News tracker: April 28, 2024

Amitabh Bachchan Buys Land Parcel In Alibaug To Build Luxury Villa In Beach Town

  • Actor purchases quarter-acre land from The House of Abhinandan Lodha for ₹10 Cr
  • Land parcel purchased in the coastal town of Alibaug, near Mumbai, with the intention of constructing a luxurious villa
  • The beach town is well-known for its sea view properties owned by affluent and celebrated individuals.
  • The actor had also recently purchased a plot in a 7-star mixed-use development of the developer

Macrotech Developers Q4 profit down 11% to ₹665 cr

  • Macrotech reported a 11% y-o-y decline in profits to ₹665 crs for Jan-Mar24
  • However, for the full year the company registered a three-fold jump in profit to ₹ 1,549 cr
  • The company has achieved its guidance of reducing their net debt well below 0.5x of equity & is currently at 0.2
  • The company is currently active in Mumbai, Pune & Bengaluru, may enter a fourth city as it expands its operations

Indiabulls Real Estate loss widens to ₹1,038 cr in FY24

  • Indiabulls Real Estate Ltd (IBREL) continued its downward trajectory with another quarter of widening losses.
  • The company has posted for net loss at ₹1,038 crs which are significantly higher than the net loss of ₹ 608 cr in 2022-23.
  • Total income also fell to ₹ 469 cr during 2023-24 from ₹ 648 cr in the preceding year
  • Indiabulls real estate is way past its glorious days when it listed in 2007 at a price of ₹380 and currently trades at ₹136 after 17 years

Provident Housing secures ₹1150 Cr investment from HDFC Capital

  • Provident Housing is a wholly-owned subsidiary of real estate developer Purvankara Ltd.
  • Funds to develop 6.2 mn sq ft of residential projects
  • This adds to the current 14.8 mn sq ft with a GDV of ₹17,100 Crs, to be delivered over the next five to six years
  • Provident completes 15.1 mn sq ft of projects in nine cities across India, including Bengaluru, Hyderabad, Chennai, Goa, Kochi, Mumbai, and Pune.

Deepinder Goyal bought 5 acres for ₹79 cr in Delhi’s biggest land deal in FY24

  • The land purchased is in Dera Mandi which is a popular market in the heart of Old Delhi, India
  • This transaction was the largest land deal in Delhi during this period, overshadowing other major transactions that primarily occurred in Gurugram and Noida.
  • In other large transactions, Ganga Realty bought 8.35-acre parcel in Gurugram’s sector 84 for ₹132 cr while Experion Developers purchases 4-acre plot on Golf Course Road for ₹400 cr.

Haryana RERA imposes ₹ 50 lakh penalty on developer for misleading advertisement

  • Penalty imposed on Countrywide Promoters Private Limited for publishing a misleading advertisement
  • Countrywide is developing an affordable plotted colony Green Oaks at Sector 70A in Gurugram
  • One full-page contains a photo of a garden/park (Garden of Dreams) and the other page displays a picture of a club, “which is not part of the project”.
  • Ad also showed facilities like squash court, state of the art club house, covered pool & spa, outdoor library, rejuvenating sculptural rocks, coffee lounge counter etc which are missing

Delhi-NCR saw 29 land deals for approximately 314 acres closed in FY-24

  • Most of the land deals (22 out of the 29) were in Gurugram & there was only one large land deal Delhi & the buyer was none other than Deepinder Goyal
  • In Gurugram 22 deals totaling 208 acres were closed of which 20 deals were for residential purpose
  • In Delhi, one deal covering 5 acres was closed for residential development.
  • In Greater Noida, a 9 -acre deal was secured for residential development. In Ghaziabad, a 62-acre deal was signed for a township project.

Fractional ownership platforms start registering under SM REIT regulations

  • Fractional ownership platforms have started the process of registering under SM REIT regulations which were notified a month back
  • investors can now have ownership of rent-yielding real estate assets by making a minimum investment of ₹ 10 lakh.
  • The move will help enhance transparency and boost participation of both domestic and foreign retail investors thereby leading to better liquidity in the market

Eldeco and HDFC Capital announces ₹350-cr funding in joint platform

  • The platform size stands at ₹850 Cr with ₹500 Cr invested across two other rounds.
  • The latest round of funding will help development of group housing and plotted projects across multiple cities, namely Delhi, Gurugram, Ludhiana, Sonipat and Goa
  • Eldeco’s on-going projects include Panipat, Sonipat, Rishikesh and Kasauli and have a projected revenue potential of ₹2,000 Cr.
  • Cumulative revenue potential across 17 projects is estimated to be ₹8,000 Cr

WeWork India Leases 1.83 Lakh Sq Ft For New Coworking Centres In Gurugram, Pune

  • The two centres in Gurugram and Pune, comprising 3,100 desks are expected to open in the next couple of months
  • New centre in Gurugram’s MG Road market, HQ27, would be spread over 96,000 sq ft with 1,480-plus desks.
  • New center in Pune will be within the mall complex ‘Amanora mall’spread over 87,000 sqft with 1,700 plus desk
  • We work has over 8 mn sqft of asset signed across 54 location in NEW Delhi, Gurugram, Noida, Mumbai, Bengaluru, Pune & Hyderabad

Sumadhura Group acquires 40 acres land for about ₹ 800 Cr in Bengaluru

  • The four land parcels acquired recently have revenue potential of up to ₹6000 Cr
  • Plans to develop four residential projects on these sites – three in the east and one in south west Bengaluru over the next five years
  • Estimated potential of attaining six mn sq ft of saleable area, the company said.
  • Sumadhura has delivered more than 50 projects in its area of operation spanning over 11 mn sq ft

Embassy REIT posts net profit of ₹ 283 crs in Q4 FY24

  • Embassy REIT’s net consolidated total income stood at ₹ 992 crs, a growth of 10% from ₹ 900 cr it recorded in the similar quarter last year
  • It registered profit after tax of ₹ 354.46 mn in the corresponding quarter of the previous fiscal
  • Leased a record 8.1 mn sq ft & delivered 2.2 mn sq ft of new office development
  • Guidance for FY25 includes 5.4 mn sq ft of total leasing and distributions in the range of ₹22.40 to ₹23.10 per unit

Co-working firm WeWork in talks to sell entire 27% stake in India unit

  • WeWork India, which started operations in 2017, has over 8 mn sq ft of assets signed across 54 locations in New Delhi, Bengaluru, Mumbai, Gurugram, Noida, Pune, and Hyderabad.
  • WeWork India had posted a turnover of ₹ 1,400 Cr during the 2022-23 fiscal year.
  • In June 2021, WeWork Global invested USD 100 mn in WeWork India to pick a 27% stake.
  • WeWork India will continue to use the ‘WeWork’ brand even if WeWork Global sells its entire stake and exits from the India business

Lohia Global forays into real estate business; to invest ₹1000 cr

  • The company, which is involved in exports, auto, and renewable energy, will develop both residential and commercial real estate in India.
  • The company will first focus on Tier-II cities and then move to bigger markets like NCR
  • Aim to develop 5 residential projects across a 3 mn square feet area in the next five years, beginning with luxury residences in Moradabad.
  • Project cumulative revenue of the real estate venture reaching ₹ 4,000 crore by 2030

Singapore home price rises slow, rents fall as market cools

  • Private rents slid 1.9% in the last quarter. That comes after a 2.1% drop in the previous quarter, the first decline in more than three years.
  • The pace of residential price increases is expected to slow this year largely in line with the feeling of general job insecurity
  • Private rents expected to fall 5%, in part due to a greater supply of completed housing.
  • Despite two consecutive quarters of declines, the private home rental index is still up nearly 50% from four years ago.

‘US real estate on fire sale’: Another Washington DC office building sold at 75% discount

  • The 175k sq ft tower at 1101 Vermont Avenue sold for $16 mn which was last sold for $60 mn in 2006
  • In 18 years price has declined by 75% for the building
  • Last week, an 11-story office tower in San Francisco was sold at a 60% discount
  • In the US, with the largest commercial property market in the world, prices have tumbled by 11 % since the Federal Reserve started raising interest rates in March 2022

Add a Comment

Your email address will not be published. Required fields are marked *