Page 5 - Real Estate

Alliance Group firm buys 96.5-acre land; to invest Rs 3,600 cr in township

Realty firm Urbanrise, an Alliance Group company, has acquired a 96.5 acre land parcel at Tambaram, Chennai from Reliance Capital and will invest Rs 3,600 crore to develop a township project. The company said in a statement that it will develop a mega township project on the land parcel that has a "development potential of 13 million square feet with an expected revenue of Rs 7,000 crore." The company, however, did not disclose the financial details of the transaction. Urbanrise said it has been acquiring large tracts of land in premium locations across Bengaluru, Chennai, and Hyderabad markets to expand its business. Manoj Namburu, Chairman and MD of Alliance Group and Urbanrise said the Tambaram locality is fast emerging as a commercial-cum-residential hub of Chennai. "We are looking at developing an integrated township with world-class amenities..," he added. Alliance Group is one of the leading real estate firms in South India that has delivered over 7,500 homes. The organisa

CCI approves acquisition of real estate assets by Nexus Select Trust

Competition Commission of India on Monday approved the acquisition of commercial real estate assets by Nexus Select Trust. Nexus Select Trust is a Sebi-registered real estate investment trust (acquirer REIT) and is backed by global investment firm Blackstone. The proposed transaction involves the direct acquisition of 100 per cent shareholding of 15 entities and indirect acquisition of 100 per cent shareholding of two entities acting through acquirer REIT's manager -- Select Infrastructure Pvt Ltd and Nexus South Mall Management Pvt Ltd, according to an official release. It also cleared the direct acquisition of 50 per cent equity shares of ITIPL from its existing shareholders by the acquirer REIT (acting through its manager), the release said. The entities are primarily engaged in the commercial real estate sector in India.

Brigade Enterprises sells properties worth Rs 2,618.5 cr in Apr-Dec FY23

Realty firm Brigade Enterprises has sold housing and commercial properties worth Rs 2,618.5 crore during the first three quarters of 2022-23 fiscal, up 31 per cent from the year-ago period, on better demand and higher price realisation. Bengaluru-based Brigade Enterprises is one of the leading real estate firms in the country with a strong presence in South India. In its investor presentation, the company highlighted that it has "achieved sales value of Rs 26,185 million (Rs 2,618.5 crore) during 9 months of FY23, a growth of 31 per cent over 9 month of FY22". Its sales bookings stood at Rs 1,994.8 crore in the year-ago period. In volume terms, the sales bookings rose 25 per cent to 39,58,000 square feet during the April-December period of 2022-23 fiscal from 31,68,000 square feet in the corresponding period of the previous fiscal. The average sales realisation grew 5 per cent to Rs 6,616 per square feet from Rs 6,298 per square feet. Out of the total sales bookings in the first

House rent across major cities in India to keep rising in 2023: Anarock

The biggest jump in the house rent was seen in Noida Sector 150 where the monthly rent for a 1,000 sq ft flat jumped 23 per cent from Rs 15,500/month in 2019 to Rs 19,000/month

Realty check for luxury housing after crucial change in tax structure

Deduction can be availed of under Section 54 and Section 54F in the same assessment year, thereby enhancing total limit, say tax experts

Delhi-Mumbai expressway's first leg to boost Gurugram market, say realtors

It will give a huge boost to the residential and commercial market in Gurugram's Sohna and to industries, warehousing & logistics as well

Mumbai ranks 7th as preferred destination for real estate investments

Mumbai is at seventh position in Asia Pacific as a preferred destination for cross-border investments in real estate sector, according to property consultant CBRE India. The consultant on Friday released its '2023 Asia Pacific Investor Intentions Survey'. "Mumbai is ranked 7th among the 10 APAC cities and emerged as a preferred destination for cross-border investment in the region," it said. Mumbai ranks ahead of Shanghai (ranked 8), Hanoi (ranked 9) and Seoul (ranked 10) on the list. No other Indian city had featured in the list in the last two years. Tokyo topped the chart for the fourth consecutive year as the target market for cross-border investment, followed by Singapore. Vietnam continues to benefit from its status as a 'China-plus One' destination. The survey, polled more than 530 Asia Pacific-based investors across a range of investor types from developers, private investors, and REITs to institutions such as insurance companies, pension funds and sovereign wealth funds,

Mumbai, Bengaluru among top 5 APAC cities with the steepest home price rise

Delhi was also on the list of top ten such cities with an average price rise of 6.8 per cent in the second half of 2022

Costliest property deal: Welspun's BK Goenka buys triplex for Rs 240 crore

The penthouse has been purchased in the Three Sixty West project at Annie Besant Road in Worli, Mumbai

Large Budget allocation to infrastructure makes theme attractive

While infra funds can offer good returns over long term, returns tend to swing wildly from one year to next

Affordable housing demand to remain low as home loan rates rise: Experts

Some believe the impact of the interest rate hike has been limited and would not dampen homebuyers' spirit much, as demand remains high

RBI repo rate hike to impact affordable housing demand, say experts

The impact will be short-term, and the boost in budgetary allocations towards infrastructure will keep the demand robust

Haryana real estate regulator forfeits bank guarantees of JMS Infra Realty

The Haryana real estate regulatory authority (HRERA), Gurugram has forfeited the bank guarantees of real estate promoter JMS Infra Realty Private Limited as the promoter failed to submit approved service plans and estimates as well as zoning plan of its project on time. As per the conditions for granting RERA registration certificate (RC) in March 2022, the promoter had to submit the approved service plans and estimates and the approved zoning plan of the project within three months. The promoter had submitted Rs 25 lakh each for the two conditions as security deposit with the authority. "The bank guarantees were submitted to authority by the promoter as security for timely submission of approved service plans and estimates and approved zoning plan as stated in the registration certificate which was issued to the promoter by the Haryana real estate regulatory authority, Gurugram in March 2022," said the authority. "Since the promoter has not complied with the conditions of the ...

Sobha Ltd Q3 profit halves as land purchase costs surge, expenses up 51.7%

India's real estate developer Sobha Ltd on Tuesday reported that its third-quarter profit nearly halved, hit by higher land acquisition costs

PAG bets big on Indian real estate as NBFCs go slow on developer loans

Investor lent Rs 3,000 crore to property developers last year

Tech-led startups mushroom across realty sub-segments in post-pandemic era

Number of proptech enterprises have grown at CAGR of 200% to over 1,400 in 2022, from just two in 2016, shows Anarock study

I&L sector takes 31.6 mn sq ft on lease in 2022, highest since 2019

Delhi-NCR led the absorption with 7.3 million sq ft, followed by Mumbai and Bengaluro with 6.1 million sq ft and 5.2 million sq ft, respectively

With purchases worth Rs 35K crore, Indians emerge top home buyers in Dubai

This is almost double the money spent by Indians to purchase homes in Dubai in 2021

Damani's close associates buy 23 flats for Rs 1,200 crore in Mumbai: Report

Each apartment is about 5,000 sq ft in size and has been sold for Rs 50-60 crore

Oberoi Realty buys 63 residential units in luxury housing project in Mumbai

Mumbai-based Oberoi Realty has bought 63 residential units comprising over 5 lakh square feet in a luxury housing project at Worli in Mumbai. In a regulatory filing, Oberoi Realty said its shareholders had in December approved purchase/ acquisition of residential premises in the project 'Three Sixty West' constructed by Oasis Realty for up to Rs 4,000 crore. It was a material related party transaction, it added. On Saturday, Oberoi Realty said the company has concluded the purchase/ acquisition of residential premises in the project. Giving details, Oberoi Realty said the company has purchased 5,23,039 square feet carpet area. The total number of units purchased is 63, while the total amount of consideration paid by the company is Rs 3,403 crore. The stamp duty and other charges for purchase of these units are Rs 204 crore. The share of income tax liability discharged through Oasis Realty is Rs 605 crore. Consequently, Oberoi Realty said the company has recovered its entire fund