Page 17 - Realty

Delhi-Mumbai expressway's first leg to boost Gurugram market, say realtors

It will give a huge boost to the residential and commercial market in Gurugram's Sohna and to industries, warehousing & logistics as well

Mumbai, Bengaluru among top 5 APAC cities with the steepest home price rise

Delhi was also on the list of top ten such cities with an average price rise of 6.8 per cent in the second half of 2022

With purchases worth Rs 35K crore, Indians emerge top home buyers in Dubai

This is almost double the money spent by Indians to purchase homes in Dubai in 2021

New York Life Insurance to invest Rs 290 cr in Max Group's realty project

New York Life Insurance Company will invest Rs 290 crore to acquire 49 per cent stake in an upcoming commercial project in Gurugram being developed by Max Group firm Max Ventures & Industries Ltd (MaxVIL). In September last year, MaxVIL's arm Max Estates Ltd acquired Acreage Builders at an enterprise value of Rs 322.50 crore. Acreage Builders owns 7.15 acre land at Golf Course Extension Road in Gurugram. In a statement, MaxVIL said Max Estates has completed the 100 per cent acquisition of Acreage Builders, which now has become a step-down wholly-owned subsidiary of the company. "New York Life Insurance has been onboarded as an equity investor committing Rs 290 crore in Acreage Builders," MaxVIL said. Max Estates will hold 51 per cent stake and New York Life 49 per cent stake in Acreage Builders, which has a licence to develop this commercial project. "The developable leasable area is around 1.6 million square feet with a revenue potential of Rs 160200 crore per annum," MaxVIL ...

Budget balanced, likely to boost demand in housing sector: Realty industry

"Moreover, the sustained attention on manufacturing and improvement of urban infrastructure is likely to boost the I&L sector and at the same time spur economic activity and job creation"

DLF sales booking up 45% to Rs 6,599 cr in Apr-Dec; to meet Rs 8k cr target

Realty major DLF Ltd has achieved a 45 per cent growth in sales bookings to Rs 6,599 crore in April-December this fiscal on better demand and is on track to achieve its annual sales guidance of Rs 8,000 crore, a senior company official said. DLF's -- the country's largest realty firm in terms of market capitalisation -- sales bookings stood at Rs 4,544 crore in the year-ago period. "We have achieved robust growth in our sales bookings in the first nine months of this fiscal year. The sales are driven by demand for good quality products," DLF Group Executive Director and Chief Business Officer Aakash Ohri told PTI. He said the company has launched apartments and independent floors at different price points, which helped in achieving better sales. DLF has launched residential projects in Delhi, Gurugram, Panchkula and Chennai. Asked about sales bookings for the entire fiscal, Ohri said the company has given a guidance of Rs 8,000 crore for the 2022-23 fiscal and is expected to achie

Vital evidence surfaces on Rs 700 crore real estate scam in Mohali

Sources maintain that the NOC violates clause 20 of the sale-deed registration of the plot dated May 27, 1987

Around 58% builders expect housing prices to rise further in 2023: Survey

As many as 341 real estate developers from various parts of the country participated in the joint survey conducted during the last two months

Realty sees surge in investment platforms, partnerships worth $4.5 bn

Indian real estate saw a surge in setting up of investment platforms in 2022 and an amount of USD 4.52 billion has been committed, which will be deployed over the next few years, according to JLL India. Foreign as well as domestic investors tie up with real estate developers to establish an investment platform for the development of different realty projects like warehousing parks, office assets, student housing and data centres among others. According to the data, platform deals/partnerships worth USD 1,651 million were announced in 2019, USD 1,880 million in 2020 and USD 3,320 million in the 2021 calendar year. "Platform deals/ partnerships amounting to USD 4,527 million were announced during 2022, to be invested in the next few years," JLL India said in a report, adding that higher investment commitments over the years suggest increasing confidence in the Indian real estate market. "Improved synergy of marquee global funds with pedigree developers in respective asset classes - a

Higher demand drives record quarterly bookings for realty majors

Higher sales, improving cash flows are expected to drive further debt reduction for the sector

Realty sector seeks industry status, tax breaks, big housing push in Budget

Demands include 10x spike in SWAMIH fund to Rs 50,000 cr, uniform 25% corporation tax rate, finalisation of the state rental housing policy, among other things

BK Modi Group plans to invest $1 bn in 5 years in realty, wellness

BK Modi Group plans to invest about USD 1 billion over the next five years in Indian real estate and wellness space as it sees huge growth potential in these two sectors. In an interview with PTI, group founder B K Modi asserted that there is a tremendous scope of bringing new technologies in the real estate sector as well as wellness space. "We will be investing around USD 1 billion over the next five years," he said when asked about the proposed investment in these new ventures. On source of investment, he said the group will also rope in foreign investors in the proposed projects. The group is already constructing a commercial real estate project in Mumbai in partnership with a developer and now has plans to expand this business. On the concept of private smart city, Modi said the group will develop a mixed use project in Rampur, Uttar Pradesh. It already has a piece of land for this project where it will construct housing, mall, hospital and office space. "Whatever is the ne

Builders go for outright land buys amid better residential demand

Of 68 land deals closed in nine months of 2022, nearly 40 deals comprising over 590 acres are proposed for residential development

Modi Group to invest $1 billion in realty, wellness space in Delhi, Mumbai

In Delhi, a wellness city will be developed with medical office buildings, residencies, service apartments, a rehab centre and a quaternary care hospital, and senior care facilities

Residential real estate sales to lag commercial in FY23: CRISIL

On the commercial real estate front, after a healthy performance in the first half of this financial year, net leasing will slow down in the second half owing to fears of an impending global recession

Godrej Properties buys 9-acre land in Gurugram, sees revenue of Rs 2,500 cr

Golf Course Road Extension will offer 1.6 million square feet of premium residential development

Post pandemic pent-up demand surge, realty space may face global headwinds

A surge in post-pandemic pent-up demand helped India's property market overcome risks from rising interest rates this year but the dream run might face hurdles from global headwinds in 2023. Any moderation in growth will mark a premature end to what industry watchers believe to be the start of a "long-term upcycle" in the Indian real estate sector. The optimism emanates from record housing sales this year, surpassing the pre-COVID 2019 numbers and the previous high of 2014. "2022 proved to be a successful year for the residential real estate market as momentum of sales and consolidation of players continued," property consultant Anarock's Chairman Anuj Puri said. Fundamentally, the market is much more mature and stable than it was prior to the pandemic, he told PTI. Puri said he is "hoping that 2023 calendar year is as vibrant as 2022 for the residential market, provided the headwinds of possible global recession, high inflation and interest rates and Covid resurgence doesn't beco

Experts see 2023 as a year of smooth sailing for real estate sector

Demand likely to remain buoyant despite prospects of another rate hike; industry looking for tax breaks, lower transaction costs

Stocks of realty, consumer services firms are FPIs' stocking stuffers

A combination of sectoral rotation and better consumer spending is attributed to the shift towards realty and consumer services stocks

Piramal Realty eyes Rs 2,200 cr sales bookings in FY23, up over 40% YoY

Piramal Realty is targeting about Rs 2,200 crore sales bookings this fiscal, up over 40 per cent year-on-year, on strong housing demand, its CEO Gaurav Sawhney said. Founded in 2012, Piramal Realty is the real estate development arm of business conglomerate Piramal Group. It is one of the leading developers with 15 million square feet of residential and commercial space under development in the Mumbai Metropolitan Region (MMR). In an interview with PTI, Sawhney said the company has achieved average annual sales bookings of around Rs 2,000 crore in the past five years as it witnessed robust demand for its residential properties across four projects that it has launched so far. Asked about the performance this fiscal, he said, "Our target is in the range of about Rs 2,200 crore. So as of now we look confident that we will cross the Rs 2,000 crore mark, given the demand is buoyant." Sales bookings were more than Rs 1,500 crore last financial year, he informed. Piramal Realty is ...