Page 4 - Real Estate

Migsun Group to invest Rs 706 cr in high-street commercial project in Delhi

Will develop a total built-up area of 6.3 acres on the site and expects to deliver the project within three years

Migsun Group buys land in Rohini to develop high-street retail project

Realty firm Migsun Group on Wednesday said it has acquired 9 acre land parcels at Rohini in the national capital for Rs 265 crore to develop a high-street retail project. "We have purchased land located at Sector 22 in Rohini from Yogi Raj Promoters Pvt Ltd," Migsun Group MD Yash Miglani told reporters here. Migsun Group has entered into a share purchase agreement with Yogi Raj Promoters, which owns this 9-acre land parcel, he added. The company will fund the land acquisition cost through internal accruals. "We will develop a high-street retail project on this land, comprising 1 million square feet area. There is no commercial projects in and around Sector 22, Rohini," Miglani said. The company might purchase an additional Floor Area Ratio (FAR) to increase the size of the project. Miglani said the company intends to develop small retail shops in this project to bring down the overall ticket size. He said the company would retain the leasing right of this project to ensure that

We plan to capture just 4% of mkt in 4 yrs: Prestige Estates' Irfan Razack

'Currently, we are committed to building an annuity portfolio from the present Rs 460 crore in FY23 to Rs 3,000 crore by FY28'

Registration of properties in Mumbai city falls 11% to 9,268 units in Feb

Registration of properties in Mumbai city fell 11 per cent year-on-year in February to 9,268 units amid rise in interest rates on home loans, according to Knight Frank India. As many as 10,379 properties were registered in February last year. Registration of properties stood at 10,172 in February 2021. Real estate consultant Knight Frank India in a statement said Mumbai city (area under BMC jurisdiction) saw property sales registration of 9,268 units in February 2023. The registration of properties contributed over Rs 1,084 crore to the state revenues. Of the total properties registered, 82 per cent were housing properties while 18 per cent were non-residential properties. Shishir Baijal, Chairman & Managing Director of Knight Frank India, said, "The state exchequer made significant revenues from property registration due to a rise in average value of properties registered in February 2023." In February, the average value of properties registered was recorded at Rs 1.9 crore whic

Fractional realty ownership becoming popular with retail investors: Experts

Apart from being a pocket-friendly investment avenue, it also does away with the hassles of property management such as rent collection and maintenance

India is a key country for our regional strategy: Ivanhoe Cambridge MD

India is a key country for our regional strategy as we aim at steady growth in the Asia-Pacific region, says Chanakya Chakravarthi, MD, Ivanhoe Cambridge

Despite hike in prices, sale of residential properties rises in Delhi NCR

In terms of new launches, Delhi NCR witnessed negative growth of 28% in 2022 at 15,699 units as compared to the preceding year

No plans to launch REIT public offer in next 12 months, says DLF CEO

Real estate major DLF has no plans to launch public offer of REIT in the next one year to monetise its rent-yielding commercial properties, its CEO Ashok Tyagi said. DLF holds bulk of its rental assets (offices and shopping malls) through joint venture firm DLF Cyber City Developers Ltd (DCCDL). DLF holds 66.67 per cent stake in DCCDL, while Singapore sovereign wealth fund GIC has 33.33 per cent shareholding. In the last two years, DCCDL has completed all homework to be ready to list its Real Estate Investment Trust (REIT) on stock exchanges by launching an Initial Public Offering (IPO). DLF's top management has been maintaining that the timing for REIT will be decided by the two joint venture partners. "We are not in a hurry. There is no plan to launch REIT in the next one year," Tyagi told PTI when asked about the company's strategy regarding proposed launch of REIT. The decision comes amid global uncertainties and high interest rates regime. In January 2021, DCCDL had appoint

Mahindra Lifespace aims for Rs 500 cr revenue in industrial segment by 2025

In the residential segment, the company has set a target of increasing the annual sales of Rs 2,500 crore by 2025, from around Rs 1,000 crore last financial year

Haryana govt allocates Rs 5,893 crore in FY24 Budget for urban development

The state's overall budget allocation was Rs 1.83 trillion

Costly home loans pinch realtors, worry about financial closure of projects

Worry about financial closure of projects if interest rates go up any further

Casagrand eyes Rs 500 cr revenue from boutique residential properties

City-based property developer Casagrand has drawn up plans to develop boutique residential properties across prime locations in Chennai, Bengaluru and Hyderabad, the company said on Wednesday. Under this initiative, Casagrand aims to build private residential communities with high-end specifications in metros with generation of Rs 500 crore as revenue from this segment. As more focus was laid in developing large-scale projects including high-rise buildings and independent villas, the significance in the residential localities was ignored for a while, Casagrand said in a statement. "Venturing into this segment, Casagrand is aiming to add a minimum of 100 boutique residences in the next 12 months across Chennai, Bengaluru, Hyderabad," the firm said. Commenting on the initiative, Casagrand founder Arun Mn said, "We feel this particular segment has been overlooked by the reputed builders as we all have focused on building a bigger community, but after analysing that this segment has hu

Indian investments in foreign stocks, property touch a record high in Dec

Diversification, returns an impetus for moving more capital abroad

Not REITs to riches for investors as the near-term headwinds blow

Budget proposals, delayed DESH Bill, hiring slowdown, and rising interest rates present a wall of short-term worry

Average residential property rentals to rise further: Industry experts

Consumers are preferring to take homes on instead of buying them, as construction costs and interest rates rise

Conduct separate title searches on plot, apartment to avoid disputes

Not doing so can hurt buyer even years later, when he tries to sell the unit

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 ...

Godrej Properties acquires Raj Kapoor's Bungalow in Mumbai for Rs 500 cr

Godrej Properties Ltd on Friday said it has acquired legendary film actor, director, and producer Raj Kapoor's Bungalow at Chembur in Mumbai to develop a luxury housing project. The land was purchased from the Kapoor family, legal heirs of Raj Kapoor, the company said in a regulatory filing. The deal value has not been disclosed. The site is located at Deonar Farm Road, Chembur, Mumbai, adjacent to Tata Institute of Social Sciences (TISS). In May 2019, Godrej Properties had acquired R K Studios in Chembur from the Kapoor family to develop a premium mixed-use project Godrej RKS. The project is expected to be delivered this year. Gaurav Pandey, MD and CEO, Godrej Properties, said, "We are pleased to add this iconic project to our portfolio and are grateful to the Kapoor family for entrusting us with this opportunity." The demand for premium developments has been strong over the past few years, he said. This project will allow us to further strengthen our presence in Chembur, Pand

39,000 real estate agents in Maharashtra to be trained: MahaRERA official

Maharashtra Real Estate Regulatory Authority (MahaRERA) will train 39,000 real estate agents from across the state to enable them to impart better services to home and property buyers, a top official from the regulatory body said on Wednesday. MahaRERA plans to complete the training, which has been made mandatory for agents, by September, said its nodal officer Sanjay Deshmukh at a session here organised for the first batch of the property agents. Four agencies, including the National Real Estate Development Council (NAREDCO), have been entrusted with the mandatory training, which will be followed by an exam, said the official. Being the middlemen between buyers and sellers of properties, agents are expected to guide both parties in the right direction, he said. Rajan Bandelkar, president of NAREDCO said the move will bring in more transparency in the working of real estate agents. A MahaRERA official said the government has also asked real estate agents to file their returns, a m

Sebi notifies governance norms for REITs, InvITs similar to listed cos

Markets watchdog Sebi on Wednesday notified governance norms for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) on the lines of listed companies. In two separate notifications, provisions such as those related to tenure of auditor, computation of leverage and unclaimed or unpaid distribution have been streamlined by the regulator. This comes after the board of Sebi approved a proposal in December for introducing governance norms for REITs and InvITs on the lines of corporate governance norms for listed companies. As part of streamlining the provisions for REITs and InvITs, the regulator said the tenure of an auditor will be made till the conclusion of the fifth annual general meeting of unitholders, and a statutory auditor will undertake a limited audit of all the entities or companies whose accounts are to be consolidated. REITs or InvITs would not appoint an individual as the auditor for more than one term of five consecutive years, while an .