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<keyword id="7457881" type="General" weightage="100" keywordseo="private-credit" source="Orion">Private credit</keyword> deployments are likely to surpass the $10 billion mark in 2024, a report by a consultancy firm EY said on Wednesday. The January-June period saw private credit transactions of over $6 billion in 96 deals, and the last two-and-a-half years have seen over $20 billion being deployed in the emerging alternative serving the credit needs of Indian companies. Major deals were witnessed across real estate, infrastructure, and healthcare sectors in the first half of the year, the report by EY said. Domestic funds are gaining traction and market share in the private credit space leveraging local expertise and the influence of lower-cost domestic money, it said. The first half of the year saw <keyword id="23077048" type="General" weightage="20" keywordseo="reliance-logistics" source="keywords">Reliance Logistics</keyword> and Warehousing, Vedanta Semiconductors, and Matrix <keyword id="19933821" type="General" weightage="20" keywordseo="pharma" source="keywords">Pharma</keyword> collectively raising approximately $1.3 billion, while real estate sector continued to be a focal point with borrowers such as <keyword id="20197996" type="General" weightage="20" keywordseo="prestige-group" source="keywords">Prestige Group</keyword>, <keyword id="21275229" type="General" weightage="20" keywordseo="puravankara-group" source="keywords">Puravankara Group</keyword>, Kalpataru Group, and Shapoorji Group being active. The firm's partner Bharat Gupta said private credit investments are at an all-time high, driven largely by growth-oriented strategies. "The outlook remains promising, though thorough due diligence and effective deal oversight are crucial to maximizing returns and managing potential risks," Gupta added. With the maturing of the system, there is a subtle shift towards performing credit deals in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> with funds increasingly engaging in sub-18% <keyword id="22335519" type="General" weightage="20" keywordseo="internal-rate-of-return" source="keywords">Internal Rate of Return</keyword> (IRR) transactions, the report said. In the high-yield segment, mergers and acquisitions/buyout deals, and bridge-to-initial public offering transactions have gained traction within private credit funding, it said. High-net-worth investors and family offices are increasingly participating in private credit as a key asset class, boosting the popularity of domestic funds, it added.

Private credit deals to touch $10 billion in 2024, says EY report

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

Realty firm <keyword id="368714" type="General" weightage="100" keywordseo="prestige-estates" source="Orion">Prestige Estates</keyword> on Wednesday said its sales bookings rose by 25 per cent to a record ₹12,930.9 crore in the last fiscal year on strong housing demand. In a regulatory filing, the Bengaluru-based firm said, "During the fiscal year FY23, the group registered record-breaking highest sales of ₹12,930.9 crore (up by 25 per cent year-on-year) and highest ever collections of ₹9,805.5 crore (up by 31 per cent y-o-y)." Sales bookings stood at 15.09 million square feet with an average realization of ₹8,812 per sq ft (up by 17 per cent year-on-year) for apartments/ villas/ commercial sales and an average realization of ₹4,124 per square feet (down 2 per cent y-o-y) for plot sales. The group sold more than 9,600 homes in FY23 spanning over 15 million square feet area. During the last fiscal, the new launches totalled 26.38 million square feet up by 57 per cent annually. The total completions during the last fiscal year stood at 15.68 million square feet, up by 10 per cent year-on-year. During the fourth quarter of the last fiscal, <keyword id="36786" type="General" weightage="20" keywordseo="Prestige" source="Orion">Prestige</keyword> Estates registered sales of ₹3,888.8 crore, up 19 per cent year-on-year and the highest-ever quarterly collections of ₹2,763.3 crore, up by 12 per cent year-on-year. It sold 4 million square feet area with an average realization of ₹9,761 per square foot (up by 26% yoy) for apartments/villas/commercial sales and average realization of ₹4,508 per square foot (up by 44 per cent yoy) for plot sales. <keyword id="74657" type="General" weightage="80" keywordseo="irfan-razack" source="Orion">Irfan Razack</keyword>, Chairman and Managing Director, <keyword id="217617" type="General" weightage="80" keywordseo="prestige-group" source="Orion">Prestige Group</keyword> said, "The company has achieved significant growth in the past year- with sales, collections, launches, and completions far surpassing the previous year's level." The success in the past year has been driven by its commitment to delivering high-quality projects and exceptional service to clients, he added. "We have been dedicated to expanding our property portfolio while maintaining a healthy balance of launches and completions. We are well-positioned to continue our upward trajectory, and we have set ambitious objectives for the next three years. "Our aim is to double our sales during this time, and we are confident that we have the right team and strategy in place to achieve this goal," Razack said. Venkat K Narayana, Chief Executive Officer, Prestige Group said, "We achieved a record-breaking highest sale of ₹12,930 crore, which is a remarkable increase of 25 per cent compared to the previous year's (high base) sales of ₹10,382 crore." <keyword id="6358070" type="General" weightage="50" keywordseo="mumbai" source="Orion">Mumbai</keyword> contributed about ₹2,700 crore to the total sales in the last fiscal, he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indian-equity-markets-fall-for-third-consecutive-day-on-selling-in-it-banking-stocks/articleshow/99613243.cms">Indian equity markets fall for third consecutive day on selling in IT, banking stocks</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/mos-utility-whose-shares-are-up-30-from-issue-price-a-day-after-market-debut/slidelist/99611013.cms">All about MOS Utility whose shares are up 30 percent from issue price a day after debut</a>

Prestige Estates clocks record sales bookings of ₹12,930 crore in FY23, up 25% annually

New Delhi, Dec 23 () Bengaluru-based Prestige Estates Projects Ltd's board has approved issuing 1.34 crore equity shares to Singapore's sovereign wealth fund GIC on preferential basis for Rs 434 crore.
 GIC held 4.36 per cent stake in the company as on September 30, 2019.
 The company's board has approved "issue and allotment of 1,34,41,654 equity shares at a price not less than floor price of Rs 323.22" on preferential basis to GAMNAT Pte Ltd, which is an affiliate of GIC, according to a regulatory filing by Prestige Estates.
 Shares of the company fell 0.65 per cent to Rs 345.20 apiece on Monday. 
 Prestige Estates will take shareholders' approval before allotting these shares to GAMNAT.
 In its 32 years of operations, Prestige Group has completed 236 real estate projects, comprising nearly 125 million sq ft of developable area, mostly in south India.
 Prestige Estates is also foraying into the Delhi-NCR market and has tied up with local developer Ace Group to launch its first housing project in Noida with an investment of around Rs 500 crore on construction.
 It has also announced a joint venture with DB Group to develop a large hotel and convention centre project at Aero City in the national capital with an investment of Rs 2,000 crore.
 GIC has been investing heavily in Indian real estate market. 
 It invested around Rs 9,000 crore to acquire around 33 per cent stake in DLF's rental arm DLF Cyber City Developers Ltd (DCCDL). MJH RVK

GIC to invest Rs 434 cr in Prestige Estates

<ul><li><keyword id="6662518" type="UNKNOWN" weightage="20" keywordseo="Phoenix-Mills-share-price">Phoenix mills share price</keyword> was up by 6.25% in early trade as the markets cheered the opening of malls from June 8.</li><li>Bengaluru-based Brigade enterprises, which runs three malls in the city, had also waived off 50% of the rental during lockdown. Its shares too were trading with a 2.16% jump. </li><li>Malls are getting ready to reopen for business. The government has also given them SOPs to follow while reopening.</li></ul>The market is cheering the government’s move to reopen malls and shopping centres from June 8 triggering a rally in stocks like Prestige Estates, Phoenix Mills and Brigade Enterprises that own and operate <keyword id="89358" type="PERSON" weightage="20" keywordseo="shopping-malls">shopping malls</keyword> in some of India’s biggest cities. The shares of Phoenix mills, one of India’s largest owners of shopping malls in India, rallied nearly 20% cheering the government approval However, the rally cooled off to about 6.25% after the management told a television channel that it will defer the rentals for retailers who have shops in its malls. <div type="image" title="phoenix ." msid="76211227" hostid="261"></div> Meanwhile, Bengaluru-based Brigade enterprises, which runs three malls in the city, had also waived off 50% of the rental during lockdown. Its shares too were trading with a 2.16% jump. <div type="image" title="Brigade." msid="76211290" hostid="261"></div> Prestige Estates too saw its shares trading at a 2.78% jump. Prestige runs eight malls in six cities across Bengaluru, Mangaluru, Chennai, Hyderabad, Mysuru and Udaipur with over 3 million sq. ft. retail space. <div type="image" title="prestige new." msid="76211341" hostid="261"></div> Shopping malls across the country have been shut even before the coronavirus lockdown took place. In March and April, shopping malls lost ₹90,000 crore according to the Shopping Centre Association of India (SCAI). But come June 8, malls are getting ready with vigour to reopen for business. The government has also given them <a href="https://www.businessinsider.in/india/news/checkout-coronavirus-unlock-1-new-guidelines-for-indias-malls-offices-religious-places-and-hotels/articleshow/76208201.cms">SOPs</a> to follow while reopening. In a seminar organised by SCAI, mall owners had said that while the next 90-120 days will be about ‘recovery, reimagine and re-energise the business model’, the broader idea is to focus on regrowth by Diwali by when the experts anticipate 80-100% consumers returning. “We are in a phase, till the vaccine comes in for Covid, we will have to take the necessary precaution. Health and safety is of prime importance. We are not throwing caution to the wind and saying why have you locked us up when others are operational. The narrative is life has to go on, people have to live, they have to have some sort of an outlet/go somewhere,” said Irfan Razack, Chairman, and Managing Director, Prestige Group, which runs the Forum Mall chain in southern India. SEE ALSO: <a href="https://www.businessinsider.in/business/news/from-softbank-to-googles-waymo-all-you-need-to-know-about-reliance-jios-latest-investor-mubadala-investment-company/articleshow/76207469.cms">From SoftBank to Google's Waymo – all you need to know about Reliance Jio's latest investor Mubadala's investments</a> <a href="https://www.businessinsider.in/thelife/personalities/news/biocons-kiran-mazumdar-shaw-who-debuted-in-the-pharma-industry-with-two-employees-and-500-becomes-ey-world-entrepreneur-of-the-year-2020/articleshow/76208199.cms">Biocon’s Kiran Mazumdar Shaw, who debuted in the pharma industry with two employees and $500 becomes EY World Entrepreneur of the Year 2020</a> <a href="https://www.businessinsider.in/policy/economy/news/inside-indias-50000-crore-scheme-to-woo-electronics-manufacturing-including-smartphones/articleshow/76207462.cms">Inside India’s ₹50,000 crore scheme to woo electronics manufacturing including smartphones</a>

Phoenix Mills defers rentals for retailers as investors cheer the reopening of malls

<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="6356895" type="General" weightage="20" keywordseo="Cyrus-Mistry" source="Orion">Cyrus Mistry</keyword> was once liked by Rata <keyword id="8555" type="General" weightage="100" keywordseo="tata" source="Orion">Tata</keyword>, who called him astute and humble, and later anointed him as his successor in 2012.</li><li><keyword id="6391150" type="General" weightage="80" keywordseo="mistry" source="Orion">Mistry</keyword> went on to become the sixth <keyword id="6355725" type="General" weightage="80" keywordseo="tata-group" source="Orion">Tata Group</keyword> chairman, and only the second without a Tata surname.</li><li>However, Mistry’s ascension to the top of India’s biggest conglomerate was short-lived, with <keyword id="6360722" type="General" weightage="50" keywordseo="ratan-tata" source="Orion">Ratan Tata</keyword> himself ousting Mistry in a ‘palace coup’ in 2016.</li><li>Here’s a run down the memory lane of the history between the Mistrys and Tatas, India’s most prominent Parsi families.</li></ul>Cyrus Mistry’s untimely death in an accident near Mumbai has come as a shock to many, but it has also re-opened the saga of his prolonged battle with the Tata Group and Ratan Tata. Mistry was otherwise a very reclusive, private person, and not much is out in the public about his life. However, his battle with the Tata Group was as public and explosive as it could be, where he locked horns with Ratan Tata, the group’s managing trustee at the time, R Venkataramanan, and other senior officials. Mistry was the chairman of the Tata Group for four years, from 2012 to 2016. During his tenure as the chairman, Mistry is credited for turning around Tata Motors, but he seems to have ruffled feathers during his tenure. His reclusive nature meant he did not host a single press conference during his four years as the group chairman. But what could have gone so wrong that two of the most prominent Parsi families of the country ended up standing against each other, despite a partnership of over 90 years? <cmsannotation type="cmsannotation" annotationid="Tatas and Mistrys – how it all began" comment="subhead" text="Tatas and Mistrys – how it all began">Tatas and Mistrys – how it all began</cmsannotation> Tatas and Mistrys share nearly a century of relationship spanning over three generations. It all began in the 1930s when Shapoorji Pallonji acquired a 12.5% stake in Tata Sons – the owner of the Tata Group – from FE Dinshaw’s estate. The SP Group’s stake increased to 18.5% after a rights issue in 1996. Since then, the Pallonjis have remained quiet partners in the Tata Group. By some estimates, their investments amounted to just $11 million for the stake they have in the Tata Group, but the value of those investments has surged to several billion dollars over the years. Buffett who? <cmsannotation type="cmsannotation" annotationid="Who was Cyrus Mistry?" comment="subhead" text="Who was Cyrus Mistry?"><keyword id="14894773" type="General" weightage="20" keywordseo="Who-was-Cyrus-Mistry" source="Orion">Who was Cyrus Mistry</keyword>?</cmsannotation> Cyrus Mistry was the grandson of Shapoorji Pallonji and the son of Pallonji Mistry. He is survived by his wife and two children. Born in 1968, Mistry got a civil engineering degree from Imperial College London. He joined his family’s construction company, Shapoorji Pallonji &amp; Co., as a director in 1991. His connection with the Tata Group began in 2006, when he took up the mantle of a director a year after his father retired. He was subsequently elevated as the deputy chairman of the Tata Group. When Ratan Tata finally retired as the group chairman in 2012, Mistry replaced him and became the sixth chairman of the Tata Group – and only the second to not bear the Tata surname. <cmsannotation type="cmsannotation" annotationid="‘An appointment of convenience’, and not conviction?" comment="subhead" text="‘An appointment of convenience’, and not conviction?">‘An appointment of convenience’, and not conviction?</cmsannotation> Unlike Ratan Tata’s ascension to the throne as the head of the Tata Group, Mistry’s elevation was seen by some in the industry as an “appointment of convenience”, not conviction. Further lending credence to this thought is Ratan Tata’s eventual return as the Tata Group chairman in just four years. When Mistry entered his family business in 1991, Ratan Tata was elevated as the group chairman by his uncle, JRD Tata. Since then, the family patriarch has ruled over the group’s businesses. <cmsannotation type="cmsannotation" annotationid="How the Tata-Pallonji’s decades-long partnership broke down" comment="subhead" text="How the Tata-Pallonji’s decades-long partnership broke down">How the Tata-Pallonji’s decades-long partnership broke down</cmsannotation> Mistry, despite his reserved nature, pulled no punches when it came to steering the Tata Group’s future. He voiced his opposition to the group’s often expensive decisions – like the one to acquire Jaguar Land Rover, or rolling out Ratan Tata’s pet project, the ₹1 lakh Nano car. <div type="image" title="Ratan Tata Cyrus Mistry1" msid="94000761" hostid="261" sizebytes="84758" caption="&amp;lt;p&amp;gt;Ratan Tata and Cyrus Mistry&amp;lt;/p&amp;gt;"></div> Mistry also voiced his opposition to investing the cash sink that is the aviation business – Tata Sons eventually ended up acquiring a 51% stake in a $100 million venture, far above Mistry’s agreed promise of a 30% stake in a $30 million equity. Mistry’s ouster from the Tata Group has been called a ‘palace coup’ by many in the industry. His pushback against the Tatas and attempts to steer the group to a low-debt high-margin regime eventually led to his downfall. <cmsannotation type="cmsannotation" annotationid="An ugly, public spat" comment="subhead" text="An ugly, public spat">An ugly, public spat</cmsannotation> While Mistry liked to maintain a low profile, his spat with the Tata Group was as public as it could get. Eventually, Tatas’ relationship with Cyrus Mistry broke down so much so that Mistry was unceremoniously ousted as the chairman. This resulted in a legal tussle a few months later, going from the NCLT to the Supreme Court of India. India’s top court eventually ruled against Mistry, and dismissed a review petition filed by the SP Group earlier this year, thus bringing an end to the 6-year long ugly legal battle that frayed ties between India’s two most prominent Parsi families. SEE ALSO: <a href="https://www.businessinsider.in/business/news/modi-and-industry-leaders-express-condolences-on-cyrus-mistrys-death/articleshow/93986009.cms">Cyrus and I shared a laugh last month on a bench in London, says former strategy head of Tata Sons</a> <a href="https://www.businessinsider.in/thelife/personalities/life-and-times-of-cyrus-mistry-the-most-low-profile-man-with-the-most-high-profile-exit/articleshow/93986896.cms">Life and times of Cyrus Mistry – the most low profile man with the most high profile exit</a> <a href="https://www.businessinsider.in/thelife/personalities/news/remembering-cyrus-mistry-10-things-to-know-about-the-former-tata-sons-chairman/slidelist/93994782.cms">Remembering Cyrus Mistry: 10 things to know about the former Tata Sons chairman</a>

Cyrus Mistry vs Tata Group – decoding the battle of prestige between India’s most prominent Parsi families

New Delhi, Jan 27 () Realty firm Prestige Estates Projects Ltd has reported over two-fold jump in consolidated net profit at Rs 161.8 crore for December quarter and raised Rs 437 crore through preferential allotment of shares to Singapore sovereign wealth fund GIC.
Its net profit stood at Rs 58.1 crore in the year-ago period.
Total income from operations also rose sharply to Rs 2,696.3 crore during October-December of 2019-20 from Rs 1,079 crore in the corresponding period of the previous year, Bengaluru-based developer said in a regulatory filing.
 The board of directors has allotted 1,34,41,654 equity shares of Rs 10 each to an investor, on a preferential allotment basis, at a price of Rs 325 per equity share.
Last month, the board had approved "issue and allotment of 1,34,41,654 equity shares at a price not less than floor price of Rs 323.22" on preferential basis to GAMNAT Pte Ltd, which is an affiliate of GIC.
Prestige group announced development of 250 projects across India with completion of seven projects, including three housing and four commercial, across Bengaluru. The company last week launched a new township project Prestige Finsbury Park. 
"2020 has begun on an extremely positive note for us at Prestige Group as we announce the completion of 7 developments across Bengaluru. With these newly completed developments, we will have 250 landmark structures across India that stand as a testimony to our work," said Irfan Razack - CMD, Prestige Group.
 "On a macro-level, this year, I expect to see greater optimism and trust in Indian real estate. And, of course, substantial growth, especially in the affordable and mid-income housing segments, courtesy the decline in home loan interest rates and the 'Housing for All by 2022' initiative," he said in a statement.
Razack, former chairman of realtors' body CREDAI, asked the industry to adopt a more positive outlook, implement realistic pricing, foster greater trust, and tap into the amazing opportunities this year.
Prestige Group has diversified business models across the residential, office, retail, and hospitality segments with operations in 12 key locations in India. The group has 45 ongoing projects across segments, with total developable area of 49 million sq ft. Further, it has 66 million sq ft under planning and holds a land bank with potential developable area of over 29 million sq ft. 
The consolidated turnover of the company during FY2018-19 was Rs 5,284 crore. MJH MJH RUJ
RUJ

Prestige Estates Q3 profit jumps over two-fold to Rs 162 cr

<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>

Sobha, Mahindra Lifespace become multibaggers in 2021 as analysts see strong upside in realty space

Trump wanted to chop up and sell off Mar-a-Lago's grounds in the '90s. This is how preservationists and officials stopped him.

<ul class="summary-list"><li><keyword id="15641" type="COMPANY" weightage="60" keywordseo="Miami">Miami</keyword>'s exclusive club <a href="https://www.thebathclub.com/membership">The Bath Club</a> has reopened with new owners. </li><li>After years of excluding Black people, its current owner <keyword id="2926467" type="PERSON" weightage="60" keywordseo="Don-Peebles">Don Peebles</keyword> is African American.</li><li>The new owner talks to Insider about his plans to build an "exclusively inclusive" club to cater to a new generation of private club-goers.</li></ul>When R. Donahue Peebles first set foot on the sand of the Beach Club in Miami in 1996, toured its three acres of private beach, two clay tennis courts, and 26,000-square-foot clubhouse, he had no idea he would be the private <keyword id="1213222" type="ORGANIZATION" weightage="60" keywordseo="social-club">social club</keyword>'s <a href="https://www.miamiherald.com/article249553723.html">first African American member</a>. "It was a beautiful Mediterranean building," said Peebles, who is the founder of the <a href="https://www.cnbc.com/id/100149640">multi-billion dollar</a> <keyword id="6354553" type="COMPANY" weightage="60" keywordseo="real-estate">real estate</keyword> development company <a href="https://peeblescorp.com">Peebles Corporation</a>. He'd come to Miami to build the Royal Palm Hotel in South Beach - a project that would make him the first African American to develop a major hotel in the US.And that wouldn't be his last first: In 2000, Peebles bought this very social club, remaking its image after decades of excluding people of color. He and his wife Katrina, who is creative director at Peebles Corporation, invested $8 million renovating the club, which reopened this February with a membership list curated by the couple.The new Bath Club, they said, will be a place where everyone is welcome - and Peebles has a plan to recoup his investment by catering to a new generation of private club-goers who value his family's "exclusively inclusive" approach.<h2>'This wasn't the barrier I was looking to break'</h2>Founded in 1926, the Bath Club was the first private social club established in the Southeast United States. It was a <a href="https://www.hauteresidence.com/an-inside-look-at-the-hottest-social-club-returning-to-miami-beach/">place of leisure</a> for the Vanderbilt, Cartier, and Boeing families, though minorities, especially Black and Jewish people, were barred from entering.<div type="image" title="R. Donahue Peebles" height="4000" width="2999" msid="82315947" hostid="261"></div>Though Peebles joined seventy years later and thirty years after the end of the<a href="https://www.history.com/topics/early-20th-century-us/jim-crow-laws"> Jim Crow era</a>, he said there were moments when he felt used - a mere vehicle to help the storied club change its image. "This wasn't the barrier I was looking to break," Don said. Miami Beach has a long history of racism and discrimination. In fact, it used to be a <a href="https://www.washingtonpost.com/national/miami-beach-curfew-black-americans/2021/03/23/b5a81c54-8c03-11eb-a6bd-0eb91c03305a_story.html">sundown town</a>, a nearly all-white community that banned Black people <a href="https://www.blackpast.org/african-american-history/sundown-towns/">past sunset.</a> Aside from the Bath Club, other prominent social clubs, such as<a href="https://www.orlandosentinel.com/news/os-xpm-2000-04-02-0004020008-story.html"> Indian Creek</a> and the<a href="https://www.palmbeachdailynews.com/news/20190114/post-time-century-of-palm-beachs-iconic-controversial-everglades-club"> Everglades Club,</a> have all faced decades-long criticism for their policies which appear to discriminate against Black and Jewish communities. Some of these clubs have found a<a href="https://www.tampabay.com/archive/2000/07/31/slighted-couple-gives-up-on-treasure-island-yacht-club/"> loophole</a> in<a href="http://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&amp;URL=0700-0799/0760/0760.htmlhtml"> a Florida law</a> that only explicitly bans clubs with over 400 members from discriminating against minorities.<a href="https://www.freddystebbins.com/">Freddy Stebbins</a>, a history and sociology professor at Miami Dade College, told Insider the old Bath Club used to send postcards that said <a href="https://www.merriam-webster.com/dictionary/gentile">"gentiles only</a>" on the back - a way to signal they didn't want Jewish people to enter the club. (In 1947 Miami Beach <a href="https://www.miaminewtimes.com/news/remembering-miami-beachs-shameful-history-of-segregation-and-racism-8306647">passed a law</a> banning businesses from displaying signs that used the distinction.)"It was a boy's club," Stebbins said, adding that members were typically those from the North who had money, wealth, and prestige. "You most often had to be Protestant. You could definitely not be a person of color and you could definitely not be Jewish."<div type="image" title="The Bath Club" height="2656" width="3541" msid="82315948" hostid="261"></div>Things began to change, however, after the passage of the Civil Rights Act, and the end of Jim Crow. The area experienced an influx of immigrants and new money. Then, in 1996, came Peebles. <h2>More diverse than ever before, but still just as exclusive</h2><div type="image" title="Katrina Peebles &amp; Don Peebles" height="3000" width="1996" msid="82315950" hostid="261"></div>As the demographics of South Florida began to change, old-school <a href="https://www.miamiherald.com/news/local/community/miami-dade/miami-beach/article249553723.html">exclusive clubs</a> fell on hard times. Over 70% of the region's <a href="http://www.miamidadematters.org/demographicdata">population is Latino</a>, compared to an overall 27% for the state of Florida. As of 2018, over 50% of the population was born <a href="https://datausa.io/profile/geo/miami-fl/">outside of the United States</a> (the national average is just 13%). Miami has the highest population of <a href="https://cri.fiu.edu/cuban-america/">Cubans</a> outside of Cuba; it has a vibrant <a href="https://www.miamiandbeaches.com/neighborhoods/little-haiti">Haitian community</a> in what's known as "Little Haiti," and a Colombian population nearing <a href="https://datausa.io/profile/geo/miami-fl/">300,000</a>. In the modern era, the Bath Club struggled to attract new members. After it experienced financial difficulties, Peebles won a bid to buy it in 2000 for<a href="https://www.miamiherald.com/article249553723.html"> $10 million</a>. At first, he allowed the club's original owners to retain rights; he built a luxury tower and six beachside villas on the property. But around 2013, he began buying out club members. Two years later, his company took full control of the club and used it as an event space. It was Katrina who suggested turning it back into a social club. The aim for the new Bath Club, said Katrina, is to be "exclusively inclusive." As a biracial couple, both have experienced feeling like the "only" people in the room and felt buying the historic Bath Club sends a message. "It could show how far Miami and even America has come," she said.The club may be more diverse than ever before, but it's still just as exclusive. The initiation fee is $20,000 with annual dues costing $18,000 - a steal compared to other clubs where initiation fees can start at<a href="https://www.miamiherald.com/article249553723.html"> $200,000.</a> Membership is capped at 200 and is via referral by a member, or the Peebles themselves.So far, about 150 of the memberships have been sold, though they declined to share to whom beyond saying the group included some "high profile" people. The Peebles are fixtures on the nation's social scene, having hosted <a href="https://www.washingtonpost.com/realestate/real-estate-entrepreneur-don-peebles-is-still-building-on-his-success/2018/10/11/e8720998-b829-11e8-a2c5-3187f427e253_story.html">campaign fundraisers </a>for both the Clintons and the Obamas.Peebles says he's already made a third of his $8 million investment back. The rest he's expecting to recoup in less than two years.<h2>Enter, the new Roaring 20s</h2>The club's exclusivity is a selling point to many new members, as it gives the opportunity to socially distance while lounging in a cabana on a private beach. The private dining spaces, ballroom, spa, and restaurant attracted new members like Lauren Geduld, who told the<a href="https://www.miamiherald.com/article249553723.html"> Miami Herald</a> she joined the club alongside her husband and two daughters, looking for a place to entertain themselves safely and privately. "The beach is what attracted us. It's located in such a special part of Miami Beach. The service is great. The food is great. It has such a magical environment." The interiors, done by female-founded firm<a href="https://antrobus-ramirez.com/"> Antrobus + Ramirez</a>, contain floral patterns, with a mix of retro-furnishings. The Prohibition-era secret doors were restored, and the new menus are curated by the Apicii Hospitality, which also worked on the Walt Disney World Dolphin Resort in Orlando. The US market for golf courses and country clubs hit over<a href="https://www.statista.com/statistics/1175366/golf-courses-country-clubs-market-size/"> $20 billion last year</a> and is expected to<a href="https://www.ibisworld.com/united-states/market-research-reports/golf-courses-country-clubs-industry/"> increase at least 2%</a> over the next five years. Calling the social club industry "interesting," Peebles isn't in a rush to buy another one. In fact, he said, when he bought the club he didn't even necessarily have plans to reopen it; he just wanted to preserve it. But then of course, on the cusp of a bustling new <a href="https://www.newyorker.com/humor/daily-shouts/what-the-new-roaring-twenties-will-be-like">jazz age</a>, it would be quite irresistible not to share that white-sand view of the twinkling night sky above the Atlantic. "It was a long winding road to get us here," Don said. "But buildings tell stories, and this one tells the American story of how we were segregated, how our wealth was concentrated racially, then someone like me bought it, and, along with my wife, this is what we did with it."

He was the first African American member of Miami's most exclusive social club. Today, he owns it - and has a plan to recoup his $8 million investment.

New Delhi, Feb 7 () Realty firm Prestige Estates Projects Ltd has raised Rs 462.64 crore through sale of shares to institutional investors.The fund raising committee of the company's board has approved the allotment of around 1.24 crore equity shares at Rs 372.50 apiece, aggregating to Rs 462.64 crore, the company said in a regulatory filing.The issue opened on January 30, 2020, and closed on February 4, 2020.Last month, the company had raised Rs 437 crore through preferential allotment of shares to Singapore sovereign wealth fund GIC.The board had allotted 1,34,41,654 shares of Rs 10 each to GIC affiliate firm on a preferential allotment basis, at a price of Rs 325 per equity share.Prestige group has reported over two-fold jump in consolidated net profit at Rs 161.8 crore for December quarter as against Rs 58.1 crore in the year-ago period.Total income from operations also rose sharply to Rs 2,696.3 crore during October-December of 2019-20 from Rs 1,079 crore in the corresponding period of previous fiscal. Prestige group has completed 250 projects across India. MJH RUJ

Prestige group raises Rs 463 cr via shares sale to institutional investors

<ul><li>Housing Development Finance Corporation’s individual loan disbursements rose rapidly by 181% on year in June quarter.</li><li>The leading housing finance company sees strong demand for home loans since many locations have unlocked post covid.</li><li>Real estate company stocks have been gaining since the last 30 days hoping for a recovery.</li></ul>The largest private housing finance company in India said that demand had improved in both the affordable segment as well as in high-end properties. While the company’s net profit declined marginally to ₹ 5,310 crore from ₹5,669 crore same time last year, Housing Development Finance Corporation (HDFC) saw a 181% growth in individual loan disbursement in June quarter 2021. "HDFC surprised the street with almost steady asset quality performance during a quarter when most peers in housing as well as other asset finance sectors have reported a significant rise in stressed loans," said Kotak Institutional Equities in its report dated August 3. <div type="image" title="HDFC net profit revenue" height="900" width="1200" msid="84972826" hostid="261"></div> Home loan disbursement refers to the release of the credit amount by the bank or financial institution to the borrower. “While disbursements during April and May of the current financial year were somewhat impacted, business has reverted to normalised trends in the months of June and July,” said the company while announcing its June quarter results. This is a trend that has continued for the last few quarters with exceptions in the month of April and May 2021 when the second wave of the pandemic struck. Watch the company’s Chief Executive Officer Keki Mistry expressing similar optimism in a conversation with <a href="https://www.businessinsider.in/business/news/watch-the-ceo-of-indias-largest-home-loan-company-says-people-are-going-for-bigger-homes-thanks-to-the-lockdown/articleshow/80894790.cms">Business Insider in </a>February this year. This has helped real estate stocks sustain the rally seen over the last one month. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top five realty stocks </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gains on Aug 2 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Last 30 days </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">DLF </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oberoi Realty </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Godrej Properties </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">17% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indiabulls Real Estate </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">33% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prestige Estates Projects </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">26% </td></tr></tbody></table> India’s real estate sector has been in a limbo for a few years now. The pandemic made it worse and, despite steady cuts in benchmark interest rates by the Reserve Bank of India (RBI), the recovery has been slow, to put it mildly. According to latest data from property consultants at Anarock, over 1.74 lakh under-construction homes ⁠— estimated to be worth over ₹1.4 lakh crore (about $20 billion) are stuck across the top seven cities in India. These projects were launched before 2014 but have not been completed since. The total number of properties under construction in India exceeds 626,000. Even HDFC’s earnings statement noted that people preferred ready-to-move properties compared to those under construction. Many of those who have taken home loans are also struggling to repay. Individual non performing assets (NPAs) increased due to slippages after the impact of the second wave of the pandemic. <div type="image" title="HDFC chart 2" height="900" width="1200" msid="84971003" hostid="261"></div> However, the outlook for real estate stocks has been so bad that investors are craving for any amount of optimism. And, some of it has been available for those seeking it. Macrotech Developers, the owner of the Lodha brand of properties ⁠— one of the biggest developers in India ⁠— clocked a total sales booking of ₹957 crore in June quarter, of which ₹654 crore came in June. <div type="image" title="Macrotech developers chart" height="900" width="1200" msid="84971027" hostid="261"></div> "We expect the sector to outperform in coming years wherein companies like DLF, Oberoi Realty, Godrej Properties, Phoenix Mills, Brigade enterprises, Indiabulls Real Estate and Sobha, which collectively contribute 87% of Nifty Realty Index, are poised to generate above-average returns in years to come and should be considered as long-term investment bets in portfolios," broking firm <a href="https://www.business-standard.com/article/markets/realty-shares-in-demand-oberoi-prestige-estates-indiabulls-sobha-up-5-121080200316_1.html">ICICIdirect</a> recently said. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-news-birla-offers-to-give-up-his-27-stake-in-vodafone-idea/articleshow/84969189.cms">Birla offers to give up his 27% stake in Vodafone Idea to keep phones of 27 crore Indians ringing </a> <a href="https://www.businessinsider.in/stock-market/news/zomato-indigo-paints-bectors-food-ujjivan-small-finance-bank-and-other-hot-stocks-that-have-lost-steam-since-listing/articleshow/84964352.cms">Zomato, Indigo paints, bectors food, Ujjivan small finance bank and another hot stocks that have lost steam since listing </a>

You Searched For "prestige estates" and got 13 results

Private credit deals to touch $10 billion in 2024, says EY report

PTI

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

PTI

Prestige Estates clocks record sales bookings of ₹12,930 crore in FY23, up 25% annually

PTI

GIC to invest Rs 434 cr in Prestige Estates

PTI

Phoenix Mills defers rentals for retailers as investors cheer the reopening of malls

Sanchita Dash

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

Rounak Jain

Cyrus Mistry vs Tata Group – decoding the battle of prestige between India’s most prominent Parsi families

Rounak Jain

Prestige Estates Q3 profit jumps over two-fold to Rs 162 cr

PTI

Sobha, Mahindra Lifespace become multibaggers in 2021 as analysts see strong upside in realty space

Bhakti Makwana

Trump wanted to chop up and sell off Mar-a-Lago's grounds in the '90s. This is how preservationists and officials stopped him.

Kevin Shalvey

He was the first African American member of Miami's most exclusive social club. Today, he owns it - and has a plan to recoup his $8 million investment.

Dominic-Madori Davis

Prestige group raises Rs 463 cr via shares sale to institutional investors

PTI

India’s largest home loan provider HDFC has given real estate stocks another reason to rally

Bhakti Makwana

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