Real Estate Firms

Real estate institutional investment up 37% to $1.65 bn in Jan-Mar: Report

Institutional investment in real estate increased 37 per cent to USD 1.65 billion during January-March, driven by higher inflow in office and housing properties, according to Colliers. Inflows stood at USD 1.2 billion in the same period last year, it added. Foreign investors preferred to deploy funds in office assets, while domestic players put more money into housing. The office sector continued to drive the investment inflows, accounting for 55 per cent of the total inflows during the January-March period, the data from real estate consultant Colliers India showed. The residential segment's share was 22 per cent. Institutional investment inflows in the office sector rose 41 per cent to USD 907.6 million during January-March from USD 643.6 million in the corresponding period of the previous year. Inflows in residential assets jumped to USD 361.1 million from USD 16.5 million. Industrial and Warehousing assets saw a 20 per cent growth in inflows to USD 216.3 million from USD 179

Macrotech sells properties worth Rs 12,064 cr in FY23, sales rise 34%

Realty firm Macrotech Developers' sales bookings rose 34 per cent to a record Rs 12,064 crore in the last fiscal, on better demand despite rise in interest rates on home loans. Mumbai-based Macrotech Developers, which sells homes under the Lodha brand, is one of the leading real estate firms in the country. In a regulatory filing, Macrotech Developers said it has delivered a strong pre-sales momentum with sales bookings of Rs 3,025 crore in the fourth quarter of last fiscal and Rs 12,064 crore for 2022-23 fiscal. The company said it has surpassed the full-year guidance of Rs 11,500 crore. The collections of money from customers stood at Rs 10,606 crore for FY23, up 23 per cent YoY (year-on-year). Net debt has further reduced to Rs 7,071 crore, showing a decline of Rs 2,229 crore for the year. Abhishek Lodha, MD & CEO, Macrotech Developers, said the company has achieved yet another quarter of strong performance enabling us to surpass its annual guidance. "The icing on the cake is

Urbanrise purchases 9.24 acre land parcel from Mahindra Life Spaces

Real estate developer Urbanrise has acquired a land parcel of 9.24 acre from Mahindra Life Spaces to develop a two million sq ft luxury highrise apartment community at Mahindra World City in Singaperumal Koil town about 45 km from here, the company said on Friday. The Alliance Group company's latest project is located near Chennai's satellite town of Maraimalai Nagar. The real estate developer plans to invest Rs 700 crore in this project, which has an estimated revenue potential of Rs 1,200 crore, a company statement said here. "Urbanrise has projects in all major neighbourhoods in and around Chennai city, and with this new project we will reach out to the aspiring home-buying community in and around Mahindra World City on GST Road," Urbanrise Chairman and Managing Director Manoj Namburu said. "We are extremely excited about this acquisition and are looking forward to developing a world-class residential community," he said.

Taparia family buys India's costliest apartment worth Rs 369 cr in Mumbai

The apartment is part of a sea-view luxury triplex apartment located in South Mumbai's Malabar Hill

Income-Tax Dept conducts searches at real estate firms in Hyderabad

About 20 teams of I-T officials were conducting the simultaneous searches at the offices of Wonder City, Royal City and other companies

Max Estates eyes over Rs 3,200 cr revenue from housing project in Gurugram

Max Ventures & Industries Ltd's (MaxVIL) real estate arm Max Estates has entered into an agreement to develop a 12-acre housing project in Gurugram with an estimated sales revenue of over Rs 3,200 crore. MaxVIL said in a statement that it has entered the Gurugram residential real estate market through a joint development agreement, with development potential of around 2.4 million square feet and gross development value in excess of Rs 3,200 crore. The size of land parcel is about 11.8 acres and it is located in Sector 36A, Gurugram, with direct access from the Dwarka Expressway. Sources said that MaxVIL has entered into a joint development agreement (JDA) with Mohit Jain who owns the land in his personal capacity. Jain is managing director of Krisumi Corporation, which is a joint venture of auto component maker Krishna Group and Japan's Sumitomo Corporation Ltd. Commenting on the deal, Sahil Vachani, MD & CEO of Max Ventures & Industries Ltd, said, "FY2023 has been a ...

Around 58% builders expect housing prices to rise further in 2023: Survey

As many as 341 real estate developers from various parts of the country participated in the joint survey conducted during the last two months

Ready homes likely to hit 6-year high in 2023, says Anarock report

2023 likely to witness most ready-to-move homes in 6 yrs

Pent-up demand in real estate will continue in 2023: Knight Frank India

Despite geopolitical challenges, the office sector saw a strong recovery in demand and saw a rise of 36 per cent YoY

Realty sector seeks industry status, tax breaks, big housing push in Budget

Demands include 10x spike in SWAMIH fund to Rs 50,000 cr, uniform 25% corporation tax rate, finalisation of the state rental housing policy, among other things

BK Modi Group plans to invest $1 bn in 5 years in realty, wellness

BK Modi Group plans to invest about USD 1 billion over the next five years in Indian real estate and wellness space as it sees huge growth potential in these two sectors. In an interview with PTI, group founder B K Modi asserted that there is a tremendous scope of bringing new technologies in the real estate sector as well as wellness space. "We will be investing around USD 1 billion over the next five years," he said when asked about the proposed investment in these new ventures. On source of investment, he said the group will also rope in foreign investors in the proposed projects. The group is already constructing a commercial real estate project in Mumbai in partnership with a developer and now has plans to expand this business. On the concept of private smart city, Modi said the group will develop a mixed use project in Rampur, Uttar Pradesh. It already has a piece of land for this project where it will construct housing, mall, hospital and office space. "Whatever is the ne

Residential real estate sales to lag commercial in FY23: CRISIL

On the commercial real estate front, after a healthy performance in the first half of this financial year, net leasing will slow down in the second half owing to fears of an impending global recession

Godrej Properties buys 9-acre land in Gurugram, sees revenue of Rs 2,500 cr

Golf Course Road Extension will offer 1.6 million square feet of premium residential development

Experts see 2023 as a year of smooth sailing for real estate sector

Demand likely to remain buoyant despite prospects of another rate hike; industry looking for tax breaks, lower transaction costs

Piramal Realty eyes Rs 2,200 cr sales bookings in FY23, up over 40% YoY

Piramal Realty is targeting about Rs 2,200 crore sales bookings this fiscal, up over 40 per cent year-on-year, on strong housing demand, its CEO Gaurav Sawhney said. Founded in 2012, Piramal Realty is the real estate development arm of business conglomerate Piramal Group. It is one of the leading developers with 15 million square feet of residential and commercial space under development in the Mumbai Metropolitan Region (MMR). In an interview with PTI, Sawhney said the company has achieved average annual sales bookings of around Rs 2,000 crore in the past five years as it witnessed robust demand for its residential properties across four projects that it has launched so far. Asked about the performance this fiscal, he said, "Our target is in the range of about Rs 2,200 crore. So as of now we look confident that we will cross the Rs 2,000 crore mark, given the demand is buoyant." Sales bookings were more than Rs 1,500 crore last financial year, he informed. Piramal Realty is ...

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

Dharavi redevelopment project a veritable realty goldmine, say experts

Sensitive rehab, retaining local jobs key challenges in Adani's mega project

Greenfield construction cost for developers up 5-7% in Q3 2022: Report

Labour cost increased 8-10% and reinforcement steel prices went up about 20%, says study scanning cities

M3M expects Rs 5,000 cr in sales through 13-acre land acquired in Noida

Real estate firm will invest Rs 2,400 cr in mix-use project of housing, retail and service apartments

Abu Dhabi fund invests $500 mn in Kotak Investment's 13th real estate fund

With this new fund, KIAL has raised, managed or advised more than $3.3 billion under its real estate fund series