Page 4 - Housing

AP govt approves building 47,000 houses for poor, graveyards for Dalits

The Andhra Pradesh Cabinet on Wednesday announced decisions including conferring full rights to assigned land-owners and sanction for construction of graveyards for dalits in 1,966 villages among others. The state Cabinet meet presided over by Chief Minister Y S Jagan Mohan Reddy sanctioned full rights on assigned lands (lands given to SCs) amounting to 63,192 acres for 66,111 persons. "In case of death of original beneficiaries, their legal heirs would get the full rights," the state government said in a press note shared on Wednesday. The Cabinet also approved the welfare calendar for July, including laying the foundation for 47,000 houses for the poor in 1,366 acres of land in the R5 zone of Capital Region Development Authority area (CRDA). Similarly, the Cabinet has permitted constructing burial grounds for scheduled castes in 1,966 villages. Talking to reporters, Information and Public Relations Minister Chelluboyina Srinivasa Krishna said 1,051 acres of land had been sancti

Saya Group to invest Rs 100 cr to build 336 apartments in Noida Extension

Realty firm Saya Group on Wednesday said it will invest Rs 100 crore to develop 336 studio apartments in Greater Noida. The company will sell these 336 fully furnished studio apartments at around Rs 55 lakh. The size of each studio apartments will be around 700 square feet. "We are developing 336 studio apartments in Noida Extension (Greater Noida West). This is part of our 3-acre high street retail project Saya South X," Saya Group MD Vikas Bhasin told reporters. Saya Group is developing nearly 9 lakh square feet built-up area in this project, with a total saleable area of 6.8 lakh square feet. Out of the total saleable area, high street retail will be around 4.5 lakh square feet and studio apartments 2.3 lakh square feet. "The total investment on the entire project is Rs 450 crore," Bhasin said. He said the high street retail will be ready for fit-out by October this year and the retail area would be operational by January-February next year. Bhasin said the studio apartments

Housing prices rise 11% annually in Pune in last 12 months: Report

Average housing price in Pune has risen 11 per cent to Rs 5,208 per square feet in the last year on better demand, according to a report by realty firm Gera Developments. Pune-based realty firm Gera Developments has come out with its bi-annual 'The Gera Pune Residential Realty Report', which is based on primary and proprietary research and covers all existing projects in a 30 km radius of the city centre. "The Pune real estate market is showing dual signs of both boom and consolidation at the same time. The prices have gone up 11.03 per cent from Rs 5,208 per sq ft in June 2022 to Rs 5,782 per sq ft in June 2023. "There has been an across-the-board increase in the rates of new projects, existing phases of old projects as well as new phases of old projects," Rohit Gera, Managing Director of Gera Developments, said. This indicates a strong demand as home buyers have purchased homes at higher prices than ever before, he added. As per the data, the prices in the newly launched project

Puravankara Q1 sales bookings jump over 2-fold to record Rs 1,126 cr

Realty firm Puravankara Ltd on Thursday said its sales bookings jumped over two-fold to Rs 1,126 crore in the first quarter of this fiscal on better housing demand and higher price realisation. In a regulatory filing, the company shared its operational performance for the April-June quarter of 2023-24. The company's sales bookings in volume terms rose 97 per cent to 1.36 million square feet in the first quarter of this fiscal from 0.69 million square feet in the year-ago period. In value terms, the sales bookings jumped to Rs 1,126 crore from Rs 513 crore. The average price realisation went up 11 per cent to Rs 8,277 per square feet from Rs 7,436 per square feet during the period under review. "Achieved highest ever sale value of Rs 1,126 crore in any quarter and the first quarter of any financial year since inception," Bengaluru-based Puravankara said. It attributed the growth in sales to factors like need for larger houses, rising incomes, job creation, and stable home loan rate

Banks asked to push stuck home projects worth more than Rs 3 trillion

In 2019, the Centre had set up the SWAMIH fund to facilitate the completion of stalled housing projects

Hero Realty sells 77 plots in Gurugram project for Rs 180 cr in single day

Hero Realty has sold all 77 plots for about Rs 180 crore in its newly launched project in Gurugram. All the plots were sold on June 29, the first day of the launch itself. The selling price starts from Rs 1.99 crore and onwards. Hero Realty has launched a plotted development project 'The Ark' in Sector 85, Gurugram, spread over 5 acres, a company statement said. Dharmesh Shah, CEO of Hero Realty Pvt Ltd, said, "We are delighted with foraying into the plotted development in the Delhi-NCR market and are committed to meeting the evolving needs of our customers. With the help of technology and our brand value, the NCR will experience best practices even in the plotted segment." In February, Hero Realty purchased a 5-acre land in Gurugram for Rs 90 crore to develop a plotted residential project. The total cost to develop this project is estimated at Rs 115 crore. The project will be developed by the end of next year. The company has formed a separate vertical 'Hero Earth' for undertak

Prestige Estates plans to make $195 mn housing project debut in Indian mkt

Prestige has, for years, focussed on its home turf of Bengaluru and a few south Indian cities, developing more than 280 residential, commercial, retail and hospitality projects

Fair valuations, rising prices augur well for realty sector returns

Select locations well connected to economic hubs and avoid over-leveraging

Dalmia Bharat lines up Rs 19K cr to battle Adani, UltraTech Cement

Housing, infra push to raise demand for cement, according to MD and CEO Puneet Dalmia

Realtors hopeful of sustaining strong sales with RBI keeping rate unchanged

India's housing market will continue to witness higher sales velocity with the RBI keeping key interest rate unchanged, real estate industry experts said while hoping for a repo rate cut in the next round of monetary policy to boost growth. The Reserve Bank of India (RBI) on Thursday decided to keep the repo rate unchanged at 6.5 per cent. Commenting on the development, realtors' body CREDAI National President Boman Irani said, "... We expect both housing supply and demand to sustain its ongoing momentum." "However, given that the inflation is at an 18-month low, there is scope for the RBI to reduce repo rates in the upcoming MPC meetings, to stimulate growth across all industries," Irani added. Real estate industry body Naredco's President Rajan Bandelkar hailed the RBI move, saying it will help the housing sector that has been performing well from the past two years. Nonetheless, he said, adding the sector needs announcements that could further fuel the growth. With the festive

Our members undertook 55 green projects as per IGBC norms: Credai

Realtors' apex body CREDAI on Monday said its members have undertaken development of more than 55 green projects across the country as per the norms of Indian Green Building Council (IGBC) and sought loans at concessional interest rates to promote such projects. In April, Confederation of Real Estate Developers Association of India (CREDAI) entered into a partnership with IGBC to facilitate its members to develop certified environmental-friendly housing projects. The association had pledged the development of 1,000 green-certified projects in the next two years and 4,000 projects by 2030. On the occasion of World Environment Day, CREDAI, in a statement, said, "its member developers have undertaken more than 55 green projects, totalling 32 million square feet with the IGBC, under CREDAI's 'Green Crusaders' Programme." These projects are part of CREDAI's commitment towards developing 4,000 green projects by 2030, it added. "CREDAI is aggressively striving towards increasing awarene

Mumbai's stamp duty revenue rises 14% in May despite higher interest rates

Demand for housing remains firm, despite hikes in the interest rates in the last year and a steady rise in housing prices testing homebuyers' appetite to buy

Q4 profit more than doubled on soaring demand, says Oberoi Realty

Indian real-estate developer Oberoi Realty Ltd said on Tuesday fourth-quarter profit more than doubled, boosted by strong bookings as the demand for housing saw an upswing in the country

Foreign investments in real estate jumps to $26.6 bn in 2017-22: Colliers

The Indian real estate sector received USD 26.6 billion as foreign institutional investment during 2017-22 period, a three-fold jump from the previous six years, driven by inflows from USA and Canada with a share of 70 per cent, according to Colliers India. Real estate consultant Colliers India on Friday released a report "High on Investors' Agenda" report that delves into the factors that make India a preferred choice for global investors. Foreign investments in India have been on the rise over the last few years as the industry underwent an overhaul, with major structural, policy reforms inducing transparency and ease of business operations, the consultant noted. As per the data, total institutional investments in real estate rose to USD 32.9 billion during 2017-22 period from USD 25.8 billion in the 2011-16 period. Out of the total inflow, foreign institutional inflow rose to USD 26.6 billion from USD 8.2 billion. However, the investment from domestic investors fell to USD 6.3

Promoters of stalled real estate projects must be barred for life: FPCE

Homebuyers' body FPCE has suggested that promoters of stalled real estate projects must be barred for life, besides conducting forensic audits to ascertain the diversion of funds, making projects financially unviable. Forum for People's Collective Efforts (FPCE) president Abhay Upadhyay has written to Amitabh Kant, Chairman, Committee on Stalled Projects, suggesting measures for the revival and completion of stuck projects across the country. The panel held its second meeting on May 8 to examine the issues related to legacy stalled projects. In an order dated March 31, the Union Housing and Urban Affairs Ministry has set up a 14-member committee headed by former NITI Aayog CEO Amitabh Kant to examine issues related to stalled real estate projects and recommend ways for their completion. The panel will submit a report within 6 months from the date of its first meeting. Upadhyay in the letter suggested that an exercise should be done on a pan-India basis to identify projects, which a

Singapore may vote on soaring rent as locals feel real estate price pinch

Singapore's Finance Minister Lawrence Wong said, in Singapore, the prime minister has to be a real estate agent while acknowledging that prices have soared

Realty estate index dips marginally in Jan-Mar but still positive: Report

The sentiment index for the real estate sector dropped marginally in the January-March period but remained positive, according to Knight Frank India and NAREDCO. In its 36th edition of Real Estate Sentiment Index Q1 2023 (January-March), real estate consultant Knight Frank and industry body NAREDCO said that the current sentiment score, while safely within the optimistic zone, has seen a marginal dip from 59 in December 2022 quarter to 57 in Q1 2023. This is mainly on account of stakeholder perception of the global recessionary environment and the risk of a future global downturn still exists, it said. The sentiment index is based on the survey of supply-side stakeholders like developers, investors and financial institutions. The score of above 50 indicates 'optimism' in sentiments, a score of 50 means the sentiment is 'same' or 'neutral'. The score below 50 indicates 'pessimism'. The Future Sentiment Score has increased from 58 in Q4 2022 to 61 in Q1 2023 on account of the resilie

Building projects grew by over 94% in Chennai's residential segment in Q1

Constructed projects in the residential segment in the city grew by 94.89 per cent during the January-March 2023 quarter, a study undertaken by real estate body CREDAI said on Saturday. The Research and Analysis Wing (RAW) of the Confederation of Real Estate Developers Association of India in its report said central Chennai accounted for 29 per cent of the projects followed by the city's south at 26 per cent. Despite the increase in the sales of constructed projects, the number of units registered during the quarter dropped by nine per cent. During the first quarter of calendar year 2023 (January-March), as many as 5,759 residential units were registered as against 2,955 units registered during the January-March 2022 period. "When compared to Q1-2022, we are overall pleased with the performance of the first quarter of 2023 and have generally met our expectations, regardless of a large decline in the number of projects and units registered in March 2023," CREDAI Chennai President S

Real estate sector likely to grow nearly 18% by 2030: PHDCCI report

The report also talks about the relationship between ESG and carbon footprint

Bengaluru's housing rent grow over 20% Y-o-Y in Q1 2023: Anarock report

Anarock found that Thanisandra Main Road and Marathahalli-ORR in Bengaluru recorded the highest residential rental values growth by 24 per cent each