Page 19 - Realty

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

Housing sales in tier-1 cities in 2022 set to cross previous peak of 2014

Total sales in top-7 cities is expected to exceed 360,000 units this year; the previous peak in the year 2014 was 343,000 units

Rising rates may result in moderation in home sales growth: JLL India CEO

The increase of 190 basis points (bps) in the repo rate resulted in a surge in mortgage rates with a transmission of 130-140 bps in the effective home loan rates: Radha Dhir

Realty firm Puravankara's Apr-Sept sales bookings up 43% to 1,306 crore

Bengaluru-based realty firm Puravankara Ltd's sales bookings have risen 43 per cent to a record Rs 1,306 crore during April-September period of this fiscal year on better housing demand. Its sales bookings stood at Rs 910 crore in the year-ago period. According to an operational update, the company's sales bookings in volume terms rose 32 per cent to 1.76 million square feet during the first six months of this fiscal, from 1.33 million square feet in the year-ago period. Sales realisation improved to Rs 7,421 per square feet in the April-September from Rs 6,845 per square feet in the corresponding period of the previous year. The company achieved its highest sale value of Rs 1,306 crore for the first half of any financial year since inception. Puravankara is on track for its launch pipeline of over 15 million square feet and doing necessary investments for the same. "The demand for real estate is seeing new peaks with each passing day specially with festive starting, we expect th

PE investments in realty dip 25% in 2022 on inflation, interest rate spike

In terms of average transaction size, the sector saw average deals of $191 million in 9M 2022, up 53% over $125 mn in the same period in 2021

TARC Ltd to invest Rs 500 cr to develop its luxury hsg project by 2025 end

The new three-acre project, TARC Tripundra, will have 190 apartments. It is the first under the TARC brand name, although the Anant Raj Group has been into real estate the past four decades

ESG and net zero emissions gaining momentum among realty developers

ESG focus is fairly advanced in developed realty markets and will soon become widespread in India, say industry players; the sector aims to achieve 80-90% green certifications in 4-5 years

Will worries about rate hikes dent realty stocks?

After withstanding the pandemic-wrought downtrend, the sun shines brightly upon the realty sector now. But will the rate-sensitive sector face a challenge due to rising interest rates? Let's find out

Realty goldmine or citizen minefield, Dharavi makeover gets wiggle room

Asia's largest urban slum, spread over 600 acres in the heart of India's financial capital, is home to an informal leather and pottery industry employing over 100,000

Costlier home loans may have minimal impact during festive demand: Builders

Housing sales are likely to be affected as home loans will become costlier after the RBI's latest hike in repo rate, but builders hope that pent up and festive demand will negate any major impact on buying sentiment. Interest rate on home loans is currently at around 8 per cent and is expected to inch towards 9 per cent after the 50 basis points hike in repo rate announced by the RBI on Friday. This will reduce affordability of buying homes. However, property developers and consultants feel the impact will be "minimal" and not significant as the concept of home ownership has gained momentum during the COVID-19 pandemic. Moreover, builders are banking on festive demand to sail through. Developers are already offering price discounts and freebies to boost sales during the festival season and may further sweeten the deals to attract fence sitters, they said, and advised prospective homebuyers to take advantage of the offers. "We expect the rise in repo rate not to impact positive ...

China's property bust holds lessons for India

India and China are on the opposite end of the economic cycle in real estate

Tier-II Indian cities emerge as major realty growth engines: PropEquity

Report by the firm cites surge in absorption and supply of quality residential properties across price brackets in Ahmedabad, Vadodara, Nashik, Gandhi Nagar and Jaipur

Twin towers and beyond: The ugly side of demolition

People have the notion that justice should be retributive. It shouldn't

Casagrand forays into home building segment, plans 500 homes in 3 years

Realty firm Casagrand has unveiled an independent residential construction venture -- 'CASAGRAND PERCH', and announced plans to build 500 homes over the next three years under the new initiative. CASAGRAND Perch would be involved in designing of the residential units for customers who own a minimum of 1,500 sq ft land, while keeping in mind the concepts of light, ventilation, privacy and 'vaastu,' a company official said on Wednesday. "Through this venture, we will build an individual home by following the same standards of CASAGRAND. People usually reach out to unorganised players to build their homes and there are times when they are not satisfied with the outcome." CASAGRAND founder-managing director Arun Mn noted. "CASAGRAND Perch has been conceptualised as a venture that will professionally take care of the end-to-end requirements of home building.. at this moment, we will build houses in Chennai, Bengaluru and Coimbatore. We aim to build 500 houses under CASAGRAND Perch in 3 .

A few bumps aside, road ahead is largely smooth for Infra developers

Though competition is very high, stabilisation of commodity, input and energy prices should support margins

Realty firm Omaxe to invest Rs 2,100 crore to build sports, retail complex

Realty firm Omaxe has bagged a project from DDA to develop a sports complex and retail project at Dwarka in the national capital at a cost of Rs 2,100 crore. The company has secured this 50-acre project from the Delhi Development Authority (DDA) under the "Design Build Finance and Operate" model. It will build both outdoor and indoor sports facilities. A large cricket-cum-football stadium is also being planned, besides a retail area. The total investment is estimated at about Rs 2,100 crore, of which Rs 1,300 -1,400 crore will be on sports complex and the rest on retail area. Omaxe Ltd Chairman Rohtas Goel said: "We have bagged a project from DDA, located in Dwarka, New Delhi." It will be the first sports facility to be developed by the DDA in PPP (Public Private Partnership) model. "We will develop a world-class cricket stadium and sports complex in this project. It will be a marquee project facilitating the sports infrastructure at par with global standards," Goel said. The ret

Hines plans to develop 900,000 sq ft office building in Mumbai foray

In a statement on Monday, Hines said it has entered into the Mumbai office market with a new development that will feature a 30-storey grade A office building

Indiabulls Real Estate cuts its net debt by 54% to Rs 464 crore

In the investor presentation IBREL said its net debt stood at Rs 464 crore at the end of June quarter, as against Rs 1,005 crore as on March 31, 2022