Page 18 - Realty

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

Elan Group raises $60 mn from PAG for construction of realty projects

Realty firm Elan Group on Friday said it has raised USD 60 million from global investment firm PAG to fund construction of projects, reduce debt and expand business. The company has secured a second round of funding from PAG. In August this year, it had raised USD 50 million from PAG. The investment will be used towards growth capital to endorse existing debt and to scale up construction of its new luxury housing project -- "The Presidential", located in Sector 106 Gurugram. "This follow-on financing from PAG further strengthens the partnership between both firms and the team at Elan is geared up to put this capital to its most efficient use", said Sandeep Agarwal, CFO, Elan Group. Last month, Elan Group announced an investment of Rs 4,000 crore to develop its first housing project on Dwarka Expressway in Gurugram. In January, the group bought 40 acres of land in Gurugram from Indiabulls Real Estate Ltd (IBREL) for Rs 580 crore for the development of housing and commercial project

Macrotech Developers' promoters plan to raise Rs 3,500 crore via share sale

Realty firm Macrotech Developers' promoters plan to raise about Rs 3,500 crore by selling shares to institutional investors, according to sources. Mumbai-based Macrotech Developers sells its properties under the Lodha brand. In a regulatory filing late on Wednesday, Macrotech Developers informed that the company has launched Qualified Institutional Placement (QIP) of the equity shares. The QIP consists of an offer-for-sale (OFS) of shares by promoter group entities -- Sambhavnath Trust, Sambhavnath Infrabuild and Farms Pvt Ltd, Hightown Constructions Pvt Ltd and Homecraft Developers and Farms Pvt Ltd. The promoters are selling shares for the purpose of achieving minimum public shareholding, the filing said. As on September 2022, promoters had 82.20 per cent stake in the company and they need to bring it down to 75 per cent in order to maintain the minimum 25 per cent public shareholding. Macrotech informed that the floor price has been fixed at Rs 1,022.75 per share but did not .

Donald Trump Jr. to visit India; may announce expansion in realty sector

US-based The Trump Organization Executive Vice President Donald Trump Jr, son of former US President Donald J Trump, is expected to visit India this month and may announce its expansion in Indian real estate market. New York-based The Trump Organization entered into Indian real estate market through a partnership with Mumbai-based Tribeca Developers. The US firm and Tribeca have tied up with local developers, including the Lodha group, to build luxury projects under 'Trump' brand. So far, four luxury projects have been announced, of which one in Pune is already complete. "Donald Trump Jr. is expected to come to India this month on the occasion of Tribeca Developers' 10th-anniversary celebration," Tribeca Developers said in a statement. During this visit, Donal Trump Jr. and Kalpesh Mehta, founder of Tribeca Developers, are both likely to announce their business expansion plans in the country, it added. "Tribeca's business association with the Trump Organization dates back 10 years

Listed real estate majors home in on market-share gains, price hikes

The sector has been able to offset interest rates, input cost pressures

Walton Street invests Rs 165 cr in Sowparnika Homes' Bengaluru projects

Sowparnika caters to the middle-income/affordable segment with an average ticket size of Rs 50 lakh in a project close to key employment centres and IT Hubs

Trident Realty to invest Rs 3,000 cr over 7-8 years in Panchkula project

The company will use the investment in its recently launched luxury residential project, Trident Hills, an integrated luxury township in Panchkula, to develop the new project

Keystone Realtors shares climb over 3% in stock market debut trade

Shares of Keystone Realtors, which sells properties under brand 'Rustomjee', ended over 3 per cent higher in its debut trade on Thursday against the issue price of Rs 541. The stock listed at Rs 555, reflecting a gain of 2.58 per cent from the issue price on the BSE. It further rallied 5 per cent to Rs 568.25. Shares of the firm ended at Rs 557.80 apiece, higher by 3.10 per cent. At the NSE also, it made its debut at Rs 555. It later ended at Rs 556.80, a gain of 2.92 per cent. The company commanded a market valuation of Rs 6,352.08 crore on the BSE. In volume terms, 4.16 lakh shares of the firm were traded at the BSE and over 58.63 lakh shares on the NSE during the day. The initial public offering of Keystone Realtors received 2 times subscription on the last day of the offer on November 16. The IPO had a fresh issue of up to Rs 560 crore and an offer-for-sale of up to Rs 75 crore. Price range for the IPO was at Rs 514-541 a share. Founded in 1995, Keystone Realtors has 32 com

Trident Realty to invest Rs 3,000 crore over 7-8 years in Haryana

Trident Realty will invest about Rs 3,000 crore to build a 200-acre luxury housing township at Panchkula in Haryana as part of expansion plan, its Chairman S K Narvar said. It has acquired this land parcel through insolvency process and invested around Rs 400 crore to settle the loans of financial institutions. It has also provided plots to around 450 stuck homebuyers in this project. The Delhi-based company has presence in Delhi-NCR, Mumbai Metropolitan Region (MMR) and is now making a foray into Chandigarh tri-city through this new project. "We have launched our new luxury residential project Trident Hills in Panchkula. This 200-acre land parcel is located in the foothills of the Shivaliks. We will be developing around 60 lakh square feet area in this township, including villas, group housing, independent floors and plots," Narvar told PTI. The project will be developed over the next 7-8 years. "We will be investing about Rs 3,000 crore to develop this township project," Narvar

Former Niti Aayog V-C Rajiv Kumar joins advisory board of India Sotheby's

Rajiv Kumar, the former Vice-Chairman of the Niti Aayog, has joined the policy and advisory board of property consultant India Sotheby's International Realty. Kumar will advise the company on policy and advocacy matters with the objective of promoting transparency and professionalism in the real estate sector, India Sotheby's International Realty (ISIR) said in a statement. He will also be guided on the next phase of growth in the region, including the evaluation of new opportunities in the sector, said Amit Goyal, CEO, India Sotheby's International Realty. "India Sotheby's International Realty is a premier organisation in the real estate advisory and transaction segment. We all know that the realty sector is a major driver of economic growth in the country. Transparency and professionalism are key to a healthy growth of the real estate sector and these are also the core values at ISIR," Kumar said. Alumni of St Stephen College and Lucknow University, Kumar has received D.Litt degr

NCLAT stays proceedings against BPTP as firm settles dispute with creditor

The National Company Law Appellate Tribunal has stayed insolvency proceedings against BPTP after the real estate firm informed NCLAT that it has settled the dispute with its operational creditor. On November 14, the National Company Law Tribunal (NCLT) had directed to initiate insolvency proceedings against BPTP Ltd, a leading real estate player in Delhi-NCR, on a petition filed by an operational creditor, RBCL Projects. During the proceedings of NCALT on Friday, the counsel appearing for BPTP informed the appellate tribunal that there was a settlement between the parties on November 15, 2022. The counsel sought time to file joint application along with their operational creditor. The counsel for BPTP's operational creditor also made a statement before NCLAT, saying it has already received the amount under the settlement. Admitting it, NCLAT directed to list the matter on November 23 for the next hearing. "In the meantime, we stay the order dated November 14, 2022," it said. Earl

Keystone Realtors fixes share price band at Rs 514-541 for Rs 635 cr IPO

Keystone Realtors, which sells properties under the brand 'Rustomjee', on Wednesday said it has fixed a price band of Rs 514-541 a share for its Rs 635-crore initial public offering (IPO). The initial share-sale will open for public subscription on November 14 and conclude on November 16. The bidding for anchor investors will open on November 11, the company said. According to the Red Herring Prospectus (RHP), the Mumbai-based company now plans to raise Rs 635 crore. The size of the IPO has been reduced from Rs 850 crore earlier. The IPO consists of a fresh issue of equity shares aggregating up to Rs 560 crore and an Offer-For-Sale (OFS) worth Rs 75 crore by promoters. As a part of the OFS, promoter Boman Rustom Irani will now sell shares worth up to Rs 37.5 crore and stocks to the tune of Rs 18.75 crore each will be offloaded by Percy Sorabji Chowdhry and Chandresh Dinesh Mehta. The company intends to utilise the net proceeds towards funding the repayment/prepayment of borrowings

Setback for realty developers as SC recalls order capping interest rate

With the recent order, the way has been unlocked for the government authorities to get the land dues worth Rs 40,000 crore from the defaulters which were pending for years

Godrej Properties net profit up 54% to Rs 55 cr, net income grows 13%

Company says it has added 6 new projects with a total saleable area of 6.34 million sq ft

Macrotech Developers looking to sell mall, office space: MD Abhishek Lodha

Realty firm Macrotech Developers plans to sell a shopping mall near Mumbai and 1.5-2 lakh square feet office space by March as part of the company's strategy to monetise non-core assets, its MD and CEO Abhishek Lodha said. He did not disclose the deal value of these 6.5-7 lakh square feet of commercial space. But, market sources said the value of these assets could be around Rs 800 crore. Mumbai-based Macrotech Developers, which sells its properties under the Lodha brand, is one of the leading real estate firms in the country. It has a major presence in Mumbai Metropolitan Region (MMR) and Pune property markets, while recently making entry into Bengaluru market with one housing project. In an interview with PTI, Lodha sounded bullish on growth potential of India's primary residential market and highlighted that demand has been strong despite rise in interest rates on home loans following the RBI's move to hike repo rate by 190 basis points since May this year. During April-Septembe

Gaurs group aims Rs 650 cr sales revenue from new mixed-use project

Realty firm Gaurs Group on Friday said it will develop a new mixed-use project at Ghaziabad with an estimated sales revenue of Rs 650 crore. In a statement, the company said it will develop a "mixed land use joint venture project in Ghaziabad with a saleable value of approximately Rs 650 crore." The project, located near Hindon airport civil terminal, will comprise high-street retail with multiplex and banquets, studio apartments and social housing. Under the project, over 450 shops, 400 studio apartments and around 600 social housing units will be developed. Veshesh Gaur, Director, Gaurs Group, said: "We have been increasing our foothold in the retail sector, and have been successfully operating 2 malls, one each in Ghaziabad and Noida Extension, having tie-ups with more than 100 national and international brands." "With gradual increase in the number of flights from the civil terminal at Hindon airport, it has provided a major boost to the entire sector which is densely populated