Page 6 - Real Estate

Godrej Properties' sales bookings rise 77% to Rs 8,181cr in Apr-Dec period

Realty firm Godrej Properties sales bookings rose 77 per cent year-on-year to Rs 8,181 crore in the April-December period on strong housing demand, and will cross the target of Rs 10,000 crore for the full fiscal, its Executive Chairman Pirojsha Godrej said. The company's sales bookings stood at Rs 4,613 crore in the first nine months of the last financial year. In an interview with PTI, Pirojsha Godrej said: "We are very happy with the quarter gone by. Operationally, it has been a very strong quarter". Sales booking during the October-December period jumped over two-fold to Rs 3,252 crore from Rs 1,541 crore in the year-ago period. "We have already done nearly Rs 8,200 crore of sales bookings in the first three quarters of this fiscal year and hopefully we will definitely cross Rs 10,000 crore annual guidance," Godrej said. The sales bookings in the third quarter were the highest for the company for any quarter ever, Godrej highlighted. Nevertheless, he said, Godrej Properties w

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

Budget 2023: Capital gains cap at Rs 10 crore to hit luxury home sales

The finance minister on Wednesday proposed to limit deductions from capital gains on investment in residential houses under Sections 54 and 54F to Rs 10 crore

Union Budget 2023: Big boost for affordable housing under PM Awas Yojana

Experts and key players hail announcements but lament that many of their other expectations remained unfulfilled

Budget balanced, likely to boost demand in housing sector: Realty industry

"Moreover, the sustained attention on manufacturing and improvement of urban infrastructure is likely to boost the I&L sector and at the same time spur economic activity and job creation"

Housing prices beginning to firm up after two-year Covid hiatus: Eco Survey

Housing prices have started to firm up after a two-year COVID lull and unsold inventories have declined on rise in demand, the Economic Survey said on Tuesday, as it anticipated a decline in prices on the back of a cut in import duties on many construction materials. India's residential market has witnessed recovery this fiscal on pent-up demand with increase in housing sales despite impediments like rising interest rates on home loans and appreciation in property prices, said the Survey which was tabled in Parliament. The release of "pent-up demand" was reflected in the housing market, as demand for housing loans picked up, the Survey noted. "Consequently, housing inventories have declined, prices are firming up, and construction of new dwellings is picking up pace and this has stimulated innumerable backward and forward linkages that the construction sector is known to carry," the document said. Housing prices have risen due to an increase in the construction cost amid ...

Affordable hsg demand dips, mid-premium remains preferred zone for buyers

Rising input costs, global uncertainties have made it more difficult for developers to launch budget homes in a cost-sensitive market

CPP Investments anchors new IndoSpace fund with $205 mn investment

Investment will add an additional 25-30 million square feet to real estate firm's portfolio

Demand for affordable housing in Indian cities down 26% in 2022: Report

Budget should revise price bandwidths for units that qualify as affordable housing: Anarock

Macrotech Developers aims to cut debt by nearly 40% in 2023: MD Lodha

Realty firm Macrotech Developers Ltd aims to cut its net debt by nearly 40 per cent to around Rs 5,000 crore by the end of this calendar year with the help of surplus cash flow from strong housing sales, a top company official said. Mumbai-based Macrotech Developers, which is one of the leading real estate firms in the country, markets its properties under the Lodha brand. In an interview with PTI, Macrotech Developers MD and CEO Abhishek Lodha sounded bullish on the long term growth potential of India's residential real estate market. Sales bookings and cash flows have been very strong so far this fiscal year, resulting in reduction in debt by Rs 753 crore in the December quarter to Rs 8,042 crore, he said. "We are hoping to reduce debt further by Rs 1,000 crore by end of this fiscal year to about Rs 7000 crore," Lodha said. The company plans to cut debt by Rs 500-800 crore every quarter. "We will hope to be close to Rs 5,000 crore of net debt sometime by end of this calendar ye

Real estate sector backs proposed IBC rule change for defaults

According to experts, defaults in the real estate sector often pertain to specific projects instead of the whole group

Vital evidence surfaces on Rs 700 crore real estate scam in Mohali

Sources maintain that the NOC violates clause 20 of the sale-deed registration of the plot dated May 27, 1987

Indian real-estate investment grew 32% to all-time high of $7.8 bn in 2022

Indian real estate investments grew by 32 per cent Y-o-Y to an all-time high of $7.8 billion, according to consulting firm CBRE South Asia Pvt Ltd

Macrotech Developers Q3 net rises to Rs 404 cr, income dips to Rs 1,902 cr

Realty firm Macrotech Developers Ltd on Tuesday reported a 41 per cent increase in its consolidated net profit at Rs 404.98 crore for the quarter ended December. Its net profit stood at Rs 286.38 crore in the year-ago period, the company said in a regulatory filing. However, the total income fell to Rs 1,902.44 crore in the third quarter of this fiscal year from Rs 2,155.70 crore in the corresponding period of the previous year. Macrotech Developers, which is one of the leading real estate firms in the country, markets its properties under the Lodha brand. It focuses on Mumbai Metropolitan Region (MMR) and Pune -- the two biggest property markets in Maharashtra. It has recently forayed into the Bengaluru residential market.

Blackstone in talks with Bain to sell $480 mn stake in top REIT: Report

A deal would mark US-based Bain's first REIT investment in India where office space is drawing in investors as many workers have returned to offices with the waning of the Covid-19 pandemic

Twitter faces more lawsuits over unpaid rent for US HQ, UK office

Twitter quit paying rent on its San Francisco headquarters in December

Vodafone sells British HQ and rents part instead amid downsizing

Iqon Capital agreed to buy the total of seven buildings known as "The Connection" on behalf of Aljazira Capital

Get a lower rental rate with higher deposit, longer-term lease agreement

Avoid paying more than 15-20 per cent of post-tax salary as house rent

Lenders look to bag Rs 8,000 crore from sale of RCom's prime property

Will hold auction to sell 56-acres of prime real estate in Navi Mumbai, expect higher valuation due to construction of new airport in the vicinity

Sunteck Realty's sales bookings rise 12% to Rs 396 crore on better demand

Sunteck Realty Ltd on Tuesday reported a 12 per cent increase in its sales bookings to Rs 396 crore on better demand. The company's sales bookings stood at Rs 352 crore in the year-ago period. "We had pre-sales of around Rs 396 crore in Q3 FY23, up 12 per cent on YoY (Year on Year) basis," the Mumbai-based firm said in a regulatory filing. During the April-December period of this fiscal year, the company's sales bookings rose 33 per cent to Rs 1,066 crore from Rs 800 crore in the corresponding period of the previous year, it said.