Page 12 - Realty

Ajmera Realty Q3 sales bookings soar 98% to Rs 253 cr on housing demand

Ajmera Realty and Infra India Ltd's sales bookings nearly doubled to Rs 253 crore in the third quarter of the current fiscal on better housing demand. Its sales bookings stood at Rs 128 crore in the year-ago period, according to a regulatory filing earlier this week. The Mumbai-based company sold 1,03,573 square feet of carpet area during October-December this fiscal against 63,595 square feet in the corresponding period of the previous year. During April-Decemberthis fiscal, sales bookings grew 5 per cent to Rs 730 crore from Rs 694 crore in the year-ago period. The company sold 3,59,820 square feet of carpet area during the first nine months of this financial year compared to 3,01,010 square feet a year ago. Ajmera Realty & Infra India Ltd Director Dhaval Ajmera said, "As we exit Q3 FY24, we are firmly on course to achieve our sales goal of Rs 1,000 crore for this fiscal". "The real estate sector has recently witnessed a noteworthy upturn, with the index reaching a 15-year high

Keystone Realtors sales bookings up 26% to Rs 1,423 crore in Apr-Dec

Realty firm Keystone Realtors Ltd has sold properties worth Rs 1,423 crore during the April-December period this fiscal, registering a 26 per cent growth annually because of strong housing demand. Mumbai-based Keystone Realtors markets its properties under the 'Rustomjee' brand. It mainly focuses on developing housing projects in the Mumbai Metropolitan Region (MMR). The company's sales bookings stood at Rs 1,131 crore in the year-ago period. According to a regulatory filing earlier this week, the company's sales bookings in volume terms rose 9 per cent to 0.82 million sq ft during the April-December period of this fiscal from 0.75 million sq ft in the year-ago period. Amount collected from customers increased 32 per cent to Rs 1,533 crore from Rs 1,163 crore during the period under review, as per the filing. In the first nine months of this fiscal, Keystone Realtors has launched four projects with an estimated sales value of Rs 2,238 crore. Keystone Realtors has completed 23 mil

Migsun Group sells retail space in national capital to Dmart for Rs 108 cr

Realty firm Migsun Group on Friday said it has sold 47,000 square feet retail space in its commercial project in the national capital to Dmart for Rs 108 crore. Dmart has bought the space at the project in sector 22, Rohini in Delhi, according to a statement. A leading hypermarket retail chain, Dmart has acquired the project's lower ground and first floors to set up a hypermarket store. The retail space has been acquired for Rs 108 crore, the statement said. Last year, Migsun Group had acquired 9-acre land parcels for Rs 265 crore to develop a high-street retail project. "We will develop a high-street retail project on this land, comprising 1 million square feet area," Migsun Group MD Yash Miglani had said. Commenting on the deal, Miglani on Friday said the project provides an exceptional investment opportunity for businesses seeking to establish themselves at a prime location. "It is close to Rohini West metro station and has a huge catchment area of families with high spending

Supertech chairman seeks bail in money laundering case on medical grounds

R K Arora, the chairman and promoter of real estate major Supertech Group, on Wednesday urged a Delhi court to grant him interim bail for three months in a money laundering case, claiming he was suffering from various ailments. Arora told Additional Sessions Judge Devender Kumar Jangala he has lost around 10 kg since his arrest and required "urgent medical assistance". He was arrested on June 27, 2023 under the Prevention of Money Laundering Act (PMLA). The judge adjourned the matter for further hearing on January 12. The money laundering case against the Supertech group, its directors and promoters, stems from a clutch of FIRs registered by police in Delhi, Haryana, and Uttar Pradesh. The ED has been probing 26 FIRs registered by the Economic Offences Wing of Delhi, Haryana and Uttar Pradesh police against Supertech Ltd and its group companies for alleged criminal conspiracy, cheating, and criminal breach of trust and forgery. They have been accused of defrauding at least 670 ho

Macrotech Developers reports 12% rise in sale bookings to Rs 3,410 cr in Q3

Realty firm Macrotech Developers on Friday reported 12 per cent increase in its sale bookings to Rs 3,410 crore for December quarter of this fiscal year on better demand for its residential properties. Sale bookings of Macrotech Developers, which markets its properties under Lodha brand, stood at Rs 3,040 crore in the year-ago period. In a regulatory filing, Macrotech Developers informed that the company has achieved its best ever third quarter pre-sales performance. MD & CEO Abhishek Lodha said, "It is heartening to witness the housing cycle taking shape with each passing quarter. Consumer's desire to own a quality home early in their life journey and upgrade their lifestyle, continues to strengthen." On the back of steady rise in income levels and ample job creation, this desire is translating into robust demand for high quality homes, he added. Lodha said this fundamental driver of demand has enabled the company to deliver its best ever Q3 pre-sales performance at Rs 3,410 ...

Nifty Realty soars 6% in sharpest single-day rally since October 2021

On October 7, 2021, the index had rallied 6.2 per cent. Today, it was quoting at its highest level since June 2008, BSE data showed

Adani Group to fund Dharavi project via internal accruals, SPV stake sale

The Adani group, which is redeveloping Dharavi slums, plans to finance the entire project via internal accruals and possible sale of equity in the special purpose vehicle (SPV) set up for the project, according to sources. Earlier this week, the company had appointed three companies, including noted architect Hafeez Contractor, as city planners to present a draft development plan for the Asia's largest slum cluster. In a statement, the group, which has promised to invest Rs 21,000 crore in the project, said it roped in design firm Sasaki, consultancy firm Buro Happold as design planners for the project as well as some experts from Singapore Housing Development Board. The statement did not mention any timeline for the project. The Adani group had in November 2022 won the bid to redevelop Dharavi, with an initial equity investment of Rs 5,069 crore. Hafeez Contractor is known for revolutionary social housing and slum rehabilitation authority projects in the city, while Sasaki is an

Kolkata's real estate market shows robust growth in 2023: Knight Frank

Kolkata's real estate market witnessed unprecedented growth in both the residential and office segments last year, a real estate report said on Wednesday. The city experienced a stellar year in office leasing transactions, with a staggering 1.4 million sq ft of office spaces transacted in 2023, marking a healthy 20 per cent growth year-on-year (YoY), Knight Frank India's Residential and Office Market Report (H2 2023) stated. This is also a 9-year high in office leasing transactions. The report also notes phenomenal growth recorded in new office completions, reaching a remarkable 0.8 million sq ft in 2023, a staggering 332 per cent jump YoY, making it the highest volume recorded in the past five years. The surge was fueled by robust occupier interest across various sectors, indicating a positive economic outlook, "The commercial market in Kolkata is now witnessing a consistent rise in transactions exceeding half a million with significant engagement from India-facing business as ...

Improved affordability pushes home sales in India to a new peak in 2023

In 2024, experts suggest that home affordability, as well as sales, are expected to improve further on the back of cooling inflation and the likelihood of lower interest rates

Infopark to build workspaces in Kochi Metro station, inks pact with KMRL

The Infopark here and Kochi Metro Rail Limited (KMRL) have entered into an agreement to build IT workspaces in Kochi Metro station. The MoU was signed between KMRL MD, Loknath Behera, and Susanth Kurunthil, the CEO of Infopark to set up flexi workspaces in 39,880 square feet of built-up space across six floors of the Ernakulam South Metro station. The MoU was signed at a function held at KMRL Corporate Office here on Friday, Infopark said in a release. It said the proposed facility at Ernakulam South metro station will pave the way to generate 500 job opportunities. "The flexi workspaces by Infopark at the metro station will be an elaboration of co-working, which has an increasing demand after the Covid pandemic. The workspaces for IT/ITES companies and employees will include premium workspace and co-working space models that combine mobility and modern office amenities," the release said. It added that the infrastructure will be more convenient to gig workers and women employees.

Lowrise takes the high ground: Why it's a homebuyers' favourite choice

Investing in a villa at a prime location is seen as a financially prudent decision that provides appreciation and stability in the long run

Office leasing in BFSI sector between Jan-Sep at a decadal high: CBRE

Within the BFSI sector, demand for office spaces was led by Global Capability Centres in the top six cities in India: CBRE

IT-SEZs office space vacancies to reduce due to amended rules: Experts

Indian REITs Association (IRA) on Monday hailed the government decision to allow demarcation of a part of the built-up area within an SEZ unit for non-processing uses, saying this will help in filing the vacant office spaces in SEZs across major cities. Brookfield India Real Estate Trust (BIRET), Embassy Office Parks REIT, Mindspace Business Parks REIT, and Nexus Select Trust, which are the founding members of the IRA, feel that the move would boost growth in India's office REIT market. The new regulations will allow partial and floor wise conversion of processing to non-processing areas, through a key amendment to SEZ Rules, 2006, the association said in a statement. "The SEZ portfolios across REITs currently maintain an occupancy rate of around 80 per cent. The recent amendment is expected to elevate occupancy levels, specifically in Grade A Business Parks," it added. The amendment also permits the utilisation of non-processing areas within these SEZs for establishing businesses

65% Indians looking to buy a home in 2024: NoBroker Annual Report 2023

The contributing factors include narrowing the gap between rents and EMIs, increase in affordability and security of owning a home

Office space demand may fall 18-22% this CY: Credai-CRE Matrix

Demand for office space across six major cities is likely to decline 18-22 per cent this year on higher base effect and delays in decision making by corporates related to their expansion plans, according to CREDAI and CRE-Matrix. In their joint report, real estate developers' apex body CREDAI and data analytic firm CRE Matrix have estimated that the fresh leasing of Grade A premium office space stood at 55-57 million square feet in the 2023 calendar year. The data excludes renewals. The absorption of office space was 70 million square feet during 2022. During January-September period of this year, the leasing activities have already touched 41.8 million square feet across six major cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Pune, Chennai and Hyderabad. IT/ITeS, BFSI and co-working sectors drove two-third of office demand at a pan-India level. The report highlighted that the Grade A office space stock is 770 million square feet at the end of the third quarter

India's construction sector levels up as housing demand spurs economy

The construction sector grew 13.3% in July-September from a year earlier, up from 7.9% in the previous quarter and its best performance in five quarters, the data released on Thursday showed

India's flex stock to cross 80 mn sq ft by 2026, Bengaluru tops chart

This phenomenon is expected due to the change in workplace dynamics of the occupiers in tier-1 as well as tier-2 and tier-3 cities

Emaar Properties faces FIR on MGF's complaint after Gurugram court order

On a Gurugram court's direction, police here have booked UAE-based realtor company Emaar Properties PJSC, its Indian subsidiary Emaar India and 13 others for allegedly cheating its former business partner MGF through undervaluation of land and other offences. Emaar India, in a statement, denied any "association of criminality with this issue" and alleged that it "appears to be nothing but another attempt by MGF to further harass Emaar and its employees. Following an order by Chief Judicial Magistrate Ramesh Chander on November 18, the FIR was registered on November 20 against EMAAR Properties PJSC and its Indian subsidiary, Emaar India Ltd, its director Bharat Bhushan Garg and others, the police said. The case was registered under various sections including 406 (criminal breach of trust), 418 (cheating with knowledge), 471 (using forged document), 120-B (criminal conspiracy) and 506 (criminal intimidation) of the IPC at the Sector 29 police station, they said. According to the ..

MANA Projects to invest Rs 500 cr in luxury housing project in Bengaluru

Realty firm MANA Projects will invest around Rs 500 crore to develop a luxury housing project in Bengaluru as it seeks to tap the rising demand for premium properties. Bengaluru-based MANA has launched a residential project which is spread over 6.39 acres and comprises 680 flats at Sarjapur Road. D Kishore Reddy, Chairman and Managing Director of MANA, said the project 'MANA Dale' will be completed over the next four years. The starting price is Rs 1.60 crore per unit. When asked about investment to develop this project, Reddy said the project cost is estimated at around Rs 500 crore. "With this launch, we further extend our presence in East Bengaluru," he said. Founded in 2000, the company is mainly into the development of residential projects. Housing demand has been strong since the last two years on pent up demand. According to real estate consultant Anarock data, housing sales rose 36 per cent year-on-year to a record 1,20,280 units across seven major cities during the ...

China housing gloom worsens as prices decline further, most in eight years

New-home prices in 70 cities, excluding state-subsidized housing, declined 0.38% last month from September, when they dropped 0.3%, National Bureau of Statistics figures showed