The stock of mall developer and commercial real estate major, The Phoenix Mills (Phoenix), is up 26 per cent since its business update in the third week of January. The gains came on strong December quarter performance and the consumption boost in the Budget which is expected to help the company sustain its growth trends.
Currently, India has five publicly listed Reits: Brookfield India Real Estate Trust, Embassy Office Parks Reit, Mindspace Business Parks Reit Nexus Select Trust, and Knowledge Realty Trust.
India's real estate investment trust (Reit) sector is set for robust expansion, with at least one new Reit expected to enter the market each year over the next three-five years. This growth trajectory builds on rising occupancies, surging leasing activity, and increasing investor interest.
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.
'We expect the bull-market phase to still persist, but now led by large-caps which offer better valuation and benefit from FII inflows.'
'We expect continued pressure on midcaps, but any sharp correction looks unlikely from here on.'
The analyst said since servicing of principal and interest on loans will beome challenging for mall operatos in the next couple of months.
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.
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.
7.8 million square feet of mall space is under construction this year, the highest ever since 2011.
After a turnaround in performance by Indian equity markets since July that has seen the S&P BSE Sensex and the Nifty50 wipe out the year-to-date losses, analysts suggest investors start nibbling into stocks that are focused on the domestic economy. While they say intermittent corrections, led by policies of global central banks and other economic data, cannot be ruled out, analysts expect India's relative outperformance among global equity markets to continue as it looks better placed with a healthy economic recovery, and remains one of the fastest growing major economies. In this backdrop, Neeraj Chadawar, head of quantitative equity strategy at Axis Securities, believes that amid global slowdown, aggressive tightening by the central banks, and preference for domestic interests first (by the local government), export-oriented themes are likely to be muted or will deliver conservative returns in the near-term.
CPPIB is looking to partner with RMZ because the latter is aggressive on both new developments and acquisitions.
The key risks against a fast recovery would include long delays in business travel resumption, delays in commissioning, etc.
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Analysts have turned bullish after success of some big launches and revival of home sales. There is optimism on rate cuts by RBI and hope for lower inflation; which may renew buyers' interest in real estate in coming months.
Retailers want rental waivers should be extended for a few more months, since business is not expected to pick up before the Dussehra-Diwali period, which falls in October-November.
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Tablets with smart apps help shoppers browse products and make hassle-free payments.
Several stars attended a 'pre-IIFA bash' at Phoenix Mills, Lower Parel, in central Mumbai.
After Singapore, Indian property developers such as Indiabulls Real Estate and Phoenix Mills among others are looking at London, German and Australian stock exchanges to list their property trusts there.
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US-based Blackstone has bought malls such as AlphaOne Mall in Ahmedabad, Elante Mall in Chandigarh and Treasure Island Mall in Indore.
Kurla alone will add office space that is three times that of Nariman Point.
Mumbai-based Phoenix Mills today announced that it would set up a 30-storey luxury hotel in central Mumbai at a cost of Rs 300 crore
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Real estate stocks spurted by 6 per cent as news of the Maharashtra Assembly's approval of the proposal to repeal the Urban Land Ceiling and Regulation Act (ULCRA) trickled in. The BSE Realty Index shot up by 1.54 per cent or 154 points to end the day at 10,223.93 points.
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.
Retailers and multiplex operators want mall owners to either forgo rent for the period of the shutdown or lower rent in the event the mall is open but footfalls are low.
CPPIB, which started investing in the country in 2009, has invested in Kotak Mahindra Bank, L&T Infrastructure Development Projects, online education firm Byju's, energy company ReNew Power, logistics firm Delhivery, among others.
Experts, however, caution that though the moves are positive for the sector as a whole, they don't expect much gain in the near-term.
Real estate firms like DLF, Prestige, Phoenix Mills to benefit.
Among the options being weighed are discounts on existing rentals, short-term deferrals, and 50 per cent waivers.
Groceries, apparel, computers, phones and sporting accessories are among the most popular. There is also a growing trend of men visiting the store, rather than women.
After a long time, real estate companies could hit the fund-raising trail. The reason is improvement in investor sentiment.
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