Companies & Sectors
Mumbai realty market sees upward trend during on-going festive season

According to industry observers, Mumbai realty market has been witnessing a limited revival in transactions for readily available stock and for those projects whereby construction is on fast track

 
Mumbai: The Mumbai realty market, one of the leading property market in the country, is witnessing an upward trend during the ongoing festive season after a long spell of slowdown owing to lack of approvals, high interest rate, price escalation and general downtrend in consumer demand, reports PTI.
 
According to market estimate, close to 40 odd projects have been launched by above 20 realty companies including leading developers like Lodha Group, Godrej, Sunteck, Omkar, Kanakia, Ajmera amongst others.
 
"The current spate of launches in Mumbai has opened up an inventory of 5,000 plus premium residential apartments aggregating Rs7,200 crore at market average of Rs12,000 per sq ft. A majority of the inventory on offer is for the premium residential segment," a leading real estate developer Alpesh Patel said.
 
Leading real estate player, Omkar Realtors has launched one of the biggest premium residential projects Omkar Alta Monte in Mumbai suburb Malad, spanning over 15 acres in the western suburbs with apartments priced Rs1.9 crore upwards.
 
"We feel the timing is right with market getting into a fairly receptive mood after a long lull. In our case, our iconic residential project is riding on a great location, pricing and unheard of amenities," says Bharat Dhuppar, Chief Marketing Officer (CMO), Omkar Realtors & Developers.
 
The current level of housing inventory is limited as many of the companies are launching their projects in phases.
 
Says Kamal Khetan, CMD, Sunteck Realty, "We have launched Phase-1 of the entire project located strategically at Goregaon West which is a lifestyle city within the city".
 
Lodha Group has also made a soft launch of its Tower 3 at Wadala and "Evoq" at Parel; Sunteck with its tie-up with Disney has launched Sunteck City in Goregaon west.
 
Runwal has launched its 'Anithorium' in Central suburb; Godrej has launched 2 projects -Godrej "Serenity" in Chembur and one in Byculla and is set launch the Tower 3 of Godrej Platinum in Vikhroli East.
 
According to industry observers, the Mumbai realty market has been witnessing a limited revival in transactions for readily available stock and those projects whereby construction is on fast track.
 
This was evident last month in Mumbai with the L&T- Omkar joint venture getting record 400 confirmed bookings for its yet-to-be-named premium residential project in Bhoiwada, Parel area in central Mumbai; which is yet to be launched in the market.
 

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Fuel risks should not be fully passed on to consumers: CERC

Commenting on the draft model power purchase agreement for public private partnership in electricity generation, CERC said the fuel risk should not be passed on to consumers entirely

 
New Delhi: Amid acute coal shortages hurting power generation, the Central Electricity Regulatory Authority (CERC) has said that fuel risk should not be "entirely" passed on to consumers, reports PTI.
 
The regulator's suggestion to the Power Ministry comes at a time when there are concerns that expensive coal could push the electricity tariffs higher.
 
"We are of the view that the fuel risk should not be passed on to the consumers entirely," the CERC said in its comments on the draft model power purchase agreement for public private partnership in electricity generation.
 
The model power purchase agreement (PPA), proposed by the Power Ministry, has raised concerns among sectoral players who feel that many of the proposed clauses could adversely impact the sector.
 
The CERC has said that the Power Ministry should engage with the Coal Ministry to ensure 100% supply of coal for power plants.
 
"In the event of Coal India not being able to supply from its mines, it (Coal India) should import, blend and supply coal to the generator. The cost of blended coal procured by Coal India may be allowed as a pass through," the CERC has said.
 
Official estimates show that nearly 65,000 MW of power generation capacity is adversely impacted by coal shortages.
 
The draft PPA has suggested that costs related to availability of fuel for power plants should be shared between the beneficiary and the generator in the ratio of 70:30.
 
As per CERC, such a proposal where both the bidder and the procurer would be subjected to risks, could lead to "assets getting stranded".
 
According to the regulator, the concept of deemed availability and minimum fuel stock for ten days should be done away with.
 
India is expected to see a capacity addition of more than 80,000 MW in the current Five Year Plan (2012-17).
 

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SEBI to hire investigating agencies for Sahara case

SEBI has issued tender inviting applications from professional investigating agencies for empanelment for conducting investigations in the Sahara case

 
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) plans to hire professional investigating agencies to help it probe matters relating to Sahara group for implementation of a Supreme Court order about refund of money collected from three crore investors, reports PTI.
 
SEBI has already asked these investors against yielding to any pressure from "Sahara or their agents" for switching over their investments in two Sahara companies -- SIRECL and SHICL -- to other group companies.
 
The Supreme Court on 31st August had directed the two Sahara group companies to refund investors' money worth Rs24,000 crore within three months with 15% interest per annum for violating norms in raising funds from the public.
 
Now, SEBI has issued tender inviting applications from "professional investigating agencies for empanelment for conducting investigations in pursuance with the implementation of the Supreme Court order dated 31st August..."
 
The tender coincides with a public notice issued by SEBI, wherein it said that Sahara has not submitted the relevant documents to it and the regulator has been receiving complaints of investors being forced to switch to schemes in its other Sahara group companies.
 
The market is already abuzz with speculations that the regulator is looking to appoint a Registrar and Transfer Agent (RTA) to handle data processing work for this particular case.
 
SEBI floated tender for appointment of an RTA late last month and held pre-bid meeting with the potential bidders on 15th October, but the regulator has not disclosed so far that the concerned data processing work relates to Sahara case.
 
In the pre-bid meeting, SEBI informed the interested bidders that the work relates to three crore application forms pertaining to subscription towards bonds.
 
As per the tender, RTA would have to process application forms and other records of about three crore beneficiaries and an estimated 30 crore documents, consisting of application forms and related papers.
 
The RTA would need to create and maintain an electronic database of three crore beneficiaries, scan documents running into 30 crore pages, provide toll-free help line facility and a grievance redressal mechanism for these investors.
 

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COMMENTS

megha

4 years ago


Sahara does not drive to raise money though convertible debentures issued by enlisted entities.

How can a company like Sahara break the trust of its investors? Sahara istruly a reputed company and they have surely fulfilled all their promises till date. It has been working for the past 33 years and have always maintained their goodwill and position in the market.

arvindkumar baid

4 years ago

Income Tax Department / CBDT which harasses common men for a lit bit problem in tax return filing has not taken a step for verifying the Sahara Records on the basis of remark by Supreme court. I think department thinks Rs. 24000/- as a small amount.I think all the political parties are accomplice to this sahara party. None of them have spoken a single word in this matter. Even all media houses (except moneylife ) have given a detailed analysis of this entire episode. Sahara must have given a good amount to all media honchos or they are having relation like gadkari and sarad pawar (char kam hum unke karte hain aur char kam wo hamare karte hain). This is the only reason that middle class or low income group investors have not got knowledge of the effect of supreme court judgement. They are just transferring their investing in sahara companies to its new found co-operative society or Q shop at the behest of their trusted agents and no one is their to inform them. Even sebi has not given its public notice in all the newspapers it has just given notice in some newspapers to show it is taking some steps and thereby giving time to Sahara to coverup the issue. In this matter we can say that Sahara was very quick in deceiving people by giving add in that emotionally speaking manner stating that it is possible for them to refund the entire amount within 2 days and thereby fooling the investors about its strength.

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