Bengaluru-based Embassy group, which had in 2015 formed a joint venture with private equity firm Warburg Pincus to build industrial parks, is in talks with few potential buyers to monetise completed and under-construction assets of the JV.
The software enabled Inventaa to control the project in a centralized manner right from design to planning, monitoring and improving upon the execution of the project on-site. Trimble said that the tight block layouts at various parts and narrow approach for elements and crane positioning further added on to the already restricted site-space challenge.
Real estate brokers said expats pay between Rs 1 lakh to Rs 10 lakh and, in some cases, even up to 30 lakh per month for apartments, villas, farm houses and bungalows but many of them are still uncertain about their return dates.
It will be Blackstone’s single largest realty investment in the country and will also eclipse the $1-billion raised through listing of India’s two real estate investment trusts (REITs) — Embassy and Mindspace Business Parks.
A builder currently has to take 70-80 permissions through the entire project life cycle— from land acquisition to the completion of the project — from different authorities and getting permissions takes one to two years resulting in cost overruns, according to the developers.
Hyderabad sold about 100 premier units between April and June, while the overall residential sales dropped to a decadal low during this period - to a dismal 974 units, as per latest market reports. In 2019, the city sold over 4,000 houses during the April to June period.
The apex court had earlier issued notices to the Centre, the Karnataka government and others on an appeal filed by Wonder Projects Development Pvt. Ltd. and others. Senior advocate A M Singhvi, representing the project proponent, had argued that the National Green Tribunal (NGT) had reproduced its order from another case and stopped the project despite requisite consents.
According to RK Arora, president of Uttar Pradesh chapter of apex real estate body National Real Estate Development Council (NAREDCO), labourers who had left their work places in the wake of COVID-19 and the lockdown, have started joining real estate projects.
“While the sector was looking at a further revision in the policy rate, to boost demand, we appreciate the accommodative stance by the RBI, in the wake of a high rate of inflation which may have necessitated keeping policy rates unchanged,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India.
He said Godrej Properties is well prepared to tap into growth opportunities that may present themselves given that there is some distress in the sector, as a lot of developers are struggling with cash flow issues and a demand slump.
ESR, a venture of private equity firm Warburg Pincus and global investors, said the warehousing space is witnessing high demand and the pandemic has boosted the sector further. The developer is also in talks to acquire another 60 acres of land in Chennai and 40 acres in Lucknow.
“We expect a 50-100% lease waiver for the period of lockdown, followed by a 30-50% concession in rentals in the current quarter and the next, which will reduce to 0-20% in the quarter to March. A gradual build-up in revenue can be expected from the current quarter, though for the fiscal overall, a revenue loss of 45-50% appears to be in order,” said Sachin Gupta, Senior Director, Crisil Ratings.
“Buyers expect property prices to decline over the next 12 months, although 53% of respondents say their budget has remained the same or increased since the start of the crisis. Over a quarter of respondents say they are more likely to buy a second home as a result of the pandemic,” the survey finds.