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<ul><li><keyword id="6359111" type="General" weightage="80" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> said that the recent measures to tighten <keyword id="19528809" type="General" weightage="20" keywordseo="personal-loan-norms" source="Orion">personal loan norms</keyword> are pre-emptive, calibrated and targeted.</li><li>The governor is of the view that banks and NBFCs are increasingly relying on high-cost short term bulk deposits, while the tenure of the loans is getting elongated.</li><li>Lenders must not rely solely on pre-set algorithms while lending through analytics, the regulator said. </li></ul>The governor of <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) Shatikanta Das said on Wednesday that the recent measures taken to tighten personal loan norms were pre-emptive, calibrated and targeted. Speaking at an event in Mumbai, Das also suggested banks, shadow banks and other financial entities stress test their books. “In fact, there is a strong case for companies in the real sector also to stress test their businesses and balance sheets,” said Das. Last week, RBI increased the <a href="https://www.businessinsider.in/finance/news/rbi-tightens-norms-on-personal-loans-for-banks-nbfcs/articleshow/105269235.cms">risk weightage for unsecured loans </a>given out by banks and non-banking financial institutions (NBFCs). But education, auto, housing and MSME loans were left out of the new norms. Real estate companies have been on an expansion spree, after the sector was re-energized since the pandemic. ‘Avoid all forms of exuberance’ The governor who was speaking at the FIBAC conference also had a few suggestions for banks and NBFCs who are enjoying the phase of high credit growth. Credit expansion and its pricing should be in sync with risks, and all forms of exuberance must be avoided, he advised. He also said that banks and shadow banks must strengthen their asset liability management and give greater attention to their liabilities side. “In certain cases, we have observed increased reliance on high cost short term bulk deposits while the tenure of the loans, both in retail and corporate loans, is getting elongated,” Das said. Das also pointed out that certain NBFCs-MFIs appear to be enjoying relatively higher net interest margins. “It is indeed for micro finance lenders to ensure that the flexibility provided to them in setting interest rates is used judiciously. They are expected to ensure that interest rates are transparent and not usurious,” he said. Banks too were warned of their exposure to NBFCs, who regularly borrow from banks. “Though the banks are well capitalised, they must constantly evaluate their exposure to NBFCs and the exposure of individual NBFCs to multiple banks. The NBFCs on their part should focus on broad basing their funding sources and reducing overdependence on bank funding,” he added. ‘Re-test your analytics, algorithms’ Lending institutions have been adopting digitalization at a rapid pace. They have not only eased access, increased reach of banking services but also helped institutions bring down operational costs. Here too, Das sounded a word of caution, especially with regards to model-based lending through analytics. They must not rely solely on pre-set algorithms as assumptions based on which the models operate, he observed and suggested they’re calibrated from time to time with fresh information. “It is necessary to be watchful of any undue risk build up in the system due to information gaps in these models, which may cause dilution of underwriting standards,” Das said. SEE ALSO <a href="https://www.businessinsider.in/personal-finance/news/the-dark-truth-behind-rbis-crackdown-on-easy-personal-loans/articleshow/105287366.cms">The dark truth behind RBI’s crackdown on easy personal loans</a> <a href="https://www.businessinsider.in/finance/news/rbi-tightens-norms-on-personal-loans-for-banks-nbfcs/articleshow/105269235.cms">RBI tightens norms on personal loans for banks, NBFCs</a>

RBI governor asks realty companies to stress test their books

Enthused by strong housing demand, realty firm Godrej Properties Ltd has acquired 18 land parcels last fiscal for development of new projects with an estimated sales potential of around Rs 32,000 crore. Mumbai-based Godrej Properties, which is part of business conglomerate <keyword id="133008" type="General" weightage="20" keywordseo="godrej-group" source="Orion">Godrej Group</keyword>, had given a guidance that for future development it would add land parcels that have sales revenue potential of Rs 15,000 crore. However, the company's new business development, which means addition of new land parcels, jumped more than two-fold of annual guidance. Godrej Properties acquires land outrightly and also enters into joint development agreements (JDAs) with landowners to create a pipeline of future projects and expand its business. In a recent regulatory filing, the company presented its operational performance for 2022-23. Godrej Properties highlighted that it has added "18 new projects in FY23 with a total estimated saleable area of nearly 29 million square feet and total estimated booking value of around Rs 32,000 crore." In the fourth quarter of last fiscal, five new projects were added with an expected sales booking value of Rs 5,750 crore. Among big-ticket deals in FY23, the company acquired an 18-acre land parcel in Kandivali, Mumbai for Rs 750 crore to develop a luxury housing project with an estimated revenue potential of about Rs 7,000 crore. It also acquired legendary film actor, director and producer Raj Kapoor's bungalow at Chembur in Mumbai to develop a luxury housing project. In February last year, Godrej Properties Executive Chairman Pirojsha Godrej had said that the company would invest around Rs 7,500 crore over the next 12-18 months on the acquisition and development of new real estate projects. Sitting on a huge cash pile, Godrej Properties entered aggressively into the market to acquire land parcels. In the last fiscal, it purchased more land outrightly than signing JDAs with landowners. On operational front, Godrej Properties' sales booking rose 56 per cent last fiscal to Rs 12,232 crore -- an all-time high -- on strong demand for residential properties. Pirojsha Godrej attributed the strong growth in FY23 to its strong portfolio of projects across the country. For the first time, the company sold over Rs 2,000 crore of real estate in each of four focus markets of Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru and Pune. Out of the total sales bookings last fiscal, housing segment's contribution was 99 per cent. Pirojsha said the company look forward to building on this sales momentum in FY24. During 2022-23, sales volumes grew by 40 per cent to 15.21 million square feet from 10.84 million square feet in the previous year. The company delivered projects aggregating over 10 million sq ft across 5 cities in FY23. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/zepto-preps-for-public-listing-in-2-years-brings-in-ramesh-bafna-as-cfo-to-lead-ipo-process/articleshow/99514143.cms">Zepto preps for public listing in 2 years; Brings in Ramesh Bafna as CFO to lead IPO process</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rbis-mpc-decisively-in-a-rate-pause-territory-as-inflation-cools-down/articleshow/99497132.cms">RBI's MPC 'decisively' in a rate-pause mode as inflation cools down</a>

Godrej Properties acquires 18 land parcels in FY23 to build new projects with Rs 32,000-cr sales potential

Markets regulator Sebi on Monday said it will auction 66 properties of <keyword id="1641057" type="General" weightage="100" keywordseo="saradha-group" source="Orion">Saradha Group</keyword> on April 11 at a reserve price totalling Rs 32 crore to recover money raised by the firm from the public through illicit schemes. The properties to go under the hammer include land parcels located in West Bengal, the <keyword id="6355630" type="General" weightage="50" keywordseo="securities-and-exchange-board-of-india" source="Orion">Securities and Exchange Board of India</keyword> (Sebi) said in a notice. The regulator said that the e-auction will be conducted between 11 am and 1 pm on April 11, 2023. The total reserve price of these properties is pegged at about Rs 32 crore. Sebi has engaged <keyword id="6085536" type="General" weightage="50" keywordseo="quikr-realty" source="Orion">Quikr Realty</keyword> to assist it in the sale of the properties and appointed C1 India as the e-auction provider. The development came after the Calcutta High Court passed an order in June 2022, whereby it directed Sebi to proceed with the auction of properties of the <keyword id="1648299" type="General" weightage="50" keywordseo="saradha-group-of-companies" source="Orion">Saradha Group of Companies</keyword>. The entire exercise was directed to be completed within three months. Saradha Group, a consortium of over 239 private companies, allegedly ran chit-fund operations in West Bengal, Assam and Odisha and raised around Rs 4,000 crore from 1.7 million depositors before it collapsed in April 2013. As per the notice, the regulator said bidders should make their own independent enquiries regarding the encumbrances, litigations, attachments and acquisition of liabilities of the property put on auction, prior to submitting their bid. "The purchaser shall participate in the e-auction on his own behalf and no third party intervention, like authorized agent/representative, would be permitted. The successful bidder shall bear the charges/ fee payable for the transfer of the property in his/her name. All taxes shall be borne by the purchaser," the notice said. In September 2022, the regulator said that it will auction 69 properties of the Saradha Group of Companies on November 1 at a reserve price of Rs 30 crore. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/rbi-may-hike-benchmark-lending-rates-by-25-bps-in-april-dbs/articleshow/98607945.cms">RBI may hike benchmark lending rates by 25 bps in April: DBS</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/rcap-debt-resolution-torrent-investments-moves-sc-against-nclt-decision/articleshow/98607932.cms">RCap debt resolution: Torrent Investments moves SC against NCLT decision</a>

SEBI to auction 66 properties of Saradha Group to recover investors' money

<ul class="summary-list"><li>Some of the main winners of the AI boom will be stocks that are flying under the radar.</li><li>They include unflashy companies that provide electricity and data-center services.</li></ul>Picture a stuffy, windowless room with servers lined back-to-back. It's hot, with thousands of computers operating at once. Massive industrial-size fans are whirring in an attempt to cool things down.Across the road, ground has been broken on another data center. A whole industrial complex is popping up. The construction companies in charge can barely keep up with demand.The scene encapsulates the immense computing power required to fuel the artificial-intelligence boom. And while it's a far cry from the glitz and glamour of the <a target="_blank" href="https://www.businessinsider.com/nvidia-ai-3-trillion-club-apple-microsoft-jensen-huang-2024-6">megacap tech firms that dominate headlines</a>, some of the movement's biggest winners will be the companies working on the back end.This specifically means <a target="_blank" href="https://www.businessinsider.com/amazon-google-microsoft-ai-future-data-centers-monopoly-tech-industry-2024-6">data centers</a>, which will be increasingly key for storing information as AI becomes more mainstream. A growing chorus of analysts say they represent one of the most overlooked beneficiaries of the AI shift."This new architecture on gen AI, you basically have to upgrade around a trillion dollars of infrastructure," Ted Mortonson, a managing director and tech strategist at Baird, said. "And it's very early. If you use the baseball analogy, we're still probably not even at the start of the game."Consider that Goldman Sachs says <a target="_blank" href="https://www.goldmansachs.com/intelligence/pages/AI-poised-to-drive-160-increase-in-power-demand.html#:~:text=It%20will%20be%20stoked%20partly,to%20support%20data%20centers%20alone.">data-center power demand is set to surge 160%</a> by the end of the decade, with the bank noting that a <a target="_blank" href="https://www.goldmansachs.com/intelligence/pages/gs-research/generational-growth-ai-data-centers-and-the-coming-us-power-surge/report.pdf">ChatGPT-powered search sucks up to 10 times as much electricity</a> as a basic Google search."That kind of spike in power demand hasn't been seen in the US since the early years of this century," the Goldman analysts said in a report. "It will be stoked partly by electrification and industrial reshoring, but also by AI."Extending from there, the AI revolution could be a boon for a number of construction, utility, and electrical companies that make up the data-center landscape. Typically viewed as the market's most boring and defensive sectors, they could offer some of the most exciting investment opportunities.<h2 id="5c5a83f6-09ef-458e-a971-b3689a460860">The under-the-radar winners so far</h2>Companies are already <a target="_blank" href="https://www.businessinsider.com/microsoft-invest-billions-into-japan-ai-data-centers-2024-4">pouring billions</a> into creating data centers, and stocks related to their construction and power supply are seeing outsize gains.For starters, utilities represent the third-best-performing sector in the S&amp;P 500 over the past six months, out of 11 total. The group trails only the information-technology and communication-services sectors that feature pure-play AI juggernauts like Meta, Nvidia, and Alphabet. Normally, when growth stocks are leading the way, more defensive sectors like utilities perform the worst. That's not been the case.On a single-stock basis, <a target="_blank" href="https://www.reit.com/investing/reit-directory/digital-realty">Digital Realty Trust</a> — the only data-center real-estate investment trust listed on the New York Stock Exchange — has jumped 38% over the past year, while the <a target="_blank" href="https://www.globalxetfs.com/funds/dtcr/">Global X Data Center &amp; Digital Infrastructure ETF</a> has climbed 12%. Both those stock returns far exceed the 4% gain for the iShares Core US REIT ETF over the same period.Stocks that aid large electricity use have also had a strong 2024. Super Micro Computer — whose liquid-cooling technology has been called a <a target="_blank" href="https://www.marketwatch.com/story/why-supermicro-is-mopping-up-the-floor-with-the-competition-2d5e49b5">must-have</a> for AI hardware — is up 200% year to date. Nvidia may be the king of AI, but even it is "only" up 150% in 2024.Meanwhile, <a target="_blank" rel="" href="https://markets.businessinsider.com/stocks/vrt-stock?utm_medium=ingest&amp;utm_source=markets">Vertiv</a> — which also makes power and cooling equipment for data centers — is up 80% this year. Its 435% gain since Nvidia's initial blockbuster quarter 13 months ago marks an outperformance of 130 percentage points. The company's dominance recently earned it the label of "<a target="_blank" href="https://markets.businessinsider.com/news/stocks/vertiv-stock-price-outperforms-nvidia-since-earnings-ai-investing-rally-2024-5">the real AI darling</a>" from Bank of America.Globally, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/grid-electrical-equipment-stocks-artificial-intelligence-investing-ai-stocks-140-2024-4">grid- and electricity-equipment stocks</a> in the US, South Korea, India, and Europe have rallied as much as 140% from levels at the start of the year, JPMorgan analysts said in recent research.Investors probably aren't used to seeing energy and utility stocks as a gold mine, given the sector's muted returns over the past decade, according to Travis Miller, an energy and utilities strategist from Morningstar. But strong growth is coming: The firm expects to see 10% growth each year in the utility sector over the next 10 years."I don't think investors fully realize the impact data-center growth" has, Miller told Business Insider.<h2 id="14a29008-f695-4870-8518-8e1044a9b127">Software being left behind</h2>While traditional hardware companies and their data-center and real-estate counterparts soar, software stocks have been largely left in the dust.Hardware-tech stocks have outperformed their software peers by 30 percentage points this year amid skyrocketing <a target="_blank" href="https://markets.businessinsider.com/news/stocks/ai-stocks-hardware-vs-softare-tech-performace-nvidia-tsmc-broadcom-2024-6">demand for graphics processing units</a>, data centers, and other physical computing equipment. It's a 180-degree reversal from the past decade when software firms — lauded for their high profit margins and asset-light business models — beat their hardware peers by more than 250 percentage points.Why the shift? Mortonson said it's difficult for software companies to build around AI."This gen-AI cycle is infrastructure, all infrastructure," Mortonson previously told BI in an interview, adding that cloud companies were set to spend over $200 billion this year on data centers. "That's the horsepower, or the engine, of Gen AI," he said.Additionally, on a comparative-valuation basis, traditional tech stocks associated with software look expensive relative to energy and data-center names. Utilities, meanwhile, look to be about <a target="_blank" href="https://affiliate.insider.com?h=13abc0801dba856d8620c5101b78c8d0e44eb689b027869821a0a466c3cb23e1&amp;postID=667c35c05c62a271edbcaed3&amp;postSlug=ai-stocks-to-invest-artificial-intelligence-data-center-energy-companies-2024-6&amp;site=bi&amp;u=https%3A%2F%2Fwww.morningstar.com%2Fstocks%2F4-utility-stocks-benefit-data-center-growth">5% undervalued</a>, Miller said.Still, despite recent outperformance, it may take years for the data-center boom to fully mature. The earliest data centers could significantly influence corporate earnings is 2028, Miller estimated. That means investors could be waiting awhile to fully realize the trade's potential.There's also the risk that the US doesn't build as many data centers as anticipated over concerns on whether we have the energy capacity to support them, he added.Despite that prospect, he still expects considerable expansion."It's been a generation since utilities had this much growth potential that we see during the next 10 years," Miller said.

The big winners of the AI boom are the most boring companies imaginable

New Delhi, The inter-ministerial board of approval, on request of a developer of an IT/ITeS sector special economic zone, can permit demarcation of non-processing area of that zone, according to an official notification. The inter-ministerial Board of Approval is the highest decision making body on <keyword id="69055" type="General" weightage="20" keywordseo="special-economic-zones" source="Orion">special economic zones</keyword> (SEZs). It is chaired by the commerce secretary. The <keyword id="6365809" type="General" weightage="20" keywordseo="commerce-ministry" source="Orion">commerce ministry</keyword>'s notification said that a non-processing area under such SEZs can be used for setting up and operation of businesses engaged in Information Technology (IT) or Information Technology Enabled services (ITeS) sector. For this, the ministry has amended the Special Economic Zones (Fifth Amendment) Rules, 2023. Inserting a new rule, the notification said: "...the Board of Approval, on request of a developer of an IT or ITeS SEZs, may permit demarcation of a portion of the built-up area of an IT or ITeS SEZ as a non-processing area of the IT or ITeS SEZ to be called a non-processing area." In the processing area, units are located for manufacturing of goods or rendering of services. Non-processing areas are where supporting infrastructure is created. It also said that the board would permit the demarcation "only" after repayment, without interest, by the developer. "Demarcation of a non-processing area shall not be allowed if it results in decreasing the processing area to less than fifty per cent of the total area...," it added. The notification also said that the businesses engaged in these zones in a non-processing area would not avail any rights or facilities available to SEZ units. It added that no tax benefits shall be available on operation and maintenance of common infrastructure and facilities of such an IT/ITeS zone. Welcoming the move, Sanjay Dutt, MD &amp; CEO, <keyword id="672851" type="General" weightage="50" keywordseo="tata-realty-and-infrastructure-ltd" source="Orion">Tata Realty and Infrastructure Ltd</keyword>, said that this revised policy not only facilitates the expansion of companies' office spaces but also extends the benefits of SEZ areas to non-SEZ entities. "It's a proactive move by the government, optimizing the utilization of real estate resources," he said, adding, "presently, the country boasts around 170 million square feet of ready IT SEZ office space in the top 6 cities, with nearly 20 per cent (over 30 million square feet) lying vacant. Additionally, about 10 million square feet of SEZ spaces are under construction and set to be completed within the next 2 years."

Inter-ministerial approval board can permit demarcation of non-processing area under IT sector SEZs

<ul><li>The festive season will give a further fillip to the real estate sector that’s been on an upswing all year, say experts.</li><li>Most developers expect this year’s festive sales to be anywhere between 10-20% higher than last year.</li><li>More large-sized projects were launched by developers to gain from the festive mood. </li></ul>Indian real estate players are witnessing bumper festive season sales, with new launches, offers and more. The auspicious festive season generally sees almost a quarter of annual home sales. And, it seems to have gotten off to a good start. According to <keyword id="6363605" type="General" weightage="20" keywordseo="knight-frank" source="Orion">Knight Frank</keyword>, the property registrations in the first nine days of Navratri were 37% higher than the last year in Mumbai with 4,594 registrations. Experts expect all the top seven metro cities to see a strong sales growth in the season that extends through mid-October to mid-December. The consumer sentiment has already been strong this year. The first nine months of 2023, home sales touched 91% of 2022 annual sales across the top seven cities. This is the highest it has been since 2008, according to JLL. “With sales volumes holding strong so far this year, moderately increasing property price and stable policy interest rate would serve as the key catalysts for the housing market for the remainder of this year,” said Shishir Baijal, CMD of Knight Frank India. Developers already witnessing a surge Real estate developers have been looking forward to the festive season to hit top gear in sales. Ramani Sastri, CMD of Sterling Developers said that they are expecting a significant growth this year. “As we approach the festive season, we are already witnessing a surge in inquiries and we are expecting around 20% growth compared to last year’s festive season,” he added. Lincoln Bennet Rodrigues, chairman &amp; founder of The Bennet &amp; Bernard Company said that there is an over 8-10% increase in the number of properties being purchased or booked. “During this time of the year, 30-40% of our annual sales occur. Needless to say, as a developer, we are looking forward to the upcoming festive days,” he added. To gain from the sentiment, developers have stepped up on new launches too. As per Anarock Research, as many as 711 residential projects comprising approximately 1.16 lakh units were launched across the top seven cities in Q3 2023. In the same period last year, 701 projects were launched comprising 93,290 units. “While the difference between the number of projects launched in both the periods was not very significant, the number of units launched in Q3 2023 was at least 24% more than Q3 2022. Thus, the underlying trend is that this year in Q3 2023, many large-size projects were launched,” Anuj Puri, chairman of Anarock Group told Business Insider India. More launches with schemes The festive quarter is expected to see even more launches. Last year, during the festive quarter of October to December (Q4 2022) as many as 93,000 units were launched across the top seven cities. “This year, we may see at least 10-15% yearly growth which means it will again be above one lakh units,” said Puri. Most developers are also sweetening the pot with schemes, incentives and discounting to push more sales for the festivals. “These promotional offers encompass free <keyword id="666493" type="General" weightage="20" keywordseo="modular-kitchens" source="Orion">modular kitchens</keyword>, furniture, flexible payment plans, GST and stamp duty waivers, as well as giveaways like gold coins, cars, and even international trips,” says Swapnil Anil, executive director &amp; head of advisory at Colliers India. Banks too are upping their ante with Low EMI Schemes, Fixed EMI Schemes, and Attractive Interest Rates and more say experts. The real estate sector has been on an upswing since the pandemic and festive period has re-energised it, with people willing to buy or upgrade their homes. Unlike other sectors, where the post-pandemic boom effects are fading away, the property market is only going from strength to strength. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/mamaearth-this-fmcg-scion-is-all-set-to-gain-a-windfall-from-honasa-ipo/articleshow/104721052.cms">This FMCG scion is all set to gain a windfall from Honasa Consumer IPO</a> <a href="https://www.businessinsider.in/careers/news/genzs-millennials-wants-to-be-back-to-offices-even-as-costs-pinch/articleshow/104700780.cms">GenZs, millennials want to be back to offices even as costs pinch</a>

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RBI governor asks realty companies to stress test their books

Katya Naidu

Godrej Properties acquires 18 land parcels in FY23 to build new projects with Rs 32,000-cr sales potential

PTI

SEBI to auction 66 properties of Saradha Group to recover investors' money

PTI

The big winners of the AI boom are the most boring companies imaginable

Jennifer Sor

Inter-ministerial approval board can permit demarcation of non-processing area under IT sector SEZs

PTI

With large project launches and offers, realty players get set for a bumper festive season

Katya Naidu

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