Tainwala Chemical appoints Dungarmal Tainwala as compliance officer

Tainwala Chemical And Plastic (I) Ltd said it appointed Dungarmal Tainwala as its compliance officer.

On Thursday, Tainwala Chemical shares declined 1.2% to Rs16 on the Bombay Stock Exchange, while the Sensex closed 0.8% up at 18,113 points.

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Glenmark Pharma gets ANDA approval for Norethindrone Acetate tablets

Glenmark Pharmaceuticals Ltd said its subsidiary Glenmark Generics Ltd received an abbreviated new drug application (ANDA) approval from the US Food and Drug Administration (USFDA) for its norethindrone acetate tablets in 5mg. The company will start marketing and distribution of the product in the US immediately.

Norethindrone Acetate is the generic version of Duramed Research Inc's aygestin and is used for the treatment of secondary amenorrhea, endometriosis and abnormal uterine bleeding due to hormonal imbalance in the absence of organic pathology such as submucous fibriods or uterine cancer.

On Thursday, Glenmark Pharma shares ended 0.9% down at Rs280 on the Bombay Stock Exchange, while the Sensex closed 0.8% up at 18,113 points.

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After the engineered price boom, it’s raining discounts in real-estate

Developers have come down to terra firma after having jacked up rates to astronomical levels

After the huge hike in property rates in Mumbai, developers are now offering discounts on properties, at least in the suburbs. Royal Palms, a property owned by Mumbai-based developer Royal Palms India is offering 1BHK (bedroom-hall-kitchen) of 526 sq ft; 2 BHK (815 sq ft) and 3 BHK (1,082 sq ft) at Rs4,930 per sq ft for its two new towers - Crystal and Diamond Island, both based at Goregaon, a western Mumbai suburb. Earlier, these properties at Royal Palms were available at Rs5,300 per sq ft.

Earlier, Moneylife had reported (http://www.moneylife.in/article/8/6400.html) that Orchid Woods, a residential project by DB Realty, was offering customers through ICICI Home Search, (a division of ICICI Home Finance Company) flats ranging from 2 BHK (1,420 sq ft); 2.5 BHK (1,635 sq ft); 3 BHK (1,820 sq ft) and 4 BHK (2,465 sq ft) at Rs9,500 per sq ft (plus Rs45 per sq ft for floor rise). The flats in Orchid Woods were priced earlier at Rs10,881 per sq ft.

"Property prices have started showing correction as sales are not happening. After the first quarter of the current fiscal, property sales are down by around 15% in Mumbai. End-users have disappeared from the market," said Pankaj Kapoor, founder, Liases Foras, a real-estate research agency.

Mumbai is expected to report lesser volume of real-estate transactions over the next six months, according to industry experts. "We are going to see lower volumes of transactions in the next six months compared to the past six months, if prices do not come down," said Pranay Vakil, chairman, Knight Frank (India) Pvt Ltd.

If the current trend of discounts by developers is any sign of things to come, a much-belated correction in property prices in Mumbai might finally happen. Prices of various real-estate properties - both residential and commercial - had shot up by 30% in a few pockets of Mumbai over the past six months.

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COMMENTS

Nitin

6 years ago

I fail to understand what is the reason behind so much of price increase in the reality...its next impossible to buy a flat in suburbs...to top it all builders are asking for black cash....from where to bring such huge amount that also lack....what are we genuine tax payer getting out of it.....no law and regulations in the reality...poor roads water cuts....congestion problem.... all ministers are blinded by the black money profit they are getting from the reality.... NO one cares... why the hell do we vote to such creeps, SHAMELESS ministers...

This country doesn't even guarantee the fundamental rights to citizens..

Stop feeding to these suckers...
wake up!

Dalip Singh

6 years ago

What positive development across the world economy likewise Indian economy has happened over the months that the builders are raising the prices of the flats,I fail to gather,can someone explain please.Is the recession over,has the economy in the US and Europe recovered,has the employment decreased worldwide.

Srinivasan

6 years ago

Even at these prices, there is a hoax being perpetrated on the buyers - that of Super built up vs. carpet - in the end, if one looks at carpet area, the rates almost double what is being quoted ! Unfortunately, everyone has a vested interest in this, including us as owners of houses - watch the movie - Capitalism - A love story ... it will tell you where the real estate market is going in India.

Dinesh Shah

6 years ago

Good news. Prices of properties are beyond the reach of middle class people. The high prices are manipulation only. Because the developers have made so much money that they are hoding back the sale of premises. Ordinary 2 BHK flat is not less than Rs.80 lakhs in distant suburbs. How many people can buy at this cost even with the bank loan? I believe that if this price rise is not checked, a bubble is being formed. Let it burst.

satish

6 years ago

Govt job is to help builders earn more money and they are doing it honestly. The only way to stop this is stop buying properties for unrealistic prices. If you want to invest then look for other ways. And I agree with Dalip that our ministers will not hesitate to sell this country.

Prakash

6 years ago

I wish this was true. Let me give you examples. 1) Indiabulls Panvel was going for Rs 2500/- psf a couple of months back. Now at Rs 3,000/- psf. A hike of 20% in just a couple of months. 2) DB Realty's Orchid Woods at Goregaon (E) was going for Rs. 9,000/- psf through channels of Aditya Birla Money a couple of months back. Now the rate is Rs. 10,800/- psf. Again a rise of 20%. 3) Oberoi Exquisite, Goregaon (E) was available at Rs 10,000/- psf. Now it is Rs. 11,000/- psf. A rise of 10%. The list goes on..... Builders are hiking rates left, right and centre. According to me it is the vicious circle responsible for this. e.g. Some couple of months back, in a property exhibition, a prominent builder in Thane was offering at around Rs. 6,100/- psf in under construction projects. After a few months there was another exhibition and again when the builder took part they were offering it at Rs 6300/- psf or even higher. They feel that if they keep the same prices then prospective buyers may feel that the flats are not selling and the buyer will still not buy and would prefer to wait. So, to give an 'urgency' feel to the buyer they increase the rates. This makes the buyer take an immediate decision to avoid probable further rise. This strategy is probably true for all builders.

REPLY

Dalip Singh

In Reply to Prakash 6 years ago

Now it seems some sense has prevailed in one or two developers.Orchid Woods by DB Realty is offering at the rate 9222 per s.f plus floor rise.The way builders make up is offer at sightly lower price but show availability of higer floors only,that way they get to sell higher floors first by charging heavy floor rise,comes to the same thing.If you calculate the cost of land and construction the public is paying 40 percent more than what the price actually should be,and above that you have the govt charges in form of stamp duty,vat,service tax,registration,to name a few,then if it is not day light robbery then what is it.As one rightly said one should have a good lawyer if one is going in for purchasing any flat in India as this industry is bereft of any proper legal laid out rules and regulations.All sham nothing but loot ditto what the govt is doing in all the other fields.Loot loot and more loot.Country No.1 of Cheats and Scamsters.Allow me to give them Gold Medal atleast in one field.

Dalip Singh

6 years ago

What with the additional levy of tax by way of service tax,vat etc buyers will find it difficult and the only way to attract them is to reduce the prices.Govt is not in any way helping salvage the situation of supply in any manner and only is interested in levying more and more taxes,least to mention even the Leave and License transactions are not spared.It seems the state govt.has only 2 tax churners one the property and the other octroi,but look at the infrastructure we get in return.No proper planning and if given their way the ministers are not going to spare even a second to sell of this country.

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