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With residents opposing the demolition, the demolition teams of BMC may not be able to begin the actual demolition of the illegal floors today
Campa Cola Society in Worli area of Mumbai witnessed tense moments on Tuesday as over 100 families barricaded themselves and refused to move out of the compound. However, BrihanMumbai Municipal Corporation's (BMC), the civic body, initiated action to disconnect power, water and gas connections before going in for demolition of illegal floors as per the orders from the Supreme Court.
Kishore Kshirsagar, deputy commissioner, BMC told reporters that "Three teams of the BMC have entered the building to disconnect water, gas and electricity connections. The residents had given an affidavit that they will evict their flats by 11th November".
"Our officials will see whether they have vacated their flats and accordingly disconnect the water, gas and electricity connections," he said.
"The residents are opposing the demolition. We are trying to handle the situation peacefully and avoid using force," he said.
Several police personnel have been deployed at the spot to prevent any untoward incident, Kshirsagar said.
The demolition teams of the civic body have also reached the spot but the actual demolition of the illegal floors is unlikely to take place today, a civic official said.
Since the morning, the residents parked their vehicles near the gate, blocking access and said they would not allow civic staff to enter the premises.
The apex court had set the 11th November deadline to vacate 102 flats declared as illegal. Families living in the compound had pinned their hopes on Chief Minister Prithviraj Chavan stepping in and saving their homes by passing an ordinance to regularise their flats. However, the CM is reportedly does not want to go against the legal opinion of the advocate general.
The apartments in the Campa Cola Compound were constructed on land leased in 1955 to Pure Drinks Ltd. Pure Drinks was later allowed by the BMC in 1980 to build residential apartments. Seven high-rise buildings were constructed at the compound between 1981 and 1989 by developers Yusuf Patel, PSB Constructions and BK Gupta.
Illegal floors of Midtown Apartments, Esha Ekta Apartments, Shubh Apartments, Patel Apartments (two buildings, six floors each), BY Apartments and Orchid Apartments comprise 140 flats. While the builders were granted permission for ground-plus-five floors, Midtown has 20 floors, Orchid has 17, Esha Ekta has eight, Shubh has seven while BY and Patel have six floors each.
Nifty closed down for the 6th consecutive day thanks to a falling rupee and bond prices but is set for a short-term bounce.
Markets opened in the green on Tuesday after a sharp fall over the last five days but the optimism did not last long. The weakness could be felt from the opening as it began to slide within an hour. Around noon, the markets dipped into the red and briefly recovered but soon fell off and continued the downward journey till trading session ended. It closed at the low of the day, This is the 6th consecutive day that the market has closed down and a reaction rally is expected anytime now.
The S&P BSE Sensex and the NSE Nifty opened at 20,510 and 6,087, respectively. The Sensex moved up to the level of 20,584 before dropping off to 20,262, while the Nifty moved up to the level of 6,108 then dropped to as low as 6,011. The Sensex closed at 20,267 (down 209 points or 1.02%) while the Nifty closed at 6,011.80 (down 67 points or 1.10%).
The National Stock Exchange (NSE) recorded poor volumes on the decline at just 59.43 crore shares trading hands, marginally better than yesterday but still weak. Of the 1,228 shares on the NSE, 377 advanced, 803 fell while 48 remained unchanged, signifying broad weakness and lack of depth.
All sectoral indices were in the red except for FMCG and pharmaceuticals which were flat. PSU Banks fell nearly 2% while CNX Auto went down 1.50%.
Of the 50 stocks on the Nifty, just 10 scrips ended in the green, showing broad-based weakness. The top five gainers were Ranbaxy (1.51%); M&M (0.93%); ITC (0.93%); Cairn (0.60%) and Sun Pharmaceuticals (0.41%), while the top five losers were JP Associates (-4.88%), Tata Motors (4.27%), Axis Bank (3.38%), DLF (3.31%) and Tata Power (3.19%).
Arvind Mayaram, economic affairs secretary, has said that the finance ministry expects $25 billion of inflows by end of the year. In a measure to contain the rupee and deficit, the Reserve Bank of India (RBI) had received $17.5 billion through a special window for swapping foreign currency non-resident (bank) deposits and overseas foreign currency borrowings by banks.
Elsewhere, in the US, there is a continued outlook that the dollar will continue to strengthen on back of good economic data which has driven US yields higher. Gold prices have been a big casualty in global markets. Gold has already lost nearly a quarter of its value this year. Not only is the world glued on the next potential US Federal Reserve chief but also awaits China’s plans which will unveil China’s direction over the next decade.
Asian markets trended up led by Tokyo which shot up 2.20% to 14,588, thanks to a firmer dollar. Hang Seng remain in the red, down nearly 1%.
US stock futures was flat as talks of Dallas Federal Reserve President Richard Fisher talked of the possibility of tapering once again.