Coronavirus can be controlled: Over 68,000 have recovered so far globally

Over 50,000 people have recovered in China’s Hubei province, which is the worst-hit; Iran has seen over 2,900 recoveries

The Coronavirus outbreak has taken the world by a storm, with governments globally scrambling to control the outbreak, which has so far infected over 125,000 people and killed more than 4,500 across 114 countries. Even as the virus forces countries to quarantine citizens, lock down borders and suspend travels, the number of recoveries across the world so far has been 68,000, according to data collated by the Johns Hopkins University & Medicine.

The data show that over 50,000 people have recovered in China’s Hubei province alone. Hubei has been the most affected by the outbreak. Iran, also affected badly and facing difficulties owing to several US sanctions and poor medical facilities, has seen over 2,900 recoveries so far. The country has also reported over 400 deaths, the most after China and Italy.

While over 90 per cent of the cases are confined to four countries – China, South Korea, Italy and Iran – the first two have lately seen a significant drop in new Covid-19 cases. The University data show that in Italy 1,045 of the 12,462 reported cases have recovered, while over 800 have died. The mortality rate among recorded cases in Italy is 6.6 per cent, against 2-2.5 per cent in China. The region around Milan in northern Italy has been the worst hit by the virus.

Indian govt springs into action amid spurt in cases: The situation in India, which has seen a spurt in positive Coronavirus cases since last week, is different. The number of total Coronavirus cases in the country on Thursday rose to 74, with 14 fresh cases being reported. Nine new cases were reported in Maharashtra, and one each in Delhi, Ladakh, Uttar Pradesh and Andhra Pradesh. Even as Prime Minister Narendra Modi-led government has suspended all tourist and medical visas until April 15, there have been only four recoveries in the country so far.

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BSNL employees urge PM Modi to approve rescue package without delay

BSNL has real estate assets at all prime locations, worth more than Rs 3 trillion.

The employees of government-owned Bharat Sanchar Nigam (BSNL) have urged Prime Minister Narendra Modi to approve without delay a revival plan for the telecom entity.

“The employees are very confident that BSNL can be revived in three to four years and made profitable,” K Sebastian, general secretary, Sanchar Nigam Executives Association, wrote in a letter to the PM. On September 26, a meeting convened by P K Mishra, principal secretary to the PM, on revival of BSNL, could not decide the question of whether it was possible.

BSNL has sought government help in the form of conversion of its debt into a sovereign guarantee, a pay revision and a subsequent voluntary retirement scheme (VRS). And, fourth-generation technology (4G) spectrum across India through equity infusion of ~7,000 crore. The proposed VRS package, it suggested, could be funded by a bond issue over 10 years. The employees have said much the same thing, including formation of a Special Purpose Vehicle for taking over BSNL’s loan dues, land monetisation and financial support for maintaining 17,000 loss-making rural telephone exchanges. “Senior officers and secretaries may have doubt about the possibility of revival but the employees feel it can be done,” goes the letter.

If there is government support, it says, they are capable of competing with private telecom companies. “The government did not allot 4G spectrum to BSNL, although BSNL’s 3G service is superior to the 4G service of other operators at various cities, as per Telecom Regulatory Authority of India data,” said Sebastian…

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India’s mini-Lehman moment: Bankruptcies double at real estate developers

The growing number of insolvencies highlight Indian property developers’ inability to complete apartments and meet their debt obligations amid the funding crisis

The number of Indian real estate companies tipped into insolvency has doubled in less than a year since the collapse of a key shadow bank, an event often compared to the Lehman crisis that squeezed American funding markets a decade ago.

As many as 421 developers entered bankruptcy court by the end of June, up from 209 in September 2018, around the time when the government seized control of Infrastructure Leasing & Financial Services Ltd. The move triggered a credit crunch for smaller financiers and property firms, which depend on funds from shadow lenders.

The numbers will probably increase, according to Vivek K. Chandy, joint managing partner at law firm J. Sagar Associates. Of the 421 cases, 164 have been closed, he said, which means they were resolved, withdrawn, or the companies faced liquidation.

The growing number of insolvencies highlight Indian property developers’ inability to complete apartments and meet their debt obligations amid the funding crisis. The crunch is feeding into — and worsened by — an economic slowdown that is hitting Indians’ demand for goods and services….

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Booster dose: Govt’s package for realty sector, exports likely this week

The real estate industry, which has been in the doldrums for almost four years now, has been demanding regulatory and tax changes to shore up the demand and liquidity.

The Centre is readying a package to help boost exports and perk up the real estate sector. According to senior government officials, the steps in real estate could include a task force to identify and revive stalled projects, easing of interest subvention norms, a new rental housing policy, an increase in the affordable housing category limit and reducing time taken to process applications under the partial guarantee scheme for housing. In addition, there could be specific measures to make export credit easily accessible to small exporters. Expediting work on the long-awaited goods and services tax (GST) e-wallet for exporters is yet another announcement expected soon.

While announcing the first set of measures last week, Finance Minister Nirmala Sitharaman had promised two more rounds to boost some of the stressed sectors, including real estate. Officials said a package aimed at home buyers and real estate developers could come by the end of this week.

The real estate industry, which has been in the doldrums for almost four years now, has been demanding regulatory and tax changes to shore up the demand and liquidity. Sitharaman, along with Urban Development Minister Hardeep Puri and senior officials, had met representatives of the housing industry recently to discuss the status of the sector….

PM holds meet with Sitharaman and officials to weigh booster dose options

India’s economic growth has slowed to 6.8 per cent in 2018-19 – the slowest pace since 2014-15, consumer confidence is waning and foreign direct investment has reached plateau

Prime Minister (PM) Narendra Modi on Thursday met Finance Minister Nirmala Sitharaman and officials of her ministry to find solutions to the economic slowdown that has eroded wealth and hit jobs. Sources said the government might soon provide a broad stimulus package or a sector-specific booster dose.

There might also be some relief to foreign portfolio investors from the super-rich surcharge, announced in the Budget. But, a cut in the goods and services tax (GST) on motor vehicles — one of the worst-hit sectors — was unlikely, said sources, adding that the government believed the sector was going through a cyclical downturn.

“The Centre will assess the potential revenue loss from any cut in the GST rate for four- and two-wheelers before proposing it to the GST Council,” said a government source. The current GST rate is 28 per cent.

The meeting on Thursday took place hours after Narendra Modi addressed the nation from the historical Red Fort in Delhi on the occasion of Independence Day. Officials aware of the deliberations said plans were being firmed up for any stimulus package or sector-specific measures. “The broad consensus was that steps will be taken by the government to arrest the slowdown in the economy. The contours are being drawn up now,” said an official…

Top 10 business headlines: Modi’s economic plan, stimulus package & more

From SoftBank eyeing stake in Airtel’s telecom biz and other assets to Anil Agarwal’s expression of interest to revive Jet Airways, here are the top 10 business headlines for Monday

1) Our Mantra is to revive animal spirits, make India investment magnet: PM ModiWe will leave no stone unturned towards making India the best investment destination in the world, improve ease of doing business, go “as far as possible” to revive the “animal spirits” and make the “entire private sector bullish”, Prime Minister Narendra Modi on Sunday told the Economic Times in an interview.

Further, the Prime Minister said that he had taken the decision on Article 370‘s abrogation from Jammu and Kashmir after a “great deal of thought”. According to the financial daily, he said that he was certain this would help create the three necessary conditions for investment: stability, market access and predictable laws.

2) Govt looks to reverse economic slowdown with a stimulus package: Amid fears of a global slowdown, the government is putting together a set of measures — from tax cuts to targeted sops — to reverse the economic downturn gripping the country at present, LiveMint reported on Monday, while citing three people aware of the ongoing discussions.

According to the report, the government’s idea is to roll out various countercyclical measures, including confidence-building steps for the private sector and sectoral incentives, to stimulate the economy, which is facing losses, layoffs and an investment freeze…

SC cancels Amrapali group RERA registration for cheating homebuyers

Top court says Amrapali defrauded buyers in connivance with banks, Noida, Greater Noida authorities, appoints state-owned NBCC India to complete pending projects

Current Affairs: The Supreme Court on Tuesday dropped the RERA (Real Estate Regulation and Development Act) enrollment of Amrapali gathering organizations for duping homebuyers, occupying their cash and neglecting to finish extends on schedule. In a remarkable move, the top court likewise designated state-claimed NBCC India to finish the pending ventures of the NCR-based designer.

The homebuyers, who had purchased pads in these stuck undertakings of Amrapali, will currently need to store the rest of the cash in a record opened with the Supreme Court inside a quarter of a year.

Expressing that there was a “genuine sort of extortion played upon the purchasers in dynamic intrigue with the authorities of the Noida and Greater Noida Authorities and that of the banks”, a two-judge seat of Justice Arun Mishra and Justice U Lalit held that Amrapali had occupied homebuyers’ cash through sham organizations, false bills and closeout of pads to related gatherings at underestimated costs.

SC drops Amrapali bunch RERA enrollment for tricking homebuyers According to Anuj Puri, executive, ANAROCK Property Consultants, the SC judgment is required to start a trend that was long due and can possibly carry alleviation to a large number of home purchasers the nation over…

Over 70% homebuyers will file RERA complaint for possession delays: Survey

RERA has instilled confidence in buyers to invest in under-construction real estate projects and improved the sentiments of the sector as well, Magicbricks said

More than two-third of home-buyers will file a complaint against the developer with real estate regulator under the new law RERA for any delay in possession of their flats, according to a survey by Magicbricks.

The Real Estate (Development and Regulation) Act (RERA), which came into effect from May 2017, has brought in a ray of hope and is the first choice for home buyers when it comes to fighting inordinate delays in delivery of their apartments, it said. As of now, 22 states and six union territories have already notified RERA rules. West Bengal is the only state with its own real estate law – WBHIRA.

“72 per cent home buyers would like to file a RERA complaint in case of delay in possession, while about 19 per cent would like to ask for a refund and just 10 per cent would like to wait for possession if the project gets delayed,” the portal said in a statement. RERA has instilled confidence in buyers to invest in under-construction real estate projects and improved the sentiments of the sector as well, Magicbricks said.

It highlighted that the number of registration of projects and agents are picking up across states, leading to a transparent ecosystem for stakeholders. However, there have been cases where RERA orders have not been followed by builders and authorities had to impose penalties for delay in possession.

“There are still many gaps in the implementation of RERA as buyers still face many issues related to filing complaints, getting possession on time and penalties for delays. RERA regulators need to have a mechanism for timely redressal of issues so the lost confidence of consumers is restored in the sector,” the statement said…

Source : Business Standard

Buying a home wins hands down against renting today. Here's why

Buying a home wins hands down against renting due to Pradhan Mantri Awas Yojana and RERA laws

I have this running debate with my youngest client and perhaps, the most financially savvy. This client has spent a few years already as a marketing professional in a software company in Bangalore and got married recently.

Unlike many fellow professionals, he had sought out my services almost as soon as he started his working career. The family has all the required insurance policies and even save a tidy sum every month in a portfolio of mutual funds balanced between their near term and long-term goals. We agree on everything except this: whether they should buy a house or should they rent it? He used to stay in a rented apartment before marriage and since he really liked the area, even after marriage, they continue to stay there. However, despite lucrative several offers to buy an apartment in the same area, he refuses to do so.| Latest economy news

His argument is based on an excel sheets in which he has analysed the rent versus buy decision fully. On rent, he has taken into account reasonable assumptions on increases in rent over the years, including the rise due to increase in the market value of the property, the cost of security deposits, the brokerage and other transaction costs that he will have to pay every time he renews a lease and above all, even moving expenses every few years.

On the buy side, he has taken into account the fact that he will be able to get a home loan and get tax benefits on the loan repayments, besides accounting for maintenance and society charges.|economy today

He has worked out both the numbers and has concluded that for the next 30 years, the property would have to appreciate at around 15 per cent a year to break even with renting. Otherwise, he would be much better off just renting till he retires in 30 years and use the invested money to buy a senior citizen friendly home when he retires.

My argument with him has always been that any financial model completely ignores the softer and emotional aspects that too have a financial impact. He had major problems convincing his future wife’s parents that he wasn’t willing to buy a property despite having the means to do so. They did not believe him and thought he was fibbing about his income. The cost of defying a widely-held social convention is a recurring cost.

 

Is it the best time to buy a house? Yes, say experts

In a recent interview, Keki Mistry, chief executive at HDFC said it is best time to buy a property

 

#LATEST | Lower prices, lower interest rates and rising affordability have made it the best time to buy residential properties, say experts.

In a recent interview, Keki Mistry, chief executive at HDFC bank said it is the best time to buy a property.

" First, by virtue of the fact that interest rates are significantly low. Since 2008, e whave not seen rates as low as this. I don't believe rates will go down any further.Second, property prices haven't gone up in recent times so one would believe there is time correction of prices. Third, all incentives are provided by the government for people to buy houses,"Mistry said.

Rates:

Mortgage rates have come down by 150 basis points in the last two years bringing them down to 12-year lows, and this is gradually improving affordability. Every 100 basis points mortgage-rate cut is equal to 5-6 per cent price cut, CLSA has noted.

Prices:

Housing prices fell by 1.67 per cent to Rs 6,185 per sq ft in Q4 (January- March) from Rs 6,290 per sq ft in the December quarter in major cities such as Gurugram, Noida, Mumbai, Kolkata, Hyderabad, Bengaluru, Pune and Chennai, data analytics firm PropEquity has said.

According to international brokerage firm CLSA,the price of a mass-premium house located in a metro city suburb having a ticket price of Rs 60 lakh has remained flat on a year-on-year basis.

"For buyers it is a good time to buy as buyers have remained stagnant in the last three years. In fact they can get discounts. But for investors, if they get a distressed valuation and no completion risk, it is not a good time," Amit Bhagat, chief executive at ASK Property Investment Advisors.| READ MORE..