Page 2 - Housing Sector

Murdoch's REA considering bid for UK housing property portal Rightmove

Shares of REA dropped 5.3 per cent in Sydney, the most since December 2022, on Monday amid concerns that it may have to issue stock to fund a deal

All-India house price index moderates to 3.3% in Q1FY25: RBI data

The all-India House Price Index (HPI) moderated to 3.3 per cent in the June quarter of 2024-25 from 5.1 per cent in the year-ago period, according to data released by the Reserve Bank of India on Friday. The RBI releases HPI-based on transaction-level data received from the registration authorities in 10 major cities. The cities are Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow and Mumbai. "All-India HPI increased by 3.3 per cent (y-o-y) in Q1:2024-25 as compared to 4.1 per cent growth in the previous quarter and 5.1 per cent a year ago; annual HPI growth varied widely across the cities - ranging from a high of 8.9 per cent (Kolkata) to a low of (-)1.7 per cent (Delhi)," the central bank said. On a sequential (quarter-on-quarter) basis, all-India HPI increased by 1.8 per cent in the first quarter of 2024-25. Among the ten cities, nine (Mumbai, Delhi, Bengaluru, Lucknow, Kolkata, Chennai, Jaipur, Kanpur and Kochi) recorded a rise in house prices duri

NeoLiv ties up with Royal Green Realty to develop Rs 600 cr housing project

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 ...

Fuelled by high demand, QTS level in India at a historic low: Knight Frank

The demand for luxury homes continues to drive the Indian residential market, but the affordable segment is shaky

Keystone Realtors eyes 32% growth in housing sales this year: CMD

Keystone Realtors has set a target of 32 per cent growth in its sale bookings this fiscal to Rs 3,000 crore on strong housing demand and is hopeful of crossing this number, its Chairman and Managing Director Boman Irani said. Keystone Realtors, which sells its properties under Rustomjee brand, is one of the leading real estate developers in the country with a significant presence in Mumbai Metropolitan Region (MMR). In an interview with PTI, Irani -- who is also president of realtors' apex body CREDAI -- noted that the demand in the housing market continues to be strong, encouraging the company to invest more in land acquisition and construction activities. "We have a dry powder of around Rs 3,000 crore to make investments for growth. We raised Rs 800 crore from qualified institutional placement (QIP) plus our internal cash flow," he said. Asked about the sale bookings outlook, Irani said, "We are targeting to achieve Rs 3,000 crore pre-sales this fiscal. We will cross that ...

Nearly 2,000 housing projects stalled across 42 cities: PropEquity

Nearly 2,000 housing projects comprising 5.08 lakh units are stalled across 42 cities in the country, mainly due to financial mismanagement by developers and lack of execution capabilities, according to data analytic firm PropEquity. As per the PropEquity data, there are 1,981 residential projects that are stalled totalling 5.08 lakh units. Of these stalled projects, as many as 1,636 projects totalling 4,31,946 units are in 14 tier I cities, while 345 projects totalling 76,256 units are in 28 tier II cities. It also pointed out that the number of stalled units rose to 5,08,202 from 4,65,555 units in 2018. Samir Jasuja, Founder and CEO at PropEquity said, "The problem of stalled projects and the subsequent rise is due to the lack of execution capabilities of developers, cash-flow mismanagement and diversion of funds to buy new land banks or retire other loans." He stressed on the need to provide independent third-party audit services for homebuyers to empower them to make an informe

REA India FY24 results: Revenue up 31% at Rs 563 cr on strong demand

PropTech startup REA India, which owns Housing.com platform, clocked a revenue of Rs 563 crore, up 31 per cent in the last fiscal ended June, helped by strong demand of residential properties, its CEO Dhruv Agarwala said. REA India, which is part of Australia's publicly listed firm REA, is a full-stack real estate technology firm and owns two online classified advertisement platforms Housing.com and Makaan.com, as well as housing brokerage firm PropTiger. Commenting on the performance of last fiscal, Agarwala said the company's revenue grew 31 per cent to Rs 563 crore in 2023-24 fiscal (July-June), from Rs 430 crore in the preceding year. He noted that the revenue of advertising platform Housing.com and property brokerage arm PropTiger increased by 25 per cent to 68 million australian dollar (AUD) from AUD 55 million. Its revenue from adjacency products and services like movers & packers by 46 per cent to AUD 35 million from AUD 24 million. Agarwala said the company's losses at ..

NCLT orders insolvency proceedings against Supertech Township Projects

The National Company Law Tribunal has directed to initiate insolvency proceedings against Supertech Township Projects on a plea filed by Punjab & Sind Bank over a default of Rs 216.92 crore. This is the third group firm of Ram Kishor Arora-led realty major Supertech to go through the Corporate Insolvency Resolution Process (CIRP). Earlier in June this year, the National Company Law Tribunal (NCLT) directed to initiate CIRP against Supertech Realtors, which is developing residential apartments, offices, retail and luxury hotels at its "Supernova" projects. In March 2022, CIRP was initiated against Supertech Ltd. On July 12, a Delhi-based NCLT bench admitted the plea against Supertech Township Projects filed by Punjab & Sind Bank and appointed Umesh Singhal as the Insolvency Resolution Professional. Supertech Township Projects is developing a Group Housing Project - Golf Country at Yamuna Expressway, Greater Noida, Uttar Pradesh. The cost of the project was estimated at around ..

Bharat Agri Fert & Realty eyes Rs 800 cr revenue from MMR housing project

Bharat Agri Fert & Realty Ltd expects Rs 800 crore revenue from its new housing project in Mumbai Metropolitan Region (MMR). In a statement on Tuesday, the company said it has launched a high-rise tower, Wembley-24 in Majiwada, Thane comprising 457 residential flats. "The Majiwada project is projected to generate total realisations of approximately Rs 800 crore over the next four years on a pro-rata basis, with the project's cost estimated at approximately Rs 300 crore, as the land is owned by the company," it said. On the launch day, the company witnessed an overwhelming response with pre-sales of around 150 units. "The robust pre-bookings and overwhelming interest on launch day underscore the market's demand for high-quality residential spaces," Yogendra D Patel, Chairman and Managing Director of Bharat Agri Fert & Realty, said. Bharat Agri Fert & Realty Ltd, established in 1962, is into three business verticals fertilisers, realty and hospitality. It is listed on stock

China unveils plans to tackle property crisis, focus on affordable housing

Cities across China have only just started to release statements on their efforts to implement the May directive, with details of the targeted population groups emerging for the first time

Steady demand, falling supply: What's ahead for mid-segment homes in India?

A recent report by Knight Frank showed that the mid-segment had a strong 32 per cent market share in the total demand in the first six months of 2024

China's June new home prices fall at fastest pace in 9 years, shows data

New home prices were down 4.5 per cent from a year earlier, hitting the lowest since June 2015, deeper than a 3.9 per cent slide in May, according to Reuters calculations based on NBS data

Builders cut project completion time by 20% in top 7 cities: Anarock

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 .

Lok Sabha elections cool down home sales in April-June quarter: Report

Consumer sentiment still 'extremely positive' about real estate investments, it says

Housing sales in top 8 cities decline by 6% in Apr-Jun: PropTiger

Housing sales across the top eight cities declined 6 per cent in the April-June period compared with the preceding quarter as builders and investors were cautious due to Lok Sabha polls, according to PropTiger. Property brokerage platform PropTiger, which is part of REA India that owns Housing.com, on Thursday released its quarterly data on housing demand and supply. As per the data, housing sales fell 6 per cent to 1,13,768 units during the April-June period from 120,642 units in the preceding January-March quarter. However, the housing sales rose 42 per cent in April-June from 80,245 units in the year-ago period. "Demand for homes moderated during the April-June period on account of the general elections even though consumer sentiment continues to remain extremely positive about real estate investments on the back of strong fundamentals," said Vikas Wadhawan, Group CFO, REA India, and Business Head, PropTiger.com. The developer community, too, exercised caution, as evidenced by

High-rise safety concern in Gurugram after plaster falls at Sec-106, 107

Chunks of concrete plaster fell from the balconies of two residential complexes, Paras Dews in Sector 106 and Signature Global Solera in Sector 107 of Gurugram

Housing sales up 11% in FY24 in top 30 Tier-II cities: PropEquity

Rise in housing demand is not restricted to major cities as sales of residential properties rose 11 per cent last fiscal across 30 Tier II towns to nearly 2.08 lakh units, according to PropEquity. Real estate data analytic firm PropEquity on Friday released a report on Tier II cities' housing market. The data showed that housing sales increased 11 per cent to 2,07,896 units in 2023-24 as against 1,86,951 units in the preceding financial year. Top 10 Tier II cities -- Ahmedabad, Vadodara, Surat, Nashik, Gandhi Nagar, Jaipur, Nagpur, Bhubaneshwar, Visakhapatnam and Mohali-- contributed 80 per cent to the total sales in 30 small towns. These 10 cities together clocked sales of 1,68,998 residential units in 2023-24, up 11 per cent from 1,51,706 homes in 2022-23. The other 20 Tier II cities are Bhopal, Lucknow, Goa, Coimbatore, Raipur, Vijayawada, Indore, Kochi, Trivandrum, Mangalore, Guntur, Bhiwadi, Dehradun, Ludhiana, Chandigarh, Agra, Mysore, Sonepat, Panipat and Amritsar. Samir .

Mahindra Lifespace aims for Rs 8-10K cr sales in housing, industrial spaces

Realty firm Mahindra Lifespace Developers Ltd is targeting a sharp increase in its annual sales of housing properties and industrial space to Rs 8,000-10,000 crore by 2027-28 fiscal on rising demand. Mumbai-based Mahindra Lifespace sold residential properties and industrial space worth Rs 2,698 crore in the last fiscal as against Rs 2,268 crore in the 2022-23 financial year. According to the latest presentation in an investor meet, Mahindra Lifespace has mentioned about the target to achieve Rs 8,000-10,000 crore worth of sales in the 2027-28 fiscal in its two verticals -- residential and industrial park. Mahindra Lifespace has been actively buying land and also partnering with landlords for the development of residential properties. It has also entered into the redevelopment of housing societies in Mumbai. During the last fiscal, Mahindra Lifespace reported a marginal decline in consolidated net profit to Rs 97.89 crore on lower income. Its net profit stood at Rs 101.43 crore in

Will extension of PMAY revive affordable housing in India? Experts weigh in

This comes when the affordable housing sector has been struggling due to higher demand for bigger, costlier homes in India

Ultra-luxury housing in India sees shift to ultra-customised marketing

Prestige Group, a leading real estate developer, is targeting ultra-luxury buyers using the "by appointment" method