Construction company Capacit’e Infraprojects said it won two orders from Mumbai-based Oberoi Realty Group for a total of Rs 365 cr. The first is for the construction of a residential “rehab and sale tower” at Tardeo in South Mumbai. The order was obtained from group...
REAL ESTATE
Real Estate 2017: Hyderabad best market, Bangalore overtakes Delhi
A new report by Anarock Consultants says that sales of residential real estate units, mostly apartments, fell 15% in 2017 to about 2.05 lakh in India’s top seven cities. The report also showed that Banglaore has for the first time overtaken the National Capital Region as...
Godrej Properties taps Fund Management to co-develop Godrej Two tower
Godrej Properties Ltd said Godrej Fund Management will invest into its ‘Godrej Two’ commercial building project in Vikhroli. Godrej Fund Management was set up by the real estate company three years ago primarily with the purpose of raising funds for its real estate projects. It...
Puravankara announces Rs 1,000 cr ‘premium affordable’ project in Goa
Bangalore-based real estate player Puravankara Ltd said it will invest Rs 500 cr to develop a 32 acre project near Dabolim in Central Goa. The company expects to generate sales of close to Rs 1,000 cr over the next five years from the project, Puravankara...
IOCL, HPCL, BPCL open to buying petrol pump land – Pradhan
State-owned oil marketing companies, Indian Oil, Hindustan Petroleum and Bharat Petroleum, are open to buying the land on which their retail outlets are located to offset rising real estate prices, oil minister Dharmendra Pradhan said. Pradhan was responding to a concern about how rising real...
Prestige Estates buys office plot on Sarjapur Road for Rs 336 cr
Prestige Estates, arguably the biggest developer of office buildings in Bangalore, said it will pay Rs 336 cr to get 80% of a company that owns 59 acres of land on Outer Ring Road at Sarjapur in Bangalore. “The company intends to develop a state...
Singapore’s GIC Realty looking to invest in Prestige Estates’ office business
Bangalore-based real estate player Prestige Estates Projects said Singapore-based GIC Realty Pte Ltd, the country’s sovereign wealth fund, has signed a term sheet to explore the possibility of acquiring a ‘significant minority’ stake in the Indian company’s commercial buildings business. The term sheet is to...
Godrej launches new residential project in Gurgaon
Godrej Properties said it was adding a new 7.5 lakh square-foot residential project in Gurgaon, marking the 12th project for the Mumbai-based company in the National Capital Region. The company did not give much in terms of details, except to say that the project will...
No move to redevelop LIC’s Mumbai chawls – FM
The finance ministry has denied that Life Insurance Corporation of India has appointed any consultant to redevelop the 10 chawls owned by the insurer in Mumbai. Replying to a question by Lok Sabha MP Arvind Sawant, the finance ministry said the insurer has neither conducted...
Mahindra Lifespaces launches flats in Palghar for Rs 8 lakh
Mahindra Lifespaces announced the launch of its a new affordable housing project in the Mumbai suburb of Palghar with one-room-kitchen flats starting at just Rs 8 lakhs. The project, under Mahindra Lifespace’s Happinest brand, also offers 1 Bedroom-Hall-Kitchen and 2 BHK flats “amidst lush, green...
Kolte Patil Q3 sales up 69% as RERA worries ease
Pune-based real estate developer Kolte Patil Developers reported a 55% growth in its net profit for the December quarter after strong sales lifted margins compared to last year. However, on a sequential basis, net profit fell to Rs 28 cr from Rs 30 cr due...
HDFC ties up with Bangalore-based Prestige Estate for Rs 2,500-cr affordable housing venture
Housing Development Finance Corporation Ltd has tied up with Bangalore-based real estate player Prestige Estates to invest Rs 2,500 cr in affordable housing. The tie-up has been implemented through its subsidiary HDFC Capital Advisors Limited, which is the investment manager to HDFC Capital Affordable Real...
Affordable housing made practically GST free – Govt
The government has cut the GST rate of ‘affordable houses’ covered by the ‘Credit Linked Subsidy Scheme’ to an effective rate of 8% from an effective rate of 12%, and also said that most customers should not have to pay any GST on such flats...
Godrej Properties net profit down 66% on higher costs, top line jumps
Godrej Properties reported a sharp 66% fall in its net profit for the third quarter despite strong sales growth, as it was hit by a sharp increase in its input costs. Net profit fell to Rs 25.94 cr for the three months ended December from...
Godrej Properties continues fast expansion with 2 new projects in Bangalore, 1 in Noida
Godrej Properties, the Mumbai-based real estate developer, continued to strike deals with other players to develop their land parcels. The company announced three new projects, including two in Bangalore and one in NOIDA near Delhi. The Bangalore projects are in Devanahalli in the north and...
Puravankara starts ‘initial public offer’ for upcoming Bangalore affordable housing project
Real estate developer Puravankara Ltd said it has started taking ‘expressions of interest’ from buyers for its upcoming ‘affordable’ housing project at Judicial Layout, Kanakapura Road, Bangalore. Provident Park Square is being taken to market through a quasi-book building method. Under this, price bands are...
Prestige brings Forum Mall to Mysore
Prestige Group, one of Bangalore’s largest real estate developers, said it has inaugurated its Forum Center City Mall in Mysore. The company operates the Forum Mall in Bangalore, one of the city’s oldest and most prominent. The Forum Center in Mysore has 3.2 lakh square...
Dalmia Group, Nisus invest in Greater NOIDA real estate project
Fund manager Nisus Finance Services Co Pvt said it, along with a Dalmia Group’s Landmark Holdings, has invested Rs 50 Cr in Casa Royale & Sanskriti, a project by Noida based Earthcon Infracon projects at Sector-1, Greater Noida, Uttar Pradesh. Landmark Holdings is the real...
Indian Real Estate unsold inventory to fall this year – Fitch
Fitch Ratings said it expects a slight improvement in the finances of real estate companies in India and forecast increasing consolidation and a reduction in the massive unsold inventories on their books. “We expect the cash flow from operations of the rated Indian developers to...
Hiranandani offers guaranteed rental for Bangalore project for 2 years
As some consumers stay away from making big ticket investments into real estate, developer House of Hiranandani has come up with a ‘guaranteed rental’ scheme for those buying property at two of its towers at the Devanahalli township in Bengaluru. The company said that, depending...