Page 19 - Realty

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

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 ...