Page 12 - Realty

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

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