06 May 2024

Can Fin Homes Ltd (CFHL), a leading housing finance company sponsored by Canara Bank, reported a 26.08% rise in net profit for the quarter ending March 2024. Net profit increased to INR 209.02 crore compared to INR 165.79 crore in the same quarter last year. Total income grew 21.37% to INR 927.64 crore. The board recommended a final dividend of INR 4 per share for FY 2023-24. Vikram Saha was appointed additional director while Ajay Kumar Singh resigned as deputy managing director. With a stable outlook, prudent provisioning and a strong balance sheet, CFHL is well positioned to capitalize on growth opportunities in the housing finance sector.Read more

06 May 2024

PNB Housing Finance reported a 57.28% year-on-year growth in its consolidated net profit for the quarter ended March 31, 2024 at INR 439.25 crore. Consolidated net total income grew 10.76% to INR 1,813.97 crore. Retail loan assets grew 14% year-on-year to INR 63,306 crore as of March 31, 2024, accounting for 97% of total loan assets. Gross and net NPAs declined significantly year-on-year to 1.50% and 0.95% respectively. Key asset quality metrics showed significant improvement during the year. The company is well capitalized with a CRAR of 29.26% as of March 31, 2024, positioning it well for further growth in the coming fiscal year.Read more

06 May 2024

Embassy Office Parks REIT (Embassy REIT) has reported robust financial results for the quarter ending March 31, 2024, with a net consolidated profit after tax of INR 2,834.14 crore and total income exceeding INR 9,922.26 crore, driven by strong leasing activity. The company leased a record 8.1 million square feet of office space, primarily to Global Capability Centers (GCCs). They distributed dividends totaling INR 2,022 crore for FY24 and project leasing out 5.4 million square feet in FY25, with expected dividend distributions of INR 22.40 to INR 23.10 per unit. Additionally, they plan to acquire Embassy Splendid TechZone in Chennai and raise up to INR 3,000 crore through an institutional placement to support future growth initiatives. With strong occupancy rates in key markets like Bengaluru and Mumbai, Embassy REIT remains poised for continued success and growth in the Indian REIT sector.Read more

06 May 2024

Indiabulls Real Estate Ltd (IBREL) of Mumbai faced wider net losses in FY24, totaling INR 1,038.65 crore, a significant increase from the previous year. Total income also dropped from INR 648.47 crore to INR 468.75 crore. Despite this, Q4 FY24 showed a narrowed net loss of INR 302 crore, indicating potential improvement. Challenges in the Indian real estate sector, including economic slowdown and rising interest rates, contribute to these losses. Analysts suggest strategies like completing existing projects, exploring new sectors, and reducing debt to mitigate challenges. The market outlook remains uncertain, with divergent opinions on short-term prospects amidst a transitioning landscape.Read more

06 May 2024

DP World, a global logistics leader, has leased 150,000 square feet of office space in the prestigious Aurum @ Parc development in Navi Mumbai's Ghansoli locality. This lease agreement, spanning five years with a three-year lock-in period, marks DP World's strategic expansion in India. The new office will house their fourth Global Capability Center (GCC) in the country, reflecting India's growing importance in DP World's global operations. With India's logistics market projected to reach USD 320 billion by 2025, DP World's investment aligns with their expansion plans, which include developing port facilities and significant capital expenditure. The arrival of DP World in Navi Mumbai is expected to generate employment opportunities and establish the city as a major logistics hub in India.Read more

06 May 2024

RISE Infraventures Ltd achieved a record gross sales of INR 2620 crores in the past financial year, marking a significant increase of about 110% from the previous year. With the recent boom in premium and luxury housing, the company aims to reach a target of INR 4000 crores in FY 24-25. With expansion plans, including new offices in Mumbai and the launch of RISE Homes, the company aims to strengthen its leadership position in the luxury market segment. RISE Infraventures aims to achieve its financial goals of INR 5000 crores in 2024-25, INR 6250 crores in 2025-26, and INR 7500 crores in 2026-27 by focusing on attractive pricing, enhanced service quality, and expansion into new markets.Read more

03 May 2024

HDFC Capital, a subsidiary of HDFC Bank, has announced a substantial INR 1,150 crore investment in Provident Housing, a developer specializing in mid-income and affordable homes. This investment will fund the development of an additional 6.2 million square feet of residential projects, expanding Provident Housing's ongoing portfolio to 14.8 million square feet. With construction set to begin soon, these projects, valued at INR 17,100 crore, aim to address the growing demand for accessible housing solutions across India. The collaboration underscores HDFC Capital's commitment to affordable housing and Provident Housing's focus on innovation and sustainability in real estate development, setting a positive example for the industry.Read more

03 May 2024

In Q1 2024, Mumbai's residential property market witnessed a remarkable surge, with over 60,719 transactions valued at INR 54,239 crore. Thane West emerged as the leader, recording over 5,000 transactions worth INR 4,948 crore, attributed to its diverse property offerings and enhanced infrastructure. Other micro-markets like Dombivali East, Mira Road, Virar West, and Kandivali West also saw significant activity. The trend towards affordable housing was evident, with properties below INR 50 lakh dominating sales. Compact apartments ranging from 0-500 sq. ft. were most sought after. Macrotech Developers (Lodha) led in volume and sales value, signaling a positive resurgence in Mumbai's real estate market with a focus on affordability and improved infrastructure.Read more

03 May 2024

The Rental Yield Plus (RYP) Fund, managed by Edelweiss Alternatives, has acquired MMTP Projects (MMTP PPL) for over INR 1,500 crore, expanding its presence in Bengaluru's tech hub. MMTP PPL owns 1.1 million square feet in Manyata Tech Park, expanding RYP's Bengaluru portfolio to 1.8 million square feet. Subahoo Chordia highlighted the growing investor interest in Grade A office spaces, predicting India's Grade A/A+ office stock to surpass 1 billion square feet, valued at USD 84 billion. With assets exceeding INR 2,500 crore, RYP solidifies its position in commercial real estate. The acquisition signals optimism for Bengaluru's commercial real estate, offering opportunities for investors and businesses alike, with potential benefits including competitive lease terms and access to amenities in prime locations.Read more

03 May 2024

A recent report by Anarock showed a significant increase in rental housing demand across major Indian cities over the past year. This has led to steady growth in both average rental values and rental yields. Bengaluru topped the list with a rental yield of 4.45% in Q1 2024, followed by Mumbai and Gurugram. Yields in Bengaluru, Mumbai and Gurugram have risen 24%, 19% and 17% respectively since 2019. Cities with large IT sectors like Bengaluru, Gurugram, Pune, Noida and those in the Mumbai Metropolitan Region witnessed considerable increases in rental values and yields due to more employees returning to offices.Read more