Page 17 - Realty

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 ...

Godrej Properties eyes Rs 3,000 cr sales revenue from new land in Gurugram

Godrej Properties is expecting around Rs 3,000 crore sales revenue from development of a new housing project in Gurugram. In a regulatory filing, the company said it has "entered into an agreement for development of 14.27 acres of land in Gurugram, Haryana." The development will comprise predominantly premium residential apartments. The proposed development on 14.27-acre land will have an estimated revenue potential of about Rs 3,000 crore, it said. Godrej Properties is expanding aggressively to encash rise in housing demand. It is acquiring land outrightly and also entering into partnership with land owners to develop new projects. Earlier this month, Godrej Properties Executive Chairman Pirojsha Godrej had said, "We have added projects worth Rs 16,500 crore so far this financial year and have already crossed our full-year guidance of Rs 15,000 crore. Given strong further visibility, we will end 2022-23 fiscal much ahead of the target." With the addition of this project, the com

Piramal Realty to invest Rs 3,500 cr in 2 yrs; aims to deliver 5,000 flats

Piramal Realty will invest Rs 3,500 crore over the next two years in four ongoing housing projects as it aims to deliver a 6 million square feet area to customers, its CEO Gaurav Sawhney said. Founded in 2012, Piramal Realty is the real estate arm of the business conglomerate Piramal Group. It is one of the leading developers with 15 million square feet of residential and commercial under development in the Mumbai Metropolitan Region (MMR). In an interview with PTI, Sawhney said the company is developing 13 million square feet in phases across four residential projects in Mulund, Thane, Mahalaxmi and Byculla in the MMR. The company is developing around 12,000 apartments across these four projects. "We have launched around 8-8.5 million square feet so far in these four projects and the remaining 4-5 million square feet will be launched over the next two years," he said. Sawhney said the company is focusing on delivery and has started handing over the first set of 1,000 apartments t

M3M buys 350-acre land to enter Panipat mkt and build Rs 2,700 cr township

The company expects a topline of Rs 5,000 crore from the project

IIFL Home Finance invests Rs 50 cr in Eon Group's Mumbai township project

Realty firm Eon Group on Friday said it has raised Rs 50 crore from IIFL Home Finance for its township project in Mumbai. IIFL Home Finance has recently invested Rs 50 crore senior-secured construction debt in its affordable housing township 'Riverwood Park' located in Thane, Eon said in a statement. The investment will be in Phase II of the 42-acre project. Eon Group said the fund will help the firm accelerate the completion and delivery of the five towers of Phase II that are under varying stages of construction. The total development potential for sale is over 7 lakh square feet. Bharat Shah, Chairman of Eon Group, expressed confidence about the housing demand. Sales bookings for over 60 per cent of the inventory have already been achieved and the final tower of Phase II is expected to be completed by December 2025. Eon plans to develop Phase III of the township which will have over 15 lakh square feet of residential area. Palash Shah, Managing Director of Eon Group, said: ..

Macrotech Developers below QIP price after 7% fall today; down 25% in 1 yr

Macrotech Developers' promoters have raised Rs 3,547 crore by selling shares around 7.2% of the company's equity share capital to institutional investors at the offer price of Rs 1,026 per share