ELEVATOR WORLD India newsletter is a free monthly email newsletter focusing on vertical-transportation news in India and surrounding regions. Contact the EWI Editorial Department to submit news or the EWI Advertising Department to advertise and reach more than 2,500 subscribers.
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Notification on Ropeways and Alternate Mobility Solutions |
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The Ministry of Road Transport and Highways will, from now on, also look after the development of Ropeways and Alternate Mobility Solutions. The move is expected to give a boost to the sector by setting up a regulatory regime, and facilitating research and new technology. To enable this step, an amendment to the Government of India (Allocation of Business) Rules, 1961 has been notified. Benefits include setting up of an organized and dedicated ropeway and alternative mobility-solutions industry.
Union Minister for MSME & Road Transport and Highways Nitin Gadkari said this will go a long way toward developing sustainable alternative mobility solutions for urban, hilly and last-mile connectivity. The minister added that he believes alternative mobility, ropeways, etc. are important for development of the transportation sector in the country. He said that with growing mobility and diverse terrain across the country, it is imperative that all solutions be enabled and implemented holistically.
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Budget 2021 industry reaction |
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Manish Mehan, CEO & MD, thyssenkrupp Elevator (India), opined that the direction of the Union Budget 2021 seems progressive. However, more focus on the realty sector would have been welcome. Having said that, the government’s decision to extend the tax benefit to boost demand and supply of affordable housing and provide the much-needed push for metro expansion projects across the nation will propel growth across segments including the elevator industry in India. |
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India’s first Elevator Virtual Business Conclave-cum-Expo beckons |
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Global Lift & Escalator (GLE) Expo 2021 Virtual, India’s first virtual business conclave-cum-expo for the industry, will be held on March 18-20. The goal is for industry players to interact with stakeholders from across the globe, expand business horizons and elevate profitability. Concurrent webinars will be held on a range of topics relevant to the industry with panels comprising senior professionals, industry leaders and renowned experts who will share perspectives based on their experience and expertise. “Movers and shakers,” organizer Virgo Communications and Exhibitions (P) Ltd. said, “will come together to discuss, debate and combine forces to formulate a blueprint for spearheading a resurgence and ensuring industry growth.“ They will also identify the best approach and recommend ways to accelerate the pace of development in synchronization with the Atmanirbhar Bharat initiative. Attendees can present their issues and get concerns addressed by industry veterans in panel discussions moderated by Uday Kulkarni, former president, Schindler India & South Asia, who has founded Utopias, a new venture in the field of coaching, mentoring, training and consultancy, since retirement, and Krishna Kumar Ravi, president and CEO, PAPL Corp., a consultancy firm that advises and audits. Updates on webinar schedules, panelists and presenters can be found here. Registration is required to attend. |
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Union Budget realty sector reaction |
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Commenting on the Union Budget of India for 2020–2021, Dr. Niranjan Hiranandani, National Real Estate Development Council national president, said:
“It is a get-well-soon type of budget, the ‘V’-shaped recovery being powered by the COVID-19 vaccination program.” On real estate aspects, the proposals for the annual budget reinforce the government’s focus on affordable housing. For the homebuyer, the second extension of the deadline until March 31, 2022, for the additional INR150,000 (US$2,059) tax deduction given on loans taken to buy a house in an affordable housing project is welcome, the affordable housing project extension for tax benefits, for projects completed until March 31, 2022, for developers. Similarly, tax exemption for notified affordable housing for migrant workers and the deduction on payment of interest for affordable housing being extended by a year will give a fillip to this emerging segment. As affordable housing attracts only 1% GST and an INR1,000 (US$13.72) stamp duty in Maharashtra, it will augment the production of affordable housing in the state.
“The enhanced spending on public infrastructure projects like ports, railways, airports, warehousing, gas pipelines, metros and economic corridors is laudable and welcomed by an industry that will give impetus to employment generation and attract essential investment to lift the economic revival. The strong focus on digital covering in the financial-technology hub Gift City looks to be in synchronization with moves to enhance digital payments and use of AI, machine learning, etc. in governance. This will give a fillip to creation of a digital India."
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Prachish Vasudeva joins A&M India as Managing Director |
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Professional services firm Alvarez & Marsal (A&M) India has announced the appointment of Prachish Vasudeva as managing director to establish and lead its regional real estate offering. “I am excited to join A&M India as the firm begins its next phase of growth,” Vasudeva said. “A&M has successfully leveraged its legacy of restructuring to expand its offering across multiple sectors. One of my focus areas will be the operational restructuring of distressed real estate companies, with the goal of preserving and sustaining value for lenders, investors and bankers—a longstanding need of this sector.” Prior to joining A&M, he spent six years with Hines managing the development of residential real estate for a US$250-million fund. |
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Oberoi Realty announces Q3 FY21 results |
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Vikas Oberoi, chairman & managing director, Oberoi Realty Ltd., said its third-quarter (Q3) fiscal year 2021 (FY21) saw a convergence of multiple positive factors, resulting in nine-month FY21 booking values surpassing the entirety of those in fiscal year 2020. This assumes special significance, considering that the beginning of FY21 has been severely impacted by the pandemic. Oberoi emphasized:
“Changing consumer behavior toward buying living spaces for end-use requirements of today, instead of perennially waiting for better deals, statutory benefits provided by the state government, economic stimulus provided by the central government, low interest rates, etc., have all contributed toward our performance. The volumes during the quarter show a clear shift of homebuyers toward developers with financial stability and a proven track record. The consolidation trend in the real-estate sector has now truly begun.”
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INOX INSIGNIA launched at R Mall IN Thane |
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INOX INSIGNIA, with four new screens and 240 seats, has been unveiled at R Mall on Ghodbunder Road in Thane. Atul Bhandarkar, regional director (west) – INOX Leisure Ltd., called the theater “the first-ever ultra-luxurious cinema experience in Thane” for which the company feels proud and excited. Focusing on luxury, food options and sound and projection technology, the multiplex was launched in a ceremony featuring Darling actor Prathmesh Parab and director Sameer Asha Patil with and Saurabh Varma, chief marketing officer, INOX. Designed in a modernized and stylized with an “Art Deco feel seamlessly merged into a modern design fabric,” it adds to INOX’s 16 multiplexes with 79 screens, all of which are in Mumbai. |
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Office space absorption in Delhi NCR jumps 416% |
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Net absorption levels in the Delhi National Capital Region (NCR) improved as business activity resumed and leasing decisions were executed. The last quarter of 2020 witnessed net absorption of more than 1 million ft2, which is five times the net absorption witnessed in third quarter 2020. “Vacancy declined in all the submarkets, except Gurugram, where few large exits were reported, along with the addition of one new project. Resultantly, vacancy at the overall city level remained at similar levels,” said Manish Aggarwal, managing director, Delhi NCR, JLL India.
Noida contributed 64% of the net absorption, backed by strong pre-commitment in the new completions. Gurugram followed with a contribution of 34%. It is important to note that overall market momentum, as indicated by gross leasing, was even higher. However, select large exits and space-optimization practices led to lower net absorption. Information-technology (IT)/IT-enabled services; banking; financial services; insurance; and coworking contributed majorly to gross leasing.
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Residential segment to drive realty growth |
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Anuj Puri, chairman, ANAROCK Property Consultants, said of last year:
“2020 has been an unprecedented year due to COVID-19, causing all-round upheaval. However, the residential segment was quick to pick up momentum in the last two quarters of 2020 on the back of growing homeownership sentiment catalyzed by the exigencies of the pandemic. This pent-up demand was further accelerated by the ongoing discounts and offers, the prevailing lowest-best home loan interest rates and limited-period stamp-duty cuts in states such as Maharashtra.
“ANAROCK data reveals that the festive quarter (October-December) stood out among all four in 2020, witnessing maximum sales due to multiple offers and discounts, low interest rates and limited-period stamp-duty cuts in states such as Maharashtra. Buoyed by the rising sales, developers also saw it fit to unleash ample new supply into the market, leading to a 2% year-over-year jump in the fourth quarter (Q4) against the same period in 2019. The new supply was dominated by strong branded developers. This strong growth in Q4 has set the stage for revival of residential activity in 2021, as well.”
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Targeted reforms can drive realty revival: Colliers Research |
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Through 2020, the union government announced a series of reforms to revitalize the economy, and many of these target various facets of the Indian real estate sector, ranging from increasing funds for affordable housing, to incentivizing banks to disburse more housing loans, to removing hurdles to make information-technology firms more competitive. Sankey Prasad (FRICS), chairman & managing director, Colliers International India, said:
“As we look into 2021, we believe there is enough opportunity for a revival of the Indian real estate sector, backed by targeted reforms. As the economy recovers in 2021 and the employment level inches up, the residential sector, too, will see an uptick in demand, especially in the mid-range. During 2020, the government has initiated several reforms toward the real estate sector, aiding both demand and supply. We believe that affordable housing, led by the extension on interest of affordable housing loans, as well as the renewed rigor of the Pradhan Mantri Awas Yojana, will continue to gain traction.”
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Editorial submissions, reprint permission requests and subscription/removal requests should be sent to the EWI Editor here. EWINEWS editorial staff: Angela C. Baldwin, Vijay Pandya, G. Raghu and Anitha Raghunath. The ELEVATOR WORLD India Media Kit can be downloaded here. EWINEWS is a registered trademark, and all rights are reserved. Copyright 2020 © Elevator World, Inc.
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