Page 11 - Realty

Builders seek interest rate cut in RBI's next meet to boost housing demand

Realtors on Thursday demanded that the RBI should consider reducing the repo rate in its next monetary policy review meeting to boost sales of residential properties, while welcoming stability in the interest rate regime. Real estate developers and consultants feel that the strong momentum in the housing market will continue with the RBI deciding to keep the key policy rate unchanged. The RBI decided to keep the policy rate unchanged for the sixth time in a row in view of global uncertainty and the need to bring down retail inflation to 4 per cent. RBI governor Shaktikanta Das in his statement said the buoyant demand for residential housing, coupled with increased thrust on government capex, is expected to propel construction activity. Realtors' apex body CREDAI President Boman Irani said the high GDP growth indicates that the "Indian economy is stable with relatively healthy macro-economic indicators and can absorb any impact of a repo rate cut, if announced, in the next financial

Sobha Q3 results: Profit declines more than 50% to Rs 15.08 crore

Consolidated net profit for the Bengaluru-based company was Rs 15.08 crore ($1.8 million) in the quarter ended Dec 31, compared with Rs 31.81 crore a year earlier

Garuda Construction and Engineering files IPO draft papers to raise funds

Garuda Construction and Engineering Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering. With this, the total number of draft offer documents filed by the companies has reached 10 in this year so far. The proposed IPO is a combination of a fresh issue of 1.83 crore equity shares and an Offer For Sale of 95 lakh equity shares by promoter PKH Ventures Ltd, according to the Draft Red Herring Prospectus (DRHP) uploaded on Sebi's website on Wednesday. Proceeds from the fresh issue will be used to support the working capital requirement of the Mumbai-based company and for general corporate purposes, including unidentified inorganic acquisition. PKH Ventures currently holds 77.07 per cent stake in Garuda Construction and Engineering. Garuda Construction and Engineering is involved in several projects for residential, commercial, residential-cum-commercial, hospitality, infrastructure and industrial projects. According to

Nexus Select Trust Q3 results: Profit at Rs 107 cr, income at Rs 588 cr

Nexus Select Trust -- the country's first retail space-backed REIT-- on Tuesday reported a consolidated net profit of Rs 106.85 crore in the December quarter and announced the distribution of Rs 303 crore to unitholders in the form of interest and dividend. Total income stood at Rs 588.4 crore in the third quarter of this fiscal, according to a regulatory filing. The year-ago period numbers were not available as the company was listed last year. In a statement, the company said it has achieved net operating income (NOI) of Rs 418.5 crore in the October-December quarter of this fiscal, up 14 per cent from the year-ago period. "During the third quarter, we leased 0.25 million square feet achieving our highest-ever retail occupancy of 97.3 per cent. Our tenant sales grew by 8 per cent Year-on-Year (YoY) ahead of the market growth. Our net operating income grew by 14 per cent YoY and we are on track to achieve our guidance for FY24," Dalip Sehgal, Executive Director and Chief Executive

Godrej Properties Q3 results: Profit rises 11% to Rs 63 cr; bookings up 76%

Godrej Properties on Tuesday reported an 11 per cent increase in its consolidated net profit to Rs 62.72 crore in the December quarter, while sales bookings grew 76 per cent annually to Rs 5,720 crore during the period on better housing demand. The realty firm's net profit stood at Rs 56.40 crore in the year-ago period. Total income rose to Rs 548.31 crore in the third quarter of this fiscal year from Rs 404.58 crore in the corresponding period of the previous year, according to a regulatory filing. Godrej Properties said its sales bookings grew by 76 per cent Year-on-Year (YoY) to Rs 5,720 crore in the October-December period. In the first nine months of this fiscal, sales bookings rose 59 per cent YoY to Rs 13,008 crore. "Booking value in the first nine months of 2023-24 was 106 per cent of booking value for the entire FY'23, which was the company's previous best-ever year." Godrej Properties, which is part of business conglomerate Godrej Group, is one of the leading real estate

Canada extends ban on foreigners buying residential real estate to 2026

Prime Minister Justin Trudeau's government acted to prohibit non-Canadians from buying residential real estate in 2022, with the measure to expire on Jan. 1, 2025

Demand to rise as Budget proposes to help middle-class buy homes: Realtors

Realtors on Thursday hailed the Budget proposal of launching a scheme to help middle-class people buy or build their own homes, saying this will boost demand for residential properties and help in the overall growth of the real estate sector. In the interim Budget for 2024-25, Finance Minister Nirmala Sitharaman announced that the government will launch a scheme to help deserving sections of the middle class 'living in rented houses, or slums, or chawls and unauthorised colonies' to buy or build their own houses. She also said 2 crore more homes will be built for the rural poor in the next five years under the continuing PM Awas Yojana (Grameen). Commenting on the Budget proposals, CREDAI President Boman Irani said these initiatives are "encouraging and will aid in the growth of the housing market". Sustained focus on infrastructure development will further boost growth in the housing sector, he said. With tax rates remaining unchanged, Irani said the common man will not have ...

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