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RERA may revive real estate sector in second half, say experts

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New Delhi, April 10 : After May 1, when the Real Estate Regulatory Authority (RERA) is in place, the realty sector will likely see an uptrend with slight price correction, say industry players and stakeholders.

This is likely as genuine buyers may pitch in on the back of an improved consumer climate and lower home loan rates.

“Considering the present scenario, the next three-four months are like the gestation period for the realty sector and after six months the sector is likely to gain momentum. We are hoping to see positive impact in the second half of 2017 itself after RERA comes into full effect,” real estate advisory firm PropUrban Founder and CEO Mir Jaffer Ali told IANS.

According to the Real Estate (Regulation and Development) Act, 2016, which came into effect on May 1 last year, every state is supposed to have a RERA in a year’s time.

It will thereon become mandatory for all real estate projects, commercial and residential, to register with RERA for transparent execution.

“At a time when the setting up of a Real Estate Regulatory Authority in each state is set to bring in increased accountability in the markets, we can expect to witness some amount of correction in real estate prices in markets,” property consultant Cushman & Wakefield Managing Director (India) Anshul Jain told IANS.

Ali concurred and said that the cash component in property transactions will see a significant drop, resulting in a fall in land prices, which could be anywhere between 15 and 20 per cent at some places.

On a positive note, almost all banks have also lowered the home loan interest rates post demonetisation which would automatically generate more demand for housing with the sops given to affordable housing in this year’s Union Budget being an added advantage.

The start of 2017 has seen buyer sentiment improve and the anticipation is that with a positive electoral result and encouraging budgetary reforms, the sector should perform better over the course of the year.

Large developers such as the Lodha Group have seen sales of 850 units in February 2017, which indicates a gradual upward trend in consumer sentiment across the segment.

More so, with the dust of demonetisation finally settling, buyers’ sentiments are looking positive in anticipation of higher transparency and efficiency. Genuine requirement for homes coupled with reduced interest on home loans can be attributed to this.

According to a survey by PropUrban, once RERA is fully in place, about 45 per cent respondents would be investing within the next six months, while another 26 per cent are likely to take the plunge within a year.

“Interestingly, now the market will see the return of ‘real buyers’. As for the RERA and Benami Amendment Act, the sector is likely to see positive impact in the short-term — within one-two years,” Ali said.

Moreover, with the deadline of implementing RERA fast approaching, developers are trying to focus on completing their existing projects rather than launching new ones, which is good for the sector and buyers, he added.

With RERA, there would be mandatory disclosure of project details, including those of the promoter, project, land status and clearances. This would increase the credibility of developers and would protect consumer rights as well.

Dharmesh Jain, President, Confederation of Real Estate Developers’ Associations of India — Maharashtra Chamber of Housing Industry (CREDAI-MCHI), told IANS that RERA “will help in bringing in higher transparency and will help the customer to get possession in time. Also, one will know what they are paying for and would be sure they will get what they are promised. In fact, the developers will have to be accountable on the dates and timelines shared”.

Additionally, buyers and developers will now finally be on a level playing field with respect to penalties on delays. Both parties will now pay the same rate of interest in case the buyer delays payment or the developer delays giving possession.

“RERA is a long-term policy measure whose effect will be pretty permanent, in the sense that it will drive unscrupulous or unorganised developers off the market and leave a level playing field for credible players in its wake,” Ramesh Nair, CEO and Country Head of leading property consultant JLL India, told IANS.

“We are now seeing evidence of a gradual revival on the back of pro-consumer measures like RERA coming in, decisive court actions against errant developers, price corrections and renewed confidence in the economy,” he said.

Shubika Bilkha, Business Head, Real Estate Management Institute (REMI), told IANS, “These initiatives will contribute to organising this sector that has been traditionally fragmented and unorganised, while improving consumer confidence.”

By : Meghna Mittal

(Meghna Mittal can be reached at [email protected])

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Israel PM recreates ‘Oscar’ Moment, poses with Bollywood Celebs

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Mumbai, Jan 19: Recreating the viral ‘Oscar selfie’, which featured several Hollywood stars in one picture, Israeli Prime Minister Benjamin Netanyahu, on Thursday night, posed with Bollywood actors as a sign of the “great friendship” between India and Israel.

Netanyahu was at the ‘Shalom Bollywood’ event in Mumbai, where top stars from the industry were present, including Amitabh Bachchan, Aishwarya Rai, Abhishek Bachchan, and filmmaker Karan Johar.

Israel PM Benjamin Netanyahu met 26/11 survivor Moshe Holtzberg at Nariman House. He also laid wreath at the memorial to 26/11 terror attack victims at Taj Hotel in Mumbai on Thursday morning.

 

Baby Moshe is currently in India, for his first visit back since the 26/11 attacks.

Netanyahu Addressed the India-Israel Business Summit and spoke about how two nations that are as focused on innovation as India and Israel , should come together to “define the future” at the India-Israel Summit he was addressing in Mumbai on Thursday, reports ANI.

Israeli Prime Minister had a packed schedule for the last leg of his India visit. Israel PM met with several Indian CEOs in Mumbai on Thursday morning, where he said that the “future belongs to those who innovate”.

Later in the day he will pay tributes to the 2008 Mumbai terror attack victims. There will be a wreath-laying ceremony at the Taj Mahal Hotel in Mumbai, following which he will visit Nariman House and the Chabad Centre.

Israeli Prime Minister Netanyahu and his wife Sara, reached Mumbai on Wednesday evening as per schedule, after being received by Prime Minister Narendra Modi at Ahmedabad in the morning.

Prime Minister Narendra Modi and his Israeli counterpart Netanyahu along with wife Sara on Wednesday inaugurated ‘iCreate’, an autonomous centre for budding entrepreneurs and start-ups, in Deo Dholera Village, Ahmedabad .

The visit assumes significance given Israel’s reputation as being the global hub for start-ups. The Israeli prime minister also presented Modi a special gift — the Gal-Mobile water desalinisation and purification jeep the two leaders rode at Israel’s Olga beach last year.

The two leaders to a traditional reception at Sabarmati Ashram in Ahmedabad after an 8-km roadshow from the airport. Netanyahu, known as Bibi in Israel, and his wife Sara also tried their hand at the iconic Charkha as Modi looked on.

Israeli Prime Minister Benjamin Netanyahu and wife Sara visited the Taj Mahal on Tuesday afternoon after a brief meeting with Uttar Pradesh Chief Minister Yogi Adityanath. They stayed at the Taj Complex for a few hours, posed for photos and learnt about the 17th century monument.

The Israeli Prime Minister first dropped in at a five-star hotel in Agra from where he directly went to see the Taj. The couple are expected to return to Delhi to take part in the Raisina Dialogue, in which Netanyahu is scheduled to deliver an inaugural speech at 4:30 pm.

Tight security arrangements have been made for the VVIP visit and the Taj, the ivory white marble mausoleum on the south bank of the Yamuna, will be closed for common visitors till the Israeli Prime Minister leaves.

No car or person was allowed to be in a periphery of 500 metres around the Taj since morning.

On Monday, India and Israel signed nine MoUs, including key bilateral agreements in cyber cooperation, film cooperation, science and technology. Speaking on Monday at the joint press conference, featuring the two leaders, Prime Minister Narendra Modi said: “My good friend, Bibi welcome to India, your visit marks a special beginning to our New Year calendar.”

Reciprocating the gesture, Netanyahu called PM Narendra Modi a revolutionary leader and said:” With Modi, I feel like I am in a rock concert. The Israeli premier said the Jews of India never experienced anti-semitism in 2,000 years.

India-Israel MOUs

India and Israel sign MOU on – cooperation in oil and gas sector, a protocol on amendments to air transport agreement, agreement on film co-production, field research in homoeopathic medicine, cooperation in the field of space, letter of intent to invest in India, cooperation in metal battery and cooperation in solar thermal energy.

The Israeli Prime Minister Netanyahu met President Ram Nath Kovind at Rashtrapati Bhavan on Monday Evening around 6 pm.

Updates:

Prime Minister Narendra Modi and his Israeli counterpart Benjamin Netanyahu  holded bilateral talks at Delhi’s Hyderabad House on Monday.

Earlier on Monday, Benjamin Netanyahu has been given a ceremonial reception at the Rashtrapati Bhavan, after which Israel PM and wife Sara Paid tribute to Mahatma Gandhi at Rajghat.

Netanyahu will be accompanied by his wife Sara as they will leave for Agra to see Taj Mahal on Tuesday. On the same day, he will visit Delhi and participate in the Raisina Dialogue, where he is scheduled to deliver an inaugural speech.

Netanyahu will leave for Ahmedabad on the fourth day of his tour and visit the Sabarmati Ashram. The minister will also attend an event at the International Centre for Entrepreneurship and Technology. He will later visit the Centre of Excellence, Vadrad. After which, the minister will leave for Mumbai.

On Thursday, Netanyahu will have a power breakfast with Indian CEOs and attend a business seminar. He will also lay a wreath at Taj Hotel Mumbai and pay a visit to Nariman House – Chabad Centre.

He will also reach out to Bollywood personalities in an exclusive ‘Shalom Bollywood’ event, that aims at exploring business opportunities for Indian filmmakers in Israel.

On Sunday, Prime Minister Narendra Modi set aside protocol to receive his Israeli counterpart Benjamin Netanyahu, who arrived in New Delhi for a historic six-day visit. Modi welcomed Netanyahu with a hug upon his arrival. According to Israeli officials, Netanyahu was pleasantly surprised by Modi welcoming him at the airport. “I very much appreciate the gesture,” Netanyahu was quoted as saying by officials.

A smiling Modi embraced Netanyahu and then shook hands both with him and his wife as they stepped on the red carpet at the airport here.

They both then arrived at Teen Murti Chowk, received by Army Chief General Bipin Rawat and Foreign Secy S Jaishankar on Sunday.

 

Delhi’s Teen Murti Chowk has been renamed Teen Murti Haifa Chowk by PM Modi and his Israeli counterpart Netanyahu. The renaming was done in memory of the supreme sacrifice by Indian soldiers to liberate Haifa in Israel in 1918.

Netanyahu who is accompanied by his wife had a brief conversation with Swaraj after renaming the Teen Murti Haifa Chowk in the capital.

This is the first visit to India by an Israeli Prime Minister since Ariel Sharon came in 2003

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India shouldn’t replicate China’s urbanisation models: NITI Aayog VC

Given India’s diversity, it cannot afford “inequitable and unbalanced urbanisation, said Niti Aayog VC Rajiv Kumar

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Instead of replicating foreign models that may lead to inequitable and unbalanced urbanisation, India needs to create growth hubs across the country, NITI Aayog Vice Chairman Rajiv Kumar said on Thursday.

Given India’s diversity, it cannot afford “inequitable and unbalanced urbanisation”, he said.

“It’s unfortunate that we continuously look for foreign models…

We cannot let India replicate what China has done,” Rajiv Kumar said during the national workshop on “Municipal Finance and Effective & Accelerated Implementation of Smart Cities” here.

He said that development in China had happened only along the coastline whereas other areas had remained backward, forcing millions of people to move inward to their homelands during the Chinese New Year and India cannot have millions of people moving from one part of the nation to the other on festivals like Diwali or Holi.

“To minimise the presence of dualistic structure and to connect villages with all the urban facilities, we need to introduce the concept of ‘rurban’,” he said.

“In order to empower our cities, we need economic-political legitimacy, technologically smart solutions and intellectual legitimacy,” he added.

“Unless we make our cities generators of India, we won’t get intellectual legitimacy.”

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Skilling enterprises, start-up developers key to India’s digital dream: IBM

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With digital transformation comes the daunting task of preparing a workforce for technologies like Big Data, Cloud, Artificial Intelligence (AI) and Internet of Things (IoT) that can address the massive demand coming from governments and businesses in India.

According to a top IBM executive, the time is ripe to start the journey right from schools and universities, leading to up-skilling and re-skilling the enterprise and start-up developers’ community in the country.

Between 2010 and 2030, India’s working population is expected to expand from 750 million to almost one billion.

Image result for artificial intelligence digital transformation ibm

“Without adequate education and training, such population growth poses an increased risk of the emergence of a growing class of under or unemployed. Skill is emerging as the new currency across businesses globally and in India,” Seema Kumar, Country Leader, Developer Ecosystem and Start-ups, IBM India/South Asia, told IANS.

“We believe the industry is no more bifurcated into blue-collar and white-collar jobs. The ‘new collar’ job community is embracing technology rapidly, forging deeper relationships with ecosystem partners and acquiring ‘in-demand’ skill-sets,” Kumar emphasised.

Sensing the urgent need to build a talent pool for the future, IBM recently announced a collaboration with the Telecom Sector Skill Council (TSSC) to spur emerging technology skills in the domestic telecom industry.

The agreement outlines a roadmap to build capabilities in the areas of information and communication technology (ICT) to provide the required and relevant skills for the telecom Industry.

“This collaboration will provide an opportunity to students and young professionals to get skilled in emerging technologies including Big Data, Cloud Computing, IoT and mobile applications that have a huge potential in the telecom sector,” Kumar said.

IBM’s student developers’ programme (career education) that infuses software capabilities that are industry specific and market relevant has helped more than 24,000 students and faculty members develop industry-relevant software capabilities.

Developers are the new marketers and decision-makers across organisations and it has become imperative to make them the centre of the core strategy.

“We also have collaboration with US-based Galvanize and Coursera to offer cognitive and Cloud curriculum to developers to help them equip with new age requirements around data science and Machine Learning (ML), etc,” the IBM executive said.

In 2017, IBM organised “IBM DeveloperConnect Roadshow” in Mumbai, Bengaluru and Hyderabad where it offered day-long workshops that combined technical sessions and hands-on activities, led by technical experts from IBM around data science, ML and Cloud.

“We are going to organise the ‘IBM Code’ day for developers in Bengaluru on February 14 which is another step towards introducing the developer community to IBM technologies,” Kumar told IANS.

IBM also has an online learning platform Cognitiveclass.ai that offers several online courses in the area of data science, AI, big data and Blockchain.

“We also work with external Edtech partners who offer structured courses and curriculum based on these technologies. For instance, Jigsaw Academy is leveraging the IBM Data Science experience platform and CognitiveClass.ai to offer advanced customised learning to students and professionals on data science,” Kumar noted.

Similarly, GlobalKnowledge is a training partner offering detailed courses on Cloud and cognitive development, also enabling professional certifications in these domains.

“Today, we are witnessing start-ups adopting Cloud at a fast pace, looking at creating enterprise class solutions and use best practices at a competitive cost, more agile systems and greater efficiency,” Kumar said.

IBM Cloud Private is an integrated Cloud platform built on a Kubernetes-based container architecture.

It is a pre-packaged offering with enterprise-grade content, bringing Cloud native environment to Private Clouds so that start-ups can maintain control over core data while giving developers the flexibility to easily update and launch new apps in a secure manner.

“We foresee start-ups in the FinTech, e-commerce and HealthTech space leveraging IBM Cloud Private for on-premises software portfolio or easily integrate next-generation data and software optimised for Cloud,” Kumar added.

By : Nishant Arora

(Nishant Arora can be contacted at [email protected])

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