrinivas Rao, CEO of Vestian, said, "Despite uncertai

Forbes Global enters India realty; will build projects, offer consultancy

Formed in December 2020, Forbes Global Properties entered India through membership network model. It already has a presence in 26 countries where 17,000 agents are providing real estate services

Jamshyd Godrej resigns as non-executive director of Godrej Properties

Realty firm Godrej Properties on Tuesday said that Jamshyd Godrej has resigned as the non-executive director with effect from January 24, having attained the age of 75 years. The effective date of resignation is January 24. In a regulatory filing, Godrej Properties informed that "Jamshyd Godrej, Non- Executive Non-Independent Director of the company has tendered his resignation from directorship of the company, having attained the age of 75 years, with effect from January 24, 2024". The Board of Directors of the company have taken note of resignation of directorship of Jamshyd Godrej, who is member of the Godrej family. "The Board of Directors places on record its appreciation for the valuable contribution, guidance and support provided by him during his association of over 33 years as the 'Director' of the company," the filing said. He has been serving as the director of the company since April 25, 1990. Mumbai-based Godrej Properties is one of the leading real estate developers

Affordable housing co SMFG Grihashakti secures Rs 300 crore from NHB

Affordable housing finance company SMFG Grihashakti on Tuesday said it has secured Rs 300 crore funding from the National Housing Bank (NHB). This is the company's maiden long-term loan from the NHB and it opens up an additional avenue for long-term, low-cost funding, it said, adding that the money will help it expand its financing solutions to the underserved population, SMFG Grihashakti Chief Executive Deepak Patkar said. As of December 2023, it had Assets Under Management (AUM) of Rs 8,028 crore, which grew 37 per cent year-on-year. SMFG Grihashakti provides home loans, loan for home improvements, home construction and extension, loan against properties, and for purchasing of commercial properties, apart from project construction financing.

Realty reality: Will luxury housing in India lose its sheen in 2024?

Luxury housing in India witnessed a record-breaking year in 2023 as the sales of such homes touched an all-time high. Now, is the demand for these costlier homes likely to continue in 2024 as well?

Global investments in Indian real estate sector dip due to high inflation

India's real estate market has been an attractive destination for global investors, particularly from the US, since 2006

Anarock revenue may rise 30% to Rs 575 cr in FY24 on strong housing demand

Property consultant Anarock is expecting a 30 per cent growth in its revenue this fiscal year to around Rs 575 crore mainly driven by strong housing sales, its Chairman Anuj Puri said. Anarock, one of the leading real estate consultancy firms in India, was established by Puri in April 2017. "Our revenue will easily cross Rs 550 crore this financial year and may touch Rs 575 crore," Puri told PTI. Out of the total estimated revenue in 2023-24 fiscal, he said around Rs 400 crore will come from sales of residential properties on behalf of builders. Puri said residential sales in primary market (first sale) touched an all-time high in 2023 calendar year. The demand remains strong across all price points. "We expect demand to sustain in 2024 and beyond," he said, but cautioned that sales would be hit in case of abnormal price rise. Puri said the company also expects significant revenue from consultancy services in non-residential segments like leasing of retail and warehousing spaces

Anant Raj raises Rs 500 cr via issue of shares to institutional investors

Realty firm Anant Raj Ltd has raised Rs 500 crore through issuance of shares to institutional investors on a private placement basis to reduce debt and meet working capital requirements. In a regulatory filing on late Thursday, the company informed that it had launched Qualified Institutional Placement (QIP) on January 12 and closed on January 18. The Finance and Investment Committee approved the allotment of 1,68,91,891 equity shares to eligible qualified institutional buyers at the issue price of Rs 296 per equity share, aggregating to about Rs 500 crore. The shares have been issued to Tata Indian Opportunities Fund, Tata Mutual Fund-Tata ELSS Tax Saver Fund, Bofa Securities Europe, Aditya Birla Sun Life Insurance Company, Discovery Global Opportunity (Mauritius), Aditya Birla Sun Life Trustee, Mahindra Manulife Small Cap Fund, and Mahindra Manulife Business Cycle Fund. In November last year, Anant Raj Ltd planned to raise up to Rs 500 crore through issuance of securities to ...

Capital appreciation key to buy luxury realty for 44% of rich people: ISIR

Capital appreciation will be the key motivation for 44 per cent of wealthy people to buy luxury properties over the next 24 months, according to India Sotheby's International Realty (ISIR) survey released on Thursday. Real estate consultant ISIR released its annual 'Luxury Outlook Survey 2024' with a sample size of over 500 High Net Worth Individuals (HNIs) and Ultra High Net Worth Individuals (UHNIs). "Despite an almost 40 per cent rise in property prices over the last 24 months and increase in mortgage rates, 71 per cent of respondents expressed an intent to buy real estate in the next 12-24 months, showcasing significant confidence in the market," ISIR said. Capital appreciation has overtaken lifestyle upgrades, as the primary motivation for real estate investment (44 per cent), the consultant said, adding that this signals a return of investors to the market. "Our survey findings indicate a renewed and heightened interest among investors who now view real estate as a compelling

Sobha jumps 10% on rights issue plan; stock zooms 48% thus far in Jan

The board of directors of Sobha are scheduled to meed on Monday, January 22, 2024, to consider the proposal of fund raising by way of equity shares through rights issue.

Property prices across 13 prime cities up 19% during Oct-Dec: Report

Property prices rose 19 per cent annually during the October-December period, according to a report by real estate platform Magicbricks. Property prices across 13 prime cities increased 18.8 per cent Year-on-Year (YoY) and 3.97 per cent quarter-on-quarter (QoQ) during October-December 2023, the report released on Tuesday said. Gurugram (32.1 per cent YoY), Greater Noida (31 per cent YoY), Noida (26.1 per cent YoY), and Hyderabad (15.8 per cent YoY) exhibited the highest appreciation during this period, it added. Based on the data of over 2 crore customers within the primary (first-time sale) and secondary (resale) residential real estate market on the Magicbricks platform, the report indicated that while demand (searches) increased 2 per cent YoY, it decreased 16.9 per cent QoQ, primarily due to rising property prices. The listings reduced 16.9 per cent YoY, with exceptions in Mumbai (4.2 per cent YoY) and Hyderabad (0.4 per cent YoY), where supply increased. "The year 2023 served

Adani Group set to start mapping famous Mumbai slums Dharavi in weeks

The conglomerate owned by tycoon Gautam Adani won a government contract to redevelop Dharavi in late 2022 and will begin surveying the roughly 600 acre densely packed neighborhood in March

Qatar's $450 billion sovereign wealth fund won't abandon Canary Wharf

Canary Wharf has struggled since the pandemic led to a shift to flexible working, bringing in fewer workers to populate the desks of the large office blocks that dominate its skyline