Category: Business World

Mumbai property registrations dips marginally in May 2023

Mumbai city (area under Brihanmumbai Municipal Corporation) saw a total of 9,542 property sale registrations in May 2023, resulting in a dip by 3 per cent Year on Year. The revenue through collection of stamp duty fees stood at Rs 811 crore.

Notably, last month, a total of 10,514 properties were registered whereas in May 2022, a total of 9,839 properties were registered. Therefore, as per the property registration data analysis available with the state’s Office of Registrations and Stamps, the numbers are reducing.

However, as per Knight Frank India, the daily average property registration in May 2023 was 308 units, making it the second-best month of May in the last ten years after May 2022. While the overall registrations dipped in May 2023, the strength in the daily sale rate of over 308 units and the rising revenues clearly indicates the robustness of Mumbai’s property market.

Here is what the real estate experts have to say:

Mr. Ram Naik – Director, The Guardians Real Estate Advisory
“The Mumbai property market is resilient in the face of uncertainty and continues to demonstrate a positive trend. Despite a dip in the total number of registered properties, May 2023 saw a strong daily average registration rate of over 308 units, indicating that the sector is full of potential and opportunity. The revenues generated from stamp duties provide a glimpse of the financial power of the real estate market in the financial capital of India. With its vast array of amenities and strong infrastructure, Mumbai remains one of the most attractive cities for investments and homeowners alike.”

Mr. Pritam Chivukula – Vice President, CREDAI-MCHI and Co-Founder & Director, Tridhaatu Realty
“Mumbai’s property market is buoyant despite the hike in interest rates and rise in property prices. We are seeing positive home buyer sentiments, a robust demand which has translated into home sales in the primary and secondary housing market as well. Rising interest on home loans may have dented sales in the price-sensitive affordable housing category to a certain extent. We are hopeful that the government will initiate some constructive policy measures that will invigorate the sector and sustain growth.”

BAFTA will support India’s emerging talents for the third year via the BAFTA Breakthrough program in partnership with Netflix

India-wide, 13th May 2023: After the impressive success of the BAFTA Breakthrough India programme in 2021 and 2022, BAFTA is once again launching the scheme for a third year. Applications open today until 5 July, and the programme is open to creatives from across the film, games and television industries nationally, as well as those working in the UK and the US.

This year also marks Netflix’s third year supporting BAFTA Breakthrough in India and its fourth year in the UK and US.

BAFTA Breakthrough aims to identify and nurture emerging talent from around the world and equip them with the resources they need to develop their skills and progress in their chosen field. First launched in the UK ten years ago, BAFTA Breakthrough is one of the arts charity’s flagship talent schemes, with over 200 careers developed and accelerated to-date. Through this initiative, BAFTA Breakthrough India will once again identify and celebrate Indian talent by offering a bespoke programme of support – helping participants expand their knowledge about the industry, develop their craft, address barriers to progression, and build a global network with leading professionals who can boost their career trajectory.

In addition to a bursary for supporting international networking opportunities, the programme will offer recipients:

● One-to-one industry meetings and group roundtable sessions

● Full BAFTA membership for a year, with the option to extend

● Global networking opportunities with industry and peer to peer Breakthrough cohorts

● Access to Career Coaching sessions and support with professional skills development

● Access to BAFTA’s virtual programme of events and screenings for 12 months

Tim Hunter, BAFTA Executive Director of Learning, Inclusion, Policy and Membership said: “Given the significant contribution of the South Asian community to UK culture, and global influence of India’s screen industries, we’re thrilled to be supporting the next generation of change-makers to make their mark on India’s creative arts and support cross-cultural exchange between our two countries. Many thanks to Netflix for providing the generous support needed to bring BAFTA Breakthrough to life.

Monika Shergill, Vice President – Content, Netflix India, “We are proud of our partnership with BAFTA for the Breakthrough India Program for the third consecutive year. With this programme, we are excited to give wings to the next generation of creators and provide them with a prestigious global platform to showcase their best work. We look forward to extending our support to India’s creative community as they connect and learn from the global network of BAFTA Breakthroughs.”

By tradition, BAFTA will select talent through a cross-industry jury of notable experts meticulously picked to ensure a broad and varied range of valuable perspectives. The 2023/24 cohort will be announced later this year.

The successful participants will be revealed in a global announcement in November.

The extraordinarily talented list of BAFTA Breakthrough’s second cohort comprised of the future stars of the film, games and television industries: Ajitpal Singh (Writer), Alokananda Dasgupta (Music Composer/Director), Arati Kadav (Director/Writer), Leena Manimekalai (Director/Writer), Mathivanan Rajendran (Producer), Nakul Verma (Game Director), Prateek Vats (Director/Writer), Saumyananda Sahi (Cinematographer), Shubham (Writer) and Sumukhi Suresh (Performer).

BAFTA Breakthrough’s first cohort included Palomi Ghosh (Actor), Shruti Ghosh (Game Developer/Art Director), Arun Karthick (Director/Writer), Tanya Maniktala (Actor), Karthikeya Murthy (Composer), Jay Pinak Oza (Cinematographer), Sumit Purohit (Director/Writer), Renu Savant (Director/Writer), Akshay Singh (Writer/Producer) and Vikram Singh (Director).

Application Requirements

The programme is looking for candidates who:

Will be aged 18 or over at the time of application
Have been primarily resident in India for at least 2 years
Are conversationally fluent in English
Making a name for themselves as an exciting new Animator, Choreographer, Cinematographer, Colourist, Composer, Costume Designer, Director, Editor, Game Developer, Game Director, Game Producer, Hair/Make-up Artist, Performer, Presenter, Producer, Producer/Director, Production Designer, Series Director, Series Producer, Sound Editor/Mixer, Writer or VFX/3D Artist within the Indian film, games or television industries

The candidates are required to have:

A letter of recommendation from a relevant regional film, games or television industry organisation or a creative collaborator in India.
A leading professional credit on a piece of work that has, in the past 5 years, been theatrically released in India; or broadcast on a television channel or OTT platform in India; or released in India on a publicly available platform
A demonstrable ambition to collaborate and share their expertise with UK practitioners and/or to produce content for UK audiences

Six years of RERA: It increased investments and boosted real estate’s growth

On six years of RERA, the realtors are gung-ho about the positive changes brought by it, and the consumer trust that increased manifolds after its implementation on May 5, 2017. In most regions, the absence of confidence among builders and homeowners has been an important cause of issue pre-RERA. There have been numerous instances of missing out on commitments made to home buyers, as well as undue delays.

To address the issues being faced by the real estate sector, on 1 May 2016, the Indian parliament passed the Real Estate (Regulation and Development) Act (RERA), 2016, notifying 56 sections of the Act to establish one sectoral regulator to regulate the real estate sector. Yet, operational RERA application began only in 2017, with the remaining 32 sections arriving into force on May 1, 2017.

Yashank Wason, MD, Royal Green Realty said, “RERA implementation has been a phenomenal decision transforming the sector in the interest of all the stakeholders. However, we have to focus on the grass root level and ensure that RERA-certified brokers get trained in RERA through some formal course, as done in many foreign countries, before being allowed to sell projects. Brokers are the bridge between the buyers and the developers, and any fragility may lead to disastrous consequences. Overall, it has been an enriching experience to enter the market when RERA had transformed the market and made the buyers trust the realtors; it helped us operate in an organized market, which was not the case before 2017 when RERA was not implemented.”

As per Ministry of Housing and Urban Affairs (MoUHA) data, RERA disposed of 20604 in Haryana as on January 1, 2023. which is second to Uttar Pradesh where it disposed of 42460 cases. The attendees agreed that the result of RERA would be seen when customers get possession on time, and the trust of the customer matter if you deliver on time with quality.

RERA has given developers equal access to develop projects across all terrains. The regulations laid down by the organisation have ensured that only genuine developers with sound financial and technical capabilities can operate in the sector, making it more trustworthy for homebuyers. Project completion on schedule, adherence to quality standards, and record keeping have all evolved into crucial elements of the sector. Additionally, it has increased investments and boosted the real estate industry’s overall growth by fostering confidence in the sector.

The states with the maximum project registrations are Maharashtra, Gujarat, Karnataka, Madhya Pradesh, Uttar Pradesh, Telangana, and Tamil Nadu. Maharashtra still tops the list with approx. 38,643 project registrations.

Ganga Realty to invest Rs 400 crores in its maiden high-street retail project in Sohna, eyes 40 cr revenue annually

Gurugram-based real estate firm Ganga Realty, has announced that it will invest Rs 400 crores in its first high-street ‘neighbourhood’ retail project, Swarnim, at Sector 5, in Sohna, Gurugram. This project will be the company’s second multi-crore venture after the announcement of its affordable housing project in Sohna Road a few months ago. The project is strategically located at a 20-min distance from the proposed metro station and will also share easy connectivity with IGI Airport and KMP Expressway. It will be primarily a commercial Retail development with a total plot area of 2.7 lakh sqft.

The project will have around 650 shops with multiple brand and amenity stores. The project will be developed in the vicinity of around 3000 residential units. Over 25000 families will most likely settle down in the same region in the near future, which promises great prospects of high ROIs for the project. It will also consist of retail shops, banquets, multiplex, and themed restaurants. It is expected that over 200 brands will redefine the project’s retail experience. The project is based on a 100% lease model where all retail and business suites will be leased to individual investors. Shops will be of double height with exclusive terrace rights. The project will also provide dedicated space for mechanical car parkings.
The company expects to deliver the project by the end of 2025.

Vikas Garg, JMD, Ganga Realty adds, “The funds for the construction of the Swarnim project would be met by internal accruals and customer advances which are being planned. Location being a key to successful investment, Swarnim is located at a very close vicinity and in high demand with its location advantage and property appreciation. With deliveries and possessions already in process, we expect a huge population to shift within couple of years in close vicinity. This movement will thus push demand for retail and majorly for retail properties in this region”

Emeritus Awarded ISO Certification, Joining Ranks of World-Class Organizations

India/Mumbai, April 14, 2023: Emeritus, the global leader in world-class professional education, has been awarded the prestigious ISO 9001:2015 ANAB accreditation by Intertek, placing it among a select group of EdTech companies globally to have received the certification. This certification is a testament to Emeritus’ commitment to excellence in making the highest-quality education accessible and affordable to individuals, companies, and governments around the world.

The ISO (International Organization for Standardization) certification is an internationally recognized standard for quality management systems and is one of the most rigorous and well-regarded standards worldwide. Certification is awarded to organizations that meet or exceed international standards for quality management, customer satisfaction, and continuous improvement. With this achievement, Emeritus joins an elite group of EdTech organizations globally that have received ISO certification.

The accreditation certifies that Emeritus’ processes and procedures exceed international standards for delivering high-quality learning through online courses, bootcamps, degree programs, professional certificates, and senior executive programs. It recognizes Emeritus’ unique model of state-of-the-art technology, curriculum innovation, and hands-on instruction from senior faculty, mentors, and coaches.

Pranjal Kumar, Global CFO and Head of Corporate Development at Emeritus said, “We are thrilled to have achieved the ISO 9001:2015 certification, which recognizes our unwavering commitment to providing high-quality learning opportunities to our learners. Emeritus is one of the few education companies that has achieved this certification and it is a testament to our team’s dedication to providing a world-class experience to our learners.”

The successful achievement of ISO certification was the result of a collective effort that involved crucial steps, strong team collaboration, and support from stakeholders. The core processes were identified, defined, and thoroughly documented to ensure compliance with the ISO 9001 standard.

MG Motor India elevates the all-new ZS EV experience, introduces new interior colours in Exclusive variant

Mumbai, October 03, 2022: MG Motor India today announced the introduction of a brand new interior color to its all-new ZS EV Exclusive variant. The car will now be available in dual-tone iconic ivory interiors. The company also announced that the bookings of the new ZS EV Excite shall commence on October 3, 2022.

The ZS EV Excite offers customers a power-packed electric mobility experience with more than 75 connected features and the largest in-segment 50.3kWh battery with globally certified quality: ASIL-D, IP69K & UL2580. With 176 PS power, the all-new advanced technology battery offers a 461-km certified range on a single charge.
The car comes loaded with the largest-in–segment 25.7 cm HD Touchscreen Infotainment, along with a host of other segment-first features like a 360-degree all-around view camera and a Digital Key. The ZS EV Excite features a full digital cluster with the segment-best 17.78 cm embedded LCD screen and Hill Descent Control (HDC) for enhanced safety. To make drives smoother, the base variant also comes equipped with a Park+ Native app for parking booking, and the MapmyIndia Online Navigation System with live traffic, live weather, and AQI, and the integrated Discover app to locate restaurants and hotels nearby. The system also has Firmware Over-The-Air (FOTA) update capability.

The ZS EV is available in the United Kingdom, parts of Europe, Australia, Thailand, China, Peru, Chile, and India. The vehicle’s EV platform has been consistently acknowledged among all others, reaffirming MG’s position as a global leader in electric passenger vehicle manufacturing. The MG ZS EV continues to dominate key markets around the world. The demand for high-tech, high-performance EVs is increasing at an alarming rate. The automaker sees this as an extremely promising segment.

MG Motor India is committed to strengthening the electric mobility ecosystem in India by raising the EV adoption rate in the country. To create a seamless EV experience for car owners, the carmaker has entered into strategic partnerships with key players such as Jio-bp, Castrol, and BPCL. The company is also promoting research and innovation in the EV space by collaborating with academic institutions. Recently, in association with RV College of Engineering, Bangalore, MG launched an EV certification course as a part of its skill development program, MG Nurture.