Page 4 - Housing Sector

Oberoi Realty reported 49% decline in Q3 net profit at Rs 360.15 cr

Oberoi Realty Ltd on Monday reported a 49 per cent decline in consolidated net profit to Rs 360.15 crore for the December quarter. Its net profit stood at Rs 702.57 crore in the year-ago period. The company's total income also fell to Rs 1,082.85 crore in the third quarter of the current fiscal from Rs 1,651.50 crore a year ago, according to a regulatory filing. Mumbai-based Oberoi Realty is one of the leading real estate firms in the country. In a separate filing, Oberoi Realty said it has achieved "gross bookings of Rs 882 crore during the launch of its new tower in Elysian at Oberoi Garden City, Goregaon, Mumbai".

Anant Raj raises Rs 500 cr via issue of shares to institutional investors

Realty firm Anant Raj Ltd has raised Rs 500 crore through issuance of shares to institutional investors on a private placement basis to reduce debt and meet working capital requirements. In a regulatory filing on late Thursday, the company informed that it had launched Qualified Institutional Placement (QIP) on January 12 and closed on January 18. The Finance and Investment Committee approved the allotment of 1,68,91,891 equity shares to eligible qualified institutional buyers at the issue price of Rs 296 per equity share, aggregating to about Rs 500 crore. The shares have been issued to Tata Indian Opportunities Fund, Tata Mutual Fund-Tata ELSS Tax Saver Fund, Bofa Securities Europe, Aditya Birla Sun Life Insurance Company, Discovery Global Opportunity (Mauritius), Aditya Birla Sun Life Trustee, Mahindra Manulife Small Cap Fund, and Mahindra Manulife Business Cycle Fund. In November last year, Anant Raj Ltd planned to raise up to Rs 500 crore through issuance of securities to ...

US homebuilder confidence spiked most in January since February 2023

The National Association of Homebuilders/Wells Fargo index of builder confidence rose this month to 44, the highest since September, from an unrevised 37 in December

UP Rera starts pre-hearing scrutiny of complaints to help homebuyers

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) on Monday started pre-hearing scrutiny of complaints, in a move aimed at quick disposal of cases. UP RERA has an e-courts system for filing of complaints by the homebuyers and the promoters. It issued revised standard operating procedures (SOP) on December 2, 2023 for filing, scrutiny and hearing of complaints and conciliation. In doing so, UP RERA not only simplified the process of filing of complaints, but made it more comprehensive also, it said in a statement. "Now the process has become more user-friendly and will be conducive to early listing and speedy disposal of complaints. This facility is available from Monday (January 15, 2024) on UP RERA portal," the regulatory authority said. Explaining the process, it said the legal division of UP RERA will scrutinize the new complaint and its attachments to ascertain that the particulars of the complainant, the promoter or the respondent and the project are correct and as

Co-living operators look to expand, open more centres to tap rising demand

Co-living operators are looking to expand their businesses and open more centres in the new year, as they expect demand for fully-serviced rental accommodation to rise from working professionals and students, according to industry players. The co-living segment was worst affected during the COVID pandemic as educational institutions and offices were closed to curb the spread of the disease. Many co-living operators shut down their operations permanently or scaled down their businesses. In the last two years, co-living operators, who survived the onslaught of the pandemic, have been trying to regain the lost ground and recoup the losses as normalcy returned, leading to the opening of educational institutes and the gradual return of employees to offices. Stanza, Colive, Zolo, Olive by Embassy, Your Space, Settl., Union Living and Coho are some of the co-living operators providing rental accommodations to students and professionals. When asked about the year gone by and outlook for 20

DDA new scheme: 138 super HIG flats booked on first day in e-auction mode

A total 274 apartments, including seven penthouses and 138 super HIG flats, being offered by the DDA in e-auction mode as part of its new housing scheme, were booked on Friday, officials said. The registration for these flats began on November 30 and the e-auction began on Friday. "In today's e-auction, a total 274 flats were booked, including 129 MIG flats, 138 super HIG flats and seven penthouses," a senior official said. There was "fierce competition" among the bidders during the entire process, signifying "high demand for DDA (Delhi Development Authority) flats," he said. The premium received was as much as 80 per cent in some cases, the DDA official said. The 'Diwali Special Housing Scheme - 2023' entails the disposal of newly built or soon-to-be completed flats through an end-to-end online system. There are 14 penthouses in Dwarka's Sector 19B, 170 super HIGs and 946 HIGs, while Sector 14 and Lok Nayak Puram have 316 and 647 MIGs, respectively, the DDA had earlier said. Th

Sales of homes up to Rs 50 lakh dip 16% last year; total sales 10-yr high

Sales of homes costing up to Rs 50 lakh fell 16 per cent last year to nearly 98,000 units across eight major cities due to a rise in property prices and high mortgage rate, according to Knight Frank India. Nevertheless, overall housing sales, comprising all price points, rose 5 per cent annually to 3,29,907 units during 2023 across the top eight cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Pune, Hyderabad and Ahmedabad. New supply in homes costing up to Rs 50 lakh dropped 20 per cent in 2023 year-on-year. This also resulted in fall in sales of affordable homes. The overall sales reached a 10-year high, driven by higher demand in the mid-income and luxury home segments. Real estate consultant Knight Frank India on Wednesday released its report through a webinar, showing that sales of residential properties priced Rs 50 lakh and below fell to 97,983 units last year from 1,17,131 units in 2022. As a result, the share of affordable homes in total

Office space demand up 15% in top 8 cities, Bengaluru sees 14% fall: Report

Leasing of office space rose by 15 per cent across eight major cities last year, despite a decline in demand in Bengaluru, the largest workspace market, according to Knight Frank. In a webinar, real estate consultant Knight Frank India on Wednesday released its report on the Indian housing and office market. The data showed that office demand grew 15 per cent annually to 59.6 million square feet in 2023, despite global economic and geopolitical concerns. The demand was mainly driven by Global Capability Centres (GCCs), which took on lease 20.8 million square feet last year, up 58 per cent from 2022 level. Knight Frank highlighted that the total office leasing number is the second-best year with the peak level achieved in 2019 at 60.6 million square feet. According to the data for 2023, compared with the previous year, the leasing of office space in Mumbai grew 16 per cent to 7.4 million square feet. Delhi-NCR saw a 14 per cent rise in office space demand to 10.1 million square ...

Improved affordability pushes home sales in India to a new peak in 2023

In 2024, experts suggest that home affordability, as well as sales, are expected to improve further on the back of cooling inflation and the likelihood of lower interest rates

India at 14th spot in housing cost rise in Jul-Sep with 5.9% growth: Report

India jumped 18 places to 14th rank in home price appreciation globally in September quarter, with nearly 6 per cent price rise year-on-year, according to Knight Frank India. Real estate consultant Knight Frank's Global House Price Index tracks nominal and real price growth across 56 countries in local currencies. Turkiye is at number one position with an annual 89.2 per cent appreciation, followed by Croatia (13.7 per cent), Greece 11.9 per cent, Colombia 11.2 per cent and North Macedonia 11 per cent. "Annual global house prices continue to rise despite central banks' efforts to combat inflation through higher interest rates. Average annual price growth stands at 3.5 per cent, closely approaching the pre-pandemic ten-year average of 3.7 per cent," Knight Frank said. Among the 56 markets monitored, 35 experienced annual price growth, while 21 witnessed price decline. "India climbed 18 spots to 14th rank in the global house price index in Q3 2023. The price increase of 5.9 per cent

Poonawalla HF gets a new name, rebrands as Grihum Housing Finance

The global private equity firm -- TPG acquired a 99.02 per cent equity stake in the company, taking over from Poonawalla Fincorp earlier this year

India's construction sector levels up as housing demand spurs economy

The construction sector grew 13.3% in July-September from a year earlier, up from 7.9% in the previous quarter and its best performance in five quarters, the data released on Thursday showed

All-India House Price Index moderates to 3.4% in Q2FY24: RBI data

The all-India House Price Index (HPI) moderated to 3.4 per cent in the July-September quarter of 2023-24 from 4.5 per cent in the year-ago period, according to data released by the Reserve Bank of India on Thursday. 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 growth (year-on-year) moderated to 3.4 per cent in Q2:2023-24 from 5.1 per cent in the previous quarter and 4.5 per cent a year ago; annual growth in HPI varied widely across the cities - ranging from the high growth of 6.5 per cent (Chennai) to a contraction of 0.2 per cent (Jaipur)," the central bank said. On a sequential (quarter-on-quarter) basis, all-India HPI contracted by 1.2 per cent in the second quarter of 2023-24; seven of the 10 cities witnessed price increase in housing registration during the latest quarter.

Thailand-based MQDC plans to develop luxury housing projects in Delhi-NCR

Thailand-based realty firm MQDC, which is present in co-working space in India, plans to develop luxury housing projects in Delhi-NCR and is in talks with local builders for joint development. MQDC India, Indian arm of Thailand-based Magnolia Quality Development Corporation (MQDC), has one operational co-working facility in South Delhi. It is launching second co-working facility 'Whizdom Club India, at Golf Course Road, Gurugram, on Friday. "We plan to develop luxury housing projects in Delhi and Gurugram. We are in talks with local developers. We are evaluating few sites," MQDC India Country Director Chulamas Jitpatima (Amy) told reporters here. She hoped that the company would be able to announce its partnership early next year with local developer. Amy expects to launch its first residential project by 2025. MQDC is also inviting Indian investors to buy flats in its various properties at Bangkok. It is showcasing its properties to HNIs (High Networth Individuals) here this ...

India saw sale of luxury homes double in first 9 months this year: CBRE

CBRE said that the home sales in the festive season this year are expected to be the highest in three years

Home sales in India this year to be 30% higher than in 2022: Colliers

Industry numbers show that home sales this year have already crossed the total sales in 2022, the consultancy said

Institutional investors betting big on Indian housing, investments up 71%

The share of domestic investors accounted for 71% of total institutional investments received in the July-September quarter: Vestian

Demand for luxury homes overtakes affordable ones for first time in India

The number of homes sold in India in July-September quarter this year touched a six-year-high: Knight Frank

Strong growth prospects for the affordable housing finance sector

The competitive intensity is high in the lender segment, with banks, small finance banks and NBFCs including both specialised HFC and non-specilaised NBFCs active in the segment

59% Indians prefer mid, high-range homes despite price rise: Anarock

Mid-range homes, priced between Rs 45 lakh and Rs 90 lakh, are the most preferred