The iconic hotel opens after Rs 6-billion revamp
The recent blip in housing sales on a quarter-on-quarter (Q-o-Q) basis should not worry investors as the long-term prospects of real estate stocks remain on a strong foundation, according to analysts. In the first half of the calendar year 2024 (H1CY24), realty stocks surged up to 104 per cent. This sharp run should be used to book partial profit in related stocks, suggested Deepak Jasani, head of retail research at HDFC Securities.
The stocks of Mumbai-based real estate companies have been hitting lifetime highs on expectations that launches, steady demand, and price increases in the largest real estate market in the country would boost their financials. Macrotech Developers (Lodha) and Oberoi Realty hit their all-time highs last week, while Godrej Properties came close to its 52-week high last month before witnessing a sharp correction.
The lower yield is better for property landlords as it indicates an appreciation in the capital value of the property, says Raghavendra Kamath.
Oberoi Relaty expect 20-25 per cent premium for tis residential project.
The past 18 months have seen a resurgence in the real estate industry, with developers regaining the ground lost to the Covid-19 pandemic. But it is once again adding inventory at a pace faster than sales. The industry's inventory rose by 28 per cent year-on-year (Y-o-Y) in H1FY24, com-pared to a 25.5 per cent year-on-year increase in net sales during the same period.
CLSA has downgraded select real estate stocks and expects most counters from this sector to consolidate in the months ahead after the sharp run seen in them in the last few months. Most positive factors in terms of a pick-up in housing demand and office space absorption, it said, are already priced in. "We expect housing industry demand to grow around 12 per cent in 2024 and for large developers to outpace industry to grow at 15 - 20 per cent.
Phonemaker Apple is said to be in talks to take 30,000 sq ft retail space at plush property Maker Maxity, in Bandra Kurla Complex
'If the Indian government actually delivers on the infrastructure plans, the hospitality sector would double itself by 2025.'
Maharashtra Governor Ramesh Bais and Chief Minister Eknath Shinde on Sunday paid floral tributes to the martyrs who laid down their lives while fighting terrorists who attacked the metropolis on this day 15 years ago.
Gurgaon and Mumbai, the richest cities in Haryana and Maharashtra, respectively, have always been the preferred markets for investors. Most parts of these cities are beyond the reach for those looking for affordable homes.
The government can seek details from sellers such as sources of funds while buying.
Listed Mumbai developers are battling higher inventory levels.
Realty major DLF's chairman Rajiv Singh remains the wealthiest Indian real estate entrepreneur with a wealth of Rs 59,030 crore, according to GROHE-HURUN India. With a wealth of Rs 42,270 crore, Mangal Prabhat Lodha and his family of Mumbai-based Macrotech Developers (Lodha Group) is at the second position. Arjun Menda & family of Bengaluru-based RMZ Corp debuted at the third position on the list, with a wealth of Rs 37,000 crore.
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After Maharashtra, analysts expect more states like Karnataka and Haryana to slash stamp duty rates. However, analysts, do caution that it's still a long road to recovery for the realty sector.
Registration of housing properties in the Mumbai municipal region increased 35 per cent year-on-year to 7,556 units during this month on rising demand, according to Knight Frank. The registrations for September 2021 were 87 per cent higher compared to the pre-pandemic period of September 2019. "Mumbai BMC region (Churchgate to Dahisar and Colaba to Mulund) recorded its best September month performance. Recording 35 per cent YoY growth in property registrations in September 2021, 7,556 units is a 10-year best performance in the month of September," Knight Frank said in a statement.
The influx of such international hotels chains into India over the last two years has led to a sharp correction in room rates, not just in Pune but also in other hot spots like Bangalore, Mumbai, Delhi and Goa.
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.
Whether it is DLF in the National Capital Region, or Godrej Properties and Oberoi Realty in Mumbai or Sunteck Realty, Prestige Estates and Sobha Realty in Bengaluru, most top players have launched or lined up a slew of new project launches during this season.
However, both developers as well as analysts are hopeful that these business metrics will pick up once activity resumes.
The Kanakia group, from which Mapletree did the purchase, had bought the plot from India Tube Mills and Metal Industries for Rs 363 crore in 2018.
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.
Mumbai Metropolitan Region recorded housing sales of nearly 9,200 units in Q3 of calender 2020, against 3,620 units in the preceding quarter, registering a 1.5 times growth which is the highest growth seen any city except Chennai.
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).
Developers are cautious about the timing of launches in the near term, given the relative uncertainty in demand pick-up and logistical challenges during the lockdown. However, affordable housing projects slated for the first quarter (Q1) of 2020-21 (FY21) may get launched this quarter itself.
Check out some of the stocks that will react on the basis of their numbers in the near term.
In the quarter ended September 30, the Pirojsha Godrej-led firm recorded Rs 492 crore net sales, up 49% year-on-year
The total wealth of top 100 real estate barons accounted for Rs 2.37 trillion ($32.7 billion) in 2018, up 27 per cent against 2017's cumulative wealth of Rs 1.87 trillion ($28.6 billion).
Experts say that the lockdown and its aftermath will further quicken the consolidation in the real estate sector, which has been taking place since 2012, with more small players going out of the business and bigger, branded players dominating the market.
'Some brands only lend their names to the property and take a royalty.' 'The developer only needs to adhere to the terms and conditions of the contracts.' 'But branded apartments from Trump are particular about every small detail.'
They are also feature among the top 500 in the world.
Developers are likely to start announcing their festive season offers soon, reports Sanjay Kumar Singh.
At the heart of the matter are revenue-share rental agreements that retailers are mooting over fixed-rent contracts that they say are unsustainable, given the revenue loss they've suffered during the lockdown.
There is more than what meets the eye to the wealth accumulated by Punjab Deputy Chief Minister Sukhbir Singh Badal.
Joginder Tuteja lists the biggest projects announced during the lockdown.
TripAdvisor has announced the winners of its 2013 Travellers Choice awards for hotels. In their 4th year in India, the awards have identified the 104 most outstanding properties across the country.
