Page 9 - Realty

Indian housing market outlook bullish, consumer sentiments positive: Report

Consumers sentiments in India's housing market remain positive despite a rise in prices, according to realty portal Magicbricks. On Thursday, Magicbricks released a report 'Housing Sentiment Index' based on the survey of over 4,500 customers across 11 cities. "Despite inflationary pressures, the Housing Sentiment Index (HSI) across India remains robust with strong buyer confidence," it said in a statement. The survey revealed a positive market outlook for the Indian residential real estate sector with an overall HSI of 149. Magicbricks said the HSI is derived from an online survey capturing the responses of 4,500 high intent homebuyers across the top 11 cities of India, spanning various income brackets and budget preferences. The HSI score ranges from 0 to 200, with 100 representing neutrality. Indicating an expectation of market stability in the short to medium term. A score of 200 reflects a bullish sentiment while a score of 0 indicated a bearish sentiment. "Currently, the ...

Lohia Global to foray into real estate biz as housing demand rises in India

In addition to Moradabad, by 2030, the company will develop residential projects in Lucknow and Delhi NCR with a total investment of Rs 1,000 crore

SKA Group to invest Rs 600 cr to build premium housing project in Gr Noida

Realty firm SKA Group on Wednesday said it will invest nearly Rs 600 crore to develop a premium housing project in Greater Noida as part of its expansion plan. The company has so far completed four housing projects comprising 3,200 units, while two residential projects are under construction totalling 1,800 units. It is also developing a commercial project comprising 600 units. These projects are in the Noida, Greater Noida and Ghaziabad markets of Uttar Pradesh. "We have launched a new housing project 'SKA Destiny One' in Greater Noida. The project spread over 6 acres will have 645 units," SKA Group Director Sanjay Sharma told reporters here. The price ranges between Rs 1.5 crore and Rs 3 crore per apartment. The company had bought this land from Greater Noida development authority and the entire land price has been paid. The total saleable area is nearly 14 lakh square feet. Sharma said the total project cost, including land and construction, would be Rs 592 crore. The project w

Brigade Enterprises posts record sale bookings of Rs 6,013 cr last fiscal

Realty firm Brigade Enterprises Ltd on Tuesday reported a 46 per cent annual increase in its sale bookings to record Rs 6,013 crore in the last fiscal year, mainly due to better demand for its housing projects. Its sale bookings stood at Rs 4,109 crore in the 2022-23 fiscal. In a statement, Brigade Enterprises said it has achieved pre-sales of Rs 6,013 crore in FY24 and Rs 2,243 crore in the fourth quarter of FY24 the highest ever for both in terms of a quarter as well as financial year. Average sales realisation rose 23 per cent annually last fiscal year. "The residential business continued to drive sales growth, with all other verticals of the company contributing significantly and finishing strong in the financial year," Pavitra Shankar, Managing Director of Brigade Enterprises, said. The company has been able to achieve its best-ever operational performance last fiscal, she said. "we aim to leverage this performance in FY25. Our outlook is optimistic, as we believe demand fo

Brigade Enterprises to invest Rs 400 crore to build office space in Chennai

Realty firm Brigade Enterprises Ltd on Monday said it will invest Rs 400 crore to build an office complex in Chennai. In a statement on Monday, Bengaluru-based Brigade Enterprises said it has entered into a Joint Development Agreement (JDA) with Agni Estates & Foundations Pvt Ltd to develop 'Brigade Tech Boulevard', a 'Grade A' office space on Pallavaram-Thoraipakkam Radial Road, in Chennai. "With an investment of around Rs 400 crore, the project will have a leasable area of 8.36 lakh square feet spread across two towers," it added. This will be the next commercial project launched by Brigade Group after the successful completion of the 'World Trade Centre' on OMR. Nirupa Shankar, Joint Managing Director, Brigade Enterprises, said, "Chennai is a diverse office market with demand from not only IT and ITeS sector but also from several other industry verticals including engineering, automotive and banking, etc." Offices that conform to sustainability, with seamlessly integrated ...

Prestige Estates achieves record sales bookings in FY24 at Rs 21,040 cr

Realty firm Prestige Estates Projects Ltd on Monday reported a 63 per cent annual increase in sales bookings during the last financial year at Rs 21,040 crore -- an all time high, on strong demand for its residential properties and higher average per square feet realisation. The company's sales bookings stood at Rs 12,931 crore in the financial year 2022-23. Among listed players, Prestige Estates is likely to become the largest real estate developer in the country in terms of sales bookings. DLF, Godrej Properties, Macrotech Developers, Prestige achieved sales bookings of more than Rs 10,000 crore in 2022-23. In a regulatory filing, Bengaluru-based Prestige Estates informed that the company achieved the highest-ever annual sales. "Prestige Group achieved a record-breaking sales milestone of Rs 21,040 crore for FY24, marking a growth of 63 per cent year-on-year," it said. The company attained the highest-ever annual collections of Rs 11,954 crore for FY24, a growth of 22 per cent .

From clicks to bricks: Proptech startups ride the online home-buying wave

These proptech companies use technologies like AI, big data analytics, machine learning, virtual reality, and blockchain to revolutionise how properties are bought, sold, rented, financed, and managed

Real estate registration in Mumbai up 8% to 14,150 units this month: Report

Registration of properties in Mumbai city has gone up 8 per cent so far this month to around 14,150 units compared to March last year, reflecting strong demand, according to a report. Real estate consultant Knight Frank said the registration of properties in Mumbai city (area under BMC jurisdiction) has reached nearly 14,150 units by 6.30 pm on March 31. The number could reach 14,250-14,300 units till the closure of window on Sunday. In March last year, 13,151 units were registered. Of the overall registered properties, residential units constitute 80 per cent. Knight Frank India Chairman and Managing Director Shishir Baijal said, "The residential real estate sector in Mumbai has continued to perform exceptionally well in March. The consistent increase in property sale registrations during March highlights the market's attractiveness among homebuyers." "This optimistic trend is likely to persist, especially with the strong economic growth and an amenable interest rate environment

Bank credit to commercial real estate grows threefold in 11 months of FY24

According to the latest RBI data, outstanding loans to CRE stood at Rs 3.9 trillion as of February 23, 2024. It has grown almost by Rs 1 trillion in the past two years from Rs 2.94 trn in Feb 2022

GOCL to monetise 264 acres of land parcel in Kukatpally for Rs 3,402 crore

Hinduja Group firm GOCL Corporation Limited (GOCL) on Wednesday said it has inked an initial pact with Hyderabad-based Squarespace Builders to initiate the strategic monetization of approximately 264.50 acres of prime land located in Kukatpally for Rs 3,402 crores. Additionally, the agreement includes the development of 32 acres of land under a Joint Development Agreement (JDA), in collaboration with Hinduja Estates Private Limited, now known as Hinduja Healthcare Limited (HHL), the company said in a statement. The process will get completed over 18 months in carefully planned tranches, contingent upon the fulfilment of any associated covenants, it said, adding that R 520 crore will be received as the first instalment under the pact. The company said it has commenced the immediate sale of 12.50 acres of the 32 acres under the JDA. "As the first tranche, the company will receive a payment of Rs 520 crores, of which Rs 160 crores will be the consideration for the sale of 12.50 acres,

DLF plans to raise Rs 600 crore through issue of debentures to investors

Realty firm DLF Ltd is raising Rs 600 crore through issue of non-convertible debentures (NCDs) to investors for refinancing of its existing debts. In a regulatory filing on Wednesday, DLF informed that the company's wholly owned subsidiary DLF Home Developers Ltd has raised this amount. The Securities Allotment Committee of the Board of Directors of DHDL has approved the allotment of 60,000 NCDs, having face value of Rs 1 lakh each, for an aggregate principal amount of Rs 600 crore on a private placement basis to eligible investors. DLF, the country's largest real estate developer in terms of market capitalisation, did not mention where the amount would be utilised. Sources said the amount will be utilised for refinancing its existing debts. DLF Group has 215 million square feet of development potential across residential and commercial segments. The group has an annuity portfolio of over 42 million square feet. The company's sales bookings jumped two times annually to Rs 13,316

Squarefeet Group to invest Rs 300 cr on new housing project in Mumbai

Realty firm Squarefeet Group will invest around Rs 300 crore to develop a housing project at Thane in Mumbai Metropolitan Region (MMR). The company plans to develop about 1,000 flats in this 3-acre project named 'Yuva Rajya' and is targeting a revenue of Rs 750 crore over the next 4-5 years. Sachin Marani, Director of Squarefeet Group, said the company has launched around 300 apartments in the first phase and out of that 100 units were sold on the first day of the launch. "The total project cost is Rs 250-300 crore, while the sales realisation is estimated at Rs 750 crore," he said, adding that the company is targeting millenials for this affordable luxury project. The construction work has already started and the project will be delivered over the next four years. Mumbai-based Squarefeet Group has already completed more than 5,000 flats across various projects in Thane and is currently developing many projects. Housing sales have been very growing post-Covid pandemic on strong

Housing.com not actively seeking acquisition, open for opportunities: CEO

Proptech firm REA India, which owns Housing.com and PropTiger, is not actively looking for acquisition for further growth but the company is open to evaluate "interesting" opportunities that complement the business or help in securing new technologies, its CEO Dhruv Agarwala said. REA India, which is part of Australia-based REA Group, will focus on consolidating its both businesses -- real estate classified platform Housing.com and residential brokerage portal PropTiger.com, he added. In an interview with PTI, Agarwala, who is also CEO of Housing.com and PropTiger, said there is no plan of acquisition in near future. However, he said, "We always remain open if there is an interesting opportunity, which might help us bring in better talent or help us fulfill a product gap like we did for mortgage, or if we see an interesting technology. In that sense we are open, but not sort of actively seeking acquisitions.. He emphasised that the focus would be on growth of existing businesses, m

Buildings sector will exceed country's entire GHG emissions budget

Emissions from India's buildings sector between 2020 and 2070 are projected to reach 90.85 gigatonnes of carbon dioxide equivalent in the business-as-usual scenario, exceeding the carbon budget allocated for the entire country, according to a report released on Monday. The countries are striving to achieve net-zero emissions (a balance between greenhouse gases emitted and removed from the atmosphere) to limit the rise in global average temperatures to 1.5 degrees Celsius and prevent further worsening of climate impacts. Becoming a net-zero economy is particularly challenging for India as it must achieve the dual goals of fulfilling developmental aspirations and curbing greenhouse gas (GHG) emissions. The Sixth Assessment Report of the Intergovernmental Panel on Climate Change (IPCC AR6) estimated the remaining global carbon budget (from 2020 onwards) for a 50 percent chance of limiting global warming to 1.5 degrees Celsius to be 500 gigatonnes of CO2 equivalent. According to Climat

Real estate sector may touch market size of $1.3 trillion by 2034: Report

The real estate sector is estimated to reach a market size of USD 1.3 trillion by 2034 and USD 5.17 trillion by 2047, according to a report by realtors body CREDAI. The current market size of Indian real estate is Rs 24 lakh crore (around USD 300 billion), split between residential and commercial segments in the ratio of 80 per cent and 20 per cent, respectively, it said in a statement on Saturday. The Confederation of Real Estate Developers' Association of India (CREDAI) on Saturday released a report 'Building Viksit Bharat-Transformative role of the real estate sector in India', at its event YouthCon. According to CREDAI, Indian real estate will have a significant impact on the Indian economy in the coming years "with the sector projected to reach USD 1.3 trillion (13.8 per cent of projected GDP) by FY 2034 and USD 5.17 trillion (17.5 per cent of projected GDP) by 2047." Among the residential segment, 61 per cent of current supply is above the cost of Rs 45 lakh. The average hom

Developed India will need matured, better real estate sector: Puri

Housing and Urban Affairs Minister Hardeep Singh Puri on Friday said a highly matured and developed real estate sector with an estimated market size of USD 1 trillion by 2030 is needed to achieve the vision of a developed India by 2047. Addressing an event organised by realtors' body CREDAI's youth wing, the minister said the enactment of real estate regulatory law 'RERA" has been a transformational development for the entire sector. "A developed India by 2047 will also require a highly matured and developed real estate sector, both in the residential and the commercial segment," Puri said. He highlighted that investments are coming into commercial real estate including data centres and warehousing. The establishment of Real Estate Investment Trusts (REITs) has also helped in attracting investments into the real estate sector, the minister added. "RERA was a transformational development. It is unbelievable that one of the largest sectors in the economy didn't have a regulator for

Godrej Properties buys land in Hyderabad for Rs 1,300 cr housing project

This is the company's second land acquisition in Hyderabad, which will take the overall booking value potential added in the city to Rs 4,800 crore

D B Realty raises Rs 920 crore by selling shares to institutional investors

D B Realty on Thursday said it has raised Rs 920 crore by selling shares to institutional investors, including Morgan Stanley Asia, to fund its real estate projects and strengthen balance sheet. The company launched its Qualified Institutional Placement (QIP) issue on March 7 and the issue was closed on March 13. In a regulatory filing, the company informed that the board of directors approved the issue and allotment of 3,56,66,675 equity shares to qualified institutional buyers at the issue price of Rs 258 per equity share, aggregating to Rs 920 crore. The issue price was 4.75 per cent lower than the floor price of Rs 270.87 per equity share. The funds raised through the QIP route will provide the company an additional growth capital for its real estate projects and also bolster the balance sheet. "The QIP received the requisite response from global and domestic investors. The successful completion of the QIP reflects strong long-term fundamentals and investor confidence in the .

Foreign investors pour $4 bn in Indian realty: Biggest deals of 2023

Foreign inflows too witnessed a rebound in 2023 registering a 20 per cent year-on-year rise at $3.6 Billion.

Goldman Sachs to resume commercial property investment in US market

The underlying strength of the U.S. economy should support a rebound in the US market too, although he cautioned about the speed of a recovery