Page 9 - Real Estate

Global slowdown could dent office space demand in H1 2023 after strong 2022

Demand from domestic companies will, however, lend stability to the market

Mumbai Dec home sale registrations added Rs 821 cr to state revenues: Study

Need for home ownership drives demand; over 100,000 sale deeds registered for second year on trot in 2022. In fact, registrations were up 9% YoY in 2022, to hit a 10-year high

Residential real estate sales to lag commercial in FY23: CRISIL

On the commercial real estate front, after a healthy performance in the first half of this financial year, net leasing will slow down in the second half owing to fears of an impending global recession

Godrej Properties buys 9-acre land in Gurugram, sees revenue of Rs 2,500 cr

Golf Course Road Extension will offer 1.6 million square feet of premium residential development

Supertech offered 9,705 flats without occupancy certificates: NCLAT told

Debt-laden Supertech offered 9,705 flats across 18 residential projects to their owners without obtaining occupancy certificates from the respective development authorities, according to a report prepared by the realty firm's interim resolution professional. The Interim Resolution Professional (IRP) Hitesh Goel has submitted the status report about the company to the National Company Law Appellate Tribunal (NCLAT). Supertech has filed an appeal before the appellate tribunal challenging the National Company Law Tribunal's (NCLT) ruling on March 25 this year, wherein it initiated insolvency proceedings against the company. The matter is pending before NCLAT. The status report, pertaining to 18 residential projects spread across Uttar Pradesh, Haryana and Uttarakhand, was submitted to NCLAT on May 31. "As per the information received from the management, there are 148 towers/plots/Villas and approximately 10,000 houses where the possession has been offered but OC has not yet received,

Ahmedabad, Kolkata & Pune most affordable housing markets in 2022: Report

Despite showing the maximum improvement since 2011, Mumbai was the least affordable city in India in 2022: Knight Frank

Arvind SmartSpaces hits new high in a weak market, rises 105% in 6 months

ASSL has completed 3.8 million sf of projects, while 14.9 million sf projects are under construction and around 6.6 million sf projects are under pipeline

Post pandemic pent-up demand surge, realty space may face global headwinds

A surge in post-pandemic pent-up demand helped India's property market overcome risks from rising interest rates this year but the dream run might face hurdles from global headwinds in 2023. Any moderation in growth will mark a premature end to what industry watchers believe to be the start of a "long-term upcycle" in the Indian real estate sector. The optimism emanates from record housing sales this year, surpassing the pre-COVID 2019 numbers and the previous high of 2014. "2022 proved to be a successful year for the residential real estate market as momentum of sales and consolidation of players continued," property consultant Anarock's Chairman Anuj Puri said. Fundamentally, the market is much more mature and stable than it was prior to the pandemic, he told PTI. Puri said he is "hoping that 2023 calendar year is as vibrant as 2022 for the residential market, provided the headwinds of possible global recession, high inflation and interest rates and Covid resurgence doesn't beco

Go ahead with house purchase in 2023 despite high loan rates

By the time interest rates moderate, prices could move higher

Housing sales up 50%, new supply doubles in top-8 cities in 2022: PropTiger

Mumbai and Pune lead property demand, taking a combined 56% share in overall sales; demand grew sequentially and yearly in all four quarters of the year

Net office market absorption at three-year high of 38 mn sq ft in 2022: JLL

Strong job creation, India's credentials as tech and innovation hub, firm corporate expansion plans, and a greater number of firms eyeing India for talent, were key growth drivers

Experts see 2023 as a year of smooth sailing for real estate sector

Demand likely to remain buoyant despite prospects of another rate hike; industry looking for tax breaks, lower transaction costs

Housing sales in top-7 cities up 54%, top previous high of 2014: Anarock

Current sales momentum is likely to continue in first quarter of 2023; most of the sales are driven by end-users

Godrej properties buys 62-acre land in Kurukshetra; eyes Rs 550 cr revenue

Realty firm Godrej Properties has purchased about 62 acres of land in Kurukshetra, Haryana for over Rs 100 crore to develop a plotted residential project and is targeting around Rs 550 crore revenue from this property. In a regulatory filing, the company informed that this project will offer about 1.4 million square feet of plotted residential development. The company did not mention the total deal value of this land parcel. However, the property brokers said the deal could be around Rs 100 crore. Kurukshetra is a self-sufficient city with good infrastructure consisting of schools, colleges, hospitals and has significant historical and religious importance. Gaurav Pandey, MD & CEO Designate, Godrej Properties, said, the company has entered into Kurukshetra. "Haryana has been a key market for us and we look forward to further strengthen our presence in Haryana with this project," he said. When contacted, a company spokesperson said the project is estimated to generate a sales ...

Godrej Properties buys 62-acre land in Kurukshetra for residential plots

Realty firm Godrej Properties on Monday said it has purchased about 62 acres of land in Kurukshetra, Haryana to develop a plotted residential project. In a regulatory filing, the company informed that this project will offer about 1.4 million square feet of plotted residential development. The company did not mention the total deal value of this land parcel. Kurukshetra is a self-sufficient city with good infrastructure consisting of schools, colleges, hospitals and has significant historical and religious importance. Gaurav Pandey, MD & CEO Designate, Godrej Properties, said, the company has entered into Kurukshetra. "Haryana has been a key market for us and we look forward to further strengthen our presence in Haryana with this project," he said. Earlier this month, Godrej Properties bought 18.6-acre land at Kandivali in Mumbai to develop a premium housing project with an estimated sales revenue of Rs 7,000 crore. Recently, the company partnered with the landowner for joint ..

Piramal Realty eyes Rs 2,200 cr sales bookings in FY23, up over 40% YoY

Piramal Realty is targeting about Rs 2,200 crore sales bookings this fiscal, up over 40 per cent year-on-year, on strong housing demand, its CEO Gaurav Sawhney said. Founded in 2012, Piramal Realty is the real estate development arm of business conglomerate Piramal Group. It is one of the leading developers with 15 million square feet of residential and commercial space under development in the Mumbai Metropolitan Region (MMR). In an interview with PTI, Sawhney said the company has achieved average annual sales bookings of around Rs 2,000 crore in the past five years as it witnessed robust demand for its residential properties across four projects that it has launched so far. Asked about the performance this fiscal, he said, "Our target is in the range of about Rs 2,200 crore. So as of now we look confident that we will cross the Rs 2,000 crore mark, given the demand is buoyant." Sales bookings were more than Rs 1,500 crore last financial year, he informed. Piramal Realty is ...

Godrej Properties eyes Rs 3,000 cr sales revenue from new land in Gurugram

Godrej Properties is expecting around Rs 3,000 crore sales revenue from development of a new housing project in Gurugram. In a regulatory filing, the company said it has "entered into an agreement for development of 14.27 acres of land in Gurugram, Haryana." The development will comprise predominantly premium residential apartments. The proposed development on 14.27-acre land will have an estimated revenue potential of about Rs 3,000 crore, it said. Godrej Properties is expanding aggressively to encash rise in housing demand. It is acquiring land outrightly and also entering into partnership with land owners to develop new projects. Earlier this month, Godrej Properties Executive Chairman Pirojsha Godrej had said, "We have added projects worth Rs 16,500 crore so far this financial year and have already crossed our full-year guidance of Rs 15,000 crore. Given strong further visibility, we will end 2022-23 fiscal much ahead of the target." With the addition of this project, the com

Piramal Realty to invest Rs 3,500 cr in 2 yrs; aims to deliver 5,000 flats

Piramal Realty will invest Rs 3,500 crore over the next two years in four ongoing housing projects as it aims to deliver a 6 million square feet area to customers, its CEO Gaurav Sawhney said. Founded in 2012, Piramal Realty is the real estate arm of the business conglomerate Piramal Group. It is one of the leading developers with 15 million square feet of residential and commercial under development in the Mumbai Metropolitan Region (MMR). In an interview with PTI, Sawhney said the company is developing 13 million square feet in phases across four residential projects in Mulund, Thane, Mahalaxmi and Byculla in the MMR. The company is developing around 12,000 apartments across these four projects. "We have launched around 8-8.5 million square feet so far in these four projects and the remaining 4-5 million square feet will be launched over the next two years," he said. Sawhney said the company is focusing on delivery and has started handing over the first set of 1,000 apartments t

India planning new rules for quicker resolution of builders' insolvency

The proposed change to the nation's Insolvency and Bankruptcy Code will permit resolution of the cases on a project-wise basis

With nearly $18-billion haul, this was best year for auction houses

This record year might say more about the nature of the auction house business than the art market itself