Property registrations in Mumbai hit the 100,000-mark till November, marking a 10-year high as "demand enablers" like low prices and cheaper interest rates lure people to buy homes in India's financial capital. The previous 10-year high was 80,746 units in 2018. November 2021 recorded property sale registrations of 7,582 units: an 18 per-cent decline compared to same month last year (YoY) when stamp duty rate was at its lowest level of two per cent, said property consultant Knight Frank India, quoting data from the Maharashtra government's Department of Registrations and Stamps. Compared to October or a month-on-month (MoM) basis, registrations are lower by 12 per cent.
'This man changed the mindset of a generation.'
The 79-year-old industrialist will continue to serve as chairman of the Godrej Group and chairman emeritus of GIL, said the statement. "Nadir Godrej, who is currently managing director of GIL, will take over as chairman and managing director of the company," it added.
Some of the country's largest listed real estate developers - DLF, Prestige Estates, and Puravankara - are foraying into the Rs 50,000-crore residential property market of Mumbai, where home prices are among the highest in the world. All of them are set to launch residential projects in the financial capital of the country, where the market is dominated by players such as Runwal, Lodha, and Oberoi Realty, among others. Leading the race is Prestige, which has lined up 6 million square feet (msf) of new launches in the city across Mulund and Byculla in the third quarter of this financial year (2021-22).
It said the searches that were launched on July 22 in nine cities like Bhopal, Indore, Delhi, Ahmedabad, Noida and some others are "continuing and further investigations are in progress."
'In investing, you have to first make sure you don't make big mistakes.' 'I would advise small investors to be systematic, don't be arbitrary; don't be on either end of the risk spectrum.' 'Don't go from fixed deposit to option trading or crypto trading.'
However, the report pointed out that the implementation of the grievance redressal process still has many gaps as "only 22 per cent of the consumers involved in a grievance redressal process were satisfied due to the uncertain timelines involved". The Real Estate (Regulation and Development) Act, 2016, was passed by Parliament in March 2016.
Despite a 56 per cent fall in residential launches in the first half of the year compared to the second half of 2019, Anarock Property Consultants believes that consolidation in residential real estate is expected to gain ground, and that branded players may garner a market share of 75-80 per cent.
November 8 marks 6 years after demonetisation. A K Bhattacharya reveals how the prime minister and the RBI worked together for months before Modi's 8 pm speech. A riveting excerpt from The Rise Of Goliath: Twelve Disruptions That Changed India.
Experts say that the lockdown and its aftermath will further quicken the consolidation in the real estate sector, which has been taking place since 2012, with more small players going out of the business and bigger, branded players dominating the market.
The Enforcement Directorate (ED) has issued fresh summons to Shiv Sena MP Sanjay Raut asking him to appear on July 1 for questioning in a money laundering case linked to the re-development of a Mumbai 'chawl' and other related financial transactions involving his wife and friends, officials said.
Irani said the show of strength by the Congress is aimed at putting pressure on the probe agency, and asserted that nobody is above the law "even Rahul Gandhi".
Downton Abbey: A New Era premiered at the Metropolitan Opera House in New York on May 15. Guess who was there to celebrate?
The arrest of Shiv Sena MP Sanjay Raut in a money laundering case by the Enforcement Directorate (ED) was "illegal" and a "witch-hunt", a special court in Mumbai said on Wednesday while granting him bail in the Patra Chawl redevelopment matter.
Jain, 57, is the minister for health, power, home, PWD, industries, urban development, flood, irrigation and water in the Arvind Kejriwal-led government.
Shridhar Madhav Patankar, the brother of Thackeray's wife Rashmi, "owns and controls" Shree Saibaba Grihanirmiti Private Limited, it said.
Unless you are very knowledgeable, seek expert advice before making such a high-ticket investment, cautions Sarbajeet K Sen.
The central government, in its typical sledgehammer style, has unleashed the might of its investigative agencies like the Enforcement Directorate against NCP and Shiv Sena leaders.
Indian rupee, which earlier this week touched an all-time low, is likely to remain under pressure and may test new levels as a fallout of the US Federal Reserve indicating more interest rate hikes, experts said. The aggressive rate hikes will dampen demand and increase the possibility of a recession in the US. This could accelerate the pace of capital outflows, weaken the rupee and raise the threat of imported inflation.
Maharashtra Deputy Chief Minister Ajit Pawar and various other state ministers sat on a dharna in Mumbai on Thursday to protest against the arrest of their cabinet colleague Nawab Malik by the Enforcement Directorate in a money laundering case.
Shiv Sena MP Sanjay Raut on Friday appeared before the Enforcement Directorate (ED) in Mumbai to record his statement in connection with a money laundering probe.
The Enforcement Directorate on Monday conducted raids against arrested Delhi minister Satyendar Jain as part of a money-laundering probe linked to an alleged hawala dealings case being conducted against him, officials said.
Tea estates across Assam and West Bengal, which were hitherto closed owing to the lockdown, opened in April.
Rough estimates from plantation companies have pegged production loss in excess of 100 million kg (mkg) across India which is valued at around Rs 2000 crore. Usually, plantation companies in Assam and West Bengal produce around 15 per cent of the total tea during March-April.
'India seems to be on a relatively better wicket compared to other emerging markets.'
The Narcotics Control Bureau's deputy director general, northern region, Gyaneshwar Singh, who is heading the departmental vigilance probe into allegations of extortion in the drugs-on-cruise case, arrived at the agency's office in Mumbai on Wednesday.
The Centre's response came on a petition filed by the JNMF seeking to set aside the estate officer's October 15 eviction notice.
The federal agency wants to question and record Parab's statement under the Prevention of Money Laundering Act, they said.
A senior Union housing and urban affairs ministry official said out of 28 artistes, there are still around eight who have not moved out of their government accommodations despite multiple notices.
The key demand drivers -- such as low home loan rates and income tax sops, particularly for affordable housing -- that supported the recovery in H2 FY2021, remain in place and will spur recovery again, feel experts.
Tata Steel was the top loser in the Sensex pack, sinking nearly 10 per cent, followed by SBI, IndusInd Bank, HDFC, Dr Reddy's and M&M. NSE Nifty tumbled 188.25 points to 17,396.90.
The 62-year-old Nationalist Congress Party leader was taken into custody shortly before 3 pm after he was questioned for about six hours at the ED office in south Mumbai's Ballard Estate area.
After the Bombay HC last week refused to quash these summons, he appeared before the agency.
The Enforcement Directorate on Thursday raided multiple locations in Maharashtra as part of a money laundering probe against state transport minister Anil Parab and others linked to alleged irregularities in a land deal in coastal Dapoli area of Ratnagiri district and other charges, officials said.
With the Jaypee acquisition, the Suraksha group, which made lenders an offer of Rs 7,736 crore, will be able to expand its footprint in north India after making inroads in Mumbai's real estate market over the past year. Sudhir Valia, the promoter, was a co-founder and executive director of India's biggest pharmaceutical firm, Sun Pharmaceuticals, and is a close relative of Dilip Shanghvi.
A Delhi court on Friday convicted real estate barons Sushil and Gopal Ansal for tampering with evidence in the 1997 case of Uphaar Cinema fire which claimed 59 lives.
Real estate developer Supertech on Friday was declared bankrupt by the National Company Law Tribunal (NCLT), a move that could have a bearing on 25,000 home buyers of the firm's ongoing projects in the Delhi and NCR region. Acting on a petition filed by the Union Bank of India for non-payment of around Rs 432 crore worth dues, the bankruptcy court ordered the initiation of insolvency proceedings against real estate firm Supertech Ltd, one of the companies of Supertech group. The NCLT said "there has been a default in payment of the financial debt" and appointed Hitesh Goyal as the Interim Resolution Professional (IRP) superseding the board of Supertech Ltd.
Indian IT firms companies having their operations in Malaysia are showing great amount of interest in investing in residential properties in Malaysia. Over 700 Indians have acquired residential properties.
India may soon see a new set of oil barons with lesser-known companies venturing into crude oil and natural gas production. These new kids on the block have come up through a mix of entrepreneurial grit and backing from oil industry veterans. Nippon Power, South Asia Consultancy, PFH (Poddar Family Holdings) Resources and Chennai-based Adbhoot Estates could be the first ones to start production from blocks awarded during the first round of Discovered Small Field (DSF-1) auctions. Adbhoot is in a 50:50 joint venture with the Bombay Stock Exchange-listed Hindustan Oil Exploration Company that has some five oil producing assets and over 10 blocks across the country.
Services sector activities improved further and touched a five-month high in April driven by a surge in incoming new work orders that boosted business activity and supported a renewed increase in employment, according to a survey. The seasonally adjusted S&P Global India Services PMI Business Activity Index jumped to 57.9 in April, from 53.6 in March, highlighting a sharp rate of expansion that was the fastest since last November amid mounting price pressures. For the ninth straight month, the services sector witnessed an expansion in output.
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