Month: May 2023

India Bulls Real Estate Q4 results: Net Loss Widens To ₹376 Cr, Revenue Dips 51% YoY

India bulls Real Estate is a small cap real state company that recorded a market cap of ₹3,595.10 Cr during Tuesday’s closing session. In terms of residential and commercial properties, India bulls Real Estate it was established in 2006 with a focus on building and developing residential, commercial, and SEZ projects in significant Indian metropolises. The stock closed today down 1.50 percent after the company released its Q4 and FY23 earnings. During Q4FY23, the company reported revenue from operations of ₹133 Cr down by 51% YoY from ₹273 Cr in Q4FY22. The company reported loss in EBITDA of ( ₹-330 Cr) during the quarter under review as against ₹12 Cr during the quarter under March 2022. The net loss of India bulls Real Estate widens to ₹376 Cr during the quarter under review as against a net loss of ₹61 Cr during the corresponding quarter of previous fiscal. The company recorded presales of ₹171 Cr during Q4FY23 and ₹958 Cr in FY23. The company reported gross collections of ₹273 Cr during Q4FY23 and ₹1,746 Cr in FY23. India bulls said its gross debt stood at ₹256 Cr compared to ₹1,310 in FY2022, at an average ROI of 12.3% with 0.1x debt to equity. Whereas cash & cash equivalents stood at ₹608 Cr;

And Net Cash Positive of ₹352 Cr Post Debt. Commenting

on near term vision and medium-term strategy, Sachi Shah executive director of India bulls Real Estate said “I’m sure everyone is wondering what next – while this most recent ruling delays us in eventually being part of a much larger group run by a promoter whose sole focus is real estate, in the interim India bulls Real Estate shall be run as an independently managed, professionally run company. Our debt levels are low and there is a 500+ strong team between Mumbai and Gurgaon that continue to manage the business and the projects. The last few years were difficult with Covid and with things in transition, but we have a renewed attention to execution and delivery. Project activity has picked-up in all our sites and there is a dedicated commitment to finishing and handing over sites at the earliest. We are looking to reach resolution on the many pending issues and are moving positively in the right direction towards this. The message is clear – as a company, we need to improve transparency, be more customer centric and pay attention to our quality. There has been a clear effort in our published financial accounts and investor deck to capture cost escalations in the projects and one-time write-off of doubtful receivables. My key focus area is business development and growth as we look to exit our existing near-completed projects with a proper handover to our customers.” Commenting on the upcoming project expansions and plans for next few quarters hold for IBREL, Sachi Shah said “While we continue to enjoy a healthy net surplus number from our ongoing and planned projects, the near-to-medium term results will be subdued due to a combination of no new launches in the recent past as well as Blu, Thane and Sky Forest depleting its inventory. We are looking to add new Mumbai, NCR and Bangalore development projects as we prepare to launch future phases in our existing pipeline in Thane, Wolli, and Alabang in MMR and Sonipat & Gurgaon in NCR. These will have a gross development value in excess of 4,700 Cr. Our team is finalizing plans and design for approvals to take these projects forward. Against the backdrop of strong industry growth, larger branded developers have disproportionately large growth opportunities. We are actively seeking joint venture/joint development or development fee projects that would enable us to benefit from deploying a capital-light model.” The shares of Indiabulls Real Estate closed today on the NSE at ₹65.95 apiece down by 1.49 % from the previous close of ₹66.95.

Powerful Thunderstorm Hits Uttarakhand, 4 Killed In Separate Incidents

A child was killed and three were injured when a 100-year-old papal tree uprooted by the storm fell on them in the Jalalpur area of Haridwar district. A powerful thunderstorm accompanied by rain hit various parts of Uttarakhand, uprooting trees and killing at least four people in separate incidents, officials said on Wednesday. Two people, including a child, were killed in Haridwar district while the Pauli and Nainital districts recorded one fatality each in the storm that hit the state late on Tuesday, they said. A child was killed and three were injured when a 100-year-old papal tree uprooted by the storm fell on them in the Jalalpur area of Haridwar district, Senior Superintendent of Police Ajay Singh said. In a separate incident, a pilgrim from Sonipat in Haryana was killed when a tree fell on him in the Chamgadar Tape area near Haridwar’s Hark Ki Pair, Singh said. Besides a large number of trees, electric poles were also uprooted, causing prolonged power outages in many areas of Haridwar, he said. Several hoardings were also blown away. The thunderstorm also uprooted trees and electric poles in the Pauli district. Manjit Singh Aswan was killed and his wife injured when a tree fell on the couple near the Buddha Park in Kotwal, the police said. According to the police, in the Haldane area of Nainital district, Uttarakhand High Court lawyer Tanuj Semwal was killed when a tree fell on his car.

Property Prices Set To Soar In Uttarakhand After Lok Sabha Polls

Real estate prices are likely to rise after the general elections as a lot of election expenditure will find its way to this sector. SP Sharma, chief economist of the PHD Chambers of Commerce, said past trends from the general elections have shown that the real estate sector witnesses a spurt after the elections. “This is due to the fact that the money and expenses on the elections find their way into the real estate market as investments,” he said. Sharma said it is still hassle-free for people to invest in the real estate segment where they can use the Benaim route also. The general elections see a big inflow of money intended for canvassing and other arrangements. This money is then channelized into the real estate segment which leads to a spurt in the prices of land and property. In fact, the state has already been witnessing a boom in this sector since Uttarakhand was formed in 2000. The property and real estate market in the state has only gone up in recent years and the land prices have skyrocketed in cities like Dehradun, Haldane and Nainital where builders have set up several mega projects. Half a dozen murders have been committed in Dehradun in the past one year over property disputes. They indicate the existence of property related turf wars in the city. Subhash Hismanal of Prateek Builders said that there might be a spurt in the real estate segment after the general elections as lots of money is being pumped there at present. Most of the investments would be made into this sector after the polls, he said.

Greater Noida Authority Sells 23,600-Sqm Builder Plot For Rs 110 crore

The Greater Noida Industrial Development Authority (GNIDA) has sold a 23,600-square-meter (sqm) plot in Sector Zeta One for Rs 110 crore, a move that will pave the way for the construction of around 1,100 new flats on this piece of land, officials privy to the development said. They added that the plot was allotted through e-auction for Rs 110 crore, which is nearly Rs 1.5 crore higher than the reserved price. GNIDA Officer on Special Duty (OSD), Soumya Srivastava, said that the bids for plot number GH-128 located in Sector Zeta One opened on Friday. “The reserve price of the 23,600-square-metre plot was Rs 108.5 crore which was allotted to Prius Infra Limited. The allotment letter will be issued soon by the authority to the allotted. The authority will receive about Rs 110 crore in 90 days for the allotment of this plot,” he said. An email sent to Prius Infra Limited for comment on the deal did not yield any response. Srivastava said that the lump sum payment will ensure that there will be no hindrance to the project, which can be completed easily. Around 1,100 flats will be constructed on the plot, he added. People are looking to invest in various categories of properties ̶ industry, data centers, residential projects – in Greater Noida, indicating that the area is turning out to be a favored investment destination. GNIDA’s builder department launched a scheme for 10 builder plots in February this year, and the scheme closed in April 2023. These builder plots, located across eight different sectors, measured between 12,500 sqm and 404,172.36 sqm. The reserve price for these 10 builder plots ranges between Rs 35,000 per sqm and Rs 46,200 per sqm. A GNIDA official said that of these 10 builder plots, bids were received for only plot number GH-128, which thereafter, underwent the e-auction process. The remaining nine plots failed to witness any buyer interest. “We will put the remaining builder plots on sale afresh through new schemes. We are trying to ascertain the reason for the tepid response for the remaining nine plots,” the official said. As per the norms, a minimum of three bids are required against each plot to advance the process to the next stage of e-auction.

Builders see No Rush As Cash At Play Is a Small Amount Now

However, it is unlikely that sales momentum will be significantly affected solely due to this change, as many developers are already inclined to avoid transactions involving substantial cash components. The Reserve Bank of India’s decision to phase out the Rs 2,000 currency bill could potentially have a moderate impact on high-value property transactions, say experts. However, it is unlikely that sales momentum will be significantly affected solely due to this change, as many developers are already inclined to avoid transactions involving substantial cash components. Land transactions, especially in small towns and peripheral areas of large cities, may witness some uptick, as suggested by a marginal rise in inquiries for the same so far, the experts said. The liquidity scenario for real estate developers has improved a lot owing to a sharp recovery in sales momentum post-Covid-19 pandemic. Many of them are not showing any keenness towards deals involving large cash, especially after the last demonetization, fearing action from authorities,” said a property broker operating in central Mumbai. Following the demonetization in 2016, the cash component in real estate deals has come down across key property markets, and several developers have intimated to their channel partners not to encourage transactions involving large cash dealings.

One of the Biggest Deterrents Has Been The Gap Between The Tates,

which has been narrowing further in many micro-markets, allowing less room to accommodate cash in property deals,” said a Pune-based realtor. The high-denomination currency in circulation is around 10% this time, as compared to the 2016 demonetization when Rs 500 and Rs 1,000 notes, which were banned overnight, formed over 85% of the currency in circulation. The cash circulation is significantly lower and may not see a rush like in 2016. There have been queries for residential assets and land-related transactions, but builders are also cautious, as most have had ED and IT raids said the CEO of a Bengaluru-based broking firm. “In a bid to get rid of cash, some developers themselves are offering to pay in cash to brokers to settle duesThe real estate markets have been thriving for the past two years. While the new residential sales are not seeing a major impact, many clients with pending payments are insisting on paying in cash, said industry insiders. In Gurgaon, Noida, and Delhi, people are trying to use Rs 2,000 currency notes in secondary transactions, as the builder is not accepting too much cash.

Those who had pending payments are trying to pay in advance to get rid of the notes. Before this directive, developers were ready to take cash, but now they are not accepting more than 30% of the balance or pending amount of Rs 2,000 notes,” said a Noida-based realtor.

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UTTARAKHAND PLOT SALE

If you are interested in buying or selling a plot of land in Uttarakhand, there are several steps you can take to facilitate the process:

  1. Determine your requirements: Decide on the location, size, and purpose of the plot you wish to buy or sell. Consider factors such as accessibility, proximity to amenities, and future development potential.
  2. Engage a real estate agent: Contact a reliable real estate agent or broker in Uttarakhand who specializes in land transactions. They can assist you in finding suitable plots for sale or connecting you with potential buyers if you are selling.
  3. Research property listings: Browse online platforms, local newspapers, and real estate websites that list properties for sale in Uttarakhand. These platforms often provide details about the location, size, price, and contact information of the sellers.
  4. Conduct due diligence: Before finalizing any transaction, conduct thorough due diligence on the plot of land. This includes verifying ownership, checking the land records, and ensuring that all necessary permissions and clearances are in place. It is advisable to hire a lawyer or a legal professional who specializes in property matters to assist you with this process.
  5. Negotiate the terms: If you find a suitable plot or a potential buyer, engage in negotiations to determine the price and other terms of the transaction. It is recommended to have all agreements and terms in writing to avoid any misunderstandings.
  6. Complete the legal process: Once you have agreed upon the terms, proceed with the legal process of transferring ownership. This typically involves drafting and signing a sale agreement, conducting a title search, and registering the property with the appropriate authorities.
  7. Seek professional advice: Throughout the process, seek advice from professionals such as real estate agents, lawyers, and financial advisors who can guide you and ensure a smooth transaction.

Remember that the process of buying or selling a plot of land in Uttarakhand may vary depending on the specific location and local regulations. It is important to familiarize yourself with the local laws and seek professional guidance to navigate through the process effectively.

Uttarakhand Urban Development Minister Pulls Up Authorities Over ‘Delays’ In Smart City Work in Dehradun

Significantly, Dehradun was brought under the Smart City scheme in phase 2 of the project in 2017 with a whopping budget of over Rs 1,400 crore. The minister asked the authorities to speed up the work and increase night shift to complete the projects before monsoon, while also ensuring good quality. “The smart roads work will take another six months at least and the finishing touches can be done only after all other departments (like irrigation or UPJN) finish their work,” said a smart roads official. Several projects, like the smart roads project (with a budget of Rs 191 crore) and the green building development (Rs 205 crore), are falling behind schedule. Similarly, in the green building project, only the land has been acquired so far and the construction work is yet to begin on the project.

Ashutosh, a Trader, Said, “Paltan Bazaar Was to Receive a Facade.

revamp at a cost of nearly Rs 5 crore. Instead, we only have new boards outside the shop which are illegible. The planners have done a horrible job. Tiles have been put up on footpaths, but roads have not been evened and the market has not been decongested. For months some of the other work has been going on even though the deadline was in March.” As per a source, the integrated drainage system work is being carried out by the irrigation department will also miss its deadline along with the construction of storm water drains, laying down of multi-utility ducts, etc. These projects are located in the center of the city, which means that traffic congestion and problems for pedestrians will likely continue.

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Dehradun: Real Estate Rising Slow And Steady

After Uttaranchal became a state in 2000, areas in and around the capital Dehradun have witnessed steady demand. A Supreme Court order banning new construction in Missourian, 32 km uphill, has also added to the real estate demand here. Some upcoming projects that could influence real estate prices in future. Two IT Parks being set up on Sahastradhara Road and a Pharma City at Silique Industrial Area will increase employment opportunities and demand for residential projects. A Rs 2,200-crore ADB funded project is under way to overhaul and build roads in addition to JNNURM projects. The national highway stretch between Dehradun and Delhi is also being upgraded. Jolly Grant airport is being upgraded to accommodate bigger aircraft. This will improve accessibility not only of Dehradun but also of upcoming industrial locations in the state. Major residential projects are coming up towards the south-east and south-west of the city. The latest revision in the circle rates for evaluation of stamp duty has pushed up land prices. Dehradun is also a regional commercial hub. Retailers from across the country are in the process of launching projects. Shortage of occupiable residential options has resulted in appreciation of rental values, bringing in more investments in the sector. More than half of the total identified investment over the next 5 years is proposed in the roads, traffic and transport sector, which is likely to give a big boost to real estate.

Dehradun: Real Estate Rising Slow And Steady

After Uttaranchal became a state in 2000, areas in and around the capital Dehradun have witnessed steady demand. A Supreme Court order banning new construction in Mussoorie, 32 km uphill, has also added to the real estate demand here.

1 . Two IT Parks being set up on Sahastradhara Road and a Pharma City at Selaqui Industrial Area will increase employment opportunities and demand for residential projects.

  1. Road Projects

A Rs 2,200-crore ADBfunded project is under way to overhaul and build roads in addition to JNNURM projects. The national highway stretch between Dehradun and Delhi is also being upgraded.

  1. Airport Upgradation

Jolly Grant airport is being upgraded to accommodate bigger aircraft. This will improve accessibility not only of Dehradun but also of upcoming industrial locations in the state.

Major residential projects are coming up towards the south-east and south-west of the city. The latest revision in the circle rates for evaluation of stamp duty has pushed up land prices.Dehradun is also a regional commercial hub. Retailers from across the country are in the process of launching projects.

Shortage of occupiable residential options has resulted in appreciation of rental values, bringing in more investments in the sector.

More than half of the total identified investment over the next 5 years is proposed in the roads, traffic and transport sector, which is likely to give a big boost to real estate.

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REAL ESTATE DEHRADUN

Dehradun, the capital city of Uttarakhand in India, is a popular destination for real estate investment and development. Known for its natural beauty, pleasant climate, and educational institutions, Dehradun offers a range of residential and commercial properties to suit different preferences and budgets. Here’s some information about real estate in Dehradun:

  1. Residential Properties: Dehradun has a variety of residential properties, including apartments, independent houses, and gated communities. You can find options ranging from affordable housing to luxury villas. Popular residential areas in Dehradun include Rajpur Road, Mussoorie Road, Sahastradhara Road, and Clement Town.
  2. Commercial Properties: Dehradun has a growing commercial real estate sector. The city offers office spaces, retail outlets, and commercial complexes for businesses. Central business districts like Rajpur Road and Chakrata Road are popular locations for commercial activities.
  3. Integrated Townships: Dehradun has witnessed the development of integrated townships that offer a combination of residential, commercial, and recreational facilities within a single community. These townships often provide amenities like schools, hospitals, shopping centers, and parks, making them attractive for families and individuals seeking a holistic living experience.
  4. Land and Plots: If you prefer to build your own property, Dehradun also offers land and plots for sale. You can find land suitable for residential, commercial, or agricultural purposes. However, it is important to check zoning regulations and obtain necessary permits before purchasing land for specific purposes.
  5. Rental Market: Dehradun has a thriving rental market, driven by the presence of educational institutions, government offices, and tourism. Many people prefer to rent apartments or houses, especially in areas close to colleges, universities, and commercial hubs.
  6. Growth and Infrastructure: Dehradun has experienced significant infrastructure development in recent years. The construction of new roads, flyovers, and bridges has improved connectivity within the city. The expansion of the Jolly Grant Airport has also enhanced air connectivity. Additionally, the upcoming metro rail project is expected to further improve transportation in the city.
  7. Investment Potential: Dehradun’s real estate market offers investment opportunities due to its growing population, tourism potential, and increasing demand for residential and commercial properties. The city’s serene environment and proximity to popular tourist destinations like Mussoorie make it an attractive location for vacation homes and holiday rentals.

When investing in real estate in Dehradun, it is important to conduct thorough research, consult with local real estate agents or developers, and consider factors such as location, infrastructure, amenities, and legal aspects. Engaging the services of a reputable real estate agent can provide valuable guidance and assistance throughout the process.

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