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Torbit Spotlight 6 August 2023

Torbit - August 06, 2023 - - 0 |
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Macrotech Plans Projects Worth Rs 12560 Crore Sales Potential 

Enthused by its record sales bookings of Rs 3350 crore in the first quarter of this fiscal  year, India’s leading real estate developer, Macrotech has chalked out an ambitious plan to launch 22 realty projects by March 2024.These projects  across Mumbai Metropolitan Region (MMR), Pune and Bangalore with 9.4 million of saleable area ,will have an estimated sales revenue potential of Rs 12560 crore.In Q1 FY 2023-24, the company launched 1.8 million sq ft of area with a revenue potential of  Rs 1510 billion.

In the backdrop of robust growth of the residential real estate sector, Macrotech has set a target of 20 percent growth to Rs 14500 crore in the current fiscal, especially as the company’s sales bookings grew 34% to Rs 12014 crore in the last fiscal.

The group that has delivered more than 95 msf of real estate, is currently developing over 110 msf under its ongoing and planned portfolio. It has about 4300 acres of land beyond its ongoing and planned portfolio for further developing projects in the residential, commercial, industrial and logistics segments. Recently, it added land parcels in the western suburbs of MMR, Bengaluru and Alibaug.

For its new business development, Macrotech has given a guidance of Rs 17500 crore for new business development. The company has already achieved a guidance of Rs 12000 crore in the first quarter of the current fiscal.

Action Against 300 Developers for Non-Payment of Development Fees

The Department of Town & Country Planning (DTCP) of Haryana government has put 300 developers on notice on account of default in clearing infrastructure development charges (IDC) to the tune of Rs 15000 crore.

DTCP has barred the defaulting developers from floating new projects as well as granting extension to their existing projects. Initially, action has been initiated against all those developers who owe Rs 20 crore or more to the authorities. They had either applied for the renewal of license or for fresh licenses for new projects.

The DTCP’s action comes in the wake of its inability to recover the dues. Over the past five years, despite various incentive schemes, the department could recover only Rs 1100 crore.  Now it is under extreme pressure to recover the dues as due to scarcity of funds, infrastructure work is getting affected in various cities, especially the high potential city of Gurgaon which has the large number of defaulting developers.

Faridabad- Palwal Metro Project Takes Off

The proposed Faridabad-Palwal metro project (extension from Ballabgarh to Palwal) has finally started with the   Haryana Mass Rapid Transport Corporation (HMRTC) awarding the contract for carrying out the techno feasibility study to RITES.

The total length of this metro corridor will be 25 km with 10 stations. The metro link will provide connectivity to the industrial areas of Sector 58-59, Sikri, Softa, Prithla, Baghola, Alhapur and Palwal.

This will be an elevated corridor and the entire project is estimated to cost Rs 4320 crore.

Khan Market Delhi is India’s Retail Rental Star

Delhi’s fancy Khan Market has emerged as the country’s most expensive real estate, with a record-high rental of Rs 1500 per sqft a month. This is a steep hike from Rs 1200 per sq ft per month of rentals in 2020. It is even higher than the pre-covid rentals of Rs 1400 per sq ft per month in 2019.

According to international real estate consultancy, Cushman & Wakefield, the rentals in Khan Market are double the rentals in Mumbai’s prime retail streets of Linking Road, Beach Candy, and Colaba where retail rentals are in the range of Rs 600-900 per sq ft per month. This is 4 times the rentals in Bengaluru’s popular retail streets of Brigade Road, Koramangala, Commercial Street, Indira Nagar, Jaya Nagar, HSR Layout where the rentals range between Rs 200-400 per sq ft per month.

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