Page 15 - Realty

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

Colliers India appoints Badal Yagnik as new CEO with immediate effect

Yagnik has earlier served at Cushman & Wakefield (C&W) as MD for leasing services in India. Before that, he was working with Jones Lang LaSalle

Shriram Properties Q1 profit rises 59% to Rs 16.62 cr on better income

Realty firm Shriram Properties on Monday reported a 59 per cent increase in its consolidated net profit to Rs 16.62 crore for the first quarter of this fiscal. Its net profit stood at Rs 10.47 crore in the year-ago period. The total income rose to Rs 157.17 crore during the April-June period of 2023-24 from Rs 145.11 crore in the year-ago period, according to a regulatory filing. Its sales volumes increased 17 per cent year-on-year to 0.78 million square feet during the first quarter of this fiscal. Sales bookings in value terms rose 47 per cent annually to Rs 459 crore, driven by strong sustenance sales in ongoing projects and two successful launches during April-June. M Murali, CMD, Shriram Properties said: We are encouraged by the continuing strong operating and financial performance...Looking ahead, with our launches, we remain positive in our commitment to, delivering homes and contributing meaningfully to the growth of the company". The company's gross debt was 12 per cent .

Unsold homes highest in Maharashtra's Thane at 107,179 units: PropEquity

Thane in Mumbai Metropolitan Region has the maximum 1.07 lakh unsold homes at the end of June quarter, while Chennai has the lowest at nearly 20,000 units, according to PropEquity. Across nine major cities, data analytic firm PropEquity said unsold housing stocks declined 2 per cent to 5,15,169 units at the end of June quarter from 5,26,914 units at the end of March. "The largest share for the unsold stock among the Tier-1 cities is of Thane with 21 per cent. Chennai has the minimum unsold stock of residential units in Q2 2023," PropEquity Founder and CEO Samir Jasuja said. Housing sales in April-June across nine cities were 1,22,213 units, while new supply was 1,10,468 units. This led to a reduction in number of unsold residential units. As per the data, the unsold housing stocks in Thane were 1,07,179 units at the end of June quarter, down 2 per cent from 109,511 units at March-end. Mumbai saw a 3 per cent fall in unsold housing stocks to 60,911 units from 62,735 units. Howev

Macrotech Developers to launch 22 realty projects by March next year

Realty firm Macrotech Developers Ltd will launch 22 new projects by March next year across Mumbai Metropolitan Region (MMR), Pune and Bengaluru with an estimated sales revenue potential of Rs 12,560 crore as it seeks to tap rising housing demand. Macrotech Developers, which sells its properties under the Lodha brand, said in an investor presentation that the company launched 1.8 million square feet area in the first quarter of this fiscal year having a revenue potential of Rs 1,510 billion. The company also announced plans to launch 22 projects, having 9.4 million square feet area of saleable area, in the remaining months of this fiscal. The revenue potential is around Rs 12,560 crore. "In terms of sales bookings, we had our best ever first quarter. Our sales bookings increased 17 per cent to Rs 3,350 crore. We did not launch many projects in the first quarter. So, the sales were driven by inventories in ongoing projects," Macrotech Developers MD and CEO Abhishek Lodha told PTI. "

Realty firms must execute projects following rules: Delhi-RERA chairman

Real estate developers should carry out projects as per rules and must fulfil promise made to their customers, Delhi-RERA chairman Anand Kumar has said. The focus should be on building trust among the public, said Kumar. Addressing a national conference on Real Estate Development and Action Plan for New India organised by Industry body Assocham, he said a message to all stakeholders in the real estate sector to be alert. "Builders, developers and collaborators must work in a transparent manner according to rules and prepare projects as promised to the customers," the Delhi-RERA chairman was quoted as saying in a statement by Assocham. "While buying any land, plot, flat or commercial property sold as 'RERA registered', check it on RERA's website, he said. Kumar urged the builders, developers and entrepreneurs in the real estate sector to work with transparency to increase trust among agents and customers. Even today there are a large number of builders and developers who do not wa

Office space demand dipped 6% to 13.9 mn sq ft in Apr-Jun quarter: Vestian

Three key southern cities - Bengaluru, Chennai, and Hyderabad - dominated office demand with the contribution of 59 per cent of the total office leasing in the quarter

Net debt of top 8 listed realty firms dip 43% in last 3 years: Anarock

The net debt of top eight realty firms fell 43 per cent to Rs 23,000 crore last fiscal, from around Rs 40,000 crore in 2019-20, as their cash flow improved on strong housing sales, according to Anarock. Real estate consultant Anarock noted that the unfettered demand for housing across the country has enabled the country's leading large and listed developers to reduce their debt. Anarock analysed financial performances of the top eight developers engaged in the development of residential real estate. These developers are DLF, Macrotech Developers (Lodha brand), Godrej Properties, Prestige Estates Projects, Sobha, Brigade Enterprises, Puravankara and Mahindra Lifespace Developers Ltd. Net debt of top eight listed developers has reduced from Rs 40,500 crore in FY20 to over Rs 23,000 crore in FY23. The average cost of debt for these eight players fell to 9 per cent in FY23 from 10.3 per cent in FY20. In 2020-21, the interest cost was 9.05 per cent, while the cost of debt was 7.96 per

PropVR partners Unreal Engine to develop 3D solutions for realty sector

Proptech firm Square Yards arm PropVR has partnered Unreal Engine to develop 3D solutions for real estate sector. Square Yards said in a statement that PropVR has been named as an authorised partner for Unreal Engine, an advanced real-time 3D tool developed by Epic Games. The partnership is to develop digital twin and interactive 3D solutions for the real estate industry, it added. "We have partnered with the Unreal Engine team to create the next generation of 3D solutions and digital twins for the real estate industry. Unreal Engine's graphical prowess is unmatched and will help us augment the future of real estate search and discovery experience through high-end 3D digital twins of entire cities," said Vivek Agarwal, Co-founder and CTO, Square Yards. With Unreal Engine, he said, the company can accelerate its vision to build real estate in the metaverse. Agarwal said the partnership would also help in understanding the appetite for virtual real estate experience amongst customer

Institutional inflows in residential sector up 385% in H1 of 2023: Colliers

Another asset class that saw high growth in the flow of money was office assets which saw a 145% jump in inflows in the first half of 2023 to $2.719 billion

Kolte-Patil Developers Q1 sales bookings increase 58% to Rs 701 crore

Realty firm Kolte-Patil Developers Ltd on Thursday reported a 58 per cent increase in its sales bookings at Rs 701 crore in the first quarter of this fiscal year. Its sales bookings stood at Rs 445 crore in the year-ago period. In a regulatory filing, Pune-based Kolte-Patil Developers informed that its sales volumes increased 52 per cent and the average sales realisation improved by 4 per cent during the April-June period of this fiscal year as compared with the same quarter of the 2022-23 financial year. Kolte-Patil has developed and constructed over 58 projects, including residential complexes, integrated townships, commercial complexes and IT Parks covering a saleable area of around 26 million square feet across Pune, Mumbai and Bengaluru.

Office space leasing up 2% at 14.6 mn sq ft in top 6 cities: Colliers

Average office rentals remained stable during April-June at Rs 95 per square feet across six major cities as new supply rose 32 per cent, while demand grew by a modest 2 per cent, according to Colliers India. Real estate consultant Colliers India released its quarterly data of six major office markets -- Bengaluru, Delhi-NCR, Mumbai, Chennai, Hyderabad and Pune -- on Wednesday. Gross leasing of office space rose 2 per cent to 14.6 million square feet across top six cities during April-June, from 14.3 million square feet in the year-ago period, driven by technology, engineering & manufacturing sectors. Chennai saw a three-fold jump in office demand, beating Delhi-NCR and Mumbai in leasing activities. New supply of office space rose 32 per cent to 12.4 million square feet across these six cities from 9.4 million square feet. Weighted average rental remained flat at Rs 95 per square feet a month, across six cities. Peush Jain, Managing Director, Office Services, India, Colliers, ...

Macrotech Developers Q1 bookings up 17% at Rs 3,350 cr; adds 5 new projects

Realty firm Macrotech Developers has reported a 17 per cent increase in sales bookings at Rs 3,350 crore in the first quarter of this fiscal and added five new land parcels to develop projects with sales potential of around Rs 12,000 crore. Macrotech Developers, which sells properties under the Lodha brand, had sold properties worth Rs 2,860 crore in the year-ago period. In a regulatory filing, Macrotech Developers informed that the company achieved its best-ever first quarter pre-sales performance at Rs 33.5 billion (Rs 3,350 crore) showing a growth of 17 per cent on a year-on-year basis. The company also announced the addition of five new projects with GDV (gross development value) potential of around Rs 12,000 crore across different micro-markets. Abhishek Lodha, MD & CEO of Macrotech Developers, said, "with a strong start for the year, the performance achieved is in line with our guidance of 20 per cent pre-sales growth for FY24." The demand conditions remain robust with a ...

Home sales in NCR touch 10-yr high, flats upwards of Rs 1 cr most in demand

In NCR, Gurugram accounted for a mammoth 82% of the total half yearly launches.

Knight Frank: Offices top realty sector, corner 68% of PE funds in H1 2023

Mumbai gets lion's share at 48%, followed by NCR (32%), Bengaluru (13%); three-fourth of investments came from Asia even as overall investments in Indian realty dip 20%

Ashiana Housing's sales bookings jump 2-fold to 1,313 crore in FY23

Realty firm Ashiana Housing has clocked a more than two-fold jump in its sales bookings to Rs 1,313.43 crore in the last fiscal on strong housing demand. Sales bookings of Delhi-based Ashiana Housing, which specialises in senior living, stood at Rs 573.25 crore in the 2021-22 fiscal. According to an investor's presentation, sales bookings in volume terms rose 75 per cent to 25.86 lakh square feet during 2022-23 from 14.76 lakh square feet in the preceding fiscal. Sales price improved by 31 per cent to Rs 5,080 per square foot in FY23 from Rs 3,883 per square foot in the previous fiscal, driven by "increasing prices across projects and changing mix towards higher priced projects". The company constructed nearly 17 million square feet area in the last fiscal. During 2022-23, Ashiana Housing launched 5 new projects and 8 new phases in existing projects, totalling 29.46 lakh square feet of area. Recently, Ashiana Housing announced an investment of Rs 275 crore to develop a housing .

Concorde to invest Rs 225 cr to build 2 mn sq ft commercial real estate

Realty firm Concorde will invest Rs 225 crore to develop commercial projects. The company announced expansion of its commercial segment with a strategic investment of Rs 225 crore. Concorde will launch over 2 million square feet of commercial space over the next two years. Out of the Rs 225 crore, the company has allocated Rs 100 crore for this fiscal. Concorde's expansion of its commercial sector includes the development of Grade A commercial spaces, the first of which Concorde Econex was launched in February 2023, and another three projects in the pipeline, the statement said. "We will focus on establishing Grade A office space in the micro markets of the city. Currently, we have three projects in the pipeline for this year. The demand for sustainable workspaces has grown significantly post-pandemic, and we aim to provide top-notch commercial properties that redefine the way people work," said Grishma Reddy, Director, Concorde. Over the last two-and-a-half decade, Concorde has

Ashrai Infra to invest Rs 1,284 cr to develop project in Greater Noida

Realty firm Ashrai Infra on Thursday said it will invest Rs 1,284 crore to develop a 25-acre commercial project in Greater Noida (West). The company has launched the project 'Golden Grande' which will have office space as well as high-street retail. "Ashrai Infra is investing Rs 1,284 crore in the development of Golden Grande. An initial investment of Rs 631 crore will be deployed in the 1st phase of Golden Grande demonstrating the company's commitment to the project," Ashrai Infra said in a statement. Prior to this project, it delivered a 25-acre IT/ITES project -- Golden I -- in Greater Noida West with a built-up area of 20 lakh square feet, it added.

Housing.com sees 4-fold jump in monthly traffic from pre-Covid level: CEO

Proptech firm Housing.com has seen a four-fold jump in monthly traffic on its website to over 20 million compared to pre-COVID level on demand revival and fast adoption of digital tools in the realty sector, its CEO Dhruv Agarwala said. Housing.com, owned by Australia's REA Group and US-based News Corp, is one of the leading real estate classified portals in India. REA India runs three portals --Housing.com, PropTiger and Makaan.com. In an interview with PTI, REA India CEO Dhruv Agarwala also attributed the growth in traffic in the past three years to investments made in branding, advertising and marketing activities. A surge in traffic on Housing.com has helped in a sharp rise in the overall revenue of REA India during the 2021-22 fiscal (July-June) and the current financial year, he said. Agarwala projected that losses of REA India will start coming down from the 2023-24 fiscal starting July. Turnover of REA India rose 92 per cent during the 2021-22 fiscal to nearly Rs 300 cror