JDA

Puravankara records highest-ever annual sales value, customer collection in FY24

Bengaluru-based real estate developer Puravankara achieves record-high annual sales and customer collections in FY24, with sales reaching Rs 5,914 crores, a 90% increase, and customer collections rising by 60% to Rs 3,609 crores. The company attributes its success to operational dedication, customer trust, and successful new launches. Land acquisitions and redevelopment projects contribute to growth.

Brigade Group signs a Joint Development Agreement with United Oxygen Company

Brigade Enterprises Limited and United Oxygen Company collaborated for a 3M sqft office space project in Bengaluru, emphasizing sustainability and market demand, targeting Rs 500 crores exit rentals with a strong leasing performance.

Hinduja Group’s GOCL Corp to monetise 264.50 acres in Hyderabad for Rs 3,402 crore

GOCL Corporation Ltd, part of the Hinduja Group, has partnered with Squarespace Builders to monetize 264.5 acres in Hyderabad, bringing in over Rs 3,402 crore. They are also developing land with Hinduja Healthcare, and funds will be used for future growth, including a Bengaluru IT project.

More realtors bond with owners as land prices zoom

The real estate sector witnessed major policy changes between 2015 and 2020 on the regulatory front with the setting up of the Real Estate Regulatory Authority and introduction of the goods and services tax regime. During this phase, a few landowners struggled in JDA partnerships due lack of clarity on the new regime and lack of comprehensive understanding of tax, legal aspects and regulations.

Land prices surge in urban centres as builders turn to joint development

Real estate developers in Bengaluru are increasingly using Joint Development Agreements (JDAs) with landowners due to surging land prices. JDAs allow developers to access prime locations without upfront costs and landowners to monetise their land without losing ownership rights. According to a report by Meraqi, around 70% of real estate assets in Bengaluru have been developed through JDAs.

Chintels transfer land rights in Gurgaon project to Sobha

For Sobha, first half of the year (April-September) was the best-ever with real estate sale value achievement of about Rs 3,188 crores and 3.08 million square feet. In July-September quarter, Sobha achieved the highest ever quarterly sale value of Rs 1,724 crore and 1.69 million square feet. This is the ninth straight quarter where the presales have been better than the previous quarter.

Brigade Group enters into JDA with Krishna Priya Estates and Micro Labs

“We anticipate the project to yield a revenue realization of Rs 2,100 crores on completion. This project will be designed and executed keeping in mind customer preferences for quality and sustainability,” said Pavitra Shankar, Managing Director, Brigade Enterprises Limited.

Brigade Group forms JV to develop Rs 2,100 cr housing project in Bengaluru

Brigade Enterprises Ltd has signed a Joint Development Agreement (JDA) with Krishna Priya Estates and Micro Labs to develop around 2 million sq ft of residential project in Bengaluru with a Gross Development Value (GDV) of Rs 2,100 crore, the company said in a regulatory filing on Thursday.

NDTV leases 1,28,000 square feet at Max Square in Noida

“This is a clear reflection of Noida Expressway and particularly Max Square, is fast emerging as new centre for corporate office beyond a back-office hub. With this, Max Square, within 6-9 months of receiving its completion, has transacted (LOI Included) 50% of the office space including 100 percent of the retail/F&B is committed,” the company said in a statement.

Prestige Group plans to launch luxury housing project in Delhi's KG Marg this fiscal

Prestige Estates Projects Ltd, based in Bengaluru, is planning to develop a luxury housing project in central Delhi in partnership with a local realty firm. The company is also seeking more land in Delhi-NCR to build residential properties. Prestige Estates is already constructing a commercial project in Aerocity, Delhi, and has partnered with ACE group for a mid-income housing project in Sector 150 Noida.

Emaar India, Worldwide Resorts join hands for Gurugram project

Emaar Properties' India unit has signed a joint development agreement with Worldwide Resorts & Entertainment to develop a 73.60-acre land parcel in Gurgaon for Rs 278 crore. This is the third agreement signed by Emaar India since December 2021. The agreement involves a revenue-sharing model, with the developer handling construction and sharing 30% of the revenue with Emaar. Emaar Properties is increasing its focus on India, particularly in the hospitality, residential, and shopping mall sectors.

Max Estates to launch first residential project by June 2023

Max Estates has received approval for its Sector 128 Noida project, with a gross development value estimated to be over Rs 1,300 crore ($177m). The Indian real estate developer has also signed a joint development agreement for a 2.4 million sq ft development in Sector 36A, Gurugram.

Bankruptcy court rules in favour of MHADA in a 47-acre land dispute in Mumbai

Senior Counsel Janak Dwarkadas and advocate Shilpi Jain, while appearing for the MHADA, argued that the development authority is the owner of the ‘Sidharth Nagar Property’ admeasuring 47 acres. The tribunal, in its order, observed that Guruashish has, ‘violated’ the joint development agreement (JDA) and the state body was well within its rights to terminate its agreement with the builder. The MHADA terminated its JDA with the company in January 2018, after the builder failed to complete the development within the agreed timeline.

Max Estates to develop a residential project in Gurgaon

This will be Max Estates’ first residential project in Gurgaon while its first residential project in Noida is expected to be launched in the first half of 2023.

Rajasthan paper leak case: Govt demolishes four-storey 'Illegal' residence of accused

Lodha records Rs 9,000 crore pre-sales in 9 months, continues to reduce debt

“Our nine-month pre-sales performance of Rs 9,039 in in 2022-23 has already exceeded the pre-sales achieved in the full year of 2021-22. This sets us up to surpass our pre-sales guidance of Rs 11,500 crores for 2022-23,” said Abhishek Lodha, Managing Director, Lodha Group.

UP RERA authorises developer to complete stuck project, to monitor construction

Elegant Splendour project has two phases in which ‘Phase 1’ comprises of towers E, F and G towers and ‘Phase 3’ comprises towers A, B, C, D and H towers. The project was registered in UP RERA in August 2017 but could not be completed within the period of valid registration. The registration of Phase 1 and Phase 3 lapsed on September 3, 2019 and August 22, 2022 respectively.

Varde Partners Invests Rs 400 cr in Chennai Developer Casagrand

“The money was invested against a portfolio of real estate projects and the builder has already drawn down Rs 200 crore,” one of the Varde Partners said. The builder is in talks to buy a 45-acre land parcel at Kelambakkam Road, Chennai.

Brigade Enterprises rallies 6% on signing JDA to develop residential apartments in Chennai

Brigade Enterprises targets revenue of over Rs 6000 crore over the next 5 years from its Chennai residential business, alone. Further, as a part of its consolidation plans in Chennai, the group is expanding its presence in the residential, commercial and retail verticals.

Brigade Group signs JDA to develop 2.1 million square feet of residential apartments in Chennai

The land, located at Perumbakkam, just off OMR Sholinganallur junction, is spread over 15 acres and will be developed as a large residential township.

Budget 2022: Surcharge cap on consortiums to help realty, infra joint development pacts

“In the globalised business world, there are several works contracts whose terms and conditions mandatorily require formation of a consortium. The members in the consortium are generally companies. In such cases, the income of these AOPs has to suffer a graded surcharge up to 37%, which is a lot more than the surcharge on the individual companies,” finance minister Nirmala Sitharaman said in her budget speech on Tuesday.

Laggard Mumbai realtor now on radar on new launches, asset-light biz model

Analysts said the realtor has been focusing on an asset-light strategy (joint development or JDA model) ever since it acquired SunteckWorld projects at Naigaon in September 2018. The Vasind project, called Sunteck Forest World, is second such aspirational segment project where Sunteck will have 80 per cent revenue share.

Commercial real estate developers urge govt to not levy 18% GST

Instead of outright purchase of land, developers are now looking to enter into a joint development agreement where both landowner and developer share the built up area of the property.