India sees demand for property worth over ₹1 cr drive record real estate sales

Residential property demand in India at a 10-year high with mid and premium buyers on the rise

<ul><li>2022 can be considered a watershed year for residential real estate across India’s top eight cities, said a <keyword id="6363605" type="General" weightage="100" keywordseo="knight-frank" source="Orion">Knight Frank</keyword> report. </li><li>Encouraged by good sales velocity, new project launches also grew 41% in 2022 as compared to the year before. </li><li>Real estate prices rose in the range of 4-7% across markets.</li></ul>The <keyword id="703971" type="General" weightage="20" keywordseo="real-estate-sales" source="Orion">real estate sales</keyword> in India’s top eight markets in 2022 rose 34% to a nine-year high of 312,666 units, as per a report named as India Real Estate: 2022 by consultancy firm <keyword id="151748" type="General" weightage="50" keywordseo="knight-frank-india" source="Orion">Knight Frank India</keyword>. The report added that 2022 can be considered a watershed year for the residential sector across the top eight cities of India. “The residential sector was an exceptional story of growth in 2022, as despite numerous inflictions, the pace of growth remained largely intact. This momentum is the result of a definitive shift in attitude in favour of home ownership that has ignited the latent demand,” said <keyword id="1417134" type="General" weightage="50" keywordseo="shishir-baijal" source="Orion">Shishir Baijal</keyword>, chairman and MD of Knight Frank India. Encouraged by this sales velocity, launches also saw a commensurate rise – registering a 41% growth in 2022 as compared to the year before. NCR region saw the most high growth in real estate sales – at 67%, followed by Ahmedabad at 58% and Bengaluru by 40%. Only sales in Kolkata registered a fall of 10% in 2022. Baijal said that the sales momentum has remained despite worsening affordability on account of rising home loan interest rates and moderate price rises. Real estate prices grew in the range of 4-7% across markets in 2022. “We estimate the pace of sales to remain unchanged in the new year, as most parameters are expected to remain favourable, including levels of inflation that is expected to start stabilising by mid of 2023,” he added. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">City </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Price movement in 12 months </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Price movement in 6 months </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NCR </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bengaluru </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pune </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chennai </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hyderabad </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kolkata </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ahmedabad </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1% </td></tr></tbody></table>Source: Knight Frank <cmsannotation type="cmsannotation" annotationid="Gross leasing of office spaces was also high" comment="subhead" text="Gross leasing of office spaces was also high">Gross leasing of office spaces was also high</cmsannotation> As offices have opened up after two long years, the overall gross leasing activity in office spaces increased by 36% YoY in 2022 as compared to 2021. The report said that 2022 is historically the second-best year for office transaction volume, as it achieved a peak in 2019. This was in spite of global economic uncertainty seen in the last quarter of 2022. “The office market has made a significant recovery in 2022 despite concerns of a looming recession in the developed economies. The evolution of the office as an enabler of productivity continued with more corporations recalling their staff to office,” Baijal further said. New completions in the office space segment were also high and saw an upswing by 28% in 2022. Bengaluru, Hyderabad and NCR were the top markets which added more office spaces. “For the first time in over a decade we have seen simultaneous growth in all major real estate segments. Office, residential, warehousing and retail, all registered significant increase in activities in 2022,” Baijal said. 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Residential sales hit 9-year high in 2022, second best year ever for office leasing: Knight Frank

<ul><li>Shopping malls attract top-end and international retailers but high streets rank better when it comes to cost and efficiency. </li><li>High streets have built a large base of loyal customers over time, and also attract more serious shoppers rather than the ‘popcorn crowd’ of the malls. </li><li>While high streets tend to house more mom-and-pop stores and Indian retailers, Brigade Road, Indiranagar, Colaba Causeway, Connaught Place and Khan Market are exceptions. </li></ul>India’s bazaars and markets that have existed for decades have survived the closures of the pandemic, the rise of e-commerce and also the glitter of large shopping malls. These shopping streets or highstreets as a <keyword id="6363605" type="General" weightage="20" keywordseo="knight-frank" source="Orion">Knight Frank</keyword> report calls them, are spread across 13.2 million square feet across 4,875 retail stores in India’s top eight markets. The report also estimates potential consumption in high streets to touch nearly $2 billion in FY24. Shopping malls have long overtaken high streets in terms of volume and modern retail, which is high-end branded stores. The total modern retail arena stock on Indian high streets is merely 6% of the shopping malls’ gross leasable space across the top eight markets. But high streets rank higher where it counts — efficiency. “In terms of efficiency, high streets offer 100% efficiency due to low maintenance costs, whereas in the case of shopping malls, the efficiency can range anywhere between 50-60% depending on the grade of the shopping mall. This is largely due to high maintenance costs for common areas, central air conditioning and escalators,” the Knight Frank report said. High streets on revival mode In addition to the charm and being situated in popular locations, high streets are also evolving from their dusty avatars, which will only increase their footfalls even as they cater to the loyal customer base that they have built over the years. “As cities in India are modernising, we see many high streets in the country reviving as facilities like access, parking, store visibility etc. have improved. Our estimations say that the average per square metre revenues of high streets will be significantly higher than those of malls in FY 2023–24,” said Shishir Baijal, chairman and managing director at Knight Frank India. The potential consumption in FY24 for shopping malls as per Knight Frank is at $1,273 per square feet per annum. For high streets, it’s estimated at $4,099 per square feet per annum. Popcorn crowd vs serious shoppers Unlike malls with a lot of tenants that offer entertainment options like movie theatres, game zones and more, high streets also bring in serious shoppers. It’s evident from the fact that most jewellers who can afford high rentals, choose to stay away from malls. “Jewellery in particular, is not an instant-decision product and many jewellers, despite having the financial wherewithal to expand in malls, refrain from malls and prefer high street retailing in India as they want to stay away from the ‘popcorn crowd’ of shopping malls,” the report said. High streets tend to attract more non-modern retailers or mom-and-pop stores and Indian retailers. Modern and international retailers are skewed towards malls. The high streets across the top 8 cities have an average of 44% modern retailers and 56% non-modern retail arenas. “Most international retailers, especially in apparel, home décor and food and beverage categories, require multi-floor or contiguous retail spaces for their stores to display merchandise or offer an experiential feast to customers, which is hard to find in high streets,” Knight Frank said. India’s best high streets A few high streets like Brigade Road and Indiranagar in Bangalore; Colaba Causeway in Mumbai, Connaught Place and Khan Market in NCR, which have seen mega retailer expansion and early advent of modern retail have managed to attract top-end Indian and international brands. “These high streets are famous for their mix of regional and international showrooms and have a loyal customer base. In these three cities, the real estate footprint of international origin brands ranges between 13-15%, which is much higher compared to the other cities,” the report said. Delhi’s Lajpat Nagar too has both non-modern and modern retailers operating head-to-head in what is regarded as one of the most prominent wedding shopping destinations in the country. Each city’s high streets have a mix of different retailers. Bangalore has a high concentration of food and beverage retailers with breweries, drinking holes and more. In fact, four of the top 10 high streets are in the city, and the city has the highest mix of modern retailers. Chennai, on the other hand, is skewed towards regional and Indian giants, so are other South markets. Mumbai’s high streets, on the other hand, have prohibitively high rentals, and most of its older retailers in prime locations tend to own their properties, which aids convenient retail businesses. While none of Ahmedabad’s high streets feature in the top 10 list compiled by Knight Frank, the city’s SG Highway has the highest spending quotient amongst the 30 high streets.

India’s high streets score over shopping malls with charm, cost benefits & more

<ul><li>The positive momentum in the <keyword id="6354553" type="General" weightage="20" keywordseo="Real-estate" source="Orion">real estate</keyword> sector can hold on till the first quarter of 2023 say experts. </li><li>From the second quarter onwards, demand will be determined by interest rates, say experts. </li><li>The property rates could further shoot by 8% at least next year, due to rising input costs.</li></ul><keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>’s <keyword id="35288" type="General" weightage="20" keywordseo="real-estate-market" source="Orion">real estate market</keyword>, which has been buoyant since the Covid-19 pandemic, is expected to continue with its growth momentum in the first quarter of 2023, according to experts. Few experts are willing to make predictions beyond the first three months of the next year, due to uncertainty. They believe that an after-effect of global economic slowdown might have a role to play in the property purchase decisions of Indians. “There is a possibility of a recession in major global markets including the US and India cannot be decoupled from it. There could be some repercussions in the Indian market by way of layoffs which in turn may slow down the residential demand, if at all,” Anuj Puri, Chairman – Anarock Group, told Business Insider India. Moreover, in December, the Reserve Bank of India (RBI) raised base interest rates for the fifth time in seven months – taking it to 6.25%. Consequently, banks are expected to pass on the hiked interest rates to the consumers – increasing the cost of home ownership. Added to that, analysts say that the burden of home loans will be higher as many consumers have <a href="https://www.businessinsider.in/personal-finance/news/be-prepared-to-pay-higher-emis-no-room-for-loan-tenor-increase-after-rbis-latest-rate-hike/articleshow/96052276.cms">exhausted the option of increasing</a> home loan tenures without impacting their EMIs – in the last four interest rate hikes. The direction of repo rate hikes will guide the housing property demand in 2023, and experts say that there could be more such hikes ahead. “A lot will also depend on how the home loan interest rates pan out over the next year. While so far, the impact of the rate hikes has been minimal but if the rates rise further, it may go on to impact residential sales,” Puri added. <cmsannotation type="cmsannotation" annotationid="New launches may remain muted" comment="subhead" text="New launches may remain muted">New launches may remain muted</cmsannotation> According to Puri, new launches across the country overall may remain muted in the coming year. “We may see muted new launches in the new year as many developers would rather wait and watch how the global and Indian markets pan out over the year and if all goes well then we may see new launches increase in the second half of 2023,” Puri said. However, new launches in the Jan-Sept period of 2022 surpassed full-year readings of 2019 with approximately 2.65 lakh units launched in the nine-months period, according to Anarock data. MMR, Hyderabad, Pune have been ruling the charts for the last two quarters in terms of new launches. <cmsannotation type="cmsannotation" annotationid="Property rates to rise in 2023" comment="subhead" text="Property rates to rise in 2023">Property rates to rise in 2023</cmsannotation> That’s just one side of the coin. Hurt by low demand, many developers have not been increasing property rates for the last few years. But input costs have started hurting construction companies and the overall property rates increased by 5-7% in 2022. Next year, the real estate price hikes will be steeper at around 8% at least next year, according to Puri. This however might not affect demand as much, a few developers feel. Younger generation wants to own a home instead of renting – and this mindset change will aid real estate companies. “We have seen housing prices rise by 5-8% in 2022 but property sales remained robust as real estate became a favorite asset class among potential homebuyers. This momentum is likely to continue next year as developers are wary about the positive home buying sentiment and consumer’s goal for financial security,” Rahul Purohit, national sales head, Square Yards, told Business Insider India. Price increases, developers say, have little effect on intent to own homes as they have proven to be the best asset class for investment as compared to gold and equities. “Property price corrections won’t deter affordable home buying plans as consumers have full confidence in real estate as the best asset class,” Purohit added. Property demand is expected to be high across tier 1 cities, according to Square Yards. Reopening of offices, and increased business activity will guide residential demand in Mumbai, Delhi, Noida, Bangalore, Hyderabad, Gurgaon and Chennai. Demand is also expected to be high in Ahmedabad, Lucknow, Kochi, Indore, Agra, Varanasi, Gwalior etc. due to the massive infrastructural growth seen in these cities. Hiring in the real estate industry increased 10% in November on both month-on-month and year-on-year, according to foundit (formerly known as Monster) Insights Tracker (FIT) – indicating that the sector anticipates better times ahead. <cmsannotation type="cmsannotation" annotationid="The luxury of growth" comment="subhead" text="The luxury of growth">The luxury of growth</cmsannotation> The growing wealth of Indians and increased number of HNI or high networth individuals is another factor that’s fuelling the demand for luxury homes. Several reports suggest that the luxury house segment has acquired a lion’s share in overall home sales numbers in the year 2022. According to a recent survey conducted by India Sotheby’s International Realty, a larger number of HNIs are proposing to buy luxury property in the next two years. “Various real estate consultants cited that sales of luxury apartments witnessed significant growth month on month during the year. The Mumbai Metropolitan Region accounted for more than half of these sales,” Ram Raheja, managing director at S Raheja Realty, told Business Insider India. Raheja further added, “Enabled by a much higher purchasing power to the steep rupee fall — the Indian currency has breached the 82-mark against the US dollar — NRIs are also viewing this as a great opportunity to build bigger and better assets back home.” Apart from celebrities like Janhvi Kapoor and Madhuri Dixit and many more, startup founders and stakeholders too are people keen on the luxury housing market. 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Housing demand outlook 2023: Interest rates, global spillovers to play a key role

<ul><li>There are 24,628 confirmed cases of <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">Coronavirus</keyword> in Gujarat, out of which Ahmedabad has reported 17,299 cases.</li><li>There have been 1,534 deaths in Gujarat due to Coronavirus so far and 17,090 patients have recovered.</li><li>Gujarat reported 524 new cases of Coronavirus and 28 deaths on June 16.</li></ul>Gujarat has reported 524 new cases of Coronavirus in the state on June 16, taking the total number of cases in the state to 24,628. Out of the 24,628 patients, a majority of the patients are from Ahmedabad alone, which has 17,299 confirmed cases. Surat also recorded a high increase in confirmed cases taking its tally to 2,714. "The deaths in Gujarat have been mostly in the high-risk zone or in the comorbid zone. 9% of the deaths were in the high-risk age such as below 5 years and over 60 years and 77% positive patients succumbed were with comorbid conditions. Only 14% of the patients who died were of the non- comorbid condition," Gujarat Health Secretary Jayanti Ravi said. Gujarat has reported 1,534 deaths in the state due to Coronavirus. The first case was that of a 67-year-old male from Surat with comorbid conditions. On March 25 night, an 85-year-old female from Ahmedabad died also due to comorbid conditions. A 70-year-old male from Bhavnagar with a travel history of Delhi, succumbed to Coronavirus on the next day. The total number of quarantined persons in Gujarat is 2,12,905 patients with 2,08,835 and 4,070 in institutional facilities. <table style="width: 540pt;"> </colgroup></colgroup></colgroup></colgroup></colgroup> <tbody><tr> <td class="xl65" style="height: 14.4pt; width: 74pt; font-size: 11pt; color: white; font-weight: 700; font-family: Calibri, sans-serif; border-top: 0.5pt solid black; border-right-width: initial; border-right-style: none; border-bottom: 0.5pt solid black; border-left: 0.5pt solid black; background: black;">State</td> <td class="xl65" style="width: 175pt; font-size: 11pt; color: white; font-weight: 700; font-family: Calibri, sans-serif; border-top: 0.5pt solid black; border-right-width: initial; border-right-style: none; border-bottom: 0.5pt solid black; border-left-width: initial; border-left-style: none; background: black;">Total Cases</td> <td class="xl65" style="width: 179pt; font-size: 11pt; color: white; font-weight: 700; font-family: Calibri, sans-serif; border-top: 0.5pt solid black; border-right-width: initial; border-right-style: none; border-bottom: 0.5pt solid black; border-left-width: initial; border-left-style: none; background: black;">Active Cases</td> <td class="xl65" style="width: 56pt; font-size: 11pt; color: white; font-weight: 700; font-family: Calibri, sans-serif; border-top: 0.5pt solid black; border-right-width: initial; border-right-style: none; border-bottom: 0.5pt solid black; border-left-width: initial; border-left-style: none; background: black;">Cured</td> <td class="xl65" style="width: 56pt; font-size: 11pt; color: white; font-weight: 700; font-family: Calibri, sans-serif; border-top: 0.5pt solid black; border-right: 0.5pt solid black; border-bottom: 0.5pt solid black; border-left-width: initial; border-left-style: none; background: black;">Death</td> </tr> <tr> <td class="xl65" style="height: 14.4pt; font-size: 11pt; color: black; font-family: Calibri, sans-serif; border-top: 0.5pt solid black; border-right-width: initial; border-right-style: none; border-bottom: 0.5pt solid black; border-left: 0.5pt solid black; background: rgb(217, 217, 217);">Gujarat</td> <td class="xl65" style="font-size: 11pt; color: black; font-family: Calibri, sans-serif; border-top: 0.5pt solid black; border-right-width: initial; border-right-style: none; border-bottom: 0.5pt solid black; border-left-width: initial; border-left-style: none; background: rgb(217, 217, 217);">24,628</td> <td class="xl65" style="font-size: 11pt; color: black; font-family: Calibri, sans-serif; border-top: 0.5pt solid black; border-right-width: initial; border-right-style: none; border-bottom: 0.5pt solid black; border-left-width: initial; border-left-style: none; background: rgb(217, 217, 217);">6,004</td> <td class="xl65" style="font-size: 11pt; color: black; font-family: Calibri, sans-serif; border-top: 0.5pt solid black; border-right-width: initial; border-right-style: none; border-bottom: 0.5pt solid black; border-left-width: initial; border-left-style: none; background: rgb(217, 217, 217);">17,090</td> <td class="xl65" style="font-size: 11pt; color: black; font-family: Calibri, sans-serif; border-top: 0.5pt solid black; border-right: 0.5pt solid black; border-bottom: 0.5pt solid black; border-left-width: initial; border-left-style: none; background: rgb(217, 217, 217);">1,534</td> </tr></tbody></table> Gujarat imposes Disturbed Areas Act in parts of Ahmedabad The Gujarat government on Thursday imposed the Disturbed Areas Act, 1991 in Ahmedabad covering the eastern part of the outer Ahmedabad Municipal Corporation (AMC) falling under the Vatva and Narol police station jurisdiction. The Act restricting sale of immovable properties without prior permission from the district collector will be effective for a period of 3 years. The enforcement of the Act in these areas is effective from June 30. 8 inmates test Covid positive in Sabarmati Jail A chance Covid testing in Guajarat's Sabarmati Central Jail found at least eight inmates positive for the disease after an undertrial insisted on bail to be sent home. The Sabarmati Central Jail authorities, following the bail application in the Gujarat High Court by 2019 murder accused Manubhai Desai, decided to conduct tests at the facility before sending him home. They detected eight inmates to be Corona virus positive. This is the first instance where the inmates, with no contact to the outside world, have been found positive inside the jail. Gujarat COVID mutation study to help develop vaccine Analysis of mutations across SARS-CoV2 genome from Gujarat would have a major contribution in the development of a single COVID-19 vaccine for the entire country, said Prof. Chaitanya G. Joshi, Director at Gujarat Biotechnology Research Centre (GBRC). Gujarat has a total 17,200 confirmed cases and 1,063 deaths have been reported so far, second highest in the country after Maharashtra, which has reported 2,362 deaths so far. The state is grappling with high mortality. Initially, it was suspected that the virulent L-strain of the coronavirus is responsible for high COVID-19 mortality rate, but it is yet to be established scientifically. Offices, shops re-open, buses back on roads in Gujarat With the announcement of relaxations in lockdown norms, the wheels of administration in Gujarat started rolling again, here on Monday, after more than two months of shutdown. The government offices, including the Secretariat, returned to normal functioning. However, curbs continued for offices located in containment zones and employees residing in those areas. According to the government announcement, all shops outside the containment zones have been allowed to operate from Monday. Sports complexes and stadia have been allowed to open -- not for spectators, only for sportspersons and games. AMA moves Gujarat HC seeking permission for Covid-19 tests sans govt interference The Ahmedabad chapter of the Indian Medical Association (IMA), the Ahmedabad Medical Association (AMA), filed a PIL in the Gujarat High Court (HC) on Wednesday against the state government's decision to prohibit private laboratories from conducting Covid-19 tests without getting an approval from the government health officials. One of the oldest medical associations of India with 9,000 members, the AMA moved the high court seeking approval for private pathological laboratories (approved by the Indian Council of Medical Research) to conduct RT-PCR testing for Covid-19 without any interference from the state government. 'Make in Gujarat' ventilator 'Dhaman-1' fine Amidst the growing issue of procurement of sub-standard ventilators, the Gujarat government on Wednesday stated that the ventilator 'Dhaman-1' gifted by the Rajkot manufacturers, fulfilled all the parameters and have performed satisfactorily in treating Covid-19 patients in the state. The government also claimed that looking at the quality and affordable prices, other states had also placed orders for procuring 'Dhaman-1' for their health care. Informing the media, Jayanti Ravi, the principal secretary, Health and family welfare Department, Gujarat, said, "When the state was faced with the global crisis of Coronavirus and when there is a tremendous shortage of ventilators globally, the Rajkot firm came forward and offered to manufacture the ventilators and gift it to the state to treat Corona patients. The company also assured that the manufacturing will be carried out without compromising the required parameters set for ventilators." To get updates about Coronavirus in Gujarat, send ‘Namaste’ to 7433000104. See also: <a href="https://www.businessinsider.in/india/news/coronavirus-cases-in-hyderabad-telangana-news-and-updates/articleshow/74823424.cms">Coronavirus cases in Telangana</a> <a href="https://www.businessinsider.in/india/news/coronavirus-cases-in-andhra-pradesh-news-and-updates/articleshow/74828808.cms">Coronavirus cases in Andhra Pradesh</a> <a href="https://www.businessinsider.in/india/news/coronavirus-cases-in-bihar-news-and-updates/articleshow/74833815.cms">Coronavirus cases in Bihar</a> <a href="https://www.businessinsider.in/india/news/coronavirus-patient-cases-in-uttar-pradesh-news-and-updates/articleshow/74833735.cms">Coronavirus cases in Uttar Pradesh</a>

Gujarat Coronavirus cases rise to 24,628, 1,534 dead and 17,090 recovered till June 16

<ul><li>The 47-year-old actor said while arranging travel for the migrants, their conversations would often revolve around how they were looking for the right work opportunity amid the pandemic. </li><li>The initiative will be supported by community outreach in the villages to find the right employment opportunities for migrant workers in different parts of the country. </li><li>According to the release, the online platform has over 500 reputed companies related to construction, apparel, healthcare, engineering, BPOs, security, automobile, e-commerce and logistics sectors, offering job opportunities </li></ul> Actor <keyword id="15261" type="PERSON" weightage="20" keywordseo="Sonu-Sood">Sonu Sood</keyword> on Wednesday launched an app to offer support to workers in finding right job opportunities in various sectors across the country. Sood, who catapulted to the national spotlight for his work in helping migrants reach their homes amid the COVID-19 pandemic, has come out with a free of cost online platform called 'Pravasi Rojgar', which will provide all the necessary information and right linkages to find jobs. The 47-year-old actor said while arranging travel for the migrants, their conversations would often revolve around how they were looking for the right work opportunity amid the pandemic. "Lot of thinking, planning and preparation have gone into designing this initiative over the last few months, in order to ensure that it is holistic and builds on the work already being done in the country. "Extensive consultations have been held with top organisations that're involved at the grassroots level in skilling and placing the youth below the poverty line, NGOs, philanthropic organisations, government functionaries, strategy consultants, technology start ups and above all the returned migrants whom I have helped," Sood said in a statement. The initiative will be supported by community outreach in the villages to find the right employment opportunities for migrant workers in different parts of the country. According to the release, the online platform has over 500 reputed companies related to construction, apparel, healthcare, engineering, BPOs, security, automobile, e-commerce and logistics sectors, offering job opportunities. 'Pravasi Rojgar' will also be offering specific job training programmes like spoken English. A 24x7 helpline have been set up in New Delhi, Mumbai, Bengaluru, Hyderabad, Coimbatore, Ahmedabad and Thiruvananthapuram. SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/coovid-vaccine-from-oxford-serum-institute-and-astrazeneca-shows-promising-immune-response/articleshow/77069321.cms">The COVID-19 vaccine from Oxford and AstraZeneca shows 'promising' results in early human trials</a> <a href="https://www.businessinsider.in/careers/news/from-intel-and-wipro-to-tcs-and-google-here-are-the-top-job-openings-in-the-multinational-companies/articleshow/77058769.cms">From Intel and Wipro to TCS and Google— Here are the top job openings in the multinational companies</a> <a href="https://www.businessinsider.in/tech/mobile/news/checkout-upcoming-affordable-smartphone-oneplus-nord-launch-price-specifications-features/articleshow/77061620.cms">OnePlus Nord launch price, specs and more – Everything we know about the upcoming affordable OnePlus smartphone</a>

Sonu Sood launches app to help migrants find job opportunities

<ul><li>An IPL between September and early November has been made possible by the ICC's decision on Monday to postpone the <keyword id="44040" type="COMPANY" weightage="20" keywordseo="T20-World-Cup">T20 World Cup</keyword> in Australia, scheduled for October-November, due to the COVID-19 pandemic.</li><li>The IPL GC will meet within a week or 10 days and all decisions (including final schedule) will be taken there, Patel told PTI. </li><li>The franchisees had already been working on their plans for the IPL even before the ICC announcement.</li></ul> With the T20 World Cup's postponement clearing the decks for a full-fledged IPL, the glitzy event's Governing Council will meet in a week or 10 days' time to plan its next course of action, eyeing UAE as the host this year. An IPL between September and early November has been made possible by the ICC's decision on Monday to postpone the T20 World Cup in Australia, scheduled for October-November, due to the COVID-19 pandemic. "The IPL GC will meet within a week or 10 days and all decisions (including final schedule) will be taken there. As of now, the plan is to have a full fledged IPL comprising 60 games and most likely in the UAE," Patel told PTI. Asked about the main challenges in conducting the event in current scenario, Patel added: "Just the operational side of it. Whether you do it here or outside, it doesn't matter (with no crowds)." The franchisees had already been working on their plans for the IPL even before the ICC announcement. With majority of the Indian players not having access to grounds amid the pandemic, teams will need at least three to four weeks to get them match ready. Foreign players will fly in directly to the UAE from their respective countries. "Our players will need at least three to four weeks of training, if not more. We will finalise all our plans once the BCCI announces the dates. It looks like the IPL will be in the UAE and we are ready for that," a team owner told PTI. Since India tour Australia for a four-Test series right after the IPL, training of the Test players is also an important issue. Test specialists like Cheteshwar Pujara and Hanuma Vihari, who are not part of the IPL, are likely to train for the eagerly-awaited series in a bio-secure environment at the newly-renovated Motera Stadium in Ahmedabad during the time of the IPL. A few fringe players are expected to join them at Motera along with the Indian team's support staff, which is free during the IPL. Work from home has become the norm amid the pandemic, therefore, there is a possibility that IPL commentary will happen from the comfort of the living room, a safer and cost effective-option considering the likes of Sunil Gavaskar, who is 71, are involved. The viewership is expected to be a record one with people craving for live cricket, something KXIP co-owner Ness Wadia has said. However, it remains to be seen how much the broadcasters and teams are able to attract from the sponsors in the current financial climate. More moot points and questions ahead of the IPL GC meeting: 1) More double headers expected (original schedule had only five double headers). 2) BCCI will need to provide a Standard Operating Procedure to IPL teams even though they will have their own SOPs in place. 4) Will the BCCI compensate teams for not being able to generate gate money this year? 7) Will there be virtual commentary from Star Sports? It was seen in the recent 3TC event in South Africa with the likes of Aakash Chopra, Deep Dasgupta and Irfan Pathan commentating from home. SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/coovid-vaccine-from-oxford-serum-institute-and-astrazeneca-shows-promising-immune-response/articleshow/77069321.cms">The COVID-19 vaccine from Oxford and Astrazeneca shows 'promising' results in early human trials</a> <a href="https://www.businessinsider.in/careers/news/from-intel-and-wipro-to-tcs-and-google-here-are-the-top-job-openings-in-the-multinational-companies/articleshow/77058769.cms">From Intel and Wipro to TCS and Google— Here are the top job openings in the multinational companies</a> <a href="https://www.businessinsider.in/tech/mobile/news/checkout-upcoming-affordable-smartphone-oneplus-nord-launch-price-specifications-features/articleshow/77061620.cms">OnePlus Nord launch price, specs and more – Everything we know about the upcoming affordable OnePlus smartphone</a>

UAE might host Indian Premier League this year in September

<ul><li><keyword id="1245953" type="General" weightage="20" keywordseo="ott" source="Orion">OTT</keyword> had a watershed year in 2020 and the growth continued in 2021. Most reports are predicting that OTTs growth is here to stay.</li><li>Homegrown <keyword id="959269" type="General" weightage="20" keywordseo="ott-platform" source="Orion">OTT platform</keyword> <keyword id="4241922" type="General" weightage="20" keywordseo="altbalaji" source="Orion">ALTBalaji</keyword> has been witnessing healthy growth on the back of its differentiated, localized content with a mass appeal.</li><li>We speak to <keyword id="3381161" type="General" weightage="20" keywordseo="Divya-Dixit" source="Orion">Divya Dixit</keyword>, SVP - Marketing &amp; Revenue, ALTBalaji to take a look at ALTBalaji’s journey so far and the factors that have helped it woo audiences in a space that is increasingly becoming cluttered.</li></ul>It won’t be an exaggeration to say 2020 was a watershed year for the Over-the-Top (OTT) industry. With people being stuck at home, yearning for fresh content with nowhere to go, OTT platforms came to the rescue. Most platforms witnessed an uptick in its uptake, with people spending more and more time on the platforms. According to a recent report by FICCI and the Producers Guild of India, around 148 million Indians subscribed to online curated content platforms. Another report by RBSA Advisors also predicted that India's video OTT market may hit $12.5 billion by 2030 from around $1.5 billion in 2021 owing to access to better networks, smartphones, and digital connectivity. The pandemic no doubt has given the industry a boost and most platforms are doing all they can to woo consumers. While competing with each other for producing and licensing better, more differentiated content, last year also made most of these platforms realize that consumers are wanting to watch local content and most platforms have been investing on producing local and regional content. Within the OTT space in India, homegrown platform ALTBalaji has been witnessing a healthy growth in the past few years. The 4-year-old platform said recently that it is currently catering to an MAU base of over 10 million, having sold 2.9 million subscriptions in H1 alone. The platform is also seeing an audience engagement metrics of 83 minutes per day. While witnessing good growth from non-metro cities in India, ALTBalaji also recently announced its partnership with Telenet to further its reach into Nepal. We recently caught up with Divya Dixit, SVP - Marketing &amp; Revenue, ALTBalaji to take a look at ALTBalaji’s journey so far and what has helped it woo audiences in a space that is increasingly becoming cluttered. Excerpts: Q) It's been over 4 years since the launch of ALTBalaji. Can you walk me through a few of the highlights? ALTernative content being the core ethos of the group, ALTBalaji completed four glorious years of entertaining the audience with their non-stereotypical and out of the box storytelling. Currently catering to an MAU base of over 10 million, we have sold 2.9 million subscriptions in H1 alone, in this highly competitive Over-The-Top business. The platform also sees an audience engagement metrics of 83 minutes per day, with different genres catering to varied audiences. At ALTBalaji, we constantly sought innovation in content, technology as well as marketing. With a library of around 90 original shows on the app and yet many more to be released, our content library has received accolades for its disruptive work and also seen the engagement time grow to over 83 minutes since the last quarter. As a result, there has been a steady upward growth for the past two years. Furthermore, being one of the most economically viable OTT platforms in the country, catering to almost all sections of society with a varied genre of shows, the various web series on the digital platform have received recognition from IMDB in terms of the ratings and numbers. Our recent action-thriller web series Cartel with an IMDB rating of 8.2; Broken But Beautiful 3 with 8.7; Mai Hero Boll Raha Hu with 8.7; Apharan with 8.3, The Test Case with 8.4 and Bose with 8.8 are some of the shows which have received rave reviews and numbers. With the growth of technology, penetrative pricing and tailor-made content for audiences, ALTBalaji has seeped into the country's hinterlands. We worked quickly and identified the needs of the hour, leading to shows that made impact and kept people entertained right in their homes. Q) Considering how people have been stuck at home since last year, they are still looking for entertainment and looking for it on OTT. How did you strengthen your content offering in the last 1.5 years to create an edge for yourself in the market? While the pandemic added to the platform's growth, ALTBalaji's journey over the past four years has been ever-growing. Engagement time has exponentially increased and subscriptions continue to grow at a steady pace. Many variables decide viewership, ranging from the technology available to the preferred content to the time people had in hand. So fortunately, from the platform's perspective, there has been no dip in the number of viewers. Cities like Hyderabad, Ahmedabad, and Kolkata with a 2.19%, 1.32%, and 0.99% growth YOY are among the few major cities that have added to a significant expansion in ALTBalaji's subscribers in the past year. We have been quick to understand that content is the deciding factor to draw in more viewers. So, it was essential to personalize content as per the viewer's preferences, which we constantly work on. The most crucial part our strategy is our out-of-the-box narratives. The content itself is tailor-made to attract larger audiences. We believe in creating shows that appeal across segments and narratives out of the box or unexplored. Recent shows like The Married Woman, Broken But Beautiful 3, and Cartel have been making headlines, and we are ecstatic with the response. Broken But Beautiful 3 set benchmarks with 180 million viewers and 220 million impressions with an innovative marketing strategy. Other notable shows like Crashh, Mai Hero Boll Raha Hu, His Storyy and Cartel have given ALTBalaji an edge over most platforms. Q) What sort of investments are you putting in on acquiring new content, producing them yourself? OTT content consumption has witnessed a steady growth throughout and will continue to do so on its own. However, the lockdown period has scaled up the OTT content consumption game, and I believe now is the time for OTT platform players to sit back and rethink their strategy. ALTBalaji has always sworn by original content. The platform churns out unique content and gives a launchpad to many aspiring talents across the board. Since our launch in 2017, we have ensured that our costs are restricted to Rs 150-Rs 160 crores per annum, out of which content cost has been around Rs 110 crore. Also, we aren't in the business of acquiring content. It is because we've mastered the art of making content at one-third the price that our peers are spending. In the year 2021 alone, the platform launched 20 original shows, and many more are in production Q) What kind of growth did you witness last year after the lockdown? Have you been able to retain the growth? The pandemic has scaled up the OTT content consumption game and ALTBalaji has seen a significant rise in engagement levels. ALTBalaji has seen a 15-20% growth in its viewership numbers; however, the lockdown increased subscribers from the Hindi heartlands. With the increase in appetite to consume our diverse library of originals and our shows catering to the mass audience, we have 59% of our viewership coming from the non-metros. While cities like Lucknow, Ludhiana, and Guwahati saw a huge increase of 189.84%, 106.50%, and 108.41%, respectively, Srinagar, Shimla, and Ranchi weren’t behind either, with an uprise of 103.81%, 103.05%, and 192.01%, as compared to ALTBalaji's viewership from these cities in 2020. 18% of our overall traction comes from the global audience, without any aggressive marketing. ALTBalaji established a precise positioning of 'OTT of the masses' with Hindi Colloquial Content for the Bharat audience and Hindi Speaking Diaspora. Q) With multiplexes opening up, do you think the growth for your platform will stagnate? What is your customer retention strategy? OTT has created new opportunities for content distribution across geographies. Viewers have adapted to the flexibility of time, convenience and choice of watching content. 2020 certainly acted as a catalyst in transforming the audiences' content consumption habits, converting fence-sitters and one-time visitors to subscribers, thereby increasing the overall subscription base and engaging more with the existing ones. Furthermore, the low cost of mobile network and affordable smartphones have revolutionized the OTT video streaming industry. In conclusion, surviving the market demands despite the opening of theatres is possible with affordable pricing, diverse content bouquet, buffer-free experience, and immersive innovations. Going out to mingle and unwind by watching movies is still a part of our culture and hence multiplexes will always remain important. Q) From a marketing perspective, what are you doing differently to be top of mind in the consumer's mind? Going ahead, what will your key areas of focus be? Our digital strategy covers all the bases when it comes to youth-friendly platforms. We have realized that influencer engagement is the way to go in this time &amp; age. Our romantic series Broken But Beautiful 3 have been picked up as a case study since the show achieved 180 million viewers with 220 million impressions through our marketing campaign. We also partnered with short format apps for youth oriented UGC, multiple digital payment gateways for our various youth-centric brands to ensure the audience has the smoothest experience possible. In 2020 alone, ALTBalaji has partnered with almost 25-30 brands for each of our show release that enabled incredible growth for both parties. We have a robust analytics platform with a live dashboard that provides us information on views and engagement along with the socio-economic and demographics of our viewers to generate behavioural consumption patterns to sharpen our retention strategy. What works optimally for us is to focus on consumer segmentation, mapping audience behaviour, focused customer retention, optimizing customer life cycle, and progressive strategies for onboarding new consumer segments; who are new to the internet or women in smaller markets, etc. Besides Instagram and Twitter, we also actively use WhatsApp to engage with our users. To further penetrate the Hindi heartlands, we will simplify our UI/UX by bringing in voice search, one button click registration, and easy payment modules in retail and digital. We foresee that we can target growth in the youth segment, over and above male and female target audience aged between 20-40 years. Vocal for local is sure to make it big in 2021. Gamification and Virtual reality, along with social commerce, will be the next big consumer engagement drivers on OTT. Q) Since digitization has sped up since the lockdown, how are bringing in new users? How are you reaching out to audiences deeper in the country who are also hungry for good content? Massification of content has been our goal right from the very beginning, and that shall see us lay further impetus towards expanding our content library. The various genres that we dabble into have massive scope for OTT players to explore the segment and expand their footprint by tapping into Tier II and Tier III markets. In parallel, we are continuously improving our UI/UX to ensure easier subscription, voice search, vertical video formats and a more effortless viewing experience for our audiences. The data analytics combined with targeted marketing also allows us to acquire customers lower than the industry standards. We also intend to extensively leverage data for predication analysis on the shows as the library expands, which feeds back into the content teams, enabling them to take sharper decisions on content creation Q) How are you making the platform more user-friendly, technologically more stable to be on the same level as a few of the global OTT players? The entry of new players in the OTT landscape or the rising influence of an existing player does not bother us. We welcome competition. It expands the consumer base and brings in new business opportunities and strategies. ALTBalaji also tied up with Amazon Pay and MobiKwik, two of the most trusted and convenient payment options for online transactions making the app more user-friendly, especially at payment and checkout. The tie-up with Amazon Pay enabled the subscribers to win up to Rs 50/- cashback while MobiKwik gave subscribers up to 10% cashback, credited to the users' wallets in under 24 hours. With these offers, subscribers will have no difficulty switching over to these safer and quicker, one-click transaction options for all future purchases. A buffer-free experience and immersive innovations are constantly worked upon. To further penetrate the Hindi heartlands, simplifying our UI/UX further, by bringing in voice search, one button click registration, as well as simpler payment modules in retail and digital is what we will be looking to innovate constantly

Over the years, we've mastered the art of making content at one-third the price that our peers are spending: Divya Dixit, ALTBalaji

OYO Hotels &amp; Homes, the world’s second-largest and fastest-growing chain of hotels, homes, managed living, and workspaces, is enabling micro-entrepreneurship opportunities for thousands of real estate owners and helping them build a successful business. The company’s innovative business model turns around assets that were either lying unused or operating at standards that are not at par with the industry, into spaces that generate high yields, hence, turning many of these asset owners into crorepatis. Some of these asset owners who have seen tremendous success with their properties after joining hands with OYO belong to Gujarat. As Deepak Shah, an asset owner from Ahmedabad, says, “It has been three years since I have been managing this hotel with family along with OYO’s support. The biggest challenge for me earlier was to approach clients and market my hotel. With OYO and its support, marketing my property and getting clients to take notice was no longer a worry. Our property is at a convenient location that is in close proximity to different corporate offices making it a preferred place to stay. We have an in-house multi-cuisine restaurant and also have the facility of outdoor seating in the terrace area which can be booked for different occasions. Owing to great marketing, quality accommodation and customer service that we have been able to provide with OYO’s help has resulted in a 90% occupancy on average. It has been a very fruitful association with OYO and we aim to continue with this in the years to come.” OYO is continuously working with 500+ strong asset owner community in Gujarat to build successful and sustainable businesses. In line with this, OYO plans to expand and hire 2000+ employees across multiple functions, including Business Development, Operations, Service, Sales and Enterprise Partnerships, in the next one year in Gujarat to empower asset owners and enable them to ensure a great hospitality experience for guests, hence, increasing yields. Further to this, OYO also announced its partnership with Mountania Developers, to open the doors to its first upmarket business hotel in Ahmedabad, Gujarat. How can you be benefited after becoming an asset owner with OYO? Twofold value proposition OYO offers asset owners a two-fold value proposition. First, OYO provides partners with the necessary capital to bring a building up to OYO's standards. Moreover, it also leverages available data to predict RevPAR, internal rate of return and ROI. With these details, OYO can indicate yield guarantee to the underlying asset owner. End-to-End Support OYO invests in the assets alongside asset owners to offer end-to-end solutions and support. Right from offering free design consulting to upgrading and transforming hotel infrastructure, to easing access to finance, transparent payment protocols, multiple touch-points, marketing excellence, tech innovation and regulatory compliance assistance ----OYO’s focus continues to be on generating high yields for asset owners along with offering excellent customer service. OYO can transform and renovate assets in a record time of 3-14 days and on-board them at an even quicker pace — a stark contrast to the industry standard of up to 90 days. Increase in Occupancy An asset owner, Rick Patel, based in the US elaborates on the jump in occupancy. He says, "Before OYO, our occupancy was about 20-25% and now, we are running at about 80% occupancy. We have never reached this occupancy rate before in the last 5 years. I would definitely recommend OYO to my friends and family interested in getting into the hospitality industry. My experience with OYO has been amazing. The team is great to work with, very energetic and supportive. We are just looking forward to the next level." OYO brings to the table a successful model of combining design, hospitality, and technological expertise, financial acumen and operational capabilities to real estate owners around the world, giving them the ability to get a higher return on investments, access easy financing opportunities, transform their hotels, and offer good quality customer service, thereby significantly increasing occupancy and profitability – in every OYO building. There are over 35,000 of these buildings worldwide. OYO has been able to generate a high yield for asset owners by maintaining 70-80% occupancy, which is often an issue with an asset-light model. On an average, over 75% of hotel owners associated with OYO have seen an increase of 20-30% in occupancy, a 2.5 x jump in RevPar and a significant jump in profit, for every asset operating as an OYO-branded property. Another asset owner, Narendra Saini from Ahmedabad, says, “It has been three months since my partner and I joined hands with OYO and are already witnessing great results in terms of occupancy and yields. Prior to joining hands with OYO, our main challenge was promoting our hotel through different channels. There was a time when in the offseason we used to get only 25-30% occupancy which now, post associating with OYO, has jumped to more than 80%. With OYO, it has been a true collaboration of sorts where we both are mutually benefitting. Our hotel witnesses bookings from corporate clients. We have an in house restaurant and are soon going to open a multi-cuisine rooftop restaurant by next month.” Best Pricing Mechanism in the Industry OYO has introduced dynamic pricing in the hospitality industry to create a level-playing ground even for an independent or small hotelier. OYO’s pricing, inventory allocation, and revenue management are driven by a machine learning-based algorithm for prediction and dynamic pricing. The algorithm makes 60 million micro-optimizations, every day, to arrive at the optimal price point that ensures an affordable stay for guests while driving higher yields and occupancy for the asset owner. Above &amp; Beyond To further support the business goals of asset owners, OYO launched OYO Partner Engagement Network (OPEN) in India - an industry-first series of year-long initiatives. This was followed up with another industry-first initiative called ‘Cash in Bank’ facility to offer asset owners across India quick, hassle-free and collateral-free business advances to upgrade or renovate their buildings, with the never seen before ease, turnaround time, and convenience. This will further help asset owners improve the guest experience along with direct and repeat rate that’s already approximately 90%. OYO also introduced Partner Privilege Program in India to boost asset owner success and growth on the one hand and create a mechanism for continual engagement and recognition on the other. The Partner Privilege Program provides exclusive benefits and opportunities to OYO India’s top-performing hotel owners for their personal and professional advancement. Amol Dhir, an asset owner from Agra and a member of OYO India Partner Advisory Council, says, “I strongly believe that getting affiliated to a brand like OYO can help the small, unbranded hotels in tapping the guests within the brand ecosystem. OYO’s sales team is fabulously supporting my hotel. They are running the show from behind the curtain, where a number of sales representatives, are pitching my hotel, even beyond the country’s boundaries to intended travellers.” On his partnership and journey with OYO, Amol says, “When I joined this hotel 12 years back I had a big vision for it, perhaps way too big than what my grandfather, my father and my family had for this hotel. I wanted a support system, a partner who could assist me in this. One day people from OYO walked in and they pitched me the idea of getting my hotel onboarded. I felt that they were just the right people who I could entrust my idea and push my vision further and we could grow along. The biggest change I found when OYO came along was how tech-savvy they were. Now, sitting at home I get to check the occupancy reports, employee management, booking and revenue reports. As an independent hotelier, I could not have achieved this or would have taken a little longer to get there. Technology with OYO became more accessible, affordable. Our life as a businessman became easier through this technology. For me, OYO has always been a partner and it is giving us various opportunities to get featured and grow along.” If you are inspired by these success stories, you can know more about how to become an asset owner with OYO here: <a href="https://partner.oyorooms.com/in">https://partner.oyorooms.com/in</a> Disclaimer: This article is a part of a commercial partnership Oyo and Business Insider India.

Here's how OYO is enabling micro-entrepreneurship and creating crorepatis—many of them are from Gujarat

New Delhi, May 12 () Chief Minister Arvind Kejriwal on Tuesday sought views from Delhiites on how to ease the curbs after May 17, but said the lockdown cannot be lifted completely as a high number of coronavirus cases were being reported daily in the national capital, which saw the biggest spike in death toll with 13 fatalities in 24 hours. According to a health bulletin, with 406 fresh instances, the total number of coronavirus cases reached 7,639 while the death toll has risen to 86. In the bulletin, the Delhi health department, however, carried a footnote that certain figures mentioned in it, including death toll, were subject to change on receipt of additional information. A 31-year-old Army jawan suffering from coronavirus was found hanging from a tree in the premises of an Army hospital here, police said. An IPS officer with the Delhi Police has also tested positive for coronavirus. On a positive note, an 88-year-old man from Himachal Pradesh who had worked with the IAF has now fully recovered after successfully battling coronavirus infection at a city hospital here. Seeking suggestions from people to ease the curbs, Kejriwal said people can send their views by calling toll-free number 1031 or through WhatsApp number 8800007722, or by sending an e-mail to delhicm.suggestions@gmail.com by 5 pm Wednesday. Sources said the Delhi government received around three lakh messages on WhatsApp within seven hours as well as 25,000 recorded messages on the 1,031 helpline and 5,000 e-mails. "On one hand, we will have to save ourselves from coronavirus. But on other, we will also have to maintain the health of the economy," Kejriwal told an online media briefing. Earlier this month, he had said people will have to be ready to live with coronavirus. "I seek suggestions from the people of Delhi. Obviously, lockdown cannot be lifted completely from the city given the spike in cases of COVID-19," he said. The chief minister said his government will send a proposal on lockdown relaxations for Delhi to the Centre on Thursday after discussing the suggestions with experts and doctors. "I want to ask whether there should be relaxation in lockdown (post May 17). How much relaxation should be given and in which areas?" the chief minister sought to know from Delhiites. He also asked whether buses, metro, taxis and auto-rickshaw should now be allowed to operate in Delhi and if schools, markets and industrial areas should be opened after May 17, when the lockdown 3.0 ends. Barring COVID containment zones, economic activities should be allowed to resume in the national capital, Kejriwal had told Prime Minister Narendra Modi during a meeting with chief ministers. During the media briefing on Tuesday, he said the central government has asked all states to submit by May 15 their proposal on lockdown relaxations. The Delhi government has already demanded from the Centre that all 11 districts of the city not be treated as ''red zones'' so that more economic activities are allowed, the sources said. They said the city government wants that ''red zones'' in Delhi to be identified as per municipal wards instead of districts, they said. Recently, the Union Health Ministry classified the entire national capital, which has 11 districts, as a red zone. The city has 272 wards. Meanwhile, as the Raiways resumed its passenger service after over 50 days, three trains departed from the national capital to Bilaspur (Chhattisgarh), Dibrugarh (Assam) and Bengaluru carrying people who have been stranded since the lockdown came into force. Five other trains bound for Delhi left from Patna, Bengaluru, Howrah, Mumbai and Ahmedabad, they added. The Delhi government on Tuesday issued a Standard Operating Procedure (SOP) for screening of passengers arriving here from outside in special trains. In an order, the health department said that only asymptomatic persons coming to the national capital would be allowed to go home after ascertaining that they are asymptomatic. For passengers found symptomatic, standard protocol for testing and quarantine shall be followed, it said. Hundreds of passengers gathered at the New Delhi Railway Station with mixed feelings of relief and apprehension, with many arriving before the scheduled train departure. The Chelmsford Road leading to the New Delhi Railway Station was heavily barricaded by police, as those who had to catch the trains walked with their luggage or hired rickshaws. The entrance of the railway station was also barricaded by police. People gathered outside as policemen queued up the passengers to different destinations. Announcements were made to maintain social distancing as people packed the road outside the railway station. Swami H B, employed with a bakery in Gurgaon, reached the station hours before the departure of his train to Bengaluru at 9.15 pm. "I came early as I had to commute from Gurgaon and also because I cannot afford to miss the train," he said. He said he was apprehensive of his journey forward from Bengaluru to his hometown Chikmagalur. BUN NIT VIT KND AMP ASG PR RTRT

Kejriwal seeks Delhiites' views on how to ease curbs; 13 more coronavirus deaths, over 7,600 cases

Housing sector, which is facing a huge demand slowdown, witnessed an 8 per cent rise in sales in nine major cities, during October-December period -- the first time in last 10 quarters, says a report. 
 In its report, Rupert Murdoch-backed realty portal <keyword id="1871874" type="COMPANY" weightage="20" keywordseo="PropTiger">PropTiger</keyword> tracked <keyword id="6354553" type="COMPANY" weightage="20" keywordseo="real-estate">real estate</keyword> markets of nine cities - Ahmedabad, Bengaluru, Chennai, Gurgaon, Hyderabad, Kolkata, Noida, Mumbai and Pune. 

	Prices are likely to remain stable in the short term as most cities have already begun to display signs of recovery, said PropTiger, which provide various realty services including brokerage. 
 

	"Sales have increased for the first time in last 10 quarters, from 49,000 units (Q2 FY16) to 53,000 (Q3 FY16). This trend reversal indicates that the worst could be over for real estate residential market. At least, the downside, if any, should be limited from here onwards," the report said. 
 

	Affordable housing segment (below Rs 50 lakh) continued to be the hot pick in the sector with more than half of the total sales of apartments in this segment. 
 

	The share, however, has declined over the past 10 quarters, from a high of 58 per cent in the first quarter of financial year 2013-14 to 52 per cent in the third quarter of this fiscal. 
 Commenting on the report, company's CEO and co-founder, <keyword id="278771" type="PERSON" weightage="20" keywordseo="Dhruv-Agarwala">Dhruv Agarwala</keyword> said: "The rise in sales, <keyword id="149554" type="UNKNOWN" weightage="20" keywordseo="real-estate-prices">real estate prices</keyword> and new launches, and the decline in inventory overhang suggests that the revival is round the corner." "If the <keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword> and Real Estate Regulatory Bill gets a nod from Parliament, it is expected to restore consumer confidence in real estate, further triggering the expected revival," he added. 

	Real estate's grave concern of unsold inventory finally seems to be declining, at least for new projects, with sales in new projects rising by 23 per cent when compared to the sales in existing projects, which grew by 3 per cent, the report said. 
 

	Mumbai, Bengaluru and Noida have the most unsold inventory, accounting for almost 60 per cent of the total unsold inventory across the key nine cities. 

	 
	Inventory overhang declined in the third quarter of the current fiscal by two months to reach 35 months, driven by rise in sales. 
 

	PropTiger.com offers a one-stop platform to home buyers and by using this platform, a homebuyer can search for homes, shortlist, visit, finalise, arrange home loans or legal services and finally, buy the property.

Housing sales rise 8 per cent, first time in 10 quarters: PropTiger

Budget 2016 has made prospective home buyers happy because of two reasons; one, the construction completion deadline for getting tax breaks under Section 24 has been extended from 3 to 5 years and two, the FM has announced an additional tax benefit of Rs 50,000 under Section 80EE for buying a house on loan. 
 Therefore, if you are looking forward to investing in some property or buying a new home for the first time in a Tier-2 town, here is ET’s list of <keyword id="6377036" type="UNKNOWN" weightage="100" keywordseo="smart-cities">smart cities</keyword> that you should put your money in. 
 
Bhubaneswar and Cuttack 
 These twin cities are amongst the fastest growing IT and educational hubs in the eastern region of the country, which has resulted in a boost in the <keyword id="6354553" type="COMPANY" weightage="100" keywordseo="real-estate">real estate</keyword>. Not only this, the fact that most of the available land is government owned has made the real estate market well-regulated. North and south-west of Bhubaneswar is set for new developments, because of Infocity-1 and KIIT's deemed university. 
 
Visakhapatnam 
 
The largest city in Andhra Pradesh in terms of area and population also houses one of the largest harbours in India. In the last 5 years, Visakhapatnam has also drawn the attention of real estate investors, who have options of investing in several residential locations. 
 
Chennai 
 
One of the four metro cities in the country, the capital of Tamil Nadu offers both industrial and residential areas. While in North Chennai, industry dominates the circuit, central Chennai is more of a commercial and residential market. On the other hand, South and West Chennai offer residential areas. 
 
Coimbatore 
 
Known as the 'Manchester of South India,' for its burgeoning textile and spinning industry, this city has in the recent past diversified beyond textile to include general engineering, automobile parts manufacturing and IT/ITeS, resulting in a boom in the real estate. Gandhipuram flyover, Ring Road, Western and Eastern Bypasses, and airport expansion are also the reasons for the growing real estate scene. 
 
Kochi 
 
Counted in Indian government's smart city list, this city is also a favorite of many IT businesses. The commercial hub of Kerala also has the international airport and sea port as the factors responsible for its development in the real estate sector. Moreover, residential real estate in Kochi is also majorly owned by NRIs, with only 30% of end users being locals. Kakkanad, Thripunithura, Maradu and Aluva. Properties in Edapally, Kaloor and Vytilla are the places of one’s interest for real estate. 
 
Pune 
 
It’s not an unknown fact that Pune has been a favorite of the IT industry; moreover, its proximity to Mumbai is also a major driving factor, because of the Mumbai-Pune. While affordable options start from Rs 15 to Rs 30 lakh, the premium segment starts at Rs 1.3 crore and luxury projects can go up to Rs 2.5 crore. 
 
Ahmedabad 
 
One of Gujarat's largest business and trading hubs, the city offers a wide employment landscape driven by the textile, engineering, chemical and automobile industries. Not only this, it also attracts both talent and investors from across the country. East, south and north Ahmedabad offer good deals in property, while Ambawadi, Navrangpura, Shahibaug and Nehru Nagar come in the premium segment. 
 
Indore 
 
This city in Madhya Pradesh offers both an IIM and an IIT, which is why it is one of the fastest developing cities of the state. A strong pharma and auto industry presence has also influenced its real estate market. One can also find hot deals in the Super Corridor, which is an upcoming area, having IT industries like TCS and Infosys. Other than this, BRTS, Major Road (MR) 12, the Delhi-Mumbai Industrial Corridor are also the attractions of this city. 
 
<a href="http://newshub.ridlr.in/wp-content/uploads/2015/11/Pune.jpg">Image source</a>

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