Godrej Properties acquired 12 land parcels during April-December period of this fiscal to develop housing projects worth Rs 23,450 crore, and plans to buy more in the ongoing quarter to expand business amid strong consumer demand. Godrej Properties acquires land outright and also partners with landowners, under new business development. In an interview with PTI, Godrej Properties Executive Chairperson Pirojsha Godrej said the "business development was very strong during December quarter". The company signed new projects with a total booking value potential of nearly Rs 11,000 crore during the third quarter of this fiscal, he said, adding the business development crossed Rs 23,000 crore during April-December. "We had guided for Rs 20,000 crore, so we've already crossed full year guidance for business development," Pirojsha said. In its latest investors presentation, Godrej Properties informed that the company has added 12 projects with a total estimated saleable area of 169 lakh .
Housing sales in Jaipur rose just 5 per cent to 10,695 units in 2024 but grew 39 per cent in value terms to Rs 8,388 crore, according to real estate data analytics firm PropEquity. In 2023, housing sales in the capital city of Rajasthan stood at 10,187 units, with value of Rs 6,019 crore, PropEquity data showed. PropEquity Founder Samir Jasuja attributed the higher growth in sales value to rising input cost of real estate projects because of an increase in prices of land, labour and construction materials. Moreover, the developers are launching more premium and luxury housing projects, leading to higher sales value. PropEquity has recently released the data for 15 major tier-II cities where total housing sales rose 4 per cent to 1,78,771 units in 2024 from 1,71,903 in the preceding year. In value terms, the sales increased 20 per cent to Rs 1,52,552 crore in 2024 from Rs 1,27,505 crore during 2023. These 15 locations are -- Ahmedabad, Surat, Vadodara, Gandhinagar, Nashik, Jaipur
Realty company Bakeri Group and investment management firm Lumos Alternate have partnered to set up a Rs 500 crore real estate investment platform. The platform 'Sakar Realty Fund- I', which recently received final approval from Sebi, will invest in mid-market residential projects in Bengaluru, Mumbai, Ahmedabad, and Pune, with an investment horizon of 3-4 years per project, Lumos Alternate said in a statement. It aims to provide superior returns to its investors by leveraging the exceptional execution capabilities of Bakeri Group, which has delivered more than 420 lakh square feet of real estate development over its 65-year legacy. The platform is expected to attract a diverse range of investors, including high-net-worth individuals (HNIs), family offices, and institutional investors. "The real estate market has been robust over the past few years, and many family offices and HNIs are looking to establish long-term direct partnerships with credible real estate developers who have
Real estate firm Prestige Estates Projects Ltd is planning to launch Rs 30,000 crore of housing projects this quarter across major cities to tap robust consumer demand. According to a transcript of company's discussion with market analysts, Bengaluru-based Prestige Estates Executive Director Zayd Noaman said the company will launch "a total of Rs 30,000 crore worth of inventory" in this quarter. "We are saying this with utmost confidence as most of these projects have been logged in for RERA and should be launched in the next few weeks," he added. Noaman said the company would be launching projects mainly in Bengaluru, Delhi-NCR, Chennai, and Mumbai. Asked whether the company would be able to meet sales guidance of Rs 24,000 crore for this entire fiscal year, Prestige Group CMD Irfan Razack said it was possible provided the company gets regulatory approvals to launch projects. Prestige Estates' sales bookings have declined 38 per cent to Rs 10,065.7 crore during April-December per
Union Bank of India on Wednesday said it plans to raise long-term bonds worth up to Rs 20,000 crore to finance infrastructure and affordable housing. The public sector lender also plans to issue green/sustainable bonds of up to Rs 5,000 crore, it said, announcing the outcome of the meeting of its Board of Directors. On Monday, the bank reported a 28 per cent increase in net profit to Rs 4,604 crore for the third quarter ended December 2024, helped by improved core income. The Mumbai-based bank had earned a net profit of Rs 3,590 crore in the same quarter a year ago. Its total income rose to Rs 31,375 crore in the reporting quarter from Rs 29,137 crore a year ago, Union Bank of India said in a regulatory filing.
Realty firm Emaar India will invest around Rs 1,600 crore to develop a new luxury housing project in Gurugram as part of its expansion plan amid strong demand for residential properties. Emaar India, which is part of Dubai-based Emaar Properties, has launched a new housing project 'Urban Ascent' in Sector 112, Gurugram. "We have launched a new housing project on Dwarka Expressway, Gurugram. It is a 9.2 acre luxury housing project where we will be developing 816 apartments," Emaar India CEO Kalyan Chakrabarti told PTI. He said this project is under joint development agreement (JDA) with land owners. "The total investment will be around Rs 1,600 crore to develop this green project," he said. Chakrabarti said the housing demand continues to be strong in Delhi-NCR from end-users as well as investors. "This is our first launch this year. Urban Ascent is more than just a residential project'- it's a lifestyle crafted for those who seek comfort, convenience and a connection to nature,"
Indian real estate sector saw more land deals in 2024 at over 2,200 acres as developers were looking to expand the business, according to CBRE. Real estate consultant CBRE data showed that land deals of more than 2,200 acres last year as against about 1,900 acres in the preceding year. Out of the total land transactions in 2024, around 2,000 acres were located in the eight major cities -- Delhi-NCR, Bengaluru, Mumbai, Chennai, Pune, Hyderabad, Kolkata and Ahmedabad. Nearly 1,200 acres of land are meant for residential projects, around 580 acres for industrial & warehousing parks and 200 acres for data centres. Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE, said, "The significant growth in land deals across diverse asset classes highlights strong investor confidence in India's real estate market." The residential segment is booming due to rising urbanisation, favourable policies, and increased affordability, he ...
Potential homebuyers must ensure they don't overstretch themselves financially
The Maharashtra Real Estate Regulatory Authority (MahaRERA) on Monday said it has recovered over Rs 200 crore from developers to compensate homebuyers for their losses. The authority also outlined plans to further intensify its recovery efforts. The real estate watchdog said it has issued 1,163 warrants for recovering Rs 705.62 crore across the state and has made developers cough up Rs 200.23 crore from 283 warrants involving 139 real estate projects, as per an official statement. Over Rs 378 crore of the recoveries are due from Mumbai suburban and Pune alone, the statement said, adding that specific efforts are being undertaken to expedite the same like appointing retired Tahsildars (revenue officials) in the offices of the district collectorates in Mumbai suburban and Pune. Of the Rs 200 crore in recoveries, Mumbai city contributed Rs 46.47 crore in recoveries involving 22 warrants in 13 projects, Rs 76.33 crore came from 85 warrants in 42 projects in Mumbai suburban and Rs 39.10
The average cost of construction for housing projects in big cities has increased by 39 per cent in the last four years to Rs 2,780 per sq ft, with building materials and labour becoming expensive, according to Colliers India. Real estate consultant Colliers India data shows that the average construction cost for premium housing projects stood at Rs 2,000 per square feet in October 2020. The construction cost rose to Rs 2,200 per square feet in October 2021, Rs 2,300 per sq ft in October 2022, Rs 2,500 per sq ft in October 2023 and Rs 2,780 per square feet in October 2024. Colliers India said these are average costs for a Grade A residential building of 15 floors. The data pertains to tier-I cities. Over the last one year, the consultant said the average cost of construction of housing projects rose 11 per cent due to a significant surge in labour costs coupled with a moderate price increase in construction materials like sand, brick, glass, wood etc. Notably, the cumulative effec
Realty firm Godrej Properties Ltd has won bids to acquire 3 adjoining plots totalling 6.5 acres in Mumbai Metropolitan Region (MMR) to develop a housing project with a revenue potential of Rs 3,500 crore. In a regulatory filing on Wednesday, the company informed that it has "emerged as the highest bidder to develop a group housing project at a premium location in Sector 5-A, Kharghar according to the e-auction portal of City and Industrial Development Corporation of Maharashtra (CIDCO)." The plots, measuring 6.54 acres, will offer a development potential of around 2 million square feet, with an estimated combined revenue potential of around Rs 3,500 crore, it added. The company did not disclose the deal value of these 3 adjoining land parcels. Gaurav Pandey, MD & CEO, Godrej Properties, said, "Our entry into the Kharghar micro-market aligns well with our strategy of strengthening our portfolio across the key real estate markets in India." Godrej Properties continues to acquire ...
Realty firm Godrej Properties acquired six new land parcels in the July-September quarter to develop housing projects worth Rs 9,650 crore as part of its expansion plan amid strong demand. Godrej Properties is one of the leading real estate developers in the country. It has a significant presence in Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune and Bengaluru. To expand the housing business, Godrej Properties acquires land through outright purchases as well as forming partnerships with landowners for joint development. In its latest operational updates for the July-September quarter, Godrej Properties said it has added 8 new land parcels in the first six months of this fiscal with a total estimated saleable area of about 11 million square feet and total estimated booking value potential of around Rs 12,650 crore. This included the addition of 6 new land parcels in the second quarter of this fiscal with an expected booking value of Rs 9,650 crore. Godrej Properties said it has .
Realty firm NeoLiv has bought 12-acre land at Alibaug near Mumbai to develop a luxury housing project with a sales potential of around Rs 400 crore. The company did not disclose the land deal value and name of the seller. In a statement on Wednesday, NeoLiv announced the acquisition of 12 acres of prime land in Alibaug, marking the company's foray into the highly sought-after Mumbai Metropolitan Region (MMR) market. "The development with an option to extend to 20 acres and projected gross value of more than Rs 400 crore will offer an exceptional mix of premium villas and plots," it said. NeoLiv founder and CEO Mohit Malhotra said this acquisition represents a significant milestone for the company. "Backed by UHNI investors through our SEBI-approved fund and led by a highly experienced team with over 100 years of combined expertise, we are committed to delivering exceptional living experiences that will set new benchmarks for residential developments," Malhotra said. Alibaug, kno
Real estate firm NeoLiv has tied up with Royal Green Realty to jointly develop a 20-acre housing project at Kundli-Sonipat in Haryana with an estimated revenue potential of more than Rs 600 crore. The company on Tuesday announced its entry into the North India market through a joint development partnership with Royal Green Realty. The residential project, located in Kundli-Sonipat Master Plan, will be spread over a 20-acre area. "The 20-acre development with a gross development value of Rs 600 crore+ will feature premium villas, independent floors, custom-designed plots and an internationally designed clubhouse," NeoLiv said in a statement. Mohit Malhotra, Founder and CEO of NeoLiv, said, this acquisition represents a significant milestone for NeoLiv, as we announce our first project in the NCR region. "Backed by UHNI (ultra high net worth individual) investors through our SEBI-approved fund and led by a highly experienced team with over 100 years of combined expertise, we are ...
According to recent PropEquity data, 1,636 projects totaling 4,31,946 units in 14 Tier-I cities and 345 projects totalling 76,256 units in 28 Tier-II cities have been stalled
Godrej Properties aims to launch Rs 21,000 crore worth of residential projects by March across major cities to encash strong consumer demand and achieve 20 per cent growth in sales bookings this fiscal. In an interview with PTI, the company's executive chairperson Pirojsha Godrej expressed confidence that the company would achieve the targeted sales bookings of Rs 27,000 crore for the current fiscal. In the last fiscal, the company's sales bookings jumped 84 per cent to a record Rs 22,527 crore, the highest among listed realty firms in 2023-24. Asked about the launch pipeline, Pirojsha said, "We are targeting to launch projects worth Rs 30,000 crore this fiscal year. We have already launched around Rs 9,000 crore worth of projects in the first quarter of this fiscal." The launch pipeline for the remaining three quarters is strong, he said. Godrej Properties mainly focuses on Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru, Pune and Hyderabad for group housing projects. It s
Real estate developers across seven major cities are taking an average 18-20 per cent less time to complete a project because of tight regulations and the use of latest construction technologies, according to Anarock. Real estate consultant Anarock data analysed all projects that were launched and completed between 2010-2019 and 2014-H1 2024 across the top seven cities. In the last decade, the average time taken to complete smaller projects of less than 500 units across these seven cities was four years, while builders took 4.9 years to complete large projects of more than 500 units each. During 2010-19 period, the average time taken by builders was 4.9 years for small projects and 6.1 years for larger ones. So, the average completion time across seven major cities has fallen by 18 per cent in small projects and 20 per cent in large projects during the period under review. "The stringent rules imposed on project delays by the regulatory authorities have also been a key factor in .
Realty firm Sattva Group will invest Rs 12,000-14,000 crore over the next three years to build housing, office and hotel projects and is in talks with PE major Blackstone to launch REIT for monetisation of commercial assets. Bengaluru-based Sattva Group is one of the leading real estate developers in India. It has completed 140 projects comprising 80 million square feet area in the last 30 years. Around 23 million square feet of area is under construction and 65 million square feet is in the pipeline. Addressing a press conference here, Sattva Group Managing Director Bijay Agarwal said, "We are very bullish on the real estate market. We will be investing Rs 12,000-14,000 crore over the next three years across residential, commercial and hospitality verticals." The investments will be funded through equity, debt and internal accruals, he said, adding that the company might raise equity funds at the project level if needed. Agarwal noted that the demand for the residential segment ha
In the residential domain, a resurgence post-pandemic is evident, characterised by robust market demand buoyed by both buyer confidence and favourable economic conditions
According to PropEquity, new launches in the affordable housing segment have fallen over the last two years in both Tier-I and Tier-II cities