Puravankara acquires a 12.77-acre land parcel at Ghodbunder Road in Thane, MMR, with a total potential carpet area of 1.82 msft, a 7.26-acre land parcel at Electronics City (Hebbagodi) in Bengaluru with a potential carpet area of 0.60 msft along with the landowner share of 0.83 msft saleable area in three projects by Provident in Goa and Bengaluru.
The land parcel at Hebbagodi is strategically located near Electronics City and is well-connected to other parts of the city, making it an attractive location for residential developments. The area is a desirable location for IT professionals working in Electronics City. The area has a well-developed social infrastructure, with major hospitals, international schools and retail, and the IT hub of Electronics City Phase 1 and Phase 2, located within a 5-km radius.
Mindspace Business Parks REIT raises INR 650 Crore (6.5Bn) Sustainability Linked Bond Issuance that has been placed with International Finance Corporation (IFC), the private sector arm of the World Bank Group. The coupon of the bond is linked to Mindspace’s commitment to achieve certain ESG targets towards building a greener eco-system.
According to the report’s findings, Q1 2024 marked a discernible shift towards high-end properties among homebuyers. Notably, the share of properties priced at INR 1 crore and above in sales surged to 37%, a significant increase from the pre-pandemic levels of 2019, more than doubling in magnitude. During this period, there was substantial growth (50-55%) in demand observed within the INR 1-5 crore price bracket, closely followed by the INR 5-10 crore range, particularly evident in cities like Mumbai, Gurugram, and Bengaluru. This transition signifies a departure from purely budget-driven decisions towards properties that better resonate with buyers’ lifestyle preferences.
Puravankara Limited, India’s 5th best real estate brand (as per Track2Realty BrandXReport), has acquired 12.75 acres of land in Patlipada on Ghodbunder Road, Thane, by its wholly-owned subsidiary company, Purva Oak Private Limited. The land has an estimated potential carpet area of 18.20 lakh sq ft and a potential GDV of INR 4,000 crores over the project lifecycle.
For FY24, sales stood at INR 5,914 crores, a staggering 90% Y-o-Y increase. Sales volume increased by 84% to 7.36 mn sq ft with INR 3,609 crores in collections (+60% Y-o-Y). Total revenue increased by 61% Y-o-Y to INR 2,260 crore. Operating cash inflows for FY24 stood at INR 3,948 crores (+41% Y-o-Y), while net operating surplus was INR 513 crores (+598% Y-o-Y). Focused on value creation and future business growth, the company has incurred expenses for marketing and sales to increase pre-sales by 90% and towards General and Administrative (G&A) costs for new acquisitions in new geographies, which is reflected in the P&L.
The stock market in general and banks, realty stocks & shares of infrastructure finance companies in particular reacted sharply to the draft proposal of the Reserve Bank of India (RBI) that suggested tighter project financing norms of banks to project financing. The Indian real estate projects already weathering headwinds to attract project finance immediately swung into cost & benefit analysis. Though most of the leading developers were cautious in giving critical reactions, privately they all maintained that the RBI should have rather looked into the funding gap of the viable under construction real estate projects with cash receivables in the pipeline. A Track2Realty analysis.
The project comprises two towers that symbolize the fusion of past and future. Experion Elements claims to incorporate advanced smart building technology and sustainable practices, such as a low-density design to minimize its ecological footprint. The project aims to balance sustainable geography with cutting-edge architecture, offering a tranquil living environment with diverse plant life, intricate raindrop patterns, and serene water features.
Provident Housing aims to stand out as a top brand in the large property landscape of Mumbai Metropolitan region (MMR). Sensing that below INR one crore housing is the most desired but least served segment of housing in the region, the developer with expertise in catering to mass housing has big plans in the pipeline across west zone. In an exclusive interview with Ravi Sinha, Rajat Rastogi, CEO-West & Commercial Assets (Pan-India), Puravankara Limited, sounds optimistic that the brand has good recall and acceptance among the home buyers of the region.
The land acquisition expands Sumadhura Group’s Bengaluru and Hyderabad land bank to a significant 100 acres in FY 2023-2024, fuelling their future growth. The company boasts an impressive track record of completing 11 million square feet of residential and commercial projects in the last 30 years. The momentum continues with over 40 million square feet of additional development currently underway or in the planning stages, encompassing residential, commercial, and warehousing projects.