Page 13 - Realty

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

IT hubs push home rent in India up 30% in first 9 months of 2023: Anarock

The highest jump in home rent of 31% was recorded in the Whitefield region in Bengaluru

Real estate developers liable to pay GST for over-charging electricity

Real estate developers and RWAs will be liable to pay 18 per cent GST on electricity bills if they charge from flat owners more than the power tariff prescribed by Discoms. The Central Board of Indirect Taxes and Customs (CBIC) has issued a clarification on the applicability of GST on reimbursement of electricity charges received by real estate companies, malls, airport operators etc from their lessees/occupants. As per the clarification, where electricity is supplied by the real estate owners, resident welfare associations (RWAs), real estate developers etc as a pure agent, it will not form a part of the value of their supply. It further said where they charge for electricity on an actual basis that is, they charge the same amount for electricity from their lessees or occupants as charged by the state electricity boards or Discoms, they will be deemed to be acting as 'pure agent' for this supply, and hence GST will not be levied. The CBIC clarification came after doubts were raise

Global real estate fundraising slumps 71% with interest rate risk

Around the world, $18.2 billion was raised by 61 funds in the three months through September, a 71% decline from the second quarter, when 117 funds raised $63.4 billion

DLF's sales bookings rise 9% to Rs 2,228 crore during Jul-Sep quarter

Realty major DLF has achieved a 9 per cent growth in sales bookings to Rs 2,228 crore during the second quarter of this fiscal mainly on better demand for its luxury housing project. According to its investors' presentation, DLF clocked sales bookings of Rs 2,228 crore during the July-September period of this fiscal from Rs 2,052 crore in the year-ago period. DLF sold 14 units at its super-luxury housing project 'The Camellias' for Rs 720 crore during the second quarter of this fiscal. The company sold commercial units worth Rs 160 crore. In a statement, DLF said, "Our new products and existing inventory continue to evince strong customer interest. Our super luxury offering - The Camellias in DLF 5, Gurugram, saw healthy demand during the second quarter and continues to set new benchmarks vindicating strong demand for high quality residential products backed by a strong brand". DLF said it continues to see sustained demand momentum across all segments and hence keeps a positive ...

Trident Realty to invest Rs 700 cr to build independent floors at Panchkula

Trident Realty on Sunday said it will invest Rs 700 crore to develop more than 400 luxury independent floors in Panchkula. Delhi-based Trident Realty is developing a 200-acre township Trident Hills at Panchkula. In the township, the company has launched 412 independent floors project 'Windsong Residences'. Trident Realty is planning to invest Rs 700 crore for the construction of 412 units of low-rise premium independent floors, the company said in a statement. Each independent floor shall be constructed on 360 and 545 square yard plot area with a starting price of Rs 2.22 crore. The company expects revenue of Rs 1,000 crore from the sales of independent floors, the statement said. S K Narvar, Group Chairman, Trident Realty, said, "We are confident of our expansion plans as we have an impressive pipeline of launches ahead. Trident Realty has a presence in Delhi-NCR, Mumbai Metropolitan Region and Tri-City (Chandigarh), with its footprints across housing, retail, office and hospit

CRC Group eyes Rs 1,200 cr revenues from new commercial project in Noida

Realty firm CRC Group is expecting revenues of Rs 1,200 crore over the next four years from a premium commercial project in Noida, comprising 24 lakh square feet of built-up area. The company has acquired 11 acres land in Sector 140 A, Noida in Uttar Pradesh to develop a Grade-A integrated IT/ITeS commercial project. CRC Group Founder and CEO Kunal Bhalla on Wednesday said the company will develop 12 lakh square feet of office spaces, 4 lakh square feet of retail space and 102 service apartments in this project. "We will be selling office space while the retail space will be provided on lease," he told reporters. Bhalla said the company is expecting a revenue of Rs 1,200 crore from this project. According to him, the project cost would be around Rs 750-800 crore. CRC Group Director (Marketing and Business Management) Salil Kumar said the company is in talks with operators to manage its service apartments in this commercial project. There is a great demand for Grade-A office spac

Signature Global cuts net debt by 66% in last six months to Rs 370 crore

Realty firm Signature Global's net debt declined 66 per cent to Rs 369.96 crore at the end of the September quarter from Rs 1,093.89 crore at the end of last fiscal year. "Our net debt reduced to Rs 369.96 crore at the end of HI, FY24 from Rs 1,093.89 crore at the end of FY23," Gurugram-based Signature Global said in its latest operational update submitted on stock exchanges. Last month, Signature Global successfully launched its Initial Public Offering (IPO) to raise Rs 730 crore. The public issue, comprising a fresh issue of shares worth Rs 603 crore and an Offer For Sale (OFS) component of Rs 127 crore, was subscribed 11.88 times. "We have been able to reduce our net debt significantly in the second quarter following funds raised through initial public offer (IPO)," Pradeep Kumar Aggarwal, Chairman and Whole-Time Director of Signature Global, said. On operational performance, Signature Global reported a 38 per cent growth in sales bookings at Rs 1,861.39 crore in the first six .

Skootr gives on lease 21,000 sq ft to US based Pinnacle in Hyderabad

Co-working firm Skootr has provided on lease 21,000 square feet office space to US-based Pinnacle at its new centre in Hyderabad. Real estate consultant Colliers India facilitated the leasing deal. Pinnacle, a leading industrial reliability solutions company, has a strong presence in the US and is now setting up shop in India, Colliers said in a statement on Monday. Gurugram-based Skootr has taken on lease around 3 lakh square feet to open a new centre 'My Home Twitza' in Hyderabad's secondary business district. The total seating capacity in the centre is around 3,500. In this new centre, which will be operational this month, Skootr has provided on lease 21,000 square feet area comprising 350 desks. "The demand for agility has surged to unprecedented levels due to the profound transformation of workforce behaviours during the pandemic. It is highly unlikely that these behaviours will revert to their pre-pandemic norms. "In this climate of uncertainty, flexible spaces are emerging

Unsold housing stock dips 3% in Sept quarter to 508,000 units: PropEquity

Unsold housing stock fell 3 per cent in nine major cities during the July-September period to 5.08 lakh units, compared to the previous quarter, as sales were higher than supply, according to PropEquity. According to a report by data analytic firm PropEquity, unsold housing inventories have fallen to 5,08,464 units at the end of the September quarter, as against 5,26,497 units as on June 30, this year. During the July-September quarter, PropEquity data showed that housing sales were 1,15,904 units, while new supply was at 97,871 units across nine major cities. As a result, the number of unsold homes fell. "Housing prices have been climbing in major Indian cities in post-COVID years. While this upward trend in capital values is attracting investors to India's key real estate markets, there is reduction in unsold housing stock," said Samir Jasuja, Founder & CEO of PropEquity. Housing demand is currently facing challenges due to appreciation in both prices and mortgage rates, he ...

Mahindra Lifespace buys 5.38 acre land in Pune to build realty project

Realty firm Mahindra Lifespace Developers Ltd has acquired 5.38 acre land at Wagholi in Pune to develop a real estate project. The land is estimated to have a development potential of over 1.5 million square feet of saleable area, the company said in a regulatory filing on Thursday. Mahindra Lifespace did not disclose the deal value and name of the seller. "Wagholi is a high potential micro market of Pune. It has a growing demand for high-quality residential spaces, ready to be absorbed. "The proposed land parcel is located within a well-planned Kharadi-Wagholi micro-market, boasting robust social amenities and civic infrastructure," Amit Kumar Sinha, Managing Director & CEO of Mahindra Lifespace Developers Ltd, said. This land acquisition is aligned with the company's strategy to further solidify its presence in the city's pivotal micro-markets, he added. Mahindra Lifespace Developers is one of the leading real estate firms in the country.

Realty firm Signature Global posts Rs 7.18 cr net loss for Apr-Jun

Realty firm Signature Global on Thursday reported a consolidated net loss of Rs 7.18 crore for the first quarter of this fiscal year on higher expenses. Gurugram-based Signature Global had logged a net profit of Rs 32.78 crore in the year-ago period, according to a regulatory filing. Total income also declined to Rs 178.9 crore in April-June 2023-24 from Rs 559.01 crore in the corresponding period of the previous year. This is the first quarterly result announced by the company after getting listed on stock exchanges recently. Last month, Signature Global successfully launched its Initial Public Offer (IPO). The total size of the IPO was Rs 730 crore, with a fresh issue of shares worth Rs 603 crore and an offer-for-sale (OFS) of Rs 127 crore. The public issue was subscribed 11.88 times.

Prestige Group Q2 sales bookings up 2-fold to Rs 7,092 cr on strong demand

Realty firm Prestige Group on Friday reported more than two-fold jump in sales bookings to Rs 7,092 crore in the second quarter of this fiscal year, on strong demand for residential properties. In a regulatory filing, Prestige Group informed that it has registered sales of Rs 7,092.6 crore, up by 102 per cent year-on-year (yoy). The collections from customers rose 1 per cent to Rs 2,639.8 crore. In terms of volumes, sales bookings rose 50 per cent yoy to 6.84 million square feet. "What makes our achievements even more noteworthy is that in just the first six months of FY'24 we have achieved sales of Rs 11,007 crore, which is close to the sales of the entire 12 months of FY23 of Rs 12,931 crore," Irfan Razack, Chairman and Managing Director, Prestige Group, said. Prestige Group achieved an average realization of Rs 10,369 per square feet, up by 29 per cent yoy for apartments/Villas. Average realization of plot was Rs 6,753 per sq ft, up by 62 per cent. The Group sold 3,659 units

UP Rera allows promotor to complete stuck Elegant Ville project in Noida

The Uttar Pradesh Real Estate Regulatory Authority on Friday allowed a realtor to complete a stuck housing project in Greater Noida. The UP RERA approved the promotor's plan with the consent of a majority of allottees to complete the remaining construction and development work of Elegant Ville project in Techzone 4 area of Greater Noida West. According to RERA officials, the project with 761 units was scheduled to be built in four phases and delivered by 2019 but got stuck. "To protect the interests of the allottees of Elegant Ville, a stuck project of Gautam Buddh Nagar, UP RERA has authorized the promoter to complete the remaining construction and development work under provisions of section 8 of the RERA Act with the consent of its majority of allottees," UP RERA said. "For this, the promoter of the project, Elegant Infracon Private Limited, has collaborated with Floral Realtech Private Limited and presented a plan of project rehabilitation according to which the project will be