Housing sales fell 30%; new launches decline 44% in Q3FY20: PropTiger report

New Delhi, 14^th Jan 2020: New project launches in India’s nine key residential markets continued to show a decline, falling 44 per cent year-on-year in the period between October and December 2019, primarily on liquidity concerns, shows the report by PropTiger.com, part of Elara Technologies, that also owns Housing.com and Makaan.com.

According to “Real insight Q3FY20”, a quarterly analysis of India’s nine key property markets by PropTiger DataLabs, the ongoing industry concerns related to the NBFC sector, on which real estate developers largely depend on for their financial needs, has made borrowing difficult for builders at a time when a demand slowdown has hit housing sales. This double whammy has resulted in developers continuing to show a cautious stance towards new project launches. 

“The various measures launched by the government in the recent past to revive growth in the real estate market seem to have made little impact. Considering real estate is a major contributor to overall GDP, which hit a glacial 4.5 per cent rate of growth in the July-September period, we expect further assistance from the government, which would nudge buyers to invest in real estate. In the Union Budget scheduled to be released on 1^st February, we expect the Hon’ble Finance Minister to announce measures that would result in higher savings for individual taxpayers, some of which would hopefully make its way towards property purchases,” said Dhruv Agarwala, Group CEO, Elara Technologies, the country’s only full stack real estate technology platform that owns Housing.com, Makaan.com and Proptiger.com. 

Sales fell across cities

Housing sales in India’s nine key property markets fell 30 per cent annually during the October-December quarter despite the government launching several measures in the recent past to revive buyer sentiment. As against 91,464 units sold during the quarter last year, only 64,034 homes were sold across the nine markets in Q3 this year.

Mumbai contributed nearly 40 per cent to overall sales numbers. 

What points towards a nation-wide phenomenon, sales declined across all these markets, with Bengaluru, popularly known as India’s Silicon Valley, registering a 50 per cent fall in sales numbers.  

When compared to the first nine months of the previous financial year, sales fell by 13 per cent during the same period in the current fiscal. As against 263,294 units last year, only 228,220 housing units were sold this year.

Units Sold						Growth
City
	Q3FY19	Q4FY19	Q1FY20	Q2FY20	Q3FY20	YoY (%) Q3vsQ3	QoQ (%) Q2vsQ3
Ahmedabad	5,960	6,414	6,479	5,578	5,118	-14%	-8%
Bangalore	10,299	10,092	9,600	8,425	5,155	-50%	-39%
Chennai	4,467	4,605	4,571	3,772	3,015	-33%	-20%
Gurgaon	4,069	6,970	5,880	3,581	3,834	-6%	7%
Hyderabad	7,869	8,857	7,723	7,002	4,372	-44%	-38%
Kolkata	3,810	4,341	4,333	3,052	2,566	-33%	-16%
Mumbai	30,850	27,527	28,726	24,882	25,198	-18%	1%
Noida	4,556	4,148	3,627	3,038	2,830	-38%	-7%
Pune	19,584	17,911	18,034	15,883	11,946	-39%	-25%
Grand Total	91,464	90,865	88,973	75,213	64,034	-30%	-15%

Sold Units
City
	Apr-Dec 18	Apr-Dec 19	YoY (%)
Ahmedabad	17,436	17,175	-1%
Bangalore	31,932	23,180	-27%
Chennai	14,011	11,358	-19%
Gurgaon	11,794	13,295	13%
Hyderabad	21,505	19,097	-11%
Kolkata	10,754	9,951	-7%
Mumbai	85,811	78,806	-8%
Noida	19,141	9,495	-50%
Pune	50,910	45,863	-10%
Grand Total	263,294	228,220	-13%

Inventory declined 12%

As buyers showed greater faith towards ready homes, inventory levels, declined 12 per cent during the quarter. From 8.83 lakh unsold housing units at the end of the same period last year, unsold stock fell to 7.75 lakh in Q3 FY20. Mumbai and Pune together contribute 57 per cent of this unsold stock.  Also, half of the units in this stock are affordable homes (units priced below Rs 45 lakh). 

At the current sales velocity, builders would take 29 months to sell off the existing stock.

Unsold Inventory						YoY (%) – Q3vsQ3	QoQ (%) Q2vsQ3
City	Dec/2018	Mar/2019	Jun/2019	Sep/2019	Dec/2019	Dec 19 Vs Dec 18	Dec 19 Vs Sep 19
Ahmedabad	60,015	57,220	52,294	50,690	48,367	-19%	-5%
Bangalore	86,335	83,447	80,520	79,046	79,496	-8%	1%
Chennai	36,642	37,344	35,384	33,304	33,694	-8%	1%
Gurgaon	46,364	44,469	44,522	44,199	42,071	-9%	-5%
Hyderabad	42,140	41,509	38,349	35,216	33,227	-21%	-6%
Kolkata	46,364	44,861	42,040	40,029	37,979	-18%	-5%
Mumbai	338,894	328,052	317,253	305,018	296,465	-13%	-3%
Noida	67,991	65,577	63,847	61,545	59,261	-13%	-4%
Pune	158,738	155,679	151,842	148,676	144,300	-9%	-3%
Grand Total	883,483	858,158	826,051	797,723	774,860	-12%	-3%

Over 5 lakh new units to be delivered in CY2020

A total of 5.33 lakh units were delivered across the nine markets in calendar year 2019, and another 5.45 lakh units are expected to be delivered through the course of calendar year 2020.

Launches fall most in Kolkata, Gurugram

Only 41,133 units were launched in Q3 FY20 as against 73,226 units in the corresponding period last fiscal, the report shows. New launches fell across markets, with Kolkata and Gurugram seeing the biggest fall, at 79 and 74 per cent, respectively.

  

Nearly 40 per cent of new launches were concentrated in India’s financial capital Mumbai, data show.

Affordable housing continued to dominate launches, with 52 per cent units launched in this segment.

When compared to the first nine months (April-December) of the previous financial year, launches declined by 32 per cent during the same period in the current fiscal. While 215,596 units were launched between April and December in the previous year, 145,852 units were launched during the same period this year.

Prices increase marginally across cities; Hyderabad sees 13% appreciation

Average values of property increased by 13% year-over-year in Hyderabad, the highest increase among all the cities included in the report, while Gurugram and Ahmedabad registered 6% and 5% increase, respectively.  In other cities, prices showed only nominal increases, between one and three per cent.  

(The cities coved in the analysis are Ahmedabad, Bengaluru, Chennai, Gurugram (includes Bhiwadi, Dharuhera and Sohna), Hyderabad, Kolkata, Mumbai (includes Navi Mumbai and Thane), Pune and Noida (includes Greater Noida and Yamuna Expressway))

Kia Motors presents Carnival for the Elite Class

·       The Carnival will be launched at the upcoming Delhi Auto Expo 2020

·       Carnival is a never before combination of sheer luxury and amazing performance

·       Powered by a Diesel 2.2L VGT BS6 compliant engine paired with an 8-Speed Sportsmatic Transmission (8AT)

·       Class-leading features: VIP seats, 10.1” Dual Touchscreen Rear Seat Entertainment system, One-Touch Power sliding door, Smart Power tailgate, Dual-Panel Electric sunroof, Advance UVO Connected car Technology

·       Available in three generous trims: Premium, Prestige and Limousine

Delhi-NCR, 14 January 2020: Kia Motors, the world's eighth largest automaker, today showcased its vehicle for the Elite class - the bold, stylish and sophisticated Kia Carnival. Aesthetically designed and sumptuously appointed to boast class-defining luxury, the Carnival is powered by a Diesel 2.2L VGT BS6 Compliant engine paired with an 8-speed Sportsmatic transmission (8AT). Offering power-packed performance, replete with the most aspirational interior and exceptional ride and comfort, the Carnival will be launched at the upcoming Delhi Auto Expo 2020.

The Kia Carnival is a perfect blend of style and practicality, offering best-in-class safety, comfort and refinement for occupants. The Carnival will be offered in three exuberant trims – Premium, Prestige and Limousine and with multiple seating configurations of 7, 8 and 9. There are two 7 seater options, the regular has 4 captain seats  with 3 sinking seats and another variation the 7  VIP, has the option of second row VIP seat for ultra-luxurious experience. The 8 seater has 4 captain seats and 3 sinking seats. The 9 seater, which has 6 Captain + 3 sinking seats. It is equipped with class-leading features to connect with style-conscious and tech-savvy consumers, like Dual Panel Electric Sunroof, VIP Seats with 10.1” Dual Touchscreen Rear Seat Entertainment System, One-Touch Power Sliding Door and Smart Power Tailgate among others.

Introducing the Kia Carnival in India, Mr. Kookhyun Shim, MD & CEO, Kia Motors India said, “We are overwhelmed by the love for brand Kia that the Indian market has shown. To strengthen our relationship further and add new fans to the brand, we are all set to launch the new Kia Carnival in India. With this new aspirational offering, Kia Motors is addressing the unmet needs of the Indian Elite Class consumers. With its fresh styling, rich features, excellent quality and exuberant appointments, the Carnival addresses Indian customers who value aesthetics, performance, refinement, safety and space. I am sure that the Carnival will also be well-received by India and add to Kia’s reputation as an exciting brand for young-at-heart people.”

Stylish and Sensible

The Carnival comes with a wide and stylish stance combined with Kia’s characteristic boldness, offering a perfect blend of pragmatism and versatility. The front of the Carnival comes with a wide, upright ‘tiger-nose’ grille and wrap-around LED Projection headlamps with LED DRLs to give it an imposing appearance. In profile, it has a swept-back silhouette with a long bonnet and an all-round glass area that gives it a dynamic appearance along with Floating Roof design and R18” Sputtering Finish alloy wheels. A strong crease that runs along the length of the car and sculpted surfaces add to its dynamism. The rear of the Carnival further emphasizes its solid appearance with wide LED rear lamps, broad metal surfaces and a glass area shaped to give it more prominent ‘shoulders’. Dual Panel Electric Sunroof gives a statement of luxury.

First in segment Connectivity

UVO is the latest evolution in connected car and infotainment, which is testimony of Kia’s continued quest to provide advanced technology that makes driving safer, convenient and enjoyable. UVO comes with 37 smart features, offered free for initial 3 years.

Best of UVO Smart features can be now accessed through smart watch as well, which takes car connectivity at a different level. The smart watch allows remote engine start stop, AC Control, Smart Pure Air control, horn/ light, door lock/ unlock and vehicle status. It also provides Tyre pressure and fuel level information status along with notifications on movement and safety alerts.

Category-defining interiors

First-class air travel was a key influence behind the design and layout of the cabin. Sophisticated and luxurious, the cabin of the Carnival is made up of high-grade materials, providing a premium, modern look. Its elegant individual seats, superior ambience and consistent design throughout the cabin are aimed at ensuring maximum utility and comfort for all. The Carnival also sports a range of intelligently-designed features to ensure a more efficient and flexible use of space for all occupants. Depending upon the trim level and seating option, the Carnival can accommodate up to 9 persons in all.  

Modern technology for a more luxurious cabin

The new Carnival is equipped with a range of advanced on-board technologies designed to improve the car’s capabilities and owner and occupant satisfaction. The VIP seats in the Limousine trim offer tremendous comfort and leg room for passengers, and can be set for individual preferences. The 10.1” Dual Touchscreen Rear Seat entertainment system comprising 10.1”monitors, and 8 speakers Harman Kardon Premium Sound system offer Lounge-like experience while on the move.  The Smart Power Tailgate automatically opens when the smart key is ‘sensed’ in close proximity to the trunk, while the Carnival’s power-sliding rear doors also open at the touch of a button. Smart Pure Air purifier gives clean and fresh air to the occupants.

Performance on tap

The 2199cc four-cylinder common rail direct injection VGT diesel BS6 compliant engine has been engineered for greater efficiency and performance. Developing 200 ps at 3,800 rpm and  440Nm of torque between 1500~2750 rpm, the engine is paired with Kia’s 8-speed Sportsmatic transmission. This offers smooth application of power for a relaxed drive as well as performance when you want it.

Comfort and convenience features

Equipped with a host of convenience features, the Carnival offers efficient use of space and comfort for passengers. Features like Tri zone Auto AC, Electronic Parking Brake, Auto Defog windscreen, Smart Cruise Control, front and Rear parking sensors, tilt and telescopic steering wheel adjustment, auto-dimming rear-view mirror and numerous storage spaces throughout the cabin for greater practicality make it a perfect partner on the road.

Details of the trims are as below:

Premium Trim

The base trim of Kia Carnival is loaded with key technology and infotainment features such as touchscreen Audio with Android Auto and Apple Carplay, 4 Speakers and 2 Tweeters and Steering Audio Controls. It will  come with Rear View Camera, 3.5” Cluster LCD Panel, Cruise Control, Smart Key with Push Start/Stop Button, Tilt and Telescopic Steering, Electrically Adjustable Outside Mirror, All Power windows with Driver Auto Down and Auto Headlight Control. 

Premium trim on the Carnival features driver and passenger airbags, ABS with EBD, Front and Rear Disc Brakes, ISO-FIX, and Rear Parking Sensors.

R18”Crystal-Cut Alloy Wheels, Chrome outside Door Handles, Rear Spoiler with LED HMSL and Rear Chrome Garnish accentuate the sophisticated look of the RV.

Premium trim will be available in 7-seater and 8-seater variants.

Prestige Trim

The Prestige Trim naturally offers all the features of Premium trim along with several additions, making the Carnival even more desirable for customers.

Prestige line offers Electronic Stability Control with Hill Assist Control, Roll-over Mitigation and Cornering Brake Control, Side and Curtain Airbags and Front Parking Sensors.

Further enhancing the look and adding convenience to the drive are Front Grille with Chrome inserts, LED Projection Headlamps with LED Position Lamps, Ice Cube Shape LED Fog Lamps, LED Rear Combination Lamps, Roof Rails, Chrome Surround on window, Smart Power Tailgate, UV Cut front door glass and windshield and 220V Laptop Charger and USB Charger.

The Dual Panel Electric Sunroof with all Interior LED lights, Sunshade Curtains, Electric Folding Outside mirror, Chrome inside Door handles, Pop up sinking seats, sliding seats and much more will make the CARNIVAL as comfortable as a home.

The Prestige trim will be available in  7 seater and very practical 9(6 captain + 3 sinking) seat options.

Limousine Trim

This is the top-of-the-line Carnival and will include all the features available in the Premium and Prestige trims. That apart, the Limousine trim is available as a 7-seater option, and will be topped up with 2^nd Row Luxury VIP Seats with Leg Support, Premium Nappa Leather Seat Upholstery, Leather wrapped steering wheel and gear knob, Premium Wood Garnish, R18”Sputtering Finish Alloy Wheels and High Line  Tyre Pressure Monitoring System.

Taking the infotainment quotient a higher will be Touchscreen Audio with In-built Navigation and UVO Connected Car (3 Year Free), Harman/Kardon Premium 8 Speaker Sound System and 10.1” Dual Touchscreen Rear Seat Entertainment System.

Limousine trim takes relaxation and ease to the next level with Smart Pure Air Purifier with perfume diffuser, Electronic Parking Brake, 10-way Power Driver Seat, Driver Seat Ventilation, Front Console Wireless Smartphone Charger and Auto Antiglare inside Rear View Mirror (ECM) with UVO Controls and Smartwatch connectivity.

Prices and further details of the new Kia Carnival and its variants will be announced at the Delhi Auto Expo 2020.

Direct payment from Paytm Wallet, minimum documentation & other benefits of using Paytm FASTag

More than 3 million customers are using Paytm FASTags for a hassle-free commuting experience across India. Read on to know what makes Paytm FASTags the most popular choice for seamless toll payments on more than 500 national and state highways.

Unmatched benefits for Paytm FASTag users

·      Pay directly from Paytm Wallet: Unlike FASTags issued by other banks, Paytm FASTag doesn't require any separate prepaid account to be created. The money for toll payments gets auto-debited from Paytm Wallet and the balance can also be used for shopping, recharges, bill payments, etc.

·      Minimum documentation required: Our users can purchase Paytm FASTags by only providing their vehicle's registration number and certificate. Yes, that's it! Whereas FASTags issued by other banks require the buyers to provide multiple documents like ID proof, photographs and other personal details.

·     Avail cashback: Apart from receiving 2.5% cashback on all toll transactions done at NHAI plazas for the financial year 2019-20, our users of Paytm FASTag can also avail monthly cashback offers.

·      No convenience fee: Our users do not need to pay a convenience fee on any transaction at the toll plazas or for adding money to their wallet, and can easily access the digital receipt of each transaction in the passbook section on their Paytm app. In addition to this, it is delivered free of cost at their registered address and therefore, one does not need to pay any shipping charges.


How to purchase Paytm FASTag?
·      Search for 'FASTag' or tap on the 'Buy FASTag' icon on the Paytm App

·      You will be redirected to Paytm FASTag for Car/Jeep/Van Class 4 Vehicles

·      Enter your Vehicle Registration Number

·      Confirm your delivery address & proceed for payment through any of the available payment options

·      Tag will be dispatched free of cost to your registered address

To further help people conveniently purchase FASTags, we have set up over 250 camps at toll plazas and another 500 have been arranged in corporate offices, residential societies and parking lots in the top 20 cities including Delhi NCR, Bengaluru, Mumbai, Hyderabad, Chandigarh, Pune, Chennai, and Jaipur.



How to activate and recharge FASTag
·       FASTag is automatically activated post the validation of the vehicle RC scans submitted by the user during the time of purchase

·       To recharge, simply add money to your Paytm Wallet and the toll payment will get auto-deducted once you cross the FASTag lane on NHAI toll plaza

Remember, that FASTag can be used for toll payments only after 20 mins of adding money to the Paytm Wallet.


How to use Paytm FASTag?
Paytm FASTag works in a highly user-friendly manner, with minimum effort required from your end. Follow the below steps and zip through NHAI tolls:

·       Step 1: Remove the adhesive strip and put the tag carefully in the centre of your vehicle's front windshield

·       Step 2: Add sufficient money to your Paytm Wallet using UPI or from any bank account

·       Step 3: Enter the dedicated FASTag lane at NHAI Toll Plaza. The Reader at the plaza will read your tag’s detail and applicable toll charges will automatically get deducted from your Paytm wallet.

FASTag not working? We are there to help you 24X7

You can call us on our FASTag toll-free number - 1800-102-6480 or chat with us by tapping on the '24X7 Help & FAQs' icon in the Toll & FASTag section on your Paytm app.

In case the RFID/handheld Scanner is not working at the toll, please reach out to NHAI on their toll-free number - 1033 for resolving your issue. If the issue still persists, you can contact us on our FASTag toll-free number mentioned above and we will assist you in raising the issue with the relevant authority.

13th ICAI Awards on 14th January 2020 to honour Chartered Accountants

The Institute of Chartered Accountants of India (ICAI) will host its premier event the 13^th ICAI Awards on 14^th January 2020 to honour Chartered Accountants for their exemplary contributions and professional excellence in various categories at a felicitation ceremony in Mumbai.

The awards were instituted in 2007 to honour professionals with excellent skills, dedication, enthusiasm, leadership, and the ability to deliver the best that we all strive to emulate. The jury comprising of eminent personalities deliberated for long hours on nominations received and selected the awardees under the Chairmanship of Shri Kishore Biyani, Founder of Future Group.

Other members of the Jury Panel were, CA. K.K. Maheshwari, MD, Ultra Tech Cement Ltd., Shri Sanjay Kumar Jain, IPS, Director (Exploration), Ministry of Petroleum and Natural Gas , CA. Anand Rathi, Chairman, Anand Rathi Group, Adv. Sanjay Jhanwar, Managing Partner, Chir Amrit Legal LLP, CA. Subhash C. Aggarwal, CMD, SMC Group, Shri Sachin Jain, IRS, Commissioner, CGST-CX Allahabad, CA. Kamlesh  Vikamsey, Member, Audit Advisory Committee (AAC), United Nations Children's Fund (UNICEF), Shri Satish Kashinath Marathe, Director, RBI, CA. V. K. Viswanathan, Independent Director, HDFC Life Insurance, CA. Sushil Agarwal, Group CFO, Aditya Birla Group, CA. R.M. Vishakha, MD & CEO, IndiaFirst Life Insurance Company Ltd & Shri Milind Deora, Former Member of Parliament

Corporate Consultant and Management Author Gurcharan Das and ORF Distinguished fellow and Author Capt Raghu Raman will be the Guest of Honours at the awards ceremony.

To provide extra value addition to the event attendees will get the advantage to participate in a Leadership Summit 2020, a multi-track summit which is an excellent platform for professionals to participate in knowledge enriching sessions. It has been designed and formulated in a manner to update the knowledge of the members on contemporary and path breaking topics as well, which are of relevance to their professional domain and interest such as accounting, accountability and ethics to robotics, challenges of modern finance, and opportunities and risks in the times of trade war and data war.

The Penang Convention & Exhibition Bureau (PCEB) launched its annual roadshow to India in Mumbai

13 January 2020

( L to R ) Mr. Ashwin Gunasekeran, CEO, PCEB,  The Hon. Mr Yeoh Soon Hin, Penang State Minister for Tourism, Arts, Culture and Heritage, Mr. Satees Muniandy

Malaysia’s Penang Convention & Exhibition Bureau Leads Delegation of 15 to India, Launching New Incentives and Support for the India Market

Mumbai, India — The Penang Convention & Exhibition Bureau (PCEB) launched its annual roadshow to India in Mumbai this morning at the Four Seasons Hotel as part of the Penang Roadshow to India 2020.

Beginning the roadshow in Mumbai on 13th Jan, the Penang delegation will continue on to New Delhi on 15 Jan, Chennai on 17 Jan and Kochi on 20 Jan with the objective of promoting Penang as the preferred destination for corporate and association meetings, conferences, and incentives, and leisure travel.

                                                         

Penang is world-class travel destination, one that is famed for its unique offerings of a modern international island city, a UNESCO World Heritage Site, lush rainforests, beautiful hill station, shopping galore and fabulous food. Additionally, this Northern Malaysian state is one of the world’s top travel destinations.

Capitalising on Penang’s rising popularity in India, the Penang Roadshow to India will host, in each of the four cities it is visiting, a B2B engagement session with participating Business Events and leisure travel buyers from India as well as a media session with the local Indian and Business Events media.

Led by The Hon. Mr Yeoh Soon Hin, Penang State Minister for Tourism, Arts, Culture and Heritage, and Mr. Ashwin Gunasekeran, Chief Executive Officer of PCEB, the roadshow is supported by a Penang delegation of 14 partners, including hotels, destination management companies, attractions, professional conference organisers and event experts. Also accompanying the Penang delegation is The Hon. Mr. Satees Muniandy, Penang State Assemblyman for Bagan Dalam. Also joining the roadshow as the Official Media Partner is TIN.Media, Malaysia's home grown B2B Travel Industry Media, and PCEB’s strategic airline partner, Malaysia Airlines.

PCEB is also launching the Penang Specialist Programme designed for the Indian market. The Programme will equip select outbound travel, MICE, wedding and filming agencies with first-hand knowledge of Penang through a full day workshop conducted in each city concurrently with the B2B engagement session. Among the incentives that the Penang Specialists can qualify for are special incentive for group sales of 100 pax and above, famil opportunities to Penang, opportunities to attend PCEB’s training and networking programme in Penang and India, and much more. The certification of the Penang Specialist Programme is valid for three years upon which qualifying members will be invited for recertification. The workshop is conducted by Ms. Katharine Chua, the Managing Director of Penang’s Tropical Spice Garden.

“The number of Indian travellers to Penang has also increased in recent years. The Penang Immigration Department reported that for the period between Jan to Dec 2019, 61,847 Indian travellers visited via the Penang International Airport and Penang Swettenham Port (cruise liners) compared to 43,537 in the same period in 2018. This is a 42% increase, making it one of the healthiest growths we have experienced,” said Mr Ashwin Gunasekeran, Chief Executive Officer of PCEB.

“India is one of the top five markets for Business Events in Penang, and over the past years, we have received encouraging interest from event planners and conference organisers. In 2019, 4% of Business Events of Asia Pacific origin was from India, contributing RM268.6 million (USD 65.89 million in estimated economic impact,” he added.

To further attract the Indian outbound meetings and conference market, PCEB introduced a new support package specially tailored for India. The support packages start from as low as sponsorship of souvenirs and welcome luncheon for the organisers valued at RM3,500 (for confirmed meetings/conferences of 50 to 100 delegates) to hosted site inspections, welcome luncheon for organisers, cultural performances and souvenirs valued at RM10,000 (for incentive groups of 501 delegates and above.)

Penang Roadshow to India 2020 Partners:

1.      Ace Conference & Events

2.      Asian Overland Tours & Services

3.      Apollo Holidays Malaysia

4.      Goche Corporation

5.      Hotel Equatorial Penang

6.      Malaysia Airlines

7.      Malaysia International Trade & Exhibition Centre (MITEC)

8.      Mercure Penang Beach

9.      Setia Spice Convention Centre

10.   Shangri-La’s Rasa Sayang Resort & Spa and Golden Sands Resort

11.   The Habitat Penang Hill

12.   The Wedding Company.Asia

13.   Tropical Spice Garden

14.   TIN.Media

Slowdown hits MMR residential, sales fall 5% YoY in 2019

; a more pronounced 14% YoY sales decline in H2 2019: Knight Frank IndiaLaunches down 6% YoY in H2 2019; but grow 7% YoY on a full year basis
Apartment prices in MMR decline for 3^rd consecutive year; down 14% from peak of H2 2016

Office leasing in Mumbai hits all-time high of 9.7 mnsqft in 2019BFSI dominates office leasing activity in H2 2019, garnering 64% shareTrend of pre-commitments which has been witnessed in other cities of India, now in MMR

Mumbai, January 07, 2020:Knight Frank India today launched the 12^th edition of its flagship half-yearly report - India Real Estate: H2 2019 - which presents a comprehensive analysis of the residential and office market performance across eight major cities for the July-December 2019 (H2 2019)period.  The report showed that the number of homes launched in Mumbai increased by 7% YoY to 79,810 units in 2019 but recorded a 6% YoY decline to 35,988 units in H2 2019. While the number of homes sold fell by 5% YoY to 60,943 units during the calendar year 2019, a more pronounced 14% YoY decline to 27,212units was registered in the second half of the year (H2 2019).

Office market of Mumbai witnessed a historic year in 2019, with the leasing activity registering a 22% YoY growth touching 9.7 million square feet (mnsqft), the highest ever transaction recorded in the city's office market. New supply of office space went down by 18% YoY to 5.4 mnsqft in 2019. In the second half of the year H2 2019, the leasing activity was stable at 5.1 mnsqft and the new supply was higher by 61% YoY at 3.5 mnsq ft.

RESIDENTIAL MARKET HIGHLIGHTS OF MMR

·         The trend of strong growth in new launches which was witnessed in 2018 and continued till H1 2019 reversed in H2 2019. The new launches declined by 6% YoY to 35,988 units in H2 2019.

·         Growth in home launches in Mumbai Metropolitan Region (MMR) tapered down to 7% YoY at 79,810 units in 2019, after registering a stellar 220% growth in 2018.

·         Affordable houses continued to dominate launches in MMR with 61% of the new launches in H2 2019 coming in the sub-INR 7.5 million (INR 75 lakh) category.

·         Thane market recorded the highest growth(36% YoY) of new launches in H2 2019 on account of many mega launches by some of the top developers of the city.

·         Residential real estate in MMR faced a difficult year with sales declining by 14% YoY in H2 2019 and by 5% YoY in 2019. The annual sales in 2019 came close to the lowest sales of this decade which was recorded in 2016, the year of demonetisation.

·         While sales have declined across micro-markets in H2 2019, the extent of decline was lower in the affordable and mid-segment markets of Peripheral Suburbs and Thane.

·         The ongoing economic slowdown, national and state elections in 2019, and the prolonged NBFC crisis have had their share of impact on consumer sentiments and affected the demand for real estate.

·         Weighted average home prices in MMR continued to correct in 2019, although marginally, by 2% YoY to INR 7,014 per sq ft. The prices have corrected by 14% from the peak of H2 2016.

·         Apart from reduction in base prices, several freebies such as no-floor rise, two-year free maintenance, free clubhouse membership, various subvention plans, GST waivers, assured two-year rental schemes and a host of other indirect discounts continue to remain in the market.

·         The actual discount offered during the transaction would also be higher as developers are more than happy to negotiate on the pricing in order to ensure that the deal is closed.

·         Quarters-To-Sell (QTS) for the MMR market went up from 8 quarters in H2 2018 to 9.3 quarters in H2 2019 due to slower sales velocity in this period.

·         MMR had the highest quantum of unsold inventory in India at 145,301 units, registering a 15% growth over 2018.

Gulam Zia, Executive Director– Valuation & Advisory, Retail & Hospitality, Knight Frank India, said, "The Indian economy has faced a challenging year in 2019 with the GDP growth rate slowing down and the resultant impact being witnessed across several industries. The residential sector in Mumbai was also impacted by the general slowdown as well as the continued effects of the credit crunch and NBFC crisis which has impacted end-user sentiments with sales declining by 14% YoY in H2 2019. We hope that the series of reforms that the government is undertaking would augur well for the revival of the economy as well as real estate sector."

COMMERCIAL MARKET HIGHLIGHTS OF MUMBAI

·         Leasing activity in MMR was stable at 0.47 mnsq m (5.1 mnsqft) in H2 2019.

·         Office leasing in MMR touched a historic high of 0.9 mnsq m (9.7 mnsqft) in 2019, registering a 22% YoY growth, mainly driven by large pre-commitment deals in the BFSI sector.

·         Suburban business district West (SBD West), comprising areas such as Andheri, Jogeshwari, Goregoan and Malad, garnered the highest share of transactions (63%) in H2 2019, followed by SBD Central, comprising areas such as Kurla, Ghatkopar, Vikhroli, Kanjurmarg, Powai, Bhandup and Chembur, at 14%.

·         BFSI continued to have largest share in office leasing activity in H2 2019, garnering 64% share of total transactions, followed by Other Services sector garnering with 30% share.

·         Co-working operators took up 0.03 mnsq m (0.34 mnsqft) of office space in H2 2019 and constituted 22% of the transactions by the Other Services sector and 7% of overall transactions in H2 2019.

·         The transaction volumes stated above do not capture the space subleased by co-working operators.

·         New supply of office spaces in MMR grew by 61% YoY to 0.32 mnsq m (3.5 mnsqft) in H2 2019 but was down by 18% YoY to 0.5 mnsq m (5.4 mnsqft) in 2019.

·         Four out of six business districts witnessed an addition of supply in H2 2019.

·         Weighted average transacted rentals in MMR increased by 5% YoY to INR 123 per sqft per month in H2 2019.

·         Central Mumbai and SBD Central witnessed the highest rental growth of 7% YoY each during H2 2019, followed by BKC at 4% YoY and SBD West at 3% YoY.

·         Vacancy level in MMR declined from 21.5% during H1 2018 to 17.5% during H2 2019 as new completions lag behind transaction activity for three half yearly periods since H2 2018.

·         Peripheral business district (PBD) continued to have the highest vacancy of nearly 26.8%, followed by SBD West at 21.9%.

·         The trend of consolidation of space by occupiers continued across the MMR office market. Despite the number of transactions decreasing from 145 in H2 2018 to 138 in H2 2019, the average size of deals increased from 34,887 sqft to 36,649 sqft in the same period.

Gulam Zia, Executive Director– Valuation & Advisory, Retail & Hospitality, Knight Frank India, said, "The office market across the top cities in India continues to witness healthy transaction activity. The euphoria was also witnessed in MMR which recorded the highest transactions ever in 2019.There were large pre-commitment deals in BFSI sector which propelled MMR’s transaction activity to historic high. The trend of pre-commitments has been witnessed on a regular basis in the other cities of India like Pune, Bengaluru and Hyderabad. However, it remains to be seen if this trend of pre-commitments is likely to continue in MMR.”

The fourth edition of Godrej L'Affaire all set to take place in February 2020

Mumbai, 6th January 2020: Godrej L’Affaire, a curated experiential luxury lifestyle platform by the Godrej Group, is back with its much awaited fourth edition. With the theme of ‘Aarambh’ or New Beginnings, L’Affaire is all set to take place in Mumbai on Saturday, February 22, 2020. Through ‘Aarambh’, Godrej L’Affaire aims to bring forth India’s unparalleled bequest and affluent culture that will inspire future lifestyle experiences.

Conceptualized as a one-day soirée, Godrej L’Affaire will showcase a mix of ideas and concepts around food, travel, fashion, art, music and design. Masterclasses, engaging conversations, fashion shows, musical performances and an immersive experience with lifestyle brands is what Godrej L’Affaire will deliver in its fourth year. Keeping the environment at the heart of its activities, Godrej L’Affaire will prioritize sustainable and eco-friendly practices.

Speaking about the theme of Godrej L’Affaire, Sujit Patil, VP & Head of Corporate Brand & Communications, Godrej Group, said, “Godrej L’Affaire promises to capture rich experiences of a progressive lifestyle aspired by today’s urbanites across age groups.  We are curating the upcoming edition around the theme of ‘Aarambh’ to signify how India’s rich culture can be adapted in the pursuit of modern day living. Over the years, Godrej L’Affaire has established itself as a premium platform in the space of luxury and lifestyle. The fourth edition, too, will redefine lifestyle trends of tomorrow that patrons could follow.”

Vikhroli has always been at the heart of the Godrej Group's history. Thus, the fourth edition of Godrej L’Affaire will be held at The Trees, Vikhroli – a space that redefines luxury living and lifestyle. This flagship project by the Godrej Group is beautifully set amidst a fine blend of green and a thriving urban metropolis. Vikhroli offers a natural oasis that testifies that urban life and natural beauty can co-exist in perfect harmony, making it a perfect setting for Godrej L’Affaire 2020!

The third edition of Godrej L’Affaire, which took place in February, 2019, was a tremendous success, attended by over 700 people. Among the speakers, participants and presenters were renowned fashion designer-film director Vikram Phadnis; Masterchef Sarah Todd; celebrity chef Saransh Goila, author Kiran Manral, ace photographer Jatin Kampani, Joseph Radhik and Joshua Kartik; actor & model Shibani Dandekar; top models Carol Gracias & Aanchal Kumar, renowned mixologist Dimi Lezinska; and radio host and producer Hrishikesh Kannan to name a few.

The exciting line-up for the upcoming edition of Godrej L’Affaire will be announced mid-January. Embarking on a memorable journey once again, Godrej L’Affaire will offer people a chance to be part of a grand celebration of food, travel, art, design, fashion and music. Thus, showcasing ‘The Future of Lifestyle’!

ICAI Convocation 2019-20 (2nd Round)

The Institute of Chartered Accountants of India

at Sri Shanmukhananda Chandrasekarendra Saraswathi Auditorium, Plot No. 292, Comrade Harbanslal Marg, Sion (East), Mumbai – 400022 on 4^th January, 2020 from 08.00 a.m.

The Institute of Chartered Accountants of India organized the ICAI Convocation 2019-20 (2^nd Round) at Sri Shanmukhananda Chandrasekarendra Saraswathi Auditorium, Plot No. 292, Comrade Harbanslal Marg, Sion (East), Mumbai – 400022 on 4^th January, 2020.

CA. Arun Singh, Hon’ble Member of Parliament, Rajya Sabha was the Chief Guest and CA. Niranjan Hiranandani, President ASSOCHAM and Co-Founder & MD Hiranandani Group was the Guest of Honour.

CA. Prafulla Premsukh Chhajed, Hon’ble President ICAI while congratulating the newly qualified Chartered Accountants exalted them to persistently strive for Excellence, Independence and Integrity.

CA. Shriniwas Yashwant Joshi, Central Council Member administered the professional oath to the newly qualified Chartered Accountants. CA. Rajesh Sharma, CA. Dheeraj Kumar Khandelwal, Central Council Members and CA. N.C. Hegde, Convocation Co-ordinator for Mumbai and Central Council Member addressed the members. CA.N.C. Hegde introduced the Chief Guest.CA. Priti Paras Savla, Chairperson WIRC proposed the Vote of Thanks.

CA. Prafulla Premsukh Chhajed, Hon’ble President ICAI alongwith CA. Arun Singh, Chief Guest and CA. Niranjan Hiranandani, Guest of Honour conferred Rank Certificates for CA Final Exam held in May 2019 to 52 Rank holders. Over 2,700 newly qualified members enrolled from May 2019 to October 2019 were awarded Membership Certificates.