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<ul><li><keyword id="6662518" type="UNKNOWN" weightage="20" keywordseo="Phoenix-Mills-share-price">Phoenix mills share price</keyword> was up by 6.25% in early trade as the markets cheered the opening of malls from June 8.</li><li>Bengaluru-based Brigade enterprises, which runs three malls in the city, had also waived off 50% of the rental during lockdown. Its shares too were trading with a 2.16% jump. </li><li>Malls are getting ready to reopen for business. The government has also given them SOPs to follow while reopening.</li></ul>The market is cheering the government’s move to reopen malls and shopping centres from June 8 triggering a rally in stocks like Prestige Estates, Phoenix Mills and Brigade Enterprises that own and operate <keyword id="89358" type="PERSON" weightage="20" keywordseo="shopping-malls">shopping malls</keyword> in some of India’s biggest cities. The shares of Phoenix mills, one of India’s largest owners of shopping malls in India, rallied nearly 20% cheering the government approval However, the rally cooled off to about 6.25% after the management told a television channel that it will defer the rentals for retailers who have shops in its malls. <div type="image" title="phoenix ." msid="76211227" hostid="261"></div> Meanwhile, Bengaluru-based Brigade enterprises, which runs three malls in the city, had also waived off 50% of the rental during lockdown. Its shares too were trading with a 2.16% jump. <div type="image" title="Brigade." msid="76211290" hostid="261"></div> Prestige Estates too saw its shares trading at a 2.78% jump. Prestige runs eight malls in six cities across Bengaluru, Mangaluru, Chennai, Hyderabad, Mysuru and Udaipur with over 3 million sq. ft. retail space. <div type="image" title="prestige new." msid="76211341" hostid="261"></div> Shopping malls across the country have been shut even before the coronavirus lockdown took place. In March and April, shopping malls lost ₹90,000 crore according to the Shopping Centre Association of India (SCAI). But come June 8, malls are getting ready with vigour to reopen for business. The government has also given them <a href="https://www.businessinsider.in/india/news/checkout-coronavirus-unlock-1-new-guidelines-for-indias-malls-offices-religious-places-and-hotels/articleshow/76208201.cms">SOPs</a> to follow while reopening. In a seminar organised by SCAI, mall owners had said that while the next 90-120 days will be about ‘recovery, reimagine and re-energise the business model’, the broader idea is to focus on regrowth by Diwali by when the experts anticipate 80-100% consumers returning. “We are in a phase, till the vaccine comes in for Covid, we will have to take the necessary precaution. Health and safety is of prime importance. We are not throwing caution to the wind and saying why have you locked us up when others are operational. The narrative is life has to go on, people have to live, they have to have some sort of an outlet/go somewhere,” said Irfan Razack, Chairman, and Managing Director, Prestige Group, which runs the Forum Mall chain in southern India. SEE ALSO: <a href="https://www.businessinsider.in/business/news/from-softbank-to-googles-waymo-all-you-need-to-know-about-reliance-jios-latest-investor-mubadala-investment-company/articleshow/76207469.cms">From SoftBank to Google's Waymo – all you need to know about Reliance Jio's latest investor Mubadala's investments</a> <a href="https://www.businessinsider.in/thelife/personalities/news/biocons-kiran-mazumdar-shaw-who-debuted-in-the-pharma-industry-with-two-employees-and-500-becomes-ey-world-entrepreneur-of-the-year-2020/articleshow/76208199.cms">Biocon’s Kiran Mazumdar Shaw, who debuted in the pharma industry with two employees and $500 becomes EY World Entrepreneur of the Year 2020</a> <a href="https://www.businessinsider.in/policy/economy/news/inside-indias-50000-crore-scheme-to-woo-electronics-manufacturing-including-smartphones/articleshow/76207462.cms">Inside India’s ₹50,000 crore scheme to woo electronics manufacturing including smartphones</a>

Phoenix Mills defers rentals for retailers as investors cheer the reopening of malls

New Delhi, Dec 23 () Bengaluru-based Prestige Estates Projects Ltd's board has approved issuing 1.34 crore equity shares to Singapore's sovereign wealth fund GIC on preferential basis for Rs 434 crore.
 GIC held 4.36 per cent stake in the company as on September 30, 2019.
 The company's board has approved "issue and allotment of 1,34,41,654 equity shares at a price not less than floor price of Rs 323.22" on preferential basis to GAMNAT Pte Ltd, which is an affiliate of GIC, according to a regulatory filing by Prestige Estates.
 Shares of the company fell 0.65 per cent to Rs 345.20 apiece on Monday. 
 Prestige Estates will take shareholders' approval before allotting these shares to GAMNAT.
 In its 32 years of operations, Prestige Group has completed 236 real estate projects, comprising nearly 125 million sq ft of developable area, mostly in south India.
 Prestige Estates is also foraying into the Delhi-NCR market and has tied up with local developer Ace Group to launch its first housing project in Noida with an investment of around Rs 500 crore on construction.
 It has also announced a joint venture with DB Group to develop a large hotel and convention centre project at Aero City in the national capital with an investment of Rs 2,000 crore.
 GIC has been investing heavily in Indian real estate market. 
 It invested around Rs 9,000 crore to acquire around 33 per cent stake in DLF's rental arm DLF Cyber City Developers Ltd (DCCDL). MJH RVK

GIC to invest Rs 434 cr in Prestige Estates

New Delhi, Jan 27 () Realty firm Prestige Estates Projects Ltd has reported over two-fold jump in consolidated net profit at Rs 161.8 crore for December quarter and raised Rs 437 crore through preferential allotment of shares to Singapore sovereign wealth fund GIC.
Its net profit stood at Rs 58.1 crore in the year-ago period.
Total income from operations also rose sharply to Rs 2,696.3 crore during October-December of 2019-20 from Rs 1,079 crore in the corresponding period of the previous year, Bengaluru-based developer said in a regulatory filing.
 The board of directors has allotted 1,34,41,654 equity shares of Rs 10 each to an investor, on a preferential allotment basis, at a price of Rs 325 per equity share.
Last month, the board had approved "issue and allotment of 1,34,41,654 equity shares at a price not less than floor price of Rs 323.22" on preferential basis to GAMNAT Pte Ltd, which is an affiliate of GIC.
Prestige group announced development of 250 projects across India with completion of seven projects, including three housing and four commercial, across Bengaluru. The company last week launched a new township project Prestige Finsbury Park. 
"2020 has begun on an extremely positive note for us at Prestige Group as we announce the completion of 7 developments across Bengaluru. With these newly completed developments, we will have 250 landmark structures across India that stand as a testimony to our work," said Irfan Razack - CMD, Prestige Group.
 "On a macro-level, this year, I expect to see greater optimism and trust in Indian real estate. And, of course, substantial growth, especially in the affordable and mid-income housing segments, courtesy the decline in home loan interest rates and the 'Housing for All by 2022' initiative," he said in a statement.
Razack, former chairman of realtors' body CREDAI, asked the industry to adopt a more positive outlook, implement realistic pricing, foster greater trust, and tap into the amazing opportunities this year.
Prestige Group has diversified business models across the residential, office, retail, and hospitality segments with operations in 12 key locations in India. The group has 45 ongoing projects across segments, with total developable area of 49 million sq ft. Further, it has 66 million sq ft under planning and holds a land bank with potential developable area of over 29 million sq ft. 
The consolidated turnover of the company during FY2018-19 was Rs 5,284 crore. MJH MJH RUJ
RUJ

Prestige Estates Q3 profit jumps over two-fold to Rs 162 cr

New Delhi, Realty firm <keyword id="444094" type="General" weightage="20" keywordseo="Prestige-Estates-projects" source="Orion">Prestige Estates Projects</keyword> Ltd has reported a six-fold jump in its consolidated net profit to Rs 850.9 crore in the second quarter of this fiscal year on higher income. Its net profit stood at Rs 140.7 crore in the year-ago period. Total income rose to Rs 3,256 crore in the July-September period of 2023-24 from Rs 1,474.7 crore in the corresponding period of the previous year, according to a regulatory filing on Tuesday. During the April-September period of this fiscal, net profit increased to Rs 1,117.8 crore from Rs 345.6 crore in the year-ago period. Total income rose to Rs 5,222.3 crore in the first six months of this fiscal from Rs 3,486.5 crore in the same period of the last financial year. <keyword id="368714" type="General" weightage="20" keywordseo="Prestige-Estates" source="Orion">Prestige Estates</keyword> is one of the leading real estate developers in the country.

Prestige Estates Q2 2023-24 profit jumps 6-fold to Rs 850.9 crore

<ul><li>Shares of some <keyword id="6354553" type="General" weightage="20" keywordseo="real-estate" source="Orion">real estate</keyword> developers like <keyword id="6362997" type="General" weightage="20" keywordseo="dlf" source="Orion">DLF</keyword>, <keyword id="139366" type="General" weightage="20" keywordseo="sobha" source="Orion">Sobha</keyword>, Prestige Estate Projects have gained 13-33% in the last 30 days.</li><li>Home loans segment is witnessing strong demand with lowest mortgage loan rates since 2005.</li><li>Analysts believe the real estate sector is set for an upcycle with the coming festive season, low home loan rates, stable property prices and robust hiring by IT companies are expected to support housing demand.</li></ul>Real estate company stocks are back in action with shares of such companies buzzing since the last few weeks. Analysts believe that the fact that we are heading into the festive season with low home loan rates, stable property prices and robust hiring by information technology (IT) companies are expected to support housing demand. Shares of some real estate developers like DLF, Sobha, Prestige Estate Projects have gained 13-33% in the last 30 days. Nifty Realty index has gained close to 5% in the last 30 days while BSE Realty index has gained over 7% during the period. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Real estate company stocks </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Year-to-date change </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sobha </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">101% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Prestige Estate Projects </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">83% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Brigade Enterprises </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">57% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Oberoi Realty </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">38% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sunteck Realty </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">8% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mahindra Lifespace Developers </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">123% </td></tr></tbody><tbody></tbody><tbody></tbody></table> Analysts believe that the real estate residential segment is set for an upcycle. “Heading into the festive season in India in H2 [second half] FY22, listed developers have lined up a number of launches across tier I cities. Low mortgage rates, stable property prices and robust hiring outlook for IT/ITeS [IT-enabled services] and financial services, especially in south India and continued work-from-home is expected to support residential housing demand,” said a report by ICICI Securities, dated September 4. The report says DLF, Oberoi Realty, Brigade Enterprises, Sunteck Realty and Mahindra Lifespaces are some preferred stocks by the broking firm in the realty segment. The report shows that the home loan rates offered by most large lenders range in the 7-7.5% range for 20-year housing loans and is the lowest ever since 2005. The Indian real estate performance has been affected for many years owing to demonetisation, real estate regulatory authority (RERA)/goods and services tax (GST) implementation, NBFC funding crisis and the first and second waves of the COVID-19 pandemic in India. “However, heading into FY22 and beyond, we believe that the sector is set for an upcycle,” said analysts at ICICI Securities. RERA came into action in 2017 to ensure transparency in the real estate segment thereby tightening rules, which made it difficult for developers to launch new projects without approvals. And in the last few years, non-banking financial companies have seen a <a href="https://www.moneycontrol.com/news/business/all-you-want-to-know-about-the-nbfc-crisis-3966551.html">liquidity crisis led by IL&amp;FS group. </a> Gagan Banga, managing director of Indiabulls Housing Finance, in an interview with CNBC-TV18 said that they are seeing strong demand in home loans. “Mid-income group is showing a lot of demand, the best in 15 years,” he said. “The Indian real estate sector is at a crossroads. After a gap of almost eight years, demand seems to be picking up in the residential segment aided by improved affordability, COVID-19 induced factors and government measures to boost housing absorption,” said a report by Edelweiss Securities. Further, analysts feel the residential market will do well in the near future. Listed players have gained market share with new launches in the last 2-3 years and they expect it to continue. Yash Gupta, equity research analyst at Angel Broking, says he expects the residential market to do well in the near future. Also, expect new hiring by [the] IT industry to increase residential demand in Bangalore, Pune and Chennai. “We have seen a strong consolidation in the top 10 cities in India towards organised players post Demon [demonetisation], RERA, IL&amp;FS crisis. Listed players have gained market share in new launches in the last 2-3 years, we expect this to continue,” he said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/jiophone-next-is-the-new-weapon-in-ambanis-arsenal-as-he-takes-aim-at-the-500-million-subscriber-mark/articleshow/85974565.cms">JioPhone Next is the new weapon in Ambani’s arsenal as he takes aim at the 500 million subscriber mark</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/income-tax/news/do-not-forget-to-check-form-26as-before-filing-your-income-tax-return-heres-why/articleshow/85972783.cms">Do not forget to check form 26AS before filing your income tax return. Here’s why</a>

Sobha, Mahindra Lifespace become multibaggers in 2021 as analysts see strong upside in realty space

New Delhi, Feb 7 () Realty firm Prestige Estates Projects Ltd has raised Rs 462.64 crore through sale of shares to institutional investors.The fund raising committee of the company's board has approved the allotment of around 1.24 crore equity shares at Rs 372.50 apiece, aggregating to Rs 462.64 crore, the company said in a regulatory filing.The issue opened on January 30, 2020, and closed on February 4, 2020.Last month, the company had raised Rs 437 crore through preferential allotment of shares to Singapore sovereign wealth fund GIC.The board had allotted 1,34,41,654 shares of Rs 10 each to GIC affiliate firm on a preferential allotment basis, at a price of Rs 325 per equity share.Prestige group has reported over two-fold jump in consolidated net profit at Rs 161.8 crore for December quarter as against Rs 58.1 crore in the year-ago period.Total income from operations also rose sharply to Rs 2,696.3 crore during October-December of 2019-20 from Rs 1,079 crore in the corresponding period of previous fiscal. Prestige group has completed 250 projects across India. MJH RUJ

Prestige group raises Rs 463 cr via shares sale to institutional investors

Realty firm <keyword id="368714" type="General" weightage="100" keywordseo="prestige-estates" source="Orion">Prestige Estates</keyword> on Wednesday said its sales bookings rose by 25 per cent to a record ₹12,930.9 crore in the last fiscal year on strong housing demand. In a regulatory filing, the Bengaluru-based firm said, "During the fiscal year FY23, the group registered record-breaking highest sales of ₹12,930.9 crore (up by 25 per cent year-on-year) and highest ever collections of ₹9,805.5 crore (up by 31 per cent y-o-y)." Sales bookings stood at 15.09 million square feet with an average realization of ₹8,812 per sq ft (up by 17 per cent year-on-year) for apartments/ villas/ commercial sales and an average realization of ₹4,124 per square feet (down 2 per cent y-o-y) for plot sales. The group sold more than 9,600 homes in FY23 spanning over 15 million square feet area. During the last fiscal, the new launches totalled 26.38 million square feet up by 57 per cent annually. The total completions during the last fiscal year stood at 15.68 million square feet, up by 10 per cent year-on-year. During the fourth quarter of the last fiscal, <keyword id="36786" type="General" weightage="20" keywordseo="Prestige" source="Orion">Prestige</keyword> Estates registered sales of ₹3,888.8 crore, up 19 per cent year-on-year and the highest-ever quarterly collections of ₹2,763.3 crore, up by 12 per cent year-on-year. It sold 4 million square feet area with an average realization of ₹9,761 per square foot (up by 26% yoy) for apartments/villas/commercial sales and average realization of ₹4,508 per square foot (up by 44 per cent yoy) for plot sales. <keyword id="74657" type="General" weightage="80" keywordseo="irfan-razack" source="Orion">Irfan Razack</keyword>, Chairman and Managing Director, <keyword id="217617" type="General" weightage="80" keywordseo="prestige-group" source="Orion">Prestige Group</keyword> said, "The company has achieved significant growth in the past year- with sales, collections, launches, and completions far surpassing the previous year's level." The success in the past year has been driven by its commitment to delivering high-quality projects and exceptional service to clients, he added. "We have been dedicated to expanding our property portfolio while maintaining a healthy balance of launches and completions. We are well-positioned to continue our upward trajectory, and we have set ambitious objectives for the next three years. "Our aim is to double our sales during this time, and we are confident that we have the right team and strategy in place to achieve this goal," Razack said. Venkat K Narayana, Chief Executive Officer, Prestige Group said, "We achieved a record-breaking highest sale of ₹12,930 crore, which is a remarkable increase of 25 per cent compared to the previous year's (high base) sales of ₹10,382 crore." <keyword id="6358070" type="General" weightage="50" keywordseo="mumbai" source="Orion">Mumbai</keyword> contributed about ₹2,700 crore to the total sales in the last fiscal, he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indian-equity-markets-fall-for-third-consecutive-day-on-selling-in-it-banking-stocks/articleshow/99613243.cms">Indian equity markets fall for third consecutive day on selling in IT, banking stocks</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/mos-utility-whose-shares-are-up-30-from-issue-price-a-day-after-market-debut/slidelist/99611013.cms">All about MOS Utility whose shares are up 30 percent from issue price a day after debut</a>

Prestige Estates clocks record sales bookings of ₹12,930 crore in FY23, up 25% annually

<ul><li>The SGX Nifty was trading 0.27% lower at 7:45 am, indicating a red start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amidst negative cues from the global markets, the Indian equities are likely to open lower on Thursday. The SGX Nifty was trading 0.27% lower at 7:45 am, indicating a weak start for Nifty50. The US stocks also closed on a choppy note as negotiations continue to drag over the stimulus package. Dow Jones shed over 97 points, and the S&amp;P 500 ended 0.22% lower. These are the stocks to watch out for during the trading session on October 22: Bajaj Finserv The private lender Bajaj Finserv reported an 18% fall in its consolidated net profit to ₹986.29 crore for the quarter ended September 30, as group entities suffered a contraction in profits. The company’s overall income rose 5.8% to ₹15,051.59 crore during the quarter under review. The shares of Bajaj Finserv ended 0.72% lower on Wednesday. DLF Realty major DLF’s rental arm has signed a deal with Standard Chartered GBS. DLF will be leasing 7.7 lakh sq ft office space in an upcoming commercial tower in Chennai. The shares of DLF ended 2.87% higher on Wednesday. Prestige and Brigade Bengaluru-based developers Prestige and Brigade Group have partnered to develop a shopping mall and a hotel in Chennai at the cost of around ₹500 crore. The two leading developers have jointly taken 7.5-acre land on a 99-year lease in Chennai. The shares of Prestige ended 3% lower on Wednesday, whereas Brigade was up over 4%. Kirloskar Brothers Regulator SEBI has slapped a penalty of ₹31 crore on Kirloskar Brothers Ltd (KBL) promoters and others for indulging in insider trading and committing fraud on public shareholders of Kirloskar Industries. Also, the entities have been barred from the capital market for a period ranging three months to six months, the regulator said in three separate orders on Tuesday. The shares of Kirloskar Brothers ended 0.18% lower on Wednesday. Aavas Financiers Aavas Financiers board approved to raise up to ₹100 crore via bonds. The shares of Aavas Financiers ended 0.44% lower on Wednesday. Equitas Small Finance Bank IPO The initial public offering (IPO) of Equitas Small Finance Bank was subscribed 67% on the second day of bidding. The portion reserved for qualified institutional buyers (QIBs) was subscribed 5%, non-institutional investors 5% and retail investors 142%. Bajaj Auto, Asian Paints, Biocon and Bharti Infratel Bajaj Auto, Asian Paints, Biocon and Bharti Infratel will be reporting their financial earnings today. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/kumar-mangalam-birla-says-cement-industry-is-recovering-and-analysts-find-evidence-of-it-outside-ultratech-too/articleshow/78791281.cms" data-type="tilCustomLink">Kumar Mangalam Birla says cement industry is recovering and analysts find evidence of it outside UltraTech too</a> <a href="https://www.businessinsider.in/business/startups/news/uber-bus-pradeep-parameswaran-says-india-and-apac-will-follow-egypt-success/articleshow/78788982.cms" data-type="tilCustomLink">Uber Bus in India soon? Head of Mobility in APAC says he is ready to import the Egypt experiment</a> <a href="https://www.businessinsider.in/india/news/sadhguru-advice-government-should-give-tax-relief-for-sustainable-businesses/articleshow/78790522.cms" data-type="tilCustomLink">Sadhguru’s advice: Government should give tax relief for sustainable businesses</a>

Top stocks to watch — DLF, Bajaj Finserv, Prestige, Brigade, Bajaj Auto, Asian Paints, Biocon, and others

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Katie Warren/Business InsiderTribeca is the city's richest ZIP code, with an average income of $879,000 and a median home price of $3.8 million.</div></div></div><ul class="summary-list"><li>I recently toured two of the most expensive areas for real estate in New York City: <a href="https://www.businessinsider.com/category/tribeca" target="_blank" rel="noopener">Tribeca</a> and <a href="https://www.businessinsider.com/category/billionaires-row" target="_blank" rel="noopener">Billionaires' Row.</a></li><li>On glitzy <a href="https://www.businessinsider.com/category/billionaires-row" target="_blank" rel="noopener">Billionaires' Row</a>, a set of super-tall luxury towers on the southern edge of Central Park, the cheapest condo listed today costs <a href="https://streeteasy.com/building/53-west-53/17f" target="_blank" rel="noopener">$3.1 million</a>, and the most expensive units are <a href="https://streeteasy.com/building/central-park-tower" target="_blank" rel="noopener">upwards of $60 million.</a></li><li>In trendy downtown <a href="https://www.businessinsider.com/tribeca-new-york-city-richest-neighborhood-photos-tour-2019-6" target="_blank" rel="noopener">Tribeca, the city's richest ZIP code</a> with an $879,000 average income, the <a href="https://streeteasy.com/neighborhoods/tribeca/" target="_blank" rel="noopener">median sale price is $3.8 million</a> and the median rent is $6,195.</li><li>Billionaires' Row is full of super-tall skyscrapers full of empty penthouses owned by <a href="https://www.nytimes.com/2019/01/24/nyregion/238-million-penthouse-sale.html" target="_blank" rel="noopener">rich people who don't actually live there.</a></li><li>Tribeca, on the other hand, with its industrial, loft-like buildings, offers walkability and easy access to trendy restaurants, bars, and fitness studios.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.</li></ul>New York City is <a href="https://www.businessinsider.com/richest-people-in-new-york-ranked-2019-4" target="_blank" rel="noopener">home to millionaires, billionaires</a>, and <a href="https://www.businessinsider.com/category/nyc-real-estate" target="_blank" rel="noopener">outrageously expensive real estate.</a>I recently toured two of the most expensive areas for real estate in the city: <a href="https://www.businessinsider.com/billionaires-row-nyc-map-apartments-real-estate-photos-2019-4" target="_blank" rel="noopener">Billionaires' Row</a>, a set of super-tall luxury skyscrapers along the southern edge of Central Park where <a href="https://streeteasy.com/building/53-west-53/17f" target="_blank" rel="noopener">condos start at more than $3 million</a> and can cost upwards of $60 million, and <a href="https://www.businessinsider.com/tribeca-new-york-city-richest-neighborhood-photos-tour-2019-6" target="_blank" rel="noopener">Tribeca</a>, a trendy downtown neighborhood where the <a href="https://streeteasy.com/neighborhoods/tribeca/" target="_blank" rel="noopener">median sale price is $3.8 million.</a>Tribeca, the city's richest zip code, has an average income of $879,000, and has been known to attract celebrities and young people. Billionaires' Row, meanwhile, has seen some record-breaking sales by billionaires. After spending time in both parts of the city, it was clear that the two areas represent two different faces of wealth. <h2>On Billionaires' Row, the ultra-wealthy buy sky-high penthouses they'll rarely set foot in for the prestige of Central Park views.</h2>Billionaires' Row, a set of eight ultra-luxury skyscrapers along the southern end of Central Park in Manhattan, has seen some of New York City's biggest home sales ever. In 2014, Dell Technologies founder <a href="https://www.businessinsider.com/inside-one57-most-expensive-building-2015-11" target="_blank" rel="noopener">Michael Dell paid about $100 million for a penthouse</a> in the <a href="https://www.businessinsider.com/most-expensive-condo-in-one57-billionaires-row-tower-nyc-photos-2019-5" target="_blank" rel="noopener">One57 tower</a>, which was the most expensive home ever sold in New York City at the time. And in January 2019, hedge-fund manager <a href="https://www.businessinsider.com/ken-griffin-most-expensive-home-ever-sold-us-nyc-penthouse-2019-1" target="_blank" rel="noopener">Ken Griffin shattered that record by purchasing a $238 million penthouse</a> in nearby 220 Central Park South.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Katie Warren/Business InsiderBillionaires' Row has seen some high-profile sales to billionaires who likely won't live there full time.</div></div></div>Yet these record-breaking sales hide the fact that many Billionaires' Rows condos are sitting empty. The area's wealthy buyers may rarely even set foot in their pricey apartments there. <a href="https://www.wsj.com/articles/inside-michael-dells-five-luxury-homes-1521720000" target="_blank" rel="noopener">Dell, for example, lives primarily in Austin, Texas</a>. And Griffin is <a href="https://www.nytimes.com/2019/01/24/nyregion/238-million-penthouse-sale.html" target="_blank" rel="noopener">based in Chicago</a> and has made <a href="https://www.businessinsider.com/ken-griffin-real-estate-nyc-apartment-record-chicago-london-miami-2019-1#ken-griffin-is-a-hedge-fund-manager-whose-net-worth-is-an-estimated-884-billion-that-makes-him-the-richest-man-in-illinois-and-one-of-the-richest-men-in-the-world-1" target="_blank" rel="noopener">extravagant real-estate purchases in London and Miami</a> in addition to New York.The Billionaires' Row towers also currently have <a href="https://ny.curbed.com/2019/4/30/18524040/billionaires-row-new-york-condo-glut" target="_blank" rel="noopener">a glut of high-end inventory</a>, with more than 40% of condos unsold, Curbed New York recently reported.And then there's the neighborhood to consider. Billionaires' Row's Midtown Manhattan location is a bustling business, tourism, and retail district. And as two <a href="https://www.businessinsider.com/new-york-city-billionaires-row-real-estate-investment-2019-6" target="_blank" rel="noopener">full-time real-estate investors recently told me</a>, the "traffic, noise, hassle, and retail" don't make it an area where most New Yorkers want to live.I recently toured <a href="https://www.businessinsider.com/most-expensive-condo-in-one57-billionaires-row-tower-nyc-photos-2019-5" target="_blank" rel="noopener">a $58.5 million condo on Billionaires' Row</a>, and my impression was that those who'd pay that price for such a home are paying mostly for the views and the prestige of being able to say they own a home on New York City's Billionaires' Row - even if they barely actually live there.<h2>Tribeca, on the other hand, is a vibrant, walkable neighborhood that attracts young people with its plethora of trendy nightlife and luxury fitness studios.</h2>In the recent afternoon I spent in Tribeca, I found it to be a vibrant, trendy, and walkable neighborhood full of young people and families.The residents are affluent, with <a href="https://www.bloomberg.com/news/articles/2019-03-04/nyc-s-trendy-neighborhood-leaps-into-top-five-richest-zip-codes" target="_blank" rel="noopener">an </a><a href="https://www.bloomberg.com/news/articles/2019-03-04/nyc-s-trendy-neighborhood-leaps-into-top-five-richest-zip-codes" target="_blank" rel="noopener">average income of $879,000</a>, according to Bloomberg. And many of them are celebrities, drawn in by <a href="https://www.businessinsider.com/paparazzi-proof-building-in-tribeca-for-celebrities-2017-1" target="_blank" rel="noopener">"paparazzi-proof" buildings</a> on quiet, cobblestoned streets that are within walking distance of restaurants, bars, and luxury fitness studios like Equinox and SoulCycle. <div class="KonaFilter image-container display-table"><div><div class="image on-image">Katie Warren/Business InsiderTribeca is full of leafy, cobblestoned streets and trendy bars and restaurants.</div></div></div>Millennials, in particular, cite <a href="https://nacto.org/wp-content/uploads/2016/02/1_Natl-Assoc-of-Realtors-2015-Community-Preference-Survey.pdf" target="_blank" rel="noopener">walkability as a key factor when deciding where to live</a>, and the so-called "wellness generation is happy to <a href="https://www.businessinsider.com/rich-millennials-vs-baby-boomers-different-money-habits-wealth-2019-3#they-make-up-the-wellness-generation-3" target="_blank" rel="noopener">spend its money on pricey gym memberships,</a> so it's no surprise that Tribeca is a relatively young neighborhood, with <a href="https://www.niche.com/places-to-live/n/tribeca-new-york-city-ny/residents/" target="_blank" rel="noopener">45% of the population aged between 18 and 44.</a>When it comes to real estate, Tribeca is known for its <a href="https://www.forbes.com/sites/heathersenison/2018/09/13/tribeca-architecture-a-blend-of-new-york-citys-history-and-avant-garde/#466d489e69ef" target="_blank" rel="noopener">loft-style low-rises</a> that couldn't be more different from a 1,000-foot-tall Billionaires' Row skyscraper.While Billionaires' Row seems to rely on the traditional prestige of Central Park views and the purchases of <a href="https://www.nytimes.com/2019/01/24/nyregion/238-million-penthouse-sale.html" target="_blank" rel="noopener">billionaires who may rarely even live there</a>, Tribeca's liveliness and village charm embody the younger tastes of wealth in the city. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/blatt-billards-custom-pool-tables-for-celebrities-2019-5">How $100,000 custom pool tables are made for celebrities like Justin Bieber and Taylor Swift</a></h3> <div> </div> </div>

I toured 2 of NYC's most notoriously expensive areas for real estate, and they offered a very different look at the city's wealth

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://www.elliman.com/new-york-city/163-east-64-street-manhattan-tpoojdo">Courtesy of Douglas Elliman</a>Its highest listing price was $35 million in 2007.</div></div></div><ul><li>The "Versailles in Manhattan," an Upper East Side townhouse, has been on and off the New York real estate market since 2003.</li><li>Its highest asking price was $35 million; now that it's in the hands of residential brokers for the 12th time, it's listed for $19.75 million, reports <a href="https://nypost.com/2018/05/20/nobody-can-sell-this-19m-versailles-in-manhattan/" target="_blank" rel="noopener">the New York Post</a>.</li><li>No one is buying the townhouse due to its less prestigious location, museum-like grandeur, and long market history, according to real estate experts.</li></ul>With steep prices for little space, the <a href="http://www.businessinsider.com/manhattan-rent-by-neighborhood-ranked-from-lowest-to-highest-2018-5" target="_blank" rel="noopener">New York real estate market</a> is known to be a bit outrageous.Even so, one of the city's most lavish townhouses with more than 8,000 square feet of living space can't find a buyer.Dubbed an "architectural masterpiece" and the "Versailles in Manhattan" by brokers, a 15-room, Neo-Georgian townhouse can arguably add "unsellable" to its list of nicknames.The Upper East Side townhouse, owned by commercial real estate broker Kenneth Laub, has been on the market since April 2003 and now finds itself in the hands of its 12th set of residential brokers trying to sell the home, <a href="https://nypost.com/2018/05/20/nobody-can-sell-this-19m-versailles-in-manhattan/" target="_blank" rel="noopener">reports the New York Post</a>.Newly co-listed with agents Douglas Elliman and Corcoran, the price has been <a href="https://www.elliman.com/new-york-city/163-east-64-street-manhattan-tpoojdo" target="_blank" rel="noopener">slashed to $19.75 million</a>.That's quite the drop from its $35 million asking price in December 2007, its heftiest price tag in the last 15 years. Word through the real estate grapevine is that no other Manhattan townhouse has spent as much time time bouncing around the market, according to the New York Post.Laub purchased the home in 1986 for $4 million. He told <a href="http://observer.com/2009/06/kenneth-d-laub-still-wants-35-m-for-his-house/" target="_blank" rel="noopener">the Observer</a> in 2009, when the home was still at its $35 million asking price, "If I'm overpriced, then so be it. If someone feels that the house is worth what I think it is worth, then they'll buy it. And if not, then they won't. And it's not the end of the world one way or another."Even now, more than $15 million cheaper, some real estate experts find it priced a little higher than its "no-mans land" location calls for, according to the New York Post. Its price tag is more on par with sought-after townhouses that hold the prestige of Central Park and Fifth Avenue locations. A townhouse in the same area as this one recently sold for $9.5 million in January, reports the New York Post.Sources told the New York Post there are a few reasons why buyers aren't biting: the square footage is a bit misleading since it includes the finished basement; the property may have gained a bad reputation after sitting on the market for so long; and its gorgeous Versailles-inspired interiors, which came to life after Laub renovated the townhouse, may be a bit old-fashioned for the contemporary buyer.Keep scrolling to see inside the townhouse.

Nobody wants to buy the 'Versailles in Manhattan,' a $19.75 million Upper East Side townhouse that has been on and off the market for 15 years

New Delhi, Mar 27 () Interest-rate sensitive bank, realty and auto shares on Friday gained up to 12.40 per cent after the Reserve Bank of India cut benchmark interest rate by 75 basis points to deal with the hardship caused due to the outbreak of COVID-19. Shares of Axis Bank were trading higher by 12.40 per cent, IndusInd Bank 6.25 per cent, State Bank of India 5.19 per cent, Federal Bank 4.55 per cent, ICICI Bank 2.61 per cent, RBL Bank 2 per cent, Kotak Mahindra Bank 1.47 per cent and HDFC Bank 0.21 per cent. Led by rise in these companies, the BSE Bankex rose by 4.12 per cent. The Reserve Bank of India (RBI) on Friday cut benchmark interest rate by 75 basis points to 4.4 per cent to in wake of the outbreak of COVID-19. The central bank also reduced the cash reserve ratio (CRR) of all banks by 100 basis points to 3 per cent with effect from March 28 for 1 year. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services called the measures "A massive bazooka from the RBI in "mission mode". He said it is a relief-cum-stimulus package with a big repo cut and even bigger reverse repo cut. This together with CRR cut will be a big stimulus for banks to lend. The combination of measures to boost liquidity, improve monetary transmission and relax repayment pressures will act with force multiplier in the economy. Among realty companies, Sunteck Realty jumped 9.49 per cent, Prestige Estates Projects 6.09 per cent, Prestige Estates Projects 5.24 per cent, Indiabulls Real Estate 4.89 per cent, Sobha 3.14 per cent, DLF 2.86 per cent, Godrej Properties 0.52 per cent and Omaxe 0.16 per cent. The realty index was quoting higher by 1.75 per cent. The auto pack was, however, trading mixed during morning trade. Shares of Ashok Leyland were higher by 6.84 per cent and Tata Motors 1.55 per cent, while Hero MotoCorp was trading lower by 4.67 per cent, Bajaj Auto 3.63 per cent, Apollo Tyres 2.73 per cent and Maruti Suzuki India 2.24 per cent. "RBI has come out with lots of measures to ensure the stability of the financial system and inject liquidity in the market amid ongoing turmoil of pandemic," said Gupta, Co-Founder &amp; CEO, TradingBells. He noted that it is a very good policy to cheer the market, but the problem is that the market has already rallied too much from lower levels ahead of policy and real trend decider for the market will be the trend in new cases of Covid-19 globally and locally. Meanwhile, the domestic equity markets were trading on a weak note with benchmark Sensex quoting 452.53 points lower at 29,494.24. SUM ANSANS

Rate-sensitive bank, realty shares gain after RBI announcements

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Katie Warren/Business InsiderThe home comes with an infinity pool and a pool house.</div></div></div><ul class="summary-list"><li>North Bay Road, a residential street in <a href="https://www.businessinsider.com/category/miami-beach" target="_blank" rel="noopener">Miami Beach</a>, is a hot spot for millionaires and <a href="https://www.curbed.com/2015/11/10/9901858/miami-beach-spec-mansions-north-bay-road" target="_blank" rel="noopener">celebrities buying waterfront estates.</a></li><li>Luxury real-estate agent Nelson Gonzalez calls it "the Park Avenue of Miami Beach" for its prestige and elite clientele.</li><li>I toured a 12-bedroom, <a href="http://www.nelsongonzalez.com/miami-beach-mls-listing/A10530876.htm" target="_blank" rel="noopener">$29.5 million mansion on North Bay Road</a> that comes with an infinity pool and a pool house, and it seems to offer much more bang for your buck than some similarly priced homes I've toured in New York City.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.</li></ul> It's been called "<a href="https://www.miamicondoinvestments.com/north-bay-road-homes-n-bay-rd/" target="_blank" rel="noopener">Millionaires' Row</a>" and "<a href="https://www.curbed.com/2015/11/10/9901858/miami-beach-spec-mansions-north-bay-road" target="_blank" rel="noopener">the celeb-heavy Miami street</a> that wants to be Rodeo Drive."North Bay Road is a residential street in Miami Beach that's become a hot spot for millionaires and celebrities buying waterfront estates. Luxury real-estate agent Nelson Gonzalez, who calls it "the Park Avenue of Miami Beach," has sold homes on the road to the likes of Cher and Billy Joel. <a href="https://www.curbed.com/2015/11/10/9901858/miami-beach-spec-mansions-north-bay-road"></a><a href="https://miami.curbed.com/2014/12/19/10009600/matt-damon-got-15375-million-for-his-north-bay-rd-house" target="_blank" rel="noopener">Actor Matt Damon</a>, singers Phil Collins, Shakira, Ricky Martin, Jennifer Lopez and Alex Rodriguez, designers Calvin Klein and Tommy Hilfiger, and Hollywood director Michael Bay are all known to have <a href="https://www.curbed.com/2015/11/10/9901858/miami-beach-spec-mansions-north-bay-road" target="_blank" rel="noopener">bought homes on North Bay Road,</a> according to Curbed.I recently got an exclusive tour of a $29.5 million mansion on North Bay Road from Gonzalez, the listing agent. The 12-bedroom waterfront home comes with an infinity pool and a pool house.Here's what it looks like.

I toured a $29.5 million mansion on 'the Park Avenue of Miami Beach,' a glitzy waterfront street that's home to Hollywood stars and professional athletes. Look inside the 12-bedroom home.

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I toured a $29.5 million mansion on 'the Park Avenue of Miami Beach,' a glitzy waterfront street that's home to Hollywood stars and professional athletes. Look inside the 12-bedroom home.

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