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Ankur Maheshwari

Ankur Maheshwari
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DLF’s sales bookings at ten year high with property worth Rs. 7,273 crore sold during FY22

By
Ankur Maheshwari
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The company showed its coolest performance in the last 10 years.  ‘The Camellias’, DLF’s super luxury project continues to draw strong customer interest and delivered healthy sales bookings of Rs 2,550 crore during the last fiscal.

Delhi NCR based realty major DLF’s book-keeping indicates two-fold jump in booking amount during the last fiscal year driven by high demand for its luxury home segment. According to an investor presentation, DLF said its sales bookings rose to Rs 7,273 crore in 2021-22 fiscal from Rs 3,084 crore in the previous year.

The company showed its coolest performance in the last 10 years.  ‘The Camellias’, DLF’s super luxury project continues to draw strong customer interest and delivered healthy sales bookings of Rs 2,550 crore during the last fiscal.

The last fiscal year turned to be a glorious year, as many major listed players achieved robust sales bookings.

Prestige Estates, a Bengaluru-based real estate giant reported sales booking worth 10,382.2 crore which is almost 90 per cent increase in their sales bookings during the last financial year. The company is likely to post the highest sales bookings during the last fiscal year among the listed real estate developers.

Lodha by Macrotech Developers reported a 51 per cent growth in its sales bookings to a record Rs 9,024 crore during the last fiscal.

Godrej Properties‘ sales bookings increased 17 per cent to Rs 7,861 crore, out of which Rs 7,781 crore came from the residential properties.

Brigade Group‘s sales bookings grew to Rs 3,023 crore in the last fiscal from Rs 2,767 crore in FY’21, while Puravankara Ltd‘s sales bookings rose 9 per cent in the last fiscal year to a record Rs 2,406 crore.

As per the presentation, DLF’s net debt at the end of 2021-22 fiscal stood at Rs 2,680 crore, a 46 per cent Year-on-Year reduction.

DLF noted that housing demand continues to exhibit a structural upswing across segments and geographies.

“Residential business exhibited a record performance in the fiscal. We witnessed strong growth across all our segments with luxury segment leading this trend,” DLF said.

Its net profit stood at Rs 480.94 crore in the year-ago period, the company said in a regulatory filing.

Total income declined to Rs 1,652.13 crore during the March quarter from Rs 1,906.59 crore in the corresponding period of the previous year.

Net profit rose to Rs 1,500.86 crore during the last financial year from Rs 1,093.61 crore in 2020-21 fiscal year. Total income rose to Rs 6,137.85 crore in 2021-22 from Rs 5,944.89 crore in the previous year.

DLF is India’s leading real estate developer. It has developed more than 153 real estate projects and developed an area in excess of 330 million square feet.

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#dlf #residential #property #sales #booking #realestate

To boost affordable housing Biden administration acts to put together rescue plan

By
Ankur Maheshwari
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American President Joe Biden spoke about the worst inflationary pressure the county has seen in 40 years and the ways to be found to decimate it will be of top most priority heading into the midterms.

Meanwhile, the mortgage rates as well as the housing prices have hit an all-time high in the country.

In Biden administration is set to announce an action plan to help close the affordable housing gap and “ease the burden of housing costs,” CNN reports. One of the steps is leveraging existing federal funding to encourage state and local reform to zoning and land use policies via funding from the bipartisan infrastructure law and the Department of Transportation. There is plan to improve federal financing mechanisms for manufactured housing, multifamily housing and the construction and rehabilitation of single-family homes.

Other plans in sight are as follows:

  • The Biden administration will direct the supply of affordable housing for owner-occupants, which addresses “the growing trend of large institutional investor purchases of single-family homes.”
  • Working with the private sector to address supply chain challenges and improve building techniques to finish construction in 2022 on the most new homes in any year since 2006.
  • Take steps to finance or produce more manufactured housing, accessory dwelling units — also known as garage apartments, basement apartments or backyard homes — 2-4 unit properties, and smaller multifamily buildings

Excerpt from CNN:

White House Announcement in a fact sheet quoted, “The plan’s policies to boost supply are an important element of bringing homeownership within reach for Americans who, today, cannot find an affordable home because there are too few homes for sale in their communities. And it will help reduce price pressures in the economy, as housing costs make up about one-third of the market basket for inflation, as measured by the Consumer Price Index,”

In the overall plan, there will be legislative moves that will need the approval of Congress. If passed, they include tax credits for low- and middle-income home buyers and a proposed $25 billion for grants for affordable housing production.

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#housing #biden #housingnews #housingnews

Bengaluru- Mandatory to have an E-khata for property registration in its 44 wards to check frauds

By
Ankur Maheshwari
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As per the revenue department officials by year end it will be mandatory for total of 100 wards and rest all other wards by 2023.

BENGALURU: The state government has made digital khata or e-khata mandatory for property registration in 44 wards in Bengaluru in a bid to keep a check on the land frauds and Benami transactions in real estate.

Mamatha BR, inspector general of registration and commissioner of stamps was quoted as saying, “We have already implemented this in 14 wards and a government order has been issued for covering another 30 wards,”

The officials in state revenue department mentioned that this move will come into force in 100 wards by the year-end, and in all other wards by 2023. The initiative is to avert the property related frauds and protect buyers from charlatans who dupe the common man.

The new e-swathu software is expected to prevent real estate fraud and property disputes to a great extent and improve management of property records.

“Under this system, impersonation during registration is not possible as the digital khata certificate will have 47 types of information, including photo of the property owner. The documents will be digitally signed, barcoded and uploaded onto DigiLocker,” an official said.

With a streamlined land record management system at rescue it can help tackle a whole host of scams. Frauds, disputes and litigations cause a lot of problems for land owners as many land records date back to the colonial era and the ambiguity over ownership often helps criminals short-change the system.

As against the earlier versions of khata certificate and khata extract which had 18 kinds of information, the new digital khata has 47 different types of information. Now the owners will be able to update their property records on their own through the portal following various transactions such as sales, inheritance, partition, gift, will, land acquisition, court decree, khata amalgamation/bifurcation.

“This will be authorised by the revenue officer after proper verification,” an official said. In 2020, the Palike, along with the revenue department, implemented the eAasthi pilot in three wards in the Shantinagar division— Neelasandra, Shantinagar, and Shantalanagar— where digital khatas are al- ready being issued.

In the first phase, after the first 44 identified wards the in the core zones of Bengaluru east and south zone while Mahadevapura, Yelahanka, Dasarahalli, Bommanahalli, Rajarajeshwari Nagar other areas will be covered in the second phase.

Since the e-swathu and Kaveri systems of the department of stamps and registration are already linked, any mutation (change in ownership) can be initiated automatically. “A notice will be generated from the system automatically by initiating a transaction after receiving registration details electronically. Officials will have three days to verify/hear objections. There is also a facility to upload supporting documents wherever applicable, following which the mutation/khata extract will be generated,” an official said.

Vaishnavi Group director Darshan Govindaraju, said, “It will enhance the convenience of record keeping and accessibility for homeowners,” he added that getting a khata was always an arduous task but the digitisation of the khata process is a step in the right direction for the real estate industry.

Suresh Hari, chairman, CREDAI, Bengaluru, said e-khata will help in preventing property fraud as khata can be used only by property owners who have been allotted a property identification number (PID).

“A buyer can check the authenticity of the land records online and it will only benefit the real estate sector in a big way,” he added.

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#ekhata #property #registration #bangalore #karnataka #wards

Sundaram Home Finance booked net profits of 44.9 per cent to the tune of Rs 53.05 crore in Q4 FY22

By
Ankur Maheshwari
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For the quarter ending March 31, 2022, Sundaram Home Finance booked a net profit of 44.9 per cent against the same period last financial year.

Sundaram Home Finance would strengthen its presence in real estate sector, according to a top official.

The wholly owned subsidiary of Sundaram Finance Ltd declared its financial results for the quarter ending March 31, 2022, Sundaram Home Finance booked a net profit of 44.9 per cent against the same period last financial year.

Around 100 frontline staff was hired by the company last year in tier II and tier III towns to support its expansion plans. Disbursements during the March 2022 quarter went up from Rs. 459.38 crore to Rs 794.11, an increment of Rs. 300 crore corresponding period last year.

MD, D Lakshminarayanan said, “the record disbursements in March this year is a clear sign of the resilience in the real estate sector. We have seen an uptick in business in Tier II and III towns in the Southern market, with the contribution from these geographies going up to around 70 per cent at the end of Q4 from about 55 per cent a year earlier”.

Further commenting on the financial performance he commented that the lending rates remained at ‘unprecedented’ low in the last couple of years and expect it to go up a few ‘notches’ this year. “Earlier this month, we saw the first rate hike in over two years. Despite the hike, the rates continue to be at attractive levels for the retail customer”, he said.

The company propose to add another 100 front end sales personnel in Tamil Nadu, North Karnataka, Andhra Pradesh and Telangana were it plans to set up 10 branches in various locations.

“We continue to remain bullish on the long term prospects of the sector. Sundaram Home Finance has established a strong presence in the South market.”, he said. “We believe that there is still a lot of untapped potential in these geographies and are confident of leveraging our brand, strong customer focus and the domain knowledge to grow in these markets especially in Tier II and III locations”, he said.

Lakshminarayanan feels that the affordable housing segment would remain one of the fastest growing verticals in the real estate sector. “We will further strengthen our presence in this segment and are confident of tapping into the opportunities in this space this year”, he said.

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#tamilnadu, #karnataka, #andhrapradesh, #telangana

Apartment redevelopment bill introduced in TN by state government

By
Ankur Maheshwari
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Tamil Nadu government on Saturday introduced the Tamil Nadu Apartment Ownership Bill, 2022. The move is appreciated and welcome by the flat owners and other real estate stakeholders.

 

On Saturday, the state government introduced a bill in the state assembly to allow redevelopment of apartment complexes if there is a consent by at least two-thirds of flat owners of the apartment complex.

The move is being welcome by the industry experts, apartment owners and builders alike. Earlier the redevelopment process would hinder if even one person objected, but now the power will lie with the group with higher majority.

S Muthusamy, while introducing the Tamil Nadu Apartment Ownership Bill, 2022 on Saturday said “The new legislation was introduced to safeguard the interest of the apartment owners as well as improve the administration of common areas and facilities.”

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#tamilnadu #apartment #ownership # complexes #redevelopment #realestate

Crisil- In spite rising prices and interest rates the housing demand to stay

By
Ankur Maheshwari
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The housing demand across India’s top six cities-Metropolitan Region (MMR), National Capital Region (NCR), Bengaluru, Pune, Kolkata and Hyderabad is expected to continue its momentum and grow 5-10 per cent this fiscal despite rising property prices, interest rates and a high-base effect, according to Crisil.

 

NEW DELHI: The housing demand across India’s top six cities-Metropolitan Region (MMR), National Capital Region (NCR), Bengaluru, Pune, Kolkata and Hyderabad is expected to continue its momentum and grow 5-10 per cent this fiscal despite rising property prices, interest rates and a high-base effect, according to Crisil.

The data shows that the affordability quotient, after improving up to 20 per cent between 2016 and 2021, had started falling from the second half of fiscal 2022.

The higher capital values and interest rates, reinstatement of stamp duty and the high-base effect of fiscal 2021 are the new headwinds as per reports.

Aniket Dani, director, CRISIL Research said, “We expect residential real estate prices to rise 6-10% across the top six cities this fiscal due to a steep rise in material costs and relatively favourable demand-supply dynamics, especially for established developers. Some of them have started hiking prices by ~2% per quarter and may continue to do so over the next couple of fiscals to account for rising land prices. However, in spite of these headwinds, housing demand is likely to grow 5-10% supported by favourable demographics and urbanization.”

Inventory levels in majority of the top six cities are at a comfortable 2-4 years as against 3-5.5 years before the pandemic. The correction took place naturally owing to less launches in the past two years due to the pandemic and slower sales drive. Although new launches are expected to catch up, healthy demand will keep the inventory levels in check over the medium term. This will be largely driven by established developers, which will benefit from the sales momentum, the shift in demand to organized players, sound balance sheets and an asset-light approach.

The big realtors will continue to gain market share, gaining over 24-25 per cent by March 2022 as compared to 18 per cent at the start of the pandemic. In fiscal 2021, their sales grew 13 per cent, while the industry contracted 20-25 per cent; in fiscal 2022, sales of these developers are estimated to have grown 35-40 per cent in line with the industry according to Crisil.

Kshitij Jain, associate director, CRISIL Ratings said, “Established developers now have stronger balance sheets, reflected in a comfortable debt-to-total assets ratio of 25% last fiscal versus more than 40% at the start of the pandemic. They are also well-placed in terms of liquidity, having raised ~Rs 13,000 crore through both, equity and monetization of land and commercial assets in the past two fiscals. Their improved financials will come in handy to fund growth and keep credit profiles stable.”

Although, small and mid-sized developers, too have good report card. Their balance sheets have improved with their debt-to-total assets ratio falling below 50 per cent in fiscal 2022 from 55-60 per cent before the pandemic. However, these players have higher dependence on debt and may need to tie up with established players for new launches to benefit from the latter’s financial flexibility and strong brand, the rating agency said.

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#crisil #home #bengaluru #pune #kolkata #hyderabad #ncr #investment #purchase

Starting June 1, 2022 all property deeds for YEIDA to go online

By
Ankur Maheshwari
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The property transfer would be done online from June 1 for all the residential category properties under YEIDA- Yamuna Expressway Authority. Since the authority has initiated the process of implementation of the citizen’s charter under which 17 facilities related to the allottees would be available online.

 

As per the official announcement made on Tuesday all work related to registration or transfer of residential property in the Yamuna Expressway areas can only be done online from June 1.

The property transfer would be done online from June 1 for the residential category under YEIDA informed the Yamuna Expressway Authority. It has started the process of implementation of the citizen’s charter under which 17 facilities related to the allottees would be available online.

Verification of buyers and sellers would also be done on the basis of Aadhaar verification, for which the Authority has written to UIDAI to facilitate the one-time password (OTP) check.

Arun Vir Singh, Authority CEO stated that he had been receiving complaints about “property transfer cases being kept pending for days in the property department by some employees”. “Moreover, the allottees have to face a lot of difficulties when it comes to physical or challan verification. Also, no time limit is given by the property department for the disposal of such cases,”

The directions have been carved to implement the system of making all 17 services online, including transfer memorandums through the citizen’s charter portal. He added. “The buyers and sellers would not be required to physically come to the Authority office to avail these services.”

He was further quoted as saying, “Arrangement should be done to do verification through Aadhaar link so that both buyers and sellers can be verified on the basis of OTP. Any matter related to the property department should be ensured to be resolved through online mode only. An online checklist should be provided to an allottee, in which all the due amounts along with details should be provided,”

Any employee identified as not following the CEO’s orders will be dealt with strict action against them, the internal sources pointed.

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Registry of floors built on plots below 180 square yards to be regularised soon- Gurugram

By
Ankur Maheshwari
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The independent floors constructed on plots area of less than 180 sq. yd. in size, the owners can neither formally own the property nor sell them due to the restrictions by the state government.

The independent floors built on plots less than 180 sq yd in size could soon be permitted to get registered in Gurugram. The buyers of such properties had presented their grievance to the district administration and after careful consideration from the aggrieved residents of mainly Sushant Lok 2 & 3, the administration has forwarded the case to the state government.

Independent floors constructed on plots area less than 180 sq. yd. in size on privately owned developer areas, the owners can neither formally own the property nor sell them due to the restrictions by the state government on registration.

Moreover, as such properties are bought and sold on general power of attorney, it causes loss to the state exchequer as no stamp duty is paid on the transaction.

The home buyers were earlier promised that their respective properties would get registered once the state government would formulate the policy for registration. But when the policy for registration of independent floors was formed in 2012, it excluded many of them by setting a lower limit for registration at a plot size of 180 sq yd.

The buyers/investors also described the government’s “builder floor” policy as “contradictory”, citing the Deen Dayal Jan Awas Yojna (DDJY) which allows registry of floors built on plots of 120 sq yd and above.

President, Sushant Lok Extension Residents’ Welfare Association, Pawan Kumar Yadav, said, “In 2021, the Haryana government came up with DDJY to ensure availability of houses to all sections of the society. The developer of a property under the policy is allowed to construct floors on plots of 120 sq yd in size and the government also permits the registry of such a property. So, why this contradictory approach in our case.”

About 600 families living in Sushant Lok 2 & 3 have still not been able to get their properties registered since 2015. “Many people have to sell their property for financial or other reasons but they can’t. If registry is allowed for a 120 sq yd plot in DDJY project, why is it not applicable for all. How can a state have two sets of policy for similar properties,” said Amar Jindal, vice president of the association.

“How can a government policy discriminate between two sets of property owners? The government policy should be uniform and not selective.” said Praveen Kumar, a resident of Orchid Island

Some residents described the policy as “arbitrary” and a resident of Sushant Lok 2 was cited as saying, “Not only the policy hurts property buyers like us, but also it causes loss to the government coffers as no registration fee is paid on such properties that are transacted on general power of attorney,”

The residents from Sushant Lok on Sunday gave a representation to the deputy commissioner of Gurgaon Nishant Yadav, urging the authorities to allow registration of floors built on plots less than 180 sq yd in size. “We have recommended their case to the government for consideration,” Yadav told TOI.

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#rera #properties #investment #investors #government

INR 8 crore recovered from defaulters in the month of March by Chandigarh Housing Board

By
Ankur Maheshwari
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The owners of small flats given under slum rehabilitation schemes, flats given under affordable rental housing scheme and commercial and residential flats in different sectors and colonies concluded the list from where the dues were recovered.

The Chandigarh Housing Board (CHB) has recovered Rs 8 crore from people who have failed to clear their pending dues but there are still about 24,000 defaulters who owe more than Rs 75 crore to the board.

In a bid to recover the dues the CHB had recently started issuing eviction and cancellation notices to defaulters. The defaulters included owners of small flats given under slum rehabilitation schemes, flats given under affordable rental housing scheme and commercial and residential flats in different sectors and colonies

The cancellation notices were being issues to 11,641 allottees of small flats and ARHC flats. The CHB had also started serving the evictions notices, but since some of the defaulters approached and sought more time, the board on Thursday gave five more days to the defaulters.

Initially, notices were sent to only those defaulters who owe more than Rs 10,000 to the CHB. All the allottees were asked to clear their dues by March 25. Those who failed to do so started receiving eviction notices. The CHB has made arrangements for defaulters to pay their pending dues through online payment or through e-sampark centres.

“Once a unit is cancelled, the allottee is required to vacate it and if the appellate authority allows its restoration then the allottee is required to pay all the pending dues, interest and revival charges also,” said a senior board official.

Recently, the CHB had carried out exercise like list of dues were uploaded on the board’s website, public notices were issued, special collection counters put up at Dhanas, Mauli Jagran, Maloya and CHB office complex, started online payment facility and payment facility at all e-sampark centres.

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#chb #chandigarh #housing #realestate #property #realestatenews

Hilton in partnership with Embassy Office Parks REIT to develop hotels in Bengaluru

By
Ankur Maheshwari
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Hilton Hotels & Resorts, a brand hotel and Hilton Garden Inn, another brand hotel will come up in Embassy Tech Village (ETV) as upcoming dual-branded hotels owned by Embassy REIT in Bangalore’s Outer Ring Road.

Global hospitality giant Hilton in conjunction with Embassy Office Parks REIT will develop over 500 rooms hotels in Bengaluru with an investment of Rs 850 crore.

Hilton Hotels & Resorts, a brand hotel, and Hilton Garden Inn, another brand hotel will come up in Embassy Tech Village (ETV) as upcoming dual-branded hotels owned by Embassy REIT in Bangalore’s Outer Ring Road. Hilton Hotels & Resorts and Hilton Garden Inn, jointly undertaken by both the companies, are expected to break even by 2023 with a recovery in the hotel industry.

The business park currently has around 7.3 million sq. ft. of existing office space, with 2 million sq. ft. under construction. The park hosts companies like Flipkart, JP Morgan, and Wells Fargo, amongst others.

The Hilton Hotels Embassy Manyata stands tall as one of the largest hotel complexes in the southern part of India and the biggest in the country. It covers approximately 60,000 square feet of convention space and a 13,000 square feet pillar-less grand ballroom that can accommodate up to 1,500 people.

“The opening of one of the largest hotel complexes in South India is a key milestone for Hilton as it ushers in a new era of post-pandemic travel. We are confident that the Hilton Hotels Embassy Manyata complex will signal the return of in-person events and emerge as the top preference for both leisure and business travellers as we continue to deliver exceptional experiences created through Hilton’s renowned hospitality. Furthermore, it strengthens our strategic partnership with Embassy REIT and our positive vision to create a sustainable hospitality experience,” Navjit Ahluwalia, Senior Vice President and Country Head of Hilton in India, said.

Embassy Office Parks REIT had acquired Embassy Tech Village through a ROFO agreement in 2021 from the affiliates of Embassy Sponsors, the Blackstone and Embassy Group for Rs 9,782 crore and completed the property’s integration.

”The opening of the Hilton Hotel and Convention Centre at Embassy Manyata creates a hospitality anchor at the entrance of one of the largest business parks in India. Embassy REIT’s partnership with Hilton continues to grow with the opening of this integrated complex which we are confident will emerge as Bengaluru’s brightest beacon of hospitality,” Michael Holland, CEO of Embassy Office Parks REIT.

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