Page 6 - Housing Sector

Why India's growth should stay resilient

Indian property cycle has multi-year pent-up demand and is more dependent onpricing sentiments (now strengthening) instead of mortgage rates.

Uttar Pradesh plans to buy 43,000 acres of land for Rs 7.3 trillion

According to estimates, the state requires about 6.4 million new housing units in the urban and suburban centres in the next five years to meet the target

Listed real estate majors home in on market-share gains, price hikes

The sector has been able to offset interest rates, input cost pressures

Godrej Properties adds 8 new projects worth Rs 16,500 cr so far in FY23

Enthused by strong housing demand, Godrej Properties is aggressively acquiring land for future development and has added eight new projects so far this fiscal with an estimated revenue potential of Rs 16,500 crore. With four months still left in 2022-23 financial year, Godrej Properties Executive Chairman Pirojsha Godrej is hopeful that the company will add many more land parcels in its portfolio by March. The company is in discussions with multiple landowners for acquisition of land, either outrightly or by entering into joint development agreements (JDAs). "We have added projects worth Rs 16,500 crore so far this financial year and have already crossed our full year guidance of Rs 15,000 crore. Given strong further visibility, we will end the 2022-23 fiscal much ahead of the target," Pirojsha Godrej told PTI. He did not share the revised target for the new business development for the current fiscal. Pirojsha sounded extremely bullish on sales bookings and new land acquisitions

RBI's Housing Price index up 4.5% in Q2, Kochi tops chart with 11.5% rise

Four of the 10 cities in the index recorded sequential contraction, the others posted expansion

Walton Street invests Rs 165 cr in Sowparnika Homes' Bengaluru projects

Sowparnika caters to the middle-income/affordable segment with an average ticket size of Rs 50 lakh in a project close to key employment centres and IT Hubs

Indiabulls Housing embarks on growth path after three quarters of stability

IHFL's balance sheet and AUM have stabilised and the base has been formed for 10% YoY growth in loans this financial year

Hemmed in by interest rate hikes, HFCs see 19% dip in Q2 net profit

The uptick in operating income reflects robustness in the home loan portfolio and hike in lending rates

Indiabulls Finance Q2 consolidated net up marginally to Rs 289.4 cr

Impairments on financial instruments double YoY; income from operations almost flat at Rs 2,229.7 cr

Godrej Properties net profit up 54% to Rs 55 cr, net income grows 13%

Company says it has added 6 new projects with a total saleable area of 6.34 million sq ft

We work in a few mkts, don't spread ourselves thin: Mahindra Lifespaces CEO

In a Q&A, Arvind Subramanian says his firm hopes to achieve Rs 2,500 crore residential sales a year and industrial leasing of Rs 500 crore by 2025

CIDCO launches 7,849 flats in Navi Mumbai under mass housing scheme

The City and Industrial Development Corporation (CIDCO) on Monday launched 7,849 affordable flats under its mass housing scheme in Navi Mumbai. In a video message for the launch, Maharashtra Chief Minister Eknath Shinde said CIDCO is the leading corporation in the country in providing affordable housing to the people from different economic strata. Under the Mass Housing Scheme, 7,849 affordable apartments have been made available to citizens from the economically weaker section (EWS) at Bamandongari, Kharkopar (east) 2A, Kharkopar (east) 2B and Kharkopar (east) P3 in Ulwe node of Navi Mumbai. The online registration of applications for this scheme will start on Tuesday. With ambitious projects like Navi Mumbai International Airport, the Ulwe node will gain massive importance in the future. The opportunity to own a house in the well-connected Ulwe node has come through this mass housing scheme on the auspicious occasion of Diwali, CIDCO vice-chairman and managing director Dr Sanjay

Realty firm Puravankara's Apr-Sept sales bookings up 43% to 1,306 crore

Bengaluru-based realty firm Puravankara Ltd's sales bookings have risen 43 per cent to a record Rs 1,306 crore during April-September period of this fiscal year on better housing demand. Its sales bookings stood at Rs 910 crore in the year-ago period. According to an operational update, the company's sales bookings in volume terms rose 32 per cent to 1.76 million square feet during the first six months of this fiscal, from 1.33 million square feet in the year-ago period. Sales realisation improved to Rs 7,421 per square feet in the April-September from Rs 6,845 per square feet in the corresponding period of the previous year. The company achieved its highest sale value of Rs 1,306 crore for the first half of any financial year since inception. Puravankara is on track for its launch pipeline of over 15 million square feet and doing necessary investments for the same. "The demand for real estate is seeing new peaks with each passing day specially with festive starting, we expect th

Despite recessionary trends… we're talking about 7% growth: Hiranandani

The real estate sector will sustain its growth momentum in this festival season, said Niranjan Hiranandani

Metaverse in India: The challenge of buying land and painting houses

VR headsets are gradually becoming somewhat accessible, with an Oculus Go priced at Rs 22,000. Several start-up founders say they are also developing software for laptops and mobile devices.

67% housing demand in Mumbai from affordable segment: Knight Frank-Naredco

Supply of such housing insufficient to meet demand, says study

Residential sales might see a slowdown as RBI hikes repo rate: Experts

The repo rate hike does not augur well for the real estate sector, especially the residential segment as it will result in increased mortgage rates.

China rolls out property policies to boost demand, fix real estate crisis

A flurry of Chinese cities are rolling out measures to boost housing demand, signaling the government's intention to arrest a property crisis.

Mahindra Lifespace aims 2.5-fold jump in housing sales bookings in 3 yrs

Realty firm Mahindra Lifespace Developers Ltd is targeting a 2.5-fold jump in its annual sales bookings to Rs 2,500 crore in the next three years on better housing demand, its MD and CEO Arvind Subramanian has said. Mumbai-based Mahindra Lifespace had achieved sales bookings of Rs 1,028 crore in the last financial year. In an interview with PTI, the company's Managing Director (MD) and Chief Executive Officer (CEO) Arvind Subramanian said: "We have started the first quarter with an extremely strong performance on all fronts". The company clocked Rs 600 crore of residential sales during the April-June quarter of the 2022-23 fiscal year against Rs 1,000 crore in the full previous year, he highlighted. The collections from customers were also healthy at about Rs 270 crore, while industrial leasing was worth Rs 118 crore in the June quarter. "The first quarter has set us up very well for the year. We are expecting very strong continued growth in quarter two and the rest of the year as

Chinese govt seeks to stabilise property market with loans, lower rates

Chinese banks lowered their benchmark lending rates while authorities stepped up support for the property market with additional loans, a govt-guided attempt at alleviating a worsening housing crisis