REAL ESTATE INDUSTRY
Signature Global reports Rs 3,120 crore pre sales in Q1 FY25 with 255% YoY growth
Signature Global, Gurugram real estate developer, achieved Rs 3,120 crore pre-sales in Q1 FY25, 255% growth, 30% of Rs 10,000 crore target. Collections rose 102% to Rs 1,210 crore. Net debt fell 16% to Rs 980 crore. Launched two premium projects. Delivered 10.4M sq ft, 32.2M sq ft pipeline, 16.4M sq ft ongoing for next 2-3 years.
Investor confidence drives Indian realty investments to $4.8 billion in H1 2024
Amid global economic challenges, Indian real estate showcased resilience, attracting $4.8 billion in institutional investments in H1 2024, up 81% from the total $5.8 billion in 2023. With 40 deals, investment activity surged, driven by strong foreign and growing domestic investor confidence, signaling robust economic growth and diversified opportunities in emerging sectors.
Budget 2024: Tax cuts and lower rates top developers’ Budget wishlist
Budget Expectations: As the Union Budget 2024 nears, real estate developers eagerly await tax rationalisation and interest rate cuts for financial viability and growth. The CREDAI and Colliers survey underscores the need for GST input tax concessions and lower interest rates to boost project feasibility. Developers anticipate strong demand in Tier I and II cities, with hopes of sustaining momentum in 2024. Expectations include cost management solutions, price increases, and exploring new residential models. Developers and stakeholders look to Budget 2024 for crucial support in driving sector growth.
Housing sale in tier 2 cities increases by 11% Y-o-Y
As per the data, the sales of housing units in India’s 30 major tier II cities stood at 2,07,896 units in 2023-24 as against 1,86,951 units in the preceding financial year.
Housing sales in top 30 Tier II cities up 11% in FY24 to nearly 2.08 lakh units: PropEquity
Housing demand in India has increased by 11% last fiscal, reaching nearly 2.08 lakh units across 30 Tier II towns, according to PropEquity's report. The top 10 Tier II cities contributed 80% to the total sales in these small towns, with sales of 1,68,998 units in 2023-24. The other 20 Tier II cities include Bhopal, Lucknow, Goa, Coimbatore, Raipur, Vijayawada, Indore, Kochi, Trivandrum, Mangalore, Guntur, Bhiwadi, Dehradun, Ludhiana, Chandigarh, Agra, Mysore, Sonepat, Panipat and Amritsar.
Sitharaman may focus on affordable housing in Union Budget: Former HDFC CEO Keki Mistry
BUDGET 2024: Finance Minister Nirmala Sitharaman is expected to prioritize affordable housing in the upcoming Union Budget, former HDFC CEO Keki Mistry stated. Real estate developers are advocating for tax rationalization, more funds for the SWAMIH scheme, and continued government backing to sustain sector growth and stimulate demand
BCD Group bags 1.5 mn sft of residential development in Bengaluru
BCD Group secured a 1.5 million sqft residential project in Bengaluru from Ramsons Trendsquares for Rs 660 crores, their first collaboration. The mixed-use development spans 6.5 acres with 600 units in phase 1 and 5 million sqft in phase 2. With the first phase sold out, BCD aims to begin phase 2 soon. The project capitalizes on Bengaluru's premium real estate market, especially in Sarjapur's thriving tech hub.
PE investment in real estate hits $2.5 bn in Q2, a 3-year high
Institutional investments in India's real estate sector surged to a three-year high of $2.5 billion in the June quarter, primarily driven by robust activity in the industrial and warehousing, and residential segments, according to Colliers. The industrial and warehousing segment attracted the majority of investments at $1.5 billion, marking an 11-fold increase from Q2 2023, while the residential segment also experienced significant growth. Conversely, investments in the office sector plummeted 83%. Foreign investors, particularly from the US and UAE, were prominent contributors in the market, indicating a positive outlook for the industry.
Institutional investment in Indian real estate at $2.5 billion in Q2, marking a 3-year high
Private equity investments in Indian real estate hit a three-year high in Q2 2024, totaling $2.5 billion. The industrial and warehousing segment led with 61% of the total investments ($1.5 billion), driven by large deals. The residential segment saw a 7.5x increase from Q2 2023, making up 21% of total inflows. Office assets received $0.3 billion, showing a significant annual decline.
Bengal government withdraws 2% stamp duty, 10% circle rate relief for real estate sector
The West Bengal government has decided to end temporary relief measures for the real estate sector, including a 2 per cent stamp duty reduction and 10 per cent circle rate slash, effective July 1. Initially introduced in October 2021 to combat COVID-19 economic impacts, the benefits were extended multiple times. Sushil Mohta, of CREDAI West Bengal, expressed gratitude for the measures but urged a reconsideration, emphasizing the sector's significant contributions to the state's economy.
Concorde acquires 1.6 acre land in Bengaluru
Concorde, a real estate developer based in Bengaluru, has purchased a 1.6-acre land parcel situated on Sarjapur Road in the city. This joint development project is slated to become a high-end residential complex with an estimated gross development value (GDV) of Rs 200 crore. Earlier in March, Concorde also acquired a 4.5-acre plot in Thanisandra, Bengaluru.
Amitabh Bachchan buys two luxury apartments in Mumbai’s Borivali suburb
The deal comes immediately after the veteran actor recently purchased three more office properties spread across three floors in a commercial project in Oshiwara locality of Mumbai’s western suburb of Andheri. Bachchan purchased apartments in Borivali worth nearly Rs 7 crores from Incline Realty, a subsidiary of Oberoi Realty. These apartments spread over 2,188 sq ft are located on the 57th floor of the tower, the same floor where his son Abhishek’s apartments are situated.
Birla Estates acquires 16.5-acre land in Pune's Manjri
Birla Estates, a wholly-owned subsidiary of Century Textiles and Industries and part of the Aditya Birla Group, has acquired a 16.5-acre land parcel in Pune's Manjri locality. This acquisition has a development potential of approximately 32 lakh square feet with an estimated revenue potential of Rs 2,500 crore, according to a company release.
Nadir Godrej, family buy 3 luxury apartments in SOBO’s Malabar Hill for Rs 180 cr
Godrej Industries’ Chairman Nadir Godrej and his family have acquired three sea-view luxury apartments in South Mumbai’s Malabar Hill for a total of nearly Rs 180 crore from a real estate development subsidiary of the JSW Group. The under-construction super-luxury residential project, Ruparel House, on Ridge Road at the top of Malabar Hill with the view of Queen’s Necklace, is being developed by R House Realty, part of JSW Realty.
Mahindra Lifespace eyes Rs 8-10K crore sales in housing, industrial spaces by FY28
Amit Sinha, MD & CEO, mentioned the successful annual sales and highest pre-sales of Rs 2,328 crore in residential business for Mahindra Lifespace. They also achieved land leasing of 119.4 acres for industrial business.
NCLT orders insolvency proceeding against Supernova project developer Supertech Realtors
NCLT orders insolvency proceedings against Supertech Realtors for defaulting Rs 168.04 crore to Bank of Maharashtra in the Supernova project.
India’s Grade A warehousing supply to top 300 million sq ft by 2025
India's warehousing sector is expected to surpass 300 million sq ft by 2025, fueled by rapid industrial growth and a thriving real estate market. Pune and NCR lead in Grade A warehousing demand, while MMR saw a significant supply increase. Policy support and favorable economic conditions are attracting investments in the sector.
Real estate sector pushes for tax rationalisation and reduced approval cost as Modi 3.0 set to take oath
With Narendra Modi set to take oath as Prime Minister for the third time, the real estate industry has high expectations from Modi 3.0. The interim budget announced a boost for affordable housing by adding 2 crore more houses to the PMAY-U scheme. Experts emphasize the need for policy reorientation, cost reductions, and tax rationalization to accelerate growth. Industry leaders stress the need for government intervention to drive further growth, including reforms in GST and revisiting affordable housing definitions.
JV Ventures forays into healthcare-dedicated infrastructure platform; plans to open 75 centres in next 5 years
JV Ventures diversifies into healthcare infrastructure with The Medical Centre (TMC), investing $600 million for 75 centers. Raja Jain appointed CEO. Vishal Goel and Jasmeet Singh Chhabra express optimism. TMC to offer specialized services in major Indian cities.
Load More
