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Realty firm <keyword id="3077082" type="General" weightage="50" keywordseo="hiranandani-communities" source="Orion">Hiranandani Communities</keyword> will invest Rs 1,000 crore to develop a new housing project in Mumbai to tap rising demand. The company has launched a new housing project - 'Golden Willow' - in its mixed-use integrated township '<keyword id="8644858" type="General" weightage="50" keywordseo="hiranandani-fortune-city" source="Orion">Hiranandani Fortune City</keyword>' at Panvel. The company plans to develop 1 million square feet of residential space in this project, comprising around 700 units. The apartment size ranges between 490 sq ft to 1,150 sq ft of carpet area. The company will invest Rs 1,000 crore to tap the growing mid and luxury home demand in the Panvel realty market, <keyword id="221666" type="General" weightage="100" keywordseo="hiranandani" source="Orion">Hiranandani</keyword> Communities said in a statement on Thursday. The project will be funded by construction finance and internal accruals. The ticket size ranges from Rs 70 lakh to over Rs 2 crore. Niranjan Hiranandani- CMD- Hiranandani Communities, said, "the launch of this new residential sector is in alignment with the market buoyancy as the company seeks to capture strong demand for branded luxury homes post-COVID." In Hiranandani Fortune City, the company has already delivered 2200+ homes across 2.5 million square feet of residential space and 2 million square feet of commercial space, housing Asia's largest <keyword id="4065412" type="General" weightage="50" keywordseo="yotta" source="Orion">Yotta</keyword> NM1 data centre. He further said that "The Panvel realty market is currently booming as a new economic node with the commissioning of mega infrastructure projects. This has already led to the increase in property prices index northwards." The region is also witnessing the foray of many organised and branded developers to capitalise on the new growth opportunities, Hiranandani said. The Group has developed many mixed-used integrated townships across geographies like Powai, Thane, Panvel and Oragadam (Chennai). The group has strategically forayed into emerging real estate asset classes like industrial and logistics parks, a data centre that marks its pan-India presence. Currently, the group is also actively evaluating redevelopment projects in Mumbai and MMR (Mumbai Metropolitan Region) markets. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/tcs-flags-pain-in-us-markets-says-banking-sector-crisis-has-led-to-cuts-in-discretionary-spending/articleshow/99458916.cms">TCS flags pain in US markets, says banking sector crisis has led to cuts in discretionary spending</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/india-incs-revenue-growth-in-q4fy23-to-halve-to-10-12-crisil/articleshow/99459285.cms">India Inc's revenue growth in Q4FY23 to halve to 10-12% : Crisil</a>

Hiranandani Group to invest ₹1,000 crores to develop a new housing project in Mumbai

<ul><li>The <keyword id="6355729" type="General" weightage="100" keywordseo="data" source="Orion">data</keyword> center has been set up with an investment of around ₹1,500 crore and will see an additional investment of ₹5,000 crore in IT equipment. </li><li>Yotta also entered into an MoU with the UP government to invest ₹39,000 crore in a phased manner over 5-7 years. </li><li>“Data will be a $1 trillion dollar economy by 2025..Today, over 85% of <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s data is stored abroad. With this emerging data center, that is about to change," said Niranjan Hiranandani of the Hiranandani real estate development group.</li></ul> Hiranandani group’s wholly-owned subsidiary Yotta Infrastructure on Monday unveiled North India’s first hyperscale data center at its Greater Noida Data Center Park, in a boost to the region’s digital economy. Called Yotta D1, it was inaugurated by the Chief Minister of Uttar Pradesh <keyword id="43254" type="General" weightage="50" keywordseo="yogi-adityanath" source="Orion">Yogi Adityanath</keyword> and Rajeev Chandrasekhar, Union Minister of State for Electronics &amp; IT. The data center has been set up with an investment of around ₹1,500 crore. Once fully functional, Yotta D1 building will see an additional investment of ₹5,000 crore in IT equipment, the company said in a press release. "When the data revolution began in India, Mumbai and Chennai were prime data storage centers. This is about to change with data centers now coming up in the Delhi NCR region as well. When you have a data center next to you, a lot of companies will be able to give lightning fast processing for data to local people, in turn boosting productivity," said Darshan Hiranandani, co-founder and chairman of Yotta Infrastructure. Yotta D1 is strategically located near the key business hubs of NCR, the company said. The company also entered into an MoU with the UP government to invest ₹39,000 crore in a phased manner over 5-7 years. The investment will go towards constructing the data center campus and procuring IT equipment and other hardware for Yotta customers. "Data will be a $1 trillion dollar economy by 2025 and this data center built in Greater Noida is the fastest-built data center globally. Today, over 85% of India's data is stored abroad. With this emerging data center, that is about to change," said Niranjan Hiranandani of the Hiranandani real estate development group. The data center inaugurated on Monday is spread across 20 acres. The Yotta Greater Noida Data Center Park will offer a total capacity of 30,000 racks, four dedicated fiber paths and an IT power capacity of 160 MW. In addition, the foundation stone-laying ceremony of the next two data center buildings – Yotta D2 &amp; D3, was also performed on Monday. Data centers go ‘local’ Sunil <keyword id="6356160" type="General" weightage="50" keywordseo="gupta" source="Orion">Gupta</keyword>, co-founder and CEO Yotta Infrastructure, said that India will need to build its data storage capacity at a pace which is 15 times more than the mature global data centers of the world. India has over 700 million active internet users, and has clocked in 9.3 billion UPI transactions in one quarter alone. "If someone in Delhi wants to watch a high-definition movie, they should not wait for data to come from the Mumbai data center," said Gupta, who is also known as India's Data Man. The 5,000 data racks in Yotta D1 building has the capacity for storing at least 60 lakh high-definition movies, the company said. "These data centers will have multiple-use cases. Customers from edtech, healthtech companies, SMEs, public sector units, state government initiatives like AYUSH, Aadhar, storage of passport data can tap into this resource," added Gupta. Launched three years ago, Yotta Infrastructure has built data centers in Powai and will be tapping into Thane and Panvel in Mumbai, Pune, Chennai, Gujarat and West Bengal in the coming years. It also aims to go international and is in talks with the government of Bangladesh, the company said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/here-are-some-features-users-want-elon-musk-to-add-to-twitter/articleshow/95200755.cms">From longer tweets to proper verification of users, here are some of the Twitter features we want Elon Musk to introduce</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/these-interesting-new-whatsapp-features-could-be-coming-soon-to-the-app/slidelist/95202260.cms">These interesting new WhatsApp features could be coming soon to the app</a>

Hiranandani Group unveils North India’s first hyperscale data center in boost to region’s digital economy

<ul><li>The focus will be to woo the vote bank – the middle class homebuyers </li><li><keyword id="6354553" type="COMPANY" weightage="20" keywordseo="real-estate">Real estate</keyword> players expect the government to lower the <keyword id="35061" type="DOMAIN" weightage="20" keywordseo="housing">housing</keyword> interest loans </li><li>NBFCs expect a bigger push from the government </li></ul><keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>’s real estate industry has been struggling for a few years now, and is looking up to the government for support. But the government’s focus may be on the middle class Indians who are a major part of its vote bank, and even the real estate industry is conscious of that. However, the players in the sector hope that while doling out sops to the voters, the government may bail the builders out with incentives and sops that will revive demand for properties. Real estate is the second largest employer in the country and it has been going through a phase of reinventing itself in recent years. The sector, infamous as a haven for ill-gotten wealth in the country, has been cleaned through a <a href="https://www.moneycontrol.com/news/business/real-estate/flashback-2018-tax-regulatory-changes-impacting-real-estate-sector-3333341.html">series of reforms</a> after the establishment of the Real Estate Regulatory Authority (RERA) in 2016. The regulatory chokehold, combined with tepid demand, had kept the builders in doldrums until now. The focus on, <a href="https://www.moneycontrol.com/news/business/economy/budget-2018-dedicated-affordable-housing-fund-anvil-2490925.html">affordable housing</a> in the last budget has helped bring some of the buyers back. 2018 saw some recovery in the real estate launches. The top seven cities in India recorded launches of around 1.95 lakh units in 2018, up 32% from a year ago. <keyword id="136927" type="ORGANIZATION" weightage="20" keywordseo="affordable-housing">Affordable housing</keyword> comprised the lion’s share of new launches at 40%, according to Anarock. . Another sign the industry might be improving is unsold inventory, which measures homes and properties that builders are unable to sell even after construction. At the national level, unsold inventory has steadily dropped over the last four quarters, from 47 months at the end of December 2018 to 33 months now. 

	
 
 <div type="image" title="Unsold properties have steadily reduced over the last year" msid="67559319" hostid="261" caption="&amp;lt;p&amp;gt;Unsold properties have steadily reduced over the last year&amp;lt;/p&amp;gt;"></div>







 With the builders in recovery mode, the government may focus on pushing buyers to bet their money on new homes. Benefits for homebuyers Incentives for India’s massive middle class may also be a politically prudent step for the <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> government in an election year. “The fact that the exemption limit (under Section 80C) was raised last in 2014 after a decade-long hiatus raises high expectations that this route may be revisited in this budget. It is certainly an assured crowd-pleaser, which matters in the electoral year,” said Anuj Puri, Chairman – ANAROCK Property Consultants. However, the government efforts to push affordable housing also appear to be moving slowly. For instance, the Pradhan Mantri Awas Yojana, a central government scheme launched in 2015 to promote affordable housing for all, has thus far only sanctioned 32% of the amount it allocated initially, pointed out Puri citing ministry data. Another aspect that the builders want the government to push for is <a href="https://www.financialexpress.com/budget/budget-2019-predictions-india-modi-govt-mulls-changes-in-income-tax-rates-relief-on-housing-loan-interest-rates-savings-limit/1438563/">lower the interest rates</a> on housing loans. ‘High tax’ burden on developers However, developers have raised the issue of high taxes on real estate in India. “I would also add the expectation of bringing stamp duty within the purview of GST; input credit of construction against the output of renting; incentivize rental housing to meet Housing for All commitment by 2022 and increasing limit of interest deduction, paid on the home loan, from 2 lakh to 3 lakh," said Dr <keyword id="221667" type="PERSON" weightage="20" keywordseo="Niranjan-Hiranandani">Niranjan Hiranandani</keyword>, President, NAREDCO told <a href="https://www.zeebiz.com/india/news-budget-2019-expectations-rationalise-taxes-boost-the-purchasing-power-of-the-masses-demand-real-estate-experts-80390">Zee Business</a>. The GST Council has also formed a panel which will look into the problems that currently cloud the real estate sector, mainly after the implementation of GST, both from the perspective of the buyers as well as the developer. The panel will be headed by Gujarat deputy chief minister Nitin Patel. Given the recent massive liquidity crunch post the <a href="https://economictimes.indiatimes.com/industry/banking/finance/life-after-ilfs-is-it-game-over-for-nbfcs/articleshow/66316077.cms">IL&amp;FS crisis</a> among non-banking financial companies (NBFCs), the industry further expects India’s government to promote easier lending options, which in turn can spur access to home loans.

Interim Budget 2019 may help homebuyers and not builders

Canada-based <keyword id="1424627" type="CITY" weightage="100" keywordseo="Brookfield">Brookfield</keyword> Asset Management is buying <keyword id="3724671" type="UNKNOWN" weightage="20" keywordseo="hiranandini-group">Hiranandini Group</keyword>'s office and retail space in <keyword id="6367671" type="CITY" weightage="20" keywordseo="Powai">Powai</keyword> in Mumbai for around $1 billion, or about Rs 6,700 crore. This is one of the biggest deals in Indian realty space. 
 <keyword id="155196" type="COMPANY" weightage="20" keywordseo="Hiranandani-group">Hiranandani Group</keyword>, an organization between Hiranandani siblings <keyword id="228496" type="PERSON" weightage="20" keywordseo="Niranjan">Niranjan</keyword> and Surendra, has office space sprawling over 4.5 million square feet in Powai, which is developed over 10 years. 
 As per various reports, the move is being seen as a forerunner to either posting of a <keyword id="162545" type="COMPANY" weightage="20" keywordseo="Real-Estate-Investment-Trust">Real Estate Investment Trust</keyword> that would hold the office assets or stake deal. 
 <keyword id="221667" type="COMPANY" weightage="20" keywordseo="Niranjan-Hiranandani">Niranjan Hiranandani</keyword>'s daughter Priya Vandrevala, according to reports, had recently moved the Delhi High Court against her father and her brother <keyword id="291429" type="PERSON" weightage="20" keywordseo="Darshan-Hiranandani">Darshan Hiranandani</keyword> to restrain them from diluting their stake in the partnership firm. 
 Hiranandani's Powai workplaces are completely rented and huge occupants incorporate Tata Consultancy Services, Nomura Group and <keyword id="6358918" type="PERSON" weightage="20" keywordseo="Deloitte">Deloitte</keyword> Consulting India. 
 Brookfield Asset Management, a worldwide alternative supervisor, has been dynamic in India lately. In 2014, it procured 100% stake in four exceptional monetary zones possessed by <keyword id="309742" type="COMPANY" weightage="20" keywordseo="Unitech-Corporate-Parks">Unitech Corporate Parks</keyword> (UCP) and 60% stake in its two different resources in the nation for Rs 3,500 crore. It had purchased the whole stake of Candor Investments, a backup of <keyword id="6354968" type="COMPANY" weightage="20" keywordseo="London">London</keyword> Stock Exchange-recorded India-centered realty venture firm UCP. Along these lines, it went ahead to secure the staying 40% in the two different properties. Outside financial specialists' voracity for Indian land is on the ascent attributable to generally better monetary development and hence returns. Sovereign assets, benefits assets and expansive open organizations have been entering the business sector through acquisitions. 
 Institutional investors including Blackstone Group, Singapore's sovereign fund GIC, Canada Pension Plan Investment Board (CPPIB), <keyword id="6361649" type="CITY" weightage="20" keywordseo="Goldman-Sachs">Goldman Sachs</keyword> and Qatar Investment Authority have been investing in Indian realty assets for the last few years. The country witnessed around $2.3 billion, or about Rs 15,000 crore, poured into the sector by foreign private equity firms in the year 2015, as per a Knight Frank estimate. 
(image: indiatimes)

Brookfield is buying Hiranandani’s office space for a whopping $1 billion

For a country where a home is more than just four walls and a roof, buying a home is usually the coming true of the dream of a lifetime. The past couple of decades has witnessed Indian <keyword id="6354553" type="COMPANY" weightage="100" keywordseo="real-estate">real estate</keyword> also turning into an asset class, where real estate measured in square feet, as represented on excel sheets, was shown to appreciate at a rate far exceeding other asset classes. The Global economic slowdown meant this was history, but investors still tend to expect maximised returns on investments in real estate. 
 
Effectively, this gives us two totally different sides of the same coin: real estate as a means of creating a home seeker’s own home, and real estate as an asset class. Given this sort of dual effects, it was a problem bound to happen: the home seeker found prices going sky-high wherever the investor exited with a good RoI. Beyond a point, the buyer slowed down, given the increase in price-points, so the exit for investors became difficult. 
 
In this scenario, neither the home seeker is happy, nor is the investor. The real estate industry faces a challenging time both ways, be it from the perspective of the investor or the end user. A segment of real estate developers went in for corporate way of working, bringing in transparency and a professional manner of working. This was the beginning of Indian real estate assimilating Global Best Practices. Over the past couple of decades, we see this reflected in aspects of the design form including architecture, structural stability, enhanced use of new technology, all of which have played a major role in the growth of Indian real estate. 
 
As Indian real estate developers started working in other countries – we have done a project, 23 Marina in Dubai, U.A.E. - the knowledge take-away was also utilised back home in India. So, we learnt about growth in quantitative terms. Obviously, In sync with these, we had issues that also started getting our attention, and ‘self regulation’ was one such topic. It had been discussed among real estate developers over the past few years. The important question was: ‘self-regulation’ vis-à-vis ‘regulation by a legal process’ i.e. enactment of a Regulatory Act with corresponding Rules. 
 Industry bodies like <keyword id="6404896" type="ORGANIZATION" weightage="100" keywordseo="NAREDCO">NAREDCO</keyword> have been working on the aspect of self-regulation, some initiatives did happen – but these were at best ‘voluntary’, and it was just a matter of time before the ‘official’ regulator ultimately came through. 
 When the Real Estate Regulatory Authority (<keyword id="114913" type="COMPANY" weightage="100" keywordseo="RERA">RERA</keyword>) was first mooted in India, it came with some positive points, and one major stumbling block. What was positive: it will change the way real estate developers function very simply, by bringing in transparency and accountability, ensuring a corporate style of working, and effectively, enhance confidence level of home buyers. So, the first impact of RERA should be positive for both, real estate developers as also home buyers. 
 
Along with the positive aspects, for the real estate developer community, RERA also incorporates aspects which are worrisome: interpretation from the initial documentation suggested that blame for delayed delivery or late possession of a real estate project to a unit buyer was entirely laid at the doorstep of the real estate developer. 
 
Effectively, this seemed to create an uneven playing field, one where the developer would be responsible for delays caused by other agencies or authorities. So, there were protests against the unfair norms which placed entire blame on developers. This was sadly, misconstrued as opposition to cleaning up the system – which certainly was not the case. Effectively, the worry is that RERA will end up favouring home buyers at the cost of builders and developers. 
 
As of today, RERA is a reality, and the challenge for real estate developers post RERA’s implementation is to transact their businesses in a corporate manner, bringing in transparency and professionalism – which effectively, should ensure that homebuyers get their promised homes on the promised date. 
 Post RERA, the new scenario will ensure all <keyword id="4520474" type="UNKNOWN" weightage="100" keywordseo="developers-and-builders">developers and builders</keyword> follow financial discipline, ensuring that they do not transfer funds meant for one project for another. Effectively, this is a positive measure, as it will ensure sufficient funds for the projects to get completed and timely delivery of flats to the home buyers. 
 
To ensure that this happens smoothly, the industry needs to move ahead, from ‘ease of doing business’, the powers-that-be need to move on to provide “a single window” system for getting mandatory clearances from various central and state authorities. Secondly, authorities must ensure time-bound completion of infrastructure like roads, water and electricity supply as well as local transport system so that the right sort of urbanization takes place. 
 
In conclusion, I would say that while builders will benefit from the changes that RERA will bring in, the enhanced trust quotient for home buyers would obviously be the best part of the RERA. 
 
(About the Author: This article has been contributed by Dr.Niranjan Hiranandani, President, NAREDCO West)

RERA is a game changer for real estate

One of the world's largest property and infrastructure investors, <keyword id="586809" type="ORGANIZATION" weightage="100" keywordseo="Brookfield-Asset-Management">Brookfield Asset Management</keyword>, is all set to buy Hiranandani Developers’ commercial real estate assets, mostly tenanted office buildings, located in Powai near Mumbai. The deal is said to be worth $1 billion (approx Rs 6,700 crore). 
 
The global investor is looking forward to owning office properties with stable yields in world’s fastest growing economy. 
 As per reports, the asset manager from Canada is just a few weeks away from acquiring 100% ownership of the 4.5 million-sq-ft business park. The deal, when done, would be the single largest commercial property acquisition in India. The money coming from this acquisition would help brothers <keyword id="3387702" type="UNKNOWN" weightage="100" keywordseo="Niranjan-and-Surendra-Hiranandani">Niranjan and Surendra Hiranandani</keyword> monetize their marquee commercial assets. 
 
Other potential suitors for the property included Canadian Pension Plan Investment Board and Blackstone, but Brookfield put forward an aggressive offer to grab this offer, its third Indian buyout after Unitech Corporate Parks and Gammon's road and power assets. 
 
<a href="http://hiranandani.com/assets/Offices/19.jpg">Image source</a>

One of the world’s largest property investors is sealing a $1 billion deal in Mumbai. Here are the details

New Delhi, Apr 3 () Mumbai-based Hiranandani group has donated Rs 5 crore to Maharashtra Chief Minister's Relief Fund to tackle the coronavirus crisis. "@hiranandani_com commits Rs5crs to Maharashtra Chief Minister's Relief Fund #CMRF to battle out #COVID 19 Pandemic," Hiranandani group MD Niranjan Hiranandani tweeted. Real estate associations and many developers have come forward to support the central governments and state governments. Many developers are providing cooked meals, dry rations, masks and sanitisers to construction workers on their projects sites. Earlier, CREDAI-Gujarat chapter has donated Rs 5 crore to the Chief Minister's Relief Fund. DLF group CSR arm DLF Foundation has donated Rs 5 crore to Haryana CM Relief Fund, besides pledging to provide 27 lakh meals. "Till date, cooked meals have been served to 2,80,750 persons and dry rations equivalent to 24,24,800 meals are in the process of being supplied," DLF Foundation said in a statement. It has also donated ICU ventilator, multiple diagnostic machines and hospital beds to South Delhi Municipal Corporation. FDI-funded realty firm Experion Developers on Wednesday said it has donated Rs 1.85 crore to the PM-CARES Fund. The firm has also contributed Rs 20 lakh to the Haryana Corona Relief Fund. Bengaluru-based developers including Embassy Group, Prestige group, Shriram Properties and Puravankara, are providing meals and other essential items to workers. On behalf of the association, Naredco-Uttar Pradesh President R K Arora has handed over cheque of 10 lakh to district magistrate of Gautam Buddh Nagar for Covid-19 pandemic relief fund. NAREDCO-UP has offered 500 beds to the state government, if required for isolation. Delhi-based Signature Global has contributed Rs 2 lakh to the PM-CARES Fund, Rs 1 lakh to CII Foundation, and Rs 7 lakh to the labourers. Gurugram-based M3M group and Central Park are providing relief materials to daily-wage workers. Noida-based ABA Corp is providing meals to over 1450 on-site labourers. MJH HRS

Hiranandani group donates Rs 5 crore to Maharashtra Chief Minister's Relief Fund

New Delhi, Jan 20 () Realty firm Hiranandani group's MD Niranjan Hiranandani, who has been appointed as one of the board members to find resolution for Unitech, said the construction on projects that are networth positive could start early while a help could be sought from the government's Rs 25,000-crore stress fund to complete other stalled residential properties.
The Supreme Court on Monday accepted the proposal of the Centre to take over the management control of embattled realty firm Unitech. A bench headed by Justice D Y Chandrachud gave two months to the new board of Unitech to prepare the resolution framework of the company and sought its report.
Besides Hiranandani, NBCC's former CMD A K Mittal, HDFC's Renu Sud Karnad and Embassy group chairman Jitu Virwani are part of the board.
"As an industry patron, I look up to this important responsibility as a public service in a positive light to attempt and assure resolving the issues of numerous stranded homebuyers," Hiranandani said in a statement.
"The key to success lies in hitting the ground running by quickly evaluating the viable projects which are positive net worth and submitting the resolution plan to the SC and start the ball rolling initially," he added.
Hiranandani said the court's decision to stay all the on-going cases for two months is a good move as this would help in focusing on the real problem of the company rather than overseeing legal issues. 
"There is a possibility of at least 50-60 per cent of Unitech's projects ultimately being net worth positive, so I think there is a good opportunity to start these projects early. However, we may seek some help from the stress fund of the SBI in order to take care of the funding for the interim period," said Hiranandani, who is also President of Assocham and NAREDCO. MJH MKJ

Unitech's new board may seek money from stress fund to construct stalled projects: Hiranandani

<ul><li>Union Finance Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> has arrived at the Ministry of Finance in the North Block ahead of the <keyword id="6358021" type="General" weightage="100" keywordseo="budget" source="Orion">Budget</keyword> presentation today.</li><li>The Finance Minister will table the Union Budget 2023-24 at 11 am in Lok Sabha today, following which she will address the House.</li><li>The government will present the Union Budget in paperless form like the previous two ones.</li></ul> Union Finance Minister Nirmala Sitharaman on Wednesday morning arrived at the Ministry of Finance in the North Block in the Central Secretariat building ahead of the Budget presentation today in Parliament. This Budget marks the last Budget of Prime Minister <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> government in the Parliament of this term. The Finance Minister will table the Union Budget 2023-24 at 11 am in Lok Sabha today, following which she will address the House. The government will present the Union Budget in paperless form like the previous two ones. The government had presented the first paperless budget in 2021. On Tuesday, Sitharaman tabled the Economic Survey for the Financial Year 2022-23 in Lok Sabha, which said that India's economic recovery from the Covid pandemic is complete and the economy is expected to grow in the range of 6 per cent to 6.8 per cent in the coming financial year 2023-24. This is in comparison to 7 per cent this fiscal and 8.7 per cent in 2021-22. In view of the upcoming budget, top business leaders of the country have also put forward their suggestions for Nirmala Sitharaman. Arihant Infrastructures, CMD, Ashok Chhajer told on Monday that the government should focus on reducing home loan rates. "The government should reduce home loan rates. The affordable housing segment, which is capped at Rs 45 lakh, should be changed to Rs 60-75 lakh which is the average cost of a house in Metro cities and 2-tier cities," said Chhajer. Hiranandani Group MD, Niranjan Hiranandani said the Budget should focus on further investments in roads, railways, ports, airports and highways, as well as slum rehabilitation schemes. "There should be more focus on further investments in roads, railways, ports, airports and highways. The focus must also be on the slum rehabilitation schemes to make India a slum-free country," said Hiranandani. The Budget Session of the Parliament began on January 31 with President Droupadi Murmu's Address to the joint session of both houses. The President touched upon various subjects during her inaugural address, which was her first one after being elected to the topmost office of the country last year. She mentioned women empowerment, India's defence exports, and Aatmanirbhar Bharat by 2047 among others. Ahead of the President's Address, Prime Minister Narendra Modi addressed the media outside the Parliament. Prime Minister Modi said that India's Budget will attempt to meet the hopes and aspirations of the common citizens amid the unstable global economic situation. "Our Finance Minister will present one more Budget before the country tomorrow. In today's global circumstances, not only India but the entire world is looking at India's budget," PM Modi said. The Prime Minister firmly exuded confidence that Union Finance Minister Nirmala Sitharaman will make efforts to meet the expectations. "Amid the unstable global economic situation, India's budget will attempt to meet the hopes and aspirations of the common citizens. The ray of hope being seen by the world grows brighter-for this, I firmly believe that Nirmala Sitharaman will make all efforts to meet those aspirations," PM Modi said while addressing the media. The Prime Minister cited the "credible voices from the world of economy" and said that they have brought a positive message ahead of the session. "Today, the Budget Session is commencing. Credible voices from the world of economy, have brought in a positive message, a ray of hope and a beginning of enthusiasm," he said. The budget session that began on Tuesday with the President's address will take place in 27 sittings till April 6 with a month-long recess to examine the budget papers. The first part of the session will conclude on February 13. Parliament will reconvene on March 12 for the second part of the Budget Session and will conclude on April 6. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/budget-2023-expectations-india-will-need-talent-in-quality-and-quantity-to-fuel-growth/articleshow/97438062.cms">India budget expectations: Reform in ESOP taxes, allocations needed to address skill gaps</a> <a href="https://www.businessinsider.in/budget/news/budget-2023-funding-support-liberal-tax-regime-and-other-things-fintechs-expect-from-the-government/articleshow/97373905.cms">Budget 2023: Funding support, liberal tax regime and other things fintechs expect from the government</a> <a href="https://www.businessinsider.in/budget/news/budgeting-for-climate-change/articleshow/97378027.cms">Budgeting for the fifth C</a>

Nirmala Sitharaman arrives at North Block ahead of Union Budget 2023 today

New Delhi, Jan 22 () HDFC MD Renu Sud Karnad, Hiranandani group MD Niranjan Hiranandani, Embassy group CMD Jitu Virwani and NBCC's former CMD A K Mittal have been appointed as government's nominee directors on the board of crisis-hit Unitech.
B Sriram (former MD and CEO of IDBI Bank), and Girish Kumar Ahuja (Independent Director, SBI), have also been appointed on the board, which has been superseded by the central government on Supreme Court's direction.
In a regulatory filing, Unitech informed that Niranjan Hiranandani, Renu Sud Karnad, Girish Kumar Ahuja, Jitu Virwani, B Sriram and Anoop Kumar Mittai have been appointed as nominee directors of the central government on the board of directors of Unitech Ltd, with immediate effect:
"Furthermore, intimation of order(s) of central government regarding Prabhakar Singh would be issued separately," it added.
On Tuesday, Unitech's newly appointed chairman and managing director (CMD) Yudvir Singh Malik assumed office on Tuesday.
"Yudvir Singh Malik, IAS (Retd) has been appointed as Chairman and Managing Director of the company in terms of order of the Supreme Court of India, with immediate effect," Unitech had said in a regulatory filing.
"Malik has assumed office today (Tuesday) and held a brief meeting with the key managerial personnel(s) (chief financial officer and company secretary)," it added.
On Monday, the Supreme Court allowed the Centre to take total management control of the embattled realty firm and appoint a new board of nominee directors. The decision would bring respite to over 12,000 hassled homebuyers of Unitech.
The top court had approved the name of retired Haryana cadre IAS officer Yudvir Singh Malik as CMD of the new board and directed that the existing board of directors of the company would stand superseded.
The new board has been asked to come out with a resolution framework within two months.
It had refused to appoint Unitech Group founder Ramesh Chandra, as a member of the new board saying that it would not be appropriate at this stage.
Chandra's sons -- Ajay Chandra and Sanjay Chandra -- are in jail after the company defaulted on giving possession of flats to its homebuyers on time.
Both were serving as MDs of the company before the board was superseded. MJH MKJ

Government nominee directors appointed on Unitech board

New Delhi, Jul 3 () The demand for warehousing and industrial spaces will be adversely affected this year due to the COVID-19 pandemic, but the sector has bright prospects in the medium-to-long term driving on the growth of the e-commerce sector, according to experts. The government should prepare a national policy for industrialisation and ease land acquisition process to make India a manufacturing base and attract companies that want to shift operation out of China, they said at a webinar on the warehousing sector. Niranjan Hiranandani, co-founder and managing director of Hiranandani Group, said there are huge development potential in the warehousing, industrial parks and data centre projects. About making India a manufacturing hub, he said, "Intention is there. Hopefully action will be there." Hiranandani, who is also president of Assocham and Naredco, said a lot of policy measures are needed to push manufacturing activities in India. He even suggested that the government should send a team to Vietnam for studying how it has been able to attract companies for setting up factories. The webinar 'Bridging the Middle- transforming warehousing Industry in India' was organised by Knight Frank and Reed Exhibitions India. Rajesh Jaggi, vice-chairman (real estate) of Everstone Group, said this year could be a complete "washout" for the warehousing sector due to challenges posed by the coronavirus pandemic in both demand and supply sides. Jaggi is managing partner of Everstone-backed IndoSpace, which is into the warehousing and industrial space segment. "I am not at all bullish for the short-term perspective," he said, but added that medium-to-long-term growth prospects remained intact for both industrial space and warehousing. Post-COVID-19, Jaggi said there would be a thrust on e-commerce. "If India plays it right, we have a huge scope on industrialisation," he said. Jaggi advocated a pan-India manufacturing policy and a consolidated effort from both the central and state governments. "If we do not have a national policy on industrialisation, we are going to miss this opportunity," he said. Jaggi said the company would continue to invest in this sector and has not changed the expansion plan. To boost the manufacturing sector in India, All Cargo Logistics Chairman Shashi Kiran Shetty suggested that the government should revive special economic zones (SEZs) where both factories and warehousing can co-exist. He said the government's industrial development authorities and Railways have huge land bank that could be utilised for development purpose. "We need to move fast, else will miss a golden opportunity," Shetty said. Shishir Baijal, chairman and managing director of Knight Frank India, said the warehousing segment has been least impacted and will also recover quickly compared to other asset classes in the real estate space. On Thursday, Knight Frank India reported that the warehousing demand fell 11 per cent during the last fiscal year at 41.3 million sq ft across eight major cities due to economic slowdown. MJH HRS

Warehousing, industrial space demand to be hit this year due to COVID-19: Experts

New Delhi, Feb 3 () Crisis-hit Unitech Ltd on Monday said Prabhakar Singh has been appointed as government's nominee director on the company's board.
 "Prabhakar Singh is appointed as nominee director of the central government on the board of directors of Unitech Ltd, with immediate effect," the company said in a regulatory filing.
 Earlier, Singh was former director general of CPWD.
 Yudvir Singh Malik, a Haryana-cadre IAS officer, has been appointed as the chairman and managing director of the company as per the court order. There are seven other members on the board.
 Earlier, HDFC MD Renu Sud Karnad, Hiranandani group MD Niranjan Hiranandani, Embassy group CMD Jitu Virwani, NBCC's former CMD A K Mittal, B Sriram (former MD and CEO of IDBI Bank), and Girish Kumar Ahuja (independent director of SBI) have been appointed as government's nominee directors on the board.
 The company's board has been superseded by the central government on the Supreme Court's direction.
 Last month, the Supreme Court allowed the Centre to take total management control of the embattled realty firm and appoint a new board of nominee directors. The decision would bring respite to over 12,000 hassled homebuyers of Unitech.
 The top court had directed that the existing board of directors of the company would stand superseded. It had refused to appoint Unitech Group founder Ramesh Chandra, as a member of the new board.
 The new board has been asked to come out with a resolution framework within two months.
 Chandra's sons, Ajay Chandra and Sanjay Chandra, are in jail after the company defaulted on giving possession of flats to its homebuyers on time. Both were serving as managing directors of the company before the board was superseded. MJH HRS

Prabhakar Singh appointed as govt's new nominee director on Unitech's board

New Delhi, Jan 15 () Industry chamber Assocham on Wednesday urged the government to reduce GST rate by 25 per cent across the board for the next six months with a view to boost investment and demand.
The industry body said that it is not the time to worry about widening fiscal deficit as in the current circumstances, deficit financing will not be in an issue.
"The first radical suggestion is that GST rate should be cut across all slabs by 25 per cent for the next six months in order to kick start the economy.
"It will mean an additional deficit of Rs 1.20 lakh crore, which obviously will increase fiscal deficit.....but in the circumstances of today, deficit financing will not be an issue," Assocham President Niranjan Hiranandani told reporters here.
He said that the move will encourage more businesses to pay tax, which will lead to generate more revenue due to expansion of the tax base.
Such steps would help in achieving the target of USD 5 trillion GDP, he added.
"We need to solve the unemployment problem of India along with GDP growth. GDP growth alone is not enough for India. It has to be inclusive. Our suggestions are in line with this fact," he said.
Hiranandani also said that fuel should be brought under the ambit of GST and the option for availing input tax credit should be available to all the businesses, so that the credit chain does not get blocked.
He also suggested that most NBFCs are under a huge liquidity crunch, which has a direct impact on the economic activities, resulting in a financial pressure and slowing down of businesses.
The finance minister, with support from the RBI, needs to create a professional panel to address the situation on a war footing, the president said.
"Allow large non-banks to convert into banks. They will be able to serve their target clientele (MSMEs, informal sector etc) and promote nationalist banks with initial ownership of even 100 per cent to be reduced gradually to 26 per cent over a given period of time," he said.
On direct taxes, he suggested the government that the maximum cap of tax rates for the salaried individual should be kept at 25 per cent, keeping in mind the reduced corporate tax rates.
"All allowances and deductions for example conveyance etc should be indexed as per cost of inflation notified for capital gains, since the date of their introduction".
On the agriculture sector, he said that corporates should be allowed to do contract farming and to infuse high-end technology in farming, there is a need to create technology up-gradation fund for agriculture to provide capital subsidy.
On telecom sector, the Assocham president said that it is absolutely imperative to address the AGR issue to ensure the continuity of business, and investment in the sector.
"Telecom Sector has been going through financial stress in the last 3 years. The recent AGR judgment has further aggravated the stress and lead to an unprecedented financial crisis," Hiranandani said.
Similarly for the real estate sector, he recommended that the banks and financial institutions should be given discretion to one time restructuring and/or roll over of their existing loans to the sector on the lines of loans to other segments.
When asked, whether the ongoing protests will dent investments, he said "I do not agree" as investors are looking at India in a positive manner. RR CS BAL

Assocham for cut in GST rates by 25 pc across board

New Delhi, May 16 () Realtors' body Credai on Saturday demanded that real estate regulators across States should allow execution of sale agreements for booking of flats on stamp papers during this lockdown so that banks can provide home loans to customers to buy properties. Participating in a webinar organised by the Ministry of Housing and Urban Affairs to celebrate the three years of RERA law, industry bodies demanded that the government should reintroduce subvention scheme as prospective buyers cannot pay both rent and EMIs on home loans at the same time. They demanded one time debt restructuring for the industry and tax sops to home buyers among other measures to boost liquidity and demand in the realty sector. CREDAI, NAREDCO, Assocham and FICCI took part in this video conference. Speaking at the conference, CREDAI Chairman Jaxay Shah requested that regulatory authorities across States should allow sale agreements to be executed on stamp papers during this lockdown period so that banks and other financial institutions can provide loans to prospective customers. He said the Rajasthan government has already allowed this and other States should follow suit. The registration of Agreements to Sale is not possible now, Shah said. This would boost housing demand and keep the cash flow cycle moving, he added. Shah also demanded that there is a lot of data with real estate regulators across states, which can be collated and analysed for proper policy formulation for the overall growth of the sector. Niranjan Hiranandani, President of Assocham and Naredco, demanded that more stress funds should be created for last mile funding of the real estate sector and pitched for one time debt restructuring of builders loan. He also urged the government to reintroduce subvention schemes, which was banned by the government. Under the scheme, builders used to pay EMIs on behalf of customers till a certain period of time. HDFC's MD Renu Sud Karnad said there should be uniformity in all the websites of RERA across various States. She strongly advocated for reintroduction of the subvention scheme, saying that customers are facing liquidity issues and are not in a position to pay both rents and EMIs. CREDAI President Satish Magar demanded that local authorities should be brought under the ambit of the RERA law. Naredco Maharashtra President Rajan Bandelkar demanded tax sops for home buyers and also an increase in the Rs 45 lakh cap for projects to fall in affordable housing definition. MJH SHWSHW

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