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Macrotech Developers gets credit rating upgrade from Brickwork Ratings

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Unique Marodia
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The credit ratings upgrade identify with various factors in the development with respect to successful implementation of plans and efforts put forward by Macrotech Developers to improve their performance in warehousing segment through land monetization, Brickwork Ratings said

Macrotech Developers gets credit rating upgrade from Brickwork Ratings

Brickwork Ratings India has recently upgraded the ratings of various bank loan facilities and non-convertible debentures (NCD) of Macrotech Developers also known as Lodha Group.

The agency has upgraded the company’s long-rating for fund based loans to BWR A-/Stable from BWR BBB+/Stable while also upgrading the long term NCD ratings to BWR A-/Stable and BWR BBB+/Stable  from BWR BBB+/ Stable and BWR BBB/Stable, respectively.

Their rating upgrade identifies various factors in the development with respect to the successful implementation of plan and effort put forward by Macrotech Developers to improve their performance in the warehousing segment through land monetization, Brickwork Ratings said.

The Macrotech Developers has made a collaborative agreement with a leading e-commerce company for leasing a 1.2 million sq. ft. built-up area with a total land area of 40 acres.

The upgrade in rating factors things such as satisfactory performance in respect to sales and collections done in the second quarter as well. This performance is expected to remain satisfactory in the future in respect to continuous development in the real estate sector for the coming festival season.

The ratings of the agency have also considered the track record of the company and dominant position in the market, its land bank reserves, project development abilities done over the years, effective branding in Mumbai Metropolitan Region (MMR), experienced leadership and management team, availability of completed and near-completed projects, and efforts taken by the company to reduce debt and deleverage the balance sheet.

The diversity in the project portfolio in multiple phases with different price points is something that the agency takes into consideration to calculate the rating.

The rating also takes notice of the real estate process cycle, risks in project execution, high inventories level and debt. However, the rating agency Brickwork Ratings found that Macrotech Developers has dedicated plans to reduce debt levels over a 2-year schedule and they are successfully heading in that direction.

The Outlook has revised the ratings from Negative to Stable on the successful integration of IPO, and this continues to be Stable by looking at improvement in conditions of the market, the rating agency said.

First Published by– Kailash Babar

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Three illegal colonies on 7 acres agricultural land were demolished in Gurgaon

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Unique Marodia
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During an inspection drive, projects such as road network, boundary walls, and one under-construction infrastructure was turned to rubble using earthmovers.

Three illegal colonies on 7 acres agricultural land were demolished in Gurgaon

On Tuesday, the DTCP (Department of Town and Country Planning) enforcement team destroyed three illegal colonies on 7 acres of agricultural land in three Farrukhnagar Villages.

During the inspection drive, a road network, boundary walls, and one under-construction property was turned to rubble using earthmovers. Though locals resisted the inspection by alleging that the property dealers cheating them by not revealing the facts and now they are at loss of their hard-earned money.

The department is receiving complaints about the development of illegal colonies in Khwaspur, Babra, and Bakipur villages of Farrukhnagar that violates the Haryana Development and Regulation of Urban Areas Act.

RS Bath (District town planner said when they reached the site with their enforcement teams, the locals resisted. They blocked the road and alleged that no information was given to them about inspection and nor was show-cause notice served to the developers. “When the DTCP team told them that the colonies were being developed without permission from their authorities, the locals claimed that they had been cheated and their life-long savings were at stake,” Bath said.

He said they had to take help from the police to ensure the demolitions were carried out. “Some plots had already been sold and construction was underway at these plots,” the DTP said.

Assistant town planner Ashish Sharma said most colonies were in the initial stages of development in which a road network is built, and plotting was underway. He states builders were also establishing dealer’s offices to sell remaining plots. “A few property dealers provoked the locals against the team who misbehaved with officials,” he said.

The official gave a warning to plot owners not to start construction again, and if found guilty, strict actions will be taken against them.  He said FIR is registered against builders and other persons behind these illegal colonies. They soon will be given the punishment for their actions.

First Published by: Rao Jaswant Singh

Real Estate Market is gradually showing growth in Ludhiana

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Unique Marodia
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A growth of 24 per cent shown in revenue collection in the first quarter of 2021

Real Estate Market is gradually showing growth in Ludhiana

The real estate market in Ludhiana has shown a gradual increase in the first quarter of this year. Ludhiana is a major district in Punjab in terms of area and population.

Confirmed by the administration, the region has successfully achieved 24 per cent revenue collection, which plays a key role in studying market trends, in the first quarter of this fiscal year.

For a flourishing real estate run, infrastructure development is of significance, but due to the second Covid wave, the real estate market had suffered a major setback because maximum damage was caused to Ludhiana in terms of death and infections.

The official figures by the district administration revealed that Rs 93,53,50,241 stamp duty was received from the registration of 18,176 documents in the district from April 1 to June 30, 2021.

After sharing these information, Deputy Commissioner Varinder Kumar Sharma states to The Tribune that the district administration has fixed Rs 400 crore as the goal of stamp duty for the year, more than 5.54 per cent than the previous fiscal year.

The district was able to achieve an 85 per cent target with a total revenue collection of Rs 320,42,70,163 from the registration of 67,536 documents from April 1, 2020 to March 31, 2021. The last revenue collection was Rs 3,71,69,405 which was 1.15 per cent, less than Rs 324,14,39,568 from the registration of 74,251 document in 2019-20.

The district court of Ludhiana showed the revenue court management system and disclosed that all 35 revenue courts are operational in Ludhiana. A total of 4,013 cases have been uploaded to the portal. The district commissioner has demanded to increase the online appointment slot in the Super-A category in sub-registrar offices to ensure better service management for the public.

After raising the request, chief secretary Vini Mahajan later visited Ludhiana, and the DC proposed to increase the urgent appointments in Ludhiana (East) from 15 to 25, which will increase the numbers from 150 to 175.

In Ludhiana (central), the increase in appointments was proposed from 110 to 125 and tatkal from 7 to 10, which will increase the total appointment number from 117 to 135.

Ludhiana (west) also demanded an increase in appointments from 115 to 150 and tatkal from 7 to 25, by increase the number from 122 to 175.

The Chief Secretary assured that demands raised by the DC as per rules will be considered for the larger interest of the public.

Published by: Nitin Jain (Tribune News Service)

Lodha announces its entry in Pune realty market with a premium residential project

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Unique Marodia
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Lodha Group enters Pune real estate industry through its popular 400 unit residential project

Lodha announces its entry in Pune realty market with a premium residential project

To increase company’s foothold in Pune City, the Lodha Group will soon be launching premium residential projects to serve the city demands for future housing. The company’s first project is launching in Kondhwa in Southeast Pune. It is a two-phase development project with 400 units that will be sold in the first phase. A budget of 700 crores is set for the project that includes construction and other development aspects. The building developed by Lodha Group will be the tallest in the area and is built up to 25-storeys for residential accommodation.

Abhishek Lodha, managing director & CEO of Lodha Group told FE Bureau, “With its strong manufacturing and IT industries, combined with its educational fabric, Pune, will be amongst India’s top five cities in this decade. As Pune was moving into the league of the top cities in India. Lodha was looking at a key role in the city. The company would be looking at the premium segment of Pune city’s residential realty market.”

Speaking at the investor meeting of Macrotech Developers, the company that owns the Lodha Brand, Mr. Lodha said they are looking for joint development project that may increase their reach in Pune.  The company’s plan was to build 3.3 million sq. ft. projects in Mumbai Metropolitan Region (MMR) and Pune with sales worth 3,500 crores. Lodha Group currently has one ongoing development on the Mumbai-Pune Expressway at Gahunje called Lodha Belmondo which is for the affordable mid-income segment.

“The city has emerged as a new start-up hub, with information technology, engineering, and other companies flourishing as well. With historical tourist attractions, coupled with the implementation of the smart city development plan, the coexistence of the old and new has significantly amplified the city’s livability quotient,” Lodha said.

The Lodha Group has major plans for Pune city and it wants to make strides in Pune real estate industry. The company wants to cater for buyer’s residential needs.

Published By: FE Bureau, Tuesday, 24th August, 2021

Himachal Pradesh Real Estate Authority ranks second in the country

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Unique Marodia
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Himachal Pradesh Authority earns second rank in the country due to its effectiveness in executing orders

Himachal Pradesh Real Estate Authority ranks second in the country

The Himachal Pradesh Real Estate Authority is ranked second-best amongst all other RERA authorities in the country. The authority conducts regulation and promotes the real estate sector in the state by using effective measures.

The ranking is done on basis of Himachal RERA’s effectiveness in executing order by enabling instituting execution proceedings within one and a half year since its establishment. The main aim of the Himachal RERA Authority is to regulate and promote the state’s real estate industry and ensure efficiency and transparency in the sales of plots, apartments, or buildings.

The authority aims to protect the interest of home-seekers in the state. RERA authority has registered a total of 38 new real estate projects and 52 agents within a short time. The authority conducts an examination of most cases by hearing the parties through the online procedure without a visit to its office in the view of novel Coronavirus.

All the hearings and complaints are addressed through an online process and the parties are not required to visit the office, making it more convenient for stakeholders to pursue their cases. More than 260 hearings are conducted virtually.

Of all these complaints, a total amount of Rs. 6.55 crores was ordered to be refunded to the house allottees and out of this amount, 76 lakhs are already recovered from the developers.

The HP RERA has taken the initiative to settle matters peacefully between parties of which 52 lakh have successfully recovered. Apart from this, penalties of more than Rs. 2.27 crores were also imposed on the builders and promoters for violation of the provision of the Real Estate Act, 2016.

Till now 14 execution petitions have been filled by allottees and nine execution petitions have been registered under Suo moto against promoters and builders.

The Authority has formulated regulations no. 2, 4, and 5 to better promote and monitor the filling of quarterly progress reports and annual progress reports online. The allottees and homebuyers can have absolute freedom to see the progress of homes and projects through these reports. Additionally, the new website of Himachal RERA is also under process through NIC for better management.

First written By: Tribune News Services

Indian Realty gets Overseas Attention for its Wellness Hub

By
Unique Marodia
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South City Wellness Hub project in Kolkata attract overseas citizens as company collaborate with luxury wellness brand.

Indian Realty gets Overseas Attention for its Wellness Hub

South City Projects (SCPL) one of the leading real estate corporations in Eastern India is currently receiving post-pandemic overseas client traffic from South-East Asia, Europe, and the US for its recently launched South City Ayurveda and Wellness Retreat (SCAWR), a hospitality division in South City Retreat project that spread over 55acres on Basant Highway.

The SCPL announced its collaboration with Carnoustie Management (India), a luxury hospitality and wellness brand. The collaboration will give Carnoustie management to set up its Carnoustie centre of excellence in the retreat. The Kolkata project is a residential cum hospitality retreat that is 16km from the city.

Sushil Mehta, director of South City Projects, said that they are investing INR 100 crore for the hospitality retreat with total final investment value of the project viewed at INR 600 crore. “We are looking at the wellness market for the hospitality venture for which there is a good demand worldwide,” he added. The project is likely to be ready for possession by the end of 2023.

The Carnoustie group said a lot of tourists from Southeast Asia are visiting its centre in Kerala and are looking for a nearby location in eastern India.

South East Retreat has 30 opulent rooms along with the Carnoustie Centre of Excellence and residential villas. “It is on the way to Sundarbans Biosphere Reserve, which makes it a more attractive tourist destination for both domestic and international travellers,” said Mehta, director, SCPL

The hospitality zone and some real estate parts of the project will be operational from December this year. “We have so far sold as many as 27 villas, which are already built. Average price of these properties is over rupee 3 crore. We are planning to set up around 100 villas,” Mehta said, adding that the entire project will be ready by the end of 2023.

Realty stocks improves as developers finds solution for debt

By
Unique Marodia
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Key highlights of June-quaters earnings for real estate investors as companies give attention to reduce their debt.

Realty stocks improves as developers finds solution for debt

The management commentators of real estate companies across India are now looking to repair their balance sheets by using measures such as cost rationalization, asset sales, and fundraising via equity.

Analysis done by ICICI Security Ltd. shows that on average, developers have been able to reduce their net debt by 37% to 27,400 crores, which excludes DLF Cyber City Developers Ltd, from March 2020 to June 2020. Kindly note that the analysis excludes the financial performance of real estate investment trusts.

The real estate sector has suffered a lot from the pandemic, but developer’s efforts to reduce debt are commendable. Various real estate firms have been able to reduce debt through a combination of steps by 80-160 basis points (bps), reduction in corporate overheads by 20-40% from pre-Covid levels and operating cash surplus, said an analyst at ICICI Securities Ltd. One basis point is 0.01%. Godrej Properties was one of the top firms which has raised as much as 3,700crore in Q4FY21 through qualified institutional placement (QIP), which leads to the company becoming net cash positive.

Companies like Phoenix Mills Ltd and Brigade Enterprises Ltd have also raised capital by using the QIP route to reduce debt. Recently, Macrotech Developers Ltd (Lodha) used 1,500crore from its IPO to cut debt. In the post-June quarter earnings conference call, Lodha management shared solutions to reduce its net business debt to around 1,000crore by March 2022. The company is aspiring to become debt-free by March 2024.

In the long run, companies now have strong pipelines which aim to keep debt under manageable levels. For example, Suntech Realty Ltd management sticks its asset-light and joint revenue share model which aids them expansion without sacrificing much leverage. Analysts said this is a positive change from earlier techniques of realty firms where they used to hoard large land parcels which kept their cash flow situation under control.

In short, a slim balance sheet of capital intensive real estate sector, suites well to investors sentiments towards realty stocks. A positive balance sheet could increase the valuations of firms, analysts said. Second, post-Covid solidification has quickened in this sector as small and regional developers continue to struggle with capital issues.

First Published by: Harsha Jethmalani

First Published on: Aug 23, 2021, 12:37 IST

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