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Indian Real Estate News

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  • Re : Indian Real Estate News

    Rupee depreciation, reforms, returns pull NRIs towards Indian real estate


    Clipped from: https://realty.economictimes.indiati...state/92049341

    The rising interest from NRI homebuyers is being witnessed across segments, from mid-income projects to premium and luxury segments and plotted developments.

    Depreciation of the rupee against the dollar in the backdrop of the geopolitical situation and hardening global interest rates is helping drive sales of real estate to non-resident Indians.

    The rising interest from NRI homebuyers is being witnessed across segments, from mid-income projects to premium and luxury segments and plotted developments.

    The Indian currency has depreciated as much as 5.2% against the US dollar in 2022 so far.

    "The economic scenario worldwide has thrown up various challenges (but) India comes through as a safe haven in terms of economic growth potential,” said Niranjan Hiranandani, vice chairman of real estate industry body NAREDCO and managing director of the Hiranandani Group. “Beyond just sentiments, Indian real estate is also a good wealth creation and growth option for NRIs."

    According to him, the global currency situation translates into more square feet of Indian real estate for the NRI.

    Apart from being a safe haven in these uncertain times, Indian real estate also offers capital value appreciation and rental income. All of these, and digitisation of the processes, add up to being a win-win scenario for the investors.

    Enquiries and conversion into actual property sales have improved in the last few months for many developers, especially the large ones with an established delivery track record.

    "The depreciating rupee is an opportunity for NRIs to invest in residential real estate in India. This is backed by the rising number of enquiries from multiple geographies, especially the Middle East. We are increasingly seeing that requirements are driven by their international experience and exposure," said Ramesh Ranganathan, chief executive of K Raheja Corp Homes.

    Several of the Middle Eastern countries with large Indian population, like the UAE and Saudi Arabia, peg their currencies to the dollar. This means the rupee has depreciated against them at a similar rate to the greenback.

    Premium properties in tier I and metropolitan cities like Mumbai, Delhi-NCR, Bengaluru and Pune, scenic destinations at hill stations and by the beach across India have been garnering rising interest from NRIs, apart from domestic buyers, especially after the pandemic.

    "We are seeing a lot of traction from NRIs in the Gulf, which is traditionally a strong market for us. In addition to this, we are also witnessing strong demand from Singapore and Hong Kong as well. Over 30% of our business so far this year has come from NRIs in these markets, apart from London and Malta," said Dhimaan Shah, founder & chief operating officer of luxury holiday home developer Isprava Group.

    The company backed by Nadir Godrej, Anand Piramal and Dabur India’s Burman family has projects in Goa, Alibaug near Mumbai and in South India’s Nilgiris.

    Historically, whenever the rupee has depreciated, NRIs have preferred to consider real estate as a good investment back home as this means increased purchasing power for them in India.

    Properties have been the most devoured asset by this segment, especially by those in the Gulf who plan to return to their home country post-retirement. However, in addition to the UAE, the demand and enquiries have started to rise from other international markets.

    The series of reforms implemented by the government, including the Real Estate (Regulation & Development) Act, 2016, has resulted in bolstering the confidence of NRI investors and they are more open to buying properties in India.

    "The global Indian understands the importance of having a home back home. The regulatory environment and enhanced digitisation have also helped in making it attractive and stable for them,” Hiranandani said.

    Better returns given the imminent residential property price hikes owing to rising demand are also prompting NRIs to invest here.

    While the US dollar continues to remain strong against the rupee, Indian real estate has been buzzing with robust sales across key markets.

    The strong demand conversion undercurrent is driving sales of both listed as well as private real estate developers, as indicated by their recent quarterly revenues that have touched multi-year highs.
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    • Re : Indian Real Estate News

      DLF's rental arm clocks 10% increase in rent income at Rs 3,350 crore in FY22



      Clipped from: https://realty.economictimes.indiati...-fy22/91878777

      According to an investors presentation, the rental income of DLF Cyber City Developers grew to Rs 3,350 crore during last fiscal year from Rs 3,029 crore in 2020-21.

      NEW DELHI: DLF's rental arm DCCDL has achieved a 10 per cent growth in its rent income at Rs 3,350 crore during last fiscal year, mainly on the back of recovery of business at its shopping malls. DLF holds bulk of its rent-yielding commercial properties in DLF Cyber City Developers Ltd (DCCDL).

      DCCDL, which is a joint venture between DLF and Singapore's sovereign wealth fund GIC, has a commercial portfolio of 37.9 million square feet, of which 34 million square feet is office space and the rest is for retail.

      DLF has nearly 67 per cent stake in the JV firm, while GIC has the remaining.

      According to an investors presentation, the rental income of DCCDL grew to Rs 3,350 crore during last fiscal year from Rs 3,029 crore in 2020-21.

      Out of the total rental income, the rent from office spaces grew 5 per cent to Rs 2,889 crore in 2021-22 from Rs 2,753 crore in the previous year.

      Rentals from its retail real estate assets witnessed growth of 67 per cent to Rs 461 crore in last fiscal year from Rs 276 crore in 2020-21.

      Businesses at shopping malls were badly hit during the first and second wave of the Covid-19 pandemic.

      On office space, DLF said that vacancies are gradually declining and rentals are steady with "upward bias in later part of year".

      "Occupier's attendance steadily improving and should reach near pre-Covid levels in next 1-2 quarters," the presentation said.

      DCCDL continues to pre-lease buildings before receipt of occupancy certificates.

      Talking about retail real estate portfolio, DLF highlighted that there has been a strong rebound post third wave of the pandemic.

      "Footfalls fast moving to pre-Covid levels; important to continuously evolve / curate experiential shopping," DLF said.

      The company said it continues to maintain and re-enforce strong relationships with its tenants.

      On financial front, DCCDL reported 3 per cent increase in revenue to Rs 4,533 crore during last fiscal year.

      Net profit grew 10 per cent at Rs 1,002 crore.

      The net debt of DCCDL stood at Rs 19,063 crore as on March 31, 2022.

      On new development, DCCDL said it is currently constructing 7 million square feet of office spaces in Gurugram and Chennai and out of that, 1.7 million square feet is near completion.

      In December 2017, DLF had formed a joint venture with GIC after its promoters sold their entire 40 per cent stake in DCCDL for nearly Rs 12,000 crore.

      This deal included sale of 33.34 per cent stake in DCCDL to GIC for about Rs 9,000 crore and buyback of remaining shares worth about Rs 3,000 crore by DCCDL.

      DLF Ltd is India's leading real estate developer.

      It has developed more than 153 real estate projects and developed an area in excess of 330 million square feet.

      DLF has a land bank to further construct 215 million square feet area.
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      • Re : Indian Real Estate News

        Take action to keep material prices under control: BAI

        TNN / Jun 7, 2022, 08:14 IST

        Ahmedabad: Builders Association of India (BAI) has raised issue of the hike in construction raw material prices with the central government. The newly elected body of the association made a representation to the minister of state for housing and urban affairs Kaushal Kishore and said that the houses are getting costlier for buyers due to the increase in raw material prices.

        Nimesh Patel, president of BAI, said, “Prices of construction raw materials like steel and cement, and fuel prices have gone up affecting the construction industry. Increasing raw material prices have impacted the buyers at large because property prices have risen by Rs 500 per sq feet. There is a need to take steps to keep the prices under control.” The minister assured the BAI to resolve the issues. The BAI had earlier demanded to set up a ‘Cement Regulatory Authority’ on the lines of the RERA following an unprecedented hike in cement prices. The BAI also wants the industry status be accorded to the construction sector considering the size and contribution of this sector to the GDP of the country. tnn








        bai: Take Action To Keep Material Prices Under Control: Bai | Ahmedabad News - Times of India (indiatimes.com)
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        • Re : Indian Real Estate News

          Unicorns to take on lease 8.1 million sq ft office space in 2022-24: Report

          Read more at:
          https://realty.economictimes.indiati...eport/92131738


          "Unicorns are likely to lease an average of about 2.7 million sq feet of office space annually across 2022-24 across the top six cities, a three-fold increase from the preceding three years," Colliers India said in a statement.

          NEW DELHI: Startups with a valuation of USD 1 billion or more, also called unicorns, are likely to take on lease 8.1 million square feet of office space during 2022-24 period across six major cities, according to property consultant Colliers India. As a result, the total office space occupied by unicorns would reach about 14 million square feet by 2024, a two-fold rise from the current level.

          "Unicorns are likely to lease an average of about 2.7 million sq feet of office space annually across 2022-24 across the top six cities, a three-fold increase from the preceding three years," Colliers India said in a statement.

          As per the data of Colliers India and CRE Matrix, startups, including unicorns and non-unicorns, are expected to take on lease 29 million square feet during the 2022-24 period as against 22.4 million square feet in the preceding three years.

          "India has already seen about 15 new unicorns so far this year. At the same time, we are now staring at a funding slowdown in the space which is likely to be a short-term blip. We are likely to see enquiries coming back into the market in a few months for flex space, as well as traditional space, especially from fintech, e-commerce and logistics startups," Colliers India CEO Ramesh Nair said.

          Startups with a clear business model and good corporate governance will continue to grow and expand as the country's digital economy is strong, he added.

          "On the whole, startups (unicorns and non-unicorns) are likely to occupy 78 million sq feet of office space by 2024, a 16 per cent increase from 2021," Nair said.

          Bengaluru remained the top startup hub with a 34 per cent leasing share during 2019-22, with Koramangala, HSR and Indiranagar being the preferred locations for startups.

          A well-developed ecosystem, deep technology talent, and a culture of entrepreneurship are major factors for attracting startups in this IT city, the statement said.
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          • Re : Indian Real Estate News

            About 4.8 lakh homes worth Rs 4.48 lakh crore stuck or delayed in top seven cities

            Read more at:
            https://realty.economictimes.indiati...ities/92159333


            For its research, Anarock has taken only those housing projects that were launched in 2014 or before across seven cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad and Pune.

            NEW DELHI: Construction work of nearly 4.8 lakh homes worth Rs 4.48 lakh crore are currently stuck or significantly delayed across seven major cities, although builders have completed 37,000 such units so far this year, according to property consultant Anarock.

            For its research, Anarock has taken only those housing projects that were launched in 2014 or before across seven cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad and Pune.

            As per the data, 36,830 languishing homes were completed in these cities between January 2022 and May 2022.

            At the end of May 2022, Anarock said that 4,79,940 units worth Rs 4,48,129 crore were stuck in various construction stages across these seven cities.

            The property markets of these seven cities were saddled with about 5.17 lakh units worth Rs 4.84 lakh crore at the end of 2021 calendar year.

            "Developers remain committed to completing their projects and are capitalizing on the ongoing demand for ready-to-move homes," said Prashant Thakur, Senior Director & Head - Research, Anarock.

            "What is notable is that they are maintaining momentum despite considerable headwinds from increased input costs, which have gone through the roof in the last five months. The fact that housing demand has remained strong in last two years obviously helps," he said.

            Several large developers as well as the SWAMIH fund and state-owned NBCC have taken over stuck/delayed inventories and are completing pending construction works, Thakur said.

            Anarock said that the Delhi-NCR and MMR together account for 77 per cent of the total stuck/delayed housing units, while the southern metros Bengaluru, Chennai, and Hyderabad have just 9 per cent.

            Pune has about 9 per cent share, while Kolkata accounts for 5 per cent.

            Among cities, Delhi-NCR saw the maximum completion of 16,750 units during January-May, 2022. Currently, the NCR region has 2,40,610 stuck/delayed units worth Rs 1,81,410 crore.

            At the end of December 2021, NCR had 2,57,360 stuck/delayed units worth Rs 1,94,034 crore.

            In MMR, 1,28,870 units are stuck/delayed worth Rs 1,84,226 crore. The region had 1,34,170 languishing units worth Rs 1,91,807 crore at the end of the last year.

            Around 5,300 units were completed in MMR during January-May this year.

            Bengaluru saw completion of 3,960 units during January-May 2022. Currently, the Bengaluru city has 26,030 stuck/delayed units worth Rs 28,072 crore.

            At the end of the last year, the IT city had 29,990 stuck/delayed units worth Rs 32,345 crore.

            In Hyderabad, 1,710 units were completed during January-May 2022. The city currently has 11,450 stuck/delayed units worth Rs 11,310 crore, while at the end of December 2021, the figure was 13,160 units worth Rs 12,995 crore.

            In Chennai, Anarock said that 5,190 units worth Rs 3,731 crore are currently stuck or significantly delayed. At the end of 2022, the city had 8,870 such units.

            Chennai currently boasts of the lowest burden of stuck units among the top seven cities, the consultant said.

            At the end of May 2022, Pune had 44,250 units worth about Rs 27,533 crore. In 2021-end, the city had 48,100 stuck homes worth Rs 35,220 crore.

            As many as 3,850 stuck/delayed units in Pune got completed during January-May this year.

            Kolkata saw completion of 1,580 homes during January-May this year. Currently, Kolkata has 23,540 stuck/delayed units worth over Rs 11,847 crore. In 2021-end, there were 25,120 stuck/delayed units worth Rs 12,639 crore.

            Homebuyers in Delhi-NCR have been worst affected with several builders including Jaypee Infratech, Unitech, Amrapali, and The 3C Company, defaulting in their promises to deliver their projects.

            Anarock, which is one of the leading property consultants in India, achieved a 32 per cent growth in its revenue at Rs 402 crore during the last fiscal year.

            Anarock, established by Anuj Puri in April 2017, is majorly into housing brokerage and sells flats on behalf of the developers. It also provides consultancy in other segments of real estate like office, retail, warehousing and data centre.
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            • Re : Indian Real Estate News

              DLF plans to invest Rs 3,000 crore over six years in retail push

              Read more at:
              https://realty.economictimes.indiati...-push/92117230



              The company has planned malls in Gurugram and Goa and high streets in Gurugram, in addition to retail space in its upcoming residential and commercial developments, the majority of which will be launched this year.

              The country's largest real estate developer, DLF, is looking to add around 5 million sq ft in the next 5-6 years with an investment of about ₹3,000 crore, a senior executive said.

              The company has planned malls in Gurugram and Goa and high streets in Gurugram, in addition to retail space in its upcoming residential and commercial developments, the majority of which will be launched this year.

              "We believe that organised retail will continue to grow faster than retail as a sector," said Sriram Khattar, MD, rental business, DLF. "Our development programme should double our retail portfolio over the next five to six years."

              Goa, India's richest state by per capita income, is one of the destinations. "Our development in Goa will provide a high-quality retail experience to the population of Goa," he said. DLF Mall of India, Gurugram, is in the planning stage.

              DLF Mall of India, Gurugram, is likely to be about one and a half times bigger than the DLF Mall of India, Noida. "We are introducing a new concept of high-street shopping that primarily caters to the needs of the residential population in that area and brings high-quality, organised retail to their doorstep," Khattar said.

              "Work on one such centre has commenced in DLF 5 in Gurugram and we are planning a similar format in New Gurugram and West Delhi." The Gurugram mall will be about 3 million sq ft, while the mall in Goa will cover around 5.5 lakh sq ft.

              Analysts' presentations show that footfalls across the company's malls have recovered to 95% of pre-Covid levels.

              "We have strong relations with tenant partners and we are confident of their support in future expansions. Apart from stand-alone retail destinations, we have created strong office amenities blocks for our office tenants," said Pushpa Bector, executive director, DLF Retail.

              "This will make it exciting for office-goers to come back to work," Bector added.
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              • Re : Indian Real Estate News

                IIT Delhi develops low cost braces to enhance earthquake resistance in buildings


                Read more at:
                https://realty.economictimes.indiati...dings/92218168


                According to officials, the braces, for which a patent has also been applied have several advantages, such as all-steel components, on-site fabrication and assembling process, post-earthquake inspection, and easy replacement.

                NEW DELHI Researchers at the Indian Institute of Technology (IIT), Delhi have developed low-cost, super-elastic, buckling-restrained braces to enhance the earthquake resistance in constructed structures.

                According to officials, the braces, for which a patent has also been applied have several advantages, such as all-steel components, on-site fabrication and assembling process, post-earthquake inspection, and easy replacement.

                The earthquake resistance of civil structures is often improved by using seismic force-resisting systems or vibration control devices. Buckling-restrained braces are the special structural elements that serve both purposes, they said.

                A Buckling-Restrained Brace (BRB) is a structural brace in a building, designed to allow the building to withstand cyclical lateral loadings, typically earthquake-induced loading.

                "The proposed technology is effective in the new constructions and has a great potential for the upgradation and retrofitting of seismically deficient Reinforced Concrete (RC) and steel framed structures, such as residential and office buildings, hospitals, and school buildings.We have filed a patent for this technology," said Dipti Ranjan Sahoo, Professor at IIT Delhi's Civil Engineering Department.

                "These braces can also be conveniently adopted in the steel and concrete bridges to enhance their earthquake resistance. The implementation of this technique in the existing structures reduces overall retrofitting cost and minimises the intervention and downtime. It is possible to design a structure to achieve the required performance objectives in terms of strength and serviceability utilising the hybrid buckling-restrained braces," he added.

                Sahoo explained that the researchers have fabricated novel hybrid buckling-restrained braces (HBRBs) having higher strength, excellent ductility, and better energy dissipation potential.

                "The researchers fabricated the braces and studied the seismic performance of more than ten full-scale HBRBs at the full-scale testing facility of the Heavy Structures Laboratory at IIT Delhi. Tests are being conducted on specimens with improvements and modifications at the laboratory," he added.
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                • Re : Indian Real Estate News

                  HDFC invokes 50 lakh pledged shares of Ansal Housing for recovery of dues

                  Ansal Housing's turnover in 2021-22 was Rs 204.40 crore, and the net worth was Rs 146.23 crore.


                  HDFC invokes 50 lakh pledged shares of Ansal Housing for recovery of dues
                  PTI
                  • Jun 16, 2022,
                  • Updated Jun 16, 2022, 6:21 PM IST
                  The country's largest mortgage lender HDFC on Thursday said it has invoked 50 lakh pledged shares of Ansal Housing as part of recovery of its outstanding dues from the developer.

                  Ansal Housing is engaged in the business of construction and development of residential townships and commercial complexes.

                  ''For the purpose of recovery of part outstanding dues against loans availed by certain pledgers/borrowers, the Corporation on June 15, 2022, invoked the pledge on 50,00,000 shares of Ansal Housing Ltd (Ansal) aggregating 8.42 per cent of its paid-up share capital, pledged with the Corporation by the said pledger/borrower,'' HDFC said in a regulatory filing.

                  Ansal Housing's turnover in 2021-22 was Rs 204.40 crore, and the net worth was Rs 146.23 crore.

                  Stock of HDFC closed at Rs 2,057.45 apiece on BSE, down by 2.28 per cent, while Ansal Housing rose 9.96 per cent to Rs 7.95.








                  HDFC invokes 50 lakh pledged shares of Ansal Housing for recovery of dues - BusinessToday
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                  • Re : Indian Real Estate News

                    Flexible office providers refurbish old buildings to cater to high demand

                    Read more at:
                    https://realty.economictimes.indiati...emand/92340123



                    Leasing grade-B spaces that were vacated during the pandemic is helping the builders get assured rentals from flexible office operators.

                    Flexible office providers are refurbishing old office buildings as they look to add new office spaces due to high demand from corporates and unicorns after the introduction of the hybrid work model during the pandemic.

                    Leasing grade-B spaces that were vacated during the pandemic is helping the builders get assured rentals from flexible office operators.

                    And the operators get a discount on refurbished properties.

                    It also helps in regular income generation till the assets are sold.

                    "Many grade-B office spaces were vacated during the COVID-19 outbreak. We were able to identify those opportunities and refurbish and rent those assets. There are many such buildings available across cities," said Sheshagiri Rao Paplikar, CEO, Bhive Fund.

                    The demand for flexible office space has witnessed 3x growth compared to last year, with the average seats requirement doubling to over 1,000 seats compared to 500 seats earlier from large corporates.

                    “We have signed up around 750,000 sq. ft. spaces since October last year, where we have refurbished old office buildings. The average age of these buildings is around 20 years. In most of these buildings, we have installed solar rooftops and ensured almost zero groundwater usage," said Rishi Das, Co-founder, IndiQube.

                    The demand for coworking spaces is on the rise with businesses focussing on cost optimization to tackle unprecedented crises such as lockdowns in the future.

                    "Evidently, the pandemic has been a growth catalyst for the coworking sector, and this growth is likely to be manifold over the next 2-3 years. The cost advantage of coworking spaces also clearly outstrip the possible risk factors. Amongst the large-sized deals, flex spaces accounted for about 20%, lagging only behind the technology sector in Q1,” said Ramesh Nair, CEO, India and Managing Director, Market Development, Asia, Colliers.

                    Flex space operators leased over 1.9 msf of office space in Q1 2022 against 0.2 msf in Q1 2021, recording a 10X rise on YoY basis. Flex space saw its share increasing to about 15% from 5% in Q1 2021. This is led by strong demand from occupiers for flex spaces and the associated flexibility in leases that come with it, said Colliers.
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                    • Re : Indian Real Estate News

                      US-based Venture X enters India, launches two coworking centres in Gurugram

                      The premium coworking solutions company opened two centres in Gurugram with a capacity of 1,200.


                      US-based Venture X enters India, launches two coworking centres in Gurugram (Photo: Reuters)
                      PTI


                      US-based Venture X, which provides flexible workspace globally, has entered into the Indian market with opening of two centres in Gurugram with a total seating capacity of 1,200 seats.

                      The company plans to expand across all the major Tier I and Tier II cities.

                      Venture X facilities in Gurugram will offer flexible, premium coworking space options for individuals and companies, including established businesses, entrepreneurs, small and medium-sized enterprises.

                      Venture X is an affiliated brand of UFG coworking division CoworksTM which is the largest privately-owned franchisor in the coworking industry having more than 200 locations opened/signed up globally. Venture X has revealed its first two premium locations in Gurugram with a cumulative 1,200 seats spread across 45,000 and 16,500 square feet space at Sector 67 and 44, respectively.

                      "We are excited to bring the brand Venture X to India, a blend of boutique hotel and modern office styles, with an elevated level of design. We have invested around USD 5 million in the Indian market and plan to invest USD 2-3 million by the year 2023," said Anil Lakra, India Partner, Venture X.

                      Post the pandemic, he said flexible office spaces are very much in demand.

                      Rahul Kapur, India Partner of Venture X, said: "We are delighted to get into a partnership with the UFG brand Venture X here in India. We have the master licence for the India region. We have currently opened two locations and would grow to 8-10 across India by end 2023."

                      Demand for co-working office space jumped over two-fold in the last fiscal year at 90,200 desks across seven major cities as flexible workspaces rose in prominence after the second wave of the Covid pandemic, according to a joint report by JLL India and Qdesq. Over 37,300 seats were leased out in the 2020-21 financial year across the seven cities.










                      US-based Venture X enters India, launches two coworking centres in Gurugram - BusinessToday
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