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NewsLetter 27th June 20


DAILY NEWSLETTER

(CREDAI-MCHI, NATIONAL, MMR)

SATURDAY

27th  June 20

 

 

CREDAI – MCHI NEWS

 

Express Health Care

 

Headline

‘Mission Zero’ initiative launched in South Mumbai

 

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.

 

Mumbai Live

 

Headline:

Mission Zero: 'Mission Zero' Campaign To Curb Cases Of COVID-19

 

Link:

https://www.mumbailive.com/en/health/coronavirus-live-updates-municipal-corporation-undertook-mission-zero-campaign-to-eradicate-corona-infection-51899

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

Link:

https://www.lokmat.com/thane/coronavirus-news-all-sections-society-need-come-together-overcome-coronavirus-crisis-vivek-a565/

CITY NEWS

 

Money Control

 

Headline:

Up to 63% of realty transactions concluded in MMR were at 20% premium: Propstack study

 

Link:

https://www.moneycontrol.com/news/business/real-estate/up-to-63-of-realty-transactions-concluded-in-mmr-were-at-20-premium-propstack-study-5465121.html

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

 

Headline:

State expands MMR for unified devp of projects

Link:

https://epaper.timesgroup.com/Olive/ODN/MumbaiMirror/shared/ShowArticle.aspx?doc=MMIR%2F2020%2F06%2F27&entity=Ar00800&sk=FABB93B8&mode=text

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

Headline:

Axis Bank, Bajaj Finance ratings cut to junk

 

Link:

https://www.livemint.com/industry/banking/s-p-downgrades-axis-bank-four-nbfcs-cites-covid-19-risks-11593182073494.html

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

 

Headline:

RBI Steps Led to Reduced Rates Across the Board: Das

Link:

https://epaper.timesgroup.com/Olive/ODN/TheEconomicTimes/shared/ShowArticle.aspx?doc=ETM%2F2020%2F06%2F27&entity=Ar00124&sk=3FE89E93&mode=text

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

 

Headline:

Multiple green shoots but outlook uncertain: Finance Commission

 

Link:

https://www.livemint.com/news/india/multiple-green-shoots-of-economic-recovery-visible-nk-singh-11593181256660.html

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

 

Headline:

Not a time to worry about fiscal deficit: Finance Panel Chairman
 

Link:

https://economictimes.indiatimes.com/news/economy/finance/govt-need-not-focus-on-debt-at-present-should-concentrate-on-economic-revival-fincomm/articleshow/76648698.cms

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

 

Headline:

Finance Commission's advisory council discusses possibility of debt consolidation road map post COVID

 

Link:

 https://www.moneycontrol.com/news/business/economy/finance-commissions-advisory-council-discusses-possibility-of-debt-consolidation-road-map-post-covid-5464541.html

The advisory council to the 15th Finance Commission has discussed the impact of restrictions imposed due to the COVID-19 pandemic on tax revenue and possibilities for establishing a debt consolidation road map. In the virtual meetings with the Finance Commission on June 25-26, the Advisory Council felt that the impact of the pandemic on the economy and on the fiscal positions of the Union and state governments is still highly uncertain.

 

Financial Express

 

Headline:

Fractional real estate investment: What is it and how to make money – Explained

 

Link:

https://www.financialexpress.com/money/fractional-real-estate-investment-in-india-what-is-it-and-how-to-make-money-explained/2005481/

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

 

Headline:

Walk from Home: A new trend in commercial real estate business

 

Link:

https://www.financialexpress.com/money/walk-from-home-a-new-trend-in-commercial-real-estate-business/2005328/

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

 

Headline:

Real estate sector seeks extension till end of August for filing of GST returns

Link:

 

https://www.thehindu.com/business/real-estate-sector-seeks-extension-till-end-of-august-for-filing-of-gst-returns/article31921820.ece

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
 

 

Link:

https://economictimes.indiatimes.com/wealth/real-estate/gst-jolt-for-real-estate-developers-paying-tax-on-rent-they-never-got/articleshow/76639032.cms

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 ..

 

 

 

 

UPCOMING EVENT

 

CREDAI-MCHI E-BIZNET

1st to 4th July 2020

Business is Just a Click Away

Biznet is taking a giant digital leap for it's glorious 7th Edition.

For the 1st time ever, this networking platform will take place on the Internet : E-Biznet

Highlights:

# 700 Developers in 5 Days (200+ in 1 Day)

Mark your calendars and book your spot now!

 

 

 

 

 

Prepared by

PR Team

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