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After CWG, Pune Demands Probe In Commonwealth Youth Games 1 comment, 0 new
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SMAM Goofed Up At Pune Youth Games Too 0 comments, 0 new
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Crossed Rs 30,000 Crore Budget Now, Rs 40 Crore Blimp For Commonwealth Games 0 comments, 0 new
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Livid Gill Tells CWG Boss Fennell To Get Champs Not An Army Of Officials 0 comments, 0 new
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Secrecy,Evictions,Ga lloping Costs,Fund Diversion & Sheer Illegalities-The Dirty Truth About CWG 0 comments, 0 new
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Business
Retail Realty Shows Signs Of Revival Amid Concern Over Glut
By ugesh sarkar, Section Business
Posted on Wed May 12, 2010 at 03:52:58 AM EST
In the last two years, NCR and Bangalore have seen the maximum rental corrections to the tune of 25% whereas Mumbai saw an average drop of 15-20%
The retail end of the real estate business is showing some signs of a pickup in Mumbai, the National Capital Region (NCR) and Bangalore, with more than half the upcoming supply of shop and mall space proposed in these locations.
There are concerns over a looming glut, however. Comprising the worst-hit part of the industry, retail has been lagging behind residential and commercial property. 
Much of the supply is a spillover from 2008 and 2009, and is expected to lead to an oversupply of 21 million sq. ft in two years, thanks to the faster pace of development in 2010-12, said India Organized Retail Market, a report based on a seven-city study by property advisory Knight Frank India Pvt. Ltd. The cities covered are Delhi-NCR, Mumbai and Navi Mumbai, Bangalore, Chennai, Hyderabad, Pune and Kolkata.
"Though the outlook looks positive, developers should treat the supply indicators as a word of caution because most locations such as NCR and Pune will face over-supply and already have high vacancy rates," said Samantak Das, national head (research) at Knight Frank India.
In the last two years, NCR (comprising Delhi and its suburbs such as Gurgaon, Noida and Faridabad) and Bangalore have seen the maximum rental corrections to the tune of 25% whereas Mumbai saw an average drop of 15-20%. During this period, zero-rental schemes and revenue-sharing models with a minimum guarantee emerged as options for trimming costs and maintaining mall occupancy.
More such convenient models will emerge to facilitate both retailers and developers, said Das.
Source: Live Mint By Madhurima Nandy Retail realty shows signs of revival amid concern over glut
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Soon, State To Get 15 New Sugar Mills
By akansha, Section Business
Posted on Thu May 06, 2010 at 01:44:33 AM EST
 The state will have 15 more private sugar factories in the next two years, taking the installed crushing capacity of the sugar industry from 800 lakh tonnes to close to 900 lakh tonnes. With this the competition among factories to get sugarcane for crushing will also go up.
A senior official at the sugar commissionerate confirmed that 15 new factories are likely to be set up, mainly in western Maharashtra.
Prakash Naiknavare, managing director of the Maharashtra State Federation of Co-operative Sugar Factories (Sakhar Sangh), said, "At least 15 to 20 new private sugar factories will join the existing 141 co-operative and private sugar factories in the state. Since they will be privately owned, the factories will be eligible for funds from the Sugar Development Fund." Any factory with minimum daily crushing capacity of 1,250 tonne is eligibe for Rs 30 crore one-time fund paid in stages, he said.
Additional sugar factories means more competition among factories to get sugarcane for crushing, Naiknavare said. Notably, private sugar factories need to follow the rule of not setting up new unit within 15 kilometre radius of the existing factory, he said.
"In last two years, sugar prices have increased significantly, attracting many investors to set up factories in the state," Naiknavare said.
The Union government opened doors for private players and also made it mandatory to obtain Industrial Enterprise Memorandum (IEM) code from the Union government, after which the private party was free to set up a factory anywhere in the state. The registration fee for IEM code is Rs 5,000.
Source: Times Of India By Nikhil Deshmukh Soon, state to get 15 new sugar mills
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India Inc All Charged Up To Build New Urban Centres
By ugesh sarkar, Section Business
Posted on Sun Mar 28, 2010 at 01:54:13 AM EST
Five years ago, this was pristine rolling hills and a lake. A few months from now, it will be transformed into what is being touted as a new-age city. But Dasve isn't just a city extension aimed to accommodate the overflowing migrant populace. It has become a symbol of India Inc's serious entry into building large cities away from existing urban jungles.
The town of Dasve is part of the 60-km-long lake view hill city called Lavasa built by the Hindustan Construction Company. Ensconced amidst the Sahyadri mountain range near Pune, Lavasa is a rare global example of creating a large-scale, privately-built city. In size, it is one fourth of Mumbai. Though the city is largely a private affair, the government's thrust on urban India during the last five years coupled with the experiments in creating special economic zones across the country has provided the eco-system that India Inc needs to engage not just in incremental value additions of existing cities, but to get involved in developing green-field cities with world-class living standards.
No wonder, five years ago, the Indian government agencies, including the Centre, states and local bodies, made a commitment of whopping Rs 1 lakh crore for creating infrastructure in 63 major cities in India under Jawaharlal Nehru Urban Renewal Mission, a Central government initiative which is first of its kind in urban India. The mission, which has recently incorporated two more cities, Tirupati and Porbundar, in its fold, helped in creating a resurgence in many urban centres as the Central grant amounting to Rs 50,000 cr was tied to a city conforming to a set of prescribed norms including e-governance, municipal accounting, rent control, rationalisation of stamp duties etc.
The Indian private sector particularly those who were already in infrastructure got a piece of the pie of the total amount being spent in urbanisation, but the big question here is whether India Inc, which has made a debut in building large cities on its own, will be able to sustain the momentum.
Source: Economic Times By Shantanu Nandan Sharma & Lisa Mary Thomson India Inc all charged up to build new urban centres
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Retailers Look Afresh At Wholesale Biz
By ugesh sarkar, Section Business
Posted on Thu Mar 11, 2010 at 10:50:01 PM EST
See potential tie-ups with overseas companies as an additional temptation
Retailers are taking a relook at cash and carry (wholesale trading) ventures in the hope of tapping millions of kiranas (independent stores). The potential tie-ups with overseas firms - which are allowed to invest freely in the cash and carry business - are an additional temptation, say retailers and consultants tracking the sector.
Retailers are taking a relook at cash and carry (wholesale trading) ventures in the hope of tapping millions of kiranas (independent stores). The potential tie-ups with overseas firms - which are allowed to invest freely in the cash and carry business - are an additional temptation, say retailers and consultants tracking the sector.
Indiabulls' retail arm, Store One Retail, recently announced its foray into the cash and carry segment. Global investor TPG, which has put in a bid for debt-hit Vishal Retail, plans to convert the latter into a cash and carry venture. Aditya Birla Retail, part of the Aditya Birla Group, is also said to be ready with the back end and infrastructure required for the wholesaling business.
According to reports, even beleaguered Subhiksha Trading Services has entered the segment in its attempt to rejuvenate itself, tying up with kiranas as a supplier.
Cash-and-carry was not the business of choice for retailers in the slowdown era. Retailers such as the Future group, Mukesh Ambani's Reliance Retail, the Dhoot-family-led Videocon and Wadhawan Group's Spinach had deferred their cash and carry plans to conserve cash.
Source: business-standard By Raghavendra Kamath Retailers look afresh at wholesale biz
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India's Budget 2010 Offers Goodies For NRIs
By ugesh sarkar, Section Business
Posted on Wed Mar 03, 2010 at 09:04:06 PM EST
India's budget yet again demonstrates to NRIs that investing in their homeland is probably the best option right now. The West is still struggling to climb out of one of its deepest recessions and provides low returns, while India's growth story promises healthy returns. Surely, it's time to wake up and smell the Indian coffee.
Soon after the budget was read, the Indian stock exchange gave it a thumbs up sign without delay as the market climbed up by a hefty 175 points. The return on Indian equities in the past year has been calculated at 87.4 percent by The Times of India. If an NRI invested in real estate stocks for the last year, the returns would be a whopping 139 percent! The auto sector was not far behind as the returns on wheels was 184 percent. Again, consumer durables and the IT sector would have raked in returns at 150 percent and 125 percent respectively. Now, where would an NRI get his investment almost doubled in one year?
As far as returns on fixed deposits are concerned, NRIs can reap much higher returns of eight percent for term deposits if they convert their currencies into Indian rupees. This compares with two to three percent when they keep their funds in hard currencies in India or abroad. Considering that over 100 banks have failed in the US following the meltdown and a number of British banks were also shaken, NRIs hastily sent their savings to India and the country's foreign exchange reserves are hovering at a bulging $280 billion now.
The secret for sweeping this bonanza lies in having full faith in the strength of the Indian economy just after the financial meltdown in late 2008 when the Indian stock market had a kneejerk recoil and slumped to around 8000. But it recovered in early 2009 and the results are now clearly visible as the market stands at 16,430 points - almost doubling in one year. After the initial whiplash of the Western financial debacle, the Indian markets started to recover from January 2009. Basically, this is due to the inherent strength of the domestic demand, the conservative economic policy and tight financial regulation.
In the economic report card for the year, the Indian finance minister announced that the economy is growing at a healthy 7.2 percent, one of the highest in the world. Except for agriculture, most sectors are doing well. Unlike most Western economies, India has begun to withdraw the stimulus.
From 2003 onwards, property prices rocketed as the economy boomed. In many cases, prime property in major towns rose over three or four times,making them out of reach for most overseas Indians. A small house in a small city in India would cost them more than a condo in Florida. Indian property prices stablised in late 2008 as many developers had started real estate projects targeted at high income owners. When the buyers vanished, the prices came down by 50 percent in early 2009. By mid-2009, NRIs began to buy again.
Source: Economic Times India's Budget 2010 offers goodies for NRIs
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More Companies Set Shop In NCR Than Maharashtra
By ugesh sarkar, Section Business
Posted on Tue Jan 26, 2010 at 10:53:14 PM EST
 Delhi has quietly become the new Bombay as Mumbai gets busy tilting at self-made windmills. For the first time, Delhi, along with its Delhi satellite, Gurgaon, has overcome the entire Maharashtra in terms of the number of registered firms.
According to data from the Registrar of Companies (RoC), around 44,000 new companies were founded in the national Capital region (NCR) in the first nine months of the financial year, which is four times that of Maharashtra. The gap could widen if the numbers for Noida, the third member of the NCR triad, are factored in.
As of March 31, 2009, Maharashtra housed 1.76 lakh firms compared to Delhi, which had 1.57 lakh firms, and Haryana with 8,645 companies. By January 2010, Delhi combined with Haryana had become home to a total of 2.09 lakh companies, far ahead of Maharashtra, which has 1.87 lakh companies.
"There is a general perception on changing infrastructure in Delhi NCR. Improved transportation facilities and growth opportunities have helped the area inch ahead of Maharashtra," says Ashok Haldia, former secretary of the Institute of Chartered Accountants of India. More companies would mean greater investment flow into NCR, helping industrial activity and creating employment, believe those like Haldia, now a director with PTC India Financial Services, a recently formed subsidiary of Delhi-based PTC, the country's largest power trading firm.
Separate data for pure startups as separate from those formed by larger established business groups were unavailable, but given the quantum of increase in the number of registrations in the region, it is likely that both would have grown.
Source: Economic Times By Souvik Sanyal & Vivek Sinha More Companies Set Shop In NCR Than Maharashtra
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Insurers Will Soon Have An Easier Solvency Mandate
By ugesh sarkar, Section Business
Posted on Tue Jan 05, 2010 at 09:31:47 PM EST
India's life insurers are set to see more financial stability in their business, with insurance regulator IRDA set to link the amount of capital that companies need to earmark for their business with the economic cycle. The proposed framework, known as dynamic-solvency requirement, will allow insurers to allocate much less capital during a bust and more capital during a boom. Such a framework will reduce the strain on capital when the economy goes through a rough patch. Eventually, it will improve the financial stability of insurers and, in turn, their capacity to settle claims.
At present, the prescribed solvency margin, which is the excess of assets held by the insurer in the interest of policy holders is 150%. The solvency margin requirement will be much lower than the prescribed norm during an economic downturn. But this would mean that insurers will have to reckon with a higher solvency requirement during a boom. Simply put, they will have to save for a rainy day to tide over tough times when their sales and growth in business dips.
Solvency margin requirements are the equivalent of capital adequacy norms for the banking industry. RBI is already following the practice of having prudential norms that are countercyclical. For instance, in the past, RBI has increased the margin requirement for loans against shares when equity indices touched a new high. The central bank has also varied capital requirements for banks by tinkering with risk weightage on loans. In real estate loans, the central bank had increased the risk weightage when property prices soared in 2008 only to reduce them again when prices crashed in 2009.
IRDA too had reduced capital requirements for life insurance companies in 2008, following the crash in equity markets worldwide. The regulator had reduced capital requirements by almost a fifth in January 2009. For products with a guaranteed return, the capital requirement had been eased by 7%, whereas for products where there is no guarantee, the reduction is 20%. Given the industry's product composition, the overall capital requirement towards solvency margin would be lesser by 18%.
Source: Economic Times Insurers will soon have an easier solvency mandate
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Commercial Ventures Licences To Be Renewed By Jan 31
By akansha, Section Business
Posted on Sat Jan 02, 2010 at 03:03:01 AM EST
The Pune Municipal Corporation (PMC) has urged all commercial licence holders in its jurisdiction to renew their licences by January 31 and furnish details of their businesses, failing which the licences will not be renewed. The licences for all all other commercial ventures such as marriage halls, saloons, beauty parlours, lodging, juice bars, poultry farms and dairies with their outlets in the city are expiring on March 31.
The PMC will renew the licences till January 31. The applicant should fill up the form being made available by the civic administration and furnish all the detail information sought on the business.
The information along with relevant supporting documents should be furnished during the renewal of the license.
The incomplete forms will not be accepted and late fee will be charged from those seeking renewal after January 31.
Source: The Indian Express Commercial licences to be renewed by Jan 31
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60% SHORTAGE - Fewer Malls This Year On Poor Retail Demand
By ugesh sarkar, Section Business
Posted on Tue Dec 29, 2009 at 11:25:38 PM EST
Mall supply this year fell short by 60%, as only 5.7 million sq. ft of space was delivered across major cities in India, according to the annual retail report by real estate consultant Cushman and Wakefield Inc.
Around 9 million sq. ft of expected mall supply for the year was deferred to the future, due to poor demand from retailers, says the report. Of the proposed 44 malls at the beginning of the first quarter (January-March), about 18 were delivered by the year-end. The overall vacancy rates for the major cities as of December was 17% compared with a 16.7% vacancy rate in December last year. 
Mumbai had the largest share of this year s mall supply at 1.8 million sq. ft, followed by Hyderabad (1.1 million sq. ft) and the National Capital Region (NCR) (0.9 million sq. ft).
Bangalore saw the highest mall supply deferment with 80% less mall supply than what was expected.
This slowdown in mall construction need not be viewed as a negative growth indicator for the retail real estate segment, said Jaideep Wahi, director, retail agency, Cushman and Wakefield India Pvt. Ltd.
The current pace is in fact expected to help in maintaining a healthier supply to demand equation, especially for oversupplied micro-markets.
In the fourth quarter (October-December), the highest vacancy was seen in NCR at 27% and Pune at 16%, while the lowest vacancy levels were seen in Chennai at 1% and Bangalore at 3%.
Source: Live Mint By Shabana Hussain 60% SHORTAGE - Fewer malls this year on poor retail demand
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Safexpress Launches Logistic Park In Pune
By ugesh sarkar, Section Business
Posted on Fri Dec 25, 2009 at 08:32:55 PM EST
Safexpress, one of the largest supply chain and logistics Companies in India, today launched its ultra-modern logistics park in Pune. This is company’s ninth warehouse in India.
The company has already already set up eight logistic parks in Gurgaon, Nagpur, Ahmedabad, Kolkata, NCR, Chennai, Salem and Puducherry. "We have invested Rs. 35 crore in developing Pune facility. Located strategically on Mumbai-Pune Highway, this facility will cater to the warehousing needs of companies located in Pune as well as Mumbai,” said Vineet Kanaujia, general manager, marketing, Safexpress.
In fact, the company is investing Rs.600 crore to develop world-class warehousing at certain strategic locations across the country. "Due to our seamless and non-stop operations, we will be providing the fastest transit time of 1.8 days for deliveries all across India from Pune,” he added.
The Pune unit is spread across an area of 3,10,000 square feet. The company has installed high-tech equipment to ensure that the goods are handled very carefully. Safexpress plans to develop 5 million square feet of additional warehousing space across the country in the next couple of years, adding to its already existing warehousing space of 5 million square feet.
The logistic and supply chain major intends to launch 32 logistics parks in the next two years. These logistics parks are all set to revolutionize the way supply chain functions in the country.
“There is a huge growth opportunity for warehousing business in India. Special Economic Zones (SEZs) are one of the major driving forces for this business. A large number of upcoming SEZs have necessitated the development of logistics parks for the domestic market as well as for global trade,” said Kanaujia.
Source: Business-standard Safexpress Launches Logistic Park In Pune
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Shoppers Drift Back, Spur Mall Developers To Revive Projects
By ugesh sarkar, Section Business
Posted on Tue Dec 22, 2009 at 02:07:37 AM EST
The new malls are all projects that ground to a halt a year or so ago
Mall developers in India seem to have regained some of the bravura that was punctured by the economic slump that took its toll on the country's retail sector last year. Some developers are reviving projects as the economy gathers growth momentum and rentals start looking up with shoppers returning.
An industry estimate says 15 new malls have been opened in Mumbai, Delhi, Bangalore, Kolkata, Chennai, Hyderabad and Pune in the past three months, and at least 48 more will be opened next year. 
Till the end of 2008, these seven cities had 163 malls with 338.6 million sq. ft of space.
The new malls are all projects that ground to a halt a year or so ago. Some 80-85% of some 640 malls in various stages of development were put on hold after the global meltdown hit the Indian economy in 2008. Retail and real estate were the worst hit, and mall rentals dropped drastically, forcing the developers to go slow on projects.
They also reviewed the revenue model and many opted to lease space to professional mall management consultants or work on revenue-sharing arrangements with the retailers, as opposed to merely renting out square feet.
"Mall developers are no longer looking at just a one-time profit," said Nipun Jain, senior manager, consultancy and valuation, at Colliers International (India) Pvt. Ltd, a service provider to property investors and retailers. "Earlier, they sold retail space in a mall in a piecemeal manner and were not concerned with mall management and the success of the retailers. Things are changing."
Source: Live Mint Shoppers drift back, spur mall developers to revive projects
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Retailers Back To Expansion & Hiring Path
By ugesh sarkar, Section Business
Posted on Tue Dec 08, 2009 at 12:25:32 AM EST
Optimist retail players gearing up to increase footprint on Indian turf
IN a sign of increasing optimism, albeit cautious, retail players -- modern and traditional -- are revisiting their expansion plans and planning to hire more people.
Traditional retailer Vijay Sales that currently operates in Maharashtra and Gujarat plans to enter Delhi. 
" We are looking to open two large format stores ( 10,000 to 15,000 sq ft each) and one small format store of about 6,000 sq ft by January, 2010," said Nilesh Gupta, managing partner, Vijay Sales.
The company, which currently has a total of 27 store, plans to focus more on the small format.
By the end of current fiscal year, it hopes to add another four stores to the planned three and recruit about 300 people.
Typically, setting up one store requires an investment of over Rs 4 crore. " As the funding is self ( from internal sources), we are slightly cautious on expansion in terms of the number of stores," said Gupta.
Infiniti Retail Limited, the wholly owned subsidiary of Tata Sons that operates the electronics store Croma is another retail player that is firming up expansion plans.
Source: Mail Today Retailers Back To Expansion & Hiring Path
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Hospitality Sector Upbeat About Prospects For 2010
By akansha, Section Business
Posted on Thu Dec 03, 2009 at 12:35:31 AM EST
The hospitality industry is on the road to recovery with the Indian hotel market witnessing higher occupancy rates and even a marginal revision in room tariff. According to official estimates, there has been an upswing in occupancy rates in major metros which has been hovering around 55 per cent to 65 per cent since September this year, primarily due to improved movement of business travellers.
It is likely to improve further in the next few quarters with occupancy likely to touch 75 per cent by the end of 2010. Average Revenue Per Room (ARPR) could go up by 9 per cent.
Suresh Talera, president, Hotel and Restaurant Association Western India (HRAWI) told TOI that with a substantial increase projected in the number of foreign tourists, improvement in global economy and significant revival in corporate travel, the mood of hoteliers is optimistic. With a high degree of opportunism, hoteliers are setting up various business ventures at unexplored tourist destinations in various states and tier two cities.
Sandith Shah, director of sales and marketing at The Westin business hotel, which opened on Monday, shared Talera's optimism. "The occupancies across hotels in the country are going up slowly yet steadily. The trend in the revenue per room is also showing a positive trend. We see this all is there to stay for the long term," Shah said.
Saying that Westin had entered Pune at the right time, Shah said Pune is regaining its vibrancy as 40 out of the 277 rooms in the hotel were occupied on the day it opened its doors. This is Westin's first business hotel in India although the company has a resort hotel operational in Gurgaon, he added.
Source: Times Of India Hospitality sector upbeat about prospects for 2010
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Retailers Chalk Survival Strategies
By akansha, Section Business
Posted on Tue Dec 01, 2009 at 01:58:59 AM EST
 Hit hard by the drop in sales during the slowdown and an over supply of readymade space, retailers across cities are finding new ways of survival. From sharing part of the profits to providing minimum guarantee, both builders and retailers today are looking at alternative strategies to sail through difficult times.
"Commercial retail was one of the worst-affected sectors during recession. Even now when the market has shown signs of recovery, the situation remains the same, thereby forcing retailers and builders to arrive at formulas which can help them maintain a foothold," said president of National Realtors' Association (NAR) Ravi Varma. He said one such model is the minimum guarantee and revenue-sharing model.
According to an estimation drawn by NAR, Pune alone has over 3.3 million square feet of vacant retail space with no takers over the past one year.
A minimum guarantee model refers to an agreement between the two parties wherein instead of paying the entire rental, the retailers agree to pay only a percentage of the rent while the balance amount is collected from a percentage deducted from the monthly revenue of the malls or retail space. What percentage of the monthly revenue is to be collected is decided by both the parties.
With this model, even if there is no sale the entire month, the builder can be assured of a minimum amount every month.
"Exorbitant rentals were the prime reason why the Pune retail scene suffered. More people are today agreeing on this mode so that both can survive," Varma said.
Source: dnaindia.com Retailers chalk survival strategies
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Retailers Get Cautious On Growth Plans, Indian Retail Sector Finds Funds Flow A Big Hurdle
By ugesh sarkar, Section Business
Posted on Fri Nov 20, 2009 at 01:29:15 AM EST
 With the economy showing signs of stronger- than expected revival, the 18- month winter widely predicted for organised retail in India might get shortened.
While retailers are now looking to prepare themselves for the next wave of growth that is expected in the next couple of months, the mood is still cautious.
Even as foreign players have slowed expansion plans, domestic players are making haste slowly on the expansion front.
The total store area added by the retail sector in metros and major cities nearly halved over the last 12 months, falling to 3.6 million from 6.8 million sq ft in 2008.
Cash has been a big problem.
Banks have sharply slowed their lending to retail players, driven by fears of asset quality. The collapse of Subhiksha, which was operating 1,600 stores nationwide when it ran out of cash to keep its operations going, was a huge shock.
While the market is abuzz with talk of some more players looking to exit, market leaders in different formats like Shoppers Stop and Pantaloons are hoping to raise funds from the market to fund their expansion plans.
Source: Mail Today Retailers get cautious on growth plans
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