Bangalore, 7 February 2024

Sobha Limited (SOBHA) announced its financial results for the quarter ending December 31, 2023 (Q3FY24). Reported strong results with impressive sales and operational growth across all regions.

Brief highlights include:

• Achieved highest ever collection, realisation and sales value in Q3 and 9-month FY24
• Quarterly sales value of ₹19.52 bn, up 37.0% YOY and 13.2% from Q2-FY24.
• New sales area rose to 1.66 mn sft. from 1.48 mn sft. compared to Q3-FY23.
• Bengaluru achieved its highest-ever quarterly sales, totalling 1.25 mn. sft. valued at ₹14.99 bn.
• The Average Price Realization rose to ₹11,732 per sft. increase of 21.5% compared to Q3-FY23.
• Launched two new projects in Q3 with a total saleable area of 3.84 mn sft.
• Achieved highest ever quarterly Real Estate collection of ₹12.93 bn, up 11.8% YOY.
• Consistent positive cash flow resulted in reduction of net debt /equity ratio to 0.54
• Successfully completed 1.04 million sft. of SBA
• 9-month FY24 revenue was ₹24.26 bn, up by 12.2% from 9-month FY23.
• Q3-FY24 revenue was ₹7,137 mn.
• PAT was at ₹153 mn for Q3-FY24 and ₹131 mn for Q2-FY24. Up by 16.8%

Mr. Jagadish Nangineni, Managing Director, SOBHA Limited said, “In Q3 of this fiscal year, SOBHA achieved its highest-ever sales value and realization, driven by robust housing demand and the successful launch of SOBHA Neopolis in Bengaluru. Our steadfast dedication to delivering top-quality real estate has amplified the demand for SOBHA homes across all operating cities. With a keen focus on new launches and clear inventory visibility across projects at various stages, we are poised to execute our growth plans effectively. Our focus on cash flow and disciplined capital allocation strengthens our financial and operational capabilities while expanding our inventory for growth. Aided by a robust financial and operational model, we are well-positioned to leverage India’s positive and growth oriented socio-economic environment.”

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The investment with EON Group is part of Certus Capital’s strategy to deploy approximately Rs 500 crore in senior secured real estate credit deals through Earnnest.me in the current fiscal year.

With this Rs 30 crore capital infusion, Earnnest.me investments have surpassed Rs 100 crore across three transactions since its launch in February. Prior to this, it had invested Rs 40 crore in Pune-based real estate development firm Pharande Spaces‘ portfolio of four affordable housing projects, and another Rs 40 crore in Chennai-based real estate firm Arun Excello’s portfolio of four residential projects.

The EON ONE project, which spans more than three-quarters of an acre near Siddhivinayak Temple, entails the redevelopment of an old housing society as well as the rehabilitation of its existing 27 members. While the rehabilitation portion of the project is nearing its end, the sale element has a total potential growth of 1.5 lakh sq ft and will be completed by December 2025, as all approvals have already been obtained. Based on current property rates in the area, the project is expected to bring in Rs 400 crore in revenue.

“Certus Capital’s investment in EON is a component of the firm’s strategy to fund well-placed projects carried out by developers in Tier 1 cities. “The residential real estate sector is experiencing increased demand and sales. Earnnest.me will continue to provide carefully selected and thoroughly researched property investment opportunities to our investors “According to Ashish Khandelia, founder of Certus Capital and Earnnest.me, the number is 11.

Certus Capital picks up 10-15% of each investment as part of its strategy to ensure its presence throughout the investment period. So far, more than 200 investors have invested in various credit opportunities through Earnnest.me, with a minimum spend ticket size of Rs 10 lakh. Over 50% of investors have returned to the platform.

It has a diverse group of investors that includes real estate agents, finance experts, family offices, CXOs, ultra-high networth individuals, professionals, and so on. Earnnest.me continues to actively assess deals in tier 1 markets such as Hyderabad, Bangalore, Pune, Mumbai, and Chennai.

Certus Capital has added former Deloitte India executive Vishal Singh to its leadership team in order to strengthen its institutional investment banking business. Ex-Piramal Capital executive Gaurav Bhalla has been appointed as Director, and ex-Deloitte India executive Siddharth Pal has been appointed as Senior Vice President. In addition, in 2023, it aims to launch its first category-ll alternative investment fund (AIF).

Certus Capital has assessed over Rs40,000 crore of real estate credit exposure held by NBFCs and housing finance companies since its inception in 2018. Certus also advised foreign investment firms on nearly Rs 10,000 crore in closed investments and platform commitments in the real estate credit and warehousing space.

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Bangalore, 21 September 2022 – CapitaLand Hope Foundation (CHF), the philanthropic arm of CapitaLand Group, has launched its second CapitaLand Hope School in Bangalore, India to provide more than 400 children from underserved families with access to education.  CHF has contributed INR 50 million towards the construction of the school, which is the 31^st of the CapitaLand Hope Schools which span across India, China, and Vietnam.  Through the schools, CHF aims to provide children with a holistic education for a better start in life.

Located in Krishnarajapuram, Bangalore, the 20,000-square foot Government Kannada and English Medium Higher Primary School comprises eight classrooms, a staff room, a multi-purpose room, a playground, a kitchen, a sick room, library, computer and science laboratories, art & crafts room, and lavatories.  

CapitaLand staff volunteers and partners collaborated and built the school over a one-year period.  CapitaLand staff from International Tech Park Bangalore provided their real estate expertise to Karnataka Education Department including designing and managing the development of the school. Indian contemporary artist Madhuri Umashankar designed The Hope Wall which was unveiled at a ceremony for the handover of the school on 19 September 2022. 

CHF also partnered with an international non-profit organization, Room to Read, to set up the school library with materials to improve literacy amongst the children.  This is the 14^th library that CHF has established with Room to Read since they launched libraries across Bangalore to benefit some 2,000 children in March 2022.

 Mr. Gauri Nagabhushanam, Chief Executive Officer, India Business Park, CapitaLand Investment said: “We are extremely proud to complete our second Hope School in Bangalore to help over 400 children and their immediate families.  We are passionate about education and have contributed over INR 100 million to develop three schools, two in Bangalore and an upcoming school in Pune.  We take an active role in setting up the schools and continue to engage the children as well as contribute in various ways including donating various items and organizing activities for them.  It is extremely heartening to be able to reach out and touch the lives of the communities as we grow our business in India.”

Mr. D R Ramamurthy, Block Education Officer, South – 4, Krishnarajapuram, Bangalore said: “On behalf of the education department, we would like to extend our sincere thanks to CapitaLand Hope Foundation for building this state-of-the-art school in Krishnarajapuram for students from underserved families. These modern facilities are unmatched by any school across Bangalore and will immensely help our long-standing need to have this school and ‘Guru Bhavana’ (education office) in East Taluk. With deep appreciation and gratitude, we acknowledge CHF’s contributions towards the children and society, and we would like to continue collaborating with them for great work in the future.”

 CapitaLand #GivingAsOne campaign

CapitaLand is distributing 2,500 school kits to the CapitaLand Hope School in Mahadevpura as well as children across Bangalore, Chennai, Hyderabad, and Pune as part of its #GivingAsOne campaign.  Each kit contains a notebook, a geometry set, a pen, a pencil, and a dictionary.  Held from September to October this year, #GivingAsOne brings CapitaLand staff and partners together to do good by uplifting the lives of vulnerable groups and supporting the environment in communities where CapitaLand operates.  Staff is also rallied to pen messages of hope and encouragement through #Pen4Hope for children and seniors in  Singapore, China, India, Malaysia, and Vietnam.  CHF will donate INR 1,100 for every message and volunteer hour contributed.  Other than the distribution of the school kits, CapitaLand will be unveiling the upcoming hope school in Pune.

 Mr. Tan Seng Chai, Chief Corporate and People Officer of CapitaLand Investment and Executive Director of CHF, said: “As a socially responsible company, CapitaLand is committed to contributing to the environmental and social well-being of our communities.  To provide a conducive learning environment and improve children’s access to education, we have helped to build 31 schools benefitting over 28,000 children in China, Vietnam, and India since 2005.  We also support seniors and conservation efforts through various programs.  Through our annual #GivingAsOne campaign, we galvanize our staff and partners to come together to give back as it is through collective action that we can truly make a positive and meaningful impact in the communities.”

 About CapitaLand Hope Foundation (www.capitalandhopefoundation.com)

CapitaLand Hope Foundation, the philanthropic arm of CapitaLand Group, was established in 2005. As a registered charity and grantmaker, the Foundation aims to nurture and inspire the young, improve the quality of life of seniors, and protect the environment for future generations, with a focus on communities where CapitaLand operates. Going beyond donations, the Foundation also advocates volunteerism as an integral part of building a caring and inclusive community.

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Mumbai – December 13, 2021: Smartworks, India’s leading Enterprise-focused Managed office space provider, today announced the launch of its new venture, Smartworks Technology Services. The new venture aims to launch a Building Operating Platform and Workspace Management SaaS product targeted at landlords and organizations globally, centered on new workplace management and experience models.

The Workplace Management SaaS product will integrate Technology with flexibility, safety, privacy and security while prioritizing employee health, well-being and productivity. The Building Operating Platform will allow landlords to manage their office assets more efficiently and sustainably. The company has also announced the appointment of Anuj Nangpal as the Chief Executive Officer to head this new venture. He will also serve as Chief Information Officer, Smartworks and will oversee digital transformation for business growth. Anuj joins Smartworks Technology Services from a US$ 100 Mn global fund investing in Proptech – JLL Spark and has over two decades of experience in Real Estate Technology, Venture Capital, Corporate Strategy and Mergers & Acquisitions.

With Smartworks Technology services’ suite of solutions, companies can seamlessly manage their office space by improving speed, productivity and operational efficiencies. The offerings will enable enterprises to make faster and smarter data-based real estate decisions such as space allocation, optimization and utilization, and transformation of their employees’ overall office experience. The cloud platform will integrate all the siloed Technology and applications used to run buildings and empower the building owners to make predictive interventions, enhancing the efficiency of the building and the experience of the tenants.

On the announcement, Neetish Sarda, Founder Smartworks, said, “Technology has been at the core of our managed offices since our inception and will now serve as a key enabler towards spearheading our enterprise-focused workspace solutions to the next level of growth. We are excited to step into new business horizons and offer these SaaS platforms to organisations globally to manage all their real estate needs. Built in-house for improved performance and efficiency, our 400+ clients are already benefiting from these technology solutions. Additionally, these SaaS solutions have also been sold to external enterprise clients.”

On his appointment, Anuj Nangpal, CEO, Smartworks Technology Services, said, “I am excited to join the Smartworks team and look forward to working closely with a talented team. As a leader in the managed office space, Smartworks has built a profitable business model that is redefining the future of work. Uniquely positioned to capitalize on the changing workspace dynamics, we aim to build on the company’s existing strengths while identifying new opportunities for growth and innovation.”

As a leader in Managed office space and proven track record of successfully creating a digital ecosystem in its spaces, Smartworks, with approx. 5 Mn sq. ft. area under management has been setting the tone for flexible workplaces in terms of configured offices, interactive designs to amenities, to member experience through its digital ecosystem.

With this launch, Smartworks has also elevated Nitiraj Shekhawat, Vice-President, Technology, to the Chief Technology Officer of Smartworks Technology Services in addition to his existing responsibilities.

The company also plans to hire over 100 employees in the next two years. The technology company is currently hiring various experience levels and roles in UI/UX, Full-stack developers, BI, React, DBA and product managers.

About Smartworks:-Smartworks is India’s largest provider of flexible workspaces, with a footprint of approx. 5 million sq. ft. across 32+ locations in 9 cities (Delhi-NCR, Kolkata, Bengaluru, Mumbai, Hyderabad, Chennai and Pune) and caters to more than 400 organizations across Fortune 500 companies, large enterprises, SMEs and established unicorns/startups. Founded in April 2016 by Neetish Sarda and Harsh Binani, Smartworks is redefining the Indian office experience by leveraging its robust physidigital platform to deliver tastefully designed, fully serviced, tech-enabled, flexible and affordable workspaces. The seamless blending of the physical and digital platform provides a superior customer experience. It enables both enterprises and their employees to access a host of products and services delivered conveniently at the workspace. Central to this ambition is the company’s motto, ‘Workspaces that work for you, with the vision of creating the perfect environment for enterprises to focus on their core work while ensuring their employees are happy and productive.

For more information, log in to www.smartworksoffice.com

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Mumbai, 17th December 2021: VBHC Value Homes Private Limited (formerly known as Value and Budget Housing Corporation Private Limited), today announced the pre-launch of their new project “VBHC Rowland Park”, in Palghar, Maharashtra. The Rowland Park is spread across 2.2 acres of land, and is part of the 47-acre township of VBHC in which the developers have already constructed and delivered 1,000+ apartments.

Targeted at first-time home buyers and second home buyers looking for a weekend home, the project is well connected to the city and strategically located at the Palghar. The project consists of 121 row houses, with the houses priced at Rs. 25.99 lakhs as a part of the pre-launch. The builders are also developing a 25,000 Sq. Ft. clubhouse with modern amenities, swimming pool, indoor badminton court, community hall, semi-open cafeteria, restaurants, gymnasium, space for indoor games, and guest rooms. The project also offers space for shops in the vicinity.

On this occasion, Mr. Ram Walase, Managing Director & CEO at VBHC Value Homes Pvt Ltd stated “We are excited to announce the pre-launch of the VBHC Rowland Park. It is the first row house development in the beautiful landscape of Palghar. VBHC continues to develop projects offering first-time home buyers, houses at affordable prices, with modern amenities. Our experience in developing 11 projects in Bangalore, Chennai, NCR, and Mumbai regions has given us more strength and expertise to do our best in the affordable segment.”

VBHC endeavors to be India’s premier national housing company. The company is a pioneer in the affordable housing segment with a vision to maintain the highest standards of excellence in design, innovation, and customer service. The project is located at a distance of 6 km from the Palghar railway station. It is well connected by dedicated buses to the railway station and state transport buses. It has direct road access to the Mumbai Ahmedabad Highway (NH-8). It is located at a distance of 10 km from Maharashtra’s biggest Tarapur MIDC, which houses more than 1,500 manufacturing units where more than 1.25 lakh people work every day.

All the information about the project is available in their website www.vbhc.com

About VBHC:-VBHC Value Homes Private Limited is a leading professional real estate development company in affordable housing with clear titles, quality construction and timely delivery. VBHC is developing 9 projects in Bangalore, Chennai, NCR and Mumbai region, the company has sold more than 5,000 homes and delivered in phases over 4,500 homes across these locations. These projects are mini-townships and involve building communities with 200-2,000 apartments.

The company was co-founded by Former Chairman of NASSCOM, Founder, Former Chairman & Managing Director of Mphasis, Ex-Citi Bank Head, Technology Development – Mr. Jaithirth (Jerry) Rao and Former Citibank Consumer Banking Head, Mr. P. S. Jayakumar.

With marquee investors like HDFC (India’s Leading Home Finance Company), International Finance Corporation (A part of the World Bank), Tano Capital (Mission to develop innovative investment opportunities in global hard assets as well as rapidly growing companies in India) & Daiwa House Group (Japan’s Largest Homebuilder), VBHC has large-scale expansion plans and promises to deliver thousands of homes in the next few years as it expands its national footprint across India.

VBHC has won many awards and accolades, including NDTV Award for the Company with the highest contribution to Affordable Housing.

The Naredco Award for Green and Energy Efficient Buildings, the Best Developer in Affordable Housing in Karnataka, Outstanding Concrete Structure Award, Karnataka, Reality Plus award for Affordable Housing Project of the year, South India’s Real Estate Leadership award for Affordable Housing Project of the year, CIDC Vishwakarma Award, and CNBC-AWAAZ Real Estate Awards for “Best Residential project in Bengaluru City under Affordable-Segment”, among others.

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The agreement was signed by India’s Additional Secretary, Economic Affairs, Rajat Kumar Mishra, and the lender’s Country Director of ADB’s India Resident Mission, Takeo Konishi.

“The additional metro lines would further improve Bangaluru’s safe, cheap, and green mobility, with a beneficial influence on increasing quality of life, sustainable growth in urban habitat, and livelihood possibilities,” Mishra added.

“The project promotes Bengaluru’s urban transformation into a more livable and sustainable city by supporting urban public transportation and urban development using ideas of transit-oriented development (TOD) and multi-modal integration (MMI),” Konishi added.

The project can provide several benefits, including reduced traffic congestion, improved urban livability, and environmental enhancement. The TOD-based urban development plan will aim to realign growth and boost the city’s economic productivity by constructing higher density, compact, mixed-use, mixed-income, safe, resource-efficient, and inclusive communities. TOD also intends to increase land prices along these corridors, producing capital income for the state government to fund the city’s long-term investment requirements.

Through the seamless integration of various means of public transportation, the MMI will seek to deliver people-oriented, environmentally friendly solutions as well as a safe, comprehensive mobility solution for all city inhabitants.

With 30 stations, the proposal will build two additional metro lines, largely elevated, along the Outer Ring Road and National Highway 44 between Central Silk Board and Kempegowda International Airport.

An extra $2 million in technical support from the ADB will assist the state government in developing urban development plans and implementing frameworks, with an emphasis on TOD and MMI. The money will also be utilized to build the ability of Bangalore Metro Rail Corporation Ltd and other state agencies to carry out these projects.

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Embassy Property Developments could raise its investment trust joint-venture with Blackstone, Embassy Office Parks Reit, to as much as Rs 6,500 crore from the selling of office space. The area is part of the TechVillage Embassy in Bengaluru.

Embassy Office Parks Reit CEO Michael Holland stated: “We got an offer from Embassy Sponsor and we are deciding in the due time. Although, I cannot comment on the valuation.”

If the deal happens, it is going to be one of the largest in the space. The company executives said that the Reit might have to increase the amount either by means of equity or debt, or both if they decide to proceed. The Reit has approximately 45 days to accept the offer and sign a nonbinding agreement.

The Reit, which was established earlier this year, is mainly sponsored by the Bengaluru real estate company Embassy Property Development and Blackstone Group LP.

“Expected potential will be determined by the manager, including the relevant regulations and permits as necessary, according to the terms of the Rofo (right of first offer) deed,” said Embassy Office Parks Reit in the results of its announcement. “The Embassy Reit cannot be guaranteed to enter into any definitive acquisition arrangements.”

A Rofo notice from the Embassy sponsor on the prospective sale of 6.2 msf for the completed premises and 2.5 msf of under-construction space in the Embassy TechVillage has been confirmed from the Embassy Office Parks Reit.

“The assets are at Rs 12,000 per sft, at 8.5% cap rate. The land itself is currently at Rs 60 crore per acre at Outer Ring Road,” a real estate consultant said. Embassy TechVillage includes Flipkart, Morgan Stanley and Wells Fargo as a tenant.

The Embassy Group announced in October that it was raising Rs 4,000 crore by the divestment of assets to repay debt and invest in the growth of WeWork (India’s co-working space operator).

The developer owes about Rs 7,000 crore in debt. Embassy Office Parks Reit has 25 msf of constructed property and an 8 msf pipeline for campus development in four major cities, including Bengaluru and Mumbai. Holland said, “Reit Embassy has 40 msf Rofo opportunities with the Embassy Group which might be finished over the next ten years. Earlier this year, Reit raised Rs 3,000 crore through listing nonconvertible debentures maturing in June 2022, at a rate of 9.4%.

“Through most of our portfolio, we are leased 94.7% and continue to see strong office leasing performance,” said Holland. Presently, 80% of its clients are multinational companies. The net office space absorption in the country is forecast to register a new 42 msf peak by the end of 2019 according to various industry forecasts.

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Unlike before, the heat of the total residential slowdown in 2019 begins to feel in the resilient markets of South India according to a report.

According to recent research by ANAROCK, in the first three-quarters of 2019 residential sales dropped by 5% compared to the corresponding period in 2018 in Bengaluru, Hyderabad and Chennai. Whereas, The Western cities of Pune and MMR (Mumbai Metropolitan region) ran a long way ahead and saw sales rise by 33% in the same period. Even the NCR in the north announced an annual increase in housing sales of 15% between January and September 2019.

From January to September 2019, the total of three southern cities sold 61,400 residential units, compared to 64,420 units sold during the first three quarters of 2018.

In 2019, on the contrary, MMR and Pune saw sales by the respective time of 2018 of approximately 93,930 units, as opposed to 70,740 units. New launches were also restricted this year in southern cities and saw annual growth of just 3% between 48,410 units in the first three-quarters of 2018 and 50,070 units this year.

On the other hand, the MMR and Pune western markets reported a 65%  annual increase in new supplies – from 61,040 units in 2018 to more than 1,00,470 units in 2019 (over double the supply newly delivered in the major southern cities).

New launches in NCR have risen by 59% year on year from 17,230 units in 2018 to 27,390 units this year. During the same time, Southern Cities, in the midst of decreasing housing sales and minimal new supplies, shed 11% of the unsold stock, while Western counterparts retain the status quo.

Southern cities have, as of Q3 2019, a combined unsold stock of almost 1.19 lakh units, which in 2018 was over 1.34 lakh. MMR and Pune now have almost 3.13 lakh unsold units, about the same as last year.

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Commercial real estate demand, led by the interest of sustained occupants to expand businesses in India, is pushing up rentals of prime offices in major cities like Mumbai, New Delhi, and Bangalore.

Over the course of the first quarter of the year, office rentals rose by 17%, 5% and 1.4% respectively in Bangalore, Mumbai and Delhi. As data from Knight Frank revealed, the growth has made Connaught Place in New Delhi the fourth most expensive office market in the Asia Pacific region.

Connaught Place registered a gross effective $82.5 per sq metre monthly rent (Rs 330 per sq ft) that stacked up just behind Hong Kong, Tokyo and Singapore.

The Bandra-Kurla Complex (BKC) in Mumbai was the seventh-most expensive office location, offering effective monthly income of $75.1 per sq meter (Rs 300 per sq ft).

Shishir Baijal (CMD of Knight Frank) said, “In 2018, the demand for offices showed record growth with leasing at more than 47 million square feet (MSF), whereas the supply of new offices increased 13% during that time. Prime offices are already operating in very low vacancies, and the new transactions are slowing down. High demand trends have placed rising pressure on rentals, particularly in prime markets, which is expected to continue.”

For the first quarter of 2019, Knight Frank’s Asia-Pacific Prime Office Rental Index showed a decline of 0.4% in sequence rent growth but remained up 6.2% year-on-year basis. The sequential decline in the index was due to a continued escalation in global uncertainties, leading to reinforcement of trade tension between the US and China, Brexit and various major regional elections.

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Due to the RERA Act and buyer protected schemes, the Real Estate market has seen some growth in the last 1 year. According to the report cities such as Mumbai, Hyderabad and Kolkata are the most preferred cities who have seen tremendous growth in a property sale. Mumbai is the most top who has mentioned sales of 70,794 units, which is more than a quarter of total sales in the top 8 cities.

During the financial year 2018-19, the tier I cities for residential property has gained 5% from a year ago.

Liases Foras Research & Rating reported that compared to Mumbai Delhi (NCR) has managed with 54,174 units which contribute about 19.5% of total sales in tier I cities.

Pune has appeared most extreme development in new projects in level I urban areas followed by Bangalore and Hyderabad.

All cities have shown growth from its past year but, Delhi (NCR) is the single city who has faced a 13% fall in sales compared to last year. Reportedly, Hyderabad has got 20% growth so as Kolkata whereas Bangalore has grown with 14% increase in sales.

STATISTICS:

Affordable Apartment (Under 25 lakhs): Affordable apartment whose price range is less than Rs 25 lakhs has gained 17% from all 8 major cities at their quarter period, out of which 44% sales were observed in MMR and Ahmadabad.

Mid Range Apartment (Between 25lakhs – 50lakhs): It seems to be the most demanding price range, as this price bracket has sold 25,347 units, which is 37% of total sales and maximum demand originating from NCR and Pune.

High-end Apartment (Between 50lakhs – 1crore): This price bracket is considered as second most demanded as it has contributed 30% of total sales.

Luxury Apartment (1 crore & Above): The sales of Luxury has just contributed 5% to the total tier 1 cities sales.

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