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.

India ITME Society launches commemorative postal stamp

                               

( from Left to Right ) : Mr Ketan Sanghvi, Treasurer ITME, Former Chief Justice of India, Shri P Sathasivam, H.E Ms Dorothy Tembo, Dy Exe Director of Intl Trade Centre, UN, Mr Harishankar, Chairman of India ITME Society and Ms Swati Pandey - Postmaster General (Mumbai Region), India Post (Govt. of India).

Mumbai, Dec 20, 2019……… India ITME Society today announced its 40^th year of service to the Indian & International Textile Machinery & Textile Technology industry.  To celebrate their undeterred and excellent service for over four decades, India ITME Society launched a commemorative postal stamp as a mark of pride and humble gratitude to a great nation.

India ITME Society took a bold step towards projecting India as a friendly & feasible sourcing destination for African SMEs, Designers & Entrepreneurs.   This aided in opening up new customers for the Indian Textile Industry.

During this memorable event, it organized a B2B meeting with women Entrepreneurs from 4 African nations viz. Ethiopia, Uganda, Rwanda & Kenya and aimed to empower women all across the world and introduced ‘Women Entrepreneur Initiative’, one of the many value added services for the benefit of the industry and the nation.

Mr Hari Shankar – Chairman of India ITME Society said, “India ITME Society acknowledges the importance of industry associations by supporting trade and investment for its members not only domestically, but also globally.  The society is encouraging dialogue between industry associations, developing better business connects between countries and expanding customer connect & market access globally through associations as part of their ‘Global Connect Initiative’.

India ITME Society has evolved into a global phenomenon embracing internationalism and reaching out to emerging economies. India witnessed its first exhibition in 1980 & since then the legacy has been successfully carried forward.

Its exhibitions series namely India ITME Series & GTTES along with several supporting initiatives have heralded a new era in the Textile Engineering Industry. Furthering the objective of promoting trade and investments, creating a friendly environment and forging a vibrant private sector partnership with the Government, Business Community, Development Partners and other Stakeholders.

Today’s event began, with lighting of lamp by Chief guest Justice Shri P. Sathasivam - Former Chief Justice of India, Former Governor of Kerala; Guest of honour H.E. Ms Dorothy Tembo - Deputy Executive Director, International Trade Centre, UN and Special Guest Ms. Swati Pandey - Postmaster General (Mumbai Region), India Post (Govt. of India). followed by cocktail dinner.

A special interactive session on "strengthening bilateral trade relation with neighboring countries" was organized for industry members, associations and officials on the same day. This session was addressed by H.E - Ms. Dorothy Tembo, Deputy Executive Director, International Trade Centre, UN, who was in India for the first time, to encourage Indo – Africa bilateral trade relations. This unique session provided an opportunity for participants to interact with industry associations from Botswana, Bangladesh, Sri Lanka, Afghanistan, Turkey, Ghana, Switzerland and India.

In the panel discussion, the topic “Role of Associations in strengthening bilateral trade" was delivered by panel speakers Mr. Govind Venuprasad - International Trade Centre’s (ITC); Mr. Krishna Chinniah - President of the Botswana Textile & Clothing Association; Mr. Faruque Hassan - Consulate General of Greece in Bangladesh; Mr. Richard Salvatore - General Coordinator (TEMSAD); Mrs. Doris N. Kessie - CEO/DIRECTOR of D-G EMBROIDERY and Doress Fashion & Designs Institute; Prof. Dr.-Ing. Yves-Simon Gloy. Mr. Gloy - RWTH Aachen University, Germany and H.E. Mr. Demeke Atnafu Ambulo - The Consulate General of the Federal Democratic Republic of Ethiopia in Mumbai

MGTO TARGETS FEMALE TRAVELERS SEGMENT WITH INFLUENCER CAMPAIGNS IN INDIA

Mumbai, 19^th December 2019: In recent years, Macao has seen a rise in the number of Women Travelers from India. Macao Government Tourism Office (MGTO) has been constantly engaging Indian influencers and encouraging more and more Independent and young women travelers of India to visit and explore the true heart of Macao, a melting pot overflowing with gastronomical, historical and cultural riches, every year. Recently, MGTO initiated a Social Media Marketing Campaign with renowned South Indian Actress Pranitha Subhash. The campaign aims at showcasing Macao as the desirable destination for independent female travelers hailing from India.

The Actress kick-started her Macao moments dropping at Macao’s internationally recognized, ‘Macao Light Festival’. Since its launch in 2015, the festival aims to draw visitors to different districts of the city for soaking in the beauty of Macao by night and to learn about the local culture and history from innovative angles shaped by light artistry. She also walked the Red Carpet for the opening ceremony of the fourth edition of International Film Festival & Awards Macao (IFFAM). The ceremony was attended by numerous celebrities making it a splendid and dazzling night.

Pranitha also visited some of the iconic spots and magnificent monuments of Macao like the UNESCO heritage site Ruins of St. Paul’s, one of the oldest religious A-Ma Temple, culturally authentic village Taipa Village and 3,700-square meter public plaza at the Historic Center of Macao called Sanedo Square. She enjoyed a leisurely gondola ride at The Venetian Macao and got mesmerized by the spectacular sight of the Eiffel Tower located at The Parisian Macao.

She also took a trip to the Panda Pavilion located at the Seac Pai Van Park, Coloane, Macao.

Designated as the UNESCO Creative City of Gastronomy and recognized for its 450 years old food legacy, Pranitha got her hands-on experiencing fine dining and indulged in various cuisines at Michelin Star awarded restaurant ‘The Golden Peacock’ known for its Indian food, Michelin recommended António, known for Portuguese cuisine and the only rotating restaurant in Macao, Café 360, known for its irresistible seasonal seafood platter. She also witnessed the local gastronomic flavors and delicacies of Macao, like the edible icon of Macao – the Portuguese custard Egg Tarts at Lord Stow’s Bakery in Coloane Village and the world-famous almond cookies. 

Macao is known as the city of duality as tourists get to experience European and Asian culture and architecture at one destination. The city also offers world-class elements from luxury to fun attractions to shopping opportunities, international cuisine, and world-renowned spas. The city is easily accessible from India and known as one of the safest destinations in the world. All these factors make it an ideal destination for Indian women travelers who want to enjoy a stress-free and fun holiday.

GET A MUSICAL CHRISTMAS EXPERIENCE WITH LIVE PERFORMANCE BY SHIVMANI, INDIAN IDOL CONTESTANTS & A MUSICAL SOUND & LIGHT SHOW AT INORBIT MALAD

Mumbai, 19 December 2019: Get your family for an ultimate Christmassy experience at Inorbit Malad! Bring in the merry musically this year with Inorbit Malad and its exciting musical line up filled with multiple live music performances starting from 21^st Dec 2019.

You can enjoy the Musical light and sound show every evening from 21^st Dec at the central atrium as you bulk-up on Christmas shopping or enjoy a classic Christmas carol concert performance in the newly opened venue – Garden Court by Young & Free Mumbai band along with Drums Shivamani – Indian percussionist who has been honored with Padma Shri this year.  

On the Christmas Eve – 24^th Dec, kids can enjoy the Christmas Parade filled with Christmas characters and meet Santa Claus who will be handing out gifts to his little fans as well. And on 25^th December 2019 soak into soulful music as the extremely talented Indian Idol contestants are coming to perform live at the Garden Court.  

And for our much younger audience Inorbit Malad extends the celebration by hosting a special musical theatrical on 28^th & 29^th Dec 2019, which will cover stories by Noddy and Goldilocks.

Open to all this musical and shopping extravaganza is surely not to be missed this Christmas.

Details:

21st to 29th Dec – Light & Music Show at Central Atrium (7pm onwards, 2mins show every half hour) and Gifting Christmas

21st Dec - Christmas Carols Concert at Garden Court (6pm to 9pm)

25th Dec – Santa Meet & Greet with Christmas Parade at Garden Court (6pm to 8pm)

25^th Dec – Live performance by Indian Idol contestants (7pm onward)

28th & 29th Dec – Musical theatricals at Garden Court (6pm to 8pm)

Full day Symposium on Cost Audit by - CMA-on 20th December

The Institute of Cost Accountants of India- CMA Organizes Symposium on "Cost Audit - Stakeholders value Proposition" 

9am to 5pm, 

20th December 2019, 

YB Chavan Auditorium, Mumbai .

CHIEF GUEST CA Shri Suresh Prabhu Hon 'ble  Member of Parliament, Rajya Sabha PARTICIPATION ● -INDUSTRY ASSOCIATIONS. GOVERNMENT DEPARTMENTS. DIRECT & INDIRECT TAX AUTHORITIES • BANKS AND FINANCIAL INSTITUTIONS REGULATORS • STOCK EXCHANGE AUTHORITIES. CONSUMERS 'FORUM • INVESTORS' FORUM.  Cost Accountants of India CMA -  Balvinder Singh President, -Biswarup Basu Vice-President - Institute of Cost Accountants of India, CMA (Dr) Dhananjay VJoshi Former President and Chairman, Technical Cell The Institute of Cost Accountants of India, CMA NeerajDJoshi Council Member and Chairman, WIRC The Institute of  Cost Accountants of India .

For registration, please send email to 

technicalcell @ icmai.  in or wirc @ icmai.  in

*NATIONAL CONFERENCE for CA Students, Mumbai*

*“Path for Success- learn, Adapt and Accelerate”*

Day &Dates: *Tuesday & Wedneday, January 7 & 8, 2020*

Venue:*Shanamukhanand Audi,Sion*

Students Learning : *12 Hours*

*Special Sessions*

Role of Chartered Accountant in transforming India”- How to Prepare for CA Exams

*Padmashree CA T N Manoharan*, Past President, ICAI

Motivational Session on Importance of Ethics/ ethical values in the Profession

*Eminent Personality*

Open House Performance -Life Beyond Chartered Accountancy-Music

*Smt Falguni Pathak*, Indian Playback Singer

Panel Discussions on Career Opportunities & Success Stories

*CA Sampada Suresh Mehta*, IAS, MD, Haffkine Biopharmaceutical Corp Ltd

*CA Ashish Heliwal*, IRS, Joint Commissioner of Income Tax 

*CA Kanu Doshi*, Dean Finance, Welingkar Institute of Management

*Technical Sessions*-presented by student speakers on

*Direct Tax*

*Indirect Tax*

*Accounting & Auditing Standards*

*Company Law*

*Information Technology*

Fees:*Rs 200* till December 25, 2019

         *Rs 500* After Dec 25, 2019

For details & registration: Click

https://www.wirc-icai.org/student/students-events-registration/105-national-conference-for-ca-students-at-mumbai

https://bosactivities.icai.org/

Piaggio launches Ape’ Electrik

A range of E-Autos powered by advanced Lithium Ion Smart- batteries is set to revolutionize last mile mobility in India

·      The new Ape’ Electrik is Piaggio’s range of electric vehicles across various product categories.

·      Showcased was the Ape’ E-City, the first E-auto in India with swappable battery technology and also the Ape’ E-City FX with Fixed battery technology.

Delhi, 18^th December, 2019: Piaggio Vehicles Pvt Ltd (PVPL), a 100 % subsidiary of the Italian Piaggio Group, European leader of the 2Wh sector and India’s leading manufacturer of small commercial vehicles today launched their new electric range, Ape’ Electrik, and marked its entry into the electric vehicle segment. Ape’ Electrik will have full range of electric vehicles across various categories with Ape’ E-City being the first product launched under the Ape’ Electrik range.

The new Ape’ E-City offers a revolutionary driving experience with zero emission with nearly no noise and vibration making it a next generation last mile mobility solution for urban India. It comes with various class leading features making it a unique proposition with advanced Li-ion batteries, automatic gear box, superior power and torque, no gear and clutch, doors for safety, full digital cluster. Ape’ E-City is the first 3-wheeler to have smart swappable batteries. The swappable battery concept is being brought in association with Sun mobility, a leader in electric mobility battery technology. Sun-Mobility will provide a Quick Interchange Station network which will enable Piaggio Customers to just Swap and Go in a few minutes. Customers can also experience an app enabled eco-system to check battery charge, recharge, locate swap stations etc.

Showcased also was the Ape’ E-city FX prototype with a Fixed battery concept. This will make the Ape’ Electrik range giving options to customers to choose between swappable & fixed battery concepts in the future.

Ape’ E-City is equipped with a first in category digital instrument cluster with information like state of charge, drive modes, service alerts, economy mode etc provided for advance assistance to drivers. Ape’ E-City customers will be given a super warranty of 36 month/ 1 lac kms. (Whichever is earlier) along with free scheduled maintenance for 3 years which is the best offering in this space. The company is also offering an introductory 3 year AMC package at a nominal cost of Rs.3000/-.

Ape’ E-City is easy to own and promises greater earnings. It aims to provide a noiseless, comfortable ride to its passengers with zero emission making it a vehicle for new & transforming India.

Ape’ E-City comes with an introductory ex showroom price of Rs. 197000/- (Ex-New Delhi).

Speaking on the occasion, Mr. Diego Graffi, MD & CEO of Piaggio Vehicles Pvt. Ltd. said, “Ape’, a brand with a trust of more than 29 lac happy customer is paving the way for the Indian electric revolution with the Ape’ Electrik range and Ape’ E-City as the 1^st offering. At Piaggio, we believe in providing path breaking solutions in the last mile transportation segment with best in class technology offerings to our customers. Piaggio Group has a rich heritage of developing Electric technology over the last 15 years which we have leveraged to develop these class leading products for India. We have developed both Swappable & Fixed Battery technology solutions to serve the varied needs of the customer. For Swappable technology, our partnership with Sun Mobility will enable customers to experience a very innovative, smart and unique swappable smart battery eco-system in India. We have faith that with the governments focus on EVs in the 3 wheeler category and Piaggio’s own vision of developing innovative EV solutions, mass adoption of EVs is a near reality.”

ENDEMOL SHINE INDIA TO CREATE A WEB-SERIES ON TRIAL BY FIRE: THE TRAGIC TALE OF THE UPHAAR FIRE TRAGEDY

~ ’Umrika’ and ‘Made in Heaven’ director Prashant Nair to be the Director and Showrunner for the series inspired by Neelam and Shekhar Krishnamoorthy’s Book ~

Mumbai 17^th December 2019: Endemol Shine India today announced that they will be creating a web series based on Neelam and Shekhar Krishnamoorthy’s book Trial By Fire: The Tragic Tale of the Uphaar Fire Tragedy. The series will be helmed by Prashant Nair whose 2015 film, ’Umrika’, is the only Indian feature film to ever win an award at the Sundance Film Festival and who recently directed ‘Made in Heaven’. Mumbai-based company- The Story Ink put together the project and its founder Sidharth Jain will be a producer on the series.

A first-hand account of the Uphaar Cinema fire in Delhi in 1997, the book has been written by Neelam and Shekhar Krishnamoorthy who fought for justice for 19 years for their children, Unnati and Ujjwal, who were amongst the 59 people killed in the incident. The book, written in the voice of Neelam, follows the lives of the couple after the Uphaar tragedy as they wage a never-ending battle against the owners of the cinema. In their quest to get justice for the Uphaar victims, the Krishnamoorthy’s end up playing different roles researchers, legal assistants to their attorney and, finally, activists. The book also glimpses into their moments of weakness, their anguish, anger and mourning and most importantly their persistence.  Trial by Fire also makes a strong argument that public spaces are still vulnerable to such tragedies and that another Uphaar could happen today.

Abhishek Rege, CEO, Endemol Shine India, said, ‘We at Endemol Shine India are always on the lookout for stories and characters that will touch an audience at its core. At the heart of this story is the Krishnamoorthys’ determination to fight in memory of their children and lays bare their personal loss and struggle for closure. The loss of a child and the anguish of the parents who are fighting for justice on behalf of their children are difficult emotions and Prashant Nair was the perfect choice to bring this authentic, sensitive and hard-hitting real-life tragedy to screen.”

“The premise of this book is every parent’s worst nightmare. Fifty-nine people lost their lives that day because the institutions we rely on for our safety and well-being every day failed across the board. The Krishnamoorthys’ wrote their book because they wanted to make sure this never happens again and I’m honored they and Endemol Shine have entrusted me with the responsibility of bringing this devastating story to screen.” said Prashant Nair, director and show runner for Trial by Fire.

Authors and parents Neelam and Shekhar Krishnamoorthy said, "When we first met Sidharth for taking our story to screen, we were certain that he would find the right team to tell this story. We look forward to collaborating with Endemol Shine India, The Story Ink and Prashant for bringing to screen our two-decade old battle. We hope that this series is an apt ode to our children and the fifty-seven other victims, as it brings to light to a wider audience the horror of the Uphaar Cinema fire and our struggle for Justice.”

“When I discovered the book and met the Krishnamoothys’, I was so moved with their journey that I promised them that telling their story to global audiences, would be a personal mission for me. Endemol Shine India and Prashant were my first choices to collaborate with on this project and I am delighted that it is coming together just as I had envisioned. This is one of the several projects that we are developing and producing together with Endemol Shine India and am very excited to collaborate with them in creating a compelling slate of projects across formats”, said Sidharth Jain, founder and Chief Storyteller of The Story Ink.

Trial by Fire is not just about the Krishnamoorthys’ personal loss and struggle to get justice, but the heart of the story is the Krishnamoorthys’ determination to fight in memory of their children

Endemol Shine India is currently creating Bombay Begums –- written and directed by Alankrita Shrivastava for Netflix in India. The company is also joining forces with Shekhar Kapur and UK production company Tiger Aspect to develop The Ibis Trilogy for the international market.

SHEIN INDIA’S YEAR END SALE BRINGS THE BEST OF 2019 AT AN INCREDIBLE PRICES

~The sale will be LIVE on the website between 20^th to 23^rd December 2019~

17^th December 2019, Mumbai: Missed out on your favorite look of the year? Here’s your last chance to grab the 2019’s hottest must-haves at the SHEIN Year End Sale starting on 20^th till 23^rd December 2019.

If you are looking for that perfect outfit to put your fashionable foot forward, then now's the perfect time to get your hands on the endless options to choose from the amazing collection at this SHEIN Year End Sale.

Make the most of the super discounts up to 75% and avail an extra 10% off coupon on orders above ₹2000.

So what are you waiting for? Go on and shop big at the SHEIN Year End Sale.

Date: 20^th December 2019 – 23^rd December 2019

Website: https://www.shein.in/