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If you had put your plans of buying a house on ice owing to high prices, here’s a breather for you. Latest researches have revealed that <keyword id="35507" type="UNKNOWN" weightage="20" keywordseo="property-prices">property prices</keyword>, in the past one year, have come down and builders too have started understanding buyers’ requirements. 
 
As per a report published in Economic Times, property prices in Noida Extension have come down 8.3% to about Rs 3,300 per square foot from Rs 3,600 per sq. ft. in January 2014. 
 
"Builders and brokers are willing to negotiate better deals today, which was missing some time back," said banking professional Nikhil Kumar, who has been hunting for a house in and around Noida for over two years but everything seemed expensive. Nikhil lately bought a 2-BHK house in Noida extension. 
 
"Developers today are accepting buyer requests and are offering benefits. Whatever price correction had to happen has happened in different sub-markets depending on supply and demand dynamics," said Shveta Jain, executive director residential at property advisory firm Cushman &amp;Wakefield. 
 
Not just the builders, but banks, too, are providing surprising deals to their customers on home loans. After the RBI's recent rate cut, some banks have reduced their base rates, which may potentially reduce the cost of home loans. 
 <keyword id="160270" type="CITY" weightage="20" keywordseo="The-State-Bank-of-India">The State Bank of India</keyword> now offers home loans to women at 9.7% and at 9.75% for others, irrespective of the amount. <keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword> has also reduced its <keyword id="6354730" type="UNKNOWN" weightage="20" keywordseo="Home-loan">home loan</keyword> rate to 9.85% for women and 9.9% for others. 
 
Image: thinkstock

Drop in property prices cheers home buyers

While the new government guidelines have allowed IT manufacturing units including mobile phones to resume operations from May 4, there has been no official confirmation yet and Realme India is awaiting the nod to open its factory at Greater Noida and begin streamlining overall processes, its CEO Madhav Sheth said on Sunday. Due to the extended lockdown, there are many challenges faced by businesses with huge impact from sales, manufacturing and cost. "With the recent extension of the lockdown period for two more weeks, we haven't received any official confirmation on when can the production will resume," Madhav Sheth, Vice President, Realme and CEO, Realme India, told IANS. <div type="Article" hostid="261" msid="75515809" title="Tech Mahindra shares are cheap despite the earnings disappointment, says a research report" mstype="2" mssubtype="0"></div> "We have reached out to the government for approval on opening of factory and now await their decision. We will abide by the government's order strictly, while prioritising people's health," he added. The India Cellular And Electronics Association (ICEA) on Friday welcomed the decision to let the IT manufacturing units including mobile phones resume operations, saying it thanks the MHA for accepting the industry's recommendations to restart manufacturing of IT Hardware products which include mobile phones and mobile devices. The extended lockdown in India has resulted in zero shipments for the smartphone players in India in the month of April as factories are shut. According to Sheth, from manufacturing point of view, even if the government allows factories to reopen, it will take at least two-four weeks for the factory to resume its normal capacity. "We don't want to rush and open our factory as the situation is still not normal and we value our employees and their safety. We would wait for the government's further notice to understand that till what extent the factories can start working and would decide further on that,' he elaborated. The month of March saw a steep annual decline in smartphone shipments, at -19 per cent, due to COVID-19 nationwide lockdown that settled in from March 24. On cost factors, the outbreak of COVID-19 has also influenced countries like China, Korea, the US and Japan, where most of the upstream component suppliers of smartphones are located. "However, the demand on the sales side also got reduced due to the lock-down as most brands couldn't operate their business and had to delay product plans," said Sheth. In the future, he added, the disturbance of manufacturing along with the new surge of demand post lock-down might have further impacts on the price of components, which eventually influences smartphone selling price. "The GST hike and fluctuating rupee exchange rates are other two cost factors," he said. Other problem smartphone manufacturers are facing is lack of manpower. "The migrant workers, truckers and helpers have gone back to their hometown. It will take more time to revamp the entire production cycle even after the lock-down period is over," Sheth told IANS. The bigger uncertainty comes on the demand side. "If the nation's economy and people's income got hampered, then the smartphone demand in 2020 may not be optimistic. We will need to evaluate further how the economy recovers post the market reopen," he emphasized. "Bringing the factory back to work can help us sustain our business and employee welfare. Even during lock-down, we have been paying the same amount of salaries to workers on a monthly basis instead of daily wage," informed Realme CEO, adding that while sustaining business and considering employees welfare are top priorities, "we would hope to revamp the production to normal as fast as possible". SEE ALSO: <div type="Article" hostid="261" msid="75447090" title="How to pre-book OnePlus 8, OnePlus 8 Pro and save ₹1,000" mstype="2" mssubtype="0"></div> <div type="Article" hostid="261" msid="75444717" title="Smartphone sales in China decrease by 24% due to Coronavirus" mstype="2" mssubtype="0"></div> <div type="Article" hostid="261" msid="75288731" title="Paytm is doubling down on e-sports as it launches another online tournament — this time with Garena’s Free Fire" mstype="2" mssubtype="0"></div>

Realme's India CEO says the Greater Noida smartphone factory can restart after 'official confirmation'

A complex web of 393 shell companies used for allegedly diverting funds unscrupulously to the tune of Rs 2900 crore has been unearthed by the CBI during its probe into such cases over the last three years, according to PTI. CBI sources said the shell companies were allegedly being used by the accused to divert loan funds meant for specified purposes, creating fake invoices, and "round-tripping" of funds to evade taxes and generate black money. Round-tripping is sending money abroad to tax havens in the guise of payments for fake imports through shell companies and bringing back that money showing it as foreign investment. The findings of the CBI are just a tip of the iceberg as these are only those cases where the agency has been able to find legally-tenable evidence of money trail, cheating and diversion of funds to cheat the banks, said the sources not willing to the named. The murky activities have been exposed during the CBI probe into various loan fraud cases involving 28 public sector banks and one private bank, the sources said. Besides this, the agency is probing about 200 cases involving funds of at least Rs 30,000 crore, the sources said. The CBI is prosecuting these companies for corruption and scheduled offences associated with it. In addition, it will also refer these cases to other investigating agencies for action under other laws like Companies Act, Prevention of <keyword id="6355008" type="UNKNOWN" weightage="20" keywordseo="money-laundering">Money Laundering</keyword> Act, Benami Transactions (Prohibition) Act and the <keyword id="6354751" type="COMPANY" weightage="20" keywordseo="Income-Tax">Income Tax</keyword> Act etc, the sources added. The agency has not only "exposed" these shell companies but also gathered enough material which would "plug" the possibility of them being used for any further operation, the sources claimed. The sources said it is likely that these shell companies have been used to abfinancial crimes by other offenders too which will be probed by other agencies. The companies are spread across the country as also the 'tax-haven' countries facilitating transfer of black money which makes the investigation even more difficult, they said. Some important cases which have been probed by the CBI include the one against <keyword id="4504226" type="UNKNOWN" weightage="20" keywordseo="century-communication-group">Century Communication Group</keyword> which used to run Mahua Channel. According to the figures mentioned in the agency's charge sheets and FIRs, the group allegedly committed fraud to the tune of Rs 3000 crore. It used over 98 shell companies to allegedly divert bank loans for setting up digital studios in Noida, Mumbai, <keyword id="6354925" type="COMPANY" weightage="100" keywordseo="Kolkata">Kolkata</keyword> and other locations, the CBI has said. These companies were allegedly used to divert funds showing fake equity infusion to the tune of Rs 802 crore. The Kolkata-based shell companies named in the case were allegedly controlled by one Muralidhar <keyword id="108547" type="PERSON" weightage="20" keywordseo="Lahoti">Lahoti</keyword>. Three chartered accountants have also been charge sheeted. Zoom Developers faces 14 cases for allegedly swindling bank funds worth Rs 2600 crore involving a consortium of 26 banks. It allegedly collateralised foreign bank guarantees issued by Indian banks in favour of foreign aggregators. The CBI had registered two cases against Jignesh Shah and Anjani Sinha of National Spot Exchange Limited, also known as "NSEL scam", in which funds of Rs 342 crore were allegedly swindled. Nine shell companies surfaced during the probe which were trading on the exchange platform allegedly without having actual possession of the commodities, they said. The company is accused of increasing its paid-up capital to Rs 500 crore by round-tripping and routing bank funds to the extent of Rs 460 crore through six shell companies. In a recent case, the agency has found that a dental college existed only on paper while a bank was told that the construction was completed and loan funds were diverted for purposes other than for which these were issued. In many cases, the CBI found that companies have peons, drivers, sanitation workers, personal staff, cooks etc as the directors of the shell companies created by the masterminds who divert funds using them, the sources said. Recently, the government expressed concern over the working of shell companies in the country. Revenue Secretary Hasmukh Adhia had said that out of 15 lakh companies registered in India, nine lakh are not filing any returns and some among them may be acting as shell companies.

Here’s how Rs 2900 crore was diverted through shell companies of Noida, Mumbai and Kolkata

Rains continued to lash <keyword id="66" type="General" weightage="100" keywordseo="delhi" source="Orion">Delhi</keyword>, leading to waterlogging and affecting traffic movement in several areas of the city. The national capital has been witnessing an incessant spell of light to moderate rain for the past two days. The weather department has predicted more rains on Friday. The minimum temperature in the city was recorded one notch above normal at 22 degrees Celsius. The maximum temperature is expected to settle around 28 degrees Celsius, according to the The India Meteorological Department (<keyword id="6366970" type="General" weightage="80" keywordseo="imd" source="Orion">IMD</keyword>). The IMD issued a 'yellow alert', cautioning people about moderate rain at most places in Delhi. "Light intensity rain/drizzle would occur over and adjoining areas of many places of South-Delhi, South-East Delhi, <keyword id="53426" type="General" weightage="50" keywordseo="ncr" source="Orion">NCR</keyword> (<keyword id="6403312" type="General" weightage="50" keywordseo="hindon-af-station" source="Orion">Hindon AF Station</keyword>, Ghaziabad, Indirapuram, Chhapraula, Noida, Dadri, Greater Noida, Gurugram, Faridabad, Manesar, Ballabhgarh) Yamunanagar, Kurukshetra...Kotputli, Alwar (Rajasthan) during next 2 hours," IMD's RWFC tweeted at around 8 am. The Safdarjung Observatory, Delhi's primary weather station, gauged 40.8 mm of rainfall between 5.30 pm on Thursday and 8.30 am on Friday. The weather stations at Lodhi Road, Ridge and Ayanagar received 44 mm, 24.6 mm and 60 mm of precipitation respectively during this period. The Delhi University area, Jafarpur, Najafgarh, Pusa and Mayur Vihar recorded 1 mm, 1.5 mm, 1 mm, 26.5 mm and 49.5 mm of rainfall, respectively, the weather department said. The rains have brought much-needed respite from the sultry weather. The fresh spells of rains just before the withdrawal of monsoon from the <keyword id="6371638" type="General" weightage="50" keywordseo="national-capital-region" source="Orion">National Capital Region</keyword> will help cover the large deficit (46 per cent till September 22 morning) to some extent. It would also keep the air clean and the temperature in check. The IMD on Tuesday said the southwest monsoon had withdrawn from parts of southwest Rajasthan and adjoining <keyword id="6361801" type="General" weightage="50" keywordseo="kutch" source="Orion">Kutch</keyword>, three days after the normal date of September 17. Usually, it takes around a week after its withdrawal from west Rajasthan for the monsoon to retreat from Delhi. The withdrawal of southwest monsoon is declared if there has been no rainfall in the region for five days along with the development of anti-cyclonic circulation and water vapour imagery indicates dry weather conditions over the region. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/home-loans-growing-at-a-faster-rate-in-tier-3-and-4-districts-thanks-to-wfh-sbi-report/articleshow/94393267.cms">Home loans growing at a faster rate in Tier 3 and 4 districts, thanks to WFH: SBI report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/accentures-disappointing-q1-and-fy23-forecasts-indicate-more-pain-for-the-it-sector/articleshow/94392402.cms">Accenture’s disappointing Q1 and FY23 forecasts indicate more pain for the IT sector</a>

Rains continue to lash Delhi

Chief Minister Arvind Kejriwal has announced that malls, restaurants and religious places in Delhi would open from Monday after more than two months since the coronavirus lockdown was imposed, but banquets and hotels would remain closed. At an online briefing on Sunday, Kejriwal said hotels and banquets might be converted into hospitals in the coming days to treat the novel coronavirus patients and, therefore, they would remain shut. "Malls, restaurants and religious places will be opening from tomorrow in Delhi in accordance with Centre's guidelines," he said. The Delhi government will implement instructions -- like maintaining social distancing and wearing masks -- that the Centre and its experts have asked to be taken at these places, Kejriwal said. "In view of the rising number of coronavirus cases, we might attach hotels and banquets with hospitals and convert them into hospitals," he said. "Hotels and banquet halls will not be opened for now." The Centre had said on May 30 that 'Unlock-1' would be initiated in the country from June 8 and the coronavirus lockdown would be relaxed to a great extent. Kejriwal urged the elderly, who are at a higher risk of contracting the coronavirus disease (COVID-19), to confine themselves in a room and not to interact with anyone in their families in order to protect themselves. Delhi has so far registered over 27,500 coronavirus cases, including 761 deaths. SEE ALSO: <a href="https://www.businessinsider.in/india/news/with-233-fresh-cases-bihars-covid-19-tally-rises-to-4831/articleshow/76238545.cms">Bihar registers 233 new coronavirus cases with its overall tally rising to 4.831</a> <a href="https://www.businessinsider.in/india/news/noida-21-new-covid-19-cases-tally-591/articleshow/76238339.cms">Noida’s total coronavirus cases hit 591 with 21 new cases detected in the past 24 hours</a> <a href="https://www.businessinsider.in/india/news/342-new-coronavirus-cases-in-pune-district-six-deaths/articleshow/76239001.cms">Six more people die of coronavirus in Pune with 342 fresh cases</a>

Delhi malls, restaurants & religious places set to open on Monday, June 8

By Gunjan Sharma and Uzmi Athar New Delhi, May 17 () Stuck in homes due to lockdown, many urban families in Delhi-NCR have discovered their green thumb and are nurturing kitchen gardens in their terrace and balconies. The fresh, pesticide-free produce is not only helping address the food safety concerns of people but also serving as a stress buster during the time of coronavirus-induced lockdown. Nibha Dalal, a resident of Noida sector 41 has been growing tomatoes, okra and potatoes in her kitchen garden."At first it was just a hobby but when I saw the risk of resources depleting at super markets and also that exposure to fruits and vegetables may increase chances of coronavirus transmission through the surface, I thought it might be a good idea to be self-sufficient," Dalal said.Her neighbour Varsha Rajora said she is not only growing vegetables for food security but also to de-stress."All my three children are in Mumbai presently and we keep seeing news of how badly Maharashtra is impacted by coronavirus. My kitchen garden helps me stay distracted and occupied," Rajora, who spends an average of four hours in her kitchen garden everyday, said.Naseema Firdaus, a resident of Mayur Vihar Extension, has converted her balcony into an area to grow vegetables. She is growing cherry tomatoes, curry leaves, coriander leaves and potatoes in her balcony."The idea to grow my own vegetables came after the lockdown started. I realised it would be a lot safer to grow vegetables in my own garden but due to space constraint I am growing only those vegetables that can survive in a limited space," she said.Nisha Tomar, a Gurgaon resident, said gardening has become a matter of self-sustenance."In the initial week of lockdown, attempting to grow some vegetables was less about a hobby and more about self sustainability. We don't have local vegetable shops around my society and Big Basket took time to resume delivery in my area after the lockdown was announced. "So, I decided to attempt the basics on my own. I tried basil and mint first and they quickly grew. Then I got excited about it and moved to spinach," Tomar told .The limited accessibility in initial weeks of lockdown prompted Dhwani Bhardwaj to try her hand at kitchen gardening and she found it a unique way of keeping her kids occupied."I remember as kids we would paste different seeds in holiday homework scrapbooks but honestly I never gave a thought that we can try it at home. So following some YouTube instructions I planted tomatoes, cucumber, bell pepper and lettuce and we named each of the pot after each family member to fix responsibility for the pot. And now after a month, we were excited to see the results," she said. "It is not even an accessibility issue now but I think I will procure limited vegetables from outside till the corona crisis is over," she said.Dipti Jhanjhani,who has been growing vegetables in her balcony for a few years, is now receiving calls from her friends and relatives who want gardening tips."The lockdown has taken the DIY trend to another level.Earlier, whoever visited my house would be stunned with how I have accommodated so much in the balcony and how I am so dedicated to gardening. Now during the lockdown I got calls from many of my friend who wanted to experiment with kitchen gardening," she said.There is no available data on how many families may be growing vegetables at their homes since the lockdown. Atul Sharma, owner of a plant nursery in Noida, said the demand for seeds specially of vegetables has significantly increased in the last two months."Though the nursery has not been operational due to the lockdown, I am getting 10-12 calls every day inquiring about seed availability and if home delivery is possible. Earlier such demand was seen for flower seeds but now it has moved towards vegetables," he said.Bhim Singh, a gardener, said he has been getting calls from people asking tips for their plants."What kind of soil this vegetable needs, how much water should be given, is it suitable to grow it in pots are some of the common queries I am asked. Ironically, I would have got many gardening opportunities if I could step out," he said.Rabia Hasan, a psychiatrist, said growing vegetables can act as a good stress buster."It gives people the satisfaction to think that they have enough to take care of the needs of their families. News of shortage of food items is also making people think that they are prepared to an extent and if nothing else it is a good hobby to pursue," Hasan said. India is currently under the biggest lockdown with around 1.3 billion people asked to stay home in view of the coronavirus outbreak that has claimed 2,752 lives and infected 85,940 people in the country.The government has asked people to "learn to live with the virus," urging people to make COVID-19 prevention guidelines a part of their lives as a behavioural change. GJS/UZM DVDV

Living with coronavirus: Many urban families turn to kitchen gardening

By Amit Kumar Das(Eds: A EXCLUSIVE)New Delhi, Apr 11 () With the Professional Golf Tour of India (PGTI) suspended and golf courses shut due to the coronavirus enforced lockdown, the daily-wage caddies are under great deal of financial stress with most worrying about their livelihood.The fast-spreading COVID-19 pandemic, which has killed over 95,000 people globally, has triggered an economic meltdown, hitting sports hard across the globe and in the golf fraternity, it is the caddies who are the most affected as they depend on day-to-day work. There are around 2500 to 3000 caddies in the NCR region with most being migrants. While many are regular caddies, others hundreds of others look for part-time jobs or alternate sources of income as there are no job guarantees. Two-time Asian Tour winner Rashid Khan, the front-runner to qualify for Tokyo Olympics, believes more than anybody the caddies will have a tough time if the situation doesn't improve quickly."The lockdown is affecting the caddies a lot. They earn money on a daily basis, they don't have any other incomes. They have families, and have to pay rent. So it will be difficult for them to sustain if things don't improve," Rashid told . "Even my caddie (Imran Mohammad Ansari), who is from Mumbai, had texted me requesting for financial help. There are many caddies who are being affected."Mantu, who has caddied Rashid Khan, Chandigarh's Akshay Sharma and 2015 Junior World Golf Champion Shubham Jaglan at the Delhi Golf club, said if things don't get to normal 95 % of the caddies will be in trouble."In our country, only 5 percent of caddies are well-off, who are earning Rs 20,000 to Rs 25,000 per month and can manage their household but the rest will be in trouble if things don't improve and clubs don't open soon," he said."Only 50-60 caddies regularly travel with the top golfers in the PGTI, some of the caddies get a salary from golfers whom they caddie but rest are completely dependent on daily wages. "Fortunately, I have saved 30 % of the money that I have earned in my life. So I don't need help now as such. I can sustain my family."Mumbai-born Imran, who has been caddying Rashid for the last four years, said he is worried about his future."We are in deep trouble with golf courses being closed. Our Club is currently providing ration like rice, pulses, onions and potatoes but that is not enough. We are somehow managing. "We earn Rs 500-600 if we caddie for any member on a day but now with no work, things are looking gloom," said the 37-year-old, who works at Bombay Presidency Golf Club. "There are around 140 caddies who have come from outside. These people are in bigger trouble, they are not getting help." While Bombay Presidency Golf Club is providing ration, Bangalore golf club has been paying Rs 300 to each caddie till the club opens again. Noida Golf Club has also paid sums of Rs 2000 and Rs 2500 to the caddies, while Patna Golf Club too has managed to help with Rs 1000 to its caddies besides distributing food items. Given the situation, the Caddies Welfare Trust (CWT) at Delhi Golf Club has written to the Home Ministry to consider opening the golf courses in the country."A letter has gone from the Caddie Welfare Trust to the Home Minister to consider opening the golf courses, mainly for the sustenance of the caddies, who solely depend on daily wage and are currently in financial stress," DGC president Major Ravinder Singh Bedi (retd) said. "If it is not addressed these people will start going home and it might lead to another migration issue."DGC has also decided to pay Rs 5000 to the caddies and the members have also opened a fund where each has contributed Rs 500 which will be distributed to the caddies once the lockdown is lifted. DGC also has been preparing 600 food packages in its kitchen everyday which is being distributed by the police to the needy. Many golfers and clubs members have also come forward to help out the caddies. Rahul Bajaj, who won the silver medal at the 2010 Asian Games, and Kashif Alam, a golfer on PGTI, also used social media to motivate others to come forward and also to gather funds to help out the caddies."Caddies are the migrant labourers of the golf course and so I thought if each golfer can take care of a couple of caddies, we can solve this problem to a great extent, so I started a page in social media and it took off well with people from Noida to Jorhat joining and it motivated others to help out the caddies," Bajaj said. Alam too has been distributing rations to caddies and their families. But caddies are worried that whatever help they are receiving now will dry up if things don't look up soon. "We can only hope, nothing is in our hands," says Imran. ATK KHS KHSKHS

COVID-19: No golf tournaments as hundreds of migrant caddies face hardship

By Uzmi Athar New Delhi, Apr 13 () With online delivery becoming a challenge during lockdown, local kirana shops in the city are witnessing a surge in the sale of essential items with some even finding it difficult to keep up with the rising demand.These small shops were worst hit by big malls and e-retailers in the last few years but ever since lockdown was imposed in view of the COVID-19 outbreak their sales have increased.Some shopkeepers even say their sales have doubled in the last one month.India is currently under the biggest lockdown with around 1.3 billion people asked to stay at home and observe social distancing to combat the deadly virus, which has claimed 308 lives and infected more than 9,000 people in the country.The government has imposed strict directives of restricting movement of people. Shops supplying essential items like grocery, medicines have been exempted from the lockdown.Rajesh Rajora, a grocery shop owner at Noida sector 51, said the sales have increased to the extent that he had to call his supplier twice for refilling essentials in the last one month. Earlier, it would be in months that refilling would be needed.He said within hours of opening his shop most items sell off."Ever since the lockdown, people want to buy groceries only after seeing it with their own eyes. With online shopping, there has been uncertainty and frequent cancellation due to which many people prefer to buy grocery from these small shops," he said.Another grocery shop owner Vikas Saini in Mayur Vihar-1 says the kind of rush his shop sees has not been witnessed for years."People from all walks of life come to buy essential items. Even youngsters who were especially dependent upon e-retailers are coming to my shops," said Saini, whose sales have doubled in the last few weeks.But Saini asserts that he ensures that people maintain social distancing while visiting his shop."I have chalked out circles and people stand in queues outside the shop. I am exercising all precautions," he said.Kumar Ganesh, one of Saini's customers standing in one such chalked circle, said the finds these shops more reliable than online shopping in the present times."Initially, I tried ordering online but my orders were repeatedly cancelled due to logistical issues. So I resorted to buying from the local grocery stores only," he said.Another kirana shop owner Hari Singh said he was on the verge of shutting own his business this year but lockdown gave him a fresh lease of life."I know many other businesses are going downhill but my business has been booming since the lockdown. I know I cannot offer the kind of discounts the online retailers offer but at least I am reliable," he said.But these shopkeepers say now they are finding it difficult to keep up with the demand.Singh said he had reduced procurement of items from his supplier and now he is not able to meet the increasing demand."The supplier also does not have enough supplies according to our demand. Secondly, issues in procurement of items is another challenge faced by us due to the lockdown," he said.Saini said this improvement is short-lived as once things are back on track most people would still prefer buying from online portals due to the discounts offered by them and the convenience of getting the products at the desired time at their doorsteps."We know we wouldn't be able to keep up. But for this crucial period it was a matter of great satisfaction for me to stay relevant," said Saini. UZM KJKJ

Local kirana shops business flourish amid lockdown

(Eds: Adding more quotes) New Delhi, Apr 15 () The real estate industry on Wednesday said the government's decision to allow construction on those projects where labourers are already available on sites will solve the problem of migrant daily wage workers but said availability of raw materials may be an issue. NAREDCO President Niranjan Hiranandani said, "The government has issued an order which allows staggered reopening on the stalled construction work to partially resume from 20 April 2020, subject to terms and conditions. The real estate industry acknowledges the positive impact this will have in handling the migrant crisis." The relaxation has come at the right time as the situation was very grim to keep construction workers at the site afloat, he said. Credai National Chairman Jaxay Shah said the directives issued by the Ministry of Home affairs will boost the country's economic growth in a slow but steady manner. "We, however, await the directives by the state government," he said. The realty sector remains the second largest employer after agriculture and halt in construction activities will have a long-term impact on the realty sector, Shah noted. "We therefore urge the government to allow construction activity and supply chain in a staggered manner. We are already taking care of the workers and construction can begin amidst the present conditions. We are also ready to start construction at those sites where labourers are already present with subject to the supply chain," Shah said. Anuj Puri, Chairman - ANAROCK Property Consultants said: "Offering some relief to the construction sector, the government has permitted activity to resume in non-Covid-19 hotspots, provided they follow strict social distancing guidelines. However, the guideline clearly mentions that no construction worker will be brought from outside and only those currently available on the site will be able to resume work." The move to start at least some of the construction activity on project sites, even with limited workforce, is certainly welcome, Puri said. "That said, since many migrant workers had left for their villages post lockdown 1.0 announcement, we will have to wait and see how many are actually left back to resume work. Migrant workers comprise at least 80 per cent share of the total 44 million workforce in the construction sector currently," he said. CREDAI-NCR President Pankaj Bajaj said, "We are awaiting clarity. It seems that Noida construction may be allowed outside the hotspots, But practically it seems impossible. Labour has to stay in-house. Most projects are at the finishing stage. At such stage, labour does not stay in-house." "The other problem is supply of raw material. Large restrictions are still in force for the production of those goods. Nearly 200 different items go in the construction," Bajaj said. Supertech Chairman R K Arora spoke about the challenges for starting construction work. "We require different types of labour in consultation i.e. labour, mason, carpenter, plumbers and bar binders, etc and all are not available at site. Work without construction materials will not be possible since industry related to construction are not allowed till May 3," Arora said. "By allowing in-situ projects, to commence construction work is a step in the right direction. Upon successful experience, construction activities should be allowed across all projects," said Ashish Bhutani ,MD and CEO Bhutani Infra. The decision to resume construction activities will help in job creation, said Ankush Kaul, President (Sales &amp; Marketing)- Ambience group said. Vikas Bhasin, CMD, Saya Homes, said: "Permitting construction activities although with conditions is the right approach and we wholeheartedly welcome it. But the implementation will be subject to guidelines issued by respective states, we will have to wait and watch for clarity to emerge." Rajat Goel, JMD, MRG World, said, "Allowing in-situ projects, falling within the boundaries of Municipal Corporation to commence construction, while following social distancing norms is a step in the right direction. This will immensely help the daily wage labourers." Sriram Mahadevan, MD, Joyville Shapoorji Housing, said, "We welcome the move by the Government of India towards gradual lifting of the lockdown in a calibrated manner and in turn help resumption of construction activity in non-Covid hotspots with effect from April 20, 2020." Post a complete shut down, this step would help lift the sentiments of all the labour force who have been staying at their respective sites since the lock down was announced, he added. In order to ensure lost momentum is regained as soon as possible, inflow of raw materials is also very critical, Mahadevan said. Shriram Properties CMD M Murali said: "We welcome this move by the government to allow limited construction activities in Rural and Municipal areas. This will help to solve the problems faced by the migrant blue collar workforce to a certain extent. We expect the government to ease the restrictions for Urban areas as well, in the coming days." MJH MKJ MKJ

Lockdown: Realtors hail govt move to allow resuming construction works

<keyword id="6354814" type="UNKNOWN" weightage="80" keywordseo="prime-minister-Narendra-Modi">Prime Minister Narendra Modi</keyword>’s ambitious ‘<keyword id="6354869" type="UNKNOWN" weightage="100" keywordseo="make-in-India">Make In India</keyword>’ initiative had started attracting investment worth crore across automotive engineering and electronic products. Initially, domestic handset manufacturers were not so keen about this programme, but recent media reports share a different story. 
 Reports suggest that many organizations are considering shifting their manufacturing base, from China to <keyword id="3658" type="COUNTRY" weightage="80" keywordseo="India">India</keyword>. The first movers, of course, are the mobile phone manufacturers like <keyword id="6355189" type="PERSON" weightage="80" keywordseo="lava">Lava</keyword> and <keyword id="6366627" type="COMPANY" weightage="80" keywordseo="Intex">Intex</keyword> who are planning to set up their manufacturing base in India. Undoubtedly, the credit for this change goes to Modi’s ‘Make In India’ initiative. 
 
Who’s taken the lead? 
 A media report suggests that <keyword id="215955" type="COMPANY" weightage="80" keywordseo="Intex-Technologies">Intex Technologies</keyword>, which already manufactures its ‘very own’ mobile handset in India, is also gearing up to produce its tablets and smartphones in the country. However, the big question that arises is: does the company plans on completely giving up on its ‘Made in China’ offerings? 
 Intex is not the only company to hear Modi’s clarion call to ‘Make In India’. An Economic Times report reveals that Lava will set-up its manufacturing plant in India in the next three years. For this, the mobile phone manufacturer has earmarked an <keyword id="47916" type="UNKNOWN" weightage="80" keywordseo="invest">invest</keyword>ment of Rs 500 crore. To begin with, the company will initially invest Rs 20-30 crore turn its Noida plant into a manufacturing hub; it is currently being used to carry out the repair work. The plant will have the capacity to manufacture up to 200,000 units a month, and by March 2016, the production is set to be ramped up to one million. 
 “We are just about to finalize six places in three states to accommodate the entire ecosystem around handset manufacturing, one of which will house the company’s plant as well. The central government is giving 25% subsidy and various state governments are offering VAT-free operations, among others,” Hari Om Rai, chairman and managing director of <keyword id="250883" type="COMPANY" weightage="80" keywordseo="Lava-International">Lava International</keyword> told ET. 
 Since April 2014, <keyword id="71696" type="COMPANY" weightage="80" keywordseo="Micromax">Micromax</keyword>, India’s second largest mobile devices company, started manufacturing handsets at its Rudraprayag facility in Uttarakhand. "Micromax has manufacturing plant in Rudraprayag where it manufactures LED and tablets. The company started manufacturing mobile phones couple of months back," the company’s spokesperson told a leading news agency. 
 
‘Make In India’ also a hit with international manufacturers 
 Other than domestic handset manufacturers, global mobile phone makers are also considering to take a lead and start manufacturing their phones in India. A <keyword id="6384660" type="CITY" weightage="80" keywordseo="Wall-Street-Journal">Wall Street Journal</keyword> (WSJ) report suggests that <keyword id="874458" type="COMPANY" weightage="80" keywordseo="Xiaomi">Xiaomi</keyword>, with its success in the Indian <keyword id="28168" type="TECHNOLOGY" weightage="80" keywordseo="Smartphone">smartphone</keyword> market, is also considering manufacturing phones in the country. 
 The company has hired legal advisers to "investigate the regulatory aspects of manufacturing in India. We always thought that our manufacturing would be based out of China. But India is beginning to become so important for us that we started to think whether we should set up our own manufacturing," Manu Jain, <keyword id="2573021" type="UNKNOWN" weightage="80" keywordseo="Xiaomi-India-head">Xiaomi India head</keyword>, told WSJ. 
 
Some domestic players still offering resistance 
 Smartphone vendors, like <keyword id="145729" type="COMPANY" weightage="80" keywordseo="Karbonn">Karbonn</keyword>, are still not much interested in joining the ‘make in india’ bandwagon. Experts believe that the reason behind this resistance is because manufacturers feel India lacks the mobile ecosystem. In China, manufacturers have access to a wide range options to select different phone components. 
 While this is true to some extent, one can’t deny infinite untapped potential that exists in India. If planned well and executed brilliantly, there’s no denying that India would replace China as the biggest <keyword id="841838" type="UNKNOWN" weightage="80" keywordseo="manufacturing-hub">manufacturing hub</keyword>, soon.

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