07 Nov 2024

India's luxury real estate market is booming, with sales of high-end homes above INR 4 crore rising by 37.8% in the first nine months of 2024. Cities like Delhi-NCR, Mumbai and Hyderabad are seeing strong demand. This growth is driven by high-net-worth individuals (HNIs) and wealthy buyers looking for premium amenities and exclusive living spaces. Developers are responding by creating luxury-focused projects to meet this interest. Real estate remains a popular investment in India, with many viewing luxury homes as stable, long-term assets.Read more

07 Nov 2024

Mahindra Lifespace Developers reported a net-loss of INR 13.99 crore in Q2-FY25, a significant improvement from the INR 29.76 crore loss in Q2-FY24. Consolidated-income decreased by 37.9% to INR 15.96 crore. Despite a muted quarter, the company achieved INR 397 crore in pre-sales and INR 459 crore in collections. A strategic agreement was reached for a 26% equity-stake in Ample Parks MMR, with an INR 20.05 crore investment over three years. H1-FY25 saw strong performance with INR 1,415 crore in pre-sales, 77% growth, and land-leasing of 34.9 acres for INR 163.2 crore.Read more

07 Nov 2024

Phoenix Mills reported mixed financial results for Q2 FY25, with a 4.34% decline in consolidated net profit to INR 290.64 crore, while total income grew by 5.34% to INR 955.06 crore compared to the same quarter last year. The company increased its paid-up equity share capital by INR 35.75 crore through employee stock options and bonus share issuance. Additionally, through its subsidiary Astrea Real Estate Developers, Phoenix Mills acquired six companies for INR 290.10 crore, making them step-down subsidiaries. These acquisitions and capital structure changes indicate the company's strategic expansion efforts despite the profit decline.Read more

07 Nov 2024

According to Savills India, the office space market in India is expected to absorb over 70 million square feet this year, with demand reaching 55.1 million square feet from January to September-a 30% year-on-year increase. Major cities like Bengaluru, Delhi-NCR, and Mumbai accounted for 66% of total leasing activity, with large deals constituting 50%. Despite a slowdown in new completions, vacancy rates dropped to 15.5%. Bengaluru led with 6.2 million square feet absorbed in Q3 2024, while Delhi-NCR saw a remarkable 92% increase in absorption. Overall, the market is driven by technology, BFSI, and flexible workspace sectors.Read more

06 Nov 2024

Nariman Point, Mumbai's historic business hub, is witnessing a revival in demand for office space despite being overshadowed by Bandra Kurla Complex (BKC) in recent years. With limited quality space, recent leases by foreign consulates and major companies are driving interest. Notable deals include the Polish Consulate's 3,000-square-foot lease in Nirmal Building and the German Consulate's 7,442-square-foot space in Hoechst House. Improved connectivity via the Coastal Road and Metro Line 3 has further fueled demand, pushing rents up by 8-10% this year. Experts anticipate continued growth, with projected new developments adding crucial office space to the area.Read more

06 Nov 2024

JSW Infrastructure reported a 46% rise in net profit for Q2 FY25, driven by increased cargo volume and an improved revenue mix. The company achieved a net profit of INR 374 crore on revenues of INR 1,088 crore, with EBITDA climbing 22% to INR 607 crore. Total cargo handled surged 16% to 27.5 million tonnes per annum (mtpa), boosted by coal terminals at Mangalore, Paradip, and Ennore, along with contributions from recently acquired ports. The firm also received a letter of intent for a greenfield port in Maharashtra, aiming for an initial capacity of 33 mtpa. With plans to increase capacity to 400 mtpa by FY30, JSW Infrastructure is poised for significant growth in the maritime sector, backed by ongoing expansion projects and strategic initiatives.Read more

06 Nov 2024

The group of ministers (GoM) appointed by the Goods and Services Tax Council is considering raising the affordable housing threshold from INR 45 lakh to INR 55 lakh. If approved, this change could significantly benefit the affordable housing sector, currently taxed at a 1% GST rate, while other housing projects incur a 5% tax without input tax credit (ITC). Led by Goa's Chief Minister Pramod Samant, the GoM may also suggest increasing taxes on luxury homes priced above INR 15 crore, but is unlikely to provide relief on GST for joint development agreements (JDAs). The GoM will submit its report ahead of the GST Council meeting in the second week of November, where final decisions will be made. The existing affordable housing criteria, established in February 2019, define affordability based on price and carpet area.Read more

06 Nov 2024

Kansai Nerolac Paints has entered into a lease agreement worth INR 726 crore with Aethon Developers, aiming to monetize its idle land holdings. This partnership follows the company's decision to sell a prime land parcel in Lower Parel, reflecting its strategy to transform unused assets into financial resources. The Mumbai real estate market is experiencing rising demand, making this move timely. Additionally, Kansai Nerolac acquired revisionary rights to another Lower Parel property for INR 48 crore, demonstrating its commitment to the evolving real estate landscape. These initiatives not only enhance the company's financial position but also contribute to the development of urban infrastructure in the area.Read more

06 Nov 2024

Greater Noida has witnessed the registration of over 8,100 flats since February, following developers' adoption of a UP government policy aimed at reviving stalled real estate projects. A GNIDA report forecasts that an additional 8,000 flats will be registered by March. This policy requires builders to pay 25% of their recalculated dues upfront to qualify for a zero-interest waiver. Currently, 73 group housing projects with 32,435 unregistered flats are participating in the program. Additionally, GNIDA has approved a new policy to streamline flat registrations at the Senior Citizen Home Complex Welfare Society, enhancing protections for homebuyers.Read more

05 Nov 2024

PNB Housing Finance reported a 22.63% rise in Q2 FY25 net profit, reaching INR 469.68 crore, driven by robust retail segment performance, which grew 16.2% year-on-year. Revenue increased by 5.63% to INR 1,879.66 crore. Retail disbursements rose 28%, with the affordable loan segment surpassing INR 3,000 crore in assets. Gross NPAs declined to 1.24%, and assets under management grew 10.8%, reaching INR 74,724 crore. CEO Girish Kousgi highlighted the company's focus on sustainable growth in affordable housing. PNB Housing's strong asset quality and financial position underscore its strategic growth ambitions.Read more