Page 8 - Real Estate

Despite rate hikes, residential sales in India at 9-year high: Knight Frank

Along with the rise in sales, new home launches also rose a significant 41 per cent to 328,129 units in 2022

Institutional investments in retail real estate jump 6-fold in 2022: Rpt

Institutional investments in retail real estate jumped over six fold to USD 492 million in 2022, as businesses in shopping malls revived strongly post the COVID pandemic, according to Colliers India. In 2021, the retail real estate had attracted only USD 77 million institutional investments because of an adverse impact of the COVID pandemic on the businesses in shopping malls. Overall, Colliers said that the institutional investments in the Indian real estate sector grew 20 per cent in 2022 to touch USD 4.9 billion from USD 4.08 billion in the previous year. Alternate asset classes, which includes data centres, received an investment of USD 867 million last year, up 92 per cent from USD 453 million in 2021. Alternate assets include data centres, life sciences, senior housing, holiday homes, and student housing among others. The growth of alternate assets is led by investors looking to diversify their portfolio, given steady returns in some traditional asset classes, Colliers India

HDFC Capital achieves $376-mn initial close for scheme 2 of H-CARE 3

H-CARE 3 Scheme 1 & 2 and HDFC Capital Affordable Real Estate Funds - 1 & 2 have created a US$3.1 billion funding platform

Ajmera Realty records Rs 694 crore sales in first nine months of FY23

The sold area also included a recently launched project at Juhu which clocked sales of over 10 per cent of the sales potential on receipt RERA registration during the quarter

HDFC Capital raises $376 million for affordable housing fund H-Care 3

HDFC Capital, the real estate private equity arm of HDFC Group, on Monday achieved the initial close for second scheme of its third fund, raising USD 376 million. The latest fund raising is the third by HDFC Capital's affordable real estate fund (H-Care 3) and the primary investor in the H-Care schemes is a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), HDFC said in a statement. Since the launch in 2016, the fund, across its schemes, has created a USD 3.1 billion funding platform, making it one of the largest private finance platforms in the world focused on development of affordable housing. The fund will provide long-term, flexible funding across the life cycle of affordable and mid-income housing projects including early-stage funding. In addition, it will also invest in companies in the construction technology, fintech, sustainability-tech etc. engaged in the affordable housing ecosystem. HDFC Capital targets to finance 10 lakh affordable homes through a

Women in construction, real estate sector earn less than males: Report

Informal women workers in Indian construction and real estate sector earn 30-40 per cent less than male workers, according to a report that highlights about gender inequality in this sector. Consulting firm Primus Partners and World Trade Center on Monday released a report 'Pink Collar Skilling: Unleashing the Women's Power in the Real Estate Sector' stating that out of the total people employed in this industry only 12 per cent are women. "In the domestic construction and real estate sector, which employs 57 million workers, 50 million of the people employed are men, and only 7 million are women," the report said. Further, it added that the informal women workers engaged in construction in India earn 30-40 per cent less than their male counterparts. This highlights the "gender inequality prevalent in the construction and real estate sector in India," it observed. With a 34.5 per cent pay gap, the hourly wage of women in the construction industry is Rs 26.15, the report pointed ou

Real estate developers urge relaxation of norms under stage III of GRAP

Real estate developers have urged for some relaxation in the provisions of stage III of the Graded Response Action Plan (GRAP) which was reimposed on Saturday in Delhi-NCR due to severe air pollution

Signature Global sells housing properties worth Rs 1,330 cr in Apr-Sep FY23

Realty firm Signature Global, which plans to launch a public issue soon, has sold properties worth Rs 1,330 crore in the first half of this fiscal. The company had achieved sales bookings of Rs 2,590 crore in the entire previous financial year. Credit rating agency Icra has mentioned this in a report while reaffirming its rating with a stable outlook on Signature Global's term loans. Signature Global has got market regulator Sebi's nod to launch its Initial Public Offer (IPO) to raise up to Rs 1,000 crore for reducing debt and future expansion. The IPO comprises a fresh issue of equity shares and an offer for sale (OFS). In its report, Icra said the rating factors in the healthy sales velocity of the Signature Global Group's projects in 2021-22 and the first six months of this fiscal on the back of good response to the company's new project launches. The group sold a 5.46 million square feet area with a value of Rs 2,590 crore in FY22 and 1.84 million square feet for Rs 1,330 cr

Lodha records Rs 9,000 cr sales in nine months, continues to prune debt

Company says it is on course to surpass its pre-sales guidance of Rs 11,500 crore for FY23

Sobha Q3 sales bookings up 36% to Rs 1,425 cr on strong revival in demand

Bengaluru-based realty firm Sobha Ltd on Friday reported a 36 per cent growth in its sales bookings to Rs 1,424.7 crore for the quarter ended December 2022 on strong revival in demand. In a regulatory filing, Sobha Ltd informed that its sales bookings stood at Rs 1,047.5 crore in the year-ago period. Sobha Ltd achieved highest-ever quarterly sales bookings in the December quarter in terms of both volume and value. The average price realisation improved to Rs 9,650 per square feet, up 21.9 per cent from the corresponding quarter of last year. Achieved highest-ever quarterly sales volume of 1.47 million square feet, with an increase of 11.6 per cent compared to the previous year. During April-December period of this fiscal, Sobha Ltd's sales bookings rose to Rs 3,734.4 crore from Rs 2,760.6 crore a year ago. In the first nine months of this fiscal, the company achieved total sale of 4.17 million square feet, an increase of 16.9 per cent over the preceding year. The average price .

S Korean firm Mirae acquires industrial, warehousing asset in Maharashtra

South Korea's Mirae Asset Global Investments Co Ltd has acquired an industrial and warehousing asset at Bhiwandi in Maharashtra for Rs 130 crore. Anarock, one of the leading real estate consultants in the country, facilitated this deal. Mirae Asset Global Investments has done an outright acquisition of a pre-leased Grade A industrial asset at Bhiwandi, Mumbai Metropolitan Region (MMR) for Rs 130 crore, Anarock said in a statement. The industrial property, housed in a 160-acre integrated industrial park and spread over 9 acres, has been acquired from Prakhhyat Infraprojects. Junyoung Hong, Chief Business Officer - Mirae Asset Global Investments (India) Pvt Ltd, said this acquisition is perfectly aligned with the firm's vision of investing in top-grade commercial leased properties in India. "Mirae Assets Group is ramping up its global real estate portfolio and has earmarked USD 500 million to invest in leased Indian commercial assets, he added. With a total leasable area of over 3

Macrotech Q3 sales bookings up 16% at Rs 3,035 cr; pre-sales rise 62%

Realty firm Macrotech Developers Ltd on Friday reported a 16 per cent growth in its sales bookings at Rs 3,035 crore in the third quarter of this fiscal on better housing demand. Macrotech Developers, which sells properties under the 'Lodha' brand, is one of the leading real estate developers of the country. In a regulatory filing, Macrotech Developers informed that the company has achieved its "best ever Q3 (October-December) pre-sales performance of Rs 3,035 crores showing a growth of 16 per cent on a YoY basis." During April-December period of 2022-23 fiscal, Macrotech Developers has clocked 62 per cent growth in its sales bookings to Rs 9,039 crore, from Rs 5,568 crore in the year-ago period. The total sales bookings in the first nine months of the current fiscal has already crossed pre-sales of Rs 9,024 crore achieved in the entire last financial year. "This puts us on track to surpass our full-year guidance of Rs 11,500 crore," the company said. The collections of money fro

Godrej Properties sells over 1 mn sq ft for Rs 435 cr at Ahmedabad project

The company has sold 870 homes with a booking value of approximately Rs 435 crore since the project was launched in October, last year

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

Kumar World Founder Rajas Jain- Paving the way for a new real estate market

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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

Builders go for outright land buys amid better residential demand

Of 68 land deals closed in nine months of 2022, nearly 40 deals comprising over 590 acres are proposed for residential development

UP-RERA website to improve services with launch of version 2.0 by May

This exercise is being performed to facilitate users with improved experience in accessing the services of the portal, reduced time and efforts in resolving complaints and speedy actions

Hostel plots, coaching villas drive Kota's real estate sector growth

The real estate sector in Rajasthan's Kota, dubbed the country's coaching hub for competitive exams, has two unique options when it comes to properties -- hostel plots and coaching villas. With over two lakh students moving to the city to prepare for the exams, Kota's real estate sector has grown with the coaching industry as people invest in building hostels and other forms of temporary accommodations for those coming here. While hostel plots are bought mostly by locals aspiring to start their own businesses, coaching villas are popular among well off families who move to the city to stay with their children as they complete their coaching for competitive exams as well as schooling. "The plot sizes that can be converted into hostels with 30, 50 and 70 rooms are the most popular. Each hostel room comprises a bed, study table and wardrobe. Each hostel has a mess, common area for recreation and some extra rooms that are designated 'parents room' and are occupied by them whenever they

Over 98,000 unsold homes in Delhi-NCR at 2022-end: PropTiger report

The Delhi-NCR market has 98,290 unsold housing units at the end of 2022 calendar year and it will take around five years for builders to sell these stocks at current sales velocity, according to PropTiger.com. In its latest report, housing brokerage firm PropTiger has mentioned that unsold inventory rose 17 per cent in 2022 to 8,49,510 units across eight major cities. Out of these, nearly 8.5 lakh unsold stocks, 80 per cent units are under construction, while 20 per cent homes are completed and ready-to-move-in. These cities are -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad, Pune and Ahmedabad. With improvement in housing sales across 8 cities, the inventory overhang -- the estimated time builders would take to sell off the existing unsold stock based on the current sales velocity -- has declined to 33 months in 2022, as compared to 42 months during 2021, the consultant said. "Pune, Kolkata and Chennai have the lowest inventory overhang of