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INDIA BUSINESS | Sun, 16 Jun 2024, 8:44PM IST Earlier on Saturday, the ministry of labour and employment issued a notification that significantly lowered the penal charges applicable on employers

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INDIA MARKET | Sun, 16 Jun 2024, 8:43PM IST In the case of porting policies from one insurer to another, the regulator has asked the existing insurers to provide the required details to the acquiring insurance company within 72 hours

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INDIA BUSINESS | Sun, 16 Jun 2024, 8:35PM IST Earlier on Saturday, the ministry of labour and employment issued a notification that significantly lowered the penal charges applicable on employers

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INDIA BUSINESS | Sun, 16 Jun 2024, 8:29PM IST Once finalised, this will be the food delivery major's second biggest purchase since acquiring Blinkit in 2022 for $569 million in an all-stock deal

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INDIA MARKET | Sun, 16 Jun 2024, 8:28PM IST Finance Minister Nirmala Sitharaman is likely to hold pre-budget consultations with industry chambers on June 20, sources said. The budget for 2024-25 fiscal is likely to be presented in Parliament in the second half of July. Industry sources said the pre-budget consultation with Sitharaman would be preceded by a meeting with Revenue Secretary Sanjay Malhotra on June 18. The 2024-25 Budget is likely to lay out Modi 3.0 government's economic agenda. The finance minister will have to look at measures to boost growth without hurting inflation as well as look for resources to meet the coalition government's compulsion. The economic agenda would include steps to fast-rack reforms to make India a USD 5-trillion economy in near future and turn the country into a 'Viksit Bharat' by 2047. The Indian economy is projected to grow 7.2 per cent in the current fiscal on the back of improving rural demand and moderating inflation, as per RBI estimates. The Modi 3.0 government inherits a strong

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INDIA BUSINESS | Sun, 16 Jun 2024, 8:10PM IST Edtech firm Infinity Learn has increased focus on tapping 6th-12th grade students to expand user base following the government's restriction on physical coaching for those below 16 years, and the company expects to double revenue to Rs 400 crore this fiscal. Ujjwal Singh, Founding CEO of Infinity Learn by Sri Chaitanya, said the new rule that barred coaching centres from admitting students below 16 years has opened a new market for the company which already has a large user base of those preparing for all-India level engineering entrance exam JEE and medical entrance NEET. Singh said that the company expects to double revenue this fiscal to Rs 400 crore with expansion of its business both in India as well as overseas. "The new rule... is actually very helpful for us. Students can stay back home and attend online classes. We are addressing them. That is a new big market which has opened for years and this is the reason we have enhanced focus on grade 6-10," Singh said. The edtech fi

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INDIA BUSINESS | Sun, 16 Jun 2024, 7:04PM IST Noida and Greater Noida have become premium real estate hotspots in the last five years, with significant price appreciation and increased demand for luxury properties. The average apartment price has risen from Rs 1.24 crore in 2022 to Rs 1.68 crore in 2023, with a notable surge in sales of apartments priced at Rs 3.5 crore and above. Infrastructure development, completion of stalled projects, and policy changes are key drivers of this transformation.

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INDIA NEWS | Sun, 16 Jun 2024, 7:04PM IST Noida and Greater Noida, once known for affordable and mid-segment properties, have emerged as hotspots for premium real estate over the past five years. Previously limited to properties in the Rs 40-80 lakh range, new launches now frequently exceed Rs 1 crore, often in the same sectors and on leftover land from earlier projects. According to a report by property consultant JLL, 14,822 flats worth Rs 24,944 crore were sold in Noida last year. This surge is underscored by a significant increase in the average apartment price, which rose from Rs 1.24 crore in 2022 to Rs 1.68 crore in 2023. Apartments priced at Rs 3.5 crore and above made up 23 per cent of total sales in 2023. Stakeholders believe the transformation is driven by several factors, chief among them being infrastructure development, completion of stalled projects, and favourable policy changes. Key infrastructure projects include the development of an international airport, dedicated industrial sectors, data centre land banks, and an extensive network of roads, railways, and metro lines, all of which have significantly improved connectivity and logistics in Noida and Greater Noida. Developers such as Experion, M3M, Godrej, Ace, County Group, Max are offering ultra-luxurious apartments and high-end studio apartments in Central Noida. Groups like Express, DASNAC, RG, and others have introduced units starting at Rs 10,000 per sq ft, featuring limited towers with three- and four-bedroom configurations. Price appreciation has been most notable in the 7x (73, 74, 75, 76, 77, 78) and expressway sectors (sectors 108, 142, 143, 150, and 152). For example, the cost of a three-bedroom apartment in these sectors has increased from around Rs 5,800 per sq ft in 2019 to over Rs 10,000 per sq ft today. Country Group's Ivy County, initially priced at Rs 6,000 per sq ft in 2019, now commands Rs 15,000 per sq ft with ready to move in units while rates in its recently-launched Ivory County are between Rs 15,000 sq ft and Rs 16,500 per sq ft. Ivy County is located in Sector 75 Noida, while Ivory County is in Sector 115 Noida. Greater Noida West, also known as Noida Extension, has seen a significant rise in prices as well. A property that was priced between Rs 3,500 and Rs 4,500 per sq ft in 2019-20 now sells for more than Rs 7,000 per sq ft. Whether a property is completed or ready for occupancy, prices in this region have increased steadily. RG Group Director Himanshu Garg highlighted the changing preferences of buyers. "Customers are looking for a lifestyle, not just a nice apartment. They now ask about luxurious entrances, opulent clubhouses, landscaping, and even facilities for visiting guests. This shift in demand has encouraged us to enter the premium segment in Noida and Greater Noida West," Garg said. A critical factor influencing buyer sentiment is the completion of previously stalled projects. Various legacy issues had delayed these projects, but the availability of SWAMIH funds and efforts by UP RERA have facilitated their completion. Promoters have also turned to joint development agreements (JDA), private funding, and asset monetisation to secure the necessary funds. The resurgence of these projects has not only rejuvenated the respective sectors but also driven demand and prices upward. Dinesh Gupta, Secretary of CREDAI Western UP, said, "Large-scale infrastructure developments, such as the construction of Jewar Airport, Film City, have significantly improved public perception of the region. The government's efforts to address stalled projects and maintain law and order have driven promoters to offer beyond established trends." This fiscal year has seen a significant increase in property prices and according to a 99acres report, prices in over 10 Noida areas have risen 23 per cent year-on-year, with the most substantial increases observed in sectors 108 (60 per cent) and 144 (51 per cent). Jaypee Greens in Greater Noida have seen prices jump 30 per cent year-on-year and 92 per cent since 2020, the report stated. Another major factor contributing to this growth is the state government's acceptance of the Amitabh Kant Committee's recommendations. Development authorities recalculated pending dues, allowing developers to deposit dues in installments and proceed with unit registrations. The perception of Noida has been further enhanced by the government's push for business and infrastructure development. Gautam Buddh Nagar is now home to Fortune 500 companies in IT/ITeS, research, and consulting, creating numerous job opportunities and attracting people seeking proximity to their workplaces. Alakshendra Singh, Head of Corporate Communications at Eros Group, said, "In the past two years, we have seen a notable improvement in demand and prices, particularly for projects on 130-meter roads and near future access points like Jewar Airport and the Yamuna Expressway." Civitech Group CEO Sarthi Goel said post-pandemic, there is a drastic change in the image of properties and projects belong to the Noida and Greater Noida region. "Promoters are more aware of the changing taste of home buyers and are learning from past experiences. Now they are bringing limited units and towers, utilising latest construction technologies in construction to avoid any compromise with the quality and timeline. "Of course this will add a premium tag on the upcoming projects and this market is still pocket friendly in comparison of any other regions having similar," Goel added.

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INDIA BUSINESS | Sun, 16 Jun 2024, 6:45PM IST For FY24, its consolidated net profit rose by 23 per cent to Rs 1,974.2 crore from Rs 1,607.5 crore in FY23. Its NII rose by 38 per cent Y-o-Y to Rs 4,153.8 crore in FY24

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INDIA MARKET | Sun, 16 Jun 2024, 6:17PM IST Creta EV and three other electric cars to be launched in India, it added

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INDIA BUSINESS | Sun, 16 Jun 2024, 6:16PM IST Creta EV and three other electric cars to be launched in India, it added

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INDIA BUSINESS | Sun, 16 Jun 2024, 6:15PM IST In the case of porting policies from one insurer to another, the regulator has asked the existing insurers to provide the required details to the acquiring insurance company within 72 hours

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INDIA MARKET | Sun, 16 Jun 2024, 6:13PM IST State-run Indian Oil Corporation was in talks with nearly a dozen liquefied natural gas suppliers for long-term supply contracts

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INDIA BUSINESS | Sun, 16 Jun 2024, 6:12PM IST IIFL Finance, under scrutiny by the RBI for irregularities in its gold loan portfolio, has taken corrective actions to address concerns. RBI directed the company to halt new gold loans due to supervisory concerns and deviations in gold assessment. The company raised capital through rights issues and NCDs to mitigate risks and reported a net profit in Q4.

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INDIA NEWS | Sun, 16 Jun 2024, 5:48PM IST Karnataka Chief Minister Siddaramaiah on Sunday defended the hike in petrol and diesel prices saying that it will ensure funding essential public services and development projects. With the opposition BJP and its ally JD(S) coming down heavily on the Congress government for increasing the petrol and diesel prices by Rs 3 and Rs 3.5 per litre respectively, Siddaramaiah said even after the hike, taxes on fuel remains low compared to most southern states. "The Government of Karnataka has increased VAT on petrol to 29.84 per cent and on diesel to 18.44 per cent. Even after this hike, our state's taxes on fuel remain lower than most South Indian states and similar economy-sized states like Maharashtra," the Chief Minister said in a statement. According to him, the VAT on petrol is 25 per cent plus Rs 5.12 additional tax, and on diesel in Maharashtra it is 21 per cent. Karnataka's revised rates are still more affordable, he pointed out. "Karnataka's VAT adjustment ensures we can fund ...

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INDIA BUSINESS | Sun, 16 Jun 2024, 5:41PM IST Pradhan assures action against NTA officials for 2024 NEET exam irregularities as per SC recommendations, emphasizing the need for NTA improvement.

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INDIA NEWS | Sun, 16 Jun 2024, 5:15PM IST Overseas cargo saw a 7.3 per cent growth in May; Kandla bounces back

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INDIA NEWS | Sun, 16 Jun 2024, 5:15PM IST Overseas cargo saw a 7.3 per cent growth in May; Kandla bounces back

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