Relief for homebuyers as Maha Govt maintains status quo on ready reckoner rates for FY24

Homebuyers in Maharashtra can breathe a sigh of relief as the state government has decided to not raise the ready reckoner (RR) rates in the state for FY 2023-24. This means that the home buyers will not see any increase in property prices due to ready reckoner rates for a year.

Here are a few comments from the real estate experts:

Mr. Sandeep Runwal – President, NAREDCO Maharashtra
“We appreciate the state government’s decision to not raise the ready reckoner rates in the state for 2023 -24. This is a positive step taken by the government which will help improve market sentiments; and was the need of the hour with property prices on an upswing. Also, we hope the government can actually reduce the ready reckoner rates which will bring the cost of homes down and will be a big benefit to the home buyer.”

Mr. Kaushal Agarwal –– Chairman, The Guardians Real Estate Advisory
“The Maharashtra government’s decision to call off the RR rate hike could have far-reaching effects on the state’s real estate market. This decision not only provides developers and property buyers with a sigh of relief, but also contributes to the property market’s stability and affordability. The government has signalled its commitment to supporting the growth of the real estate industry, which is one of the key drivers of economic activity in the state, by maintaining the RR rates unchanged. Furthermore, this move is expected to boost consumer confidence and improve property market sentiment, encouraging more investments and transactions.”

Mr. Pritam Chivukula, Co-founder & Director, Tridhaatu Realty and Treasurer, CREDAI MCHI
“We welcome the state government’s decision to not increase the RR rates. Home buyers will have much to cheer about given that property prices will not go up as for now. This move will improve market sentiments which were presently low, given rising property prices. Now, we can expect more and more home buyers to come forward and buy their home before any further increase in property rates.”

 

 

 

Mr. Manoj Patwal, Founder & MD, BetterServ Ventures Pvt. Ltd
“This is a good move by the state government by holding the ready reckoner rates and not increasing it, as was expected. This will bring a sigh of relief to home buyers who have been burdened by regular property price hikes. This decision of the government will go a long way in building home buyer confidence and creating a congenial environment for growth of the housing sector.”

The Ready Reckoner Rates play a crucial role in determining the stamp duty and registration charges that need to be paid by the buyer while purchasing a property. They are determined based on various factors such as location, infrastructure, amenities, and demand for the area. The rates vary from one area to another, and within an area, they may differ for different types of properties, such as residential, commercial, and industrial.

RuPay Kicks-off IPL 2023 with the ‘RuPay Credit Card on UPI’ campaign

Bangalore, April 03, 2023: National Payments Corporation of India (NPCI) in partnership with the Indian Premier League (IPL) kicks off the 2023 season with the ‘RuPay Credit Card on UPI’ campaign that has been conceptualized by DDB Mudra Group. The campaign focuses on creating greater customer awareness of the game-changing product offering from NPCI which allows users to access their RuPay credit cards through the UPI platform.

The opening day of the season features Dinesh Karthik in a humorous advertisement highlighting the benefits of RuPay credit card linkage on UPI, encouraging the viewers to ask their bank for the same. Additionally, as part of the campaign, 3 other films developed by DDB Mudra Group will also be released throughout the league season.

This seminal development will provide customers with the best of both worlds, integrating the reliability and convenience of UPI with the unmatched incentives that the feature has to offer, thereby creating an unrivaled consumer experience. The films playfully describe how customers will be able to use UPI, while also enjoying rewards and the loyalty points program of their favorite credit card.

The use of this card is life on cards issued by HDFC Bank, BoB Financial Services, Canara Bank, Indian Bank, Punjab National Bank, Union Bank of India, and Axis Bank. Other banks like Kotak Mahindra Bank shall soon be live with their UPI functionality on RuPay credit cards in a few days. Currently, the UPI apps offering this service are BHIM, MobiKwik, Paytm, Slice, and PhonePe.

Commenting on the campaign, Praveena Rai, COO, NPCI, said, “We, at NPCI, are proud to share this path-defining offering of RuPay Credit Cards on UPI and believe it would play a significant role in India’s credit journey. We have always looked to create innovative products facilitating convenience for better payments systems for the nation. Our partnership with IPL, just like the partnership between RuPay and UPI, will amplify our efforts in consumer awareness on the benefits of having access to credit on UPI. The RuPay campaign is witty and breaks clutter. We hope consumers enjoy the ads, as they do IPL.”

Rahul Mathew CCO & Executive Director, DDB Mudra Group, said, “RuPay is the first credit card that allows you to pay through UPI. It’s such a breakthrough and disruption in the category. We felt a product that’s so differentiated and is a standout, needs work that is the same.”

ONGC contributes Rs 100 crores to PM CARES Fund to strengthen nation’s fight against COVID-19 and H3N2 virus

Bangalore, April 03, 2023: Oil and Natural Gas Corporation Limited (ONGC), India’s Energy Maharatna contributed Rs 100 crores to the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) on 31 March 2023. This contribution will facilitate the government’s ongoing efforts to strengthen the healthcare infrastructure, specifically with respect to fighting COVID-19 and the H3N2 influenza virus.

Earlier, ONGC contributed Rs 300 crore to the PM CARES Fund in April 2020 during the first wave of the COVID-19 pandemic and also contributed another Rs 70 crore to this fund in Financial Year (FY) 2021-22 for maintaining the medic equipment purchased by Oil Public Sector Enterprises (PSEs) during the two waves of the pandemic.

As a socially responsible organization, ONGC supports the government’s efforts to ensure the health and safety of all its stakeholders, including communities. This contribution will help provide much-needed resources to amplify the government’s efforts in healthcare.

The contribution to the PM CARES Fund is a part of ONGC’s ongoing efforts to support society and the nation in these difficult times. The company remains committed to its core values of social responsibility, sustainability, and excellence in all its operations.

Mumbai property registrations dips YoY in March 2023

Registration of properties in the Mumbai municipal region has fallen sharply in March 2023, with a total of 12,574 units registered (till 31st March afternoon), contributing over Rs. 1,160 crores to the State revenues, according to State Government data. Although this represents a significant increase as compared to the previous month’s figure of 9,684.

As per property consultant Knight Frank, who analyzed the data, this was the highest revenue collected since April 2022.

The robust registration figures come at a time when rising home loan interest rates are stretching household budgets, while a rise in property prices is also reducing home affordability.

Here are a few reactions from the realty experts:

Mr. Ram Naik, Director, The Guardians Real Estate Advisory
“Despite the challenging economic environment, it is encouraging to see an increase in property registrations in the Mumbai municipal region this month. This is a significant improvement over the previous month, and its contribution to the state revenues is commendable. The upward trend in property registrations demonstrates the real estate industry’s resilience in the face of adversity. The fact that this is the highest revenue collected since April 2022 demonstrates the region’s pent-up demand for real estate. The rise in property prices and home loan interest rates has not deterred buyers, and the increase in registrations demonstrates their confidence in the real estate market. It’s also a good sign for the region’s overall economic growth. We hope that this trend continues and that more people can find their dream homes in Mumbai.”

Mr. Manoj Patwal, Founder & MD, BetterServ Ventures Pvt. Ltd.
“Although there has been a sharp decline in the property registrations in March as compared to last year, Mumbai is continuously witnessing a robust demand and an impressive ascent in property registrations for the past few months. Given the current scenario of steep rise in property prices owing to several factors such as the increase in interest rates, stamp duty and raw materials prices; we have already started witnessing short-term repercussions on the overall housing demand. Going forward, if the Government takes the appropriate measures, we believe that the sales momentum can continue for the coming quarters, and reputed developers with a good track record will continue to dominate the market.”

Mr. Pritam Chivukula, Co-founder & Director, Tridhaatu Realty and Treasurer, CREDAI MCHI
“Mumbai has witnessed moderate growth in property registrations in the month of March despite the hike in interest rates and rise in the property prices. This signifies that the low interest rates have been the biggest factor in the resurgence for real estate demand since the pandemic. Therefore the sharp acceleration of interest rates in a short span of time have resulted in a short-term effect on the sentiment of homebuyers especially in the affordable sector. We request the State Government to step-in and lighten the homebuyer’s load by reducing the stamp duty so that the demand sustains going forward.”

Olympic-length swimming pool inaugurated at The Hyderabad Public School, Begumpet as part of its Centenary Celebrations

Hyderabad, April 032023: Continuing its march towards producing top-notch sportspersons capable of competing at the highest levels, The Hyderabad Public School, Begumpet today inaugurated its world-class Olympic-size swimming pool. The goal of the School is also to provide international training on artistic swimming and aquatic acrobatics to its students along with producing ace swimmers in all disciplines. With this, The Hyderabad Public School, Begumpet will become the first and only school in the country to not only join the select set of institutions in the country to have an Olympic-sized swimming pool but also offer artistic and acrobatic swimming training.

To mark the occasion, globally renowned ‘Kazakh Synchro Stars’ an artistic swimming troupe comprising world and Olympic-level champions were invited to the Hyderabad Public School. The pool was inaugurated today by Chief Guest Smt. Vakati Karuna, IAS, Secretary to Government of Telangana, Department of Education, Chairperson, Board of Governors of HPS, Begumpet. Other dignitaries present at the event included Guest of Honour, Mr. Monal Chokshi, Secretary General, Swimming Federation of India.

The Hyderabad Public School, Begumpet has earmarked an investment upwards of Rs. 25 Crore towards creating a sporting ecosystem that includes modern infrastructure, the right coaches and trainers, and the knowhow in these areas to mold their students into world-class sportspersons capable of winning at the Olympics. The School will focus on cycling, swimming, badminton, table tennis, hockey, and shooting as part of this objective.

Speaking on the occasion, Mr. Gusti J. Noria – President, of The Hyderabad Public School Society said, “In tune with our objective of creating excellence in academics and extra-curricular activities, HPS has embarked on an ambitious mission to produce world-class sportspersons. The inauguration of the Olympic-size swimming pool and introduction of the artistic and aquatic training programs today is another step towards realizing our vision.”

The Olympic-size pool is housed in the HPS swimming complex and is 50 meters by 21 meters, with a deck area of 16,000 square feet with 8 lanes. The complex has the capacity to seat around 1,000. A significant portion of the investment has been made by the alumni community. HPS has a strong Office of Alumni Relations that has a large network of alumni globally linked to the school. Contributions/Donations made to HPS for infrastructure development or scholarships are eligible for tax exemption under 80G of the Income Tax Act.

Adding further Mr. Noria said “It is a matter of immense pride that our HPS alumni have been actively supporting in the development of the institution. I thank all those who have generously contributed towards the swimming pool.”

Kazakh Synchro Stars enthralled the audience with their artistic and acrobatic moves. The members of the national Kazakh team comprising of Yrenchenko Valentina; Bronze medalists in Team Technical Routine – Aida Meimantay and Yekaterina Simonova; Asian champion in artistic synchronized swimming in free solo (women) Akhbasheva Adelyem. Other notable swimmers such as Aliya Karimova, Alexandra Nemich, Yekaterina Nemich, and Arna Toktagan, who had stellar Olympic duet appearances, also joined in the display of yet another stellar performance for the school.

Y20 India signed MOU with DICCI to be their Industry Partner

Youth20, the official engagement group of G20 signed a MoU with the Dalit Indian Chamber of Commerce and Industries, DICCI during the National Conference of DICCI held at Ashoka Hotel, New Delhi. Y20 is a group that brings together young leaders from across the globe to discuss and debate global challenges and policies on the five major themes which include the future of work, peacebuilding, climate change, youth in democracy and governance and health, wellbeing, and sports, etc.

The MOU was signed by Mr. Abhishek Malhotra, Secretary of Partnerships and Finance, Y20 India on behalf of Y20 India Secretariat, and Ms. Maitreyee Kamble, National Convenor DICCI NextGen on behalf of DICCI. The MoU was signed to make DICCI an industry partner for the Y20 India Secretariat in the presence of Dr. Milind Kamble, Founder Chairman DICCI and Chairman BoG IIM Jammu (Padma Shri awardee 2013); Mr. Ravi Kumar Narra, National President DICCI (Padma Shri awardee 2014); Mr. Sanjiv Dangi, National, Vice President DICCI; Dr. Raja Nayak, National Vice President, DICCI, along with Regional heads and National Council team of DICCI.

Speaking about the MoU, Mr. Abhishek Malhotra, Secretary of Partnerships and Finance (Y20) stated, “There is no better forum than DICCI to be an industry partner for Y20 India Secretariat as it is a pioneering platform for promoting diversity and inclusion in the business and industry sectors till the grassroots level. It is renowned for conducting economic ideas aimed at encouraging marginalized youth to carve out their own niche and contribute to national development.

DICCI and Youth 20 together will work on the inclusivity and Diversity thread added Ms. Maitrayee Kamble, National Convenor of DICCI NextGen.

The first event under this partnership is going to be organized on the occasion of Baba Saheb BR Ambedkar Jayanti which is on 14th April 2023.

Option Designs bags Agency of the Year award at MMIFF

New Delhi, April 03 20223 Options Design, a marketing solutions company with a creative bent, has been recognized as Agency of the Year at the MMIFF (Mentor and Mascot Indian Film Federation) Awards. This prestigious award is a testament to the dedication, perseverance, and creativity of the whole team at Options Designs in offering their clients great marketing solutions.

Option Designs is a creative company that produces relevant and client-focused brand concepts and strategies. The diversified team at Option Designs constantly investigates the most recent market studies and makes use of the findings to have a greater impact. Option Designs promotes collaboration between in-house creatives and corporate goals through an open strategy and creative approach. The entire team at Options Design recognizes the concerns of its clients while acknowledging the fact that each of them is unique. They offer a variety of services, such as brand creation and digital marketing, to make their clients stand out in their respective industries. They are skilled at coming up with innovative and compelling concepts and methods regardless of the brand or assignment because of their specialized teams for each customer and project.

MMIFF (Mentor and Mascot Indian Film Federation) is an organization that thrives to advance, safeguard, and watch over the national and international interests of the Indian film industry. MMIFF aims to give a dynamic presentation of the cinema world through culture. The goal of MMIFF is to showcase a lively and culturally relevant view of the world of cinema. With the interests of actors, actresses, artists, producers, distributors, and movie theatres, as well as everyone else involved in the film business, it has allied industries and trades. Option Designs takes pride in its ability to work with customers to create specialized solutions that really provide profitable outcomes.

“It’s vital to celebrate and appreciate triumphs as a team, as it develops a feeling of togetherness and pride in collective accomplishments”, according to Rahul Gandhi, co-founder of Option Designs.

Gandhi further said, “We are grateful for the award from MMIFF, and our team has been very diligent. Congratulations on the win and thank you to the team for your hard work!”

Addressing the achievement, Anurag Mehta, co-founder of Option Designs, says “We have always strived to provide our customers with the highest quality services, and this award is a validation of our efforts”. Apart from that, the entire team at Option Design has collaborated well, utilizing their unique talents and abilities to accomplish the overall agency’s objectives. He extended his heartfelt gratitude to each and every member of the team for their unshakable devotion and enthusiasm towards their work, while acknowledging the work and efforts of his whole team. Using this accomplishment as a source of motivation, they’ll keep expanding their boundaries and scaling new heights in the future.