Page 14 - Realty

90 lakh sq ft cleared, Rs 371 cr revenue earned in last 2 Cleanliness drive

The Centre on Friday said nearly 90 lakh square feet space was cleared and around Rs 371 crore revenue earned in the past two cleanliness campaigns. The government has announced a special campaign 3.0 from October 2, coinciding with the birth anniversary of father of the nation Mahatma Gandhi, till October 31. The campaign is a sequel of the special campaigns conducted in the last two years. "Special campaign 3.0 will focus on field/outstation offices responsible for service delivery or having public interface, in addition to the ministries/departments and their attached/subordinate offices," said the statement issued by the Personnel Ministry. Union Minister of State for Personnel Jitendra Singh on Friday launched the Intelligent Grievance Monitoring System (IGMS) 2.0 public grievance portal, whose dashboard has been implemented by the Indian Institute of Technology (IIT) Kanpur. The dashboard provides instant tabular analysis of grievances filed and disposed, the ministry said,

Wave Group to invest Rs 100 crore to expand film exhibition business

Realty firm Wave Group on Thursday said it will invest around Rs 100 crore to expand its film exhibition business by adding 35 screens. Wave group, which operates 10 multiplexes and 42 screens under the M3M brand, on Thursday opened a seven-screen multiplex Wave Cinemas at the M3M Urbana Premium, Sector 67, Gurgaon. "We have identified 7-8 more properties where 35 screens will be added shortly. We are going to invest around Rs 100 crore on this expansion," said Wave Group Managing Director Rajiv Gupta. "We at Wave Cinemas understand the requirements of today's evolving customers and have tailored our offerings accordingly," he said. Wave Group has businesses across verticals such as commercial and residential real estate, malls and multiplexes, residential township & land development, infrastructure, sugar manufacturing, beverages, power, education, entertainment, sports, and agriculture.

Omaxe Group acquires over 5 acres of 'prime' land in Ludhiana for Rs 220 cr

Realty firm Omaxe Group on Tuesday said it has acquired over 5 acres of land in Ludhiana, Punjab for Rs 220 crore. In a statement, Omaxe said it has "secured more than 5 acres of prime land... through a competitive bidding process conducted by the Rail Land Development Authority (RLDA)." The acquisition was finalised at a bidding amount of Rs 220 crore, it added. Omaxe will develop both residential and commercial projects on this land parcel. "This acquisition aligns perfectly with our strategy to strengthen our presence in key markets and contribute to the growth of Ludhiana's real estate sector," Jatin Goel, Executive Director, Omaxe Group, said. Omaxe has delivered over 132 million square feet of realty space. It has delivered 21 group housing real estate projects, 10 integrated townships, and 14 commercial projects ( malls/office spaces/hotels/SCOs). The group has another 22 million sq ft of space under construction. This includes seven ongoing integrated townships, five gro

Real estate fractional ownership mkt touches Rs 4,000 cr, to grow at 25-30%

Fractional ownership of real estate is gradually gaining acceptance among investors as assets under management have touched Rs 4,000 crore, according to a report. TruBoard Partners, a tech-enabled real asset management company, has come out with a report on fractional ownership. Many private companies have set up fractional ownership platforms that allow investors to own a fraction of real estate assets. "Fractional ownership typically involves the ownership of an underlying real estate asset among multiple investors. This lowers capital requirements and facilitates participation of a larger set of players in real estate asset ownership," the report said. Investors infuse their fund in securities issued by a Special Purpose Vehicle (SPV), established by the fractional ownership platform. These platforms provide a formal channel that enables a group of people to pool in money and jointly own real estate. "Although the concept of fractional ownership of real estate is at a nascent

IFC, construction firm Sunteck set up JV for nearly 12K housing units

IFC's proposed investment is for up to Rs 330 crore ($40 million), with the remainder to be brought in by Sunteck Realty

Ummeed Housing Finance receives sanction of upto Rs 160 cr from US DFC

Marquee investors-backed Ummeed Housing Finance (UHFPL), a digital affordable housing finance company, on Monday said it has received a sanction of up to USD 20 million (about Rs 160 crore) from the US International Development Finance Corporation (DFC). The funding will be used to provide long-tenure housing finance to the Economically Weaker Sections (EWS), Lower-Income Groups (LIGs) and Middle-Income Groups (MIGs) in Tier 2, 3 & 4 cities in the country, the company said in a statement. The company said it is backed by the four marquee investors -- Norwest Venture Partners, Morgan Stanley Private Equity Asia, Lightrock, and CX Partners. "This is an important transaction that will provide vital financing to support increased access to affordable housing in India," said James Polan, Vice President of DFC's Office of Development Credit. DFC is the US government's development finance institution that works with the private sector to channel development capital into emerging ...

D B Realty raises up to Rs 1,544 crore through convertible warrants

The funds were raised through the issue to the promoter group and investors in two phases in February and March, 2022

Sotheby's bags mandate to sell Rs 800 cr worth luxury properties in Mumbai

Property consultant India Sotheby's International Realty on Sunday said it has bagged a mandate to sell Rs 800 crore worth ultra-luxury apartments at Worli in Mumbai. In a statement, India Sotheby's International Realty said it has signed an exclusive sales and marketing mandate with The Residency, Worli, Mumbai that houses 19 ultra-luxury residences. Prime Realty is the developer of this project. These residences are ready with completion and occupancy certificates, it added. The price of these luxury residences starts at Rs 60 crore each. Few units have already been sold. India Sotheby's International Realty has got mandate to sell Rs 800 crore worth properties. The size of each flat is around 5,510 square feet. Amit Goyal, Managing Director of India Sotheby's International Realty, said, "Luxury real estate sales in India's financial capital and its wealthiest city, registered record-setting sales in the first six months of 2023." India Sotheby's International Realty did not

IPO-bound Signature Global's sales bookings up 32% to Rs 3,430 cr

Realty firm Signature Global, which is launching its maiden public issue on Wednesday, has achieved 32 per cent growth in its sales bookings to Rs 3,430.58 crore in the last fiscal year on strong housing demand. The Gurugram-based Signature Global, which focuses on affordable and mid-income housing segment, had clocked Rs 2,590 crore worth of sales bookings in the 2021-22 fiscal. The company, backed by HDFC Capital and IFC, will hit the capital market on September 20 with its IPO to raise Rs 730 crore. The offer will close on September 22. In July last year, Signature Global filed the Draft Red Herring Prospectus (DRHP) with capital markets regulator Sebi to launch its IPO. The company has fixed the price band at Rs 366-385 per share for its maiden public issue and aims to raise Rs 330 crore from anchor investors. According to the Red Herring Prospectus (RHP) filed recently, the total size of the IPO is up to Rs 730 crore, comprising a fresh issue of shares up to Rs 603 crore and

Realty firm Signature Global sets IPO price band at Rs 366-385 per share

Realty firm Signature Global has fixed a price band of Rs 366-385 per share for its maiden public issue and aims to raise Rs 330 crore from anchor investors. Signature Global, which is based out of Delhi-National Capital Region, will hit the capital markets on September 20 with its IPO to raise Rs 730 crore. The offer will close on September 22. In July last year, Signature Global filed the Draft Red Herring Prospectus (DRHP) with capital markets regulator Sebi to launch its IPO. According to the Red Herring Prospectus (RHP) filed earlier this week, the total size of the IPO is up to Rs 730 crore, comprising fresh issue of shares of up to Rs 603 crore and Offer For Sale (OFS) of up to Rs 127 crore. "Our net debt stood at around Rs 1,100 crore at the end of the last fiscal year. We propose to utilise Rs 432 crore for debt reduction," Signature Global Chairman Pradeep Aggarwal told reporters here. The balance fund will be used for inorganic growth through land acquisitions and gener

States, UTs collected Rs 2 trn in FY23 from realty sector: Knight Frank

The real estate sector is one of the major contributors to revenue of states and UTs, which collected an estimated Rs 2 lakh crore during last fiscal year in various forms, including stamp duties, according to a Naredco-Knight Frank India report. This is equivalent to 5.4 per cent of the total revenue collected by all states and UTs in India during 2022-23, it added. "Real estate sector is one of the key contributors to the revenue of state governments. In FY 2022-23, an estimated Rs 2 trillion was collected by all states and UTs (Union Territories) in India from stamp duties, registration fees and land revenue," the report said. Realtors' body Naredco and property consultant Knight Frank India recently released a report 'India Real Estate: Vision 2047'. As per the projection of the report, the size of the Indian real estate sector is estimated to jump more than 12-fold to USD 5.8 trillion by 2047 from USD 477 billion last year. The sector will contribute over 15 per cent to the .

Naredco-Maha to set up Rs 50 cr proptech fund to support realty startups

Realtors' body Naredco's Maharashtra chapter will set up a proptech fund with an initial corpus of Rs 50 crore to support technology startups in the real estate sector. Naredco-Maharashtra will launch this 'RealTech Fund (RTF)' on September 15 during its annual event The Real Estate Forum 2023. "The developers have initially committed a corpus of Rs 50 crore, which will be further scaled as per the response to the fund," Naredco said in a statement. This fund promises to propel and accelerate the growth of the real estate industry in India through innovation and technology, it added. Sandeep Runwal, President of NAREDCO-Maharashtra and Managing Director of Runwal Group, said, "We believe that technology is going to play a major role in the healthy growth of the real estate sector going forward". This RealTech Fund is being set up to support startups in the real estate ecosystem in order to meet current and future challenges head-on, Runwal added. Commenting on the new fund, Akhil

Net office leasing across 6 cities may fall 10% this fiscal: ICRA

Rating agency ICRA on Tuesday said net leasing of office space across six major cities is estimated to decline by 10 per cent this fiscal, from 57 million square feet in the previous year. The fall in office demand coupled with an influx of huge supply in FY2024, would result in a marginal rise in vacancy levels by 60 basis points to 15.5 per cent by the end of FY2024. These top six cities are Mumbai, Bengaluru, Delhi-NCR, Hyderabad, Chennai, and Pune. Its sample includes 22 commercial office operators totalling 165 million square feet area. "The office developers are expected to witness a revenue growth of 11-13 per cent in FY2024 for ICRA's sample set of non-REIT companies, supported by scheduled rent escalation and improvement in occupancy levels of reputed office players," the agency said in a statement. Further, the rental rates are estimated to rise by 3-5 per cent YoY in FY2024, driven by contracted escalations/lease renewals at higher rates. ICRA's outlook on the commercia

4 listed REITs join hands to form industry body to advocate interests

Four listed real estate investment trusts have joined hands to form an industry body that will advocate the interests of businesses as well as investors. The Indian REITs Association, a non-profit group formed under the guidance of the Securities and Exchange Board of India (Sebi) and the Ministry of Finance, will also work on ways to enable further growth of Real Estate Investment Trusts (REITs). Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, and Nexus Select Trust are the founding members of the Indian REITs Association (IRA). The journey of REITs in India commenced with the introduction of regulatory guidelines in 2014 and culminated in the public launch of REITs in 2019, with Embassy REIT's listing. Following this, two more REITs were listed on the Indian exchanges -- Mindspace Business Parks REIT in 2020 and Brookfield India Real Estate Trust, in 2021. In May 2023, India's first retail REIT, Nexus Select Trust, was listed. The ..

Bank credit outstanding to real estate hits record Rs 28 trn in July: RBI

Bank credit to housing as well as commercial real estate witnessed nearly 38 per cent annual growth in July, taking the loan outstanding to the realty sector to a record Rs 28 lakh crore, as per the latest RBI data. It is evident from the Reserve Bank's loan outstanding data as well as property consultants data on housing sales and new launches across major cities that activities in the real estate sector are moving at a fast pace. The credit outstanding in housing (including priority sector housing) rose 37.4 per cent annually in July crossing Rs 24.28 lakh crore, showed the RBI's data on 'Sectoral Deployment of Bank Credit July 2023'. The credit outstanding to the commercial real estate increased by 38.1 per cent to Rs 4.07 lakh crore. Commenting on the RBI data, Anarock Chairman Anuj Puri said the impressive loan growth in the real estate sector is a function of a large-scale demand revival across the board. "The commercial office segment was reeling under the pandemic's press

REA India's revenue up 46% to Rs 430 cr amid sharp rise in housing demand

Proptech firm REA India -- owner of Housing.com and PropTiger -- said its revenue has increased 46 per cent to more than Rs 430 crore in the last fiscal year ended June on sharp rise in housing demand and increased adoption of technologies. The company had posted nearly Rs 300 crore revenue in the 2021-22 financial year (July-June). REA India, which is a subsidiary of Australia's REA Group, is a full-stack real estate technology firm and it owns three real estate portals -- Housing.com, PropTiger and Makaan.com. The bulk of the revenue came from Housing.com, one of the leading real estate classified portals in India. "REA India Ltd's strong results demonstrates our commitment to innovation and a leading role within the market," REA India CEO Dhruv Agarwala told PTI. "Our steady efforts to enhance the reach of Housing.com and Proptiger.com demonstrate a thoughtful strategy that keeps us at the cutting edge of industry trends," he added. Agarwala said the company has been focused o

Country Garden reports $7.1 bn loss, on verge of financial collapse: Report

The losses suffered by Country Garden and the resulting cash crunch are the most recent evidence of the worsening crisis in China's real estate market

DLF to launch 2 luxury housing projects in Gurugram: MD Ashok Tyagi

Realty major DLF Ltd will launch two luxury housing projects worth Rs 15,000 crore in Gurugram during the second half of this financial year to expand its business amid strong demand for premium homes, its Managing Director Ashok Kumar Tyagi said. Buoyed by sales of Rs 8,000 crore worth of flats within three days in February in its new project 'The Arbour' at Gurugram, Tyagi said the company has set a target to achieve sales bookings of Rs 13,000 crore in this fiscal year and hopes to exceed the number. During the 2022-23 financial year, DLF posted sales bookings of Rs 15,058 crore, a more than two-fold increase from Rs 7,273 crore in the previous year. In an interview with PTI, Tyagi talked about the overall housing market and noted that the demand for ultra-luxury, luxury and mid-income residential properties is very strong. However, he mentioned that there is some stress in the affordable housing segment because of the rise in interest rates on home loans and an increase in hous

Moody's cuts Chinese property giant Longfor's ratings to cusp of junk

China's property market has suffered a wave of defaults and debt restructurings since mid-2021 which have also left swathes of homes unfinished

Blackstone Group selling a 22% stake in Bellagio, says WSJ report

Realty Income, which owns more than 13,000 properties in the U.S. and Europe, is paying $300 million for the 22% stake in the casino and resort, the report said