Muthoot NCD

Muthoot Finance is offering secured and unsecured non-convertible debentures (NCDs). The maximum coupon rate is 12.25% for secured NCDs of 36 months. There are options for cumulative as well as non-cumulative NCDs for different periods. Option XI for 72 months, offering to double your money, is unsecured and, hence, avoidable. CRISIL and ICRA rating is AA- (which means higher risk that is compensated with better rates). The interest is taxable even if TDS is not deducted. Taxable NCDs work well for those up to 10% tax bracket. For others, it’s better to go for tax-free bonds from government companies.
 

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Tax-free Bonds

NHPC tax-free bonds issue was closed early due to oversubscription from retail as well as non-retail segments. NTPC, the country’s largest power producer, may offer tax-free bonds in December; interest rates are likely to be in the 8.4%-8.9% range for tenures of 10, 15 and 20 years. IIFCL is planning to issue its second tranche of tax-free bonds; NHAI too will offer tax-free bonds soon.

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Sales in Mumbai at 2-year low

According to a research report by real estate consultancy firm Liases Foras, property sales in the Mumbai Metropolitan Region (MMR) have hit a record low in 23 months. Builders are sitting on unsold inventory equal to 58 months. A ‘month’s inventory’ reflects the number of months required to clear the stock of residential units at the existing absorption rate. A healthy market maintains an eight- to 12-month inventory level. As many as 140,000 housing units measuring 1,000 square feet remained unsold in Mumbai and MMR in the second quarter of the current fiscal.

The average cost of a 2BHK flat in MMR has gone up from Rs1.12 crore last year to Rs1.24 crore this year. This is just a 1% increase sequentially. Mumbai recorded the lowest sales of only 7.85 million square feet in the current quarter against 20.98 million square feet in the National Capital Region (NCR) and 10.97 million square feet in Bengaluru.

According to Liases Foras, to avoid causing a panic among home-owners and the public, builders are trying their best not to drop prices even if it leads to higher vacancy rates. According to the firm, the properties sold during the current quarter comprise just 5% of the total unsold inventory in the city. Another interesting point is that the highest inventory comprises flats costing more than Rs2 crore, while sales have occurred in flats costing between Rs50 lakh and Rs1 crore.

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