New Housing Project launches decline by 44% in Q2 2012: Cushman & Wakefield
In a recently released report, Global real estate consultancy, Cushman & Wakefield (C&W), reported that an estimated 17500 residential units were launched by organised developers in the second quarter of 2012 in major cities across the country, registering a decline of nearly 44% over the previous quarter. This decline in launches can be attributed to a number of factors such as delay in approvals, significant inventory in certain locations as well as postponement of project to coincide new launches with the festival season.
Pune was among the few cities that saw an increase in number of launches. Given the inherent demand in the city it also recorded the highest number of launches accounting for nearly 37% of the total new supply.Of the 17,500 units launched 70% catered to the mid segment as it continues to see maximum demand from end users and investors.
According to C&W, the residential sector witnessed steady demand across almost all the major cities with capital values in majority of the micro markets remaining stable across high end and mid end segment properties.
Meanwhile, the luxury housing segment continued to witness demand with a few high value transactions being concluded in cities like Mumbai and NCR. Some of the prominent micro markets that recorded appreciation include Gurgaon – NCR, in which the luxury segment witnessed a rise of 10% in capital values. Prime high-end locations such as Central Bengaluru, Far North in Mumbai, South Kolkata also recorded an increase in capital values of 11%, 9%, and 6% respectively, indicative of steady demand.
DLF plans to sell 17.5-acre land in Lower Parel to Lodha Group: reports
DLF is planning to sell its 17.5-acre land in Mumbai's Lower Parel to Lodha Group and a private equity player for about Rs. 28bn, according to reports.
Reports stated that the deal will help DLF FOR of its burgeoning debt that had reached Rs. 227.25bn by March 31.The final terms of the deal are currently being worked out and DLF will get Rs. 27-28bn in one go within two months, report says.
There are reports that Lodha Group will bring in Rs. 10bn, while the balance will be paid by the PE fund.
Godrej Properties announces redevelopment project in Ghatkopar
Godrej Properties Ltd has announced a redevelopment project in Ghatkopar, Mumbai.The Company through its wholly owned subsidiary Godrej Projects Development Private Limited (GPDPL) has entered into a development agreement with Mukund Co-operative Housing Society Ltd. to redevelop a private society owned property.
The project is spread over 2.5 acres and will offer approximately 185,000 sq. ft. of free saleable area.
Bangalore office market will witness cautious delivery of projects in FY 2013:Knight Frank
Knight Frank India released its research report on the Bangalore Office Market for July 2012.
Even though Bangalore retained the top slot for the highest office space absorption in the country in FY 2012, the uncertainty prevailing over the growth and expansion plans of global Corporates has led the office market to witness a slowdown in absorption
The city’s office market clocked absorption of around 12 mn.sq.ft. during FY 2012, translating into an increase of 10% over the absorption witnessed in FY 2011
With an inventory of around 90mn.sq.ft. of office space currently operational, Bangalore remains one of the most preferred office space destinations in the country
The slowdown has been evident since the second half of FY 2012 where a decline of 11% was witnessed in the office space absorbed in Q3 FY 2012 over the previous quarter, which further depreciated by 25% in Q4 FY 2012 over the absorption witnessed in Q3 FY 2012
The decline in absorption persisted in the new financial year as well and the first quarter of FY 2013 witnessed a drop of 67% in office space absorption, as compared to the absorption in the corresponding period of Q1 FY 2012
The IT/ ITeS industry which has been responsible for the rise in Bangalore’s office market remained the key demand driver for office space, even in the face of the prevailing economic scenario, and was responsible for occupying the greater part of the absorption pie
Going forward, Bangalore office market will witness cautious delivery of projects in FY 2013 on account of the present economic situation.
DLF plans to raise Rs. 30bn: reports
DLF is planning to raise around Rs 30bn from sales of its 17.5 acre prime land in Mumbai, according to reports.
Reports said that the deal is expected to close this quarter.
DLF bought this land in 2005 from the National Textile Mills for about Rs 7bn and wants to sell the land as part of its strategy to divest non-core assets, report says.
XRBIA Developers unveil their first project - Hinjewadi, Pune
XRBIA Developers announces their inaugural project in Hinjewadi, Pune. The Hinjewadi project offers 4000 houses of 4 types i.e. 1BHK Smart, 1BHK Luxury, 2 BHK and 3 BHK. Available from Rs. 9 lakhs onwards for a minimum size of 25 sq.mt (269 sq.ft.), XRBIA’s houses are heralded as a marvel in the affordable housing sector.
Promising to meet the demands of an exponential urban expansion within Indian cities, these houses are built with modern technology, surrounded by the latest infrastructure and have been designed by world renowned Architect Hafeez Contractor.
Spread over 200 acres of sprawling land, the master plan provides an integrated township with the best-in-class facilities. Over 40% of the landscape is dedicated to green open spaces with playgrounds, pools, landscaped gardens & parks, water bodies, roads, and recreation areas.
Godrej Properties Q1 net profit jumps 70%
Godrej Properties Limited (GPL), a leading national real estate developer, announced its financial results for the quarter ended June 30, 2012.
Total income increased to Rs. 232.8 crore as compared to Rs. 134.7 crore, while EBITDA was at Rs. 47.0 crore as compared to Rs. 24.3 crore
Net profit stood at Rs. 17.2 crore as compared to Rs. 10.1 crore, while EPS amounted to Rs. 2.2 as compared to Rs. 1.4.
Adi Godrej, Chairman of Godrej Properties Limited, said "This has been a good quarter for the Company where we have made significant operating progress by concluding value accretive deals and successfully launching residential projects in Mumbai and Pune. We recently added 3 new residential projects, adding approximately four million sqft of saleable area to our development portfolio in high growth cities of Mumbai and Kolkata. Our financial growth has been strong with a 73% growth in total income and a 71% growth in Net Profit compared to Q1 FY2012”
Mantri Developers launches Interactive Digtial Mannequin
Outlook for real estate sector remains cautious:Sanjay Dutt
No change in credit policy disheartens Real Estate Sector:Lalit Kumar Jain
Tata Housing Views on RBI's credit policy
US construction spending rose 0.4% in June: reports
U.S. construction spending up for a third straight month in June, according to reports.
Reports said that the Construction spending rose 0.4% in June following an upwardly revised 1.6 per cent gain in May
The June advance pushed spending to a seasonally adjusted annual rate of $842.1 bn, says report.
UK home prices fell by 0.7% in July: reports
UK House prices reportedly recorded a fourth fall in five months in July and ended the month 13% down on their 2007 peak, according to Nationwide.
Reports stated that UK house fell by 0.7 per cent in July, bringing the annual decrease to 2.6%.
The average UK house price (seasonally unadjusted) was £164,389 (June: £165,738), says report.