Page 2 - Realty

Modi Group to invest $1 billion in realty, wellness space in Delhi, Mumbai

In Delhi, a wellness city will be developed with medical office buildings, residencies, service apartments, a rehab centre and a quaternary care hospital, and senior care facilities

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

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

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

Stocks of realty, consumer services firms are FPIs' stocking stuffers

A combination of sectoral rotation and better consumer spending is attributed to the shift towards realty and consumer services stocks

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

M3M buys 350-acre land to enter Panipat mkt and build Rs 2,700 cr township

The company expects a topline of Rs 5,000 crore from the project

IIFL Home Finance invests Rs 50 cr in Eon Group's Mumbai township project

Realty firm Eon Group on Friday said it has raised Rs 50 crore from IIFL Home Finance for its township project in Mumbai. IIFL Home Finance has recently invested Rs 50 crore senior-secured construction debt in its affordable housing township 'Riverwood Park' located in Thane, Eon said in a statement. The investment will be in Phase II of the 42-acre project. Eon Group said the fund will help the firm accelerate the completion and delivery of the five towers of Phase II that are under varying stages of construction. The total development potential for sale is over 7 lakh square feet. Bharat Shah, Chairman of Eon Group, expressed confidence about the housing demand. Sales bookings for over 60 per cent of the inventory have already been achieved and the final tower of Phase II is expected to be completed by December 2025. Eon plans to develop Phase III of the township which will have over 15 lakh square feet of residential area. Palash Shah, Managing Director of Eon Group, said: ..

Macrotech Developers below QIP price after 7% fall today; down 25% in 1 yr

Macrotech Developers' promoters have raised Rs 3,547 crore by selling shares around 7.2% of the company's equity share capital to institutional investors at the offer price of Rs 1,026 per share

Elan Group raises $60 mn from PAG for construction of realty projects

Realty firm Elan Group on Friday said it has raised USD 60 million from global investment firm PAG to fund construction of projects, reduce debt and expand business. The company has secured a second round of funding from PAG. In August this year, it had raised USD 50 million from PAG. The investment will be used towards growth capital to endorse existing debt and to scale up construction of its new luxury housing project -- "The Presidential", located in Sector 106 Gurugram. "This follow-on financing from PAG further strengthens the partnership between both firms and the team at Elan is geared up to put this capital to its most efficient use", said Sandeep Agarwal, CFO, Elan Group. Last month, Elan Group announced an investment of Rs 4,000 crore to develop its first housing project on Dwarka Expressway in Gurugram. In January, the group bought 40 acres of land in Gurugram from Indiabulls Real Estate Ltd (IBREL) for Rs 580 crore for the development of housing and commercial project

Macrotech Developers' promoters plan to raise Rs 3,500 crore via share sale

Realty firm Macrotech Developers' promoters plan to raise about Rs 3,500 crore by selling shares to institutional investors, according to sources. Mumbai-based Macrotech Developers sells its properties under the Lodha brand. In a regulatory filing late on Wednesday, Macrotech Developers informed that the company has launched Qualified Institutional Placement (QIP) of the equity shares. The QIP consists of an offer-for-sale (OFS) of shares by promoter group entities -- Sambhavnath Trust, Sambhavnath Infrabuild and Farms Pvt Ltd, Hightown Constructions Pvt Ltd and Homecraft Developers and Farms Pvt Ltd. The promoters are selling shares for the purpose of achieving minimum public shareholding, the filing said. As on September 2022, promoters had 82.20 per cent stake in the company and they need to bring it down to 75 per cent in order to maintain the minimum 25 per cent public shareholding. Macrotech informed that the floor price has been fixed at Rs 1,022.75 per share but did not .

Donald Trump Jr. to visit India; may announce expansion in realty sector

US-based The Trump Organization Executive Vice President Donald Trump Jr, son of former US President Donald J Trump, is expected to visit India this month and may announce its expansion in Indian real estate market. New York-based The Trump Organization entered into Indian real estate market through a partnership with Mumbai-based Tribeca Developers. The US firm and Tribeca have tied up with local developers, including the Lodha group, to build luxury projects under 'Trump' brand. So far, four luxury projects have been announced, of which one in Pune is already complete. "Donald Trump Jr. is expected to come to India this month on the occasion of Tribeca Developers' 10th-anniversary celebration," Tribeca Developers said in a statement. During this visit, Donal Trump Jr. and Kalpesh Mehta, founder of Tribeca Developers, are both likely to announce their business expansion plans in the country, it added. "Tribeca's business association with the Trump Organization dates back 10 years

Listed real estate majors home in on market-share gains, price hikes

The sector has been able to offset interest rates, input cost pressures

Walton Street invests Rs 165 cr in Sowparnika Homes' Bengaluru projects

Sowparnika caters to the middle-income/affordable segment with an average ticket size of Rs 50 lakh in a project close to key employment centres and IT Hubs

Trident Realty to invest Rs 3,000 cr over 7-8 years in Panchkula project

The company will use the investment in its recently launched luxury residential project, Trident Hills, an integrated luxury township in Panchkula, to develop the new project

Keystone Realtors shares climb over 3% in stock market debut trade

Shares of Keystone Realtors, which sells properties under brand 'Rustomjee', ended over 3 per cent higher in its debut trade on Thursday against the issue price of Rs 541. The stock listed at Rs 555, reflecting a gain of 2.58 per cent from the issue price on the BSE. It further rallied 5 per cent to Rs 568.25. Shares of the firm ended at Rs 557.80 apiece, higher by 3.10 per cent. At the NSE also, it made its debut at Rs 555. It later ended at Rs 556.80, a gain of 2.92 per cent. The company commanded a market valuation of Rs 6,352.08 crore on the BSE. In volume terms, 4.16 lakh shares of the firm were traded at the BSE and over 58.63 lakh shares on the NSE during the day. The initial public offering of Keystone Realtors received 2 times subscription on the last day of the offer on November 16. The IPO had a fresh issue of up to Rs 560 crore and an offer-for-sale of up to Rs 75 crore. Price range for the IPO was at Rs 514-541 a share. Founded in 1995, Keystone Realtors has 32 com

Trident Realty to invest Rs 3,000 crore over 7-8 years in Haryana

Trident Realty will invest about Rs 3,000 crore to build a 200-acre luxury housing township at Panchkula in Haryana as part of expansion plan, its Chairman S K Narvar said. It has acquired this land parcel through insolvency process and invested around Rs 400 crore to settle the loans of financial institutions. It has also provided plots to around 450 stuck homebuyers in this project. The Delhi-based company has presence in Delhi-NCR, Mumbai Metropolitan Region (MMR) and is now making a foray into Chandigarh tri-city through this new project. "We have launched our new luxury residential project Trident Hills in Panchkula. This 200-acre land parcel is located in the foothills of the Shivaliks. We will be developing around 60 lakh square feet area in this township, including villas, group housing, independent floors and plots," Narvar told PTI. The project will be developed over the next 7-8 years. "We will be investing about Rs 3,000 crore to develop this township project," Narvar