DAILY NEWSLETTER
(CREDAI-MCHI, NATIONAL, MMR)
SATURDAY
27th June 20
CREDAI – MCHI NEWS
Express Health Care
Headline
Link:
https://www.expresshealthcare.in/news/mission-zero-initiative-launched-in-south-mumbai-covid/422342/
As part of initiative, seven mobile vans will run mainly in Worli, Antop Hill, Dongri, Wadala, Charni Road, Girgaon, Fort, Colaba, Dadar. These mobile vans will go door-to-door in areas where corona patients are found, will investigate suspects
In order to reduce the number of COVID patients to zero, this initiative has been started by Kishori Pednekar, Mayor, MCGM. The ‘Mission Zero’ initiative has now been launched in South Mumbai in collaboration with the Greater Mumbai Municipal Corporation, Bhartiya Jain Sanghtana (BJS), Desh Apnayen and CREDAI-MCHI to curb the growing corona outbreak.
As part of initiative, seven mobile vans will run mainly in Worli, Antop Hill, Dongri, Wadala, Charni Road, Girgaon, Fort, Colaba, Dadar. These mobile vans will go door-to-door in areas where corona patients are found, will investigate suspects
In order to reduce the number of COVID patients to zero, this initiative has been started by Kishori Pednekar, Mayor, MCGM. The ‘Mission Zero’ initiative has now been launched in South Mumbai in collaboration with the Greater Mumbai Municipal Corporation, Bhartiya Jain Sanghtana (BJS), Desh Apnayen and CREDAI-MCHI to curb the growing corona outbreak.
Lokmat
Headline:
समाजातील सर्वच घटकांनी एकत्र येत कोरोनाच्या संकटावर मात करणे गरजेचे विवेक फणसळकर
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Money Control
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Around 63 percent of sale transactions entered into in the Mumbai Metropolitan Region (MMR) during FY20 were at a 20 percent premium to ready reckoner rates, says a study by Propstack, a data analytics firm. The firm analysed ready reckoner premiums in MMR based on 38,000 sale transactions.
The percentage of transactions at a premium of over 20 percent is the lowest in south and central Mumbai and highest in Thane and beyond Thane markets, the study said.
Around 8 percent deals during the year-ended March were below the ready reckoner (RR) rates. The highest percentage of transactions, below the RR rate, were in south and central Mumbai at 23 percent and 16 percent, respectively, according to the data.
Mumbai Mirror
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The Urban Development Department has extended the area of Mumbai Metropolitan Region (MMR) to include parts of Palghar, Vasai, Bhiwandi, Kalyan, Ambernath, Karjat, Khalapaur, Pen and Alibaug. This will bring a population of 12 lakh under the Mumbai Metropolitan Region Development Authority.
The Maharashtra legislature had passed the proposal to extend the limits of MMR to include nearly 2,000 sq km area in June 2019 when the BJP-led government was in power.
The UDD’s joint secretary SD Landge said the decision was taken by former chief minister Devendra Fadnavis for unified development of multiple projects in a larger area, and will help use natural resources optimally.
BANK FINANCE
Live Mint
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Mumbai : S &P Global Ratings on Friday downgraded ratings of Axis Bank and four Indian non-bank financiers, citing worsening operating conditions as a result of the covid-19 pandemic.
Axis Bank’s issuer credit rating was cut one notch to BB+, indicating junk status. S&P said the rating action reflects its expectation that heightened economic risks facing India’s banking system will affect the lender’s asset quality and financial performance.
Economic Times
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Mumbai: Reserve Bank of India (RBI) governor Shaktikanta Das said measures adopted by the central bank had ensured that interest rates had declined across the board, according to people with knowledge of the matter. He was speaking at a meeting of the central board of the RBI that took stock of the economic situation and the impact of the loan repayment moratorium.
“The governor and deputy governors briefed the board about the overall macroeconomic conditions – both domestic and global; financial sector situation; and the impact of various monetary, regulatory and other measures taken by the RBI in the context of the Covid-19 pandemic,’’ RBI said in a statement after its board meet.
NATIONAL NEWS
Live Mint
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NEW DELHI : Multiple green shoots of recovery are visible in the economy as is evident from a sharp rise in employment numbers, chairman of the 15th Finance Commission N.K. Singh said on Friday, while maintaining that the growth outlook for the financial year remains uncertain.
Economic Times
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Not a time to worry about fiscal deficit: Finance Panel Chairman
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New Delhi: The chairman of the 15th Finance Commission, NK Singh, said now is not the time to worry about fiscal deficit or public debt, indicating that the government needs to focus on economic revival amid the disruption caused by the Covid-19 pandemic.
“This is not the time to talk of fiscal consolidation. This is the time in which the world believes, I think, that what needs to be protected is the expenditure over fiscal deficit and this is exactly what the central government has do ..
Money Control
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Financial Express
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Fractional real estate investment: What is it and how to make money – Explained
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Fractional real estate investment is a new way to invest in commercial real-estate. The concept of fractional ownership in the real estate has been prevalent in the US and Europe for a decade and is now picking up in India. The alternate real estate asset class has been the playground for largely institutional investors since years and is now emerging as an investment avenue for the aspiring middle class and retail investors.
Strata property management co-founder Sudarshan Lodha told FE Online that fractional investment enables to buy a portion of a property. With this one can get all the benefits of owning a property without the upfront expense and ongoing hassles
Financial Express
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While the world evolves and adapts to the style of work from home, particularly in the wake of the Covid-19 pandemic, it will surely not be a permanent solution for many professionals. Having an office and the need to be a part of a larger team will be crucial, and companies are taking a relook at different models and concepts to make it safer for their employees.
The Hindu
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Real estate sector seeks extension till end of August for filing of GST returns
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CREDAI-Tamil Nadu, which represents over 350 developers across the State, has written to Union Finance Minister Nirmala Sitharaman in this regard
Real estate players in the State have sought an extension of the time frame, by two months without any interest, for filing GST their returns, citing the current full lockdown implemented in Chennai and a few other districts.
Economic Times
Headline:
GST jolt for real estate developers: Paying tax on rent they never got
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MUMBAI: Property developers were already battling a pronounced demand slump for rented space, resulting in either surrendered tenancy or abysmally low rents. And they now have another problem to tackle –paying goods and services taxes (GST) at 18% GST on rents either not received or paid only partially.
As per the GST framework, tax has to be paid at the time of raising invoice and not when the actual payment is made.
“Many landlords have ended up paying GST on rent agreed in ..
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