Cement volume growth expected to remain muted at 3% in Q1: ICRA
Rating agency ICRA expects cement volume growth in the June quarter to remain muted at 2-3 per cent year-on-year due to a slowdown in construction activities because of the General Elections. However, it is expected to bounce back and rise by a healthy 7-8 per cent in FY25, driven by healthy demand from the infrastructure […]
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AP govt to supply sand free of cost, to unveil new policy next week
In a significant policy move, the Andhra Pradesh government will implement free supply of sand within a week. A decision in this regard was taken by Chief Minister N Chandrababu Naidu and the new sand policy is likely to come into effect from July 8. Free supply of sand was one of the key promises of the […]
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Raymond board approves real estate business demerger
Raymond has demerged its real estate business into its wholly owned subsidiary under Raymond Realty. Upon completion of this demerger, Raymond and Raymond Realty will operate as separate listed entities within the Raymond Group, post all statutory approvals. Each Raymond shareholder will receive one share of RRL for every one share held in Raymond and […]
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Mahindra Lifespaces closes deals worth ₹2,050 cr in Mumbai, Bengaluru
Mahindra Lifespace Developers, the real estate and infrastructure development arm of the Mahindra Group, has announced the closure of two deals in Mumbai and Bengaluru worth Rs 2050 crore in gross development value (GDV). It has bagged a third redevelopment project in Mumbai with a revenue potential of ₹1,800 crore and acquired a prime land […]
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Bengaluru residential market sees 57% increase in average prices: ANAROCK
Bengaluru residential prices rose by 57 per cent in the last five years, owing to soaring construction costs coupled with rising investor and buyer demand, according to a report released by property consultant ANAROCK. In the first half of the year, Bengaluru’s housing market saw sales of approximately 34,100 units, surpassing new launches marking an […]
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Real estate trends: Pan-India home prices increase, office rentals up
Home prices have become more costlier in the first half of 2024, with a nearly 6 per cent rise pan-India, while office rentals have also moved up 1-5 per cent across the top eight cities, according to Knight Frank India. Over 12 months prices have increased 1-9 per cent, with Bengaluru seeing the most increase […]
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Puravankara expands with 7.26-acre acquisition in Hebbagodi, Bengaluru
Puravankara Limited, a realty major headquartered in Bengaluru has announced the acquisition of a 7.26-acre land parcel in Hebbagodi, Bengaluru. The project is expected to have a saleable area of around 750,000 sq ft, with a potential Gross Development Value (GDV) of more than ₹900 crores, according to a press release. Hebbagodi, located near Electronics […]
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Godrej Properties sells home over 2000 homes worth ₹3,150 crore in Bengaluru
Real estate major Godrej Properties said it has sold 2,000 homes worth over ₹3,150 crore at the launch of its Godrej Woodscapes, in Bengaluru. The company announced that it has achieved over 500% QoQ growth in sales in Bengaluru surpassing its full year FY24 sales in South India within the first quarter. This marks the […]
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Godrej Properties to develop luxury apartments in North Bengaluru’s Thanisandra
Godrej Properties Limited, a real estate developer, has acquired seven acres of land in Thanisandra, North Bengaluru. The land acquired outright will accommodate the construction of a luxury residential project featuring high-end apartments in various configurations. The project is estimated to generate a revenue of ₹1,200 crore. The land is located in a high-potential area […]
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Mitsui O.S.K Lines’ Daibiru Corporation enters India’s real estate sector, invests $123.5 mn in Delhi’s Atrium project
Japanese shipping major Mitsui O.S.K. Lines, Ltd’s group company, Daibiru Corporation, has forayed into India’s real estate business with an investment of $123.5 million to join the Atrium Place Project, an office building development project near Delhi. This will be along with Hines, a global real estate investment, development, management, and operation company. This will […]
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RMZ Corp to sell One Paramount in Chennai to Keppel for ₹2,100 crore
Real estate developer RMZ Corp and CPP Investments have signed an agreement to sell one of their prime office complexes, One Paramount 1 tech park in Chennai to Singapore’s asset manager Keppel for around ₹2,100 crore, three sources said. The cap rate on the transaction is 8.6 per cent, the highest in recent times, according […]
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Mumbai June property registrations up 12% YoY but down 3.6% MoM
Property registrations in Mumbai in June rose over 12 per cent on year but fell 3.6 per cent sequentially with around 11570 units being registered in the financial capital, the biggest property market in India. The state government earned more than ₹1000 crore in revenue from the registrations, data on its website showed. With this […]
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Fall in home sales and office leasing in Q2 not indicative of slowdown, say property consultants
Two sets of data that came out last week on the real estate sector showed some indications of a slowdown in demand, both in homes sales and office leasing though property analysts put it down to a temporary blip rather than a trend. Higher homes prices could be hurting residential sales and companies may have […]
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Smartworks raises ₹168 crore from Keppel, Plutus Capital and others
Managed workspace platform Smartworks has raised ₹168 crore this year from investors, including Keppel, Ananta Capital Ventures Fund I, Plutus Capital, family trusts, and certain high networth individuals in private funding rounds. The promoters continue to hold majority shareholding in the company. Keppel., Mahima Stocks Pvt Ltd and Deutsche Bank A.G. London Branch are among […]
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Tamil Nadu’s SIPCOT aims to provide sustainable housing for industrial workers
State Industries Promotion Corporation of Tamil Nadu (SIPCOT) has formed a Special Purpose Vehicle – Tamil Nadu Industrial Housing Private Limited (TNIHPL) – and jointly with Tamil Nadu Infrastructure Fund Management Corporation (TNIFMC) aims to provide affordable and sustainable housing for industrial workers. TNIHPL is developing an 807-bedded working women’s hostel in SIPCOT Industrial Park, […]
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Godrej Capital to enter affordable home loan segment this year
Godrej Capital, the lending arm of the Godrej Industries group, is planning to enter the affordable housing loan segment even as the total assets under its management are seen growing 59-68 per cent to ₹17,000-18000 crore in the current fiscal. “This year, we will be incubating the affordable housing business,” Managing Director Manish Shah told […]
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Mumbai, Bengaluru drive office leasing in H1; Chennai, Pune, Delhi see dips
The first half of 2024 saw office leasing of 29.4 million square feet, driven by demand mainly in Mumbai and Bengaluru, buoying hopes that the year could end with absorption crossing 50 million square feet for the third year in a row. The two cities accounted for over half of the total leasing activity in […]
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Market for business parks in Kolkata picked up in last couple of years: Harshavardhan Neotia
The market for business parks in Kolkata has picked up in the last couple of years and real estate major Ambuja Neotia Group has received a good response to its upcoming project in the city. The group, led by Harshvardhan Neotia, is currently developing a business park, christened as Ecospace Business Towers, which will have […]
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Sattva group, Bain Capital to float platform to build co-living assets
Bengaluru-based Sattva group is on the verge of signing an agreement with Bain Capital to set up a platform that would develop built-to-suit assets that will be managed by Colive, a coliving provider in which it has a majority stake, top officials of the real estate developer said. Both Bain Capital and Sattva would be […]
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Century Textiles’ Birla Estates expands its presence in Pune
Birla Estates Pvt. Ltd., a wholly-owned subsidiary of Century Textiles and Industries, and the real estate venture of the Aditya Birla Group, has announced expanding its presence in Pune with a land acquisition in Manjri, Pune. The land parcel is spread across 16.5 acres with a development potential of approximately 32 lakh sq ft and […]
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Stakeholders red flag skyrocketing cost of office space in GIFT IFSC
Ahmedabad Stakeholders have red-flagged the rapidly rising prices of office spaces in GIFT City in Gujarat. The demand-supply mismatch — especially in GIFT IFSC — has seen rentals of office spaces skyrocket by 100 percent in the last three years. The cost of office spaces in GIFT IFSC currently stand at par or are higher […]
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Landeed raises funds from Paradigm Shift VC
Landeed, a property title search engine platform, has raised funds from Paradigm Shift VC. The Hyderabad-based startup raised $8.3 million in a funding round led by Y Combinator, Draper Associates and Bayhouse Capital in in January 2023. “The new capital will be utilised to increase Landeed’s product line and further enhance its workforce expansion to […]
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Mahindra Lifespace targets ₹8-10,000 crore sales of housing, industrial spaces by FY28
Realty firm Mahindra Lifespace Developers Ltd is targeting a sharp increase in its annual sales of housing properties and industrial space to ₹8,000-10,000 crore by 2027-28 fiscal on rising demand. Mumbai-based company sold residential properties and industrial space worth ₹2,698 crore in the last fiscal as against ₹2,268 crore in FY 2022-23. According to the […]
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Indian fashion retail sector dominates leasing activity in Q1 2024
The fashion and apparel sector dominated retail store leasing in the first quarter of 2024 contributing 40 per cent to the total leasing volume of 1.1 million square feet across top seven cities by the retail sector, JLL India said in a report. The data pertains to leasing in organised retail centres and prominent high […]
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NCLT orders insolvency proceedings against Supertech Realtors over ₹168 crore default
The National Company Law Tribunal (NCLT) has ordered initiating an insolvency proceeding against Supertech Realtors, which is developing a residential apartment, office, retail and luxury hotel at its Supernova project. A two-member Delhi bench of NCLT admitted the insolvency plea filed by the Bank of Maharashtra over a default of ₹168.04 crore and appointed Anju […]
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Leading listed realtors see a boom in pre-sales in FY24
Thirteen leading listed real estate players have sold an area of over 100 million square feet in FY24 worth over ₹1.1-lakh crore, up around 40 per cent on year and this is set to go to well over 150 msf in the current fiscal year with a total value of over ₹1.5-lakh crore. The companies […]
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WeWork India launches flex workspace facility in Chennai
WeWork India, a provider of flexible workspace, expanded its footprint in the country by launching its facility – Olympia Cyberspace – in Chennai. Spanning 130,000+ sq. ft. of space and 2,000 seats across two floors, Olympia Cyberspace in Guindy is the company’s 55th building in the country. With Olympia Cyberspace, WeWork India seeks to provide innovative and […]
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Tribeca Developers plans more Trump luxury home launches across India
Tribeca Developers, an exclusive licensee of Trump Organisation-branded luxury properties in India, plans more launches across the country. “Gurgaon will get a second Trump tower, Mumbai will get a second Trump project,” Tribeca founder Kalpesh Mehta told businessline. “We’re looking at doing Trump projects in Hyderabad and Bengaluru. So, there will be four more Trump […]
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DRA Homes plans upscale apartment project in Chennai
DRA Homes, a real estate developer in Chennai, has planned to develop 400 upscale sea-view apartments on OMR, Chennai. The announcement comes post the company’s buying 3.43-acre of prime land in Navalur. Spread over 7 lakh square feet, DRA Homes plans to launch its latest project in the first quarter of 2025, according to a […]
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ARCs to see 500-700 bps improvement in cumulative recovery rate for stressed residential real estate projects: CRISIL Ratings
Asset reconstruction companies (ARCs) are set to see a 500-700 basis points (bps) increase in the cumulative recovery rate for stressed residential real estate projects to 16-18 per cent as on March 31, 2025, from 11 per cent as on March 31, 2024, according to CRISIL Ratings. The improvement in the cumulative recovery rate (ratio […]
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Raymond eyes ₹25,000 cr revenue from real estate business
Gautam Hari Singhania-led Raymond has the potential to generate a revenue of ₹25,000 crore through development of its land bank in Thane. The Group has about 100 acres of land in Thane with 11.4 million sq ft RERA approved carpet area, of which about 40 acres are currently under development. There are five ongoing projects […]
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Birla Estates to develop housing project in Gurugram with revenue of ₹5,000 cr
Birla Estates, the realty arm of Aditya Birla Group’s Century Textiles and Industries, will develop a 13.27-acre land parcel in Gurugram into a luxury housing project with a revenue potential of ₹5,000 crore. It has signed a joint venture agreement with Barmalt India for this. The development potential of the land is 2.4 million square […]
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Nearly 90 retail properties covering 450 lakh sq ft space to come up by 2028: Report
Nearly 90 retail real estate properties, comprising around 450 lakh square feet of space, are expected to come up by 2028, across seven major cities as builders expect a rise in demand for quality assets from retailers, according to JLL India. Also read:India’s flex workspace market set to grow to $9 billion by 2028: report […]
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Puravankara acquires 12.75-acre land parcel in Thane for high-end residential project
Bengaluru-based Puravankara has acquired a 12.75-acre land parcel in Thane that would have an estimated carpet area of 18.20 lakh square feet and a potential gross development value of ₹4,000 crore. The company intends to build a high-end, mixed-use residential project on the land. The project would be launched during the festival season in the […]
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Mumbai property registrations in May up 20% y-o-y
Around 11,800 properties were registered in Mumbai in May, rising by a fifth on year and 1 per cent up sequentially, while stamp duty revenue rose by over a fifth to more than ₹1,000 crore, data from the Maharashtra government’s website showed. In the first five months of 2024 more than 60,600 units have been […]
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Aadhar Housing Finance consolidated net up 38% in FY24 at ₹750 crore
Aadhar Housing Finance Limited (AHFL) on Wednesday reported a 38 percent increase in consolidated net profit for the fiscal year ended March 31, 2024, at ₹ 750 crore (₹545 crore). The consolidated total income of the company for the fiscal year 2023–24 grew 27 per cent to ₹ 2587 crore (₹ 2,044 crore). AHFL, which […]
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New supply of homes, costing ₹60 lakh each, dips 38% across top 8 cities in Jan-Mar: PropEquity
New supply of affordable homes priced up to ₹60 lakh each, declined 38 per cent, across eight major cities to 33,420 units, during January-March this year, with builders focusing on developing luxury flats, according to PropEquity. Real estate data analytic firm PropEquity, attributed the fall in new supply to sharp rise in land and construction […]
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Pune’s residential sales up 56% in Q1 2024
Pune’s real estate market witnessed a growth in transactions and overall sales value in the first quarter of 2024. According to Square Yards Data Intelligence, property registrations recorded by the Inspector General of Registration (IGR), Maharashtra, surged by 49 per cent compared to Q4 2023, at 27,056. Correspondingly, the sales value rose by 56 per […]
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New home launches continue to lag sales, prices remain buoyant
New housing supply continued to lag demand in April as real estate developers slowed down the launch momentum resulting in a 10 per cent fall in new launches (in terms of area) in the month in the top seven cities while sales rose 28 per cent. The most fall in new housing supply was seen […]
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Asset Homes retains Crisil DA2+ rating
Asset Homes, the Kochi-based real estate developer, has retained the Crisio DA2+ rating for the fourth year in a row, while also winning four national awards at the Construction Industry Development Council (CIDC) Vishwakarma Awards 2024. Binaifer Jehani, Business Head, Crisil and Abbas Master, Associate Director, Crisil, presented the award to Sunil Kumar V., Founder […]
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Shriram Properties signed JDA for 4 acre development in Bengaluru
Shriram Properties Limited entered a Joint Development Agreement (JDA) for a 4-acre land parcel in Yelahanka, Bengaluru. The project will include 270 apartments with a total saleable area of approximately 3.8 lakh square feet and an expected revenue potential of over ₹250 crore. The development is slated to start within the first half of FY25 […]
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Kolkata’s first-ever business park receives encouraging response
Kolkata’s first-ever integrated business park has received encouraging responses so far, with over 35 per cent booking of total saleable area in the last few months. Intellia Business Park, a joint venture among three real estate companies — Srijan Realty, PS Group and Signum Group — is spread over eight lakh square feet on a […]
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Signature Global buys 14.65-acre land in Dwarka Expressway, Gurugram
Realty firm Signature Global has bought 14.65 acres of land in Gurugram to develop a housing project as part of its expansion plan. In a statement, the company said it has acquired 14.65 acres of land in Sector 37D near Dwarka Expressway, Gurugram. However, it did not disclose the deal value and the name of […]
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Godrej Properties acquires 10 land parcels in FY24 to build ₹21k crore worth projects
In a bid to expand the business, Godrej Properties acquired 10 land parcels, of which eight were outright, last financial year, to build housing projects worth over ₹21,000 crore and has set a target for this fiscal, to buy more parcels that can generate sales bookings of ₹20,000 crore. Also read:Godrej Properties Q4 net profit […]
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DLF rental arm DCCDL’s office rental income rises 7% in FY24
DLF’s joint venture firm DCCDL‘s rental income from office buildings increased 7 per cent annually to ₹3,460 crore in the last fiscal, driven by rent appreciation and expansion of the asset portfolio. DLF Cyber City Developers Ltd (DCCDL) is a joint venture between DLF Ltd and Singapore’s sovereign wealth fund GIC. DLF holds nearly 67 […]
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Indian REITs expanding rapidly as office demand surges
All metrics of office demand in India are showing positive momentum and responding to this, real estate investment trusts are rapidly scaling up their portfolios through acquisitions. When Embassy Office Parks REIT was launched in 2019, it had a little over 24 million square feet. In five years, it has increased the completed area by […]
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Brookfield REIT Q4 Results: NOI jumps 89%; buys 50% stake in assets from Bharti group
Brookfield India Real Estate Trust reported an 89 per cent increase in net operating income in the fourth quarter of FY24 on the back of robust leasing and rent escalations. The REIT also announced signing of binding agreements to buy a 50 per cent stake in a 3.3 million square feet commercial portfolio from Bharti […]
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Brookfield India Real Estate Trust acquires 50% stake in Grade A assets from Bharti Enterprises
Brookfield India Real Estate Trust (BIRET) has signed binding agreements to acquire a 50 per cent stake in four Grade A assets from Bharti Enterprises, the company said in a statement. The acquisition includes marquee commercial properties totalling 3.3 million square feet at an enterprise value of ₹6,000 crore. The total equity consideration for the […]
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DLF eyes improved cash flows, higher margins, with focus on super-luxury projects
Real estate major, DLF, which has guided for nearly 20 per cent year-on-year (y-o-y) increase in sales bookings to ₹17,000 crore for FY25, will focus on super-luxury projects with one out of every five homes sold being in that category. Super-luxury projects are priced upwards of ₹50 crore, while the luxury and premium luxury units […]
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Despite challenges, redevelopment projects in Mumbai are a honeypot for builders
Last week, Raymond Ltd honcho Gautam Singhania pointed out that Mumbai was built 60-80 years ago, and a large part of the city was slum, adding that redevelopment projects presented a $2-trillion opportunity. This is an opportunity that developers are not letting go, as for a land-starved city, redevelopment is the only way for builders […]
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DLF net profit up 60 per cent in Q4 FY24
Realty major, DLF Ltd reported an over 60 per cent rise in consolidated net profit to ₹920 crore for the quarter ending March 31, 2024. The company’s net profit in the year-ago-period was ₹570 per cent. Revenue for the quarter stood at ₹2,317 crore. Gross margins stood at 60 per cent, it said in a […]
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India’s Shapoorji Group seeks more time to clear bondholder payments
Indian realty firm, Shapoorji Pallonji Group has sought more time, to meet some payment obligations from bondholders of group company Goswami Infratech, according to a letter seen by Reuters on Monday. Also read:Shapoorji Pallonji Group’s Afcons Infrastructure files papers for ₹7,000-cr IPO The company is required to pay around 14 billion rupees ($167.62 million) to […]
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449 infra projects hit by cost overrun of ₹5.01 lakh cr in March: MoSPI
As many as 449 infrastructure projects, each entailing an investment of ₹150 crore or above, were hit by cost overrun of more than ₹5.01 lakh crore in March 2024, an official report stated. According to Ministry of Statistics and Programme Implementation (MoSPI), which monitors infrastructure projects worth ₹150 crore and above, out of 1,873 projects, […]
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13 Indian Cities got 16% YoY increase in Rents – Magicbricks Report
Magicbricks has released its rental update for January-March 2024, indicating a surge in rents across 13 major Indian cities. The report highlights a 16 per cent year-on-year increase in rents, with Greater Noida, Gurugram, and Bengaluru leading the way with Y-o-Y growth rates of 32.1 per cent, 24.5 per cent, and 23.7 per cent, respectively. […]
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Blackstone-backed Nexus Select shopping for more malls
Blackstone-sponsored Nexus Select Trust is planning to acquire more malls in major and strategic locations across the country, as part of its overall plan to ramp up its presence not only geographically but, also in terms of area, at an average rate of 1-1.5 million square feet, annually. Also read:Nexus Select expects to post 9% […]
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Nexus Select expects to post 9% growth in net operating income in FY25
Blackstone-sponsored Nexus Select Trust is poised to report 9 per cent growth in its net operating income (NOI) and 9-10 per cent higher distribution in FY25 as it exceeded its targets for FY24 on several parameters. The mall-focused real estate investment trust reported NOI of ₹416.6 crore in Q4 FY24, up 13 per cent year-on-year […]
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Lenders and infra players push for linking project status to loan financing norms
Lenders and infrastructure sector players plan to seek relaxation in provisioning norms, and lengthening of moratorium on repayments, among others, in response to RBI’s draft guidelines on prudential framework pertaining to project loan financing. “The provisioning requirement is very high. There should be differentiation between projects. Some amount of provisioning for under construction projects is […]
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DLF Privana West sold out in 3 days at over ₹5500 crore
DLF Ltd, the country’s largest real estate company, on Thursday said, ‘DLF Privana West,’ — its latest luxury residency project — has achieved a sell out valued at ₹5590 crore “within 3 days”. Located in Gurgaon, the high rise and adjoining facilities cover 12.5 acres and 116.2 acres respectively. “This milestone follows the earlier triumph of […]
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ESR looks to grow its India portfolio, defers partial exit plans
Asia Pacific-focused real asset manager ESR Group, which was previously looking for a partial exit and dilution of its logistics holdings in India, now plans to grow its portfolio and then look for an exit either through an infrastructure investment trust, sale to a private equity firm or a strategic investor, three sources said. It […]
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More ghost malls in the making as consumers shun poorly managed shopping centres
The number of ghost shopping malls with vacancy of over 40 per cent rose to 64 in 2023 from 57 in 2022, while the number of malls in tier-1 cities shrank 3 per cent due to a few of them being demolished to make way for residences. Also read:The mall makeover: Driving footfalls through promotions, […]
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Microsoft boost to data centre base in Hyderabad
Hyderabad, which is emerging as a key data centre hub, gets a shot in the arm with Microsoft expanding the scope of its data centre plans. The company reportedly acquired 48 acres for about ₹270 crore to build a data centre facility. In January 2023, the company said it would invest ₹16,000 crore in building […]
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Godrej Properties Q4 net profit up 14%
Godrej Properties reported a 14 per cent increase in its net profit in the fourth quarter of FY24. The company’s revenue from operations fell 13.4 per cent. The real estate developer reported a net profit of ₹471 crore on revenue of ₹1,426 crore. Real estate companies recognise revenue when the projects are delivered. It delivered […]
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Home loan outstanding up by ₹10 lakh cr in last 2 yrs; reaches ₹27 lakh cr in March: RBI data
Credit outstanding to the housing sector rose by nearly ₹10 lakh crore in the last two fiscals to reach a record ₹27.23 lakh crore in March this year, according to RBI’s data on ‘Sectoral Deployment of Bank Credit’. Experts from banking and real estate sectors attributed this growth in housing credit outstanding to a strong […]
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Birla Estates’ new project Silas clocks over ₹2,500 crore sales
Birla Estates, a wholly-owned subsidiary of Century Textiles and Industries and the real estate venture of the Aditya Birla Group, has recorded sales of ₹2,500 crore at the launch of its signature tower Silas at Birla Niyaara at Worli in Mumbai. Also read:Indian Hume Pipe and Birla Estates collaborate on Delhi residential project This has […]
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Raymond Q4 PAT up 18% YoY, revenue rises 21%
Raymond Ltd reported net profit of ₹229.2 crore in Q4, up 18 per cent on year and revenue that rose over a fifth to ₹2,608.5 crore, on the back of good growth seen in the branded apparel, garments and real estate business. Also read:Raymond Realty launches first project in Mumbai Operating margin rose 190 bps […]
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CapitaLand Investment Trust to buy 2.5 msf area in Hyderabad’s Hitec City
Singapore-listed CapitaLand Investment Trust (CLINT) has entered into a forward purchase agreement to acquire Phoenix Group’s IT buildings in Hitec City as part of which it will provide refinancing to the tune of ₹250 crore to the Hyderabad-based builder. Also read:CapitaLand India to invest ₹268 crore in 3 industrial facilities at OneHub Chennai Hitec City […]
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Aptus Value Housing posts 21% rise in Q4 consolidated PAT
Declares 125% dividend, plans to raise funds through NCDs
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Fractional platform hBits to register as ‘small, medium REIT’
Fractional ownership platform hBits plans to register with the Securities and Exchange Board of India as a ‘small and medium real estate investment trust’ (SM REIT) in the next three weeks. The SM REIT regulations were notified by SEBI in March and several fractional platforms are readying their REIT structures; hBits intends to be first […]
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Mindspace REIT sees record leasing in Q4
Mindspace Business Parks REIT reported a 9.3 per cent rise in net operating income (NOI) in the fourth quarter of FY24 and a 11 per cent rise in revenue, with a record gross leasing of 2 million square feet (msf) at a re-leasing spread of 16.7 per cent for the bulk of it. The REIT […]
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Mahindra Lifespace FY24 profit falls marginally to ₹98 cr
Mahindra Lifespace Developers Ltd has reported a marginal decline in consolidated net profit to Rs 97.89 crore during the last fiscal year on lower income. Its net profit stood at ₹101.43 crore in the preceding year. According to a regulatory filing on Friday, the company’s total income fell to ₹279.12 crore last fiscal from ₹659.56 […]
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Indiabulls Real Estate loss widens to ₹1,038 cr in FY24
Indiabulls Real Estate Ltd (IBREL) has posted widening of consolidated net loss at ₹1,038.65 crore for the last fiscal year. Its net loss stood at ₹608.38 crore in 2022-23. Total income also fell to ₹468.75 crore during 2023-24 from ₹648.47 crore in the preceding year, according to a regulatory filing on Friday. IBREL’s ness loss […]
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Single-owned office assets attract premium rents versus strata-owned
Traditionally India’s office space is dominated by office buildings that are strata-owned, leading to poorly managed office spaces, but that is changing as developers with deep pockets or backed by institutional money are constructing offices that have single ownership. monetisation of assets Offices that have a single owner are able to attract rents that are […]
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Home interior solutions brand DesignCafe aims to expand presence to 20 cities
Home interior solutions brand, DesignCafe has turned EBITDA profitable in March on the back of focus on improving gross margins and bringing in operational efficiencies. The brand, which has 15 experience centres across 10 cities currently, will next focus on foray into the Delhi-NCR region this year. Overall, the company aims to expand to 20 […]
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Embassy REIT guides for lower leasing in FY25
Embassy Office Parks REIT has guided for 5.4 msf of gross leasing in FY25, despite exceeding its FY24 target by 35 per cent, indicating a flat growth in office leasing. It has however guided for a higher net operating income in the range ₹3210-3350 crore and higher distribution in the range ₹22.4-23.10 per unit, compared […]
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64% HNI investors prefer fractional ownership investment model in CRE: Neo-realty survey
The 2024 edition of the Neo-Realty survey by WiseX, a Neo-realty investments platform, stated that 60 per cent of overall investors (out of 6578 respondents) and 64 per cent of High Networth Individuals (2174 HNI respondents) prefer the fractional ownership model to invest in Commercial Real Estate (CRE) in India. Fractional ownership in India has […]
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Eldeco and HDFC Capital announces ₹350-cr funding in joint platform
Real estate company, Eldeco Infrastructure and Properties Ltd and one of the largest real estate fund managers in India, HDFC Capital Advisors Limited on Wednesday announced a third round of funding to the tune of ₹350 crore towards their joint platform aimed at developing residential projects across India. The platform size stands at ₹850 crore at […]
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Proptechs are mushrooming riding the dizzy real estate wave
The demand momentum in the real estate market, especially the residential segment, has spurred the growth of real estate startups, called proptechs, some of which have attained unicorn status while there are several others on the way. There are already 6-7 unicorns in the sector including prominent ones such as NoBroker, a platform for buying, […]
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IndoSpace starts work on $700-800 million InvIT, to list next year
Everstone-backed IndoSpace, which develops and manages industrial and logistics parks in India, has started work on floating an infrastructure investment trust (InvIT) and raise around $700-800 million, sources said. This will be the largest InvIT in India. Talks are on with investment bankers, and they include Morgan Stanley, Jefferies, and Goldman Sachs, among others. The […]
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MahaRERA flags 212 projects for lack of construction updates, raising concerns
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has flagged 212 projects in the state, launched during January to April 2023, that have not updated the regulator about their construction status, raising doubts about their progress and concern that they may not be keeping to their timelines. MahaRERA has made it mandatory for all projects to […]
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Oberoi Realty sales bookings decline 53% in FY24 on high base
Oberoi Realty’s sales bookings have declined 53 per cent to ₹4,007 crore in the last financial year on higher base. The sales bookings of Mumbai-based company stood at ₹8,572 crore in the 2022-23 financial year and ₹3,889 crore in 2021-22. In a regulatory filing on Saturday, Oberoi Realty informed that it sold 228 units worth […]
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Land deals on upswing; 721 acres closed in Jan-March, nearly 3,000 acres in FY24: Anarock
Builders and other entities have closed at least 29 land deals involving 721 acres during January-March this year to expand their businesses amid a surge in demand especially for housing, according to Anarock. During the 2023-24 fiscal, property consultant Anarock said that real estate developers and other entities have closed 101 land deals, cumulatively accounting […]
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Average room rates to continue to be elevated in FY25 by 7-8 per cent
The Indian hospitality sector is optimistic about the future, with experts predicting a further increase in average room rates (ARRs) for FY25. This comes after a strong showing in FY24, which saw a significant rise in ARRs compared to the previous year. Also read:Two flats in Lodha Malabar sold for ₹270 crore “We’ve seen a […]
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Realty developer TARC reports 200 per cent growth in pre-sales
Real estate company, TARC Ltd, saw a 200 per cent y-o-y growth in pre-sales to ₹1,612 crore for FY24, while annual collection to date stood at ₹415 crore. For the quarter ending March 31, 2024, sales was ₹1,281 crore, up 600 per cent y-o-y. The company, in a statement announcing Q4 updates, said the increase […]
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Brigade Enterprises achieves record presales of ₹6,013 crore in FY24
Real estate major Brigade Enterprises Limited has reported the highest presales in a fiscal year, with ₹6,013 crore in FY24 and ₹2,243 crore in Q4. The real estate sales volume reached 7.55 million sft. in FY24, with the average realisation increasing by 23 per cent over the previous year. Collections across the group have grown […]
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Offshoring companies lead office leasing in India, Knight Frank report says
Offshoring companies, led by Global Capability Centres (GCCs), have leased over 46 per cent of the office space in India with an overall leasing volume of 27.3 million square feet in 2023, and a growth of 26 per cent on year according to a report by Knight Frank. GCCs that are mushrooming in India have […]
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Quess Corp chairman buys property in Bengaluru for ₹67.5 crore
In one of the most expensive real estate deals in Bengaluru, Ajit Isaac, Chairman and managing director of Quess Corp, has bought a 10,000 square feet plot in the famed Koramangala 3rd block, for ₹67.5 crore, sources said. The effective rate works out to ₹70,300 per square feet, higher than the last deal closed in […]
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Two flats in Lodha Malabar sold for ₹270 crore
The demand for luxury residences continues unabated in Mumbai, the biggest property market in the country in terms of value. Anil Gupta, chairman and managing director of Wellknown Polyesters, has purchased two apartments in Lodha group’s luxury project, Lodha Malabar for ₹270 crore. Gupta bought two apartments on the 17th and 18th floors with carpet […]
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Accor is aiming for the second spot in the Indian hospitality market: APAC, CEO, Duncan O’Rourke
French hospitality leader Accor is setting ambitious goals for India. Currently holding the number three spot by room count, Accor aims to become the second-largest international hotel operator in India within the next four years, according to Duncan O’Rourke, Middle East, Africa & Asia Pacific, CEO of Accor. Speaking to businessline, O’Rourke said that he […]
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K Raheja Corp buys Sobo Central for ₹476 cr under debt resolution scheme
K Raheja Corp Real Estate has acquired the land and buildings of Crossroad Condominium in Mumbai’s Haji Ali area, previously home to Sobo Central Mall owned by a Kishore Biyani company, for ₹476 crore as part of a debt resolution plan for non-performing assets. This has enabled Biyani to settle his dues to lenders. According […]
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Greenbase Industrial plans fresh investment of ₹800 cr at Oragadam near Chennai
Greenbase Industrial & Logistics Parks, a joint venture between Niranjan Hiranandani-led Hiranandani Group and US-based private equity major Blackstone Group, has chalked out a fresh investment of about ₹800 crore at Oragadam near Chennai to create space for manufacturing companies. The proposed investment will be made for developing 100 acres contiguous to their existing industrial […]
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NCLAT rejects insolvency plea against Parsvnath Landmark Developers
The National Company Law Appellate Tribunal (NCLAT) has dismissed the plea filed by four unit buyers of Parsvnath Landmark Developers to initiate insolvency proceedings against the subsidiary of Parsvnath Developer. The appellate tribunal upheld the orders of the principal bench of the National Company Law Tribunal (NCLT), which on October 17, 2023, rejected their plea […]
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Headroom for home prices to rise in the near term, says Godrej Properties CEO
There is headroom for home prices to rise in the near term, but forecasting for a longer term would be difficult, said Gaurav Pandey, Chief Executive Officer and Managing Director, Godrej Properties. “There is a clear opportunity available, there is a short-term visibility, there is headroom for us to increase prices in specific micro markets […]
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NCR contributes nearly half of Godrej Properties’ sales in FY24
Nearly half of Godrej Properties sales in FY24 have come from the National Capital Region and the Mumbai Metropolitan Region contributed 29 per cent of the total bookings of ₹22,500 crore, which was 61 per cent higher than its stated guidance. Also read:Godrej Properties achieves record sales in Q4FY24, shares surge The Mumbai-based developer has […]
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Mumbai Real Estate: Raymond Realty has projects worth ₹30,000-crore revenue potential
Gautam Singhania-owned Raymond Realty is currently working on residential projects with gross revenue potential of ₹30,000 crore, bulk of which is coming up on 40 per cent of the 120 acres that it owns in Thane, which is part of the Mumbai Metropolitan Region. After the restructuring that Raymond Ltd went through, it is primarily […]
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Blackstone evaluating potential hotel buys in ₹300-400 cr range
Blackstone Inc is looking at investing in the hospitality sector in India and according to sources, is already evaluating two hotels in southern India as potential buys in the range of ₹300-400 crore. These are standalone hotels with decent occupancy levels, according to sources. Last week, Blackstone’s President and Chief Operating Officer Jonathan Gray had […]
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Embassy REIT to raise ₹2,500 cr, to buy 5 msf tech park in Chennai
Embassy Office Parks REIT plans to raise ₹2,500 crore via equity through an institutional placement. This money will partly fund its acquisition of an office park in Chennai for ₹1,269 crore. The REIT has agreed to buy 5 million square feet of an office park, Embassy Splendid TechZone, in Chennai from its sponsor Embassy group. […]
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Macrotech Developers trims debt by 55% to ₹3,010 crore in March quarter
Realty firm Macrotech Developers Ltd has reduced its net debt by 55 per cent in the fourth quarter of the last fiscal to ₹3,010 crore with the help of internal accruals and equity fundraising. Its net debt stood at ₹6,750 crore as of December 31, 2023. “The company’s net debt stood at ₹3,010 crore as […]
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Embassy Group invests ₹1,160 crore in Indiabulls Real Estate
Embassy Group, the largest shareholder in Indiabulls Real Estate, has invested ₹1,160 crore through a preferential allotment of shares and warrants. Of this, 25 per cent is upfront, and the balance will be invested over 18 months. The floor price of the issuance was Rs 111.51 per share. It has also contributed several assets in […]
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Indiabulls Real Estate to raise ₹3,911 crore from Blackstone Group, Embassy Group & others
Indiabulls Real Estate said its board has approved raising ₹3,911 crore through the issuance of shares and warrants to investors, including the Blackstone Group and Embassy Group. Also read: NCLT withholds merger of Embassy group companies with Indiabulls Real Estate Global investment firm Blackstone will invest ₹1,235 crore, while the Bengaluru-based Embassy Group will infuse […]
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Office space absorption in Hyderabad up by 46 per cent in Q4: Report
In a significant rebound, office space leasing in Hyderabad has gone up by 46 per cent in the fourth quarter ended March 31, 2024, at 2 million sq ft as against 1.4 million sq ft in the same quarter last year. This is over one-seventh of the office space absorption (14.4 m sq ft) in […]
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Home sales rise 9% year-on-year in Q1 2024, office leasing up 43%: report
The first quarter of 2024 saw a 9 per cent rise in home sales at 86,345 units across top eight cities in India, while office leasing rose 43 per cent to 16.2 million square feet, according to Knight Frank India’s quarterly update on the sector. India is one of the few sweet spots for the […]
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why is ambergris caye real estate a great place to invest
ambergris caye real estate Belize Real Estate is one of the fastest growing real estate markets in the Caribbean & Central America. RE/MAX is the leading Real Estate company in Belize with over 100 agents & offices country-wide. Our regional office is located in San Pedro Town on Ambergris Caye. Our team of Real Estate […]
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Sunteck Realty leases building in BKC to Bennet Coleman for 29 years
Sunteck Realty Ltd has leased out a commercial building in Mumbai’s business district, Bandra Kurla Complex, to Bennet, Coleman & Co for 29 years to generate rent revenue of over ₹2000 crore. The Mumbai-based real estate developer’s premium commercial building Sunteck Icon has a built-up area of two lakh square feet, and the monthly rent […]
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443 infra projects hit by cost overrun of ₹4.92 lakh crore in Feb
As many as 443 infrastructure projects, each entailing an investment of ₹150 crore or above, were hit by a cost overrun of more than ₹4.92 lakh crore in February 2024, an official report stated. According to the Ministry of Statistics and Programme Implementation (MoSPI), which monitors infrastructure projects worth ₹150 crore and above, out of […]
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Prestige Estates secures ₹2,001 crore investment deal with ADIA, Kotak AIF
Prestige Estates Projects has entered into a deal with Abu Dhabi Investment Authority and Kotak AIF to invest ₹2,001 crore in residential projects with a gross revenue potential of ₹18,000 crore across four major cities in the country. The Bengaluru-based realtor has been spreading its wings across the country, and in just three of its […]
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Mumbai property registrations up 6.8% in March
Properties registered in Mumbai rose over 6.8 per cent on year to a little over 14,000 units in March on sustained demand for homes, according to data by the Government of Maharashtra. The properties registered were up 16.6 per cent on month. Of the total properties registered 80 per cent were residential units. Also read: […]
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Housing sales in Gurugram down 12% during Jan-March: Report
Housing sales in Gurugram fell 12 per cent y-o-y in January-March, while the demand for residential properties increased in Noida by 19 per cent, according to Anarock. Real estate consultant Anarock’s data showed that housing sales in Gurugram’s primary market (first sale) declined 12 per cent to 8,550 units in the January-March period this year […]
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Unsold homes in nine cities down 7 per cent in last three months; 12 per cent fall in NCR: Report
Unsold housing inventories fell 7 per cent in the last three months across nine major cities to around 4.81 lakh units on higher sales than new supply, according to PropEquity. Also read:Mumbai Region’s housing boom defies rising property prices: ANAROCK Real estate data analytic firm PropEquity data showed that unsold housing stock has come down […]
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Real estate developer Concorde acquires 4.5 acres land in Bengaluru for ₹100 crore
Concorde, one of Bengaluru’s real estate developers, announced a strategic investment of ₹ 100 crore in 4.5 acres of land in Thanisandra, a micro market of North Bengaluru. The company plans to develop a residential project on this land parcel with a revenue potential of around ₹400 crore. Thanisandra is a hotspot in Bengaluru with […]
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BFSI dominate GCC oriented transactions in Chennai 2023: Knight Frank India
The burgeoning trend of Global Capacity Centres (GCC) focused transactions in Chennai’s commercial real estate market has taken centre stage. Chennai has recorded a remarkable surge in GCC-oriented office transactions during 2023, totalling 6.02 million sq ft across 71 deals, said a study by Knight Frank India, an independent, global property consultancy. This represents a […]
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GIC, Blackstone property deal breaks down over pricing
Talks between Singapore’s sovereign wealth fund GIC and global asset manager Blackstone Inc for a property sale broke down over valuation issues as GIC was not prepared to meet the price that Blackstone had on the table. Sources said that both the parties have walked away from the deal as they could not agree on […]
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Mumbai Region’s housing boom defies rising property prices: ANAROCK
A new research by ANAROCK property consultants has shown that the residential real estate market in the Mumbai Metropolitan Region (MMR) has witnessed a surge in home buying activity in recent times. This trend is seen despite the relentless rise in property prices in the region. Also read: Office space absorption surges across 4 top […]
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Office space absorption surges across 4 top cities in Q1, Chennai reports decline
Chennai market has reported a decline in office space absorption during the first quarter of 2024, while other major cities have reported strong growth during the period. The calendar year has started on a strong note with the overall office leasing market reporting a 35 per cent year-on-year increase at total leasing of 13.6 million […]
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DRA Homes forays into commercial development
DRA Homes, a real estate developer in Chennai, has announced its foray into commercial development. It has emerged as the highest bidder and signed a 99-year lease agreement with the Rail Land Development Authority for a prime 1.06 acre plot located at Egmore. The company plans to invest ₹150 crore in developing a A-grade office […]
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India’s flex workspace market set to grow to $9 billion by 2028: report
India’s commercial real estate market is expected to see strong adoption of flex workspaces in the coming years as the flex workspace segment is projected to grow up to about 126 million square feet by 2028 and address a market size of about $9 billion by the same period, according to a report by Avendus […]
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Land Deals in India: 3000 Acres Set for FY24
Land deals in India are set to touch 3,000 acres in FY24, up 59 per cent from last year, as real estate developers look to keep the launch momentum going. Land deals for 2,258 acres was done in the first nine months of FY24, according to data provided by property consultant Anarock. Anecdotal evidence and […]
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Indian REITs seek RBI approval for bank borrowing to fuel growth
Indian REITs Association, the newly formed body that has the country’s four listed real estate investment trusts as its members, is waiting and hoping that the Reserve Bank of India will allow them to borrow from banks, to widen their funds base and aid in their growth. Read: All you wanted to know about REIT […]
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Indian REITs seek equity classification for greater investor acceptance
Indian real estate investment trusts seek to be classified as equity and included in the equity indices as they look for more acceptability among the expanding investing class, according to the Indian REITs Association, the newly minted apex body for the sector. At present, units issued by REITs and InvITs are classified as hybrid securities, […]
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Maharashtra RERA proposes mandatory separate bank accounts for real estate developers
The Maharashtra Real Estate Regulatory Authority has floated a discussion paper that mooted that real estate developers should open three bank accounts in a single bank before they can apply to register a project. The three accounts should be a collection account for the project, a separate account for the project, and a transaction account […]
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Real estate sector may touch $1.3tn by 2034: CREDAI Report
The real estate sector is estimated to reach a market size of $1.3 trillion by 2034 and $5.17 trillion by 2047, according to a report by realtors body CREDAI. Also read: Global firms are making a beeline for Chennai’s office space The current market size of Indian real estate is ₹24 lakh crore (around $300 […]
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Bhive Workspace rents space in Adani Inspire in Mumbai’s BKC at ₹1.39 cr per month
Bengaluru-based Bhive Workspace, a co-working operator, has taken on lease for five years, over 62,000 sq ft of space in Adani Inspire located in Mumbai’s Bandra Kurla Complex at a starting monthly rent of ₹1.39 crore. Under the terms of the lease agreement, provided by data intelligence firm Propstack, the rent escalates 15 per cent […]
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IndoSpace launches its first in-city warehousing facility in Mumbai
IndoSpace, one of India’s largest industrial and logistics real estate developer, has launched its first in-city warehousing facility in Mumbai in the central suburb of Chembur. The facility, called INLOGIS Chembur, spans over 1.5 lakh square feet and offers scalability options ranging from 5000 to 35,000 square feet, the company said in a statement. The location is […]
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360 ONE-backed Neoliv raises initial ₹300 crore in first real estate fund
360 ONE-backed residential real estate platform Neoliv, founded by former MD and CEO of Godrej Properties Mohit Malhotra has raised ₹300 crore in its first fund, which has a total corpus of ₹1,500 crore. It will be used to buy land parcels on which plotted developments and mid-income high rises will come up. This is […]
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L&T Construction secures ‘significant’ order from AIIMS Madurai
Larsen & Toubro’s Buildings & Factories (B&F) vertical has secured a ‘significant’ order from AIIMS Madurai, Tamil Nadu. This is under the PMSSY division of the Ministry of Health and Family Welfare, Government of India. The company did not give the exact value of the order but classifies ‘significant’ as the order ranging between ₹1,000 […]
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Mahindra Lifespaces acquires 9.4 acres of land in Bengaluru for housing project
Realty firm Mahindra Lifespace Developers Ltd on Tuesday said it has acquired 9.4 acres of land in Bengaluru to develop a housing project with an estimated revenue of around ₹1,700 crore. In a regulatory filing, the company, which is part of business conglomerate Mahindra Group, informed that it had bought 9.4 acres of land at […]
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Global firms are making a beeline for Chennai’s office space
Chennai has emerged as a favourite office market for global firms as the State Capital of Tamil Nadu has seen half of its overall office leasing grabbed by multinational companies. The share of global firms in the overall office leasing has consistently remained above the 50 per cent mark in the last six years in the city and […]
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Survey for Dharavi redevelopment project to begin March 18
Dharavi Redevelopment Project Pvt Ltd, the joint venture between the government of Maharashtra and the Adani Group, will begin the survey to collect data from lakhs of informal tenement residents of Dharavi on March 18. The data will be used by the State government to determine their rehabilitation eligibility criteria under the proposed redevelopment project. […]
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Mid and premium segment properties attract 65% of bookings at Fairpro 2024
Confederation of Real Estate Developers’ Associations of India (CREDAI), Chennai Chapter, said its three-day property event Fairpro 2024 that concluded on March 10, attracted more than one-third of prospective home buyers in the mid-segment. Also read: Loan against property: 8 benefits you need to know In Fairpro 2024, apartments emerged as the most sought-after segment, […]
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Adani pulls out all stops to make Dharavi slum rehabilitation smooth
Dharavi Redevelopment Project Pvt Ltd (DRPPL), the joint venture between the government of Maharashtra and the Adani group, is pulling out all stops to incentivise residents and commercial establishments in the slum cluster to ease the resettlement and rehabilitation process and make it more palatable to them. The $3 billion project is scheduled to be […]
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SEBI notifies regulations for small and medium REITs
Securities and Exchange Board of India has notified the regulations for small and medium real estate investment trusts and specified that investment managers of such REITs should have a minimum net worth of ₹20 crore and the REITs can raise a minimum of ₹50 crore from at least 200 unit holders. Also read: Editorial. SEBI […]
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As home sales outpace launches, prices stay firm, inventory falls
After running neck and neck through most of 2023, residential sales have outpaced launches in December and January ensuring that home prices stay firm with an upward bias and reducing inventory to 16-17 months to sell. Commentaries and announcements by top developers show that 30-40 per cent of units in projects are getting sold within […]
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Stans Buildtech Homes secures ₹160 crore from SWAMIH Fund for Mumbai SRA project
Stans Buildtech Homes Pvt Ltd has secured ₹160 crore from SWAMIH Fund, managed by SBICAP Ventures Ltd, for its SRA project. Sky Annex, located in Chembur, Mumbai, was taken over by Stans Buildtech in 2016 and has been under development since. Many issues involving tenants, flat buyers, approvals, and lack of suitable financing to meet […]
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Property Share to raise ₹192 crore from warehouse asset leased to Flipkart
Property Share, a tech platform for commercial real estate investments, has launched its first India warehousing asset on its platform and plans to raise ₹192 crore from it. The asset, a Grade A warehouse in Jaipur on Ajmer Road, is leased to Flipkart. The asset comprises three boxes of 528,631 square feet of which box […]
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Knight Frank’s Liam Bailey: Real estate remains the preferred asset class for ultra-wealthy individuals
The persistent high interest rates and continuing geopolitical tensions have led to a closer affinity between private capital and real estate, and more ultra-high net-worth individuals (UHNWI) prefer to invest in real estate. In 2022, the global interest rate shock wiped out about $10 trillion off the portfolio . But in 2023, wealth creation returned, […]
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Macrotech Developers raises ₹3,300 crore via QIP
Macrotech Developers has raised ₹3,300 crore through a qualified institutional placement receiving overwhelming response from both existing and new global and domestic investors. The book was oversubscribed by nearly three times within five hours of issue opening and witnessed traction from diversified set of investors with long-term outlook, including sovereign funds, pension funds and insurers, […]
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PropTech firm Reloy surpasses ₹1,200 crore in referral sales in CY23
Reloy is a unique, RERA-compliant business model built on revenues from homeowners’ love for real estate builders. Referral sales can only originate from happy homeowners, incentivizing builders to treat their homeowners better. The platform manages close to 1.5 Lakh apartments coming up for possession, valued at Rs. 1.30 lakh cr+. Its clientele includes national partnerships […]
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Madras High Court directs Tamil Nadu Govt to follow 2017 MVG until new guidelines are framed
The Madras High Court on Wednesday directed the Tamil Nadu government to follow the market value guidelines (MVG) fixed with effect from June 9, 2017, and upheld the single judge’s order. The division bench of Madras High Court comprising Justice S M Subramaniam and Justice K Rajasekar pronounced the order and directed the State Government to follow the MVG […]
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ED questions Niranjan Hiranandani in FEMA case
The Enforcement Directorate has questioned real estate billionare Niranjan Hiranandani in a foreign exchange violation case more than a month after searches were carried out its premises in Mumbai and elsewhere in Maharashtra. Dubai-settled Niranjan Hiranandani, promoter of Mumbai-based leading real estate firm Hiranandani group, learnt to have submitted some documents in his defence to […]
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Godrej Properties to build township in Bengaluru with revenue potential of ₹5,000 cr
Godrej Properties has entered into definitive agreements to develop a large township project in North Bengaluru under a profit-sharing model. The estimated booking value for the project is ₹5,000 crore. Spread across 62 acres and located in a prime area of North Bengaluru, the project will offer 5.6 million square feet of saleable area, comprising […]
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Transindia Real Estate to sell logistics park in Haryana, divest stake in five others
Transindia Real Estate, the company formed as a result of the demerger of the logistics business of Allcargo Logistics, has signed a firm agreement to sell its logistics park at Jhajjar in Haryana at an enterprise value of approximately ₹636.71 crore. The company has also sold 10 per cent stake in five other logistics parks […]
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Marriott International aims at double-digit growth; expansion in tier 2 and 3 cities
Marriott International, which has crossed the ₹9,000 crore turnover and 32 per cent revPAR, expects the next leg of growth to come from tier 2 and 3 markets, said Rajeev Menon, President, Asia Pacific excluding China, Marriott International. Speaking to businessline, Menon talked about the company’s premiumisation strategy as Marriott International completes 25 years in […]
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Credai’s Fairpro 2024 expects good traction on the improved home buyer sentiments
Buyer sentiments in the Chennai residential realty market are getting better and there is a demand for houses in the range of ₹60 lakh to ₹1.25 crore as also for buying plots amid some challenges by way of rate hikes by the State government, said S Sivagurunathan President, Credai (Confederation of Real Estate Developers Associations […]
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GST Council may soon clarify tax exemption to RERA
The GST Council is likely to soon clarify that the Real Estate Regulatory Authority (RERA) will not be required to pay Goods and Services Tax (GST), an official said. According to the official, RERA, which functions as a regulator as well as facilitator for the realty sector, is covered under Article 243G of the Constitution […]
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Hiranandanis asked to appear before ED on Monday in FEMA case
Prominent Mumbai-based real estate developer Hiranandani Group’s promoter Niranjan Hiranandani and his son Darshan Hiranandani have been asked to appear before the Enforcement Directorate (ED) office in Mumbai on Monday, days after their premises were searched by the sleuths in a foreign exchange violation case. ED sources said Niranjan and his son Darshan may either […]
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‘The Executive Centre to add 3 lakh sq ft in India in 2024’
In 2023, leasing demand in India from flex office space operators surged by around a quarter to 87 lakh square feet (lsf). Responding to this demand, the Hong Kong-based flexible workspace provider, The Executive Centre (TEC), plans to open 3 lakh square feet of office space in India in 2024. “In response to the surging […]
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L&T bags order for residential towers in Thane; stock trades flat
Larsen & Toubro (L&T) has secured an order under its buildings and factories vertical from a real-estate developer to construct multi-storeyed residential towers in Thane, Mumbai. The said contract is worth between ₹1,000 crore to ₹2,000 crore. The project’s scope includes the construction of the core and shell works for five towers which have 62 […]
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DRA Homes charts ₹2000 cr plan for FY25
DRA Homes has proposed an investment plan of ₹2,000 crore for 2024-25 as the real estate developer has planned to launch new projects in the coming months. It has made an initial investment commitment of ₹500 crore in the Chennai real estate market. The company will focus on the mid-segment, ranging from ₹50 lakh to […]
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Asset Homes ties up with Columbia Pacific Communities for senior living projects
Aimed at serving Kerala’s burgeoning senior citizen population, real estate developer Asset Homes is venturing into the luxury senior living market. In a strategic move to incorporate global expertise into its offerings, the company has partnered with Columbia Pacific Communities, world’s leading and India’s largest and most preferred senior living community operators, to design and […]
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Arvind SmartSpaces’ shares surge after completely selling phase 1 inventory of Arvind Orchards
Arvind SmartSpaces (ASL) stock surged 4.74 per cent on the NSE, trading at ₹596.35. The real estate development company has sold out the entire inventory released for sale in the 1st phase of its residential development project, Arvind Orchards in Devanahalli, Bengaluru. Also read: Arvind SmartSpaces announces township project in Surat As per the company’s […]
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Affordable HFCs to grow 30% in FY25, says CareEdge Ratings
Affordable housing finance companies (AHFCs) are set to see a growth of 30 per cent in FY25 building on the growth in the last two years, CareEdge Ratings said in a report on the sector. Housing finance companies that lend to the affordable sector saw subdued growth over FY20 to FY22, then there was a […]
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IFSCA Chairman promises clarity on family office structures for resident HNIs in 2-3 months
GIFT City Regulator IFSCA is currently engaged with the Reserve Bank of India (RBI) for a clear Family Office framework at GIFT City and is hopeful of arriving at desired clarity in next 2-3 months, its Chairperson K Rajaraman has said. Several resident corporate honchos and ultra HNIs from India are keen to set up […]
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Food, beverages and entertainment draw crowds in malls, says Nexus Select CEO
Blackstone-sponsored, mall-focused REIT Nexus Select Trust ended the nine-month to December 2023 with a leased occupancy of 97 per cent and trading occupancy of 96 per cent, and a re-leasing spread of 26 per cent in the third quarter. The quick churn in tenants, newer brands that have come in with more space taken up […]
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Delhi HC upholds TDS on external development charges
The Delhi High Court on Tuesday upheld Tax Deducted at Source (TDS) on External Development Charges (EDC) in a real estate project. This means that home buyers will have to bear the burden of TDS. A division Bench of Delhi High Court Comprising Justices Yashwant Varma and Purushaindra Kumar Kaurav upheld that Section 194C is […]
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IBBI heralds shift in liquidation process, brings relief to home buyers
Insolvency regulator IBBI has introduced significant changes to the liquidation process, providing relief for specific home buyers and requiring a key role for a stakeholder consultation committee (SCC), made up of creditors of the company under liquidation, in essential operational aspects overseen by the liquidator. The latest move of Insolvency and Bankruptcy Board of India […]
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Colliers close to bagging deal for constructing Infibeam’s AI extension hub in Ahmedabad
Real-estate consultants Colliers is the front-runner in bagging the $10-million contract for constructing Infibeam Avenues’ Artificial Intelligence and Technology Extension Hub at Ahmedabad, official sources said. The Ahmedabad centre is envisioned as an extension of Infibeam Avenues’ proposed AI Hub in Gift City in neighbouring Gandhinagar. The construction of this extension is slated for completion within […]
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Brookfield India REIT’s Q3 NOI up 89 per cent y-o-y
Brookfield India Real Estate Trust reported an 89 per cent rise in net operating income in the third quarter of FY24 on the back of income from lease rentals that rose 90 per cent and revenue that was 77 per cent higher from a year ago. Its Net Operating Income in the reporting quarter was […]
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Accommodation platform Amber raises $21 million funding for global expansion
Student accommodation platform, Amber has raised $21 million (₹175 Crores) led by Gaja Capital in its latest funding round. The fresh capital will be used for global expansion and to enhance its offerings for property managers and students, the company said in a statement. Commenting on fund raise Saurabh Goel, CEO of Amber said, “In […]
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Cash-rich realty companies buy up more land
Flush with cash from the stepped-up demand for homes, real estate developers are using the liquidity to buy more land, for business development, and, in some cases, reward shareholders. Also read: WeWork India’s rented premises in Gurugram sold for ₹81 crore According to data compiled by Nuvama Institutional Equities, the top 16 listed realty companies […]
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Embassy REIT explores acquisition in Chennai, mulls fund-raising
Embassy REIT, the largest real estate investment trust in Asia, will look at inorganic growth options, as it re-explores acquisition opportunities in Chennai. Further, fund-raising plans are also under discussion now. Also read:Embassy REIT achieves FY24 leasing target in nine months According to Aravind Maiya, Chief Executive Officer, Embassy REIT, there has been an improvement […]
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IGBC seeks to play a major role in cutting down dust pollution at construction sites
After facilitating sustainable practices in reducing environmental impacts in buildings, the Indian Green Building Council (IGBC) is keen on promoting construction management tools and systems for the construction sector to cut down dust pollution which has become a serious issue across the country. Referring to air pollution issues that have taken place in various parts […]
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India needs additional 2 billion square feet of healthcare space: report
India needs an additional 2 billion square feet of healthcare space to cater to its current population base of 1.42 billion people, according to real estate consultancy Knight Frank and their U.S. partner Berkadia. The estimated need for additional beds to reach the recommended ratio of 3 beds per 1000 people stands at 2.4 million […]
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HUDCO looks to increase its exposure to infra projects
Housing and Urban Development Corporation (HUDCO) is increasingly seeing itself as the financier of urban infrastructure projects and not restricted to just the housing segment. Over the years the share of infrastructure projects in its loan book has been increasing while that of the housing segment has been shrinking. “We cannot restrict oursleves to the […]
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Transfer of land development rights on a Joint Development Agreement for residential projects to attract GST, rules Telangana HC
In a major ruling, Telangana High Court has dismissed a writ petition by a realtor challenging GST levy on ‘transfer of land development rights’ (TDR) on a Joint Development Agreement (JDA) for residential projects. This means notification for imposing tax will have validity. The petitioner, Prahitha Contruction Private Limited , moved the High Court with […]
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Record leasing by global capability centres in 2023
Lease transactions by global capability centres in calendar year 2023 has already crossed 88 per cent of that achieved in the whole of last year and is set for record volumes by the end of December as they increase their presence in India. In the first three quarters of this year, leasing by GCCs has […]
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NRI bookings in GIFT City up sharply in last 2 months, say developers
In the last two months, there has been a significant jump in the number of Non-Resident Indians — including those spearheading the motel business in the US — buying real-estate properties in GIFT City in Gujarat, say real-estate developers. “Before December 2023, about 15-17 per cent of the bookings in GIFT City used to come […]
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Sobha reports Q3 PAT of ₹15.08 crore
Bengaluru-based real estate company Sobha Ltd reported a profit of ₹15.08 crore for the quarter ended December 2023, marking a y-o-y decrease of 52.5 per cent compared with ₹31.8 crore for the same quarter last year. Its revenue from operations reduced 21 per cent to ₹684.93 crore (₹868.16 crore). On a sequential basis, revenue from […]
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Suraj Estate Developers launches residential project ‘Suraj Lumina’ in Mumbai; stock rises
Suraj Estate Developers Limited has launched a new residential project ‘Suraj Lumina’ at Mahim (West), Mumbai. As per the company’s statement, the project comprises 35 units, including both 2BHK (ranging from 575 sq. ft to 622 sq. ft) and 3BHK (~882 sq. ft) configurations, with a total saleable carpet area of 22,376 sq ft. The […]
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India to attract big inflows in real estate in 2024, says Colliers
A spike in investment activity in the real estate sector in the Asia Pacific region is expected in 2024, with India being one of the major destinations for inflows, according to a report by Colliers. “2024 definitely looks more positive than 2023. There’s a lot of pent-up equity looking to find a home,” said Chris […]
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Office space supply reaches historic low, rentals rising in Mumbai: Vestian
In 2023, Mumbai, India’s financial hub, witnessed a significant 23 per cent year-on-year decline in the supply of new office spaces, reaching a historic low of 2.7 million square feet, according to Vestian, an occupier-focused workplace solutions firm. This downturn is attributed to real estate developers’ cautious approach in constructing office complexes over the past […]
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Anarock raises ₹200 crore to boost expansion, innovations
Real estate services company Anarock has raised ₹200 crore led by 360 ONE Asset Management Ltd (earlier known as IIFL Asset Management). Also read: Ahmedabad-based real-estate developer launches AIF to raise ₹300 cr The funds will be utilised to enhance its tech infrastructure, accelerate expansion and introduce new innovations in the real estate services space. […]
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Ahmedabad-based real-estate developer launches AIF to raise ₹300 cr
Shivalik Group, an Ahmedabad-based real-estate developer, has launched an Alternate Investment Fund (AIF) to raise ₹300 crore in fast developing regions of Ahmedabad and Gandhinagar districts. “We are perhaps the first real-estate developer in Gujarat to launch an AIF,” said Chitrak Shah, founder of the Shivalik Group. The developer recently received approval from the Securities Exchange […]
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DLF to raise ₹800 crore via bonds, say sources
Real estate developer DLF Ltd is planning to raise around ₹800 crore through the issue of debentures, sources said. The internal process for the fund raising exercise is underway and the company is also close to appointing the lead arranger for the bond issue, according to sources. The board approval is expected be taken shortly. […]
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Signature Global partners with landlords to build housing projects worth over ₹5,000 cr in Gurugram
Realty firm Signature Global has tied up with landlords to jointly develop housing projects in Gurugram with a total revenue potential of over ₹5,000 crore. The company has signed three separate joint development agreements (JDAs) with landlords to develop housing projects on a total of 21.38 acres of land parcel. The development potential in volume […]
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2023 set to see record housing sales on sustained demand
The residential real estate sector is set to end the year with record sales of over 7 lakh units in terms of volumes and over ₹7-lakh crore in terms of value, as housing demand remains sustained despite price hikes and elevated mortgage rates. 2023 is expected to end with residential sales of 706,680 units, a […]
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VIKSIT BUDGET FOR VIKSIT BHARAT – Ramesh Nair, CEO, Mindspace Business Parks REIT
‘Ecosystem led-growth’— the phrase aptly captures the Union Budget 2024. The Government presented a comprehensive vision of how India can unleash a holistic approach to achieve a ‘Viksit Bharat’ 2047. Also read:India uniquely positioned to enable AI adoption: Microsoft’s Ahmed Mazhari We welcome the government’s forward-looking approach, especially its emphasis on infrastructure development. This budget […]
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Embassy REIT achieves FY24 leasing target in nine9 months
Embassy Office Parks REIT has already met its full-year’s leasing target of 6.5 million square feet in just ninemonths as it transacted a record 3.5 msf in the December quarter. Also read:Blackstone offloads entire stake in Embassy REIT for ₹7,100 crore The lease deals numbering 22, included 1.1 msf of new leases and pre-lease deals […]
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Real estate company White Lotus raises ₹150 cr funding
Real estate company White Lotus Group has raised an investment of ₹150 crore in a funding round led by the Dubai-based Luxe Port Group of Companies. The capital raised in this funding round will be used primarily to fuel the organisation’s growth, build a 2.5 million sq ft pipeline of luxury projects, strengthen the brand’s […]
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Tier-II cities emerge as attractive market for flex office operators
Flexible workspace operators are recognizing the potential of Tier 2 cities, with around 26 major flex office operators recording presence across 10 Tier II cities in 2023, showcasing a rapidly expanding demand by start-ups and established firms, according to real estate consulting firm CBRE South Asia. The overall office absorption across the 10 cities stood […]
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Budget 2024: Affordable housing, middle class homes, infra spend to boost real estate sector
The announcement made by the Finance Minister in the interim finance budget to launch a housing scheme for middle class people living in rented homes or in unorganised tenements as well as thrust on infrastructure and railway projects is expected to provide an impetus to the real estate sector , according to real estate developers. […]
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Mumbai property registrations rise 21% y-o-y in January
Mumbai saw 10,927 units registered in January, up over a fifth from year ago and the highest registrations for the month in 12 years. Around 80 per cent of the registrations were residential units. The State government earned revenue of ₹757 crore from the registrations, up 9.4 per cent on year, State government data showed. […]
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Prestige Group completes ₹1,000-cr residential project in Hyderabad
Prestige Group has announced that it handed over the ₹1,000-crore high-rise luxury residential project–The Prestige Tranquil—in Hyderabad. The 7.85-acre project at Kokapet comprises of four towers with 859 units. “The price of the units ranges from ₹1.80 crore to ₹2.30 crore. We could complete the project six months well before the scheduled deadline,” a Prestige […]
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Homes sales and launches up, despite price rise, interest rate hike: FinMin report
Post the pandemic, housing prices in India are witnessing a recovery and there has been a 4.3 per cent rise in real estate prices for H1FY24 (April–September). An uptrend has also been noticed in housing sales and launches, price rise notwithstanding. According to The Indian Economy: A Review carried out by Economic Affairs department, the […]
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Chennai residential market is likely to reach pre-Covid sales level in 2024
The Chennai residential market has seen a growth of 5 per cent in home sales at 14,920 units in 2023. However, the market has yet to surpass its pre-Covid volumes. 2023 saw a good recovery in home sales and with the continued momentum, sales are expected to be back at their pre-Covid levels in the […]
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Mindspace REIT’s Q3 net operating income up 10.4% YoY
Mindspace Business Parks REIT reported a 10.4 per cent rise in its net operating income for the December quarter at ₹473 crore, while revenue rose 13.5 per cent to ₹596 crore, backed by gross leasing of 4.5 lakh square feet and contracted rent escalations. During the quarter, the company achieved a re-leasing spread of 17.1 […]
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India is poised to witness a 30-35 m sq ft expansion in mall space: Crisil
India is expected to witness a 30-35 million square feet (msf) expansion in mall space over the next 3–4 years, constituting a third of the existing stock, as per Crisil Ratings. This growth is fuelled by a robust rebound in retail sales during the last fiscal. The anticipation is that the ongoing retail recovery will […]
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Global and domestic companies jostle for warehousing space in India
The warehousing and logistics sector in India is experiencing an explosion in demand and supply. Some of the biggest global names in the sector and private equity giants are battling it out as they seek to gain and consolidate their presence by establishing industrial parks and hubs across the country. In 2023, industrial and warehousing […]
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Over 230 home developers filed for bankruptcy in China last year: Report
Amid the economic crisis in China, an estimated 233 home developers filed for bankruptcy last year, Taiwan News reported quoting the China Real Estate Association. Also read: Fund inflow in real estate from foreign investors dips 30 pc last yr: Vestian data According to the report, the highest number of applications were received from the […]
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Mumbai property registrations a tad under 10,000 in November
Property registrations in Mumbai in November was just short of the 10,000-mark, but still 7.6 per cent higher from year ago. The city registered 9643 units in the reporting month, and garnered revenue of ₹707 crore, which was 3.4 per cent higher from year ago, according to state government data. The registrations were however 9.1 […]
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Fund inflow in real estate from foreign investors dips 30 pc last yr: Vestian data
The inflow of funds in Indian real estate from foreign investors fell 30 per cent to $2.73 billion last year, but the influx jumped more than two times from domestic players to $1.51 billion, according to real estate consultant Vestian. Also read: Luxury housing boom draws global biggies into India According to Vestian data, the […]
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India’s flex space stock to reach 80 m sq ft by 2026: Report
India’s flex space stock is projected to touch 80 million sq ft by 2026, forming 9–10 per cent of the total Grade A office stock of the country, according to Colliers’ report. Currently, flex space stock across the top six cities stands at 43.5 million square feet. This is relatively higher compared to the 3–4 […]
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Kolte-Patil Developers aims for ₹2,800 crore sales, eyes Mumbai expansion, says CEO
Pune-based Kolte-Patil Developers ended the first nine months of FY24 with sales of over ₹2,000 crore and is confident of meeting its stated target of ₹2,800 crore for the entire year and growing at 25 per cent in the next two years. The bulk of the company’s sales have been from Pune so far, but […]
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Affordable housing company SMFG Grihashakti secures Rs 300 cr from NHB
Affordable housing finance company SMFG Grihashakti has secured Rs 300 crore funding from National Housing Bank (NHB). This is the company’s maiden long-term loan from NHB and opens up an additional avenue for long-term, low-cost funding, it said, adding that the money will help it expand its financing solutions to the under-served population, SMFG Grihashakti […]
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Everest Food promoter family buys three flats in Oberoi Realty’s Three Sixty West
Several members of the Vadilal Shah family, belonging to the promoter group of Everest Food Products, have purchased apartments in the Oberoi Realty’s plush project Three Sixty West in Worli for a combined value of ₹217 crore. The buyers are Rajeev Vadilal Shah and Sanjeev Vadilal Shah, the two sons of the original founder Vadilal […]
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Zero stamp duty, registration charges for home buyers at Mumbai expo
Developers participating at a real estate expo in Mumbai will be offering houses to home buyers with zero registrations charges and stamp duty. Organised by CREDAI-MCHI, the apex body of the real estate industry of the Mumbai Metropolitan Region, this offer will be available to all buyers who make purchases during the three-day period of […]
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Co-living startup Union Living to invest ₹10 crore; to add 1,000 beds in Mumbai
Co-living startup Union Living has earmarked ₹10 crore for a strategic expansion initiative which will see addition of 1,000 beds in Mumbai within the current year. At present, the startup operates 1,050 operational beds spread across nine properties in Mumbai, Pune, and Ahmedabad. The impending expansion will see the introduction of 220 beds in Mahalakshmi, […]
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WeWork India sees robust growth its operations
Unlike its global parent, WeWork India is seeing robust growth and expects to end the current fiscal year with 93,000 seats and 8 million square feet of operational space from 90,000 seats and 7 msf space at the end of September. It is also hopeful that its growth will be a support to the parent […]
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Demand for luxury homes surges in Mumbai’s Pali Hill
The Mumbai real estate market, known for its opulent properties, saw the launch of nearly 150 property units daily, on average, in the first half of 2023, against the average launch rate of 100 units in the pre-Covid era, according to data of the Maharashtra Real Estate Regulatory Authority. Among Mumbai’s many tony areas, Bandra […]
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Industrial & logistics space demand hit record in 2023 at 38.8 million sq ft in 8 cities: CBRE
Demand for industrial and logistics spaces hit an all-time high across eight major cities last year with leasing activity rising annually by eight per cent, according to CBRE. In its latest report, real estate consultant CBRE said that the leasing of industrial and logistics spaces rose to 38.8 million square feet in 2023 from 36 […]
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Tantia Constructions bags ₹7 crore contract from Tripura Govt
Tantia Constructions has received a ₹7 crore work order from the Government of Tripura, Office of the Executive Engineer, PWD (R&B), Kailashahar Division, Kailashahar, Unakoli The contract pertains to the construction of seven residential quarters for Judicial Officers at various grades, storied at Kailashahar, Unakoti District, including internal water supply, sanitary installation, sewage, drainage works, […]
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Housing loans surge 37% in H1FY24 at ₹5.4 lakh crore
Bank credit in the form of housing loans saw a good growth of 37 per cent on year at ₹5.4 lakh crore in the first half of FY24, an indicator of the brisk demand for residences. In FY23, incremental bank credit to the housing sector was 2.5 lakh crore, a growth of 15 per cent […]
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