07 May 2024

Brookfield Asset Management plans to invest USD 10 billion in India's real estate sector over the next three to five years, doubling their existing assets under management (AUM). Managing Partner Ankur Gupta sees India's rapid economic growth as fertile ground for investment, with plans to double their investment in the future. While Brookfield already dominates the Indian office space, their new strategy involves diversifying into housing, industrial, and retail sectors. This move aligns with India's underdeveloped real estate market compared to its GDP, presenting ample investment opportunities. Brookfield's investment, alongside other global players like Blackstone and GIC, highlights growing confidence in India's real estate market amidst urbanisation and a growing middle class.Read more

07 May 2024

Aurum PropTech, a real estate software solutions provider, reported a consolidated net loss of INR 4.65 crore for Q4 FY24, showing improvement from the previous year's loss of INR 9.83 crore. Despite the loss, their Q4 FY24 revenue grew by 28.07%, reaching INR 65.74 crore. For FY24, total income surged to INR 233.07 crore, a 68% increase from FY23. Onkar Shetye, Executive Director, noted a sustained EBIDTA margin improvement, indicating effective expense management. Aurum also underwent strategic restructuring, divesting subsidiaries to focus on core business areas. With India's PropTech market expected to boom, Aurum's revenue growth trajectory and ability to capitalize on this trend will determine future profitability.Read more

07 May 2024

In March 2024, apartment registrations in the Kolkata Metropolitan Region (KMR) increased by 17% year-on-year, totaling 3,936 units, indicating a preference for budget-friendly homes. Notably, apartments under 500 square feet rose to 45%, reflecting a 21-point increase from the previous year. While units between 501 and 1,000 square feet still hold a significant share at 48%, affordability remains paramount. Abhijit Das of Knight Frank India emphasises the need for large, affordable projects with good connectivity. The real estate sector pushes for a permanent stamp duty rebate extension to sustain sales momentum, while infrastructure development enhances market appeal, especially in South and North zones known for affordable options.Read more

06 May 2024

Can Fin Homes Ltd (CFHL), a leading housing finance company sponsored by Canara Bank, reported a 26.08% rise in net profit for the quarter ending March 2024. Net profit increased to INR 209.02 crore compared to INR 165.79 crore in the same quarter last year. Total income grew 21.37% to INR 927.64 crore. The board recommended a final dividend of INR 4 per share for FY 2023-24. Vikram Saha was appointed additional director while Ajay Kumar Singh resigned as deputy managing director. With a stable outlook, prudent provisioning and a strong balance sheet, CFHL is well positioned to capitalize on growth opportunities in the housing finance sector.Read more

06 May 2024

PNB Housing Finance reported a 57.28% year-on-year growth in its consolidated net profit for the quarter ended March 31, 2024 at INR 439.25 crore. Consolidated net total income grew 10.76% to INR 1,813.97 crore. Retail loan assets grew 14% year-on-year to INR 63,306 crore as of March 31, 2024, accounting for 97% of total loan assets. Gross and net NPAs declined significantly year-on-year to 1.50% and 0.95% respectively. Key asset quality metrics showed significant improvement during the year. The company is well capitalized with a CRAR of 29.26% as of March 31, 2024, positioning it well for further growth in the coming fiscal year.Read more

06 May 2024

Embassy Office Parks REIT (Embassy REIT) has reported robust financial results for the quarter ending March 31, 2024, with a net consolidated profit after tax of INR 2,834.14 crore and total income exceeding INR 9,922.26 crore, driven by strong leasing activity. The company leased a record 8.1 million square feet of office space, primarily to Global Capability Centers (GCCs). They distributed dividends totaling INR 2,022 crore for FY24 and project leasing out 5.4 million square feet in FY25, with expected dividend distributions of INR 22.40 to INR 23.10 per unit. Additionally, they plan to acquire Embassy Splendid TechZone in Chennai and raise up to INR 3,000 crore through an institutional placement to support future growth initiatives. With strong occupancy rates in key markets like Bengaluru and Mumbai, Embassy REIT remains poised for continued success and growth in the Indian REIT sector.Read more

06 May 2024

Indiabulls Real Estate Ltd (IBREL) of Mumbai faced wider net losses in FY24, totaling INR 1,038.65 crore, a significant increase from the previous year. Total income also dropped from INR 648.47 crore to INR 468.75 crore. Despite this, Q4 FY24 showed a narrowed net loss of INR 302 crore, indicating potential improvement. Challenges in the Indian real estate sector, including economic slowdown and rising interest rates, contribute to these losses. Analysts suggest strategies like completing existing projects, exploring new sectors, and reducing debt to mitigate challenges. The market outlook remains uncertain, with divergent opinions on short-term prospects amidst a transitioning landscape.Read more

06 May 2024

DP World, a global logistics leader, has leased 150,000 square feet of office space in the prestigious Aurum @ Parc development in Navi Mumbai's Ghansoli locality. This lease agreement, spanning five years with a three-year lock-in period, marks DP World's strategic expansion in India. The new office will house their fourth Global Capability Center (GCC) in the country, reflecting India's growing importance in DP World's global operations. With India's logistics market projected to reach USD 320 billion by 2025, DP World's investment aligns with their expansion plans, which include developing port facilities and significant capital expenditure. The arrival of DP World in Navi Mumbai is expected to generate employment opportunities and establish the city as a major logistics hub in India.Read more

06 May 2024

RISE Infraventures Ltd achieved a record gross sales of INR 2620 crores in the past financial year, marking a significant increase of about 110% from the previous year. With the recent boom in premium and luxury housing, the company aims to reach a target of INR 4000 crores in FY 24-25. With expansion plans, including new offices in Mumbai and the launch of RISE Homes, the company aims to strengthen its leadership position in the luxury market segment. RISE Infraventures aims to achieve its financial goals of INR 5000 crores in 2024-25, INR 6250 crores in 2025-26, and INR 7500 crores in 2026-27 by focusing on attractive pricing, enhanced service quality, and expansion into new markets.Read more

03 May 2024

HDFC Capital, a subsidiary of HDFC Bank, has announced a substantial INR 1,150 crore investment in Provident Housing, a developer specializing in mid-income and affordable homes. This investment will fund the development of an additional 6.2 million square feet of residential projects, expanding Provident Housing's ongoing portfolio to 14.8 million square feet. With construction set to begin soon, these projects, valued at INR 17,100 crore, aim to address the growing demand for accessible housing solutions across India. The collaboration underscores HDFC Capital's commitment to affordable housing and Provident Housing's focus on innovation and sustainability in real estate development, setting a positive example for the industry.Read more