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Real estate sector in India: Absorption in top 8 cities falls over 20 % Gurgaon, Bangalore, Chennai hit
Posted on Sep 27, 2016
The second half of 2016 does not seem to have started on a good note for the real estate sector.

The absorption in the top 8 cities in India have declined 20% year-on-year in July, while the launches have halved during the month, according to the latest report of HSBC Global Research.

The total outstanding inventory was 1,105 million square feet, which will take around three years to sell, based on the past three months of absorption rate.

“Most of the cities posted more than 20% y-o-y decline in absorption in July which is concerning,” the report said.

In Mumbai, HSBC observed a decline of 33% y-o-y in demand in July, while in Gurgaon it plunged 30% y-o-y during the month. Southern markets also came under pressure in July, with Bengaluru witnessing a fall of 20% in demand and Chennai was down by 33%. In Hyderabad too, the absorptions recorded during July were lower, albeit not as steep—down 6% y-o-y for July.

Due to weakness in the Bengaluru, Mumbai and NCR regions, HSBC has reduced ratings on Prestige Estates, Sobha, Godrej Properties and DLF.

Even the three months of April-June 2016 did not not end on a good note for majority of the real estate companies.
Indias largest real estate developer by market capitalisation disappointed the street with its first quarter performance. HSBC in an August 31 report noted that DLFs gross residential bookings remained in a flattish trajectory of R470 crore, while substantial cancellations resulted in net bookings of only R205 crore. “These cancellations are a clear testimony of persisting weakness in real estate markets and excesses of investor-driven demand in earlier periods,” the report noted.

Similarly, the net profit for Prestige Estates fell a sharp 58% y-o-y due to decline in revenue. The new launches also slackened, while the margins remained subdued.

Another Bengaluru-based developer Sobha reported a subdued performance in the quarter ended June 30, 2016 on account of delay in new launches in non-Bengaluru markets and soft demand in its traditional projects in the city.

The companys Ebidta was down by 23% y-o-y at R100 crore versus the street estimate of R120 crore, observes IDFC Securities in its September 12 report.

Sobha reported a profit after tax of nearly R36 crore, which was lower by 20% y-o-y and below the domestic brokerages estimate, it said.

Meanwhile, Mumbai-based Godrej Properties reported a weak quarter at an operational level, due to lower realisations, says a Motilal Oswal report.

The company witnessed a dip in pre-sales and the net debt was up quarter-on-quarter. Net debt was up R170 crore to R3,070 crore.

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No increase in FAR to be allowed in under-construction projects in Noida
Posted on Sep 27, 2016
Delhi/NCRThe Noida Authority on September 23, said that it would not allow any increase in floor area ratio (FAR) for under-construction and forthcoming projects in the city.CEO PK Agarwal also assured a delegation of Confederation of Noida Residents Welfare Associations that henceforth NOC and completion certificate "will only be issued to builder ...
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PE investment in real estate may touch 2008 peak
Posted on Sep 27, 2016
Year 2016 is proving to be a bumper one for real estate and is expected to record the highest level of private equity investment in the sector since 2008. Based on the current pace of investments, Indian real estate is estimated to close the year with an inflow of Rs 43,600 crore through PE transactions.More than half of this total - over Rs 24,500 ...
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Kolkata to rise in commercial realty deals
Posted on Sep 27, 2016
Only 5 per cent of the 0.3 million square feet of new inventory in mall space is lying vacant in KolkataThe biggest deal in the commercial realty space was Fosmas 30,000-sq realty space was Fosmas 30,000-sqft space in Salt Lake.“Companies like Fosma have been on the lookout to enter Kolkata for a long time but were unsure about the idea. The stab ...
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Real Estate bill to bring in transparency
Posted on Sep 27, 2016
The Real Estate (Regulation and Development) Act, 2016 will bring a much needed regulation and transparency into the burgeoning sector, said M Venkaiah Naidu, Union urban development minister.Inaugurating the fifth annual conference of Confederation of Real Estate Developers Associations of India (Credai), Naidu said the Act will create a set of ri ...
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Godrej Properties to build new project on Sarjapur Road in Bangalore
Posted on Sep 22, 2016
Godrej Properties Limited, one of Indias real estate developers, said it has acquired a land of approximately 12 acres off Sarjapur Road in South Bangalore to develop a residential housing project of approximately 92,900 sq. mtrs.The project is located close to the commercial and industrial catchment areas of Electronic City Phase I & II, Sarj ...
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Kolte Patil earns 36% return on Pune real estate project with Portman Holdings
Posted on Sep 22, 2016
Builder Kolte-Patil Developers Ltd said it had generated an internal return rate of 36% on its Margosa Heights project in Pune, which it co-developed with US-based Portman Holdings.“This project sets a unique example of an Indian & an International developer/Investor working in partnership on various aspects of the project to deliver a good pro ...
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Making a right investment in Panvel
Posted on Sep 22, 2016
The right investment Panvel is emerging on the realty map of Mumbai due to its affordable price tag and good connectivity.Whether you have a limited budget or are looking out for a lavish lifestyle, Panvel has a lot of options out there for you. In fact, leading researches show that Panvel has clocked in more traction and more project launches than ...
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Mumbai office rentals to rise
Posted on Sep 20, 2016
Office rentals in Mumbai are expected to grow 11.1 per cent surpassing the growth in London by 2019.According to Knight Frank report, international finance centres such as London, Tokyo and Hong Kong are estimated to post a 4.5-10.3 per cent in office rentals during the same period. Mumbai ranks 11th in prime rental forecast ahead of London, which ...
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Bird Group to open 3 hotels in India mulls acquisitions
Posted on Sep 20, 2016
NEW DELHI: The Bird Group is looking to open three luxury boutique hotels under its brand 'Roseate Hotels & Resorts' in the country and is also considering acquisitions for future expansion.The Group owns and operates four luxury properties - two each in India and the UK."Three hotels are under development in India - Rishikesh, Jaipur and Goa. ...
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Muted growth in rentals in Delhi-NCR in first half of 2016
Posted on Sep 20, 2016
The growth of rentals in the commercial real estate market in Delhi-NCR remained static in the first half of 2016 as compared to first half of 2015, according to a survey by real estate consultant JLL. Among the Delhi-NCR commercial market, while Gurgaon records a slight increase as of 2Q16, Noida sees a decent rise but on a lower base.“At Rs 77 pe ...
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Kotak Realty Fund invests Rs 155 cr in Chennai residential project
Posted on Sep 20, 2016
BENGALURU: Private equity fund Kotak Realty Fund has invested Rs 155 crore in a residential project of a Chennai-based builder Alliance Infrastructure Projects. The transaction marks one of the largest residential deals in Chennai in the last one year.Vikas Chimakurthy, Senior Executive Director, Kotak Realty Fund, said, "The money will be used to ...
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Bird Hospitality launches Roseate Hotels & Resorts
Posted on Sep 13, 2016
Bird Hospitality announced the launch of Roseate Hotels & Resorts.  It includes a portfolio of new and existing luxury hotels that are and will be carefully curated envisaging the best in design, art, hospitality, and personalised service centered on guest experience. With the opening of the Roseate House, New Delhi, the Group owns and ope ...
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Unitech to raise funds to speed up housing projects
Posted on Sep 13, 2016
New Delhi: Facing consumer complaints over delay in project completion, realty firm Unitech today said it will raise about Rs 300 crore from financial institutions and sale of land parcels to complete over 40 housing projects comprising 13,000 flats within the next two years.Unitech said it requires Rs 2,700 crore to complete these 41 pending proje ...
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Madras HC bans registration of unauthorised plots, houses
Posted on Sep 13, 2016
ChennaiIt also directed the inspector general of registration to circulate the order to all registering authorities in Tamil Nadu forthwith.Registering sale deed of houses built on unauthorised layouts will not be possible anymore in Tamil Nadu. The Madras high court on September 9, imposed a blanket ban on registration of sale deed concerning hous ...
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DLF to invest Rs 500 cr on developing IT park in Chennai
Posted on Sep 13, 2016
Realty major DLF will invest about Rs 500 crore to develop an IT Park in Chennai as the commercial real estate market has picked up in major cities.The country's largest realty firm has exhausted its commercial space stock by leasing out over 32 million sq ft. It expects to earn about Rs 2,700 crore rental income in the current fiscal from its port ...
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It's time to plan your home purchase
Posted on Sep 13, 2016
BangaloreEvaluate options and plan now to make the most of the attractive festive season offers.With the festive season on and the major festivals of Dasara and Diwali coming next month, prospective homebuyers who have been evaluating options need to gear up and begin the decision-making process. This is the time when prospective homebuyers get att ...
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Shapoorji Pallonji, Piramal to invest Rs 300 crore in city project
Posted on Sep 13, 2016
MUMBAI: Ajay Piramal's Piramal Fund Management and Shapoorji Pallonji Real Estate Development will pump in about Rs 300 crore in a real estate project launched by Mumbai-based developer Ornate Spaces.The duo, along with Ornate, will construct a 1 million sq.ft residential project titled Grove Towers at Oshiwara in suburban Mumbai. The project manag ...
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Pune realty prices down first time in 5 years:
Posted on Sep 07, 2016
The slowdown in Pune real estate market continues and the sector dynamics are changing at faster pace. Prices of apartments (on a simple average basis) have dropped in relation to the last six months for the first time in the past five years, says Gera Developments Residential Pune Realty Report for December 2015-June 2016.The project launches are ...
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HC stays construction in Sunworld's Vanalika project in Noida
Posted on Sep 07, 2016
ALLAHABAD: The Allahabad high court on Tuesday ordered a stay on any further construction in the Sunworld Vanalika Housing Project in Sector 107, Noida, and directed the developer as well as Noida authorities to file their replies (counter-affidavits) within four weeks.The court also directed the developer to neither sell any flat which has been co ...
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