8, Mar 2024
ISACA’s New Framework Revolutionizes Digital Trust: A Game-Changer for Organizations
Bengaluru, India (8th March 2024)—According to upcoming ISACA research, more than half of organizations (55 percent) believe it is crucial for an organization to have a digital trust framework. To meet this need, global IS/IT association ISACA has launched a new framework designed to help organizations focus on trust holistically by leveraging technology securely, increasing collaboration, reducing reaction times to unforeseen events, focusing on brand management and improving financial performance through enhanced trust.
The Digital Trust Ecosystem Framework (DTEF) and portfolio of resources helps organizations understand the practices they can undertake to impact their trustworthiness and reputation by addressing the key components of digital trust: integrity, security, privacy, resilience, quality, reliability and confidence.
According to ISACA’s upcoming State of Digital Trust research, the benefits of high levels of digital trust include enhancing positive reputation (71 percent), having more reliable data for decision-making (60 percent), and experiencing fewer privacy breaches (60 percent) and fewer cybersecurity incidents (59 percent), and stronger customer loyalty (56 percent). Digital trust, defined as confidence in the integrity of the relationships, interactions and transactions within an associated digital ecosystem, can also strengthen an organization’s bottom line.
“High levels of digital trust ultimately improve financial performance by lowering the risk of impact of data and cyber breaches and associated regulatory fines,” said Shannon Donahue, ISACA chief content and publishing officer. “Organizations can also see greater gains from responsible digital investments, and the Digital Trust Ecosystem Framework helps with both of these.”
Following an earlier beta release that enabled ISACA to include expert input from around the globe into the final version, the newly released Digital Trust Ecosystem Framework focuses on the elements of people, process, technology and organization, drilling down into the domains of culture, human factors, emergence, enabling and support, direct and monitor, and architecture to provide organizations with trust factors, practices, activities and outcomes as part of their digital trust journey. The framework is designed to be compatible with many existing frameworks and best practices, including COBIT, ITIL, GDPR, and numerous ISO and NIST standards.
“Strengthening digital trust is not just a one-time exercise, but a continuous practice of proactive relationship building between enterprises and stakeholders that is both responsible and profitable while also addressing underlying ethical questions,” says Rolf von Roessing, member of the ISACA Digital Trust Working Group and lead developer of the framework, and partner and CEO at FORFA Consulting AG. “Having a framework to guide organizations as they integrate trustworthiness into their technology and business operations ensures that they are covering all ground, minimizing risk and maximizing impact.”
ISACA is also publishing an interactive guide to help organizations effectively use the framework in a format that is innovative and new to the organization. The DTEF Interactive Guide allows users to explore the content of the framework with 3D modeling, use cases, and a visual experience. A DTEF Implementation Guide and the Introduction to the Digital Trust Ecosystem Framework Short Course are also available. ISACA also has issued the Digital Trust Board Briefing, available exclusively to members for 60 days, followed by a wider public release.
“In a tech and business landscape that is transforming more quickly than ever, digital trust is a key differentiator in advancing resilience, reputation, and ultimately, organizational success,” says Erik Prusch, ISACA CEO. “Implementing digital trust practices must be intentional, and ISACA is equipping enterprises with transformational tools to build trust with their stakeholders and see positive impact.”
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- By Rabindra
8, Mar 2024
Breakthrough Celebrates International Women’s Day Across Six Districts in Haryana
Gurugram, 8th March 2024: Breakthrough, an organisation making gender-based violence unacceptable by transforming the culture that permits violence, celebrated International Women’s Day in six districts across Haryana including Karnal, Panipat, Sonipat, Rohtak, Jhajjar, and Gurugram. The week-long event, themed Steps Toward Equity – Let’s come together and start with equality, highlighted the importance of inclusivity and aimed to raise awareness about the challenges women and girls globally face.
Breakthrough collaborated with the Women and Child Development department of government of Haryana to organise a series of events such as community discussions, video screenings, and seminars on women’s rights and street plays. In addition, Breakthrough organized demonstrations at Gram Panchayat levels to highlight the barriers that stand in the way of women’s ambitions.
Arty Senior Manager and State Lead of Haryana, Program team, Breakthrough said “Even in today’s ever-changing world, it is evident that gender equality remains a significant concern. Girls are often held back from pursuing their aspirations due to a society that favours men. However, there is gradual progress as girls and women have begun to challenge these societal norms and redefine what is considered normal. In Haryana, we actively engage with over 100,000 girls and women to promote a shift in norms. It is a great joy to witness adolescent girls, along with their parents and other female stakeholders such as Sarpanch, Ward Panch, Aaganwadi workers, and ANMs, taking the initiative to drive discussions on gender norms and discrimination. These remarkable individuals are truly making a difference in their communities.”
Sub Division Officer Rajesh Kumar Soni from Haryana Civil Services emphasized that “education is the key to unlocking all avenues in society. Unfortunately, women’s rights are often neglected. However, both genders should have equal rights in society, and only education can pave the path.”
Mr. Surjeet, the Tehsildar of Bhorakalan village in the Pataudi block of Gurugram, says, “it is important to underscore the importance of collective responsibility in tackling challenges faced by girls. He advocated for a culture of zero tolerance towards violence and highlighted the need for seeking departmental support to address any such issues, fostering a proactive approach towards positive change.”
In Karnal, a seminar featuring a street play was organized at Government Women’s College in Basatada, Karnal district. Dr. Meenu Anand, head of the Women’s Cell, and Women Safety Officer Savita joined Sub Divisional Magistrate Rajesh Kumar Soni in support. Women’s Safety Officer Savita underscored women’s rights vigilance, while Sub Division Magistrate Rajesh Kumar Soni advocated for gender equality through education.
The celebration in Karnal was particularly noteworthy. A seminar featuring a street play was organised at Government Women’s College, where women’s rights vigilance and the significance of Women’s Day were emphasized. Furthermore, a rally featuring adolescents, youth, and women driving tractors, bikes, and cycles demonstrated the community’s resilience and determination to challenge gender norms and advocate for equality.
Women, teenage girls, and TCLs celebrated this occasion with a power walk, a Tata Motors movie screening, and interactive activities in the Faridpur community of Karnal. TCLs, Anganwadi workers, youth, and villagers gathered in the Pathargarh neighbourhood of Panipat to paint a wall, signifying their unification and appreciation of the sacrifices made by women.
In Gurugram, the TCLs initiated the festivities with a five-day theatre workshop, which concluded with a powerful performance. They also led the first Women’s Day Celebration in the Sidhrawali community, hosting shows across three Gram Panchayats. Participants engaged in a Signature Campaign, pledging their commitment to combat gender-based discrimination, symbolizing their dedication to the organization’s message.
Team Change Leaders organized the first Women’s Day Celebration in the Sidhrawali community, featuring six shows across three Gram Panchayats. Through captivating performances, the campaign aimed to inspire change and raise awareness. Breakthrough videos were showcased in the Harchandpur community, featuring motivational tales such as “Lal Lal Ankhiyo Se Ghuro Na Piya” and “Harshini Kanekar: Fire Fighter.” The celebration was further enriched with dancing, drumming, and a lively performance by our Rising Kishori group, symbolizing empowerment and unity. Breakthrough’s Women’s Day celebration served not only as a commemoration but also as a testament to the collective effort to promote gender equality and empower women and girls in the community. Through these diverse activities and engagements, Breakthrough continues to champion gender equity and inspire change in Haryana’s communities.
7, Mar 2024
Groundbreaking Initiative: Green Ride Bengaluru Revolutionizes Urban Mobility
Bengaluru March 7th, 2024- Green Ride Bengaluru, a pioneering initiative in sustainable urban mobility by CiRE (Corporates in Real Estate), is set to make its launch on March 1st, 2024. The campaign with a vision of “Making Bengaluru more commuter-experience friendly” is offering a revolutionary solution to the pressing mobility challenges faced by the commuters of Bengaluru.
As one of the most congested cities in terms of traffic, Bengaluru has long grappled with issues of pollution, increased commute times, and overall urban mobility inefficiencies. CiRE sees this as a window of opportunity to bring in a strong corporate force together to facilitate change in the urban mobility system in Bengaluru. The campaign is scheduled to run for 6 months and intends to recognize and award corporates, corporate-tech park owners, and start-ups who have facilitated the use of public transport, last-mile connectivity practices, provision of shared electric transport, adequate supplementary infrastructure, and necessary policies for enhancing sustainable mobility usage by employees for their commute. These five award-focus pillars go beyond just creating awareness about sustainable mobility but rather initiate the much-needed change within the corporate commute.
On a wider vision, Green Ride Bengaluru Campaign, CiRE aims to elevate the overall livability of the city encompassing environmental, economic, and social parameters of development. However, the plan is to not do this alone but in collaboration with partners from government, academic institutions, developers, planners, corporates, and citizens to ensure a successful outcome. The city of Bengaluru thrives on innovation, with CiRE we believe in driving innovation basis collective efforts across all bodies of real estate.
Jayaram S. Govindaiah Founder CiRE said, “Mobility in today’s world is all about creating a positive environment across the ecosystem by reducing footprint of carbon and related emissions. Sustainability is of paramount importance to our future generations and CIRE is at it to create and deliver sustainable solutions across India”.
Era Chaturvedi Co-Founder of Green Ride says, Bengaluru paves the way for a sustainable urban future, with better footpaths, enhanced last-mile connectivity, increased EV charging infrastructure, and dedicated cycling paths. As our cities swell with urban life, the duty for greener cities isn’t a collective burden but a personal commitment we each embrace
Aditya PS -Chairman of CiRE said, “I see mobility as a societal equalizer, bridging gaps and fostering inclusivity. Our Green Ride Bengaluru campaign champions sustainability, aiming to make a greener future accessible to all. It is a transformative shift towards sustainable, equitable urban living, setting a precedent for collective action”.
The Green Ride Bengaluru campaign of CiRE is being supported by B.PAC, IISC, and Future ICT Forum as its key strategic and implementation partners. Sumadhura Group who are also the sponsors to this inititiave– Mr G. Madhusudhan, Chairman and Managing Director said, “We are committed to leading the way in sustainable practices which are consistent , viable and give long lasting positive impact to our environmental footprint.” Happy to support Green ride Bengaluru that brings key stakeholders together to engage for an actionable green mobility which is much needed in our city.
Prof Ashish Verma (IISc – Sustainable Transport Lab) (IST Lab.) states that – “Through Green Ride Bengaluru, our combined goal is to bring long-term changes towards sustainable mobility by recognizing and inducing sustainable mobility practices among corporates in Bengaluru, who have a large collective footprint in terms of their travel activities. For IISc Sustainable Transportation Lab, Green Ride Bengaluru is another mode of translating our research on sustainable mobility into practice”
Smt Manjula Vinjamuri, Chairman, Karnataka Appellate Tribunal, and Director-General, Administrative Training Institute, Mysuru. (Prior – Commissioner, DULT) said, “The Green ride movement is an open invitation to Bengaluru’s corporate sector to partner with like-minded organisations, and bring about a transformational change in the way Bengaluru moves for work. Bengaluru’s corporate sector is known to be innovative, and deeply engaged with civic issues. They have been part of trail-blazing initiatives such as cycle2work. I am hopeful that they would join this initiative and nudge their employees to move from private to public transport”.
6, Mar 2024
How Housing Prices Are Set (No, It’s Not Arbitrary)
By – Akash Pharande, Managing Director – Pharande Spaces
The Indian housing market is in continuous boom mode, with more people that ever aspiring for homeownership and developers vying for their attention. However, one thing that still tends to haunt many buyers’ minds is the lack of clarity when it comes to the prices of homes. While homes by good developers are selling at a fast clip, many buyers still feel that the prices are set arbitrarily.
Let’s explore how real estate developers arrive at the prices for their properties. For this, we first need to understand a concept and process called ‘price discovery’.
What is Price Discovery?
Price discovery is the process by which the market determines the value of a particular product. It applies to almost all products, including smart phones, costlier household items like air conditioners, refrigerators and television sets, and so on.
You have doubtlessly noticed that the prices of some of these items tends to fluctuate according to the demand for them, the state of the economy, time of year, and even the weather. Even gold items, where the price of the basic raw material is determined by its market value, also experience price hikes during the festive season.
But if the economy is in doldrums and disposable income is low, even gold items will sell at a discount because of lower demand.
In the context of real estate, price discovery determines the prices at which properties reasonably sell. In India, the process of price discovery for residential real estate is complex, as it involves several factors. One of the most important factors is the cost of land.
The Cost of Land
Land is a finite resource, and its availability is limited. The cost of land can vary widely depending on its location, the availability of basic infrastructure there, and what kinds of developments the area has already seen. For all intents and purposes, there is no such thing as basic cost of land – while there may be certain basic benchmarks, the prices of different plots even in the same area can vary widely.
Developers do influence the cost of land through development activities. Announcing new projects can increase land demand in nearby areas, especially if the development enhances the area with amenities and infrastructure. Less directly, the demand from developers for land in a certain area tends to drive up the price quoted by the landowners.
More influential developers, such as those who build massive townships and industrial projects, can also influence zoning and land use changes. This increases land value by enabling more profitable developments for other developers. Large-scale developments can bring about broader economic growth, which attracts businesses and residents, thereby increasing demand and therefore land costs.
In markets where some developers hold large land parcels, they control the supply, and this will also influence pricing. And, of course, government policies also play a key role.
But whether they are responsible for the current land prices or not, developers must factor in the cost of this finite resource when setting the price for their properties.
Construction Costs
Another important factor that influences the price of homes is construction costs. The amount of money a developer spends on construction materials, labour, and other expenses can vary widely depending on the city, location, nature of the project, and quality of the materials used.
The third factor will again vary depending on whether the project being developed falls into the luxury, mid-range, or affordable housing category. The cost of relevant labour hinges on its ready availability in the area.
If the project’s location is remote and the developer breaking completely new ground there, construction labour needs to be brought in from far off and be accommodated. In the case of high-density development areas, labour tends to be more readily available.
Demand
The third factor that affects the price of housing is the demand for it. This can vary significantly depending on the location of the project and whether the project addresses the actual requirements of the target clientele. For example, a luxury development in an area largely defined by low-cost housing is unlikely to see much organic demand.
Also, demand will depend on the developer’s brand value and the amenities offered in the project. Even with good brand backing, the right location and appropriateness of the project, a developer must set the ticket sizes of his homes reasonably so as not to be ‘priced out of the market’ – meaning that prices must be in line with similar projects by other developers in the area.
To summarize
Given the complexity of these factors, it is not surprising that the process of price discovery in the Indian housing sector can often seem arbitrary and opaque. Developers must consider multiple factors to set the price for their properties.
One common strategy used by many – but no means all – developers is to set a base price for their properties but be open to negotiate on it with individual buyers. There is usually more scope for negotiation in the case of projects which are not seeing much sales volumes.
Finally, developers often provide discounts or incentives to buyers who purchase earlier in the project’s development cycle. This encourages buyers to commit to purchasing homes before construction is complete, helping developers to improve cash flows and reduce their financial risk.
Each developer must consider the unique factors that affect the price of their properties and come up with a pricing strategy that is appropriate for that particular project. But conveying these various factors to every single customer is not feasible – finally, home buyers are interested in buying a home and not in the challenges that the developer faces.
It is also pertinent to note that the market also tends to be self-correcting. If developers set excessively high prices, the demand for their properties will be lower than they expected. On the other hand, if a developer sets the prices too low, he may miss out on a good profit margin.
But few home buyers today are willing to be patient to see if prices in a particular project will correct. In fact, most buyers are looking for ready-to-move homes precisely because they’re not willing to wait. This means that the developer must come up with the right pricing strategy right off the bat.
If you’ve found a good home option in the right location, in the right project by the right developer, and the price corresponds to your budget, it is safe to assume that the developer has done his homework and that ‘the price is right’.
6, Mar 2024
From Trendy to Upscale: Trio of New Outlets Launch at Growel’s 101 Mall
Mumbai, March 6, 2024: Growel’s 101 Mall, the go-to family destination in Mumbai suburbs, is thrilled to announce the opening of three new outlets: HT Interiors, The Beer Café, and LED (Live Entertainment Destination). These openings mark a significant milestone in the mall’s journey as it continues to redefine itself as a premium shopping and social destination.
The Beer Café, India’s largest alco-beverage chain, offers a harmonious blend of craft beers and global cuisine in a setting that epitomizes both tradition and innovation. Its extensive range of beers, including domestic, international, and special brews, as well as the largest collection of tap beers in the city, is sure to delight beer enthusiasts visiting Growel’s 101 Mall.
LED presents a dynamic entertainment hub with arcade games, bowling, bumper cars, and VR gaming, catering to fun-seekers of all ages. This state-of-the-art game zone promises an adrenaline-pumping experience for everyone.
HT Interiors by HomeTown, is an interior aficionado’s dream come true, offering stylish furniture and stunning home décor for every part of the home. This newest addition to Growel’s 101 Mall invites patrons to discover elegant and modern designs for their living spaces.
Bhavna Thakur, DGM Leasing, Growel’s 101 Mall, stated, “This year will be a transformative for Growel’s 101 Mall as we ascend to become not just a preferred shopping destination but a premium lifestyle experience. The opening of HT Interiors, The Beer Café, and LED are a testament to our commitment to providing diverse and upscale choices for our patrons. As Kandivali evolves with premium residential development, we continue to adapt, offering an exclusive brand mix and elevated experiences that reflect the sophistication of our shoppers.”
Over the last few years, the Kandivali suburb has witnessed a significant transformation with the development of premium residential real estate, leading to a shift in the customer demographics of the neighbourhood. Once a hub for value-conscious customers, it has now attracted a more premium and aspirational clientele.
In response to this evolution, Growel’s 101 Mall has consistently strived to enhance its offerings to meet and exceed the expectations of its patrons. The mall has actively engaged with key premium and aspirational brands reflecting Growel’s 101 Mall’s commitment to customer delight and its adaptability to the dynamic consumer landscape. The transformation of Kandivali has positioned Growel’s 101 as a destination mall of the western suburbs in Mumbai, providing a well-rounded experience is always at the centre of all its consumer offerings.
6, Mar 2024
The Future of Urban Living: Inside Mira Road’s Luxury Housing Boom
By – Anupma Khetan Customer Experience Evangelist, Sunteck Realty
Mira Road is quickly becoming one of the most sought-after destinations for homebuyers in Mumbai, marking its territory as a lucrative micro-market. Its unique combination of premium housing, strategic location, and burgeoning infrastructure projects makes it a magnet for those looking to invest in real estate. Let’s delve into the factors that are positioning Mira Road as a prime location for potential homeowners more than ever before.
Unbeatable Location and Convenience
At the heart of its appeal, Mira Road boasts of a location that offers everything a modern family could need. From shopping centres like Maxus Mall and Thakur Mall to prestigious educational institutions such as N.L. Dalmia High School and Sardar Vallabhbhai Patel Vidyalaya, the area caters to all the essentials of urban living. This convenience is a significant draw for young families and professionals seeking a blend of comfort and accessibility.
Trending Property Prices
The real estate landscape in Mira Road is witnessing an increase in property prices. This trend is expected to continue, fuelled by the rising demand for housing in Mumbai.
At the forefront of Mira Road’s appeal is its evolution into a hub for premium and luxurious residences designed to elevate lifestyles to new heights. Moving beyond mere affordability, the area is now synonymous with high-end living spaces that cater to those seeking an enhanced quality of life. These upscale developments are meticulously planned to include state-of-the-art amenities, lush landscapes, and architectural elegance, reflecting the aspirations of a discerning clientele.
Enhanced Connectivity and Future Growth Potential
Mira Road’s strategic location is complemented by its excellent connectivity to Mumbai’s major suburbs and commercial hubs. The forthcoming Andheri-Dahisar-Mira-Bhayander Metro Line, Coastal Road, Borivali-Thane Tunnel Road, and other infrastructure projects promise to further enhance this connectivity, making it an even more attractive option for real estate investment.
A Hub of Modern Living,
The proximity of Mira Road to major centres like Malad, Goregaon, and Andheri makes it an ideal location for professionals. The area’s modern infrastructure, coupled with upcoming residential and commercial projects, positions it as a dynamic living space that caters to the aspirations of a new generation of homebuyers seeking quality, convenience, and lifestyle.
The real estate market in Mira Road is undergoing a significant transformation, with a noticeable shift towards luxury housing. These developments are characterized by spacious layouts, modern design, and premium facilities such as swimming pools, fitness centres, and exclusive clubs. Such features are attracting a new wave of buyers who prioritize comfort, privacy, and a touch of exclusivity in their living spaces.
Changing Demographics and Buyer Preferences
Mira Road is witnessing a shift in the real estate market’s demographics, with an increasing number of millennials looking for homes that offer a blend of luxury, comfort, and status. This changing buyer profile, along with the demand for larger living spaces in the post-pandemic era, is shaping the area’s development, making it a hotspot for those aspiring for an upgraded lifestyle.
Mira Road’s transition to a destination for luxury living is evident in the upscale residential options now available. These residences are not just about providing living but about offering a lifestyle that is enriched.
Conclusion
Mira Road stands out as a micro-market with immense potential in Mumbai’s real estate scene. Its mix of strategic location, and burgeoning infrastructure, alongside the changing preferences of homebuyers, sets it apart as a desirable destination for investment and living. As Mumbai continues to grow, Mira Road is poised to become an even more pivotal area, offering a high-quality lifestyle and convenient living options to its residents.
Mira Road is redefining its real estate landscape by embracing the luxury housing segment, thereby attracting homebuyers with a penchant for finer living. This shift towards premium and luxurious residences marks a new chapter in the area’s development, promising a future where lifestyle and luxury converge to create an unmatched living experience.
6, Mar 2024
World Affairs Council of St. Louis Hosts 75th Anniversary Gala
Nonprofit has fostered global awareness in St. Louis since 1948.
(St. Louis, Mo., March 6, 2024) The World Affairs Council of St. Louis (World Affairs STL)—a non-profit organization that connects the St. Louis region with the world – will host its 75th anniversary gala on Wed., April 10 at the Missouri History Museum located at 5700 Lindell Blvd. The event begins at 5:30 p.m., and tickets are $300 per person.
Community members and leaders, as well as diplomats and educators, will attend the celebration which features cocktails and dinner catered by Butler’s Pantry. A fireside chat will take place with St. Louis’ own ambassadors Kevin O’Malley, W. Stuart Symington, and the U.S. Department of State’s Foreign Service Officer Gavin Sundwall. Gala sponsors include Bayer Crop Science, Missouri History Museum, POWERS Insurance & Risk Management, Commerce Bank, Emerson, Greater STL, Inc., Grimco, Inc., Harbour Group, RSM, The Yield Lab, and WISHH.
Signature World Affairs STL programs include the U.S. Department of State’s International Visitor Leadership Program (IVLP), high school Academic WorldQuest, and Great Decisions. The IVLP brings current and emerging foreign leaders to St. Louis. The Council facilitates discourse with businesses, nonprofits, educational institutions, and government. Members are “citizen diplomats” who connect the world at their dinner tables.
“This gala reflects the strong partnerships and friendships we have built over the years and is a testament to the importance of fostering global awareness in our local community,” said World Affairs STL president Pierce W. Powers Jr.
Founded in 1948, the World Affairs STL is a nonpartisan membership organization formed by prominent St. Louisans after World War II to keep the region connected globally and educate citizens about international matters. The Council continues the founders’ mission to facilitate and promote understanding, engagement, relationships, and leadership in world affairs. World Affairs STL, which is one of 90 chapters of the World Affairs Councils of America, is located at 812 Olive St. in downtown St. Louis.
5, Mar 2024
Sunteck WestWorld receives final EDGE green building certification from IFC, World Bank Group
05th March 2024, Mumbai: Sunteck’s ESG commitment to sustainable Innovation and Environmental Excellence gets firmer with the final EDGE green building certification from IFC, a member of the World Bank Group for its project ‘Sunteck WestWorld Naigaon’. The project’s design choices provide substantial environmental benefits, including energy savings of 23%, water savings of 34%, and embodied energy savings of 38%. By designing a project that meets this exceptional level of environmental performance, the project will have a lasting impact not only on the end users but also on the larger community for years to come. We believe in providing our buyers with solutions that are sustainable for years to come.
Sunteck Realty Ltd and IFC are establishing a framework for greater collaboration in pursuit of their shared aspirations to move the industry onto a lower-carbon, more resource-efficient path. Sunteck Realty Ltd has also been awarded with EDGE Green Building Preliminary certification for its four residential and three commercial projects – Sunteck Beach Residences (SBR) Vasai; 4th Avenue SunteckCity, Oshiwara District Centre (ODC) Goregaon (W); Sunteck MaxXWorld, Sunteck ONEWorld at Naigaon and Sunteck BKC 51, Sunteck Icon and Sunteck Crest, Mumbai.
Sunteck Realty was honoured as an “EDGE Champion” by IFC last year for leading efforts towards green building certification, reduction in carbon emissions, conservation of natural resources, and creating healthier living and working spaces.
Commenting on the Green Building certification, Sunteck Realty Chairman & Managing Director Kamal Khetan said “At Sunteck we strive to inspire everyone to embrace sustainable practices for a more eco-conscious future. Our Green buildings represent our commitment to delivering best-in-class luxury, and comfort in an environmentally sustainable way.”
IFC’s South Asia lead for Green Buildings, Autif Sayyed noted, “Through its commitment on EDGE certification across multiple properties, Sunteck Realty has paved the way for mainstreaming Green and Sustainable Construction in the residential sector, which is not just good for their customers and the environment, but is also a smart strategy for future proofing their business operations.”
5, Mar 2024
MRF Reduces its main line Truck Tyre Price
MRF announces a price reduction in its main line truck tyre. The reduction is about Rs.350/- per tyre.
The price reduction is being made to meet the market requirements.
The reduction in prices come into effect from 4th March 2024.
The tyre in question is 1000-20 S3C8+ which is currently selling at Rs 25,250/-and after the price reduction, is expected to sell at Rs 24,900/-
This tyre is the most popular tyre in MRF’s portfolio of truck tyres and therefore the price reduction has great significance.
This price reduction is expected to be welcomed by transporters who are using this tyre for rear fitment in heavy vehicles across the country
4, Mar 2024
Retail’s Brightest Minds Convene at Retail Leadership Summit 2024 to Forge Future Pathways
March 4, 2024, Mumbai: The Retail Leadership Summit 2024 (RLS 2024), organised by the Retailers Association of India (RAI), took place on February 28 and 29 at the Hotel Westin Powai Lake, Mumbai. This annual event brings together the brightest minds in retail to explore forward-thinking strategies within the industry.
Welcoming the audience at RLS 2024, Kumar Rajagopalan, Chief Executive Officer, Retailers Association of India (RAI), said, “In 2023, the retail industry witnessed a tale of two halves: robust growth initially, followed by a plateau. This reflects the criticality of aligning with market dynamics and consumer needs. We’re observing a transformative shift, with retailers blending digital and physical experiences to create seamless consumer journeys. The key to future success lies in harnessing the power of omnichannel strategies and understanding the evolving consumer preference for convenience and trust. As we move forward, embracing innovation and agile responses to market trends will be pivotal in shaping the retail landscape.”
Setting the tone for the summit, Bijou Kurien, Chairman, Retailers Association of India (RAI), expressed, “The retail industry in India is poised for significant growth in the year ahead. Driven by an 8%+ growth in GDP in Q3 FY’24 and based on steady investment by the Government and Private sector, consumption is bound to grow. The combination of online commerce coupled with offline expansion, driven by a more technology savvy consumer with greater aspirations would herald significant changes in retail structure, and channel strategy. Retailers and brands are gearing up for aggressive growth, particularly eyeing tier 2 cities for deeper market penetration. This strategic focus not only indicates a broadening of access for consumers but also signifies a shift towards tapping into the burgeoning demand in emerging urban centres. This optimistic outlook underscores the sector’s resilience and its pivotal role in the broader economic landscape of India.”
Highlights of RLS 2024 included presentations and knowledge reports by RAI-Boston Consulting Group report titled ‘Unlocking the $2Tn retail opportunity by 2030: An activist agenda’, RAI-Deloitte report titled ‘Future of Retail: Profitable Growth through Technology and AI’, RAI-KPMG report titled ‘Achieving seamless commerce in India’ and PWC report titled ‘How India shops online: Consumer preferences in the metropolises and tier-1, 2, 3, 4 cities’. Furthermore, Best Retail Workplaces 2024 report by RAI – Great Place To Work was unveiled and the respective teams were felicitated.
The Summit saw the participation retail leaders, as well as top names in the retail service provider space. Retail stalwarts speaking at the summit included Hari Menon, CEO & Co-Founder, bigbasket, Lalit Agarwal – V-Mart Retail; Sagar Daryani, Co-Founder & CEO, Wow! Momo Foods, Avnish Anand – CaratLane; Avnish Kumar, Director, Neeru’s; Sanjay Vakharia, CEO, Spykar; P Jayakumar – Apollo Pharmacy; Rajiv Nair – Kaya Ltd; Samir Srivastav- Looks Salon; Satyen Momaya, CEO, Celio Future Fashion; Gautam Saraogi, CEO, Go Fashion (India) Ltd (Go Colors); among many others.
Speaking during the panel discussion on RLS 2024, Lalit Agarwal, Founder & MD, V-Mart Retail, discussed creating experiences in retail that resonate deeply with customers, especially budget-conscious customers, to make them feel smart and stylish within their means. He emphasised on emotional connection through personalised service and storytelling, making customers feel valued and understood. Lalit Agarwal advocates for building strong brand connections that extend beyond the store, through all interactions, including advertisements. This approach aims to turn customers into authentic influencers, leveraging word-of-mouth for brand promotion. The key is continuous engagement and storytelling, which ensures customer loyalty and organic growth.
Noting the importance of strategy differences across retail categories, Rajesh Jain, MD & CEO, Sports & Leisure Apparel (Lacoste India), highlighted the approach in the premium fashion segment, emphasising a uniform customer experience across online and offline channels without price differentiation except during season-end sales. He said that this strategy aims to cultivate customer habits and preferences for purchasing channels, whether for convenience online or the experience in-store. By maintaining consistent pricing and service, customers understand the brand’s value proposition, reducing their expectation for discounts and fostering brand loyalty.
Furthermore, Darpan Mehta, Director Tax, APAC International Stores, Amazon (US and India) and Vivek Somareddy, VP, Emerging Markets, Seller Experience and Global Trade, Amazon (US and India) made a presentation on “Unlocking Mechanisms and Working Capital for Business Expansion”.
Additionally, the second day of RLS 2024 featured a keynote speech by David Macadam, CEO of the Middle East Council of Shopping Centres (MECSC) and the International Council of Shopping Centres (ICSC). This was succeeded by a dynamic panel discussion titled ‘Mahasangram: Retail and Retail Real Estate,’ bringing together prominent figures from both retail real estate and retail industries for an engaging exchange of ideas.
Mall Developers participating in the discussion were Abhishek Bansal, Executive Director, Pacific Group; Dalip Sehgal, CEO, Nexus Malls; Muhammed Ali, CEO, Forum Malls; Rajneesh Mahajan, CEO, Inorbit Malls and Shibu Phillips, Director, Shopping Malls, Lulu group. While on the brands side were Manish Kapoor, MD & CEO, Pepe Jeans; Rajesh Jain, MD & CEO, Sports & Leisure Apparel Ltd; Sanjeev Rao, CEO, Being Human Clothing; Sanjay Vakharia, CEO, Spykar Lifestyles; and Tushar Dhingra, Co-founder & CEO, Dhishoom Cinemas.
In his keynote address at the summit before the Mahasangram Session, David Macadam, CEO, Middle East Council of Shopping Centres (MECSC), International Council of Shopping Centres (ICSC), shared insights on the evolution of experiential retail and e-commerce. He discussed the challenges and opportunities within the retail industry, emphasizing the importance of adapting to consumer demands for experiential and sustainable shopping experiences. Macadam highlighted the significant role of AI and technology in retail, the impact of mixed-use developments, and strategies for business development. He advocated for embracing change, prioritizing customer experience, and leveraging strategic partnerships to navigate the retail landscape successfully.
Day 2 of RLS 2024 also had a dedicated D2C segment that saw participation of leaders of top D2C brands namely, Dhiraj Agarwal, Founder, Campus Sutra; Sneh Jain, Managing Director, The Baker’s Dozen; Harsh Lal, Co-Founder, The Souled Store. A scintillating Fireside chat with Parul Gulati, Actor & Founder of Nish Hair (featured on Shark Tank India). This segment explored the unconventional strategies that has enable these brands to achieve immense success in a short frame of time.
Parallelly to RLS 2024 was an extensive session of ‘Retail Store Design’ that saw participation of top retailers and brands deliberating on topics such as ‘Future of Retail Design: Exploring Emerging Trends and Technologies’, ‘Balancing Design and Functionality in Retail Spaces’, a captivating Fireside Chat and a Masterclass on ‘The art of curating memorable and meaning customer journey’.
The advisory board of RLS 2024 includes Anujj Puri, ANAROCK, Ashwin Khasgiwala, Reliance Retail Limited; Avjit Mitra, Croma, Infiniti Retail; Hari Menon, bigbasket; Johnson Verghese, Fossil India; Nissan Joseph, Metro Brands; Rajneesh Mahajan, Inorbit Mall; Sagar Daryani, Wow! Momo Foods; Venkatesalu P, Trent.
The first day of RLS 2024 came to a close with the grand felicitation of the crème de la crème of the retail industry with India’s Retail Champions Award 2024 and the Retail Start-up Awards 2024, both evaluated by eminent personalities from the industry as the Jury.
Winners of India’s Retail Champions Awards 2024 were:
| Categories | Name of the Company | Name of the Brand |
| Apparel & Lifestyle | The Souled Store | The Souled Store |
| Apparel & Lifestyle | Raymond Lifestyle | Ethnix |
| Apparel & Lifestyle | Spykar Lifestyle Pvt Ltd | Spykar |
| Apparel & Lifestyle | Brand Concepts Ltd | BAGLINE, House of Luxury Bags |
| Beauty | Himalaya Wellness Company | Himalaya Wellness |
| Wellness | Wellness Forever | Wellness Forever |
| Wellness | Apollo Pharmacy Limited | Apollo Pharmacy |
| Consumer Durables & IT (CDIT) | Vijay Sales (India) Private Limited | Vijay Sales |
| Consumer Durables & IT (CDIT) | Infiniti Retail Ltd | Croma |
| D2C | Cleardekho Eyewear Pvt Ltd | ClearDekho |
| Department store | Shoppers Stop Limited | Shoppers Stop |
| Food & General Retail (Large format over 5,000 sq. ft) | LULU Group International | LULU HYPER MARKET |
| Food & General Retail (Small format below 5,000 sq. ft) | Reliance Retail Limited | Reliance Fresh Signature |
| Footwear | Metro brands Ltd | Footwear |
| Footwear | Liberty shoes Ltd. | Footwear |
| Home Decor / Home Improvement | Godrej & Boyce Mfg Co Ltd | Godrej Interio |
| Jewellery | Reliance Jewels (Reliance Retail) | Reliance Jewels |
| Restaurant & QSR | Apsara Ice Creams LLP | Apsara Ice Creams |
| Restaurant & QSR | Dindigul Thalappakatti | Dindigul Thalappakatti |
| Speciality Retail | Ample Technologies Private Limited | Monobrand Stoes of Apple, ASICS, UA and Bose. Apple Store brand name “Imagine” |
| Success Story of 2024 | Trent | Zudio |
