A US-based investor is likely to sell shares worth ?830 crore in a housing finance company through open-market transactions on Thursday, according to a term sheet issued by the bankers.

Two investment entities plan to sell 1.08 crore shares, representing 4.16% of the company’s total equity. One of the entities is expected to sell shares worth ?420 crore, while the other plans to sell shares worth ?410 crore.

Earlier, two overseas investment entities had divested a 4.46% stake for ?843 crore through open-market transactions.

The local development authority has issued notices to multiple real estate developers, asking them to submit proposals within 15 days for the settlement of dues amounting to several hundred crores, officials said on Friday. The notices, issued a day earlier, follow a state government directive related to long-pending and stalled real estate projects, which offers waivers on interest and penalties as part of efforts to address the concerns of homebuyers.

According to the development authority, a group of developers collectively owes the largest share of dues — ?7,786.06 crore, representing 91.48 per cent of the total. Other developers on the list owe amounts including ?572.51 crore, ?178.65 crore, ?73.28 crore, ?51.17 crore, and ?27.67 crore, as per the official notices.

The authority stated that the state government had issued an order on December 21, 2023, addressing legacy stalled real estate projects and providing relief through recommendations for waivers on interest and penalties.

At the national level, a central panel had also made recommendations aimed at resolving long-standing issues affecting homebuyers, developers, and local authorities.

Delayed property registrations and late possession of apartments have been major concerns in the Noida and Greater Noida regions for many years, with the state government pushing for solutions to ease the difficulties faced by homebuyers.

Average monthly rent for residential properties has increased by 2–4 per cent so far this quarter compared with the January–March period across seven major cities. The rise in rents has moderated due to an improvement in housing supply.

The data is based on the average rent for a 2-BHK home of around 1,000 sq ft.

In one major technology hub of Bengaluru, the average monthly rent for a 1,000 sq ft 2-BHK has risen by 4 per cent, reaching ?35,000 in the current quarter, up from ?32,500 in the January–March period.

Across the seven major cities, a total of 5.31 lakh new housing units are expected to be delivered in 2024, compared with 4.35 lakh units last year — representing a 22 per cent annual increase in supply, assuming construction schedules are maintained.

In a prominent housing sector of Noida, the average rent increased by 4 per cent, rising to ?25,000 per month in the April–June quarter from ?24,000 per month earlier. The previous quarterly rise during January–March was 9 per cent compared to the last quarter of 2023.

In two key residential markets of the Mumbai metropolitan region, average rents increased by only 2 per cent over the previous quarter, compared with more than 4 per cent growth in the January–March period.

In two major residential hubs of Hyderabad, average rents increased by 3 per cent this quarter, compared with a 5 per cent rise in the January–March period.

A leading real estate group plans to invest over Rs 8,000 crore by 2030 to expand its portfolio in Chennai, with a pipeline of over 15 million sq ft, of which the residential segment comprises over 12 million sq ft. The gross development value (GDV) of the residential projects is estimated to be over Rs 13,000 crore.

In FY25, the company plans to launch over three million sq ft of residential projects and about one million sq ft of commercial development in Chennai. It recently launched a high-rise residential project with G +38 floors, featuring three-, four- and five-bedroom apartments starting from 2,500 sq ft, with a GDV of over Rs 1,800 crore.

According to the company’s managing director, the aim is to double growth in the city by expanding across residential, commercial, retail and hospitality verticals. The company has already signed MoUs with the State Government for four projects as part of the Global Investors Meet, with approvals currently in process.

In Chennai, the developer has completed over five million sq ft. In FY25, it plans to launch over three million sq ft of residential projects and about one million sq ft of commercial development in the city. 

A leading real estate group plans to invest over Rs 8,000 crore by 2030 to expand its portfolio in Chennai, with a pipeline of over 15 million sq ft, of which the residential segment comprises over 12 million sq ft. The gross development value (GDV) of the residential projects is estimated to be over Rs 13,000 crore.

In FY25, the company plans to launch over three million sq ft of residential projects and about one million sq ft of commercial development in Chennai. It recently launched a high-rise residential project with G +38 floors, featuring three-, four- and five-bedroom apartments starting from 2,500 sq ft, with a GDV of over Rs 1,800 crore.

According to the company’s managing director, the aim is to double growth in the city by expanding across residential, commercial, retail and hospitality verticals. The company has already signed MoUs with the State Government for four projects as part of the Global Investors Meet, with approvals currently in process.

In Chennai, the developer has completed over five million sq ft. In FY25, it plans to launch over three million sq ft of residential projects and about one million sq ft of commercial development in the city.

The Uttar Pradesh government has put on hold the cancellation of commercial plot allotment in Noida companies  and decided to review the decision. The move came after the government received appeals from the two companies as well as the reports submitted by the Noida Authority. The UP government had on May 10 cancelled the allotment of plots located in Noida's Sector 72 and Sector 94 on grounds that the allotment through e-tender process was done in violation of rules. The group said it welcomed the government's decision The Gurugram-based developer told that these two projects in Noida were launched 18 months ago and so far Rs 751 crore have been spent on land cost and about Rs 750 crore on project construction. We are committed to our investment in Uttar Pradesh and will ensure jobs and opportunities, along with creating a masterpiece for the state an spokesperson said. The total cost of both the projects is estimated to be around Rs 5,500 crore with 45 per cent of the units already sold to 1,400 buyers who have made the investments, the group added.
 

Real estate developers in India are using strong housing demand to clear existing inventories, reducing the stock of unsold properties that had been a concern in previous years. A healthier balance between demand and supply has also contributed to greater market stability.

Residential property markets across the country’s top seven cities have seen a 31% reduction in the time required to sell active unsold housing inventory, according to a recent analysis. In the March quarter, the time needed to liquidate inventory dropped to 22 months, down from 32 months at the end of 2019, mainly due to a sharp rise in housing demand. This estimate is based on average sales seen over the past eight quarters.

In the affordable housing segment, the decline was driven by its shrinking share in new project launches over the past four years. In contrast, the premium segment saw a reduction even as its share of annual launches rose significantly — from 2% in 2019 to 22% in 2023. The time taken to sell unsold premium units has fallen from 51 months in 2019 to 29 months in the first quarter of 2024, reflecting strong sales momentum.

Higher-end apartments now take an average of 29 months to sell as of March-end. Despite the longer duration compared to other segments, this marks a big improvement due to faster sales velocity. The premium category has emerged as the top performer, driven by strong buyer interest in larger homes with better amenities.