Page 2 - Housing

TN takes cue from China: Lines up govt-run industrial housing for Foxconn

This comes at a time when Apple has reportedly lined up a plan to create residential accommodations for 78,000 people, out of which Tamil Nadu is set to receive the highest allocation of 58,000 units

Average flat size grew by 32% in top seven cities over five years: Report

Delhi NCR recorded the highest growth of 96%, from 1,250 sq. ft. in 2019 to 2,450 sq. ft. in H1 2024

News updates: CAS decision on Vinesh's appeal against Olympic final disqualification on Aug 13

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Union Cabinet approves PMAY-U 2.0 with Rs 2.30 trn housing assistance

The Union Cabinet on Friday approved the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0 under which financial assistance will be provided to one crore urban poor and middle-class families through states and Union Territories to construct, purchase, or rent a house at an affordable cost in urban areas in five years. The decision was taken at a Cabinet meeting chaired by Prime Minister Narendra Modi. According to a statement, the government will provide an assistance of Rs 2.30 lakh crore under the scheme. A total of 1.18 crore houses have been sanctioned in the first phase of PMAY-U 2.0, while more than 85.5 lakh houses have already been constructed and delivered to the beneficiaries. The PMAY-U is one of the major flagship programmes of the Central government which is aimed at providing all-weather 'pucca' houses to all eligible candidates in the urban areas. "In pursuance of the Prime Minister's vision, PMAY-U 2.0, with an investment of Rs 10 lakh crore, will address the housing

The House of Abhinandan Lodha to invest Rs 1,800 crore, says chairman

Realty firm The House of Abhinandan Lodha -- which is into development of residential plots -- will invest Rs 1,800 crore this fiscal year on purchase of land and construction of projects as part of its expansion plan, a top company official said. Mumbai-based The House of Abhinandan Lodha, which was formed in 2021, has already launched nearly 10 plotted development projects covering 650 acres in Maharashtra, Goa, and Ayodhya in Uttar Pradesh. In an interview with PTI, the company's Chairman Abhinandan Lodha noted that the demand for housing plots has been very strong post-COVID pandemic. "We have launched more than 6,000 plots in the last three years and we plan to launch more than 2,000 plots by end of this calendar year," he said. Asked about investment plan for the current fiscal, Lodha said, "The total capital expenditure outlay for 2024-25 fiscal is around Rs 1,800 crore of which Rs 550 crore will be on construction and the remaining on land buying." He said the company is n

L&T Realty, Valor Estate to co-develop Rs 20k cr project in Mumbai's BKC

The project will feature a mix of premium housing, commercial spaces, and a five-star luxury hotel. It has a total development potential of over 7.5 million square feet

Alphacorp to invest Rs 350 crore in luxury housing project in Gurugram

Realty firm Alphacorp will invest Rs 350 crore to develop a luxury housing project in Gurugram as part of its expansion plan amid strong consumer demand. Without divulging the name of the partner, Alphacorp said it has tied up with an entity that owns two land parcels of nearly 2.4 acre each, located in Sector 15, Part 2, Gurugram. "We will develop a total of 200 apartments on these two land parcels," said Santosh Agarwal, Executive Director and CFO of Alphacorp. On one parcel of 2.38 acre, the company has launched luxury high-rise project 'Alphacorp SKY1' comprising 100 units. The price is Rs 5 crore per unit. The project on the second plot will also be launched in the next 2-3 months. When asked about the project cost, Agarwal said the total investment is estimated at Rs 350 crore excluding land cost. He said the investment will be funded through internal accruals and bank loans, if necessary. "Gurugram, regarded as the Millennium City, exemplifies rapid infrastructure growth a

Birla Estates acquires 5-acre land in Gurugran to build housing project

Realty firm Birla Estates has acquired a 5-acre land in Gurugram to develop a housing project with an estimated revenue potential of more than Rs 1,400 crore. Birls Estates is a wholly-owned subsidiary of Century Textiles and Industries Limited and the real estate venture of the Aditya Birla Group. In a regulatory filing on Monday, Centure Textiles informed that Birla Estates will expand its footprint in the national capital region (NCR) with a strategic land acquisition in Sector 71, Gurugram. "This 5-acre parcel offers a development potential of around 10 lakh square feet and is expected to generate revenue of over INR 1400+ crore with aesthetically designed residences," it said. K T Jithendran, MD & CEO at Birla Estates, said, "Gurugram has been a pivotal market for us from the outset. The real estate potential in this micro-market is immense and reinforces our strong focus in the Delhi-NCR region.

Signature Global to invest Rs 2,500 cr on housing projects in FY25: CMD

Realty firm Signature Global will invest around Rs 2,500 crore this fiscal on the construction of its various housing projects, its Chairman Pradeep Kumar Aggarwal said on Wednesday. He expressed confidence that the company would meet the sales bookings guidance of Rs 10,000 crore for the current 2024-25 financial year, a significant growth from Rs 7,270 crore in the preceding year. "We have speeded up the construction work across all our projects. We will be investing around Rs 2,500 crore during this financial year on pure construction activities," Aggarwal said on the sidelines of the Assocham real estate conference. He said the company is expecting to collect Rs 6,000 crore from customers this fiscal. The company would also utilise the surplus internal cash flow to acquire land and reduce debt, he added. "We are looking for land in Noida and Delhi markets for the development of housing projects," he said, adding that the company intends to launch projects in these two new citi

Proptechs experience traffic surge as AI enhances consumer experience

Reports indicate that the Indian proptech market is projected to grow 9.6 per cent annually from 2021 to 2025, reaching a $100 billion valuation by 2030

80% developers expect increase in housing demand from NRIs in 2024: Report

Overall housing demand in country to increase by up to 25%, it says

Budget 2024: Real estate sector bats for revival of affordable housing

Industry executives say the definition of 'affordable homes' should be changed in terms of price

Digital property: Proptech startups are gearing up to ride the AI wave

From property listings and transactions, to their management, and development, proptech startups are now present in various aspects of the realty sector

Luxury is a small percentage of any developer's portfolio: Tariq Ahmed

Technology also enables home management through applications, including automation, guest access, and security. These are the key themes and trends we are seeing in terms of what people want

Smart landing: What to keep in mind when investing in real estate

While prices remained stagnant (2015 to 2021), incomes rose, enhancing affordability. This bodes well for the housing sector in a country facing a shortage of 20 million houses

Unsold homes in Delhi-NCR drop 57% in last 6 years to 86,420 units in Q4

The unsold housing stock in Delhi-NCR has declined 57 per cent in the last six years to 86,420 units at the end of March quarter this year, according to Anarock. Real estate consultant Anarock said in its latest report that NCR's unsold stock declined from 2,00,476 units at the end of the March 2018 quarter to 86,420 units as of March 31, 2024. In the same period, the main southern cities (Bengaluru, Hyderabad and Chennai) saw their unsold stock decline from 1.96 lakh units in Q1 2018 to over 1.76 lakh units in Q1 2024. Santhosh Kumar, Vice Chairman of Anarock, said, "What really worked for the NCR market was developers' determination to keep new supply addition under control". Quoting Anarock's data, he said the NCR witnessed a total new supply of about 1.81 lakh units between Q1 2018 to Q1 2024. In contrast, southern and western markets witnessed significantly higher new supply additions of about 6.07 lakh units and 8.42 lakh units, respectively. As per the data, the unsold hou

China's housing rescue is too small to end ongoing crisis, say analysts

The decline in China's sales of new homes accelerated in recent months, with households increasingly preferring to buy in the secondary market

Signature Global aims to sell Rs 10,000 cr worth homes in FY25, up 38%

Realty firm Signature Global Ltd has set a target to sell housing properties worth Rs 10,000 crore in 2024-25, up 38 per cent from the last fiscal, as it expects demand for residential assets to remain strong. In its investors presentation, the company has given a guidance of Rs 10,000 crore for sales bookings in the current fiscal. The company's sales bookings more than doubled to Rs 7,268 crore in 2023-24 from Rs 3,430 crore in the preceding year. The company, which is mainly developing projects at Gurugram in Haryana, sold 4,619 units last fiscal as against 4,512 units in 2022-23. In terms of area, Signature Global sold 6.18 million square feet in 2023-24, up from 4.35 million square feet in the preceding years. Sales realisation for 2023-24 averaged Rs 11,762 per square feet compared to Rs 7,886 per square feet in the previous fiscal. Pradeep Kumar Aggarwal, Chairman of Signature Global, said, "The financial year 2023-24 marked a significant period for our company, characteri

Global housing shortages hinder immigration-driven growth across world

For decades, the rapid inflow of migrants helped countries including Canada, Australia and the UK stave off the demographic drag from aging populations and falling birth rates

Investment in housing segment jumps over 3 times to Rs 5,743 crore: C&W

Investments in residential real estate jumped more than three times in January-March to Rs 5,743 crore, contributing 63 per cent to the overall inflow in the real estate sector, according to Cushman & Wakefield. In its capital markets report released on Wednesday, real estate consultant Cushman & Wakefield highlighted that the investments in real estate rose to Rs 9,124 crore during the first quarter of the current calendar year from Rs 8,830 crore in the year-ago period. Of the total investment, the inflow in the residential segment jumped to Rs 5,743 crore from Rs 1,735 crore. In the office assets, the investments grew marginally to Rs 2,248 crore from Rs 2,180 crore. However, the investments in mixed-use projects fell to Rs 865 crore from Rs 1,645 crore. The Industrial & Logistics segment, too, witnessed an inflow of Rs 268 crore, a sharp fall from Rs 2,170 crore in the first quarter of 2023. Hospitality projects did not garner any interest from investors during ...