The last three years have seen a massive shift in private equity investment in the Indian real estate sector from residential properties to commercial properties, according to data compiled by Anarock Property Consultants. The share of residential sector within private equity investments in real estate fell to just 3% in 2018 from 47% in 2015, […]
Godrej Properties, the Mumbai-based real estate arm of the eponymous diversified group, reported its highest ever quarterly sales, but the numbers also indicated that the company was realizing less upfront revenue per square feet booked. The company sold 3.72 million square feet of developments during the three months from January to March 2019, a jump […]
Raymond Ltd is venturing into the real estate business with 3,000 unit project in Thane, Maharashtra, the Indian textile and branded apparel company said. Raymond Realty will build 3,000 units in the first phase of the project over a period of five years and generate potential revenues of over ₹3500 crore, the company said. The […]
Reliance Industries, the flagship company of the Mukesh Ambani led Reliance Group, said it has set up a subsidiary for the purpose of carrying out operations in the real estate space. The group, which has hitherto focused on areas like petrochemicals, energy, retail and technology, does not have a sizable real estate-focused business as of […]
Real estate firm Brigade Enterprises said it plans to set up seven co-working facilities in three cities as it enters one of the fastest growing segments in commercial real estate. Brigade’s Buzzworks coworking venture will start off with 2,500 seats, the company said. Coworking spaces refer to large buildings full of flexible ‘work spaces’ that […]
Real estate developer Lodha Group announced what it called ‘India’s largest mall’, spread over 20 acres in Palava, a smart city being developed near Dombivili, Maharashtra. The developer said the mall would be a ‘game changer’, not just for Mumbai, for the entire region, and will address hitherto unmet needs of Mumbaikars. “The development, comprising […]
The government has cut the Goods and Services Tax rate on under-construction estate properties to 1% from 8% for affordable housing, and to 5% from 12% on non-affordable housing projects. In both cases, the buyer cannot take advantage of input tax credits — the GST already paid by the builder on various expenses incurred in […]
Booking has started for the 550 flats at Swaminarayan City, a 148-acre complex built around the upcoming Swaminarayan temple in the Mumbai suburb of Dombivali, real estate consultant ANAROCK said. Built by the Swaminarayan religious group via Swaminarayan Life Space LLP, the project will primarily cater to devotees of Swaminarayan, the 19th century ascetic with […]
Godrej Properties Ltd, a Mumbai-based real estate developer, announced a new project, ‘Godrej Aqua’, on the International Airport Road in Bangalore. The project gets its name from its efforts to recycle most of the water on site using advanced technologies and promises to offer ‘drinking water straight from the tap’. Godrej Aqua will offer two- […]
Last Week’s clarification by the Union Finance Ministry that GST exemption is available only for properties with completion certificate is likely to hit real estate developers, a prominent consultancy firm said. The ministry had last week said that buyers have to pay Goods & Services Tax on any new flat that did not come with […]
Eveready Industries, one of India’s largest battery makers, said it has signed an agreement to sell its plot on Tiruvottiyur Road in Chennai to local real estate developer Olympia Group for Rs 100 cr. The agreement, said the battery maker, was executed yesterday with Olympia Group firm Alwarpet Properties Private Limited. Mr. Ajit Chordia, MD of […]
Brigade Group, one of Bangalore’s top two real estate companies, announced the launch of the last expansion of Brigade Meadows, an integrated township spread over 60 acres of land on Kanakapura Road in India’s IT capital. Brigade Meadows is already home to over 2,000 families, the company said. The last phase, to be called Plumeria […]
Godrej Fund Management and Godrej Properties said they have entered into a joint venture agreement with Hero Cycles, which belongs to the same group as Hero MotoCorp, to develop an office complex at the cycle manufacturer’s four-acre property in Gurgaon. The ‘prime office property’ will have around 1 million square feet of prime office and […]
Brigade Enterprises, one of the top real estate players in Bangalore, announced its plans to set up Brigade Bricklane, a low-rise apartment project at Jakkur in North Bangalore. The flats will be priced at Rs 33 lakhs and above and will be constructed with lots of open space between each block. “The apartments have been […]
In yet another indication that the real estate market is starting to revive, Sunteck Realty, a Mumbai-based real estate developer, announced that it has sold 2,000 out of the 2,476 flats in its upcoming West World project in Naigaon near Mumbai. It said the sales has generated Rs 600 cr, which implies a per unit […]
The Maharashtra cabinet has today given approval for the redevelopment of Asia’s largest slum, Dharavi, at a cost of around Rs 20,000 cr. The latest plan involves the creation of 70,000 flats over an area of 200 acres, including 50 acres that has to be contributed by the Indian Railways. A total of 55,000 families […]
Puravankara Ltd, one of India’s largest real estate developers, said one of its associate companies will buy a 7.6 acre plot in Bangalore’s Yeshwantpur from international retailer Metro to develop a commercial complex. The deal will be carried out through Keppel Puravankara Development Private Limited, a joint venture between Puravankara and Singapore’s Keppel Land in which the […]
Pune-basedKolte-Patil Developers said it has sold 500 units in its new project, ORO Avenue. The project, which was launched last month, has seen bookings worth Rs 186 cr. The figure works out to an average of Rs 37.2 lakh. “When compared to other projects recently launched in Pune, OROR Avenue has sold maximum inventory in […]
GIC, Singapore’s sovereign wealth fund, is acquiring a “significant minority stake” in Provenance Land, said the developer that partners with Canada’s Four Seasons Hotels to run the Four Seasons Hotel in Mumbai. The investment will be in an entity that owns the property on which the hotel operates, another under-construction Four Seasons branded apartment complex […]
Godrej Properties, among the few large and healthy real estate companies remaining in India, reported a disappointing set of numbers for the first quarter. The company said booking value, or the value of properties booked by customers in the three months, fell to Rs 820 crore from Rs 1,474 crore a year ago. Similarly, booking […]
