Tuesday, January 22, 2019

Latest News

IRB InvIT announces Q3 FY19 results

IRB InvIT, India’s first Infrastructure Investment Trust has announced distribution of Rs. 3.10 per unit for the Q3 FY19; thus, maintaining the guidance of...

Youngsoft signs agreement to acquire ABSYZ Software

Youngsoft Inc., the premiere technology and consulting firm, today announced that it has signed a definitive agreement to acquire the majority stake in ABSYZ...

ClearTax launches AI-led Tax and Finance Planner

The AI-based tax & financial planning algorithm will provide investors with the most accurate and personalized assessment of their investment profile based on their...

BMW launches X4 in India

The all-new BMW X4 will be available in diesel and petrol variants at all BMW dealerships across India from today onwards. Highlights: A unique vehicle...

This is a favourable market for homebuyers: Anuj Puri, ANAROCK Property...

The Government has also provided several incentives for first-time home buyers, especially in the budget homes category, and developers are rolling out year-round attractions...

ICICI Bank launches premium savings account

The premium savings account ‘The One’ is available for upwardly-mobile salaried and self-employed men who strive to achieve their goals and lead an aspirational...

WayCool Food raises INR 120 crore

The company operates a full-stack, broadline product range across multiple channels and categories like fresh produce, staples and dairy serving over 4,000 clients. Chennai based Agri-tech...

HDFC Bank Q3 total income up by 26% at INR 30811.3...

Operating expenses for the quarter ended December 31, 2018 were 6,719.3 crore, an increase of 17.2% over 5,732.2 crore during the corresponding quarter of...

RIL Q3 PAT up by 8.8% at INR 10,251 crore

Records quarterly Consolidated Revenue of INR 171,336 crore ($ 24.6 Billion) up by 55.9 % Reliance Industries Limited (RIL) today reported its financial performance for...

Wipro Q3 profit up by 29.6%

Gross Revenue at INR 150.6 billion ($2.2 billion1) and grew 3.6% q-o-q and 10.2% y-o-y Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) today announced...

Nouryon opens India HQ and Research Center in Mumbai

Projects include an expansion and upgrade of Nouryon’s organic peroxides facility Nouryon (formerly AkzoNobel Specialty Chemicals) has opened a new India headquarter office and...
AkzoNobel Logo

AkzoNobel partners with SOS Children’s Villages of India

Supporting the Skill India Mission, 3500 underprivileged youth have been trained at AkzoNobel’s Paint Academies in India till date. AkzoNobel, a leading global Paints and...

Dairy Tech startup Mr. Milkman received AIFPA award

The award was conferred by LN Gupta, Additional Chief Secretary MSME, Dept. of Orissa Mr. Samarth Setia, Founder, Mr. Milkman, was awarded the prestigious AIFPA...

Crowdera Foundation launches THRIVE5

The program is designed to support for-profit and nonprofit startups & social enterprises to accelerate their launch and very early stage growth by providing...

Jet Airways tops Indian airline Product Rating chart

The airline topped the ‘product’ category list, as per the figures released by AirlineRatings, in the full-service category and was the only airline to receive...

BMW launches R 1250 GS and R 1250 GS Adventure in...

BMW Motorrad has launched the all-new BMW R 1250 GS and the all-new BMW R 1250 GS Adventure today in India. Highlights: BMW R 1250...

Budget expectation 2019-20

“Rationalization of taxes would be the one most important factor that the real estate industry would expect at this point of time from the upcoming Budget. It is not just about reducing taxation rates; rationalization of taxes is necessary as it will create an environment conducive along with the positive sentiment to enable generate new business opportunities across the economy. Among the expected points, I would also add the expectation of bringing Stamp Duty within the purview of GST; Input Credit of Construction against output of Renting; incentivize Rental Housing to meet Housing for All commitment by 2022 and increasing limit of interest deduction, paid on home loan, from 2 lakh to 3 lakh. The real estate industry looks forward to a positive Budget from the Hon’ble Finance Minister.”

Dr. Niranjan Hiranandani, National President, NAREDCO


Pre Budget Expectations Quote

“The government’s progressive initiatives have significantly enhanced the real estate market sentiment. With the union budget just around the corner, we hope to see robust initiatives to boost the industry, which is a huge contributor to the nation’s GDP.Infrastructure being a key driver will further drive momentum in the real estate market. New Inventory that includes affordable housing projects coming up on the suburban tracts will certainly benefit with new and growing infrastructure. This will help in seamlessly connecting different nodes of the city and provide developers and homebuyers with more options to explore.The quantum of unsold residential inventory across micro-markets in the country is looming and the government should continue to focus on the ongoing and upcoming infrastructure projects as it will enhance connectivity thereby attracting homebuyers. Further, rate cuts could help boost the buying sentiment to reduce the existing supply of inventory in the market.Additionally, extending income tax exemption applicable to affordable housing would allow buyers to purchase their dream homes without added financial strain and provisions for single window clearance for housing projects which would ensure speedy completion of projects. The proposal to consider a GST rate cut on under construction properties will also help and this benefit could then get passed on in a transparent manner to the customer.The launch of the smart cities mission (100 smart cities) are in various stages of implementation and with the Government taking adequate various initiatives like these along with incentives for Green buildings and those focused on sustainability, these added incentives / tax subsidies to developers to construct green homes will contribute to sustainable future and greener cities.We hope the government takes into considerations the expectations of the developer and homebuyer’s community and provides respite to the real estate industry.”

Tushad Dubash, Director of Duville Estates


What do you expect from the budget 2019

“In the 2019 Budget, the real estate industry will be looking to the Finance Minister to announce progressive tax SOPs for the Industry as well as homebuyers. Among other things, there are two important aspects that we hope are addressed in the 2019 Budget. Firstly, the cap on deductions available to homebuyers on interest paid for the residential property should be increased from Rs. 2 lakh to Rs. 4 lakh thereby encouraging homebuyers to invest in real estate. Secondly, to address the issue of affordability, Stamp duty should be included in the purview of GST. This has been a longstanding issue for homebuyers and developers alike and we hope that it is addressed as soon as possible.The two aspects hindering the growth of real estate today are affordability and liquidity. Transaction costs for homebuyers have become prohibitive and that is encouraging more and more people to chose renting over buying. With net GST at 12% and stamp duty as high as 6-8% depending on the state, homebuyers are finding it unaffordable to purchase a home. These aspects need a closer look and a different approach is encouraged. In recent times, liquidity has been a significant hindrance for several developers and HFC’s. With tightening norms around home loan eligibility, several people are left out of the ambit and this can be dangerous for the long term growth of a sector that continues to be India’s second largest jobs provider after Agriculture.In some aspects, the promises of 2018 have been met and in some others some work still remains to be done.”

Farshid Cooper, MD of Spenta Corporation 


SBI on Jet Airways

“We have seen some media reports on certain issues concerning a Resolution Plan for Jet Airways. This includes speculative reports on pricing relating to any possible investment in the Company”.

“In this connection, SBI would like to state that lenders are considering a restructuring plan under the RBI framework for resolution of stressed assets that would ensure a long term viability of the Company. Any such plan would be subject to approval of boards of the lenders and subject to adherence and clearance, if required, from the RBI and / or SEBI (takeover code, ICDR regulations etc.) and / or Ministry of Civil Aviation and in compliance with all regulatory prescriptions”

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