The BSE Realty index-a gauge of real estate stocks-rose 4.2 per cent on Monday, extending its two-day advance to 7.8 per cent. The latest gains came on the back of robust sales posted by realty developers in the March quarter of financial year 2022-23 (Q4FY23). On Thursday, the rate-sensitive index had gained 2.9 per cent following the Reserve Bank of India's decision to pause interest rate hikes in its latest monetary policy review.
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 GST Council had given the option to real estate companies to either opt for old rates of 12% (for residential) and 8 per cent (affordable housing) with ITC benefits or the new tax rates of 5% for residential units and 1% for affordable housing without the benefit of adjusting the credit on inputs used during construction.
As the world celebrated International Day of Persons with Disabilities (PwD) on December 3, corporate India has kept up with efforts to make workplaces more inclusive and accessible. Organisations across sectors are taking initiatives such as equipping offices with practical work tools like Braille-friendly and voice-enabled lifts and screen readers. While inclusion has gained pace, only 11.3 per cent (or 3.4 million out of 30 million) Indians with disabilities have jobs.
Excerpted from Sahara: The Untold Story by Tamal Bandyopadhyay.
The sale of fresh residential units (in square foot) by listed real estate companies has seen a downward trend in the first half of 2013-14.
Just six feet wide and covering 1,034 square feet, the five-story property was once a hat shop.
The owners of the cash-strapped Deccan Chargers sold the Indian Premier League franchise to a real estate company for an undisclosed sum. Deccan Chronicle Holdings, which paid $107 million for the franchise in 2008, informed the stock exchanges on Friday of their decision to sell the team to Kamla Landmarc, a Mumbai-based real estate company.
Venturing into films, music & food biz, cite reasons from personal interest to future market opportunity
Loans and advances account for nearly a quarter of the assets of India's top realty firms.
For the banking system a new cycle starts in FY2024. It's fraught with fresh challenges on asset quality and profitability, warns Tamal Bandyopadhyay.
Land costs constitute 50 to 60 per cent of a project's overall costs.
Bangladesh has proclaimed an order to redesign the capital city, requiring reclamation of 3,000 acres of land occupied by influential real estate companies, earlier dubbed as "land pirates" by senior government leaders.
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).
Last week, banks were asked to factor in the loans extended to a group -- comprising subsidiaries, special purpose vehicles and related parties of a real estate company -- 'as a matter of prudence'.
The taxmen provisionally sent orders to attach their properties in Mumbai, New Delhi, Pune, Goa and also over two dozen land parcels across the state with a combined market value of around Rs 1,400 crore
Provisions in the Central GST Act say reduction in GST rates or the benefit of ITC must be passed on to consumers.
The government proposes to treat the investments by foreign institutional investors in pre initial public offers (IPOs) of real estate companies at par with foreign direct investment.
Evergrande Group has begun work on what will be the world's largest purpose-built soccer stadium, with a capacity of 100,000 seats, in the southern city of Guangzhou, the Chinese real estate company has said. Construction of the Guangzhou Evergrande Soccer Stadium, also dubbed "Lotus Flower Stadium" for its design, started on April 16 and would cost around 12 billion yuan ($1.69 billion) to complete, the group said.
The Supreme Court on Wednesday directed a full-fledged probe into the collusion of Tihar jail officials with Unitech's imprisoned ex-promoters Sanjay and Ajay Chandra, based on Delhi police commissioner Rakesh Asthana's report filed in a sealed cover.
Poor governance and mediocre short-sighted politics are destroying the paradise that Goa was as its environment, water table, culture and way of life is drastically threatened by tourism and migration, points out Ramesh Menon.
After exporters, real estate companies are demanding a priority sector tag for loans to the low-cost housing sector.
Pranav Adani has come a long way since 1999, when he first got actively involved with the Adani Group's businesses, run by his uncle, Gautam Adani.
Skyrocketing real estate prices in Mumbai and global economic conditions have badly hit Mumbai's real estate sector with sales falling by nearly 70 per cent.
Real estate companies expressed disappointment over the RBI's decision to hike the short-term lending rate, saying this could hurt economic growth and adversely impact property demand in the ongoing festival season.
A trust deficit had been building between developers and their customers, with massive incidence of project delays and deviations. Compliance with Rera is an opportunity to revive buyers' confidence.
China build a township modeled on Paris with a scaled-replica of the Eiffel Tower to accommodate at least ten thousand residents.
Jaitley said the Congress leaders created a 'Chakravyuh' for themselves through a series of financial transactions where tax-exempt income of a political party was transferred to a real estate company.
The Reserve Bank of India (RBI)'s move to bring housing loans of up to Rs 50 lakh under priority sector lending, against loans of up to Rs 25 lakh currently, is expected to provide a boost to home loan borrowers and real estate companies.
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Many layers camouflage the acquisition of 1,127 acres of prime real estate in Uttarakhand's capital.
Real estate companies in South India are increasing the focus on premium launches to offset any fall in the operating margins as sales volumes drop due to the hardening interest rate regime.
Corporate India handed over an average increment of 8 per cent in 2021, and early estimates reveal that average increment for 2022 is expected to increase to 8.6 per cent in line with a healing economy and improving confidence, according to a Deloitte survey. As per the second phase of Deloitte's Workforce and Increment Trends survey 2021, 92 per cent companies gave an increment in 2021 at an average of 8 per cent, compared with only 4.4 per cent in 2020, where just 60 per cent companies had extended a pay hike. For 2022, average increment is expected to increase to 8.6 per cent, at par with the pre-pandemic levels of 2019, the survey said, adding that about 25 per cent companies surveyed have projected a double-digit increment for 2022.
Congress General Secretary Digvijay Singh on Tuesday alleged that the ruling Bharatiya Janata Party had got 10,000 burqas stitched for its 'Karyakarta Mahakumbh' to be held in Bhopal on Wednesday, for which a real estate company had paid Rs 42 lakh to the tailor, a charge denied by the BJP.
DLF joined the Asian big league in hotel deals after it sold Aman Resorts at around Rs 1,600 crore to the latter's founder, Adrian Zecha.
The project will have 28 floors, with 324 apartments spread over 16 acres, and is likely to be announced in the next one or two months
One of Mumbai's biggest real estate redevelopment projects of Bombay Development Directorate's (BDD's) chawls (large buildings divided into many separate tenements, offering cheap, basic accommodation) has taken off in Central Mumbai, opening up a Rs 20,000-crore opportunity for real estate companies. It is expected to drive down real estate prices in Central Mumbai by up to 25 per cent, forecast real estate experts. Spread over 92 acres in Central Mumbai's prime localities of Worli, Lower Parel, and Dadar and consisting 195 four-storey houses, the BDD chawls were constructed in the 1920s.
The accounting and audit fraternity clearly wants to disassociate itself from the DLF-Vadra saga.
Audit firm points out that the accounting rules do not permit companies to give interest-free loans even to their subsidiaries.
Virtuous Retail (VR), a retail real estate company sponsored by global investment firm, The Xander Group Inc., is currently building as many as eight large format retail shopping centers in city center locations across India, the majority of which are expected to be operational by 2015.
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