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 continue to improve in 2018 on higher domestic presales in […]

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 on the size of the property, buyers could get up […]

Ahluwalia Contracts wins orders worth Rs 311 cr

Ahluwalia Contracts said it won new construction orders aggregating to Rs 311 cr. “New orders worth of Rs. 170.99 Crores for construction of 300 Beds hospital in existing premises of ESIC Hospital Kolkata and worth Rs.140.00 Crores for other construction work,” it said. With this, the total order inflow during the FY 2017-2018 stands at […]

LIC withdraws insolvency case against DB Realty

Life Insurance Corporation of India, the single biggest shareholder in many listed companies in India, has withdrawn its insolvency case against DB Realty Ltd, the real estate developer said. The two companies have executed a debt settlement agreement on Oct 16, DB Realty said. With this, the case against the developer has been withdrawn and […]

Nila Infrastructures to construct 3,152 flats for Rajasthan government

Nila Infrastructures Limited said it got a contract worth Rs 107.3 cr from Jodhpur Development Authority to create 3,152 flats in Barli. The Company will also get 7.5 acres free of cost that can be sold or developed. The township, to be completed in four years, comprise 2,128 flats for economically weaker section at 325 […]

Indiabulls Real Estate on the mend post demonetization hit – Fitch

Fitch Ratings affirmed property developer Indiabulls Real Estate Limited’s Long-Term Foreign-Currency Issuer Default Rating at ‘B+’ with a ‘stable’ outlook, noting that conditions for the real estate developer are improving. “The Stable Outlook reflects the recovery in IBREL’s contracted sales following India’s currency demonetisation last year,” it said. However, it said it couldn’t upgrade the […]

Piramal Enterprises invests Rs 280 cr in Thane real estate project by Puranik

Piramal Enterprises Limited said it will invest Rs 280 crore in Puranik Builders’ “Puranik City Reserva” project in Thane. The investment, routed through Piramel Finance, will be modeled on the ‘financial partnership’ model, it said. Puranik City Reserva is a theme-based ongoing project at Ghodbunder Road in Thane and is being developed on 13 acres […]

Godrej Properties starts 4.5 mln square foot project in Pune

Godrej Properties Ltd, one of the few real estate players still actively launching new projects, announced the beginning of a new project in Pune. It said it will develop a residential project on approximately 59 acres in Mamurdi, West Pune, within the municipal corporation limit. The project will offer approximately 418,000 square metres (4.5 million […]

Godrej Properties ties up with Manyata for Bangalore real estate project

Mumbai-based Godrej Properties Limited said it will co-develop a residential project in Sarjapur in Bangalore in association with Manyata, a local developer. It signed a Development Management Agreement with Manyata Developers Private Limited to develop a group housing project in the East Bangalore locality. Development Management Agreements are usually signed when the owner of the […]

Piramal Enterprises enters the retail housing finance business

Piramal Finance Limited (PFL) has entered the retail housing finance business. It is part of $1.3 bln Piramal Enterprises, one of India’s large diversified companies, with presence in pharmaceuticals, and financial services. The housing finance venture has been floated through a wholly owned subsidiary, Piramal Housing Finance Private Limited. It will offer home loans as […]

Motilal Oswal raises Rs 1,030 cr for investing in real estate

Motilal Oswal Real Estate (MORE), the real estate arm of Motilal Oswal Private Equity said it raised Rs 1,030 cr under its India Realty Excellence Fund III. The strong inflow suggests continued investor appetite for investments into companies dealing in this sector despite a slowdown. MORE till date has invested capital in the real estate […]

K Raheja Corp, GIC buys Siemens building in Worli for Rs 610 cr

Capital equipment maker Siemens today said it has transferred its lease for its Worli building to a joint venture K. Raheja Corp Group and GIC, Singapore for a consideration of Rs 610 cr. The deal was originally announced in December and is one of the biggest land deals in India in recent times. The property, […]

Govt to give subsidy of Rs 2.5 lakh per flat; free land to builders

Central Government will give up to Rs 2.5 lakh as interest subsidy for people who take home loans to purchase their house under the Pradhan Manthri Awas Yojana, said Minister of Housing & Urban Affairs Hardeep Singh Puri. He also revealed plans to hand over government land to private builders as part of the scheme. […]

Godrej Properties, Nirmal to co-develop huge project in Thane West

Mumbai-based real estate company Godrej Properties said it has signed a joint venture agreement with Nirmal Ventures, also based in Mumbai, for developing a residential project in Thane. The project, located on the Lal Bahadur Shastri (LBS) Marg, Thane West, will be developed under a development management agreement, the company said. Spread over 14 acres, […]

Godrej Properties announces new projects in Bangalore, Gurgaon

Real Estate developer Godrej Properties said it kicked off two new projects — both residential apartments — in Gurgaon and Bangalore. The Gurgaon project is is of 98,000 square meters or 1.05 million sq. ft., while the Bangalore project will add 58,000 square meters of saleable area. The Gurgaon ‘group housing project’ is located 5 […]

IT woes to bring down real estate rentals in Bangalore, IT hubs

With IT sector witnessing subdued sentiment amidst pressure on hiring and annual pay rise for employees, the country’s software and services hubs such as Bengaluru, Hyderabad, Chennai, Pune and Noida-Gurgaon in NCR are expected to see 10-20 per cent reduction in the housing rents over the next three quarters, according to an ASSOCHAM paper. “IT […]

Godrej Properties enters Sohna market in NCR

Godrej Properties Ltd announced its first project in Sohna in the National Capital region. The project, which involves approximately 157,000 square meters (approximately 1.7 million sq. ft.) of saleable area , will be located in Sector 33. “This project will offer and will be developed as a modern group housing development. This project is located […]

Demonetization hits real estate builder prices, but not resale flats – report

Demonetization of 500- and 1000-rupee notes hurt the real estate sector in North India, while its impact on the sector in South India was negligible, according to Magicbricks’ PropIndex for Jan-March 2017. The report, brought out by the eponymous real estate classifieds site, also found that the builders were more willing to reduce prices in the aftermath of […]