Housing Projects

Macrotech adds 12 land parcels in FY23 to build new projects to meet demand

Realty firm Macrotech Developers has added 12 land parcels for the development last fiscal, with an estimated revenue potential of nearly Rs 20,000 crore as it seeks to expand the business to tap rising housing demand. The company had given a guidance of Rs 15,000 crore for new business development for 2022-23 fiscal. Macrotech Developers, which sells its properties under the Lodha brand, acquires land outright and also enters into joint development agreements (JDAs) with landowners to expand the business. It mainly focuses on Mumbai Metropolitan Region (MMR) and the Pune market. It has entered Bengaluru recently. "We continue to remain the preferred partner for various landowners across micro-markets for JDA partnerships," Macrotech Developers MD and CEO Abhishek Lodha said. The company has added 12 projects in FY23 on 14 million square feet for a combined GDV (gross development value) of Rs 19,800 crore, he added. "Business growth robustness continues to strengthen with a ...

DLF sells 1,137 flats in Gurugram for over Rs 8,000 crore within 3 days

Realty major DLF Ltd on Thursday said it has sold 1,137 luxury apartments, priced Rs 7 crore and above, in its housing project in Gurugram for over Rs 8,000 crore within 3 days, reflecting a strong demand for premium flats across major cities. In a regulatory filing, DLF informed that it has "witnessed record breaking pre-formal launch sales of Rs 8,000-plus crores for its luxury high-rise residences, The Arbour". DLF will build 1,137 4BHK apartments across five towers (38-39 storeys) in this 25-acre project. The project is located at Golf Course Extension Road, Sector-63 Gurugram. The project has been fully sold out within three days even before its launch, DLF said. Aakash Ohri, Group Executive Director and Chief Business Officer, DLF Ltd, said, "Our latest luxury offering, 'The Arbour' has received a phenomenal response even before it was launched." The interest shown by discerning homebuyers in the country and overseas is clearly an endorsement of the highly aspirational DLF

Godrej Properties buys Raj Kapoor's Mumbai Bungalow for Rs 100 crore

Godrej Properties Ltd has acquired legendary film actor, director and producer Raj Kapoor's Bungalow at Chembur in Mumbai for around Rs 100 crore to develop a luxury housing project with a sales potential of Rs 500 crore. The land was purchased from the Kapoor family, legal heirs of Raj Kapoor, the company said in a regulatory filing. When contacted, Godrej Properties Executive Chairman Pirojsha Godrej told PTI: "The total size of the land is around 1 acre. We will develop a premium housing project on this land parcel." "The project will have an estimated sales revenue potential of about Rs 500 crore," Pirojsha Godrej said. He did not disclose the deal value citing confidentiality. Sources said the deal value is around Rs 100 crore. When contacted, real estate consultant Anarock Chairman Anuj Puri told PTI: "The market rate of one acre land at Chembur will be Rs 100-110 crore. Chembur is a vibrant residential market with good connectivity to BKC (Bandra Kurla Complex)." Puri said

Kim Jong breaks ground for housing, farm projects amid economic isolation

North Korea says leader Kim Jong Un attended groundbreaking ceremonies for new housing and farming projects, which are part of his push for domestic achievements as the country's economic isolation deepens amid his defiant pursuit of nuclear arms. North Korea's official Korean Central News Agency said Kim broke ground Wednesday for the construction of a huge greenhouse farm in the outskirts of the capital, Pyongyang, where senior North Korean official Jo Yong Won in a speech said that providing Pyongyang residents with fresh vegetables in all seasons was a top priority. Kim also attended a ceremony marking the start of second-stage construction project to build 10,000 new homes in Pyongyang's Hwasong district. The project is part of broader plans to supply 50,000 new homes in the capital under a five-year national development plan that runs through 2025. Experts say North Korea has severe shortages in quality housing that deepened over decades of economic decay. But living condition

Relief to flat buyers of stuck projects, Rs 101 cr recovered: MahaRERA

Follow-ups on compensation orders for flat buyers has resulted in recovery of Rs 101 crore from developers in Maharashtra, the real estate regulator for the state said on Thursday. Maharashtra Real Estate Regulatory Authority (MahaRERA) regularly passes orders against developers who have not delivered on projects and follows up on them by sending warrants for recoveries to district collectors, it said in a statement. Follow-up actions since December resulted in developers at 118 projects in Mumbai city, Mumbai suburbs, Pune and Raigad paying up Rs 100.56 crore, it added. A total of 594 warrants were issued for the recovery of Rs 413.79 crore from the developers in the four districts, which led to the recoveries, the statement said. In Mumbai city, 3 warrants led to the recovery of Rs 11.42 crore from demands for Rs 44.92 crore in 14 warrants, while the same in Mumbai suburbs was 80 warrants leading to the recovery of Rs 55.57 crore as against demands of Rs 255.84 crore through 343

Unsold housing stock fell 10% to 461,600 units at December-end: PropEquity

Unsold housing stocks dropped 10 per cent to 4,61,600 units across nine major cities at the end of the December on better sales, PropEquity said on Monday. According to its data, unsold housing inventories stood at 5,12,526 units at the end of the September quarter across these nine cities. "Despite many challenges ...home sales strongly recovered this year. It is worth noting that the demand in the industry and the positive sentiment is growing. Even with the steady rise in mortgage rates, customers were still taking loans in anticipation of appreciation of properties and as end users for the units," said Samir Jasuja, Founder and Managing Director of PropEquity, said. In Kolkata, unsold housing stocks fell 12 per cent to 17,715 units from 20,096 units at the end of the September quarter. In Navi Mumbai, unsold housing inventories fell 10 per cent to 27,815 units from 30,986 units, while in Mumbai unsold stocks declined 5 per cent to 58,587 units from 61,755 units. Thane saw a 11

DLF plans to launch Rs 7,500 cr-worth premium housing project in Gurugram

Realty major DLF Ltd plans to launch a luxury housing project in Gurugram next month with an estimated sales revenue of around Rs 7,500 crore as it seeks to tap strong demand for high-end apartments. The company plans to develop around 1,100 apartments in this residential project, DLF Group Executive Director and Chief Business Officer Aakash Ohri told PTI. "We are planning to launch next month a premium residential project in Sector 63 Gurugram. The estimated sales realisation of this project will be around Rs 7,500 crore," he said. "Demand for real estate across various price points is very strong, especially for products offered by trusted developers," Ohri said. DLF, the country's largest real estate firm in terms of market capitalisation, achieved a 45 per cent growth in sales bookings to Rs 6,599 crore in April-December period of this fiscal and is on track to achieve its annual sales guidance of Rs 8,000 crore. DLF's sales bookings stood at Rs 4,544 crore in the year-ago ..

Godrej Properties buys land in Chennai worth Rs 100 cr for housing project

Godrej Properties, a part of business conglomerate Godrej Group, is one of the leading real estate developers in the country

HDFC Capital raises $376 million for affordable housing fund H-Care 3

HDFC Capital, the real estate private equity arm of HDFC Group, on Monday achieved the initial close for second scheme of its third fund, raising USD 376 million. The latest fund raising is the third by HDFC Capital's affordable real estate fund (H-Care 3) and the primary investor in the H-Care schemes is a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), HDFC said in a statement. Since the launch in 2016, the fund, across its schemes, has created a USD 3.1 billion funding platform, making it one of the largest private finance platforms in the world focused on development of affordable housing. The fund will provide long-term, flexible funding across the life cycle of affordable and mid-income housing projects including early-stage funding. In addition, it will also invest in companies in the construction technology, fintech, sustainability-tech etc. engaged in the affordable housing ecosystem. HDFC Capital targets to finance 10 lakh affordable homes through a

Godrej Properties buys 9-acre land for Rs 300 cr to build housing project

Godrej Properties has bought a 9-acre land in Gurugram for around Rs 300 crore to develop a housing project. On December 29, the company had informed stock exchanges about acquisition of the land through an outright purchase, but did not mention the deal value. According to market sources, Godrej Properties bought this 9-acre land for Rs 300 crore. The project with a development potential of about 1.6 million square feet area, has an estimated revenue potential of about Rs 2,500 crore. The site is strategically located with easy access from Golf Course Road Extension, also known as Southern Peripheral Road. Early last year, Godrej Properties Executive Chairman Pirojsha Godrej had announced that the company would invest USD 1 billion on future development of projects. It is aggressively acquiring land parcels either outright or in partnership with land owners. Godrej Properties, a part of business conglomerate Godrej Group, is one of the leading real estate developers in the ...

Online registration date for CIDCO housing scheme in Navi Mumbai extended

The last date for online registration for state-run CIDCO's mass housing scheme has been extended till January 6 from December 22 due to the overwhelming response from people, an official said on Thursday. A total of 7,849 apartments are available in Bambandongri railway station, Kharkopar East 2A, Kharkopar East 2B and Kharkopar East 2P in Ulwe node of Navi Mumbai as part of City Industrial and Development Corporation's Mass Housing Scheme Diwali - 2022, he said. The scheme was launched on October 24 this year, he said, adding the final list of accepted applications will be published on January 18. The lotter to choose winners will be held on February 3.

Godrej Properties buys 12 acres land in Pune to build housing project

Realty firm Godrej Properties on Tuesday said it has acquired 12 acres of land in Pune for development of a housing project that has an estimated sales revenue potential of about Rs 2,000 crore. According to a regulatory filing, the company has, on outright basis, acquired a 12-acre land parcel in Mundhwa-East, Pune. The development on this land will primarily be for a premium group housing project. The project will have a developable potential of approximately 2.2 million square feet with an estimated revenue potential of approximately Rs 2,000 crore, it added. Mohit Malhotra, MD & CEO, Godrej Properties, said, "Mundhwa is an important micromarket in Pune and we are happy to add this land parcel to our portfolio. This will further expand our presence in Pune and fits with our strategy of deepening our presence in established micro markets across India's leading cities." Godrej Properties, which is part of business conglomerate Goderj group, is one of the leading real estate ...

We work in a few mkts, don't spread ourselves thin: Mahindra Lifespaces CEO

In a Q&A, Arvind Subramanian says his firm hopes to achieve Rs 2,500 crore residential sales a year and industrial leasing of Rs 500 crore by 2025

Shriram Properties, ASK Property Fund to set up Rs 500-cr housing platform

Realty firm Shriram Properties Ltd and ASK Property Fund have agreed to set up a Rs 500 crore investment platform to acquire housing projects. Both companies have signed a Memorandum of Understanding (MoU) for setting up the investment platform for acquisition of residential real estate projects. Under the platform arrangement, Shriram and ASK will co-invest in plotted and residential developments projects in Bengaluru, Chennai, and Hyderabad. "Aggregate commitments towards the platform will be up to Rs 500 crores and the committed capital is expected to be deployed over the next 12 months," Shriram Properties said in a statement. ASK will invest through its managed Category II AIF (Alternative Investment Fund). Shriram and ASK have already committed their first investment under the new platform for a plotted development project in North Bangalore. "The platform will invest up to Rs. 125 crores towards acquisition and development of this project that already has necessary approv

Housing sales up 41% in July-Sept period across 7 cities: Anarock Report

Sales of residential properties increased 41 per cent to 88,234 units in July-September this year across seven major cities, property consultant Anarock said on Friday. The housing brokerage firm released its quarterly data of seven major cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Hyderabad and Pune. As per the data, housing sales rose 41 per cent to 88,234 units in the third quarter (July-September) of 2022, from 62,799 units in the year-ago period. New launches increased 45 per cent to 93,490 units from 64,560 units in these seven cities. "The momentum of both housing sales and new launches stayed strong in the top 7 cities in Q3 2022 despite major headwinds. The appetite for homeownership has remained undeterred, with maximum sales being driven by end-users," Anarock Chairman Anuj Puri said. He noted that there has been an increase in new supply by the leading and listed developers, who also reported robust housing sales. Puri felt that

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Top housing projects going nowhere; litigation, funding major issues

Nearly 500,000 homes, worth Rs 4.48 trillion, were stuck in seven metro markets in the country as things stood at the end of May, according to Anarock Property Consultants

Eldeco partners HDFC Capital to form Rs 350 cr fund for housing projects

Realty firm Eldeco group on Friday said it has partnered with HDFC Capital to set up Rs 350 crore fund to develop residential projects across many cities. Eldeco Infrastructure and Properties Ltd (EIPL), a privately held company of the Eldeco Group has "partnered with HDFC Capital Affordable Real Estate Fund 3 (H-CARE 3) for an investment of Rs 350 crore to create a platform to develop multiple residential projects across multiple cities." Currently, Eldeco has identified four residential developments in Delhi-NCR, Himachal Pradesh and Uttarakhand for an initial investment of Rs 175 crore. Earlier, Eldeco Group had partnered with HDFC Capital Affordable Real Estate Fund 1 (H-CARE 1) to set up a Rs 150 crore platform for the development of low-rise and plotted development projects. The first project under this platform 'Eldeco Paradiso', a 35-acre plotted project in Panipat was launched in late March this year. Pankaj Bajaj, Chairman of Eldeco Group, said, "Eldeco is now present in

Godrej Properties aims to add new projects worth Rs 15,000 cr in FY'23

Godrej Properties is looking to add new housing projects worth about Rs 15,000 crore this fiscal year by purchasing land outright and by forming joint ventures with landowners

DLF aims 10% growth in sales bookings to about Rs 8,000 cr in FY23

Realty major DLF Ltd is targeting a 10 per cent growth in its sales bookings to about Rs 8,000 crore this fiscal on better demand for its housing properties