Some of the country's largest listed real estate developers - DLF, Prestige Estates, and Puravankara - are foraying into the Rs 50,000-crore residential property market of Mumbai, where home prices are among the highest in the world. All of them are set to launch residential projects in the financial capital of the country, where the market is dominated by players such as Runwal, Lodha, and Oberoi Realty, among others. Leading the race is Prestige, which has lined up 6 million square feet (msf) of new launches in the city across Mulund and Byculla in the third quarter of this financial year (2021-22).
The S&P BSE Realty Index has emerged as one of the top-performing sectors, yielding a remarkable 45 per cent return over the past six months. The three leading players, listed by market capitalisation, have substantially enriched investor wealth by 43-70 per cent during this period. If the second quarter (Q2) of 2023-24 (FY24) updates from Macrotech Developers (Lodha) and Sobha, along with industry data for the quarter, serve as any indication, the trend of strong bookings for larger players is expected to continue.
The Q1FY24 earnings season has started on a dismal note for corporate India. The early-bird companies' revenue growth has been at a 10-quarter low, while the combined earnings of non-BFSI (banking, financial services, and insurance) companies seem to have hit the ceiling. The numbers suggest corporate India is entirely dependent on BFSI companies and the IT services sector to drive growth in revenue and profit while other sectors are showing signs of stagnation.
Market regulator Securities and Exchange Board of India (Sebi) in its investigation against Indiabulls Housing Finance has found the mortgage financier non-compliant with regards to unavailability of certain information on its website as well as its internal policy. Thereby, it has directed the company to take corrective measures and inform the stock exchanges in a months' time. Several public interest litigations (PILs) and FIRs were filed against Indiabulls Housing Finance back in 2019, alleging irregularities, siphoning of funds, and other violations committed by the promoters of the company.
While there was a sharp drop in footfalls in malls in H1FY21, there was reasonable recovery in H2. However, the second wave derailed the recovery.
'You will really wish oh! Had I stayed in Dharavi I would have got a nice house. I can assure you that. We will make dreams come true.'
'The impact of CEO transition is fairly even for stocks, with about half (53 per cent) of the events not producing any change in the relative performance of the stock.'
The Madame Tussauds Wax Museum at the DLF Mall, Noida hosts 50 waxworks of Indian and international celebrities.
The group has put in a Rs 5,069 crore bid for the redevelopment of one of the largest slum sprawls in the world, outbidding DLF, which had quoted Rs 2,025 crore, chief executive officer of the project S V R Srinivas said.
Reliance Brands is in advance stage of talks to take over the India rights for premium makeup and beauty retail chain Sephora, from Arvind Fashions, according to two persons in the know. The Mukesh Ambani-led retail company is already in talks with developers to lease out stores for Sephora, said one of the above mentioned sources. While Reliance Brands was yet to answer Business Standard's query, an Arvind Fashions spokeperson, in an e-mailed response, said: "As per company policy, we do not comment on market rumours and speculation."
The accused made the call so that his childhood friends could spend more time with their girlfriends, who were going to Pune, at the Delhi airport, the police said.
Several teams have been formed to trace the offending vehicle and its driver.
Ace investor Rakesh Jhunjhunwala on Thursday said real estate developers are afflicted with very low return on capital as compared to bluechip stocks. Jhunjhunwala, who runs RARE Enterprises and is set to be a major shareholder in an upcoming airliner, said only the affordable housing developers can look at listing because of the volumes which they can deliver. It can be noted that very few developers like Macrotech Developers formerly Lodha, and DLF are listed on the bourses. Jhunjhunwala cited the case of DLF, saying the stock price plummeted to Rs 80 from Rs 1,300 per piece to illustrate the risks associated.
Among the options being weighed are discounts on existing rentals, short-term deferrals, and 50 per cent waivers.
Home prices across the top six cities are set to jump 6-10 per cent this fiscal and 3-5 per cent in the next financial year because of a steep rise in raw material, labour and land costs, and relatively favourable demand-supply dynamics, a report said on Thursday. The report by Crisil also said large residential realtors are on course to log a robust 25 per cent sales growth in 2022-23 and 10-15 per cent in the next fiscal. The unsold inventory level is down to 2.5 years from four years pre-pandemic, and this has credit profile of the large realtors strengthening, the report said.
The doctor who treated the Mumbai girl, Shraddha Walkar, for acute shoulder and back pain in the year 2020, on Friday said that the accused Aaftab Poonawala accompanied her when she was brought to hospital.
These eight sites include Bengali Basti in Sector 49, V Block of DLF Phase-3, Surat Nagar Phase-1, outskirts of Kherki Majra village, outskirts of Daulatabad village near Dwarka Expressway, near Ramgarh village in Sector 68, near DLF Square Tower and from Rampur village to Nakhrola Road.
'What can a teacher do that ChatGPT cannot?'
In March this year, Worldline India launched Vabox (Voice Alert Box): merchants will now get instant audio alerts on the settlement of UPI (Unified Payments Interface) payments via QR codes in languages of their choice when customers check out. "They needn't worry whether the amount has been credited to their account," says Gulshan Pruthi, the firm's executive vice-president. The French payments giant will roll out 500,000 Vaboxes in the initial phase.
Global trends, WPI inflation data for April and the ongoing quarterly earnings of corporates would be the major driving factors for the stock markets, analysts said. Investors would also keep a tab on the movement of foreign institutional investors who are on a selling spree in the domestic equity market for the past many days. "Inflation concern and monetary tightening across the globe are key concerns for the equity markets. "Equity markets are under the strong grip of bears however they look extremely oversold and due for a pullback rally.
Most of the local residents expressed fear that redevelopment will kill the small businesses in Dharavi that it is known for and that they are content with the way things are at present.
The company, backed by China's Ant Group, is planning to issue fresh shares worth Rs 7,500 crore in the IPO. This will make this India's third-largest offering after Reliance Power and DLF.
However, both developers as well as analysts are hopeful that these business metrics will pick up once activity resumes.
Sources said a questionnaire has been prepared for the polygraph test so that the sequence of events in the gruesome killing can be ascertained.
A Delhi Police team searched for the murder weapon at a forest in Gurugram using a metal detector on Saturday, but returned empty-handed after one-and-a-half-hours, sources said.
Taking to Twitter, Chief Minister Arvind Kejrjiwal said that cinema halls will be allowed to reopen from October 15 and they will have to follow all guidelines issued by the central government.
Oberoi Realty has hit the top slot in Mumbai's ranking of the top-20 developers in terms of sales in 2021, evicting the Runwal group which was number one last year. The Lodha group which had occupied the top slot three out of five times since 2017 slipped to second place in 2020 and continues to be in the same position in 2021. The Oberoi group was in fifth place in 2019 and fourth place in 2020. This is the first time that it has occupied the number one position. The Runwal group which took the top slot in 2020 is down to third place in 2021.
Black Friday sales in India received a good response as brands dropped their prices making customers queue up outside stores where discounts were steeper. Discounts were offered both online and offline. Most of the international brands in India offered discounts under the Black Friday Sale banner. The Black Friday Sale started in the US on the Friday after Thanksgiving Thursday. The day typically marks the beginning of the Christmas shopping season ahead of the festival.
The BJP had made the land deals a major poll issue in 2014, alleging that Vadra benefited through questionable land use permissions granted by the earlier Congress government in the state.
The NSE Nifty ended at 2,776, gaining 6 points. The market breadth was negative - out of 2,493 stocks traded, 1,385 declined, 1,002 advanced and the rest were unchanged on Wednesday.
The NSE Nifty ended at 3142, up 98 points. The market breadth was fairly positive - out of 2,655 stocks traded, 1,809 advanced, 777 declined and the rest were unchanged on Tuesday.
Nearly 30 Indian firms that have imported aircraft for charter use are under the scanner of the Customs authorities for allegedly flouting import norms in order to evade taxes.
Stock market expert Pranav Sanghavi answers some of your queries.
It has been a difficult year for Singh, whose fate from the start has been closely tied to that of the Gandhi family.
A statement from Gandhi's office came after a media house purportedly made a query to Robert Vadra asking whether a portion of the money he had received from the DLF was used by his wife to buy properties in Faridabad in Haryana.
Senior IAS officer Ashok Khemka who had cancelled the mutation of a land deal between a firm owned by Robert Vadra and realty major DLF, was promoted as Principal Secretary.
Distribution yields could rise, but risk of Covid, higher interest rates remain.
The real estate sector might have been caught off guard by the second wave of the Covid-19 pandemic, but large listed developers like Godrej Properties and Prestige Estates Projects soldier on undeterred. They aim to have sales bookings of Rs 10,000 crore in the next few years.
Food delivery company Zomato's Rs 9,375-crore initial public offering (IPO) will open for subscription on July 14, said investment banking sources on Wednesday. The company initially was looking to raise Rs 7,500 crore through the offering. Investment banking sources said the issue size has been increased because of the robust demand from investors.
The actor made a showstopping entry unveiling the latest collection.
