Shriram Properties sells mall land in Chennai for ₹93 crore
Shriram Properties Limited (SPL), a leading real estate developer, has sold 3.9 acre land parcel in Chennai to a large healthcare and educational group in South India. The company did not disclose the buyer’s name. The value of the deal is ₹93 crore, said sources. The company, through its wholly-owned subsidiary – SPL Shelters Private […]
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Sector Anticipates 12% Growth in Home Sales in FY25 Despite Regional Slowdown: G Hari Babu
Select real estate markets in India – across three southern states, namely Andhra, Telangana and Karnataka – and Pune are witnessing slower than expected residential real estate sales due to rising unsold inventory, says G Hari Babu, National President of NAREDCO (National Rea Estate Development Council). According to him, luxury housing has done “extremely well […]
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Rising prices and elections stall residential growth in 2024: ANAROCK
Strong homebuyer demand and hardening property prices coupled with the general and state elections dented India’s residential growth momentum in 2024, according to ANAROCK. The housing sales in the top seven cities saw a marginal 4 per cent decline in 2024, with approximately over 4.5 lakh units sold, compared to over 4.7 lakh units in […]
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Blackstone mulling over $1 billion public float of India warehousing assets
Blackstone is likely to float an IPO or infrastructure investment trust (InvIT) next year for its India logistics arm, Horizon Industrial Parks, which with around 55 million sq ft portfolio, is poised to surpass larger rival IndoSpace. While it is early days yet, sources indicated that going by its portfolio and industry valuations, it would […]
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Blackstone mulling over $1 billion public float of India warehousing assets
Blackstone is likely to float an IPO or infrastructure investment trust (InvIT) next year for its India logistics arm, Horizon Industrial Parks, which with around 55 million sq ft portfolio, is poised to surpass larger rival IndoSpace. While it is early days yet, sources indicated that going by its portfolio and industry valuations, it would […]
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Bengaluru sees 40% YoY growth in office leasing at 21.7 msft in 2024: Colliers
Bengaluru dominated the demand for Grade A office space in 2024, recording a leasing volume of 21.7 million square feet (msft), up by 40 per cent year-on-year (YoY), according to real estate services provider Colliers. The total office leasing across India reached 66.4 msft during the same period. Bengaluru was followed by Hyderabad and Mumbai, […]
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Oberoi Realty to set up hotel, villas on 81-acre land parcel in Alibag
Oberoi Realty said it has executed an agreement for the development of an 81-acre parcel of land situated at village Tekali, Alibag in Maharashtra where it plans to develop a hotel or a resort and residential villas. The Mumbai-based real estate developer said that on around 8.6 acres or 34,803 square meters of the land it […]
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Housing sales, supply see steep fall in December quarter
The ongoing quarter is proving to be not so good for the residential real estate sector with both new supply and absorption seeing a fall. Data indicates that new housing supply has fallen by a third on year and sales by over a fifth across the top nine cities of India. In Q4 of 2024 […]
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Welspun One to raise ₹4000 crore from global funds to double portfolio
Logistics and warehouses developer Welspun One, is looking to raise ₹4,000 crore, to double its portfolio size to 32 million square feet (msf) by 2028 from 16 msf now. The company said it is tapping investors including private equity firms and sovereign wealth funds, within Asia and outside, who have already shown considerable interest. The funds are […]
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Telangana introduces Bhu Bharati Bill
The Telangana Government has introduced Bhu Bharati (Record of Rights) Act 2024 replacing a similar act, Dharani, enacted during the Bharat Rashtra Samithi (BRS) regime. Introducing the bill in the Assembly on Wednesday, Revenue Minister Ponguleti Srinivasa Reddy said that the Act has corrected several anomalies in the old Act, which created a lot of […]
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Golden Homes plans to expand in other cities of Tamil Nadu
Chennai-based real estate development firm Golden Homes Pvt Ltd plans to expand to other cities, including Tiruchi, Coimbatore and Madurai. The company has done around 150 projects only in Chennai, said its Chairman and managing director Balsingh George. “We are also looking at expanding in Bengaluru,” he told newspersons. George announced that his son Joel […]
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SEBI permits inter-se sponsor transfers of locked-in units in InvITs, REITs
Securities and Exchange Board of India has permitted real estate investment trusts and infrastructure investment trusts to invest in unlisted shares under certain conditions and has also allowed the inter-se transfer of locked-in units among sponsor group entities. At the board meeting on Wednesday, the markets regulator also permitted the trusts to invest in interest […]
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TVS Emerald to acquire Radial Phase II, III IT Parks for ₹576 crore
TVS Emerald, a subsidiary of TVS Holdings Ltd (formerly known as Sundaram-Clayton Ltd), will acquire Radial (Phase II) IT Park Pvt Ltd and Radial (Phase III) IT Park Pvt Ltd for a total consideration of ₹576 crore. TVS Emerald will acquire 43.59 lakh equity shares and 7.25 lakh compulsorily convertible debentures, constituting 100 per cent […]
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Properties worth ₹22,280 crore from fugitives restored to Banks, FM tells Lok Sabha
Attached property of economic offenders valued over ₹22,000 crore has been restored to public sector banks and other legitimate claimants, Finance Minister Nirmala Sitharaman told the Lok Sabha on Tuesday. She also disclosed that over 2 lakh assesses have declared their foreign assets in Income Tax Returns this fiscal. “Properties belonging to Vijaya Mallya, valued […]
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Fund raising by InvITs slows down, REITs keep up momentum
Fund raising by Infrastructure Investment Trusts (InvITs) have fallen significantly in FY25 so far compared to last year partly due to lower awarding of road projects and partly because of regulatory delays in the transfer of assets to InvITs from parent entities and others. Real estate investment trusts (REITs) however, have kept their fund-raising momentum […]
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India’s real estate market thrives amid strong demand, urban growth, and luxury shifts, says Colliers’ Sankey Prasad
India’s residential real estate sector is witnessing a phenomenal price rise, banking on new infra-additions, better urban transportation, and rising urbanisation. Backed by higher disposable incomes across major cities, and changing consumer preferences, demand for home-buying continues to strengthen and this momentum is expected going forward, says Sankey Prasad, Chairman and MD, India & Middle […]
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Brookfield India REIT raises ₹3,500 crore via QIP
Brookfield India Real Estate Trust has raised capital of ₹3,500 crore (around $ 415 million) through a qualified institutional placement of units. The REIT said the placement saw strong demand from marquee long-term investors including a mix of foreign institutions, mutual funds, and life insurance companies. The issue received investment from the International Finance Corporation […]
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CMRL to enhance non-fare revenue through strategic property development at key metro stations
Chennai Metro Rail Limited has signed a contract agreement for the Preparation of a Detailed Project Report (DPR) for Property Development at Alandur, Alapakkam Junction, Boat Club, Nandanam, and Wimco Nagar Depot in CMRL Phase 1 and Phase 2. The contract has been awarded to Jones Lang Lasalle Property Consultants India Pvt.Ltd for a value […]
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StanChart group to sell Chennai property worth ₹1,000 crore
Standard Chartered group has put its 5.78-acre property at the heart of the city in Haddows Road for sale. The property is valued at around ₹1,000 crore and currently houses the group’s Global Services India (StanChart GBS). CBRE has been appointed as the agency for the sale. The sale is part of StanChart GBS’ plan […]
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Godrej Properties raises ₹6,000 crore via QIP
Godrej Properties has raised ₹6,000 crore by selling shares to institutional investors on qualified institutional placement (QIP) basis as it looks to expand business amid strong demand for residential plots and apartments. Last week, the company launched its QIP issue to raise up to ₹6,000 crore. In a regulatory filing on Monday, Godrej Properties informed […]
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SM REITs to have their own SRO
Small and medium real estate investment trusts (SM REITs) will have their own self-regulatory organisation as an apex body, a move that is being favoured by Securities and Exchange Board of India (SEBI), sources said. SM REITs, formerly fractional ownership platforms that have just started registering with SEBI, will not be brought under the ambit […]
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Policy revision, aligning affordable housing definition with the residential markets required: Gulam Zia of Knight Frank
India’s affordable housing segment is expected to reach ₹67 trillion by 2030 and demand is expected to be around 31.2 million units. However, there exists a mismatch in the definition of affordable housing when one compares how policy-makers and developers see it, said Gulam Zia, Senior Executive Director – Research Advisory, Infrastructure & Valuation, Knight […]
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Real estate developers bullish on southern markets: Crisil survey
Real estate developers are optimistic of a continued growth in southern markets, particularly in Kerala despite tailwinds amid changing dynamics, a sentiment survey at real estate conclave by Crisil has said. RERA statistics show that out of 1.35 lakh project registrations in India, Maharashtra leads with 35 per cent, followed by Tamil Nadu (16 per […]
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Blackstone and Sattva Group set to file papers for $750-800 million REIT listing
World’s largest alternative asset manager Blackstone Inc and real estate developer Sattva Group are close to filing the initial draft papers for the listing of an office real estate investment trust (REIT), comprising around 50 million square feet of commercial assets, to raise around $750-800 million, sources said. Blackstone’s assets under its office platform Nucleus […]
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Century Real Estate projects ₹2,000 crore in sales by the end of FY25
Bengaluru-based Century Real Estate is projecting to achieve a sales target of ₹2,000 crore by the end of FY25, driven by new launches planned for the second half of the year. The company reported ₹1,040 crore in sales for the first half of the fiscal year. The topline for Q2 stood at ₹507 crore. Emphasising […]
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Top 7 cities have 526 msf of REIT-worthy stock valued at ₹4.50 lakh crore
India’s top seven cities — Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, NCR and Pune, hold nearly 526.3 million sq ft (msf) of REIT-worthy stock valued at nearly ₹4.50 lakh crore, as per a report by Chicago-based Vestian. Nearly a third of these REIT-worthy stock or 171.2 msf valued at ₹1.35 lakh crore is in Bengaluru; followed […]
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Gujarat’s new jantri rates threaten to spike housing prices by 30-40%
Days after the Gujarat government proposed a revision of “jantri” rates — benchmark land rates decided by the government — real-estate developers associated with Credai on Tuesday said the new rates would push the prices of new housing projects in Gujarat by 30-40 per cent. “Our preliminary analysis shows that the Gujarat government raised Jantri rates […]
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Gopalan Enterprises plans to triple residential portfolio with 2msft launches planned for next year
Bengaluru-based property developer Gopalan Enterprises is planning to triple its residential portfolio with 2 million square foot (msft) of launches scheduled for next year. The developer currently has 1 msft in residential properties in Bengaluru. Observing the trend in residential real estate, C Prabhakar, Director of Gopalan Enterprises, told businessline, “The trend we see today […]
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Real estate dominates AIFs, secures ₹75,468 crore till H1 FY25
Real estate attracted the highest share of alternative investment funds (AIFs) till the first half of FY25, marking the largest share since the inception of AIFs in 2013. According to SEBI data compiled by ANAROCK, real estate accounted for 17 percent of total AIF investments, amounting to nearly ₹75,468 crore, a 10 per cent increase […]
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DRA signs up Rashmika Mandanna as brand ambassador
Chennai-based real estate developer DRA, today announced that it has signed on actress Rashmika Mandanna, as its brand ambassador. The company, which has so far developed 10 million sq ft of (mostly) residential space in Chennai, expects to add 2.7 m sq ft from its nine ongoing and six upcoming projects. Rashmika, who co-starred with […]
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Emami Realty plans to develop two new residential projects in Chennai
Emami Realty, an Emami Group company, is planning to develop two new residential projects, covering a total area of around 20 lakh square feet, in Chennai. These two projects in Chennai are the parts of the Kolkata-based company’s plan to launch 12 projects, spanning around 220 lakh square feet of residential and commercial spaces, over […]
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November property registrations in Mumbai up 5% YoY
Property registrations in Mumbai for November crossed 10,000 units, as demand for residences sustained and revenue from stamp duty was over ₹900 crore with more higher values homes being transacted. Data from the state government showed that 10,213 units were registered in November, up 4.9 per cent on year while revenue was around 30 per […]
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Demand for retail space in malls, high streets in top 8 cities up nearly 5% in Jan-Sep: C&W report
Leasing of retail space in shopping malls and prominent high streets rose nearly 5 per cent during January-September this year across eight major cities, according to Cushman & Wakefield. Real estate consultant Cushman & Wakefield data showed that the absorption or leasing of retail space in Grade-A malls and main high streets across the top […]
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DLF to sell Kolkata IT Park business to affiliate of Primarc and RDB groups for ₹637 crore
Real estate major DLF on Friday said one of its subsidiaries has entered into a definitive agreement to sell its Kolkata Tech Park 1 business undertaking to RDB Primarc Techno Park (an affiliate of Primarc and RDB groups) on a slump sale basis for a consideration of around ₹637 crore. Kolkata Tech Park 1 is one […]
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TARC achieves major sales milestone with half of TARC ISHVA project sold
TARC Limited announced today that it has sold 50 per cent of its TARC ISHVA residential project, valued at ₹1,350 crore, just two months after its launch in September 2024. The luxury residential development on Golf Course Extension Road in Gurugram’s Sector 63A spans 1.35 million square feet and offers four-side open residences with Aravali […]
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Arihant Foundations & Housing secures ₹109-crore investment
Arihant Foundations & Housing Ltd, the Chennai-based real estate developer, on Wednesday announced an investment of ₹109 crore through preferential equity allotment. The investment has been secured from marquee investment funds — the Lotus Family Trust managed by Madhusudan Kela, and CaratLane founders Mithun and Siddhartha Sacheti. With this partnership, Arihant Foundations aims to expand […]
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Chennai’s GCC leasing to reach 3.2 mn sq ft. in 2025: CBRE report
Global Capability Centres (GCCs) would lease 3-3.2 mn sq ft. in 2025 in Chennai. Over the years, Chennai has solidified its position as a preferred hub for global corporates, accounting for 11 per cent of India’s current GCC talent, according to a report by CBRE South Asia Pvt. Ltd., India’s leading real estate consulting firm. […]
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Infra boom and end-user demand drive residential sales; interest rate cuts essential: CREDAI’s Boman Irani
Around 60 per cent of Indians’ wealth has been created around real estate. And following RERA—with the security and safety of buying a homecoming on—the residential real estate market has grown folds, says Boman Irani, President of CREDAI (Confederation of Real Estate Developers’ Association). Batting for interest rate cuts, he maintains that it will benefit […]
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India’s 26 major listed realty firms sell ₹35,000 crore worth properties in Q2; Godrej Properties at top
India’s 26 major listed real estate firms have sold properties worth nearly ₹35,000 crore during the September quarter with Godrej Properties reporting highest sales bookings. According to the data compiled from regulatory filings, the 26 major listed realty firms have reported a combined sales bookings of ₹34,985 crore in the second quarter of the current […]
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Asset JGT’s super luxury residential project begins construction in Kochi
Asset JGT, a joint venture between JGT Living Spaces — a CGH Earth Group company with over seven decades of experience in the hospitality industry — and Asset Homes has begun construction of its first project, Anandamalika, in Kochi. The announcement was made by Asset Homes brand ambassadors Prithviraj and Asha Sarath. The project will […]
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Provident Housing announces launch of ‘Provident Bayscape’ in Chennai
Provident Housing Ltd, a large-scale community developer, a 100 per cent subsidiary of the Bengaluru-based Puravankara Ltd, will launch its latest residential project, Provident Bayscape, in Chennai on Saturday. Located on Kelambakkam-Vandalur Road, Provident Bayscape is a residential project spanning 5.35 acres with 676 residential units. It will offer 2 and 3-bedroom configurations spanning four […]
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Brigade REAP to invest in six to eight startup investments annually
Bengaluru-based real estate major Brigade Group’s startup accelerator arm- Brigade REAP plans to invest in six to eight startups each year, according to Abhay Garg, Head of Brigade REAP. “We plan to invest between $100,000 and $200,000 per startup,” he added. Earlier on Thursday, the startup accelerator announced that it has invested $500,000 in gig-based […]
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Chennai skyline high-rise buildings with 40+ floor projects coming up
Chennai has always been a low height residential city, but not anymore. There are many high rise buildings of about 30 floors but the large ones are now over 40 floors as the city is witnessing rapid verticalisation (flats). Brigade’s project at Perambur will have five towers, including one 49 floors; its Altius at Sholinganallur […]
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Kolkata: Godrej Properties buys 53-acre land parcel in Joka
Godrej Properties said it has acquired a 53-acre land parcel in Joka, Kolkata, on which it plans a residential plotted development with a potential 1.3 million square feet of saleable area with an estimated revenue potential of ₹500 crore. The land is strategically located in the fast-developing micro-market of Joka, which is close to the […]
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Realty players eye substantial growth in H2 FY25 after sedate first half
After a lull in H1, real estate players are gearing up for a revival with multiple launches in the second half of FY25. Major realty players based in Bengaluru outlined their expansion plans in the post-earnings conference call. Key players like Prestige Estate Projects, Puravankara, Sobha and Brigade Enterprises are ramping up with new launches. […]
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hBits launches new asset with around ₹55 crore investment opportunity
Fractional ownership platform hBits has launched a new asset in Thane, offering ₹54.66 crore investment opportunity. The Grade A commercial asset located in Ashar IT Park at Wagle Estate, has a leasable area of 1.1 million square feet and is leased out to a French listed tech multinational. The asset has an entry yield of […]
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Adani Realty plans big realty push in Mumbai, to rival Jio Convention Centre
The real estate arm of the Adani group, Adani Realty, is coming up with around 6-8 million square feet of residential, commercial, and retail development in Mumbai, including a 25,000-seat convention centre near the upcoming Navi Mumbai airport, that will rival Mukesh Ambani’s Jio World convention centre in Bandra Kurla Complex. The aim is to […]
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Sobha Ltd Q2 Results: PAT jumps 74% to ₹26.1 cr growth
Sobha Ltd, a real-estate major based out of Bengaluru reported a consolidated profit after tax of ₹26.1 crore for the quarter ended on 30 September, up by 74 per cent year-on-year (y-o-y), from ₹14.95 crore in Q224. The net revenue stood at ₹965.3 crore, reflecting a 44 per cent increase quarter-on-quarter (q-o-q) and a 25 […]
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DLF’s KP Singh: Urges high-powered urban infrastructure for $5 tn economy
The doyen of real estate, KP Singh – also the Chairman Emeritus of DLF Ltd – feels India needs to set up a high-powered cabinet rank committee to prepare a blueprint for developing urban infrastructure across major cities that can support the proposed $5 trillion economy. According to him, India’s urban master planning should take […]
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Emaar India unveils ‘Amaris’ luxury residences with eco-friendly features in Gurugram’s Sector 6
Emaar India has launched its luxury residential project, ‘Amaris’ at Sector 62, in the Golf Course Extension Road micro market in Gurugram, The company said in a statement that Amaris, covering 6.118 acres of land, offers an elevated lifestyle with luxurious 2, 3, and 4 BHK residences. The project features a sustainable landscape with over […]
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Pradhan Mantri Awas Yojana — Urban: NHB inks pacts with 116 lending institutions for interest subsidy scheme
National Housing Bank (NHB) on Thursday entered into separate Memorandums of Understanding (MoUs) with 116 Primary Lending Institutions (PLIs) for implementation of the Interest Subsidy Scheme (ISS) under the Pradhan Mantri Awas Yojana — Urban 2.0 (PMAY-U 2.0). The MoUs were signed at the National Workshop on Pradhan Mantri Awas Yojana (U) 2.0 in the […]
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India’s office leasing soars 41% in 2024 amid rent hikes, supply crunch, and GCC growth: Cushman & Wakefield
Driven by the increased demand from GCC (global capability centres) and rising demand from Indian corporates, commercial space leasing in India is up 41 per cent to 66.7 million sq ft (msf) for the Jan – Sept period (Q1-Q3 of CY 2024), says, Veera Babu, MD, Tenant Representation at real estate consultancy firm, Cushman & […]
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Brigade Enterprises PAT up by 2% at ₹115 crore for Q2
Bengaluru-based property developer Brigade Enterprises reported a consolidated profit after tax (PAT) up by 2 percent year-on-year (YoY) at ₹115 crore for Q2FY25 from ₹112.5 crore in the previous year period. The revenue fell by 19 per cent at ₹1,138.1 crore, from ₹1,407.9 crore in Q2FY24. The group reported a consolidated EBITDA of ₹358 crore, […]
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Supreme Court sets pan-India guidelines against ‘bulldozer justice,’ calls demolitions without due process unconstitutional
Coming down hard on instant ‘bulldozer justice,’ the Supreme Court on Wednesday laid down pan-India guidelines on property demolition and said the Executive cannot become a judge, declare an accused guilty, and demolish his house. A bench of Justices B R Gavai and K V Viswanathan said it would be “totally unconstitutional” if houses of […]
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‘India an outlier as global real estate slowly returns to normalcy’
India stands as an outlier in the global real estate market, which is just returning to normalcy with some uptick in transaction volumes, the confidence coming back with prospects of a reduction in interest rates, a top official at Knight Frank said. “The best performing markets in our network at the moment are India and […]
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Leela Palaces Hotels’ parent Schloss Bangalore plans multi-use asset management
Schloss Bangalore (Leela Palaces Hotels Resorts), an institutionally owned and managed pure-play luxury hospitality company, plans to venture into multi-use asset management blending luxury hospitality with business and residential offerings. India has an existing stock of 858 branded residences associated with hotel brands, with a pipeline of another 2,040 units across New Delhi, Gurgaon and […]
Read MoreCall to use of path-breaking technology in construction sector
Experts in the construction sector has called for the use of cutting-edge technology to reduce carbon footprint as well as saving energy. They were deliberating on the new and emerging trends on construction technology during the ‘BAI Emerge 2024’ conclave organised here by Builders Association of India (BAI). The topics discussed included futuristic construction techniques, […]
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Interarch Building Products plans to double turnover to ₹2,500 cr by 2028
Interarch Building Products, a leading player in the pre-engineered building industry, is planning to double its turnover to ₹2,500 crore by 2028, Managing Director Arvind Nanda has said. The company, which got listed recently, clocked a turnover of ₹1,293 crore in FY24. Interarch Building Products, which raised ₹600 crore through the initial public offering (IPO), […]
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Non-IT services tenants, SEZ conversions aid occupancies in REITs
Offices and specifically real estate investment trusts are no longer relying on IT services tenants, whose share in office occupancies has dropped sharply, partly due to the slowdown in the segment and a surge in leasing by manufacturing and BFSI segments. The slowdown in the software services sector ever since the pandemic has been a […]
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Brookfield India REIT Q2 results: NOI up 40% YoY
Brookfield India Real Estate Trust reported net operating income of ₹485.8 crore in Q2 of FY25, up 40 per cent on year, while operating lease rentals rose 55 per cent to ₹425.7 crore, led by higher leasing volume and spreads. The operational leases saw an increase of Rs 34 crore due to same store new […]
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Lodha buys out Bain Capital’s stake in digital infrastructure assets
Macrotech Developers has acquired Bain Capital’s stake in three joint digital infrastructure platform entities for Rs 307 crore, the company said, as part of its strategy to increase its control on its industrial and logistics assets. The three entities in which it has acquired stakes are Bellissimo Digital Infrastructure Development Management, Palava Induslogic 4, and […]
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Brigade to invest ₹800 crore to develop 1 mn sq ft residential apartments in West Chennai
Bengaluru-based real estate developer Brigade Group has signed a Joint Development Agreement to develop a residential project of around 1 million sq ft in Chennai. The project, located in West Chennai, which is one of the fastest growing parts of the city, will be developed as part of a 1.5 million sq ft mixed use […]
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IBBI pushes for land authorities to join CoC meetings in real estate insolvency cases
Insolvency regulator IBBI has come up with slew of proposals to improve real estate resolutions under IBC including mandating the inclusion of Land Authorities in Committee of Creditors (CoC) meetings in cases involving real estate companies. The discussion paper issued on Thursday by the Insolvency and Bankruptcy Board of India (IBBI) for this purpose seeks to enhance […]
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IHCL acquires majority stake in Tree of Life, targets 100 properties by 2030
The shares of The Indian Hotels Company Limited (IHCL) were trading at ₹682.55 up by ₹14.55 or 2.18 per cent on the NSE today at 11.55 am. The Indian Hotels Company Limited (IHCL) announced the acquisition of a majority stake in Tree of Life’s operating company, partnering with the Ambuja Neotia Group yesterday November 5. […]
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Biz families of Tier-II cities drive-up ultra luxury residential demand in North & West India
Ultra-luxury residential projects in Gurgaon and premium plotted developments of North and West India – are witnessing active buyer interest from business families or promoter groups based out of Tier-II towns, which include Bhubaneswar, Kanpur, Ayodhya, Darjeeling, among others. For instance, ‘The Dahlias’ – realty major DLF’s upcoming super-luxury residential project in Gurgaon with units […]
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DLF to invest ₹8,000 cr to build super-luxury project in Gurugram
Realty major DLF will invest around ₹8,000 crore to develop an ultra-luxury housing project in Gurugram as it seeks to encash strong demand for premium homes. Last month, DLF did a pre-launch of its 17-acre super-luxury housing project ‘The Dahlias’ at DLF 5, Gurugram, after obtaining all regulatory approvals and has received a good response […]
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Realty sector rises 63%, outshining Nifty50; more firms eye IPOs
Real estate has been one of the best performing sectors and over the last one-year period it has given absolute returns of over 63 per cent, outperforming several other sectors as well as the benchmark Nifty50 that has appreciated by 27.5 per cent. The real estate index includes all the major developers, in its including […]
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Sattva Group plans ₹14,000-crore investment to build 80 m sft of residential, commercial projects
The Sattva Group has lined up residential and commercial projects with an aggregate built-up area of 80 million square feet at an investment of ₹12,000-14,000 crore. While the projects will be rolled out in the next two-three years, investment would be spread over the next six-seven years. “We have completed projects with an aggregate built-up […]
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WeHouse streamlines home construction with transparency, expands to Tier-II cities
For many middle-class families, the dream of owning a home is often overshadowed by the challenging task of building it. The unorganised construction sector, riddled with unreliable contractors, opaque pricing, and frequent delays, has frustrated aspiring homeowners. “You come to us with a plot and we will take care of everything else to ensure your dream […]
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October home sales soar in Mumbai; Builders to keep the frenzy going
Over 12,900 properties have been registered in Mumbai in October, a month marked by festivities, starting with Navratri and Dussehra and ending with Diwali. According to state government data, it has garnered revenue of over ₹1,200 crore as stamp duty from the city alone. The number of units registered represent a 22 per cent growth […]
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EFC gets SEBI nod for India’s first small & medium REIT IPO
EFC (I) Limited has secured SEBI registration for EMBERSTONE SM REIT, India’s first Small & Medium Real Estate Investment Trust operated by a managed office space provider. The company plans to launch an initial public offer worth ₹500 crore through its wholly-owned step-down subsidiary, EFC REIT Private Limited. SEBI granted the registration on October 29, […]
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Realty firms account for 17% of QIP money raised this year
The real estate sector has contributed about a sixth to the amount raised by way of qualified institutional placements (QIP) this year. Of the ₹75,923 crore raised till September via QIPs, 17 per cent or ₹12,801 crore was by realty firms, data collated by ANAROCK Research shows. Prestige Estates Projects, Macrotech Developers and Brigade Enterprises […]
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Festive season pushes demand for new houses
Housing developers are ecstatic with the positive house buying sentiment this festive season record sale this calendar year with both sales and new launches likely to exceed 300,000 units for the second consecutive year. There is also a growing demand among consumers for buying premium//luxury houses priced above ₹2 crore this festive season. With several […]
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Property prices rise across cities fuelled by demand, costs, rental yields
Residential prices have moved up 2-19 per cent in 2024 so far and according to a survey homebuyers expect prices to rise 6-15 per cent on an average over the next one year or so. A survey by real estate platform Magicbricks showed that a major portion of homebuyers are expecting prices to rise over […]
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Mindspace REIT NOI crosses ₹500 cr for first time in Q2
Mindspace Business Parks REIT leased gross 2.1 million sq ft in Q2 of FY25, and net operating income crossed the ₹500 crore milestone, rising over 5 per cent on year. The REIT reported 6 per cent higher revenue at ₹623 crore, with rentals seeing a steady growth across all its business parks taking its in-place […]
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Macrotech Developers to initiate housing projects worth ₹10,000 crore by March in MMR, Pune, Bengaluru
Realty firm Macrotech Developers Ltd will launch nearly 8 million square feet of residential space in the second half of this fiscal with an estimated sales value of ₹10,000 crore, as part of its strategy to expand the business. Mumbai-based Macrotech Developers sells properties under the Lodha brand. In its latest investors presentation, Macrotech Developers […]
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Across cities, rising residential rents pinch tenants
Home rents are really going up, hurting tenants and leaving them with very little room for discretionary spending. Residential rents have increased in the range 26-67 per cent across key micro markets in the top seven cities in India in the last three years, according to data from property consultant Anarock. “Cities such as Bengaluru […]
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DLF’s sales bookings rise 66% to ₹7,094 crore from April to September despite weak Q2
Realty major DLF’s sales bookings increased 66 per cent to ₹7,094 crore in the first half of this fiscal on strong housing demand. Its sales bookings stood at ₹4,268 crore in the year-ago period. The company has been able to achieve growth in sales bookings during the April-September period of this fiscal because of the […]
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DLF Q2 consolidated net profit up 121 per cent
Real estate major, DLF saw a 121 per cent rise in consolidated net profit to ₹1,381 crore for the quarter-ending September 30, 2024. Profit in the year-ago period was ₹622 crore. Consolidated revenues saw a 48 per cent increase y-o-y to ₹2,181 crore. It stood at ₹1,477 crore in the year-ago-period. Gross margins stood at […]
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Embassy REIT Q2 NOI up 12%; raises leasing guidance for FY25
Embassy Office Parks REIT reported a 12 per cent rise in both net operating income and revenue in Q2 of FY25, driven by 2.1 million square feet of leases in the quarter, prompting the REIT to raise its FY25 leasing guidance to 6.5 msf from 5.6 msf earlier. The REIT reported net operating income of […]
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Godrej Properties Q2 results: Net profit surges 5 Fold to ₹335.2 cr
Godrej Properties reported consolidated net profit of ₹335.2 crore in the second quarter of the current financial year, up 5 times on-year with revenue from operations surging 3.2 times to ₹1,093.2 crore. The real estate developer’s bottom line was aided by a credit of ₹105.62 crore on deferred tax liabilities due to the lower applicable […]
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Growth in housing loans continues to slow due to increasing interest rates, property prices
The steep 250 basis points increase in policy rates by the Reserve Bank of India (RBI) since May 2022 appears to be impacting loans taken by retail borrowers. While growth in most retail loan categories have slowed, the slowdown in housing loans is significant since it accounts for almost half of the retail loans. Recent […]
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Pune’s home sales value surges 19% in Q3 2024 despite a slight dip in transactions
Pune, along with Pimpri-Chinchwad, witnessed a significant surge in registered home sales value for the July-September quarter of 2024, as reported by Square Yards. Based on data from the Inspector General of Registration (IGR), the city’s home sales value jumped 19 per cent year-on-year (YoY), reaching ₹13,865 crore. Despite a 1 per cent YoY decline […]
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Baashyaam to invest ₹420 crore to develop the commercial-cum-residential property Crowne Plaza
As the famous Crowne Plaza hotel has been completely razed down, a new high-rise commercial-cum-residential development will soon slowly start emerging to house one of the costliest apartments in the city. Baashyaam Developers Pvt Ltd, who got the property, will invest ₹420 crore in the construction of Baashyaam Crowne Plaza, according to sources. Sources said […]
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Hyderabad real estate developers shake off HYDRAA blues
Following an episode of slow growth in the IT sector, poor hikes and the scare created by demolitions by government agency HYDRAA, real-estate developers in Hyderabad now see green shoots. They say that the worst is over and that the sector is poised for growth. “The slow growth in the information technology sector, poor hiring […]
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Housr plans to open around 30 co-living centres with 3,000 beds
Co-living operator Housr plans to open around 30 new centres comprising 3000 beds by March next year as part of its expansion plan to meet rising demand for luxury housing accommodations. Housr currently has a portfolio of over 5,000 operational beds across 74 properties in five cities, including Gurugram, Bengaluru Hyderabad, Pune and Vizag. The […]
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Micromitti Real Estate Ventures plans to launch REITs
Micromitti Real Estate Ventures, a leading proptech company, plans to launch Real Estate Investment Trusts (REITs), AIF Category 2 Real Estate Funds and Private Equity investments, to provide a structured and high-return investment opportunity for individual investors. Harnessing the synergy of technology, Indore-based Micromitti enables investors to stake a claim in prime real estate assets […]
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Godrej Properties wins bid for 6.5-acre land parcel in Mumbai’s Kharghar, stock advances
Godrej Properties Limited (GPL) has emerged as the highest bidder for three adjacent land plots totaling 6.54 acres in Sector 5-A, Kharghar, Mumbai Metropolitan Region, the company announced today. The land was auctioned through the City and Industrial Development Corporation of Maharashtra (CIDCO). Also read: Godrej Properties acquires six land parcels in Jul-Sep to build […]
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Shapoorji Pallonji Real Estate launches joint venture luxury housing project in Gurugram
Shapoorji Pallonji Real Estate (SPRE) has entered into a joint venture with Kanodia’s real estate venture KREEVA to develop a luxury residential project in Gurugram, with an estimated revenue potential of ₹1,200 crore. Sector 46 is a premium residential locality within Gurugram. The project is spread across 1.74 acres and will have luxury apartments aimed […]
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Bengaluru Airport City Ltd breaks ground for 2 million sqft Business Park to boost GCC growth
Bengaluru Airport City Ltd (BACL), a wholly owned subsidiary of Bangalore International Airport Ltd (BIAL), broke ground for its 2 million square feet (msft) Business Park aimed at establishing Bengaluru as a global hub for GCC. This initiative comes after the Karnataka Government introduced its new GCC policy which aims to create 3.5 lakh jobs and […]
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Chennai suburbs drive high-rise residential unit growth
Chennai’s suburbs are propelling the surge in the high-rise residential buildings. Locations such as Kelambakkam, Kundrathur and Mangadu are key residential hotspots fuelled by growing urbanisation spurred by industries like IT, automobiles and electronics. The city’s residential market saw a healthy launch of around 6,000 residential units, a 19 per cent quarter-on-quarter growth and a […]
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Real estate transactions drop 71% in Q3 2024, private equity dominates
Transactions in the real estate sector in the third quarter of 2024 saw a steep sequential fall of 71 per cent and annual decline of 41 per cent at $452 million, dominated by private equity activity, according to Grant Thornton. The decline was due to the absence of large value transactions, compared to the year […]
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Interest subsidy to be provided only once for a property under PMAY-U 2.0
Purchase of affordable houses through resale could be impacted as interest subsidy under the new Pradhan Mantri Awas Yojana – Urban 2.0 (PMAY-U 2.0) will be provided only once for a property. Concomitantly, sale could be hit as buyers will not want to buy a property on which interest subsidy has already been availed. According […]
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Godrej Properties acquires six land parcels in Jul-Sep to build projects worth ₹9,650 crore
Realty firm Godrej Properties acquired six new land parcels in the July-September quarter to develop housing projects worth ₹9,650 crore as part of its expansion plan amid strong demand. Godrej Properties is one of the leading real estate developers in the country. It has a significant presence in Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune and […]
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Puravankara posts 18% sales growth, records ₹1,331 cr in Q2FY25
Real estate developer Puravankara recorded an 18 per cent uptick posting ₹1,331 crore in sales for the second quarter of FY25, compared to ₹1,128 crore in Q1FY25. The company’s cumulative sales value reached ₹2,459 crore in H1FY25. Customer collections grew by 18 per cent year-on-year (y-o-y), rising to ₹1,033 crore in Q2FY25 up from ₹879 […]
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KBC Global: Launches new real estate project in Nashik
KBC Global, a construction and real estate company, has launched a new residential project in Nashik with six commercial units and twenty-two residential units, this project reinforces KBC Global’s commitment to supporting the local community through thoughtfully planned infrastructure. Since April, the company has handed over possession of over 135 residential and commercial units in […]
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Brigade Enterprises to build a high-rise residential project at Perambur by investing ₹620 crore
Bengaluru-based Brigade Enterprises plans to construct a high-rise residential building complex at Perumbur in the heart of the city with an investment of ₹620 crore. It acquired the property from PVP Ventures, said sources. The project will consist of five towers with a total of 1,368 dwelling units for a total built-up area of 3.38 […]
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Nyati Group onboards Navigo’s futuristic capabilities to boost sales
Nyati Group, a leading player in Pune’s real estate sector, has made a significant leap by adopting Qubit’s next-generation 3D visualization and analytics tool, Navigo. This strategic collaboration has enhanced Nyati Group’s real estate sales across its portfolio of premium properties, particularly in high-end projects. The move aligns with the Group’s vision of utilizing cutting-edge […]
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Godrej Properties achieves record bookings of ₹5,200 crore in Q2 FY25
Godrej Properties reported bookings of ₹5,200 crore in Q2 of FY25, from the sale of 5.1 million square feet of residences, with strong demand coming from new project launches in the National Capital Region and the Mumbai Metropolitan region. In the first half of the fiscal year the real estate developer’s bookings rose 89 per […]
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CREDAI’s strategic collaboration with IIMA unveils advanced real estate leadership programme
The Confederation of Real Estate Developers’ Associations of India (CREDAI) has collaborated with the Indian Institute of Management Ahmedabad (IIMA) to launch the Real Estate Development Leadership (RED-L) Programme, which has been specially curated by IIMA for CREDAI members across India. The MoU was signed by Shekhar Patel, President-Elect of CREDAI National and Professor Diptesh Ghosh, […]
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Bengaluru: Poulomi Estates to build ₹800-cr residential project
Real estate company Poulomi Estates has announced its expansion to the Bengaluru market with an ₹800crore premium high-rise project in Manyata Integrated Township in Thanisandra. Also read: India emerges as a major exporter of animal products with buffalo meat leading the charge “We plan to invest ₹800 crore to develop a 35-storey luxury residential complex. […]
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Lodha sells houses worth ₹4290 crore in Q2FY25
Macrotech Developers, which sells houses under Lodha brand, sold houses worth ₹4,290 crore in Q2FY25, up 21 per cent on year, while it also added four projects with a gross development value of ₹5,500 crore. The Mumbai-based real estate developer said it was the best quarterly sales ever and it came during a period taken […]
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Home sales, office leasing show robust growth in 2024 so far
Home sales in the first nine months of 2024 rose 9 per cent on year to over 2.6 lakh units led by higher priced homes, while office leasing at 53.7 million square feet was 27 per cent higher on year, according to Knight Frank India, which released the data today. Despite monthly blips, residential demand […]
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Institutional investments in real estate advance 45% in July-September: Colliers
Institutional investments in real estate grew 45 per cent to nearly $1.15 billion in July-September with investors looking to encash the strong demand for premium homes and offices, according to Colliers. Consultant Colliers India data showed that the institutional investments in real estate during July-September stood at $1,148.7 million as against $793.4 million in the […]
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Mumbai property sales in September fall due to ‘shraadh’ period
A little over 9000 properties were registered in Mumbai in September, showing a fall both year-on-year and sequentially as the inauspicious shraadh period dampened buying sentiments , customers avoiding big ticket purchases. The shraadh period this year started on September 18 and ends this week on October 3. This is the first time since November […]
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Property Share files for first SM REIT scheme to raise ₹353 crore
Property Share Investment Trust, registered as a small and medium real estate investment trust, has filed the draft scheme document for PropShare Platina, its first scheme to raise up to ₹353 crore. PropShare Platina comprises 2.47 lakh sq ft office space in Prestige Tech Platina, on Outer Ring Road, Bengaluru, which will be fully leased to a […]
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Housing sales dipped 11% in Jul-Sept, average prices up by 23% in top 7 cities: Anarock
Housing sales fell 11 per cent during July-September to 1.07 lakh units in seven major cities on lower launches and an annual 23 per cent growth in average prices, according to Anarock. Real estate consultant Anarock on Thursday released data that showed an 11 per cent fall in sales of residential properties in July-September to […]
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Shriram Finance raises $500 million via social bonds
Non-banking finance company (NBFC) Shriram Finance has raised $500 million through a 3.6-year tenure social bond at a 6.15 per cent interest rate per annum, according to an exchange notice. “This opportunistic issuance, executed under favourable market conditions, garnered an overwhelming response from global investors. As our 9th successful public USD bond issuance, following the […]
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Shriram Properties launches 1.1 million sq ft residential project in Chennai
Shriram Properties Ltd (SPL), a leading real estate developer in South India and part of the Shriram Group, has launched a new project under the ‘Codename – Pudhiya Chennai’, an apartment project in the Thirumazhisai neighbourhood of Chennai. Located in the rapidly growing West Chennai corridor, this RERA-approved development offers a total saleable area of […]
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Mindspace REIT to build 3 data centres for Princeton Digital Group
Mindspace Business Parks REIT has entered into an agreement to build three built-to-suit data centres for Princeton Digital Group at Airoli in Mumbai, where the REIT has a 50-acre campus ecosystem. The REIT has already developed two data centres for PDG with an area of 6.3 lakh square feet and the current contract will add […]
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Chennai-based realtor Casagrand files DRHP for ₹1,100 crore IPO
Casagrand Premier Builder, the Chennai-based developer in the residential sector, has filed its draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise ₹1,100 crore through an initial public offering (IPO). The company has a market share of 24 per cent in terms of launches and approximately […]
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Nexus Select Trust in talks to acquire Axis Mall in Kolkata
Blackstone-backed Nexus Select Trust is in talks to buy Axis Mall in Kolkata, but the transaction could be complicated because the mall is primarily strata-owned, and a portion of the mall acquired by disgraced diamantaire Mehul Choksi has been attached by the enforcement authorities, sources said. To recover dues from Choksi, who is now a […]
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OYO to acquire G6 Hospitality from Blackstone for $525 million
IPO-bound OYO has agreed to acquire G6 Hospitality, economy lodging franchisor and parent company of the Motel 6 and Studio 6 brands, from Blackstone Real Estate for $525 million, in an all-cash transaction. The company has steadily expanded its footprint in the US since its launch in the region in 2019 and currently operates over […]
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Bengaluru: RMZ offers 0.3 mn sqft of commercial space to Chevron Global Technology
RMZ offers Chevron Global Technology and Services Private Limited 0.3 million sqft of commercial space to set up its GCC, ‘ENGINE’, in Bengaluru. The project is valued at $1 billion and includes options for future expansion. Also read: 100 days’ achievement: GAIL to connect isolated fields with national grid for 3.5 MSCMD natural gas “India […]
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Housing demand and supply shows a fall in the September quarter: report
Residential demand and supply, in the top nine cities in India, fell in the third quarter of 2024, both sequentially and annually, according to data from proptech firm PropEquity, which is listed on the NSE. The sales however outstripped launches. On a pan-India basis new launches (supply) fell 15 per cent sequentially and 11 per […]
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Ivanhoe Cambridge divests stake in three joint ventures to partner Lodha
Ivanhoe Cambridge has exited three digital infrastructure platforms by selling its stakes in them to joint venture partner Macrotech Developers for around ₹240 crore. In an exchange filing Macrotech Developers or Lodha said that in line with its objectives to gradually increase its annuity income it had executed share purchase agreements with Ivanhoe Warehousing to […]
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NRIs are buying more houses in India than before
Investments by non-resident Indians (NRIs) into the Indian real estate market has surged over the past 20 months, growing at 15-20 per cent and their share in total investments in the sector is expected to rise to a fifth from 10-15 per cent earlier, according to industry players. In 2023, NRIs invested over $13 billion […]
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Signature Global to deliver 16 msf houses over next two years
With over 30 million square feet of forthcoming housing inventory, of which 16 million square feet will be delivered over the next two years, Signature Global is confident of meeting the housing demand and becoming a significant player in the National Capital Region. The real estate developer, which is focused on Delhi, Noida and Gurugram […]
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Bengaluru leads retail/consumer packaged goods GCC boom as India sees rapid growth in the sector
Over 50 per cent of retail/consumer packaged goods (CPG) global capability centres (GCCs) in India have been established in the last eight years, noted an ANSR report. India will see over 25 additional retail/CPG GCCs established in the next 2-3 years, with Bengaluru continuing to be the preferred destination, hosting over 42 percent of these […]
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Birla Estates buys land from Hindalco for ₹537 crore
Birla Estates, the real estate arm of the Aditya Birla Group, has acquired a 24.5-acre land parcel in the Mumbai Metropolitan Region (MMR), for ₹537.42 crore from Hindalco Industries, according to Square Yards. The plot is located in Kalwa, along the Thane-Belapur Road, which is experiencing rapid growth due to its proximity to Thane, which […]
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India’s housing market witnesses cooling trend as price surge crowds out buyers
India’s residential market is witnessing a phenomenon where the rise in price of houses could possibly crowd out end users or real buyers, with investors coming in and making a larger play. Sequential slowdown in sales is already visible because of price rise putting houses out of reach of buyers. Select micro-markets like Gurgaon and […]
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Brookfield-led consortium completes acquisition of American Tower’s operations in India
Data Infrastructure Trust, an Infrastructure Investment Trust sponsored by Brookfield Asset Management, along with affiliates of investors, including British Columbia Investment Management Corporation and GIC, has completed the acquisition of American Tower’s operations in India. This transaction, approved by the CCI, comprises the buyout of approximately 76,000 communications sites in India for an enterprise value […]
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Microsoft acquires 16.4-acre land in Pune for ₹520 crore
Microsoft Corp’s Indian arm has acquired 16.4 acres of land in Pune for around ₹520 crore, documents showed. The land, located at Hinjewadi, was acquired from Indo Global Infotech City, according to registration documents provided by Square Yards. The company paid stamp duty of ₹31.2 crore on the transaction. The Redmond-based software giant has been […]
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Brigade to develop ₹600 crore residential complex in Velachery, Chennai
Bangalore-based Brigade is expanding its presence in Chennai with another residential project in Velachery costing nearly Rs 600 crore. It plans a high-rise group development at Raptakos, Brett & Company Limited facility, which has been closed for many years. The site is sandwiched between the Phoenix Mall and Westside, said multiple sources. Brigade plans a […]
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Homebuyers gain from removal of differential tax rates on preferred locations, lowering overall costs
If you’re planning to buy a house in a preferred location, there’s no need to worry about additional GST. The GST Council has clarified that the Preferred Location Charge (PLC) is considered part of the composite supply with construction services. As of now, the GST rate on non-affordable housing project is 5 per cent, but […]
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Bengaluru residential real estate soars amid high demand and limited inventory
Bengaluru’s residential real estate market is experiencing notable price hikes, driven by rising demand and a shortage of inventory. As buyers and investors increasingly look northward, areas such as Bagaluru and Hennur are seeing a spike in demand. Additionally, areas like Whitefield and Varthur-Sarjapur are witnessing substantial price increases. This price surge is attributed to […]
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Dholera SIR attracting ₹2,000-3,000 crore investment annually in land and plots
Dholera Special Investment Region (SIR) in Gujarat is attracting fresh investment of ₹2,000-3,000 crore annually in realty assets, with investors primarily from North acquiring land and plots, according to a realty developer. These investments reflect the increasing confidence in the project, the developer said. The Dholera SIR project is being jointly developed by the central […]
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Rising costs make urban affordable houses unviable for builders
The government’s ambitious plan to build 1 crore urban houses under the PM Awas Yojana is likely to falter as higher land acquisition prices, rise in construction costs and the limitations on area and pricing make it altogether an unviable proposition for builders. Land prices have risen steeply across cities varying from 20 per cent […]
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Prestige Estates raises ₹5,000 crore via QIP
Realty firm Prestige Estates Projects Ltd has raised ₹5,000 crore by selling equity shares to institutional investors through private placement. The company launched its Qualified Institutional Placement (QIP) on August 29 to raise funds. In a regulatory filing on Wednesday, Prestige Estates informed that a fundraising committee of the board approved the allocation of 2,98,68,578 […]
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Meghna Infracon expands portfolio with new Mumbai residential project
Meghna Infracon Infrastructure Limited (MIIL) announced today the acquisition of a new residential project in Goregaon, Mumbai. The project, named “Manju Villa,” is set to offer 1 and 2 BHK apartments with a total construction area of approximately 30,000 square feet. The shares of Meghna Infracon Infrastructure Limited (MIIL) were trading at ₹567 up by […]
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Proptech start-up HouseEazy raises $7 mn in funding from Chiratae Ventures, others
HouseEazy, a full stack marketplace for resale homes, has raised $7 million in Series-A funding. This round was a mix of equity and debt led by Chiratae Ventures and saw participation from Alteria Capital and existing investor Antler. The funds will be utilised to fuel the organisation’s growth across new geographies in NCR, strengthening brand […]
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Real estate companies have raised over ₹1 lakh crore in last 20 months
On a spending spree, real estate companies in India have raised over ₹1 lakh crore over the last 19-20 months with 92 per cent of it through debt issuances and there is over ₹28,000 crore in forthcoming issuances, as boom in the housing sector and steady cash flows have made them a better credit risk. […]
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Bengaluru residential property micromarkets witness record hike in prices: Report
Residential property prices in Bagaluru, situated in North Bengaluru, have surged by nearly 90 per cent in the past five years amid buoyant demand and increased new supply, according to a study by property consultants ANAROCK. Kokapet in Hyderabad ranked second, with an overall price appreciation of 89 per cent and 12,920 new units supplied. […]
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Godrej Properties wins ₹515 crore bid for two residential plots in Gurugram
Realty firm Godrej Properties has won bid for two residential plots in Gurugram costing ₹515 crore and will develop luxury homes worth ₹3,400 crore on these land parcels. In a regulatory filing on Monday, Godrej Properties informed that it has “emerged as the highest bidder and has secured the Letter of Intent to develop two […]
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Omaxe Group unveils ₹2,500-crore project in Delhi: 50.4-acre multi-sports and cultural destination
Real estate company Omaxe Group, on Monday, announced an investment of nearly ₹2500 crorefor its new project, The Omaxe State. The five-in-one destination, which will feature sports, retail, hospitality, food, and culture, will span over 50.4 acre and is located in Dwarka Sector 19-B, New Delhi. The project is being developed in partnership with the […]
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Ajoy Mehta leaves behind a more compliant real estate sector in Maharashtra
Ajoy Mehta, Chairman of the Maharashtra Real Estate Regulatory Authority (MahaRERA), hangs up his boots this month, leaving behind a much more streamlined and compliant real estate sector. With Mehta wielding the regulatory whip, builders have learnt that homebuyers have the right to expect that their houses are delivered on time, with all the promised […]
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Pulkit TMT introduces innovative ‘Lab on Wheels’ for quality testing in Kerala
Pulkit TMT, a leading brand in the steel industry, has introduced its innovative ‘Lab on Wheels’ initiative in the Kerala market. The company’s mobile testing facility, a first of its kind in Kerala, is designed to allow consumers, builders, and dealers to verify the quality of TMT bars right at their doorstep, a company officials […]
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MSN Realty, new venture by MSN Pharma promoters, to focus on Hyderabad real estate
Promoters of MSN Pharma have set up a new company called MSN Realty to tap the opportunities in the real estate sector. The new company would focus on the Hyderabad market to start with. “We are targeting to develop 20 million square feet of residential and commercial spaces in the next five years,” MSN Reddy, […]
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Shriram Properties to quadruple profit, triple revenue by FY27
Shriram Properties Ltd, which is celebrating 25 years, expects to quadruple its net profit to over ₹200 crore in FY27. It reported profit of ₹75 crore in FY24. It will double annual sales to ₹5,000 crore by FY27 and triple revenue (income from unit handovers) to ₹3,000 crore, according to the company’s Executive Director and […]
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Surge in bank credit to CRE linked to high demand for office and warehouse space
Bank credit to the commercial real estate sector swelled to ₹4.85 lakh crore outstanding as of July 26, 2024, from ₹4.38 lakh crore on July 28, 2023. The loan was growth driven by higher activity in office leasing and stable, predictable cash flows, while other segments, such as warehousing, data centres, and retail, are also […]
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ED attaches assets in EMAAR-MGF PMLA case; Hooda says he has nothing to do with it
A day after Enforcement Directorate (ED) provisionally attached immovable properties valued at ₹834 crore and belonging to EMAAR India and MGF Developments Ltd, former Haryana Chief Minister Bhupinder Singh Hooda, who is an accused in the case, said “it’s an old case and I have nothing to do with this.” Hooda also stated that the […]
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Positive response to Small and Medium REITs: SEBI Chief
Small and medium REITs have received a positive response from the industry, SEBI chairperson Madhabi Puri Buch said on Thursday. Buch said that there is an imbalance of power between large institutions and small investors, and regulations have helped foster trust in the system. “When SEBI launched a concept on small and medium REITs, the […]
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NBCC sells commercial and office space worth over ₹14,000 cr
NBCC (India) Ltd has sold 100 per cent of the office space inventory at the World Trade Centre (WTC) Nauroji Nagar in New Delhi, valued at ₹13,408.7 crore, and 100 per cent of the retail and commercial space at Downtown Sarojini Nagar, valued at ₹1.390.92 crore. The highest price fetched during the e-auction for a […]
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Ravi Menon named chairman of Sobha Group
Ravi Menon, co-chairman of Sobha Group, has been elevated as chairman, effective November 18r. The announcement was made in Dubai. Ahead of his retirement, the incumbent chairman and founder, PNC Menon, said in a statement, “I remain committed to supporting Sobha Realty’s ambitions and am confident that under Ravi Menon and Francis Alfred’s leadership, the […]
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L&T Construction reduces timelines by 50% with 3D printing technology
Larsen & Toubro (L&T) Construction is using 3D printing technology to reduce construction timelines by up to 50 per cent, MV Satish, Executive Committee Member and Advisor to the Chairman & Managing Director (Buildings & Factories), told businessline. L&T has completed seven projects with a built-up area (BUA) of approximately 1.13 lakh sq ft, including […]
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Metro Group eyes ₹1,000 crore revenue from Thane projects
Metro Group, a leading real estate player in the Mumbai Metropolitan region, plans to generate ₹1,000 crore revenue over the next three by developing 1 million square feet of premium luxury and commercial segment in Thane on the outskirts of Mumbai. The company plans to invest ₹250 crore across four luxury projects in Thane. The […]
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India in consultation with Indonesia at WTO over duty on ceramic tiles
India is in consultations with Indonesia at the WTO on the latter’s proposal to extend safeguard duties on import of ceramic tile products from November, this year, for another two years, as it may further hit Indian exports of the item to the island nation, sources have said. “India has requested for consultations with Indonesia […]
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India ranks 31st in JLL’s Global Real Estate Transparency Index
Global property consultant JLL on Tuesday said that India’s top real estate markets have entered into a ‘transparent’ zone for the first time, driven by institutionalisation of commercial assets and improvement in data access. JLL has released its ‘Global Real Estate Transparency Index, 2024’, which showed that India’s tier-I markets have entered into the ‘transparent’ […]
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Arihant partners with Empee Hotels to build new commercial space in Chennai
Chennai-based Arihant Foundations and Housing Ltd, through its SPV (Special Purpose Vehicle) Vilaya Properties LLP, has partnered with Empee Hotels Ltd, the owners of Hilton Chennai, to develop a Grade-A commercial space adjacent to the hotel. Spanning approximately 3 lakh sq ft and a gross development value of around ₹500 Crores, this project will integrate […]
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GoM on real estates remains inconclusive
The Group of Ministers’ (GoM) discussions on real estate on Thursday remained inconclusive. The group will meet one more time before making suggestions. The GoM, under the convenorship of the Chief Minister of Goa, Pramod Sawant, is assigned to make suggestions at the meeting on various issues related with GST mechanism for the real estate […]
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Godrej Properties continues land acquisition spree with Khalapur purchase
Godrej Properties Limited (GPL) announced today the acquisition of a 90-acre land parcel in Khalapur, Maharashtra, just three days after securing two plots in Greater Noida in an e-auction. The Khalapur acquisition has a development potential of 1.7 million square feet of residences. Last week it became the highest bidder for 17.5 acres land parcels […]
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GoM to review GST on JDA in real estate sector, Council to meet on September 9
Amid an ongoing legal battle on GST’s application on Joint Development Agreement (JDA) in the real estate sector, the GST Council is expected to look into the issue, as suggested by the Group of Ministers, on September 9. “A Group of Ministers (GoM) on is likely to meet this week. One of the key terms […]
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Talent, tech sector drive Hyderabad’s real-estate growth: CBRE-CREDAI report
Hyderabad’s office stock has surged to 127 million sq ft, accounting for 14 per cent of India’s total office space. This growth is driven by demand from tech and consulting firms, as also emerging sectors like BFSI and life sciences, according to a report released by CBRE-CREDAI at the inauguration of CREDAI’s Statecon in Hyderabad […]
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Axis Commercial Real Estate Fund buys 1.5-acre plot in Chennai’s Fintech City
Axis Asset Management Company Ltd (Axis AMC) and Tishman Speyer have announced that Axis Commercial Real Estate Fund has acquired a 1.5-acre plot at Fintech City, Nandambakkam, Chennai. The acquisition was made through a bid cum e-auction process conducted by the Tamil Nadu Industrial Development Corporation (TIDCO). The value of the land was ₹50 crore per acre. The Tamil […]
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India’s senior living market, projected at $12 billion by 2030, faces a supply-gap; Tamil Nadu is key for growth
The senior living market is expected to grow significantly, from its current size of $2-3 billion to $12 billion by 2030, driven by demographic shifts, according to a recent Colliers report. Notably, the senior population is projected to grow at a much faster rate of 3.8 per cent compared to the overall population growth rate […]
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Realty firm Kolte-Patil Developers CFO Khiroda Jena resigns
Realty firmKolte-Patil Developers Ltd’s Chief Financial Officer (CFO) Khiroda Jena has resigned from the company. The company informed that Jena resigned on 17 August 2024 to “pursue professional opportunities outside the organisation”. Pune-based Kolte-Patil Developers is one of the leading real estate developers in the country. It has expanded its presence in Mumbai and Bengaluru. […]
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Macrotech Developers’ net debt rises 43.5% in Q1 on higher capex for land, construction
Realty firm Macrotech Developers Ltd’s net debt rose 43.5 per cent to ₹4,320 crore during the first quarter of this fiscal year due to higher investment in land acquisition and construction. According to its latest investors presentation, this Mumbai-based company’s net debt were at ₹3,010 crore at the end of the March quarter of 2023-24. […]
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A mega industrial housing project in TN to accommodate 18,720 employees inaugurated
In a first-of-its-kind project in India, the Tamil Nadu government on Saturday inaugurated an industrial housing facility at SIPCOT Industrial Park Vallam Vadagal at Sriperumbudur to accommodate 18,720 employees. Built at a cost of ₹706.50 crore, the facility was inaugurated by Chief Minister MK Stalin on Friday in the presence of Chairman of Taiwan-based Foxconn […]
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REITs expect leasing, occupancies to rise in future quarters
The first quarter of FY25 was marked by subdued leasing by real estate investment trusts (REITs), modest growth in distributions and continuing exits though rentals showed an upward trajectory. Occupancies as well as distribution per unit should rise in future with management commentaries indicating that the demand environment was improving, which could get a boost […]
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AI-Saas play in real estate: How Magicbricks integrates technology to enhance real-estate solutions
The traditional real estate sector known for its complexities, is adopting more AI solutions to enhance precision and efficiency. These AI-enabled solutions range from chatbots that can handle queries, to advanced tools which can predict property valuations, and generate videos that visualize properties based on the descriptions provided during listing. “Real estate is getting affected […]
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Pune’s real estate market sees 50% surge in transactions in June quarter: Square Yards Report
Pune’s real estate market has experienced a remarkable surge, with registered transactions increasing by 50 per cent in the June quarter, according to the latest report by Square Yards. The report highlights a substantial rise in the number of transactions registered with the Inspector General of Registration (IGR), reaching 39,961 between April and June 2024, […]
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Ashiana Housing, Arihant Foundations partner to launch senior living project in Chennai
The Delhi-based Ashiana Housing Ltd has partnered with the Chennai-based Arihant Foundations & Housing to launch Swarang, a senior living project, on the East Coast Road. The ₹250-crore project is coming up in 10.87 acres at Nemmeli, located in between Chennai and Mamallapuram. This is the second project in Chennai between the two partners – […]
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Over 5 lakh homes lying undelivered across the country
About a fifth of under-construction homes in India aggregating to over five lakh units, belonging to stalled projects, are lying undelivered over the last eight years to buyers who have purchased them, according to data analytics firm PropEquity. The remaining homes were delivered but with a delay of three-four years. Also read: IBC played key […]
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Ajmera Realty receives A- rating from Crisil
Ajmera Realty & Infra India’s bank debt and corporate credit has been assigned A- rating from CRISIL, with a stable outlook. The rating reflects the real estate developer’s established track record of over five decades, and strong brand and market position in Mumbai’s real estate market, extensive industry experience of the promoters, adequate bookings, advances […]
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IBC played key role in revival of real estate sector, says IBBI Chairman Mital
The Insolvency and Bankruptcy Code (IBC) has emerged as a crucial instrument in the rejuvenation of the Indian real estate sector, fostering confidence among stakeholders and paving the way for the timely resolution of distressed assets, Ravi Mital, Chairman, IBBI has said. By providing structural framework for insolvency resolution, empowering homebuyers and ensuring time bound process, […]
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Bengaluru tops in green leasing: 68% of total leasing are green buildings
Bengaluru leads the green building adoption with 16.5 million square feet leases between January 2023 and July 2024 totaling to 68 per cent of total leasing in the city, as per Colliers Report. Engineering and manufacturing firms are driving this trend in the city and show a strong preference for these sustainable spaces. The green […]
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Blackstone-backed Nexus Select goes shopping in Kolkata to buy malls
Blackstone-sponsored Nexus Select Trust is in talks with the Kolkata-based Ambuja Neotia group to add two malls in the city to its portfolio for a consideration of ₹1,800 – ₹2,000 crore, sources said. The Ambuja Neotia real estate group owns two malls in Kolkata, namely, City Centre in Salt Lake and City Centre, New Town, […]
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Higher sales of homes, collections to offset rise in debt in the real estate sector
Real estate developers are selling more homes than ever before and collections from bookings are seen rising 19-21 per cent on year in the current fiscal year, while cash flows from operations are expected to go up 9-11 per cent. Companies in the sector are also borrowing more in order to acquire land to develop […]
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Nitco sells 4-acre land parcel in Mumbai to Runwal for ₹232 crore
Nitco Ltd has sold a prime land parcel located in Kanjurmarg East to Runwal for ₹232 crore. The land parcel, spanning 16,250 square meters or four acres, is a strategic asset with significant potential, the company said. Situated in a prime location, the land parcel offers excellent connectivity to key transportation links such as the […]
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Godrej Properties emerges as highest bidder for prime land parcels in Greater Noida
Godrej Properties has emerged as the highest bidder for two land parcels with a total combined bid value of ₹842 crore in an e-auction conducted by the Greater Noida Industrial Development Authority (GNIDA) for Residential Group Housing Plots. GNIDA will issue the allotment letters after following the due process, Godrej Properties said in a statement. […]
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RMZ sells Chennai office asset Paramount 1 to Keppel for $264 mn
RMZ Corporation and Canada Pension Plan Investment Board have completed the sale of One Paramount 1 to Singapore-based Keppel Ltd for $264 million, the developer said in a statement. One Paramount 1 is part of One Paramount, a grade A prime office asset in Chennai developed through a joint venture between RMZ and CPP Investments. […]
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India secures $3 billion in cross-border real estate investments in H1 2024
India ranked fifth in cross-border real estate investments in the APAC region, attracting 9 per cent of the total volume of investment within the region in the first half of 2024, a Knight Frank report said. Australia received the most at 36 per cent share, followed by Japan at 23 per cent. Of the total […]
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Puravankara Q1 results: Reports strong performance, eliminates previous losses
Puravankara Limited, a realty company headquartered in Bengaluru, announced its quarterly results on 31st July. The company reported quarterly sales of ₹1,128 crore, a slight increase from ₹1,126 crore in Q1 FY24, although some planned launches were postponed to Q2 FY25. Notably, Puravankara also cleaned its balance sheet of all losses, reporting a profit of […]
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India’s construction equipment industry to reach $25 b by 2030
India’s construction equipment industry is expected to grow at a CAGR of 12 per cent to reach $25 billion by the end of this decade, aided by the government’s focus on expanding the infrastructure sector, a report by Indian Construction Equipment Manufacturers Association (ICEMA) reveals. India is the world’s third largest market for construction equipment […]
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Aptus Value Housing posts 21% rise in Q1 net at ₹172 cr
Aptus Value Housing Finance Ltd has reported a 21 per cent rise in its profit after tax at ₹172 crore for the quarter ended June 30, 2024, when compared with ₹142 crore in the year-ago quarter. The company’s net profit growth was supported by business growth, stable asset quality and continuous focus on higher productivity, P […]
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Mumbai property registrations surge 20% y-o-y in July
Property registrations in Mumbai in July rose 20 per cent y-o-y and 5 per cent m-o-m to 12,266 units, as demand for homes continued with developers maintaining their high-decibel hard sell. Stamp duty collections at ₹1,054.5 crore rose over 27 per cent y-o-y, State government data showed. Of the total registrations, residential units accounted for […]
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Mindspace REIT Q1: NOI up 9.2% on higher leasing, rents
Mindspace Business Parks REIT reported a 9.2 per cent rise in net operating income in the June quarter, while revenue rose 10.6 per cent on strong leasing of over one million sq ft in the quarter. The REIT reported NOI of ₹496 crore on revenue of ₹620 crore, while committed occupancy was at 91.1 per […]
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Godrej Properties Q1 PAT up over 4 times yoy
Godrej Properties reported an over 4 times increase in net profit in Q1 of FY25 at ₹520 crore while revenue was 25 per cent higher on year at ₹1,638 crore, driven by delivery of projects of an area of 2.7 million square feet across three cities. Operating profit rose 237 per cent on year to […]
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Macrotech Developers reports strong Q1 results, net profit soars 186%
Macrotech Developers reported a net profit of ₹480 crore in the June quarter, up 186 per cent on year, while revenue rose 76 per cent to ₹2,850 crore. Earnings before interest, tax, depreciation, and amortisation came in at ₹960 crore, more than double from a year ago. The company, which sells properties under the brand […]
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Ashar Group sells 500 units of ‘Ashar Merac’ worth ₹550 crore in 5 weeks
Ashar Group has sold 500 units of its latest residential project, ‘Ashar Merac,’ within five weeks of its launch on June 8. The sales translate to a revenue of over ₹550 crore. Located in ShreeNagar, also known as Mulund-Thane Corridor, the starting price for a flat in the project was at ₹80 lakh. Ajay Ashar, […]
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Real estate players applaud Union Budget’s focus on urbanisation, infrastructure growth
Real estate players have lauded the Union Budget for its strong emphasis on urbanisation, infrastructure development, and women’s empowerment. Sushil Mohta, president of CREDAI West Bengal and chairman of Merlin Group, praised the government’s ambitious goal to increase the real estate sector’s GDP contribution from 8 per cent to 13 per cent by 2025. “The […]
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Budget 2024: Removal of indexation benefits on long-term capital gains may hit property transactions
An unpleasant note was struck in the Budget proposals with the removal of indexation benefits on long term capital gains on property, while the tax rate on such gains without indexation is at 12.5 per cent Also read: A big push for small and medium enterprises “This will severely impact property sellers and consequently the real estate […]
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Tamara Leisure opens its Lilac Hotels in temple city Kumbakonam
Tamara Leisure Experiences Pvt Ltd, a Bengaluru-based hospitality firm, has announced the opening of Lilac Hotels in Kumbakonam, Tamil Nadu, as part of its strategic expansion into pilgrimage destinations. Also read: Tamara Leisure Experiences plans expansion, focussing on spiritual tourism The property in Kumbakonam, inaugurated by Shruti Shibulal, CEO and Director of Tamara Leisure Experiences, is located […]
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Property sales indexation change to benefit taxpayers, not for revenue increase: FinMin
Finance Ministry asserted on Wednesday that the Budget 2024 proposal to eliminate the indexation benefit for property sales was not a “revenue-raising measure” and that the new capital gains tax regime will not lead to a higher tax burden on real estate transactions. On the contrary, the new regime will benefit taxpayers in “almost all […]
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Interest cost, stamp duty not to be included in the base price for calculation of LTCG on properties: Revenue Secretary
Revenue Secretary Sanjay Malhotra on Wednesday said that interest cost and stamp duty paid for purchasing immovable property will not be added to the base price for calculation of long-term capital gain. The Budget has proposed reworked long-term capital gain taxation for immovable property at lower rate but without indexation. “Under the existing mechanism, the […]
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Bengaluru dominates India’s residential real estate market with highest launches and sales: JLL Report
The Silicon Valley of India has dominated the residential real estate market with 16,537 unit launches and sales of sales of 18,550 units recording the highest share of real estate supply in India for Q2, stated a report from Real Estate Intelligence Service (REIS) of JLL Research. This achievement marks a return of the city […]
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Kolkata witnesses record number of residential property registrations in June
Kolkata witnessed a record growth in residential property registrations in June, as the West Bengal government withdrew rebates on stamp duty and circle rate, effective from July this year, after providing these benefits for the last three years. A total of 4,292 residential properties were registered in Kolkata Metropolitan region in June 2024, making it […]
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Removal of indexation benefit on property sale will be positive for longer holding periods, higher price growth: CLSA
The removal of indexation benefit in respect of capital gains on secondary sale of properties will be beneficial where growth in property prices has surpassed inflation and risen at over 10 per cent, while it will be negative for investments with shorter duration. On Tuesday, the Budget, in order to make the tax structure simpler […]
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Budget 2024: 2 tax clarifications you should know about
Let out house not business income The taxman has observed that some taxpayers are reporting their rental income generated by letting out of house property under the head ‘Profits and gains of business or profession’, while the ideal classification would be under ‘Income from house property’. This helps the taxpayer reduce their tax liability (albeit […]
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Budget 2024: Pradhan Mantri Awas Yojana Urban 2.0 unveiled
Finance Minister Nirmala Sitharaman on Tuesday announced the second phase of the Pradhan Mantri Awas Yojana (PMAY) Urban – a housing-for-all scheme – covering one crore middle and lower–middle class segments in cities. The scheme, PMAY Urban 2.0, has a proposed investment of ₹10 lakh crore and a “central assistance” — credit-linked interest subsidy of […]
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CapitaLand India Trust buys office building in Navi Mumbai for ₹676 crore
CapitaLand India Trust (CLINT) has acquired a 8.2-lakh-sq-ft multi-tenanted IT non-SEZ office building at a business park in Navi Mumbai for ₹676 crore. Building Q2 in Aurum Q Parc Business Park was completed in 2021 and has tenants such as Mizuho Bank, DP World, ICICI Bank, Axis Securities, John Cockerill, ideaForge Technology and Shriram Finance. […]
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Tamil Nadu launches instant online approval for building permits
The Tamil Nadu government on Monday introduced a new scheme offering instant online approval for building permits for houses built on plots up to 2,500 sq ft, with a maximum construction area of 3,500 sq ft. Applications can be submitted online. The real estate industry welcomed the State government’s initiative noting that it would help […]
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Hanto Workspaces enters Pune and Hyderabad markets with major expansion
Hanto Workspaces, a leading provider of managed commercial real estate solutions, has announced the launch of 200,000 square feet of workspace in Pune and Hyderabad. This significant move marks the company’s entry into these new markets, driven by organic demand from its existing customer base in Bangalore. In addition to expanding into Pune and Hyderabad, […]
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ASK Property Fund invests ₹190 crore in Kalpataru’s Mumbai project
ASK Property Fund, the real estate private equity arm of Blackstone-backed ASK Asset & Wealth Management Group, has invested ₹190 crore in a project being developed by Kalpataru in Mumbai. This is the fund’s second investment in the builder. The upper mid-segment project comprises 310 units and is spread across 6 acres with a total […]
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$3 billion of PE investments flow into real estate in H1 2024
Private equity investments of $3 billion have been made in Indian real estate in the first half of 2024, an increase of 15 per cent on year from $2.6 billion year ago, a report by Knight Frank India said. Warehousing sector accounted for largest share at 52 per cent of total PE investments in the period […]
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Altern Capital launches ₹250 crore real estate fund JIREF I
Altern Capital has launched its maiden SEBI-approved Category II Alternative Investment Fund (AIF), JIRAAF AU INDIA REAL ESTATE FUND — I (JIREF I). The target size of this fund is ₹250 crore initially, with an additional greenshoe option of ₹100 crore. The strategic focus of JIREF I revolves around plotted development and last-mile funding in […]
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Gigamon expands operations in Chennai with new office
Gigamon, the US-based leader in deep observability, has opened a 76,767 sq ft office in the new Olympia Cyber Space building in Chennai. The new facility will become the second largest Gigamon office outside the company’s Santa Clara headquarters. The new facility will serve as its second headquarters to meet the growing global demand for […]
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CBRE-CII Report: Realty boom in south with leasing increasing in Chennai, Bengaluru, Kochi, Hyderabad
The real estate market in the South is geared for substantial growth, driven by increasing leasing activities in Chennai, Bengaluru, Kochi, and Hyderabad. Ram Chandnani, Managing Director, Advisory & Transactions Services, CBRE India, said he attributed this growth to advancements across education, infrastructure, cost of living, and rental rates. The first half of 2024 saw […]
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MahaRera fines over 600 housing projects for not displaying registration numbers
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken suo motu action against 628 housing projects across the state for not displaying registration number as well as QR code in the advertising materials. Collectively, these projects have been penalised ₹88.90 lakh, of which ₹72.35 lakh has been recovered so far. Of the total projects, 312 […]
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Signature Global Q1 sales bookings jump 3.5 times on strong demand
Realty firm Signature Global on Sunday reported a 3.5 times jump in sales bookings to ₹3,120 crore for the April-June quarter on high demand for its housing projects. The company’s sales bookings stood at ₹820 crore in the year-ago period. According to a regulatory filing, Signature Global sold 968 units in the first quarter of […]
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