Page 3 - Housing

All 224 flats in Gurugram project sold in 15 mins for Rs 440 cr: Ashiana

Realty firm Ashiana Housing on Saturday said it sold 224 luxury flats in Gurugram for Rs 440 crore within 15 minutes of its launch. The project is located at Sector 93 in Gurugram, Haryana. In a statement, the company said it has "sold out the entire phase 3 of its prestigious project, Ashiana Amarah within 15 minutes of launch". "We are very happy with the incredible response to Ashiana Amarah phase 3 launch. We started registration at 11 am and we had received 800 cheques for 224 units by 11.15. In 15 minutes it was oversubscribed four times," Ashiana Housing Joint Managing Director Ankur Gupta said. He attributed the oversubscription to the company's brand value and execution track record. "Our novel kid-centric concept is also working. People want their children to be brought up in better places, with better amenities and quality of life and that is what Amarah is promising. "So there is a lot of excitement in the market. Ashiana is also planning to launch phase 4 in the comi

Lok Sabha elections: Will housing market create another peak in 2024?

Anuj Puri, Chairman of ANAROCK Group, attributes the market performance in the election years of 2014 and 2019 to the decisive election outcomes

SWAMIH allocates Rs 160 cr to Stans Buildtech Homes for stalled project

Government-backed stress fund SWAMIH has provided Rs 160 crore to Stans BuildtechHomes for the completion of a stalled housing project in Mumbai. In a statement on Thursday, real estate consultant Colliers India said the company assisted Stans Buildtech Homes in securing financing of Rs 160 crore from SWAMIH Fund for its SRA (Slum Rehabilitation) project 'Sky Annex', located in Chembur. To provide relief to customers who have booked houses in stalled projects, the government has established a SWAMIH (Special Window for Completion of Affordable and Mid-Income Housing) investment fund, managed by SBICAP Ventures. "A legacy of issues involving tenants, flat buyers, approvals, and lack of suitable financing to meet requirements led to the project being stalled, and is now set to resume, following the deal," Colliers said. According to sources, the project, spread over 1 acre and comprising more than 400 units, was launched in 2015 by Hilton Developers. In 2016, Stans Buildtech entered

Avg housing prices up 20% in last two years across 8 major cities: Report

Average housing prices rose by around 20 per cent in the last two years across the top eight cities on rising demand, according to a report by CREDAI, Colliers and Liases Foras. These eight cities include- Ahmedabad, Bengaluru, Chennai, Delhi NCR, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), and Pune. In a joint statement on Wednesday, realtors' body CREDAI, real estate consultant Colliers and data analytic firm Liases Foras said that "prices across the top eight cities in India surged by about 20 per cent in the last two years (2021-2023)." Bengaluru, Delhi NCR, and Kolkata have witnessed the highest rise in average housing prices at about 30 per cent in 2023 compared to 2021 levels, it added. "The current state of real estate is the most productive when sales, supply, and prices are growing, and the price rise is not speculative. These factors work in harmony in a balanced and healthy real estate market, said Pankaj Kapoor, Managing Director, Liases Foras.

Ashiana Housing Q3 results: Profit jumps three-fold to Rs 28 crore

Realty firm Ashiana Housing has reported a more than three-fold jump in its consolidated profit after tax to Rs 27.8 crore for the quarter ended December on better income amid surge in demand for residential properties. Its profit stood at Rs 9.05 crore in the year-ago period. Total income rose to Rs 189.25 crore during the October-December period of this fiscal from Rs 135.31 crore in the corresponding period of the previous year, according to a regulatory filing on Monday. Ashiana Housing's profit after tax increases sharply to Rs 66.02 crore during the April-December period of this fiscal year from Rs 17.50 crore in the year-ago period. Total income increased to Rs. 669.56 crore in the first nine months of this fiscal from Rs 308.25 crore in the corresponding period of the previous year. Delhi-based Ashiana Housing is one of the leading real estate firms in the country. It has a presence in Gurugram, Jaipur, Pune, Jamshedpur, Bhiwadi, Jodhpur and Chennai. The company is mainly

Gujarat Assembly clears supplementary demands for grants worth Rs 7,500 cr

The Gujarat Assembly on Thursday approved supplementary demands for grants worth over Rs 7,500 crore which were incurred as additional expenditure during the financial year of 2023-24. Tabling the demands, Finance Minister Kanubhai Desai said additional funds were allocated beyond budgetary provisions to carry out pro-people work like building houses for tribals and lay new roads as well repair existing ones under the Mukhya Mantri Gram Sadak Yojana'. The minister said it is the government's resolve to provide houses to everyone. The government had initially allocated Rs 163 crore to build houses for tribals under the 'Pradhan Mantri Awas Yojana', he said. But, to cover the maximum number of beneficiaries, we had allocated an additional budget of Rs 821 crore. We have also increased scholarships for tribal students, which led to extra expenditure, said Desai. In all, the finance minister sought permission of the House for an additional expenditure of over Rs 7,500 crore spent by ..

Demand to rise as Budget proposes to help middle-class buy homes: Realtors

Realtors on Thursday hailed the Budget proposal of launching a scheme to help middle-class people buy or build their own homes, saying this will boost demand for residential properties and help in the overall growth of the real estate sector. In the interim Budget for 2024-25, Finance Minister Nirmala Sitharaman announced that the government will launch a scheme to help deserving sections of the middle class 'living in rented houses, or slums, or chawls and unauthorised colonies' to buy or build their own houses. She also said 2 crore more homes will be built for the rural poor in the next five years under the continuing PM Awas Yojana (Grameen). Commenting on the Budget proposals, CREDAI President Boman Irani said these initiatives are "encouraging and will aid in the growth of the housing market". Sustained focus on infrastructure development will further boost growth in the housing sector, he said. With tax rates remaining unchanged, Irani said the common man will not have ...

Affordable housing co SMFG Grihashakti secures Rs 300 crore from NHB

Affordable housing finance company SMFG Grihashakti on Tuesday said it has secured Rs 300 crore funding from the National Housing Bank (NHB). This is the company's maiden long-term loan from the NHB and it opens up an additional avenue for long-term, low-cost funding, it said, adding that the money will help it expand its financing solutions to the underserved population, SMFG Grihashakti Chief Executive Deepak Patkar said. As of December 2023, it had Assets Under Management (AUM) of Rs 8,028 crore, which grew 37 per cent year-on-year. SMFG Grihashakti provides home loans, loan for home improvements, home construction and extension, loan against properties, and for purchasing of commercial properties, apart from project construction financing.

Chhattisgarh CM chairs 1st cabinet meet, promises 1.8 mn houses under PMAY

Sai took the oath of office and secrecy as the chief minister of Chhattisgarh in the presence of Prime Minister Narendra Modi on Wednesday

Saya Group to infuse Rs 4,000 cr in next 3 yrs in Noida, Ghaziabad projects

Real estate company Saya Group on Sunday said it will infuse Rs 4,000 crore over the next three years in its projects in Noida, Greater Noida and Ghaziabad. The development includes 2.33 million square feet commercial area where it will invest Rs 2,500 crore besides Rs 1,500 crore in luxury high-end residential project in Ghaziabad's Indirapuram. The group said at the forefront of its works stands the ongoing project, Saya Status, adjacent to the Noida-Greater Expressway, which is set to be India's tallest mall and encompasses a vast expanse of 1.4 million square feet, according to a statement. The anticipated possession of Saya Status is slated for 2025, it added. Saya Group's Chairman and Managing Director Vikas Bhasin claimed an "impeccable track record of delivering projects ahead of their designated deadlines." "This remarkable feat is a testament to the company's robust financial foundation and unwavering commitment to timely project delivery," Bhasin said. The group's land

China housing gloom worsens as prices decline further, most in eight years

New-home prices in 70 cities, excluding state-subsidized housing, declined 0.38% last month from September, when they dropped 0.3%, National Bureau of Statistics figures showed

Bharat Housing Network raises Rs 125 crore in Series A led by Nabventures

Bharat Housing Network, backed by Homeville Consulting, operates on a hybrid capital model and off-balance sheet lending to drive its growth

Staying ahead of curve to reinforce Prime position: SBI chairman Khara

The July-September 2023 was the first quarter when HDFC-HDFC Bank did business as a combined entity, escalating competition for loans as well as deposits

Rahul Gandhi to launch rural housing scheme in Chhattisgarh on Sept 25

Ahead of Chhattisgarh assembly elections due later this year, Congress leader Rahul Gandhi will on Monday launch Mukhyamantri Gramin Awas Nyay Yojna (MGANY) in Bilaspur district. This scheme aimed at providing financial assistance to the homeless and the families having kutcha houses in rural areas. At 'Awas Nyay Sammelan', Gandhi and Chief Minister Bhupesh Baghel will disburse the first instalment of Rs 25,000 each to 1,30,000 beneficiaries for the construction of houses, officials said. The event will be held around noon in Parsada (Sakri) village under the Takhatpur development block in Bilaspur district, a public relations department official said. Of the 1.30 lakh beneficiaries, 1 lakh are those who are listed on the permanent wait list (PWL) under the Pradhan Mantri Awas Yojna (PMAY- rural), but are yet to get the benefit of the Central scheme, he said. On the occasion, Rs 5 crore will be transferred to the accounts of 500 beneficiaries under Mukhyamantri Nirman Shramik Awas

IFC, construction firm Sunteck set up JV for nearly 12K housing units

IFC's proposed investment is for up to Rs 330 crore ($40 million), with the remainder to be brought in by Sunteck Realty

Bank credit outstanding to real estate hits record Rs 28 trn in July: RBI

Bank credit to housing as well as commercial real estate witnessed nearly 38 per cent annual growth in July, taking the loan outstanding to the realty sector to a record Rs 28 lakh crore, as per the latest RBI data. It is evident from the Reserve Bank's loan outstanding data as well as property consultants data on housing sales and new launches across major cities that activities in the real estate sector are moving at a fast pace. The credit outstanding in housing (including priority sector housing) rose 37.4 per cent annually in July crossing Rs 24.28 lakh crore, showed the RBI's data on 'Sectoral Deployment of Bank Credit July 2023'. The credit outstanding to the commercial real estate increased by 38.1 per cent to Rs 4.07 lakh crore. Commenting on the RBI data, Anarock Chairman Anuj Puri said the impressive loan growth in the real estate sector is a function of a large-scale demand revival across the board. "The commercial office segment was reeling under the pandemic's press

REA India's revenue up 46% to Rs 430 cr amid sharp rise in housing demand

Proptech firm REA India -- owner of Housing.com and PropTiger -- said its revenue has increased 46 per cent to more than Rs 430 crore in the last fiscal year ended June on sharp rise in housing demand and increased adoption of technologies. The company had posted nearly Rs 300 crore revenue in the 2021-22 financial year (July-June). REA India, which is a subsidiary of Australia's REA Group, is a full-stack real estate technology firm and it owns three real estate portals -- Housing.com, PropTiger and Makaan.com. The bulk of the revenue came from Housing.com, one of the leading real estate classified portals in India. "REA India Ltd's strong results demonstrates our commitment to innovation and a leading role within the market," REA India CEO Dhruv Agarwala told PTI. "Our steady efforts to enhance the reach of Housing.com and Proptiger.com demonstrate a thoughtful strategy that keeps us at the cutting edge of industry trends," he added. Agarwala said the company has been focused o

Colliers India appoints Badal Yagnik as new CEO with immediate effect

Yagnik has earlier served at Cushman & Wakefield (C&W) as MD for leasing services in India. Before that, he was working with Jones Lang LaSalle

China's housing slump much worse than data shows amid tepid growth

New-home prices have slipped just 2.4 per cent from a high in August 2021, government figures show, while those for existing homes have dropped 6 per cent

Housing prices up 14% in Delhi-NCR during April-Jun, rates dip 3%: Report

Housing prices in Delhi-NCR rose by an average 14 per cent year-on-year during April-June period, but fell 3 per cent in Mumbai Metropolitan Region (MMR), according to a joint report by CREDAI, Colliers India and Liases Foras. Realtors' apex body CREDAI, real estate consultant Colliers India and data analytic firm Liases Foras released a report, stating that housing prices across the eight major cities increased by an average 7 per cent year-on-year (Year-on-Year) during the second quarter of this calendar year on strong demand. As per the data, Kolkata recorded the highest appreciation in average residential prices at 15 YoY, followed by Delhi NCR and Hyderabad with 14 per cent and 13 per cent increase, respectively. Among eight cities, MMR was the only cities that saw fall in average prices during the April-June quarter by 3 per cent to Rs 19,111 per square feet due to significant new supply and rising unsold inventory. "The housing market has maintained its prudence and discipli