Realty Funds

Godrej Properties to consider raising funds via securities in Oct 1 meet

Realty firm Godrej Properties on Thursday said its board will meet on October 1 to consider a proposal to raise funds through the issue of securities. The company did not disclose the amount it wants to raise. In a regulatory filing, Godrej Properties informed that a meeting of the board of directors is scheduled to be held on October 1 to discuss and consider the proposal to raise funds by way of the issue of equity shares, or any other eligible securities and/or instruments. The issue of securities could be through public and/or private offerings, including qualified institution placements, preferential issues, rights issues, further public offers or any other permissible method. Godrej Properties is one of the leading developers in the country. It has a major presence in Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune and Bengaluru. It has entered into Hyderabad market recently. In the last fiscal, the company's sales bookings jumped 84 per cent to a record Rs 22,527 crore, t

New launches, improving cash flows a positive for top realty players

New launches of gross development value (GDV) of Rs 1.52 trillion are in planning, and current inventory is Rs 1.47 trillion

Golden Growth Fund to raise Rs 400 cr to build realty projects in Delhi

Golden Growth Fund, which is a real estate focused Alternative Investment Fund (AIF), plans to raise Rs 400 crore from investors to buy land and develop real estate projects in the national capital. In a statement, Golden Growth Fund, a Category 2 AIF, said it has successfully secured Rs 25 crore in the first funding round, which concluded last month. "This initial capital infusion will be used to acquire a prime land parcel in South Delhi," it said. The acquisition is the first project under its strategic plan to develop high-end residential properties in the region. Grovy India Ltd, which has completed over 100 real estate developments in Delhi, will construct this project. "This first closing of the fund is a significant step forward in our mission to transform the luxury real estate landscape in Delhi. "Our commitment to acquiring and developing premium land parcels in South Delhi is now being realized, and we anticipate that our ongoing funding efforts will further solidify o

Total value of India's top 100 realty companies soars 70% in 1 year: Report

The total valuation of these companies in India currently stands at Rs 14.2 trillion: 2024 GROHE-Hurun India Real Estate 100 list

Macrotech Developers aims 21% growth in pre-sales to Rs 17,500 cr in FY25

Realty firm Macrotech Developers has set a target to sell properties worth Rs 17,500 crore during the current fiscal, a 21 per cent growth from the previous year, as the company expects housing demand to remain strong, its MD and CEO Abhishek Lodha said. Macrotech Developers, which sells its properties under the Lodha brand, registered a 20 per cent growth in its sale bookings (also called pre-sales) to a record Rs 14,520 crore last fiscal from Rs 12,060 crore in the 2022-23 financial year. "We met our guidance of delivering consistent and predictable 20 per cent growth in the sale bookings during the last fiscal year. The guidance for the current fiscal has been kept at Rs 17,500 crore, again 20 per cent growth from the 2023-24 fiscal," Lodha told PTI in an interview. He expects the housing demand to remain strong amid positive consumer sentiments and high economic growth. "Our best ever quarterly and annual performance showcases the buoyancy in demand for high quality homes in In

Macrotech Developers trim debt by 55% to Rs 3,010 cr in March quarter

Realty firm Macrotech Developers Ltd has reduced its net debt by 55 per cent in the fourth quarter of the last fiscal to Rs 3,010 crore with the help of internal accruals and equity fundraising. Its net debt stood at Rs 6,750 crore as of December 31, 2023. Macrotech Developers, which sells properties under the brand Lodha, is one of the leading real estate developers in India. The company's net debt stood at Rs 3,010 crore as of March 31, 2024, down 55 per cent from the previous quarter, according to a regulatory filing. The net debt is 57 per cent lower than Rs 7,070 crore at the end of the 2022-23 fiscal. Surplus cash flow generated from the business, coupled with the raising of equity capital, helped the company in reducing the net debt. "On the back of strong operating cash flow generation and recently concluded equity raise, our net debt further reduced to Rs 3,010 crore," the company said. The company had a target to bring down the net borrowings to Rs 6,000 crore level by

Nuvama, Cushman form JV to launch Rs 3,000 cr commercial realty fund

Nuvama Asset Management and global commercial real estate services firm Cushman & Wakefield on Wednesday formed a joint venture entity, which will launch a Rs 3,000-crore commercial real estate fund. The new entity will be known as Nuvama and Cushman & Wakefield Management. The announcement was made by Matthew Bouw, the chief executive of Cushman & Wakefield Asia Pacific; Anshu Kapoor, the president & head of Nuvama Asset Management, and Anshul Jain, the managing director, Cushman India & Southeast Asia. The joint venture aims to empower investors with superior fund management expertise through Nuvama, while leveraging Cushman's global expertise in the commercial real estate industry, the companies said. The joint venture will focus on providing investment opportunities to domestic investors in the commercial real estate market, they said. Nuvama Asset Management, formerly known as Edelweiss Wealth Management, is the asset management arm of Nuvama Wealth Management

Leasing of retail real estate space up 46% in Jan-Sep across 8 cities: CBRE

Leasing of retail space rose 46 per cent across eight cities in the January-September period to 4.73 million square feet on better demand from retailers, according to CBRE. The absorption of retail space stood at 3.23 million square feet in the year-ago period. The data is for absorption of retail real estate space in shopping malls, prominent high street locations and standalone retail properties. In terms of cities, Bengaluru, Delhi-NCR and Pune collectively accounted for a share of over 61 per cent in leasing activity during this period. Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa at CBRE, said, there has been a remarkable growth in retail absorption and supply addition. "With the surge in newly available spaces and the onset of the festive season, we anticipate a continued upswing in space utilisation," he said. Magazine said the retail sector is on the brink of a remarkable transformation, where retailers are keen on revamping the ...

Realty books 19% of total realisation via insolvency proceedings: Report

Real estate accounts for nearly 19 per cent of the total realisation under insolvency proceedings, according to a report by Anarock and Khaitan & Co. Real estate consultant Anarock and law firm Khaitan & Co on Wednesday released a report 'Update on IBC (Insolvency and Bankruptcy Code) in Indian Real Estate'. "The real estate sector on a reported basis accounted for more than 50 per cent of the total realisations under IBC. However, subsequent to the release of data by IBBI, a large key case went sub-judice following the admission of an appeal before the NCLAT, resulting in the real estate sector accounting for 18.8 per cent of total realisations under IBC," Anarock said in a statement. Anarock's arm Anarock Capital MD and CEO Shobhit Agarwal said the total number of corporate insolvency resolution process (CIRP) cases filed has risen from an average of 208 per quarter in FY22 to an average of 313 in FY23. "FY24, however, has commenced on a weak note with 238 cases admitted ...

Realty major DLF to invest Rs 1,700 cr for new shopping mall in Gurugram

Realty major DLF is likely to start construction of its new 25 lakh square feet shopping mall in Gurugram this quarter at a cost of around Rs 1,700 crore to expand business amid surge in demand for quality real estate space from retailers. At present, DLF has a retail footprint of around 42 lakh square feet comprising nine properties, including malls and shopping centres, mainly across Delhi-NCR. Around 3.4 lakh square feet retail portfolio is under DLF Ltd and rest under the DLF Cyber City Developers Ltd (DCCDL), a joint venture between DLF and Singapore sovereign wealth fund GIC. In an interview with PTI, DLF's Vice Chairman and MD (Rental Business) Sriram Khattar highlighted that the retail sector has bounced back sharply post-COVID pandemic and there has been a strong growth in footfalls and sales in shopping malls. "We are likely to start construction of Mall of India, Gurugram in the third quarter of this fiscal year," said Khattar, who has recently been elevated to this new .

Real estate fractional ownership mkt touches Rs 4,000 cr, to grow at 25-30%

Fractional ownership of real estate is gradually gaining acceptance among investors as assets under management have touched Rs 4,000 crore, according to a report. TruBoard Partners, a tech-enabled real asset management company, has come out with a report on fractional ownership. Many private companies have set up fractional ownership platforms that allow investors to own a fraction of real estate assets. "Fractional ownership typically involves the ownership of an underlying real estate asset among multiple investors. This lowers capital requirements and facilitates participation of a larger set of players in real estate asset ownership," the report said. Investors infuse their fund in securities issued by a Special Purpose Vehicle (SPV), established by the fractional ownership platform. These platforms provide a formal channel that enables a group of people to pool in money and jointly own real estate. "Although the concept of fractional ownership of real estate is at a nascent

Motilal Oswal Alternates to raise Rs 2,000 cr realty fund by March 2024

Motilal Oswal Alternates on Thursday said it is targeting to raise Rs 2,000 crore in a realty fund which will primarily lend to residential developers for buying land. This will be the sixth such fund from the platform promoted by the domestic brokerage, and over the last 15 years, it has delivered a return of over 20 per cent to investors, its managing director and chief executive Vishal Tulsyan told reporters. The company is targeting to achieve similar returns from the latest fund as well, he said, adding that while the real estate went through a very difficult phase over the last decade due to aspects like getting it under a regulatory purview, the prospects look much better now. It is primarily targeting to lend to developers looking for funds to purchase land, he said, adding that banks and non-bank finance companies do not engage in this business. The platform plans to raise the money from avenues like high net-worth individuals, domestic institutions and family offices by .

Mumbai realty firm stocks may climb wall of worry, one valuation at a time

Regardless of weak Q1, developers reiterate strong pre-sales momentum in FY24

Realty stocks soar on back of robust sales; sectoral index up 7.8%

The strong numbers boosted hopes of a boom in housing. Analysts said the realty companies had benefited from inflation as it led to a rise in asset prices

Sentiment in realty sector drops in Dec qtr but remains positive: Report

The sentiment index is based on the survey of supply-side stakeholders like developers, investors and financial institutions

Despite interest rate hikes, listed realty firms see dip in cost of debt

Debt cost of eight listed players at lowest since pandemic

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

Abu Dhabi fund invests $500 mn in Kotak Investment's 13th real estate fund

With this new fund, KIAL has raised, managed or advised more than $3.3 billion under its real estate fund series

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

Eldeco partners HDFC Capital to form Rs 350 cr fund for housing projects

Realty firm Eldeco group on Friday said it has partnered with HDFC Capital to set up Rs 350 crore fund to develop residential projects across many cities. Eldeco Infrastructure and Properties Ltd (EIPL), a privately held company of the Eldeco Group has "partnered with HDFC Capital Affordable Real Estate Fund 3 (H-CARE 3) for an investment of Rs 350 crore to create a platform to develop multiple residential projects across multiple cities." Currently, Eldeco has identified four residential developments in Delhi-NCR, Himachal Pradesh and Uttarakhand for an initial investment of Rs 175 crore. Earlier, Eldeco Group had partnered with HDFC Capital Affordable Real Estate Fund 1 (H-CARE 1) to set up a Rs 150 crore platform for the development of low-rise and plotted development projects. The first project under this platform 'Eldeco Paradiso', a 35-acre plotted project in Panipat was launched in late March this year. Pankaj Bajaj, Chairman of Eldeco Group, said, "Eldeco is now present in