Sunteck Realty Q1 sees sequential decline as second wave hits

Sunteck Realty reported a sequential decline in its collections for the first quarter of FY22 compared to the immediately preceding fourth quarter of FY21, as COVID-19 curtailed new launches. Nevertheless, collections were far better than the year-ago numbers. Collections refer to the actual cash that the company collects from its buyers. Total collections for the […]

Puravankara believes offices will return, intros WfH tweaks

Puravankara Ltd, the biggest residential real estate brand in Bangalore, said it is making changes to its apartment designs to attract work-from-home customers, but believes that employees will shift back to the work-from-office model in another 12-18 months. STRONG DEMAND The company has been seeing strong demand for its residential flats, as buyers increasingly prefer […]

Sobha to create ‘mini New York’ on Hosur road

Sobha Ltd, one of India’s largest real estate developers, said it will build a ‘Manhattan-like’ mini city at Yadavanahalli, which lies between Electronics City and Hosur towards the south east of Bangalore. Despite its somewhat removed location, the project is targeted at the well-to-do, with the three-bedroom flats costing upwards of Rs 90 lakh. Chairman […]

Malls may take six months to normalize – Prestige Estates

Prestige Estates Projects, which operates some of India’s top malls such as Bangalore’s Forum Mall, said retail spending has recovered to around 70-80% of normal levels, though it may take several months for it to fully normalize. “The malls should be back in the next six months, they should stabilize fully. Hospitality should take a […]

Godrej Properties to build new flat complex in Kalyan

Godrej Properties, arguably the healthiest and fastest growing of the major Indian real estate companies, today said it has agree to purchase a 20 acre project in Kalyan near Mumbai for a residential project. “This project will offer approximately 139,000 square meters (1.5 million square feet) of saleable area comprising primarily of residential apartments of […]

Mall footfalls down 75%-80% – Prestige Estates Projects

Prestige Estates Projects Ltd, which operates nine malls including The Forum Mall in Bangalore, said footfalls are down 75%-80% at malls due to the COVID-19 pandemic. Speaking to investors after detailing the company’s June quarter results last week, company officials also said they were seeing signs of stress among customers of residential properties, even though […]

NRIs, Digital boost real estate sales for Godrej Properties’ in Q1

Godrej Properties, the fastest growing of India’s real estate majors, saw a surge of NRI (non-resident Indian) customers as well as a huge pick-up online sales during the COVID-19 lock-down. Despite a harsh lock-down in place in India during most of the Apr-Jun quarter, the company managed to sell a whopping 2,130 homes during the […]

Godrej Properties buys 44-acre Faridabad plot from BPTP

Mumbai-based real estate developer Godrej Properties said it has acquired 43.61 hectares of land in Faridabad from real estate major BPTP for development. Financial details of the transaction were not announced. The plot will be home to Godrej Properties’ first development in Faridabad — a residential project with 95,000 square meters, or 1 million square […]

Godrej Properties starts sales of flats in RK Studios

Real estate developer Godrej Properties has opened booking for its first flats in RK Studio, the 2.2-acre film studio established over six decades ago by legendary actor Raj Kapoorj. The Vikhroli, Mumbai-based developer had purchased the studio property for an undisclosed amount in May this year and announced plans to put up 3.5 lakh square […]

Brigade Group ties up with IKEA for pre-furnished homes

Brigade Group, one of India’s leading Real Estate Developers, has tied up with Swedish furniture maker IKEA to offer pre-furnished homes in India. “Brigade has set up multiple model apartments showcasing IKEA furnishing options in the home-front including Living/Dining rooms, bedrooms including children’s rooms, kitchens, and bathrooms. “Potential buyers or existing customers can visit these […]

COLUMN: Why we should welcome a recession

Subramanian Swamy is often accused of propagating outlandish ideas and suggestions, but at least on the issue of addressing a slowdown in India’s GDP growth, he seems to be closer to the truth than India’s ruling establishment. Both Sitharaman and Swamy are united in recognizing the need for a ‘stimulus’ to nudge the economy from […]

Govt subsidy scheme shrinks affordable homes drastically

The size of apartments on sale in India are shrinking like never before, mostly due to a new affordable housing subsidy scheme announced by the government in early 2017. Under this credit subvention scheme, the government will today pay up to Rs 3.5 lakhs to banks on behalf of anyone who takes a home loan […]