Page 14 - Realty

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

Need to find ways to boost adoption of modern construction tech: Minister

Housing and Urban Affairs Minister Hardeep Singh Puri on Friday said more than 60 crore people are estimated to reside in cities by 2030 because of rapid urbanisation and stressed the need to increase adoption of new technologies in the construction industry. The minister was addressing a conference on 'Adoption of New and Emerging Building Materials and Technologies in Construction Industry', being organised by realtors' apex body CREDAI, which represents more than 13,000 developer members. "It is imperative we find feasible ways to increase the adoption of emerging materials and technologies in the construction industry," Puri said. Talking about the government's commitment in this regard, Puri recalled that the Prime Minister had emphasised the need to accelerate the movement from these older technologies into new cutting-edge technologies in the construction industry. On its part, the ministry has short-listed 54 innovative construction technologies from all over the world unde

ED files charge sheet against Supertech's chairman in money laundering case

The Enforcement Directorate (ED) Thursday filed a charge sheet against R K Arora, chairman and promoter of real estate major Supertech Group, his company, and eight others in a money laundering case, accusing them of hatching a "criminal conspiracy" to cheat home buyers. They have been accused of defrauding at least 670 home buyers of Rs 164 crore. The nearly 100-page prosecution complaint, ED's equivalent of charge sheet, was filed before Special Judge Devender Kumar Jangala, claiming there was sufficient evidence to prosecute Arora for laundering money. The court posted the matter for August 28 for taking cognisance of the charge sheet. Arora was arrested on June 27 under the criminal sections of the Prevention of Money Laundering Act (PMLA) after three rounds of questioning. 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. ED's Special Public Prosecutor N K

Stock of this real estate company has zoomed over 100% in one month

Shares of DB Realty surged 6% to hit an over 10-year high of Rs 156.90 on the BSE on Thursday

Casagrand to invest Rs 8,000 cr to develop projects in Maha over next 3 yrs

Chennai-based Casagrand on Monday said it plans to invest Rs 8,000 crore to develop realty projects in Maharashtra over the next three years. The company said it plans to develop 20 million square feet in Mumbai and Pune as part of its expansion plan. It, however, did not share any specific detail on the plans. The announcement comes close on the heels of Bengaluru-based Prestige Group entering the Mumbai real estate market by launching or announcing projects. The nearly two-decade-old company claimed it is among South India's top three builders, and has initiated an aggressive expansion plan. The company is set to deliver over 140 projects and 40,000 homes in Chennai, Bengaluru, Coimbatore and Hyderabad in 2023, according to a statement. Its founder and managing director Arun Mn said it has delivered 123 projects on time, and it is targeting to increase the sales value to Rs 7,200 crore in FY24 as against Rs 4,200 crore in FY23. He further said that it is sending 1,400 employees

WeWork India Q1 revenue up 40% to Rs 400 cr on rising demand: CEO Virwani

Co-working major WeWork India's revenue grew by 40 per cent to Rs 400 crore during the first quarter of this fiscal year on rising demand for flexible workspace across major cities from corporates, its CEO Karan Virwani said. The company, which is owned by real estate firm Embassy Group and WeWork Global, has started its 50th centre at Saket in South Delhi, marking its entry into the national capital market. The new centre, comprising 54,000 square feet area and around 700 desks, is located in a commercial building developed by realty firm Eldeco. In an interview with PTI, Virwani said the company has completed six years since it opened the first centre in India and now it has 50 centres and around 90,000 desks across seven cities. "It has been a great journey of growing both the co-working/flexible workspace segment and WeWork India as a brand. In the last three years, since COVID, the adoption of flex space growing significantly," he said. The demand is increasing as more and mor

Retail leasing up by 15% in megapolis in first half of 2023: CBRE Report

Increased leasing by homeware and department stores, consumer electronics and fashion & apparel retailers have pushed up retail leasing in the megapolis by close to 15 per cent in the first half of the year, says an industry report. Retail leasing across investment-grade malls, high streets and standalone developments during January-June 2023 rose 14.6 per cent in Mumbai, taking the total leasing to 0.21 million sqft, compared to 0.18 million sqft in the corresponding period last year, realty consultancy CBRE said in a note. Key sectors that drove absorption include homeware & department stores which snapped up 20 per cent of the total fresh leasing, followed by consumer electronics and fashion & apparel (17 per cent each) during the period under review, it said, adding the leasing demand was driven by secondary leasing in high streets and mall clusters. Some of the top leasing deals include a consumer electronics player leasing 20,800 sqft in Jio World Drive in BKC, ...

Rentals up 20% as landlords take advantage of the 'return to office'

NoBroker's mid-year report on real estate trends sheds light on rental and buyer preferences as well as the key trends driving prices in the sector