Builders

Macrotech Developers to launch Rs 10,000 cr housing projects by March

Realty firm Macrotech Developers Ltd will launch nearly 8 million square feet of residential space in the second half of this fiscal with an estimated sales value of Rs 10,000 crore, as part of its strategy to expand the business. Mumbai-based Macrotech Developers sells properties under the Lodha brand. In its latest investors presentation, Macrotech Developers said it has launched a 3.6 million square feet area during the April-September period of this fiscal, with an estimated sales bookings potential of Rs 6,130 crore. During the second half of this fiscal, the company is targeting to launch a 7.9 million square feet area, having a revenue potential of Rs 10,000 crore. These projects will be launched in Mumbai Metropolitan Region (MMR), Pune and Bengaluru where the company has a significant presence. Earlier this month, Macrotech Developers reported a 21 per cent increase in sales bookings to a record Rs 4,290 crore during the July-September period on better housing demand. Th

National-level builder-buyer agreements for realty to be a reality soon

Santosh Kumar, vice chairman of Anarock Group, said that while RERA in respective states has been actively resolving consumer grievances, buyers often struggle to get their homes as promised

Eyeing expansion in South, West markets: Puravankara CEO Abhishek Kapoor

Kapoor discussed the factors driving revenue growth, strategy to strengthen the Southern market, project pipeline, and investment targets

Not in 'rat race' to be top builder in terms of sale bookings: Macrotech MD

Realty firm Macrotech Developers is not in a "rat race" to become the top builder in terms of sale bookings and will rather focus on achieving consistent and predictable growth with high-profit margins, its MD and CEO Abhishek Lodha said. Macrotech Developers, which markets its properties under Lodha brand, registered a 20 per cent growth in its sale bookings (pre-sales) to a record Rs 14,520 crore last fiscal from Rs 12,060 crore in the 2022-23 financial year. It has given guidance of achieving 21 per cent annual growth in sale bookings this fiscal to Rs 17,500 crore. When asked about the reason for setting a conservative sale bookings guidance considering that few players posted more than Rs 20,000 crore pre-sales in FY24 itself, Lodha told PTI, "We are not in any rat race and neither our shareholders are bothered about any such rat race." "We want to achieve consistent growth. Consistent growth and predictable growth with low leverage is very important and that is our business .

IPO-bound Arkade Developers plans Rs 700 cr investment in 3 projects

City-based builder Arkade Developers will be investing around Rs 700 crore in three projects in the megapolis that are expected to be completed over the next three to four years. Last week, the company received the regulatory nod to launch a Rs 430 crore initial share sale and part of the proceeds will be used for the investment. "We have earmarked Rs 698 crore for three new projects in the city -- Arkade Nest in Mulund (West), Deep Shikhar C Unit in Goregaon (East) and Prachi in Vile Parle (East). "Phase 1 of Arkade Nest is a luxury project and is already on. Going forward, our focus is on blended model of greenfield and redevelopment. The Goregaon and Malad projects are redevelopment units," Amit Jain, Chairman and Managing Director of Arkade, told PTI on Monday. Currently, the company has five ongoing projects. Arkade Nest is a Rs 427 crore-project while Prachi and C Unit projects will be worth Rs 178 crore and Rs 94 crore, respectively, totalling the overall investment at Rs

CREDAI asks developers to focus on green construction, seeks ITC in GST

The real estate sector has been growing phenomenally in the past two years on strong consumer demand and there is a need for developers to focus on green construction, realtors' body CREDAI President Boman Irani said on Friday. Irani was addressing the 21st CREDAI NATCON conference being held here. Around 1,400 real estate developers are participating in this event. "Real estate has been growing phenomenally," Irani said. Housing sales have risen sharply in the last two years as consumer demand revived strongly post-COVID pandemic. CREDAI Chairmam Manoj Gaur said it is the best time for the real estate sector and the momentum would continue if developers do not commit past mistakes. Irani highlighted the importance of the real estate sector, which is contributing 7-8 per cent to India's GDP. The CREDAI president pointed out that the construction sector contributes 26 per cent to global pollution and asked its developer members to focus on green development. "We have to be ...

Builders complete 86% of 1,642 projects launched in Jul'17-Dec'18: Anarock

At least 86 per cent of the total 1,642 housing projects launched between July 2017 and December 2018, across seven major cities have been completed so far, helped by tighter regulations under realty law RERA, according to real estate consultant Anarock. These 1,642 housing projects are registered under the real estate regulatory law -- RERA. However, in terms of number of residential units, the developers have completed only 71 per cent of the residential properties that they launched across seven cities during these 1.5 years. These cities are Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Chennai, Hyderabad and Kolkata. "When it comes to ensuring timely delivery of residential real estate projects, RERA has delivered resoundingly, wherever it has been fully deployed," real estate consultant Anarock Chairman Anuj Puri said. "The overall completion rate of 86 per cent across the top seven cities in the 1.5 years following RERA implementation is remarkable, especiall

Noida Authority CEO meets 24 builders over Rs 26,000 cr dues, buyers' woes

Noida Authority CEO Lokesh M on Friday held a meeting with two dozen real estate developers to discuss the recovery of Rs 26,000 crore in pending dues and difficulties faced by home buyers in 60 group housing projects, officials said. Expressing angst at the situation, the CEO directed his department that action, including the issuance of recovery certificates, should be initiated against builders who have not cleared their dues against the plots allotted to them, the Noida Authority said in a statement. The information regarding the dues should be published in the newspapers and the project site. Boards should also be installed at the project site's gate mentioning their liability towards the authority, he directed his officials. The senior IAS officer, who took over as the Noida Authority CEO last month, noted that every working day in public hearings in the authority, AOA (residents' associations) and flat buyers complain about the poor quality of the building constructed in the

Need credible framework to differential good & bad builders: Housing Secy

Housing and Urban Affairs Secretary Manoj Joshi on Monday pitched for a "credible framework" to differentiate between good and bad real estate developers, enabling the realty sector in accessing credit easily from banks to build projects without being dependent on customers' money. Addressing a real estate conference organised by CII, the secretary noted that real estate projects, especially housing, are largely funded through customer advances and said this model needs to be changed. He suggested that the credible framework could be a rating system and appraisal of past performances. Joshi pointed out that one of the main reasons for the delay in the construction of projects is cash flow issues. He said there is no bank finance at the level of main contractors and small vendors, which leads to project delays and cost inefficiencies. "Are we helping our economy by not providing finance to such an important segment of our economy?" he asked. "We are hurting far more," he quipped. "

Govt to set up panel to work on model builder-buyer agreement: Official

The government has decided to set up a committee to work on a model buyer agreement to help streamline the homebuying process and protect consumers from potential abuses, among others, a top government official said on Tuesday. The committee that will draw members from judges, national and state consumer commissions, various consumer bodies, lawyers as well as from the Ministry of Consumer Affairs, is expected to be in place within the next three months, Consumer Affairs Ministry Secretary Rohit Kumar Singh told reporters here. The official earlier addressed a round table conference on 'How to Effectively Redress the Grievances Pertaining to Real Estate Sector', in the city, hosted by the Department of Consumer Affairs, in association with the Government of Maharashtra. The problem (dispute between the home buyers and the developer) could be resolved quite to an extent if the contract between a builder and a buyer is standardised and uniformity is brought about. It should be a uniq

World's next debt disaster seen brewing in Indonesia's builder binge

The struggles are already reminding some analysts and investors of the high-profile debt debacles in China and South Korea last year, which were centered on the nations' developers

Around 58% builders expect housing prices to rise further in 2023: Survey

As many as 341 real estate developers from various parts of the country participated in the joint survey conducted during the last two months

Buyer is liable if builder fails to pay his EMI

The National Commission observed that the loan agreement entitled the bank to recover the EMI from the purchaser if the builder failed to pay on his behalf

Court asks Delhi police to lodge FIRs against builder for duping investors

A court here has directed the Delhi police to register two FIRs against a real estate firm and their directors for allegedly duping investors. Metropolitan Magistrate Yashdeep Chahal passed the order saying that the allegations are of a nature that warrant an investigation by the police/state agency. The judge directed police to lodge two FIRs against builder firm - ISH Realtors Pvt. Ltd. and it's directors for allegedly committing the offences of criminal conspiracy, criminal breach of trust, fraud, cheating and criminal Intimidation. The facts of the complaint reveal that the controversy is not entirely based upon documents and some investigation is warranted in this matter to unearth the truth of the allegations. Moreover, the complainant is not in a position to establish his case without the aid of police investigation, the judge said. He said the complaint as well as the documents on record revealed prima facie commission of cognizable offences. In the light of these facts it

Home buyers stage protest outside builder's office over delayed deliveries

Home buyers of a housing project of Raheja Developers on Saturday staged a protest outside the company's office here over delayed deliveries of their flats. Home buyers were demanding that the builder should either hand over the houses or refund the money. They alleged that buyers of the Raheja Revanta Project at Sector 78 are awaiting for the last five years for the delivery of their homes. The buyers alleged that even after taking 90 per cent of the money for the flat, they were being misled in the name of completing the project. The local police had also reached the spot. Arjun, the president of the association of Raheja Revanta Society, said the builder sold the flats in the name of the tallest project of Delhi NCR and Haryana. They bought flats for Rs 1 crore to Rs 5 crore. After discussions with builder Nayan Raheja, buyers and the developer agreed to hold a meeting every three months. A spokesperson of Raheja Developers in a statement said that they are aggressively taking

Land deals by builders see 3-fold jump to 68 in Jan-Sep in 8 cities: Report

Real estate developers are aggressively looking to expand their business with revival in demand, resulting in a sharp rise in the number of land deals which jumped over three-fold to 68 across eight major cities during January-September this year, according to property consultant Anarock. Anarock has compiled the land transactions, which include both outright purchases by developers and also joint development agreements (JDAs). At least 68 separate land deals, accounting for 1,656 acres, were closed in the first nine months of 2022 across top eight cities, as against just 20 land deals for 925 acres in the corresponding period of last year, it said. Out of the 68 deals in January-September period of 2022, as many as nine were either JDAs or on revenue sharing basis. The remaining deals were outright purchase. Land, the most precious finite resource amid rapid urbanisation, has been seeing increased action after the COVID-19 pandemic, Anarock noted. To encash the surge in housing .

China builders slide to record lows as top chairwoman Wu Yajun steps down

A sudden resignation by the founder and chairwoman of a top Chinese builder has added to concerns over China's ailing property sector, fueling a further selloff

Nearly 50% homebuyers expect property prices to increase: Report

Services activity, hiring and stable unemployment rate helping consumer confidence, it says

Casagrand forays into home building segment, plans 500 homes in 3 years

Realty firm Casagrand has unveiled an independent residential construction venture -- 'CASAGRAND PERCH', and announced plans to build 500 homes over the next three years under the new initiative. CASAGRAND Perch would be involved in designing of the residential units for customers who own a minimum of 1,500 sq ft land, while keeping in mind the concepts of light, ventilation, privacy and 'vaastu,' a company official said on Wednesday. "Through this venture, we will build an individual home by following the same standards of CASAGRAND. People usually reach out to unorganised players to build their homes and there are times when they are not satisfied with the outcome." CASAGRAND founder-managing director Arun Mn noted. "CASAGRAND Perch has been conceptualised as a venture that will professionally take care of the end-to-end requirements of home building.. at this moment, we will build houses in Chennai, Bengaluru and Coimbatore. We aim to build 500 houses under CASAGRAND Perch in 3 .

Home Depot beats sales estimates in June qtr on demand from builders

Net sales for the largest US home improvement chain climbed 6.5% to a $43.79 bn, compared with estimates of $43.36 bn