Real Estate Players Shift to a High Gear

Recent expansion plans and large-scale project announcements augur well for the VT industry.  

There was a stage during the initial months of the pandemic when real estate was in “distress mode.” Now, with the residential segment driving the comeback, the leading brands appear to have transferred themselves into “de-stress” mode. Recent months have witnessed several announcements that put smiles on the faces of those in the vertical-transportation (VT) industry, as well, given the volumes of new development they indicate. 

Raymond Realty Expands Its Horizons 

Raymond Realty recently announced the development of Grade A commercial and high street retail space at Thane with land spread across 9.5 acres. The company also announced its plans to build premium residential units with three- and four-BHK configurations spread across 1 million ft², subject to requisite approvals. The project will come with premium amenities, some being the first of their kind in the sector in India. 

In addition to housing and commercial projects in Thane, Raymond Realty is also evaluating numerous options through a Joint Development Agreement (JDA) without land acquisition in the Mumbai Metropolitan Region (MMR). Various proposals are currently under evaluation across MMR, and the business is on course to attain significant value creation.

Gautam Hari Singhania, chairman and managing director, Raymond Ltd., said: 

“Raymond Realty is making great strides in the sector with an appealing proposition that is resonating well with our consumers. Structurally, the first three towers of our maiden project are complete, and we are committed to deliver the first unit 24 months ahead of the declared RERA deadline. This is in line with our brand values, where the speed for a go-to market remains pivotal to our overall strategy. The current project has given us enough confidence now to expand our horizons beyond Thane, and our venture into real estate is not limited to land monetization only. We are exploring various options of joint development without land acquisition outside Thane. Home ownership is an aspiration in India, and we seek to fulfill this cherished dream for all.”

Sunteck Realty Plans JDA To Develop 10 Million Ft² at Shahad (Kalyan)

Sunteck Realty Ltd. plans to develop a marquee approximate 50-acre land parcel at Shahad (Kalyan). The company would develop an aspirational luxury integrated residential township in this location under the asset light JDA model with Amar Dye Chem Ltd. This would be another acquisition by the company, establishing its presence in the eastern suburbs of MMR. 

While Sunteck Realty has a very strong portfolio in the Western suburbs of the MMR, this project addition will strengthen the company’s portfolio in the eastern markets of the MMR, as well. This will be the fourth acquisition by Sunteck since the beginning of the COVID-19 pandemic. Before the Shahad (Kalyan) project, the company had done three project acquisitions at Vasai, Vasind and Borivali, totaling approximately 8 million ft², and this project will add another approximate 10 million ft², thus, adding in a total 18 million ft² to Sunteck’s portfolio.

Kamal Khetan, chairman, Sunteck Realty Ltd., said: 

“We are happy to announce this value–accretive joint development plan with Amar Dye Chem Ltd. In line with the trends seen post pandemic, there is a growing demand for good peripheral locations around major metros. Thus, we are pleased to announce our entry into MMR’s robust eastern micro-market of Shahad (Kalyan). Market consolidation in favor of quality and well-funded real estate companies has been an ongoing trend, and Sunteck has been a key beneficiary of this trend, continuously expanding its business portfolio with attractive return opportunities. We shall bring in our best-in-class construction and development capabilities and endeavor to create a landmark development in this micro-market.” 

CASAGRAND Announces Aggressive Business Plans

South India-based real estate developer CASAGRAND envisages going public along with other key growth plans. Arun Mn, founder and managing director, announced company plans to establish sales offices in the U.S. and Dubai. The company is going to strengthen its presence in Bangalore and Hyderabad. These two markets will contribute 35%, while Chennai will contribute 65% of total revenue. The company will develop affordable and mid-luxury apartments, villas and also aims to develop more affordable houses. 

Housr Enters Hyderabad, Launches Two New Properties

Housr is expanding its plans for co-living spaces, anticipating greater demand for affordable accommodation that also offers flexible terms and a sense of community and safe living. The company unveiled its two new properties in Hyderabad’s key Financial District (Hi Tech City and Kondapur). The company aims to expand to 10-12 properties in Hyderabad by December 2021. 

With the addition of these two boutique properties to its portfolio, at present, Housr has 20-plus properties across NCR, Pune and Hyderabad and is aiming to aggressively launch more properties in the next six-nine months across the country. Founded by Deepak Anand and Kalpesh Mehta in 2018, Housr is backed by investors Adar Poonawalla through Rising Sun Holdings, Pirojsha Godrej, Abhishek Lodha and Harsh Patodia.

Speaking on the expansion, Anand, co-founder and CEO, Housr, said: 

“We are excited to venture into the Hyderabad market. The city holds massive potential for real estate and rentals, which is being unfolded despite the ongoing pandemic. It is showing positive market sentiments, and the response is encouraging for us to plan more properties in the coming months. The value and demand for Housr is evident in the performance of our first operating property in Gurgaon and many more that we launched despite the ongoing pandemic. At an aggregated level, we have achieved a robust average occupancy rate of 85%-plus, which is a first in the industry. Housr has already taken steps to enhance our operational strength, technical capabilities and service delivery in a post-COVID-19 landscape. We will continue to evolve our business and product offerings to cement Housr’s position as a dominant co-living player and deliver more value for our residents and business partners.”