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250 Indian Projects to feature at Dubai Expo

by Paul Joseph June 6, 2011 Uncategorized

Dubai: More than 250 projects worth $2200 million will feature at an upcoming Indian real estate show in Dubai. The eighth edition of the Indian Property show is scheduled from June 16 to 18 at Dubai World Trade Centre. Organised by Sumansa Exhibitions, the show is expected to generate business worth $58 million, a statement said. Seventy per cent of the projects at the exhibition are residential while 30 per cent offer commercial and retail space, it added. Visitors will be able to look at a spectrum of properties available, different investment options, financing sources, Vaastu consultations and sorting out legal queries. “The Indian property show connects buyers and developers at an opportune time, with the Rupee slated to be strong against the dollar and demand for property at a high, we will again witness rise in property prices in India in near future and hence this is a right time for the investors to buy the property,” said Sunil Jaiswal, CEO Sumansa Exhibitions. “Also those keen to expand their financial portfolios with real estate as a hedge against rising inflation and those looking to maximize their ROI should definitely visit Indian Property Show.” “Buoyant with the response we received last time, we decided of making this show biannual this year. Investors, buyers and Developers all have encouraged us to hold the show again after 6 months. The last show saw more than 17000 visitors; we expect a similar response this time as well,” he added. The exhibition also features property and investment seminars by property industry gurus, international fund managers, and legal advisers. This year the seminars aim to guide the buyers on the booming real estate markets within India along with the benefits of investing now. Anuj Malik, sales head, GCC for Unitech , one of the prime exhibitors at Indian Property Show, said: “ The global meltdown, unrest in few parts and job uncertainty may have also prompted the NRI’s in UAE to buy property in India. Catching up on these trends Indian realtors is going that extra mile to make homes that fulfill individual’s aspirations and are still affordable.” “We are participating in the upcoming Indian Property Show with aggressive pricing of INR17 lacs ($38,000) onwards and providing all options such as first time buy, second home, investment option, budget homes & holiday homes.” Ajay Sachdewa, regional head-Dubai & GCC, HDFC, a leading India-based bank, said: “Through this exhibition we plan to meet potential customers and we foresee a strong demand as Indian property market has revived very quickly as compared to other markets in the world.” “This is due to strong RBI policies, Government planning and healthy credit history. HDFC has made it easier for the Gulf based NRI’s to apply for a loan to HDFC – India.” “HDFC through its office in Dubai and all the GCC countries through Service Associates, now offers advisory services in real estate finance to the Middle East based Non-Resident Indians who wish to acquire homes in India. These offices will coordinate the entire loan process in India,” he added.

Tagged as: dubai, financial, government, india-catching, indian, markets, middle-east, real estate, real estate india, time, uae, year

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Delhi Based Developer Omaxe to Reduce Gross Debt by Rs 327crore

by Paul Joseph June 1, 2011

Delhi-based listed builder Omaxe will raise 300 crore of fresh debt for new projects this year while repaying loans worth 627 crore. This will reduce the gross debt of the company to 1,225 crore from 1,552 crore. At 10:20 am, shares of Omaxe Ltd were trading 1.63% up at Rs 130.85 on the Bombay Stock Exchange . “We will repay the debt this year from internal accruals,” Sumit Arora, vice-president, investor and strategic relations at the real estate firm said. Consolidated net profit of Omaxe for the year was 17.6% down to 92.7 crore, from 112.5 crore in the year-ago period. This dip in profits is attributed to the fact that most revenues in 2010-11 came from projects that were sold in 2007 and 2008 at much lower rates than today. “The last one year has also seen the cost of construction and labour rise considerably,” Arora said. The company needs to compulsorily bring down the promoters’ shareholding from 89.14% at present to 75% by 2013. For this, the developer is planning to either go for a follow-on public offer or a block sale by the promoters.

Tagged as: bombay-stock, developer, gurgaon, omaxe, real estate, real estate developers, repay-the-debt, repaying-loans, the-developer, year

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Struggling with 2G Scam DB Realty Defers Announcement of Financial Results

by Paul Joseph May 31, 2011

With its promoters facing probe in the 2G telecom scam, DB Realty has deferred the board meeting to announce the financial results for the year ended March 31, 2011, citing delay in the audit process and consolidation of the financial statements. On May 21, the company had announced the board meeting would be held today to approve audited financial statements for the year ended March 31, 2011. In a filing to the Bombay Stock Exchange, D B Realty said that the company’s Audit Committee members reviewed and took stock of the compilation and consolidation of accounts and the audit process. “Based on the review, and given some delay in compilation of the consolidated financial statements and the audit referral process from component auditors, the Audit Committee members felt that it was fair for the primary auditors of the company Deloitte to get few more days to review the consolidated financial statements and complete their audit process,” the filing said. The board meeting would be now held in about 10 days, the company said, adding that the revised date would be announced separately. Shahid Balwa and Vinod Goenka, the promoters of Mumbai-based realty firm, have been arrested by the CBI in connection with 2G telecom scam. They are in jail.

Tagged as: approve-audited, audit-committee, audit-referral, board, compilation, consolidated, delhi, financial, mumbai, mumbai-based, real estate, real estate developers, review, shahid-balwa, year

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Unitech Reports 15.91% fall in Net Profit

by Paul Joseph May 30, 2011

Unitech Ltd, the second largest real estate firm after DLF, reported a 15.91 per cent fall in net profits to Rs 567.25 crore for the year ended March 2011 even as its total income increased 9.18 per cent to Rs 3292.12 crore, Unitech revealed in its consolidate results for FY11. Unitech did not disclose results for the fourth quarter ended 2011. But a back-of-the-envelope calculation based on unaudited numbers for nine months ended December 2010 and 2009, reveals that Unitech’s net profits in fourth quarter of 2010-11 fell 37.27 per cent to Rs 102.5 crore against Rs 163.41 crore for the same period last year. The Unitech stock closed at Rs 33.05 on Friday on the Bombay Stock Exchange, close to its 52-week low of Rs 30.65. The arrest of Unitech MD Sanjay Chandra, a director in Unitech group promoted Uninor Wireless in the 2G scam, is also weighing on its stock. Company’s debt, net of cash, reduced by Rs 228 crore during the year, Unitech said in a statement; net debt to equity ratio of 0.46 and net worth of Rs 11,614 crore. Ajay Chandra, MD, Unitech Ltd. said, ‘‘Company’s focus remains firmly on monetisation of its geographically diversified land bank through rapid launch and execution of projects, mostly in the mid-income and affordable housing segments. In keeping with its goal, as announced earlier, of launching 10 million sq ft of projects; company has launched over 6 million sq ft since January 2011 spread across 16 projects. Apart from continuing to launch projects in existing cities, company entered some new cities such as Ambala, Rewari & Dehradun.” During the year 2010-11, 177,500,000 warrants, out of the 227,500,000 warrants issued in June 2009 which were convertible into equity shares of Rs 2 each at a premium of Rs 48.75 within in 18 months from the date of issue, were converted into the equal number of equity shares on receipt of balance 75 per cent of the issue price.

Tagged as: bombay, faridabad, from-continuing, from-the-date, group-promoted, property prices, real estate developers, sanjay-chandra, such-as-ambala, uninor-wireless, unitech, year

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DLF Net Profit Fall by 4.8%

by Paul Joseph May 25, 2011 Uncategorized

India’s biggest real estate company , DLF Ltd, accounted a bordering drop of 4.8% in its net profit for the year ending 31 March 2011. Company’s combined net profit stood at Rupees1,640 crore in comparison to Rs1,720 crore in fiscal 2010. The earnings per share for the year stood at Rupees 9.66 versus Rupees 10.13 in fiscal 2010. However, for the quarter ending 31 March, organisation’s net profit stood at Rupees 344.54 crore, a drop of 19% in comparison to Rupees 426.38 crore in the subsequent period in the previous financial year. It reported combined revenue of Rupees 10,145 crore for the year ending 31 March 2011 and an increase of 29 per cent from Rupees7,851 crore in the subsequent period in the previous fiscal. EBIDTA stood at Rupees 4,337 crore, after adjusting for a one-time cost reset due to input price high of Rupees 475 crore.

Tagged as: quarter, real estate, stood-at-rupees, the-subsequent, year

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4.8% Drop in DLF’s Net Profit

by Paul Joseph May 25, 2011 Uncategorized

India’s largest real estate company, DLF Ltd, reported a marginal drop of 4.8% in its net profit for the year ending 31 March 2011. Company’s consolidated net profit stood at Rs1,640 crore compared to Rs1,720 crore in FY10. The earnings per share for the year stood at Rs9.66 versus Rs10.13 in FY10. However, for the quarter ending 31 March, firm’s net profit stood at Rs344.54 crore, a drop of 19% compared to Rs426.38 crore in the corresponding period in the previous fiscal. It reported consolidated revenue of Rs10,145 crore for the year ending 31 March 2011, an increase of 29% from Rs7,851 crore in the corresponding period in the previous fiscal. EBIDTA stood at Rs4,337 crore, after adjusting for a one-time cost reset due to input price inflation of Rs475 crore.

Tagged as: earnings-per, largest-real, net-profit, noida, one-time-cost, real estate trends, stood-at-rs1, stood-at-rs4, year, year-ending

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Bangalore-Based Developer Prestige Estates Records 28.74% Growth in Net Profit

by Paul Joseph May 19, 2011

Bangalore-based realty firm Prestige Estates Projects today said its consolidated net profit grew 28.74 per cent to Rs 166.66 crore in the year ended March 31, 2011, over the previous fiscal. The group had a consolidated net profit of Rs 129.45 crore in the last fiscal, Prestige Estates Projects said in a filing with the Bombay Stock Exchange (BSE). Consolidated total income climbed up to Rs 1,543.11 crore in the year under review from Rs 1,024.44 crore in the same period last year. For the year ended March 31, 2011, standalone net profit of the company increased to Rs 203.55 crore from Rs 141.73 crore in the previous year. Standalone total income of the firm increased to Rs 1,385 crore in the year under review from Rs 949.67 crore in the last fiscal. The board at its meeting held today recommended a dividend of Rs 1.20 per equity share of Rs 10 each for the FY11. It need not report segment-wise results as the company primarily operates in a single business segment of real estate development and letting out developed properties, it said.

Tagged as: board-at-its, bombay-stock, out-developed, prestige, prestige-estates, projects, real estate developers, real estate india, total-income, under-review, year

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Godrej Properties Posts Net Profit of Rs 59cr for Q4

by Paul Joseph May 9, 2011

Leading real estate developer, Godrej Properties Limited (GPL), posted a net profit of Rs59 crore, a marginal increase of 3%, in the quarter ended March 31 on the back of new bookings and new projects. The overall sales of the company grew to Rs334 crore, in fourth quarter (January-March), up 9%, from Rs306 crore in the year-ago period. The consolidated net profit stood at Rs130 crore in FY 11, up 6%, as against Rs122-crore in the previous fiscal. Even as the total bookings grew 132% to 3.2- million sq ft in the fiscal from 1.38-million sq ft in FY 10, GPL’s consolidated sales also grew substantially at Rs558 crore, up 55%, from Rs360-crore. “Booking increased by 132% and revenues and earnings have shown a marked improvement. Our projects continue to have sustained sales momentum with Godrej Garden City, Ahmedabad, Godrej Frontier, Gurgaon and Godrej Prakriti, Kolkata, registering strong bookings during the year,” GPL’s Chairman, Adi Godrej, said while announcing the results. He further said that the company plans to create SPVs (Special Purpose Vehicles) for redevelopment projects in Mumbai. He, however, without divulging any further details on the SPVs, said that the company would be focusing largely on redevelopment projects over the next 5-years given the fact that there is a huge demand for residential housing whereas the supply is less. On projects, he said, the company has recently commenced its flagship project–The Trees–at Vikhroli. “We expect to sustain growth in the years ahead given the company’s distinct joint development business model, the Godrej brand advantage and track-record of successful development,” Godrej said. ‘The Trees’ spread across 2.8-million sq ft at suburban Vikhroli, is a part of the 35-acre land that is being developed by Godrej. The company has already begun construction of ‘Godrej One’, a commercial office space of 7,50,000 sq ft. Of this, 2,00,000 sq ft will be used as the headquarters for all Godrej Group companies, while the remaining 5,50,000 sq ft will be leased to external tenants. GPL would be launching 2-3 new projects in cities like Ahmedabad, Kolkata and Bangalore in this quarter, he added.

Tagged as: chairman, during-the-year, godrej, godrej-group, godrej-prakriti, gurgaon, mumbai, noida, property prices, pune, quarter, real estate, real estate developers, special-purpose, year

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Indiabulls Real Estate Reports Net Profit of Rs 47.30cr in Q4

by Paul Joseph May 3, 2011 Uncategorized

Indiabulls Real Estate, which recently demerged its subsidiary Indiabulls Wholesale Services, has reported a net profit of 47.30 crore in the fourth quarter to March 31.The company’s income from operations of during the period stood at 641.84 crore, it reported to the stock exchange on Monday. If the demerger, effective from March 31 this year, is factored in, the company made a net profit of 23.39 crore as compared to a net loss of 16.02 crore that the combined entity reported in fiscal year 2009-10. Income for the company after the demerger stood at 561.15 crore. In the fourth quarter, the company’s area under development increased by 2.05 million sq ft due to new launches. For the whole year, total area under development grew 43% from 42.5 million sq ft from a year ago to 60.92 million sq ft. As a result, income from operations for the combined entity grew from 299 crore to 1,496 crore. Total sales value for the year was 4,837 crore for an area of 5.94 million sq ft against 1,405 crore for 3 million sq ft a year ago. During the year, Indiabulls spent 2,339.83 crore for acquiring 192.75 acres against 133.38 crore for 76.63 acres a year ago. The 2010-11 cost incurred for land acquisition includes 2,078 crore it paid for Bharat Mill and Poddar Mill it bought in an auction conducted by National Textile Corporation.

Tagged as: combined, delhi, fourth, indiabulls, mill-it-bought, mumbai, noida, real estate india, the-demerger, year

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Sobha Developers to Develop 11 mn SQFT at an Investment of 2500cr

by Paul Joseph April 22, 2011 Uncategorized

Sobha Developers plans to develop over 11 million square feet during this fiscal at an estimated project cost of Rs 2,500 crore. Bank funding for some of these projects has already been tied up, according to a top company official. “Our sales realisation in 2010-11 crossed Rs 1,000 crore, with an average realisation of over Rs 4,000 per sq.ft. We have generated positive cash flow in the last fiscal thereby reducing our debt significantly,” J C Sharma, managing director, Sobha Developers, said. The company’s debt, which was at Rs 1,450 crore at the beginning of last fiscal, has been reduced to Rs 1,250 crore during 2010-11 and “targets of debt reduction were achieved without doing land monetisation as much as we were expected to do,” Sharma told Business Line. The company, which has a land bank of 2,800 acres now, monetised land for about Rs 150 crore in 2010-11. The targeted debt equity ratio is 0.5-0.6 for 2011-12, he said, adding that in absolute terms, the company would bring it down to Rs 1,000 crore. Besides new launches in the four cities where it already has presence — Bangalore, Pune, Coimbatore and Thrissur — the company also plans to enter the National Capital Region, Chennai and Mysore. “We plan to enter Mysore this month and NCR next month, while the Chennai launch is slated in the next two-three months,” said Sharma. Of the 11 million sq ft planned this year, over 90 per cent would be in the residential segment. “For the projects to be immediately launched, land cost has been paid for and bank funding has been tied up,” he added. With these new launches, Sharma expected good growth in 2011-12. The company’s sales went up by over 50 per cent during the last fiscal, and considering the product mix of new launches “our average realisation should further improve this year,” he said.

Tagged as: bring-it-down, business, chennai, debt-reduction, delhi, during-2010-11, faridabad, gurgaon, noida, real estate india, real estate trends, residential, sharma, the-residential, year

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