Category: Real Estate

Home buyers in Noida threaten to boycott Lok Sabha polls — here’s why

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Unhappy over the issue of pending registries, homebuyers and residents of several group housing societies in Noida and Greater Noida West have launched a “No Registry, No Vote” campaign ahead of the 2024 Lok Sabha elections.

They said that either they will not exercise their franchise or choose NOTA in the upcoming Lok Sabha polls later this month if registries of their flats are not done. In some housing complexes residents have also put up large banners reading “No Registry, No Vote” on their society gates and balconies for politicians visiting their societies.

Lok Sabha elections in Noida, Greater Noida and Yamuna Expressway regions that fall under Gautam Budh Nagar constituency will take place on April 26, 2024.

Frustrated with false promises by politicians on getting their registries done in the past, the residents have put up “No Registry-No Vote” posters for politicians visiting their societies in Noida and Greater Noida areas under the Gautam Buddha Nagar constituency for Lok Sabha poll campaigning.

Societies where residents are running “No Registry, No Vote” campaign include Gaur Saundaryam at Techzone 4 in Greater Noida West, Gardenia Glory in Noida Sector 46, Futec Gateway in Sector 75, Himalaya Pride at Techzone 4 in Greater Noida West, Nirala Greenshire society in Sector 2 Greater Noida West, Ajnara Homes in Greater Noida West and Shivalik Homes at Surajpur in Greater Noida, among others.

Homebuyers’ grievances

Pushkar Kaushik, a resident of Gaur Saundaryam housing complex at Techzone 4, said there are more than 300 homebuyers in the society whose registries are pending since February 2021. He said that the Greater Noida Industrial Development Authority (GNIDA) had in February 2021 stopped registries in the society after the builder failed to deposit ₹17 crore as an additional compensation to farmers following which the matter went to the Allahabad High Court.

Kaushik said in December 2023 the Uttar Pradesh government adopted the recommendations of Amitabh Kant Committee on legacy stuck projects and directions were issued to the Authority to execute the registries in three months starting January 2024 but nothing has happened so far.

“There are nearly 2,000 flats, out of which over 300 flats of Tulip tower are yet to be registered. Homebuyers who have invested their hard earned money are troubled without any of their faults. Every time political leaders promise to address our woes but nothing changes so we have decided not to cast votes in this Lok Sabha election unless our demands are met,” Kaushik told Moneycontrol.

Dinkar Pandey, a resident of Ajnara Homes said that homebuyers in his society have been waiting to get the ownership of their apartments for the last 6-7 years. He said there are around 600 flats in Ajnara Homes where registries were pending since 2016-2018.

“As a sign of protest against pending registries we have decided to boycott Lok Sabha polls 2024. Our slogan is ‘No Registry, No Vote’. It is high time that the Authorities understand the homebuyers’ plight as we are suffering even when we are not at fault,” he said.

Another homebuyer, Anuj Kumar Singh, a resident of Gardenia Glory Society, echoed the concerns saying that nearly 1,400 homebuyers have been waiting for their registries since 2016. “We will either not cast votes in this general election or if we have to, then we will select NOTA to register our protest,” he said.

Pending registries

According to the data from the district’s three development Authorities — Noida, Greater Noida and Yamuna Expressway Industrial Development Authority, registries of around 1.15 lakh stalled flats are pending under the Amitabh Kant committee relief package. Officials said that registries of only around 3,400 apartments have been executed till April 5 since March 1 in Gautam Budh Nagar.

Saumya Srivastava, OSD, Greater Noida Industrial Development Authority (GNIDA), said that several builders have deposited 25% of their dues and registries in their projects have been opened.

“The Authority is making all out efforts to execute all pending registries at the earliest. We are allowing registries in those projects where builders are depositing 25% of their dues. As many as 7,500 registries have been allowed in Greater Noida and out of which around 1,800 have been executed,” Srivastava told Moneycontrol.

Abhishek Kumar, president, Noida Extension Flat Owners Welfare Association (NEFOWA), said that the homebuyers are frustrated with false promises by political leaders about getting the pending registries done so that’s why in many societies, where registries are pending, residents are planning to boycott the general elections.

“Though the registries have started happening after the Uttar Pradesh government agreed to adopt the Amitabh Kant committee recommendations, it is very small. Not all recommendations of the Kant committee were accepted by the government. For instance, the committee said that the registry of flats should be delinked from builder dues but it was not adopted. Registries are still linked with builder dues, however, the Authorities have brought a payment reschedulement scheme to ease the payment of dues but homebuyers are still suffering,” he said.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Brigade Enterprises to invest ₹400 crore to build office space in Chennai

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Realty firm Brigade Enterprises Ltd on Monday said it will invest ₹400 crore to build an office complex in Chennai. In a statement on Monday, Bengaluru-based Brigade Enterprises said it has entered into a Joint Development Agreement (JDA) with Agni Estates & Foundations Pvt Ltd to develop ‘Brigade Tech Boulevard’, a ‘Grade A’ office space on Pallavaram-Thoraipakkam Radial Road, in Chennai.

“With an investment of around ₹400 crore, the project will have a leasable area of 8.36 lakh square feet spread across two towers,” it added. This will be the next commercial project launched by Brigade Group after the successful completion of the ‘World Trade Centre’ on OMR.

Nirupa Shankar, Joint Managing Director, Brigade Enterprises, said, “Chennai is a diverse office market with demand from not only IT and ITeS sector but also from several other industry verticals including engineering, automotive and banking, etc.” Offices that conform to sustainability, with seamlessly integrated digital connectivity and A Grade office certification are in great demand, she added. “Given the pre-leasing commitments that Radial Road has had in the past, we are confident that the leasing momentum would increase further with this development,” Shankar said.

Commenting on the transaction, Agni Estates & Foundations Chairman R N Jayaprakash said, “We have partnered with Brigade for this project given their business acumen on delivering good returns on investment.” Brigade Group is one of India’s leading property developers. Instituted in 1986, the company has developed many projects across South India, namely ‘Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, and Thiruvananthapuram.

It is into the development of projects across all segments — residential, office, retail, hospitality, and education. Since its inception, Brigade has completed 280+ buildings amounting to over 83 million square feet of developed space.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Brigade Enterprises to invest ₹400 crore in commercial project in Chennai

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Brigade Enterprises Ltd on Monday announced a new office space project in Chennai, Tamil Nadu. In filing with the stock exchanges, the leading real estate developer said that it has entered into a joint development agreement (JDA) with Agni Estates and Foundations Pvt. Ltd to develop Brigade Tech Boulevard, a ‘Grade A’ office space in the Pallavaram-Thoraipakkam Radial Road area in the capital city of Tamil Nadu.

The company will invest ₹400 crore in the commercial project, Brigade Enterprises informed the bourses.

The project is set to feature two towers encompassing a total leasable area of 8.36 lakh square feet.

“With an investment of around ₹400 crore, the project will have a leasable area of 8.36 lakh sqft, spread across two towers. This will be the next commercial launch by Brigade Group after the successful completion of the landmark ‘World Trade Center’ on OMR,” the company said in a press release.

With this project, Brigade Enterprises aims to cater to the varied demands of Chennai’s diverse sectors including IT, ITeS, engineering, automotive, and banking.

Commenting on the project, Nirupa Shankar, Joint Managing Director, Brigade Enterprises, said, “Chennai is a diverse office market with demand from not only the IT and ITeS sector but also from several other industry verticals including engineering, automotive and banking, etc.”

She added that offices that conform to sustainability, with seamlessly integrated digital connectivity and A Grade office certification are in great demand.

“Brigade Tech Boulevard will be of world-class quality, with a significant focus on sustainability, similar to all our commercial developments across cities. Given the pre-leasing commitments that Radial Road has had in the past, we are confident that the leasing momentum would increase further with this development,” Shankar said.

Meanwhile, RN Jayaprakash, Chairman of Agni Estates and Foundations, highlighted the strategic nature of their partnership with Brigade, noting Brigade’s reputation for delivering projects that enhance asset value and attract top-tier business occupants.

Shares of Brigade Enterprises settled 2% lower at ₹982 apiece on the NSE at closing.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Shivalik Group launches instant home concept

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shivalik Group, a real estate developer in Ahmedabad, has unveiled instant homes concept. This initiative redefines the traditional home-buying experience by presenting fully furnished, ready-to-move-in homes, crafted to streamline the transition into a new living space, the company said.

Marking a first in Gujarat, Shivalik Group sets a new industry standard with this launch, the company added.

The instant homes concept is designed to encompass a model show house.

This initiative simplifies the buying process by allowing the option to purchase the model house and caters to the increasing demand for quick-settlement solutions, the group said.

Taral Shah, Managing Director of Shivalik Group said “Instant Homes ensure that our customers’ transition into their new homes is as seamless as possible, requiring them only to bring personal items, as everything from kitchen essentials to electronic appliances is provided by us.”

Chitrak Shah, Managing Director of Shivalik Group said, “Our Instant Homes address the evolving demands of modern homebuyers. This concept is particularly relevant in the context of rapid urbanisation and economic growth, providing a fully furnished home ready for immediate occupancy.”

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Keystone Realtors: Demand for luxury homes remains robust, expect property prices to stay firm

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Boman Rustom Irani, the CMD of Mumbai-based real estate company, Keystone Realtors, which markets its properties under the ‘Rustomjee’ brand, sees sustained strength in demand for premium and luxury homes in Mumbai.

There is more demand than supply in the Mumbai Metropolitan Region (MMR), with Thane being the fastest-growing market, he noted.

“The supply also gets restricted because of real estate being a longer cycle and when you tie up a project, there is almost a 13-14 month wait before you can launch it and that is if all goes well,” Irani added.

While the affordable housing market is also picking up, he said, it will require some more push through government initiatives such as lower stamp duty, reasonable construction costs, etc.

Keystone, which mainly focuses on developing housing projects in the MMR region, shared its operational updates for January-March 2024 on April 8.

Its pre-sales stood at ₹843 crore during the period, registering a growth of 37% quarter-on-quarter (QoQ) and 78% year-on-year (YoY).

Irani said township sales are nearly 38-40% of the total sales and the rest is from redevelopment projects.

Also Read | Keystone Realtors’ FY24 pre-sales soar to ₹2,266 crore, surpassing projections with a 41% YoY growth

In the Mumbai suburbs, he mentioned that Versova holds significant development potential, and Rustomjee is directing attention towards this area.

Prices in Chembur are also rising due to infrastructure improvements and better connectivity, making the Chembur market quite attractive.

There is considerable interest in the real estate market spanning from Mira Road to Vasai and Virar, as well as in Kalyan, Dombivli, and Thane, where strong sales have been observed, he said.

Also Read | Ajmera Realty, Rustomjee partner for redevelopment project, aims for GDV of ₹760 crore

The market capitalisation of Keystone Realtors is around ₹7,721.62 crore. Its shares have gained close to 49% in the past year.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Vietnamese real estate moghul sentenced to death in multi-billion fraud case

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Vietnamese real estate tycoon Truong My Lan was sentenced to death on Thursday by a court in Ho Chi Minh City in the country’s largest financial fraud case ever, according to a media report.

The 67-year-old chair of the real estate company Van Thinh Phat was accused of taking out $44 billion in loans from the Saigon Commercial Bank, according to a BBC report. The verdict requires her to return $27 billion, a sum prosecutors said may never be recovered, it added.

The trial was the most dramatic chapter so far in the “Blazing Furnaces” anti-corruption campaign led by the Communist Party Secretary-General, Nguyen Phu Trong, the report further said.

She illegally controlled the Saigon Joint Stock Commercial Bank between 2012 to 2022 to siphon of these funds through thousands of ghost companies and by paying bribes to government officials.

Lan’s arrest in October 2022 was among the most high-profile in an ongoing anti-corruption drive in Vietnam that has intensified since 2022.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Godrej Properties sells homes worth ₹22,500 crore in FY24; beats guidance by 61%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Godrej Properties Ltd., the Mumbai-based real estate developer has sold homes worth ₹22,500 crore in financial year 2024, it said in an exchange filing. The figure is a growth of 84% compared to last year and 61% higher than the initial guidance provided by the company at the start of the year.

This is the highest ever annual sales announced to date by any publicaly listed real estate developer in India, Godrej Properties said.

For the March quarter, Godrej Properties’ bookings grew by 135% from last year to over ₹9,500 crore. It sold 5,331 homes with a total area of over 8 million square feet during the last three months of the financial year.

Godrej Properties sold 14,310 homes with a total area of over 20 million square feet for the financial year gone by. The highest ever quarterly sales for Godrej Properties came from the Mumbai Metropolitan Region where it sold homes worth over ₹4,000 crore.

The real estate developer attributed the sales to strong consumer demand in some new project launches. On Monday, the company achieved a booking value of over ₹3,000 crore in “Godrej Zenith” in NCR, while last week, it reported a ₹2,600 crore booking from “Godrej Reserve” project in Mumbai’s Kandivali suburb.

Both of these projects were the best ever launches for Godrej Properties in their respective markets.

Godrej Properties bookings in the NCR region nearly tripled to over ₹10,000 crore, while that in Mumbai Metropolitan Region doubled to over ₹6,500 crore.

“This sales growth was on the back of both an improving product mix as well as strong volume growth of 31%,” Godrej Properties CEO Gaurav Pandey said. “We continue to have a strong pipeline for the current year which will also be bolstered by our recent entry in the Hyderabad market,” he added.

These numbers come after Bengaluru-based Prestige Estates reported their financial year 2024 sales figures of over ₹21,000 crore and also surpassed its own guidance of ₹20,000 crore in sales.

Shares of Godrej Properties have opened 6% higher on Tuesday morning and are trading at a record high of ₹2,751.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

RERA, PMAY, SWAMIH changed the face of real estate in India under Modi govt, says report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In a decade marked by reforms and economic shifts, India’s real estate sector has emerged as a powerhouse, contributing significantly to the nation’s growth trajectory. A recent report by the real estate industry offers insights into the sector’s evolution under the Modi government, highlighting its challenges, reforms, and future prospects. 

The report underscores the sector’s exponential growth, with its value estimated at around $120 billion in 2017 and projected to skyrocket to a staggering $1 trillion by 2030. This growth trajectory is coupled with the sector’s substantial contribution to India’s GDP. The report finds that housing inventory overhang has seen a significant drop over the last 10 years. The pan-India housing inventory overhang stood at 15 months at the end of 2023, displaying a positive decline from 41 months in 2017, when available inventory was at its peak.

The report called ‘Real Estate- Unboxed’ by the National Real Estate Development Council (NAREDCO) and ANAROCK, puts a spotlight on issues in the real estate sector prior to the implementation of several regulatory measures. Major problems included misuse of funds, lack of accountability, project delays, bureaucratic hurdles, and the absence of standard practices. The introduction of the Real Estate (Regulation and Development) Act, 2016 (RERA), marked a significant turning point, aiming to address these issues and ensure transparency, timely project completion, and accountability among developers. According to the data cited in the report, more than 1 lakh projects have been registered and 1,20,000 complaints have been disposed of under the RERA Act as of February 2024. 

The report also puts a focus on the government schemes targeted at the growth of housing and real estate in India in the last decade. Government initiatives such as the Pradhan Mantri Awas Yojana (PMAY) have played a pivotal role in promoting affordable housing and addressing the housing needs of urban and rural populations.

The residential sector has witnessed considerable transformations, driven by economic scenarios, government regulations, and the COVID-19 pandemic. Despite fluctuations, there has been a persistent demand for housing, with significant new launches and sales recorded over the past decade. Looking ahead, the real estate sector is poised for sustained growth, with projections indicating a market size of $1 trillion by 2030.

Anuj Puri, Chairman, ANAROCK Group, says, “The report tracks how India’s residential real estate sector has thrived in the past decade. The findings are convincing—housing demand and new supply in the top 7 cities have soared in the last 10 years, particularly post-pandemic, and housing sales are now aligned with new launches.”

“The report finds that approximately 28.27 lakh units were sold in the top 7 cities between 2014 and 2023, while cumulative new launches stood at over 29.32 lakh units. Residential property prices have also registered significant demand-led growth across the top 7 cities. Over the last decade, average housing prices have appreciated in the range of 25–60% across these cities,” adds Puri. 

Since its inception in 2019 until December 2023, the SWAMIH Fund has completed approximately 26,000 homes in the country, and 80,000 more are projected to be completed over the next three years. The government-backed SWAMIH (Special Window for Affordable and Mid-Income Housing) Fund aims to provide financial support to stalled affordable and mid-income housing projects that were struggling due to capital shortfalls.

It has played a crucial role in addressing the sector’s liquidity issues, especially amid challenging economic conditions. It has also boosted the growth of many ancillary industries in the real estate and infrastructure sectors, having successfully unlocked liquidity of more than ₹35,000 crore. 

Niranjan Hiranandani, Chairman, NAREDCO, says, “In light of the Indian government’s reforms over the last decade, NAREDCO and ANAROCK collaborated to assess the Indian real estate sector’s growth. Over the last decade, India’s economy has impressively leapfrogged to the fifth position on the global economic performance ladder. The Indian economy has maintained its status as the fastest-growing major economy for three consecutive years, a beacon of hope in a contractionary global economic climate.”

“A market size of $1 trillion is expected by 2030, up from $200 billion in 2021. This market size is expected to contribute 13% to India’s GDP by 2025, making the sector a pivotal contributor to economic development, employment, and government finances,” adds Hiranandani.

Employment generation has been a key hallmark of the real estate sector, engaging over 18% of India’s workforce and fostering the growth of more than 250 ancillary businesses. As the sector continues to expand, employment opportunities are expected to multiply, further bolstering the nation’s economy. Foreign direct investment (FDI) has poured into the sector, with construction ranking third in terms of FDI inflows. Between April 2000 and September 2023, FDI in the real estate sector amounted to a staggering $58.5 billion, highlighting its allure to international investors.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Godrej Properties’ Gurugram project sells homes worth ₹3,000 crore in three days

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Mumbai-based real estate developer Godrej Properties Ltd. sold homes worth ₹3,000 crore within three days at the launch of its project “Godrej Zenith” in Haryana’s Gurugram, it said in an exchange filing.

This has now become the company’s most successful launch ever in both value and volume terms. Godrej Properties sold 1,050 homes with over 2 million square feet of area in the project.

For the second time in Gurugram in financial year 2024 and the fourth time pan-India, Godrej Properties has recorded launch sales in excess of ₹2,000 crore.

“Godrej Zenith” is the company’s largest residential development in Gurugram. For financial year 2024, Godrej Properties reported a 473% increase in sales for the Gurugram market and it already has a strong launch pipeline for financial year 2025.

Last week, Godrej Properties had sold inventory worth over ₹2,690 crore for its “Godrej Reserve” project in Mumbai’s Kandivali suburb. Among the other two instances of Godrej Properties recording sales in excess of ₹2,000 crore include the “Godrej Aristocrat” project in Gurugram where it had sales worth ₹2,875 crore and Noida’s “Godrej Tropical Isle,” where sales were greater than ₹2,000 crore.

Last month, the company had announced that it will develop a residential project in Bengaluru with a booking potential worth over ₹5,000 crore.

Brokerage firm Morgan Stanley upgraded Godrej Properties to “overweight” and also raised its price target on the stock to ₹2,500 from ₹2,050. It expects the company to grow faster in terms of pre-sales.

Shares of Godrej Properties are trading at a record high, up 5.2% at ₹2,637. The stock has doubled over the last 12 months.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Macrotech Developers meets ₹14,500 crore pre-sales guidance, debt reduced further

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Macrotech Developers Ltd., also known as Lodha reported its best ever quarterly presales during the January-March period at ₹4,230 crore, it said in an exchange filing. This is a growth of 40% compared to the same quarter last year.

For the full financial year, pre-sales stood at ₹14,520 crore, which is also the best annual performance from the company. With this, Macrotech also met its 20% growth guidance for the financial year.

Collections for the March quarter grew by 20% from last year to ₹3,510 crore. Full-year collections stood at ₹11,260 crore.

Macrotech has managed to reduce its net debt to ₹3,010 crore from ₹7,070 crore during the same period last year, led by strong operating cash flow generation and its recently concluded equity raise.

The real estate developer raised ₹3,300 crore through an institutional share sale (QIP) earlier this month, where Rajiv Jain-led GQG Partners and five other entities like Nomura, Invesco, HDFC Life were issued shares.

Post this debt reduction, the company’s net debt-to-equity stands at less than 0.2 times, thereby surpassing the company’s goal of bringing this metric down to 0.5 times or less.

Ratings agency ICRA has also upgraded Macrotech’s credit rating to AA- with a stable outlook led by strong business fundamentals and balance sheet strength.

For financial year 2024, Macrotech launched new projects having gross development value of ₹20,300 crore across various micro-markets of the Mumbai Metropolitan Region (MMR), Pune, Bengaluru. The company’s GDV guidance for financial year 2024 was ₹17,500 crore.

Shares of Macrotech Developers have risen 154% over the last 12 months.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow