Page 12 - Real Estate

NCR witnesses highest YoY dip in new launches of residential units: Study

The study by the real estate consultancy firm, Anarock, said that NCR accounted for 7 per cent of the total new supply in Q3 2022 across the top seven cities.

China recalibrates policy, issues directions to rescue property sector

The move coincided with a publicly announced 20-point playbook from the National Health Commission aimed at reducing the economic and social impact of containing Covid

Smartworld Developers expect sales worth Rs 250 cr from retail project

The 100,000 sw ft project in Gurugram is spread over three floors, with units ranging from 500 sq ft to 12,000 sq ft

Wealthy Indians buying properties in Dubai, London, NY for better prices

Anuj Puri, chairman of Anarock Property Consultants links wealthy Indians buying abroad to their purchasing power

Game-changing rules for asset reconstruction companies

The new norms succinctly sum up the RBI's view on how some of the ARCs have been run

Godrej Properties highest bidder for Noida land parcels with Rs 377-cr bid

Realty firm Godrej Properties Ltd on Saturday said it has been declared as the highest bidder for two adjacent land parcels in Noida with a bid of Rs 377 crore. The company said in a regulatory filing that it has been declared as highest bidder as per the e-tendering portal of SBI, which facilitated the e-auction on behalf of Noida Authority. The company will develop residential group housing on the adjacent land parcels located in Sector 146, Noida. Spread over 12.4 acres, the land parcels will offer about 3.2 million square feet of development potential. Mohit Malhotra, MD and CEO, Godrej Properties, said, "We have witnessed strong demand for our existing projects in Noida and these projects will further strengthen our development portfolio in NCR (National Capital Region). This fits well with our strategy of deepening our presence in key micro markets across India's leading cities." Godrej Properties is one of the leading real estate developers in the country.

Signature Global launches second phase of premium projects in Gurugram

The realtor will deliver the remaining 50 per cent of the units to customers in the second phase of the projects

Hyderabad registers homes worth Rs 2,237 crore in October: Knight Frank

Near 10% dip in registrations to Rs 27,509 crore since January; units worth Rs 25-50 lakh each constitute 51% of total

SC upholds Bombay HC order quashing property tax opposed by developers

Real estate developers say they paid exorbitant amounts to municipality as Land Under Construction Tax

Travancore to Mandi: A sneak peek into the royal houses of New Delhi

The royal family of Travancore has entered into an agreement with Sahana Real Estate & Builders to sell the Travancore house for Rs 250 crore. Here is a look at other royal houses in Delhi

Only 2.1 mn houses to be built for poor in AP as against sanctioned 2.83 mn

The Andhra Pradesh government will construct only 21 lakh houses for the poor under its much-hyped 'Pedalandariki Illu' (Housing for All) programme, as against the 28.30 lakh originally sanctioned. State Housing Minister J Ramesh said, "We have distributed 30.20 lakh house sites and are building 21 lakh houses in two phases. The programme will be completed by March 2024." He said 80 per cent of the houses were under construction now. The Minister, however, did not elaborate why the scheme has been scaled down to 21 lakh from 28,30,227 houses as sanctioned in the year 2020. In the first phase, 15.10 lakh houses were supposed to be built by June 2022 and, in the second phase, another 13.20 lakh by June 2023 at a total cost of Rs 50,944 crore. The government has, in fact, taken up 18,63,562 houses in the first phase but construction of over four lakh of those has not started even after a lapse of over 17 months. As per the latest data of the Housing Department, only 1,52,325 of the

Centre may introduce changes to capital gains tax rules, says report

A task force had recommended changes in indexation benefit rules for the capital gains tax in 2019, and it is expected to be the main basis of the review

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

Stores now preferred choice over online shopping: Raymond's Singhania

Raymond's sales rise 15% in September quarter versus pre-Covid period

Godrej Properties acquires 12 acres in Pune to build housing project

Realty firm Godrej Properties 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 an 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 around 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 developers of the ...

Macrotech Developers to launch 16 projects worth Rs 10,300 crore in H2 FY23

Realty firm Macrotech Developers plans to launch 16 new projects in the second half of this fiscal with an estimated sales potential of Rs 10,300 crore as it seeks to tap rising housing demand. 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 an entry into the Bengaluru market with one housing project. According to an investor's presentation, the company launched a 4.4 million square feet area during the April-September period of this fiscal with an estimated sales booking of Rs 8,480 crore. For the second half of this fiscal, Macrotech Developers has lined up new launches of 16 projects, comprising a 7.3 million square feet area with an estimated sales value of Rs 10,300 crore. These projects would be a mix of fully-owned and joint development with landowners. In an interview with PTI last week,

Brookfield India's net dips 61% to Rs 27 crore, net operating income up

The company's sales rose 43.40 per cent to Rs 303.60 crore in the July-September quarter, from Rs 211.71 crore during the previous quarter ended September 2021

L&T Realty, CapitaLand tie up to develop 6 mn sq ft of prime office space

L&T will build and develop the spaces, CLINT will market them; most of the projects are to be started from the second half of 2024

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