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<ul><li>The average debt cost for listed realty players has fallen to the lowest levels since the Covid-19 pandemic. </li><li>While the average cost of debt for <keyword id="6354553" type="General" weightage="20" keywordseo="Real-estate" source="Orion">real estate</keyword> companies fell by 150 basis points as of Q2 FY23, <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword> had hiked the repo rate by 190 basis points until end-September. </li><li>The eight listed companies in the list also saw their net debt fall to ₹20,800 crore as of end Q2 FY23, from ₹24,500 crore as of end Q4 FY20. </li></ul>The average cost of debt for the top eight listed realty companies has hit its lowest since the Covid-19 pandemic – dropping to 8.14% in Q2 FY23 from 9.64% in Q4 FY20, according to a report by <keyword id="4695749" type="General" weightage="100" keywordseo="anarock" source="Orion">Anarock</keyword> Group. The 150-basis-point decline in the cost of debt of these eight listed realty companies is despite the 190-basis-point hike in repo rates<a href="https://www.businessinsider.in/finance/news/rbi-hikes-repo-rate-by-50-bps-taking-it-to-a-three-year-high-of-5-9-das-says-inflation-at-alarmingly-high-levels/articleshow/94550429.cms"> announced</a> by the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) until September 2022. Overall, the gap between the average cost of debt and RBI’s repo rate has also come down drastically – from nearly 550 basis points in Q4 FY20, to 224 basis points at the end of Q2 FY23, reflecting the improved credit profile of realty companies even though interest rates have spiked. Robust topline performance was a key driver for pushing down the average cost of debt for these eight listed companies, namely – <keyword id="139366" type="General" weightage="50" keywordseo="sobha" source="Orion">Sobha</keyword>, Puravankara, Prestige Estates, Brigade Enterprises, Mahindra Lifespace Developers, Godrej Properties, DLF, and <keyword id="6473062" type="General" weightage="50" keywordseo="lodha-developers" source="Orion">Lodha Developers</keyword> (Macrotech). Their strong revenue growth during these ten quarters, and the low interest rates – between Q4 FY20 to Q2 FY23 – allowed these firms to obtain new debt and refinance existing debt at lower rates, the report added. “These [measures] included a reduction in repo rate, loan restructuring, stamp duty cuts, and a relief package to boost the economy. Housing sales gathered momentum on the back of record low home loan rates and stamp duty reductions in some states,” said <keyword id="6420759" type="General" weightage="50" keywordseo="anuj-puri" source="Orion">Anuj Puri</keyword>, chairman, Anarock Group. The net debt of the aforementioned eight listed companies has come down to ₹20,800 crore at the end of Q2 FY23, from ₹24,500 crore at the end of Q4 FY20, and ₹42,900 crore at the end of Q3 FY21. The increase in revenue of these listed realty companies is a reflection of their rising market share in real estate sales – which went from 16% in FY20 to 23% as of FY21. Overall, these companies sold properties totalling 37 million square feet in FY20, which went up to 41 million square feet in FY21, and 57 million square feet in FY22. <cmsannotation type="cmsannotation" annotationid="Rate hikes could create upward pressure on cost of debt" comment="subhead" text="Rate hikes could create upward pressure on cost of debt">Rate hikes could create upward pressure on cost of debt</cmsannotation> As the RBI fights to control inflation through interest rate hikes, it could create an upward pressure on the cost of debt. So far in 2022, RBI has raised the repo rate by 225 basis points in total through five rate hikes. More rate increases from here on, in addition to an increase in capital requirements, could create an upward pressure on the cost of debt, the Anarock report says. SEE ALSO: <a href="https://www.businessinsider.in/business/news/private-equity-investments-in-indias-real-estate-sector-witnessed-a-17-decline-in-2022/articleshow/96338847.cms">PE investments in real estate decline 17% in 2022 due to inflation, rising interest rates – Knight Frank India</a> <a href="https://www.businessinsider.in/stock-market/news/top-gainers-and-losers-stocks-of-2022-in-india/articleshow/96332417.cms">Best and worst performing stocks of 2022</a> <a href="https://www.businessinsider.in/india/news/ice-cubes-to-gulab-jamuns-and-50-lakh-kilos-of-organic-fruits-and-veggies-how-india-swiggyd-in-2022/articleshow/96275305.cms">Ice cubes to gulab jamuns and 50 lakh kilos of organic fruits and veggies – how India Swiggy’d in 2022</a>

Average debt cost for top eight listed realty players lowest since pandemic, says Anarock

<ul><li><keyword id="34499" type="General" weightage="20" keywordseo="private-equity" source="Orion">Private equity</keyword> investments in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>’s <keyword id="6354553" type="General" weightage="20" keywordseo="Real-estate" source="Orion">real estate</keyword> sector witnessed a 17% decline in 2022 to $5.1 billion. </li><li>The overall number of PE investment deals also came down significantly to 29 in 2022 from 52 last year. </li><li>Office and warehousing sectors emerged as PE favourites, accounting for 82% of the total investments this year. </li></ul>Private equity (PE) investments in India’s real estate sector registered a 17.2% decline in 2022, hurt by the troika of elevated inflation, rising interest rates and geopolitical tensions. Overall, PE firms invested $5.1 billion in the country’s real estate sector in 2022, down from $6.2 billion in 2021. According to a report by <keyword id="151748" type="General" weightage="100" keywordseo="knight-frank-india" source="Orion">Knight Frank India</keyword>, the office, residential and retail sectors contributed most to this decline – PE investments in these three sectors fell between 19-63% from last year. “The investment climate in India moderated in 2022 as investors grew more cautious in response to escalating international tensions and concerns about rising inflation and interest rates,” said Shishir Baijal, chairman and managing director, Knight Frank India. <cmsannotation type="cmsannotation" annotationid="Warehousing: A standout" comment="subhead" text="Warehousing: A standout">Warehousing: A standout</cmsannotation> The warehousing sector, however, was the only sector that saw a growth in PE investments over last year – $1.9 billion in 2022 compared with $1.3 billion in 2021. The demand for warehouses was due to a strong demand from manufacturing, e-commerce and logistics companies, the Knight Frank India report said, adding that the need for modern warehouses and a dearth of organised assets in this sector led to several greenfield investments. Despite the growing appeal of warehousing, the office sector managed to draw the largest share of PE investments – accounting for 45% of the total investments. Warehousing came in second with a share of 37%, according to the Knight Frank India report. <div type="image" title="PE investments sector-wise 2022." msid="96338821" hostid="261" sizebytes="16502" caption="&amp;lt;p&amp;gt;PE investments in real estate in 2022&amp;lt;/p&amp;gt;"></div> The office sector saw most of its $2.3 billion PE investments diverted to Mumbai and Bengaluru in 2022, the report said. <cmsannotation type="cmsannotation" annotationid="Fewer, but bigger deals" comment="subhead" text="Fewer, but bigger deals">Fewer, but bigger deals</cmsannotation> According to the report, PE firms entered into 29 real estate deals this year, down 44% from the 52 deals entered into last year. While the overall number of deals, and the total investments are down in 2022, the average deal size has registered an increase of 49% to $177 million, from $119 million last year. Overall, PE firm exits declined 41% in 2022 to $822 million, from $1.39 billion a year ago – an indication that investors may be looking for longer-term gains. <cmsannotation type="cmsannotation" annotationid="Investments to improve next year" comment="subhead" text="Investments to improve next year">Investments to improve next year</cmsannotation> The investment climate is expected to improve in 2023 thanks to moderating inflation, and as a result, slower rate hikes. For instance, India’s retail inflation saw a 5.88% rise in November – the lowest in the past 11 months and within the Reserve Bank of India’s comfort band. “Looking forward to 2023, we anticipate that inflation for most of the nations and the pace of rate hikes will moderate. With investors paying attention to the economy, governmental and regulatory framework, business results, and valuations, investments in India are expected to improve,” Baijal added. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-gainers-and-losers-stocks-of-2022-in-india/articleshow/96332417.cms">Best and worst performing stocks of 2022</a> <a href="https://www.businessinsider.in/stock-market/news/ipos-pick-up-steam-in-last-three-months-of-2022-strong-pipeline-likely-to-propel-listings-in-2023/articleshow/96325621.cms">IPOs pick up steam in last three months of 2022 – Strong pipeline likely to propel listings in 2023</a> <a href="https://www.businessinsider.in/thelife/personalities/news/i-am-glad-i-fd-up-so-much-in-life-that-it-is-content-now-says-ankur-warikoo/articleshow/96282722.cms">I am glad I F**%*D up so much in life that it is content now says Ankur Warikoo</a>

PE investments in real estate decline 17% in 2022 due to inflation, rising interest rates – Knight Frank India

PE inflows into Mumbai realty drop sharply, NCR emerges as top favourite in 9MFY23: Anarock

The <keyword id="6354457" type="General" weightage="50" keywordseo="national-company-law-tribunal" source="Orion">National Company Law Tribunal</keyword>, Chandigarh bench, has withheld the merger of realty firm <keyword id="252055" type="General" weightage="80" keywordseo="embassy-group" source="Orion">Embassy Group</keyword>'s certain residential and commercial projects with <keyword id="51993" type="General" weightage="50" keywordseo="indiabulls-real-estate" source="Orion">Indiabulls Real Estate</keyword>. Mumbai-based Indiabulls Real Estate (<keyword id="406465" type="General" weightage="80" keywordseo="ibrel" source="Orion">IBREL</keyword>) said it will decide on the next course of action after reading the full judgement and will explore all options, including filing an appeal against the order of the National Company Law Tribunal (<keyword id="6355809" type="General" weightage="100" keywordseo="nclt" source="Orion">NCLT</keyword>) before the appellate tribunal. In August 2020, Bengaluru-based realty firm Embassy Group entered into a definitive agreement to merge its certain residential and commercial projects with IBREL through a cashless scheme of amalgamation. Embassy Group will become the promoter of the merged entity. Through a regulatory filing, IBREL informed that "the sanction to the merger of NAM Estates Pvt Ltd (NAM Estates) and Embassy One Commercial Property Developments Pvt Ltd (Embassy One) into IBREL has been withheld by the National Company Law Tribunal, Chandigarh Bench". IBREL said the merger scheme has already been sanctioned by the NCLT, Bengaluru Bench, which has jurisdiction over NAM Estates and Embassy One, on April 22, 2022. "However, the NCLT, Chandigarh Bench, which has jurisdiction over IBREL, had earlier raised certain concerns based on the objections cited by the Income Tax department to the merger. "IBREL strongly believes that these objections and concerns were unfounded, unjustified and do not impact the merger in a significant manner and had accordingly addressed the same before the NCLT," the company said in the filing. IBREL said it will await the detailed order to further evaluate the next steps and shall explore all options, including filing an appeal against the order of the NCLT, Chandigarh Bench, before the National Company Law Appellate Tribunal (NCLAT) at the earliest. The merger has already received overwhelming support from 99.9987 per cent of its shareholders who voted on the same and has also received approval from other regulators, it added. "IBREL's board shall be meeting over the next day to chalk out its plan and strategy to move forward and shall communicate the same to all its stakeholders," the filing said. In February 2021, the Competition Commission of India (CCI) approved the proposed merger of Embassy Group firms -- NAM Estates Pvt Ltd and Embassy One Commercial Property Developments Pvt Ltd -- with IBREL. At present, Embassy Group has around 14 per cent stake in IBREL and the same will increase to 45 per cent after the merger of assets of these two companies. Post-merger, the combined entity will have 80.8 million square feet of launched and planned development potential. The merged entity will have about 30 projects. Under the terms of the agreement, IBREL's shares are valued at Rs 92.5 per share. IBREL has a land bank of 3,280 acre, near major metropolitan cities. It has a presence in six cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Jodhpur, Vadodara, Vizag and Indore. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/end-of-covid-emergency-to-affect-sales-of-diagnostics-cos-globaldata-report/articleshow/100103557.cms">End of Covid emergency to affect sales of diagnostics cos: GlobalData report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/jamtara-global-indian-whatsapp-users-flooded-with-spam-calls/articleshow/100103446.cms">'Jamtara Global': Indian WhatsApp users flooded with spam calls</a>

NCLT withholds merger of Embassy group firms with Indiabulls Real Estate

New Delhi, Realty firm <keyword id="444094" type="General" weightage="20" keywordseo="Prestige-Estates-projects" source="Orion">Prestige Estates Projects</keyword> Ltd has reported a six-fold jump in its consolidated net profit to Rs 850.9 crore in the second quarter of this fiscal year on higher income. Its net profit stood at Rs 140.7 crore in the year-ago period. Total income rose to Rs 3,256 crore in the July-September period of 2023-24 from Rs 1,474.7 crore in the corresponding period of the previous year, according to a regulatory filing on Tuesday. During the April-September period of this fiscal, net profit increased to Rs 1,117.8 crore from Rs 345.6 crore in the year-ago period. Total income rose to Rs 5,222.3 crore in the first six months of this fiscal from Rs 3,486.5 crore in the same period of the last financial year. <keyword id="368714" type="General" weightage="20" keywordseo="Prestige-Estates" source="Orion">Prestige Estates</keyword> is one of the leading real estate developers in the country.

Prestige Estates Q2 2023-24 profit jumps 6-fold to Rs 850.9 crore

New Delhi, Realty firm <keyword id="143494" type="General" weightage="20" keywordseo="Mahindra-Lifespace" source="Orion">Mahindra Lifespace</keyword> Developers Ltd on Friday reported a consolidated net loss of Rs 18.93 crore for the second quarter ended September on lower income. Its net loss stood at Rs 7.51 crore in the year-ago period. Total income declined to Rs 25.7 crore during the July-September period of the 2023-24 financial year from Rs 73.82 crore in the corresponding period of the previous year, according to a regulatory filing. Mahindra Lifespace is the real estate and infrastructure development arm of the business conglomerate Mahindra Group. On the operational front, the company said it achieved pre-sales of Rs 455 crore in residential business. It launched 0.47 million square feet of saleable area at Tathawade Phase 3 in Pune. The company collected Rs 311 crore in residential business. Mahindra Lifespace achieved land leasing of 9.9 acres in the industrial business for Rs 32.2 crore. The company's development footprint spans 34.46 million square feet of completed, ongoing, and forthcoming residential projects across seven Indian cities. It has over 5,000 acres of ongoing and forthcoming projects under development and management at its integrated developments and industrial clusters across four locations.

Mahindra Lifespace posts nearly Rs 19 crore loss in September quarter

<keyword id="1390483" type="General" weightage="50" keywordseo="housing-sales" source="Orion">Housing sales</keyword> rose 36% year-on-year to a record 1,20,280 units across seven major cities during the July-September period on robust demand amid stable mortgage rate, according to Anarock. Housing sales stood at 88,230 units in the year-ago period across the seven major cities. Releasing the data, <keyword id="6354553" type="General" weightage="80" keywordseo="real-estate" source="Orion">real estate</keyword> consultant Anarock said average housing prices across the seven cities grew 11% annually in the July-September period this year. Hyderabad saw the highest rise of 18%. Anarock highlighted that quarterly sales in July-September touched an all-time high. In housing data, sales of apartments, villas and independent floors are included while plots are excluded. Anarock Chairman Anuj Puri highlighted that Mumbai Metropolitan Region (MMR) and Pune contributed 51% of the total sales. Puri noted that the continued healthy sales momentum is at least partially attributable to the repo rate pause maintained by the Reserve Bank of India in the two recent monetary policies. "This has kept home loan interest rates stable, keeping housing purchase sentiment high," he added. According to the data, housing sales in Delhi-NCR rose 6% to 15,865 units during July-September 2023 from 14,970 units in the year-ago period. In MMR, housing sales increased 46% to 38,500 units from 26,400 units during the period under review. Housing sales in Bengaluru went up 29% to 16,395 units during July-September this year from 12,690 units in the corresponding period of last year. In Pune, sales grew maximum by 63% to 22,885 units from 14,080 units. Sales of residential properties in Hyderabad increased 41% to 16,375 units from 11,650 units. In Chennai, housing sales rose 42% to 4,940 units from 3,490 units. Housing sales in Kolkata went up 7% to 5,320 units during July-September from 4,950 units in the year-ago period. "The ever-rising aspiration of owning a home mainly driven by rising income levels has meant a strong demand for housing over the last couple of years. The trend is expected to continue in the foreseeable future," Gurugram-based realty firm Krisumi Corporation Managing Director Mohit Jain said. The demand for luxury housing too is likely to remain strong amid the desire for upscale living experiences, he said. "Keeping pace with the demand for luxury homes, the supply is also expected to remain strong," Jain said.

Housing sales up 36% in Jul-Sep in top 7 cities: Anarock

<ul><li>In 2023, <keyword id="6362656" type="General" weightage="20" keywordseo="apartment" source="Orion">apartment</keyword> prices in <keyword id="6354539" type="General" weightage="20" keywordseo="dubai" source="Orion">Dubai</keyword> rose by approximately 18% and villa prices by about 22% </li><li>Dubai also has no capital gain tax, which makes investing in <keyword id="6354553" type="General" weightage="20" keywordseo="real-estate" source="Orion">real estate</keyword> a compelling proposition. </li><li>Rental yields, robust capital appreciation, and the stability of the Emirati Dirham (AED) are other reasons cited for <keyword id="6355120" type="General" weightage="20" keywordseo="investment" source="Orion">investment</keyword>. </li></ul>After the COVID pandemic got over, the real estate market has been going from strength to strength with affluent Indians also looking outside the country to make investments. Sample this – as per a report by ANAROCK, in 2022, Indians accounted for about 40% of all home-buying deals, with a total investment of ₹35,000 crore, nearly doubling the investment from 2021. Now, according to the Betterhomes <keyword id="6393792" type="General" weightage="20" keywordseo="residential" source="Orion">Residential</keyword> Market Report 2023, Indians have emerged as the leading investors in Dubai's real estate market, surpassing Britons in the third quarter of 2023. In the first six months of the year gone by, Indian investors pumped approximately $335 million into the Dubai real estate sector. The Dubai real estate market has experienced robust growth in terms of price appreciation and rental yields. “In 2023, apartment prices rose by approximately 18.3%, and villa prices by about 22.2%. The market is expected to continue this trend in 2024, with short-term rentals projected to jump by around 20% and long-term rentals by 15% compared to 2023,” says Morgan Owen, managing director, Middle East and North Africa, ANAROCK Group, a real estate services company. Growth potential The Dubai real estate market is projected to grow by about 15% in 2024, driven by a robust economy and foreign investor interest. “Dubai real estate has been very volatile over the last few years, but the last two to two and a half years has been a golden period. You have a market where you are seeing a boom,” says Sanjay Guha, Founder and CEO, Acquist, a real estate advisory firm. Golden visa and tax benefit Given its proximity to India and a sizable Indian diaspora of over 3.5 million residing in Dubai, the city has long been perceived as a second home for many Indians. “The attractive aspects of investing in Dubai include impressive rental yields, robust capital appreciation, and the stability of the Emirati Dirham (AED) being pegged to the US Dollar,” says Akash Puri, director, international, India Sotheby's International Realty. Puri adds that Dubai's "Golden Visa" initiative has also garnered significant attention from Indian investors. Acquiring property stands as the simplest way of investing and securing a Golden Visa. If your purpose of investment is to get a Golden Visa, then you need to buy a property worth at least 2 million dirhams in Dubai. This will grant you a Golden Visa for 5 years, renewable on the same conditions. “It must be noted that Dubai also has no capital gain tax, which makes investing in real estate a compelling proposition. Ease of doing business and a tax-friendly environment are a big plus,” says Puri. “What is happening is that you have an option to invest in Dubai from ₹2 to ₹2.5 crore. If you look at Mumbai, you cannot buy anything at this price in a place like South Mumbai,” says Guha. Why the HNI are investing According to Guha, a lot of HNIs invest in Dubai to de-risk their portfolio. Their primary investments remain in the Indian rupee, but they can have alternate asset classes in dollar terms, since the Dirham is pegged to the dollar. “Dubai offers rental yields of 4% to 7% annually, with no taxes on property rental income and capital gains, increasing the profitability of investments,” says Owen. There is also another advantage of investing in a Dubai property. “In Dubai, you can buy the flat, put the flat on rent, get the money in your account, pay any required taxes sitting at your home in India or anywhere in the world, it is that easy and professionally managed,” says Guha. How to invest in a property in Dubai? The Liberalised Remittance Scheme (LRS), a program implemented by the Reserve Bank of India (RBI) allows resident individuals in India to freely remit up to $250,000 per financial year (April 1st to March 31st) for any permissible current or capital account transaction or a combination of both. That is about ₹2 crore. Let us say a family is buying a property worth ₹8 crore in Dubai. Each of them can remit a maximum of ₹2 crore approximately in one financial year ending March. According to Guha, the payments to be made for a property can be done in such a way that half the payment is made at the end of a financial year and the other half is made in the next financial year. When done at the end of March this would mean only a few days gap in between, thus utilising limits for both financial years for both individuals. What to keep in mind Before investing in a Dubai property, it's crucial to conduct thorough research on the market trends and dynamics. Understanding the legal aspects related to property ownership in Dubai is paramount to ensure a smooth and compliant investment process. “When planning to buy a property in Dubai, the initial step is to clearly define the end goal: whether the purchase is for investment purposes or personal use. This clarity guides the selection process along with comprehensive market research and engaging a reputable agency which will further be invaluable in navigating the process,” says Puri. Additionally, considering the location and the reputation of the developer can significantly impact the property's long-term value.

The Indian rich is buying property in Dubai – Tax benefits to rental yields, the driving forces at play

<ul class="summary-list"><li>OpenAI CEO Sam Altman owns multimillion-dollar properties in San Francisco, Napa, and Hawaii.</li><li>Altman, fired then reinstated as OpenAI's CEO this month, has tried to keep a relatively low profile.</li></ul>Years before the recent drama at OpenAI turned CEO Sam Altman into a household name, the former Y Combinator president went on an extraordinary 18-month, $85 million real-estate shopping spree, according to records reviewed by Business Insider — including a previously unreported $43 million Hawaii estate on land that locals describe as historically significant.The purchases, which also include multimillion-dollar residences in San Francisco and Napa, California, took place between early 2020 and mid-2021, when Altman was ginning up support for his eyeball-scanning crypto startup, <a target="_blank" href="https://markets.businessinsider.com/news/currencies/worldcoin-orb-scan-eyes-iris-sam-altman-y-combinator-cryptocurrency-2021-10">Worldcoin</a>, and releasing OpenAI products in <a target="_blank" href="https://www.businessinsider.com/elon-musk-openai-sell-text-tool-it-said-was-dangerous-2020-6">private beta</a>, BI's review of business and real-estate filings found.A spokesperson for Altman declined to comment.Altman's precise net worth isn't known. As the CEO of OpenAI, his salary is just $58,333, according to IRS filings, and his equity stake in the company is so small that it's "immaterial," he's said. He's made more than 400 investments in nine years, BI previously reported, in companies across diverse fields such as commercial flights and brain implants.Earlier this year, Altman seemed to take a subtle dig at his fellow tech executives for amassing too much wealth."This concept of having enough money is not something that is easy to get across to other people," Altman said at the Bloomberg Technology Summit in San Francisco.But as Altman's wealth has grown, he's become increasingly removed from the daily life of the non-ultra-ultra-rich. His mother told <a target="_blank" href="https://www.wsj.com/tech/ai/chatgpt-sam-altman-artificial-intelligence-openai-b0e1c8c9">The Wall Street Journal</a> in March that Altman hadn't been to a grocery store in four or five years. In 2021, he hired his cousin to manage his family office.Here's where Altman spends his time.<div type="image" title="Satellite image of a Hawaii property" height="2983" width="4800" msid="105624017" hostid="261"></div><h2>A $43 million estate in Hawaii</h2>In July 2021, Altman bought a 12-bedroom estate in Kailua-Kona, on the Big Island of Hawaii, for $43 million. Judging by listing photos, the property has a private inlet and several houses. The estate is adjacent to a <a target="_blank" href="https://www.nps.gov/places/kamakahonu.htm#:~:text=Kamakahonu%2C%20the%20residence%20of%20Kamehameha,the%20Island%20of%20Hawai'i.">national landmark</a>, a <a target="_blank" href="https://ahuena-heiau.org/history.html">reconstruction of the royal temple of King Kamehameha I</a>, the first ruler of the unified Hawaiian islands."This land here is very sacred," the security manager of the property said in a recent video posted on YouTube about the estate urging visitors to be respectful. The property, he said, "is presently on the platform that the original house of King Kamehameha I resided." He added that the land was "one of the most historical places here in Hawaii."A second video highlighted the estate's adventurous amenities, including cliff jumping, motorboating, wakesurfing, jet skiing, and scuba diving. A person who worked on the second video said the intent was to produce something that friends and family could watch to remember their trips to the residence. (Both videos were removed from YouTube after BI requested comment for this article.)Altman's purchase of the Hawaii property has not been previously reported. BI linked the property to Altman by examining business and real estate filings that show the land is owned by an LLC managed by Jennifer Serralta, whose name appears as a manager on paperwork for other businesses known to be owned by Altman. Serralta, who previously worked in the automotive industry, <a target="_blank" href="https://www.linkedin.com/in/jennifer-serralta-339a1910/">describes herself</a> on LinkedIn as the COO of a family office — presumably Altman's — and is his cousin, according to an obituary for their grandmother. Reached by phone, Serralta declined to comment.Family offices are entities established to manage the finances and investments of wealthy individuals, wrangling everything from real estate to yachts and philanthropy. Altman's, like those of many Silicon Valley tech CEOs, is intensely private. Altman has launched several investment vehicles over the years, including one with his brothers Jack and Max named <a target="_blank" href="https://www.forbes.com/sites/alexkonrad/2020/06/17/altman-brothers-launch-apollo-fund-to-back-startup-moonshots/?sh=5978d77f41eb">Apollo Projects</a>, and another entity titled Altman Family LLC.In a March post on her personal blog, Serralta wrote that she stayed at a Kailua-Kona property owned by "a friend" while vacationing in Hawaii. Last year, Altman tweeted a <a target="_blank" href="https://web.archive.org/web/20220409060534/https://twitter.com/sama/status/1512111914939154434">photo of himself</a> wakesurfing in Hawaii; the view of the Big Island in the background of the photo matches precisely the view from the Kailua-Kona compound. And in 2021, Altman registered a business, the Sam Altman Qualified Opportunity Fund, at an address adjacent to the property. (It's possible that Altman wanted to register the business to his address but made a mistake; the address he used differs from his own by just one digit and has been owned by the same person since 2007.)Altman joins a roster of Silicon Valley titans with Hawaii estates, including Mark Zuckerberg, whose property purchases on the island of Kauai have <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-family-office-weststreet-misconduct-allegations-2020-2">sparked controversy</a>, and Larry Ellison, who owns <a target="_blank" href="https://www.businessinsider.com/oracle-larry-ellison-lanai-hawaii-plans-sustainability-tourism-2020-12">most of the island of Lanai</a>. Marc Benioff, Jeff Bezos, and Peter Thiel have also scooped up sizable properties on the islands.Altman has one family connection to Hawaii: His youngest sibling, sister <a target="_blank" href="https://allhumansarehuman.medium.com/how-we-do-anything-is-how-we-do-everything-d2e5ca024a38">Annie Altman</a>, has lived on the islands on and off since 2017. Annie, an artist and entertainer who has supported herself through in-person and virtual sex work, lives a much different life than her brother. Annie is teetering on financial insolvency, she told BI, after a lengthy stretch of illnesses. She has not spoken to her brother since 2021, when Annie refused Sam's offer to buy her a home after learning that a lawyer would control the property, she said.Annie had been unaware that her oldest brother owned property in Hawaii until BI asked her about it, she said.<h2>A $27 million San Francisco home</h2>Altman's weekday residence is a home on San Francisco's Russian Hill that was once described — inaccurately — as the most expensive home in San Francisco. He purchased it through an LLC in March 2020 for $27 million, according to property and business records.The compound, with sweeping views over San Francisco, includes a main residence, a wellness center, a cantilevered infinity pool, and an underground garage with a car turntable, <a target="_blank" href="https://www.businessinsider.com/sam-altman-openai-chatgpt-worldcoin-helion-future-tech-2023-4">BI reported</a> earlier this year.The property is the home base for a number of Altman's investment vehicles, according to business and SEC filings, including venture firm Apollo Projects, 9Point Ventures, and Uncommon Ventures. In recent weeks, the property functioned as a war room for Altman and his closest allies as he planned his return to OpenAI.<h2>A $15.7 million ranch in Napa</h2>Altman took a New York Times reporter to his weekend home, a working ranch in Napa, earlier this year. The reporter, Cade Metz, <a target="_blank" href="https://www.nytimes.com/2023/03/31/technology/sam-altman-open-ai-chatgpt.html">described</a> the estate as "both folksy and contemporary. The Cor-Ten steel that covers the outside walls is rusted to perfection."Altman purchased the 950-acre property in late 2020 for $15.7 million through an LLC, according to real estate records reviewed by BI. The estate comprises five homes and vineyards in a picturesque northern California landscape.Several Altman companies are or have been registered to the address, including the opaquely-named Project 2024 LLC, as well as another Altman venture firm, Hydrazine Capital Management.At the time of purchase, one of the property's former owners described the buyer, who he did not name, as having "complete passion for the land.""It's hard to explain how marvelous it is to live where there are still river otters on your property and oaks that are centuries old. He gets it. He's enthusiastic about it," the former owner, Hollywood lighting designer Bob Dickinson told the San Francisco Chronicle. "He has a very close family and I think his motivation is to make it the same kind of community experience with his family and friends."Altman <a target="_blank" href="https://www.businessinsider.com/sam-altman-openai-chatgpt-worldcoin-helion-future-tech-2023-4">flies</a> groups of friends and colleagues up to the property frequently.<h2>A 'big patch of land' in Big Sur, cars, and planes</h2>In 2016, Altman <a target="_blank" href="https://www.newyorker.com/magazine/2016/10/10/sam-altmans-manifest-destiny">told the New Yorker</a> that he owns a getaway in Big Sur that he can "fly to" if a super-powerful AI attack leads to "nations fighting with nukes over scarce resources." (He also said he had stockpiled "guns, gold, potassium iodide, antibiotics, batteries, water, gas masks from the Israeli Defense Force" to prepare for that event.)BI wasn't able to find which "big patch of land" Altman owns in the expensive coastal California enclave, but it seems likely he'll be able to fly himself there in the event of an apocalypse: A 2010 document shows Altman is licensed to fly single-engine planes, and he's posted about <a target="_blank" href="https://twitter.com/sama/status/573516436834029568">small plane trivia</a> on X. In the same New Yorker interview, Altman also copped to owning five cars, including two McLarens and an "old Tesla." Altman <a target="_blank" href="https://x.com/sama/status/489204644766158848?s=20">posted on X </a>in 2014 about owning a Tesla Roadster, of which only 2,450 were made. The cars are now collectors' items <a target="_blank" href="https://www.businessinsider.com/tesla-roadster-prices-increasing-sales-collectors-items-2022-10">selling for more than $100,000.</a> He's also <a target="_blank" href="https://x.com/sama/status/312309004791607298?s=20">posted</a> about owning a 2013 Tesla Model S.Do you have more to share? You can reach Katherine via the encrypted messaging app Signal (+1-206-375-9280) or email at klong@insider.com. You can reach Hugh via encrypted messaging apps Signal/Telegram (+1 628-228-1836) or email at hlangley@businessinsider.com.

OpenAI CEO Sam Altman went on an 18-month, $85 million real-estate shopping spree &mdash; including a previously unknown Hawaii estate

New Delhi, Realty firm <keyword id="3606282" type="General" weightage="20" keywordseo="Signature-Global" source="Orion">Signature Global</keyword> on Thursday reported a consolidated net loss of Rs 7.18 crore for the first quarter of this fiscal year on higher expenses. Gurugram-based Signature Global had logged a net profit of Rs 32.78 crore in the year-ago period, according to a regulatory filing. Total income also declined to Rs 178.9 crore in April-June 2023-24 from Rs 559.01 crore in the corresponding period of the previous year. This is the first quarterly result announced by the company after getting listed on stock exchanges recently. Last month, Signature Global successfully launched its Initial Public Offer (IPO). The total size of the IPO was Rs 730 crore, with a fresh issue of shares worth Rs 603 crore and an offer-for-sale (OFS) of Rs 127 crore. The public issue was subscribed 11.88 times.

Signature Global posts Rs 7.18 cr net loss for Apr-Jun quarter 2023

Enthused by strong housing demand, realty firm Godrej Properties Ltd has acquired 18 land parcels last fiscal for development of new projects with an estimated sales potential of around Rs 32,000 crore. Mumbai-based Godrej Properties, which is part of business conglomerate <keyword id="133008" type="General" weightage="20" keywordseo="godrej-group" source="Orion">Godrej Group</keyword>, had given a guidance that for future development it would add land parcels that have sales revenue potential of Rs 15,000 crore. However, the company's new business development, which means addition of new land parcels, jumped more than two-fold of annual guidance. Godrej Properties acquires land outrightly and also enters into joint development agreements (JDAs) with landowners to create a pipeline of future projects and expand its business. In a recent regulatory filing, the company presented its operational performance for 2022-23. Godrej Properties highlighted that it has added "18 new projects in FY23 with a total estimated saleable area of nearly 29 million square feet and total estimated booking value of around Rs 32,000 crore." In the fourth quarter of last fiscal, five new projects were added with an expected sales booking value of Rs 5,750 crore. Among big-ticket deals in FY23, the company acquired an 18-acre land parcel in Kandivali, Mumbai for Rs 750 crore to develop a luxury housing project with an estimated revenue potential of about Rs 7,000 crore. It also acquired legendary film actor, director and producer Raj Kapoor's bungalow at Chembur in Mumbai to develop a luxury housing project. In February last year, Godrej Properties Executive Chairman Pirojsha Godrej had said that the company would invest around Rs 7,500 crore over the next 12-18 months on the acquisition and development of new real estate projects. Sitting on a huge cash pile, Godrej Properties entered aggressively into the market to acquire land parcels. In the last fiscal, it purchased more land outrightly than signing JDAs with landowners. On operational front, Godrej Properties' sales booking rose 56 per cent last fiscal to Rs 12,232 crore -- an all-time high -- on strong demand for residential properties. Pirojsha Godrej attributed the strong growth in FY23 to its strong portfolio of projects across the country. For the first time, the company sold over Rs 2,000 crore of real estate in each of four focus markets of Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru and Pune. Out of the total sales bookings last fiscal, housing segment's contribution was 99 per cent. Pirojsha said the company look forward to building on this sales momentum in FY24. During 2022-23, sales volumes grew by 40 per cent to 15.21 million square feet from 10.84 million square feet in the previous year. The company delivered projects aggregating over 10 million sq ft across 5 cities in FY23. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/zepto-preps-for-public-listing-in-2-years-brings-in-ramesh-bafna-as-cfo-to-lead-ipo-process/articleshow/99514143.cms">Zepto preps for public listing in 2 years; Brings in Ramesh Bafna as CFO to lead IPO process</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rbis-mpc-decisively-in-a-rate-pause-territory-as-inflation-cools-down/articleshow/99497132.cms">RBI's MPC 'decisively' in a rate-pause mode as inflation cools down</a>

Godrej Properties acquires 18 land parcels in FY23 to build new projects with Rs 32,000-cr sales potential

<ul><li>Shares of some <keyword id="6354553" type="General" weightage="20" keywordseo="real-estate" source="Orion">real estate</keyword> developers like <keyword id="6362997" type="General" weightage="20" keywordseo="dlf" source="Orion">DLF</keyword>, <keyword id="139366" type="General" weightage="20" keywordseo="sobha" source="Orion">Sobha</keyword>, Prestige Estate Projects have gained 13-33% in the last 30 days.</li><li>Home loans segment is witnessing strong demand with lowest mortgage loan rates since 2005.</li><li>Analysts believe the real estate sector is set for an upcycle with the coming festive season, low home loan rates, stable property prices and robust hiring by IT companies are expected to support housing demand.</li></ul>Real estate company stocks are back in action with shares of such companies buzzing since the last few weeks. Analysts believe that the fact that we are heading into the festive season with low home loan rates, stable property prices and robust hiring by information technology (IT) companies are expected to support housing demand. Shares of some real estate developers like DLF, Sobha, Prestige Estate Projects have gained 13-33% in the last 30 days. Nifty Realty index has gained close to 5% in the last 30 days while BSE Realty index has gained over 7% during the period. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Real estate company stocks </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Year-to-date change </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sobha </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">101% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Prestige Estate Projects </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">83% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Brigade Enterprises </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">57% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Oberoi Realty </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">38% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sunteck Realty </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">8% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mahindra Lifespace Developers </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">123% </td></tr></tbody><tbody></tbody><tbody></tbody></table> Analysts believe that the real estate residential segment is set for an upcycle. “Heading into the festive season in India in H2 [second half] FY22, listed developers have lined up a number of launches across tier I cities. Low mortgage rates, stable property prices and robust hiring outlook for IT/ITeS [IT-enabled services] and financial services, especially in south India and continued work-from-home is expected to support residential housing demand,” said a report by ICICI Securities, dated September 4. The report says DLF, Oberoi Realty, Brigade Enterprises, Sunteck Realty and Mahindra Lifespaces are some preferred stocks by the broking firm in the realty segment. The report shows that the home loan rates offered by most large lenders range in the 7-7.5% range for 20-year housing loans and is the lowest ever since 2005. The Indian real estate performance has been affected for many years owing to demonetisation, real estate regulatory authority (RERA)/goods and services tax (GST) implementation, NBFC funding crisis and the first and second waves of the COVID-19 pandemic in India. “However, heading into FY22 and beyond, we believe that the sector is set for an upcycle,” said analysts at ICICI Securities. RERA came into action in 2017 to ensure transparency in the real estate segment thereby tightening rules, which made it difficult for developers to launch new projects without approvals. And in the last few years, non-banking financial companies have seen a <a href="https://www.moneycontrol.com/news/business/all-you-want-to-know-about-the-nbfc-crisis-3966551.html">liquidity crisis led by IL&amp;FS group. </a> Gagan Banga, managing director of Indiabulls Housing Finance, in an interview with CNBC-TV18 said that they are seeing strong demand in home loans. “Mid-income group is showing a lot of demand, the best in 15 years,” he said. “The Indian real estate sector is at a crossroads. After a gap of almost eight years, demand seems to be picking up in the residential segment aided by improved affordability, COVID-19 induced factors and government measures to boost housing absorption,” said a report by Edelweiss Securities. Further, analysts feel the residential market will do well in the near future. Listed players have gained market share with new launches in the last 2-3 years and they expect it to continue. Yash Gupta, equity research analyst at Angel Broking, says he expects the residential market to do well in the near future. Also, expect new hiring by [the] IT industry to increase residential demand in Bangalore, Pune and Chennai. “We have seen a strong consolidation in the top 10 cities in India towards organised players post Demon [demonetisation], RERA, IL&amp;FS crisis. Listed players have gained market share in new launches in the last 2-3 years, we expect this to continue,” he said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/jiophone-next-is-the-new-weapon-in-ambanis-arsenal-as-he-takes-aim-at-the-500-million-subscriber-mark/articleshow/85974565.cms">JioPhone Next is the new weapon in Ambani’s arsenal as he takes aim at the 500 million subscriber mark</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/income-tax/news/do-not-forget-to-check-form-26as-before-filing-your-income-tax-return-heres-why/articleshow/85972783.cms">Do not forget to check form 26AS before filing your income tax return. Here’s why</a>

You Searched For "Realty firm Max Estates" and got 12 results

Average debt cost for top eight listed realty players lowest since pandemic, says Anarock

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Prestige Estates Q2 2023-24 profit jumps 6-fold to Rs 850.9 crore

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Mahindra Lifespace posts nearly Rs 19 crore loss in September quarter

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The Indian rich is buying property in Dubai – Tax benefits to rental yields, the driving forces at play

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OpenAI CEO Sam Altman went on an 18-month, $85 million real-estate shopping spree including a previously unknown Hawaii estate

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Godrej Properties acquires 18 land parcels in FY23 to build new projects with Rs 32,000-cr sales potential

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