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Union Cabinet approval for metro connectivity in Gurgaon to help real estate projects on Dwarka Expressway

June 8, 2023 by economictimes.indiatimes.com Leave a Comment

Synopsis

The central government has given approval for 28.50 km line having 27 stations on the route. The total completion cost of the project will be Rs 5,452 crore.

The Union Cabinet approval for metro connectivity from HUDA City Centre to Cyber City in Gurgaon will help the real estate sector in the region, industry experts said.

The central government has given approval for 28.50 km line having 27 stations on the route. The total completion cost of the project will be Rs 5,452 crore.

“This development holds tremendous potential, particularly for the real estate sector around the Dwarka Expressway and New Gurgaon, as it will receive a significant infrastructure boost. The commencement of this metro connectivity will create numerous investment opportunities and generate employment,” said Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd.

The project is proposed to be completed in four years from the date of sanction of the project and is to be implemented by Harayana Mass Rapid Transport Corporation Limited (HMRTC) which will be set up as a 50:50 Special Purpose Vehicle (SPV) of the Government of India and Government of Haryana after sanction order is issued.

“Over the past few years, the Central Peripheral Road along Dwarka Expressway has witnessed remarkable growth. With the completion of Dwarka Expressway nearing its final stages and the announcement of metro connectivity, the demand for residential properties is expected to witness a further surge from both end users and investors alike,” said Mohit Jain, Managing Director, Krisumi Corporation.

Improved connectivity and seamless integration will not only benefit commuters in Gurugram and Dwarka but also give fillip to the investment opportunity in the burgeoning areas near Dwarka Expressway and is likely to increase the region’s appeal to both homebuyers and companies alike.

“These developments are likely to spur infrastructure development and unlock new avenues for real estate investment, making this an exciting time for those interested in the real estate market,” said Vivek Singhal, CEO, Smartworld Developers

“With the nearing completion of Dwarka Expressway, the added metro connectivity further positions it as the most promising micro market in Gurugram, attracting homebuyers and investors seeking a vibrant and well-connected community,” said Ravish Kapoor, Managing Director, Elan.

The metro will enhance operational functionality and minimize congestion. With 27 elevated stations, the line will bridge old and new areas, enhancing connectivity and development.

“The line’s connection to the Indian Railway network and plans of integration with the IGI airport further enhances convenience and connectivity which will ensure efficient transportation, and will boost the potential of areas like Dwarka Expressway which have a mix of residential and commercial set-ups, which will further see a high rate of appreciation because of the seamless connectivity of that area,” said Santosh Agarwal, Executive Director and CFO, Alpha Corp.

Dwarka Expressway, already has some major projects and development.

“The metro’s arrival will undeniably invigorate the entire area, propelling Gurugram to unparalleled heights of success and prosperity,” said Gaurav Bhalla, Managing Director, Vatika Group.

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Filed Under: Industry union cabinet, gurgaon metro, dwarka expressway, realty sector, real estate, transport corporation, real..., real estate projects in gurgaon, real estate projects on dwarka expressway, dwarka expressway real estate, upcoming real estate projects in gurgaon, best project gurgaon dwarka expressway, gurgaon projects on dwarka expressway

Inside Michael Jackson’s transformed Neverland with new rides and ghostly resurrections

March 30, 2023 by www.mirror.co.uk Leave a Comment

Michael Jackson’s Neverland Ranch was falling to pieces after he sold it – but now it’s been completely transformed.

The crumbling Californian property looked miles away from it’s best and was seemingly unsellable as the asking price rapidly tumbled downwards.

But the 2,700-acre ranch near Santa Barbara, famously named after the home of Jackson’s fictional hero Peter Pan, has been given a new lease of life.

When the King of Pop died of acute propofol intoxication in 2009 at the age of 50, there were reports his family wanted to turn the site into a place of pilgrimage for fans.

However, rather than becoming what Graceland is for Elvis it has remained empty for over a decade, although the doors might be about to open.

The Neverland Ranch has been given a new lease of life (

Image:

LB / SplashNews.com)

In December 2020, billionaire businessman Ron Burkle bought Neverland for the cut-price of $22million, which is nearly four times less than it was initially listed for.

At the time, a spokesperson for Burke said the businessman saw the investment as a land banking opportunity.

But now it seems like he has decided to bring it back to its former glory by doing work to restore the grounds and update the old rides.

The property showed plenty of vehicles on site as renovations reportedly began after the 2020 sale, with workers seen driving trucks and carrying tool bags and cables as tarp covered some of the ground.

Incredible new aerial picture show that some of the weird and wonderful former attractions have been resurrected.

During Jackson’s heyday, Neverland was known for it’s over-the-top attractions as there was a working train station, giant statues, Ferris Wheel, roller coaster and swan boats.

‘Firehouse’ is one of the colourful attractions (

Image:

LB / SplashNews.com)

They were either removed or fell into a dilapidated state after Jackson’s death, but the fairground area is now looking very pristine.

Although some machines are covered, it is clear that certain stands have been reinstalled in the grounds.

From above, we can see a colourful fun house with obstacles and a long slide named ‘Firehouse’.

There are also two bright swinging carriages for a ride known as ‘Krazy Planes’ – with both attractions situated right next to the railway tracks.

Multiples teepee tents of different colours and sizes have been erected, while some of the huge play areas have been cleaned up.

‘Krazy Planes’ is one of the many rides (

Image:

LB / SplashNews.com)

What looks like bumper cars are covered over by one of the Neverland gardens – spelling out the name of the notorious home despite it being renamed to Sycamore Valley Ranch.

One of the biggest new attractions is called ‘Hook’s Revenge’, a broken pirate ship which is very fitting for the Peter Pan theme.

The famous train station is still there and it looks like one of the original carriages is in storage at the end of the line – but it’s unknown if any of the three railroads still work.

Giant swimming pools that were previously drained appear to be refilled as well – and there is a 14-foot lagoon-style pool and a four-acre lake with waterfall.

The elegant winding pathways and tiles throughout the ranch have been cleaned up and the plants are starting to bloom once more.

‘Hook’s Revenge’ is a brand new pirate boat attraction (

Image:

LB / SplashNews.com)

There are many buildings on the property but the centre piece is a 12,598-square-foot house had five bedrooms and eight bathrooms.

Other amenities at the ranch include a 50-seat movie theatre, dance studio and tennis court, which also has Neverland branding.

Jackson purchased the Californian property in 1987 for around $19.5million, having first visited four years earlier when he saw Paul McCartney while the Beatles star was filming the ‘Say Say Say’ video.

It’s been the centre of some huge events in the last few decades, with Elizabeth Taylor marrying Larry Fortensky in a lavish ceremony in 1991.

Chat show queen Oprah Winfrey famously interviewed Jackson live in front of 90 million viewers in 1993, and Jackson and then-wife Lisa Marie Presley welcomed children from around the globe ahead of the United Nations’ 50th anniversary in 1995.

One of the original trains can be spotted in the station (

Image:

LB / SplashNews.com)

Michael Jackson passed away in 2009 (

Image:

Getty Images)

However, police raided the property ahead of Jackson’s 2003 child molestation trial. He was acquitted of all charges.

Jackson stated he would never live at the property again as he no longer considered the ranch a home as it had been “too violated” by police during the raid.

He did not return to Neverland and Colony Capital invested $22.5million in 2008, with most sources reporting it had become the majority owner.

Most of the rides and all of the animals were sold off, replaced with a meditative zen garden and a section decorated with Peter Pan.

The estate went up for sale in May 2016 with an initial asking price of a staggering $100 million, but this had fallen to $67 million by February 2017.

In February 2019, the asking price was reduced to $31 million, which was just before the controversial Leaving Neverland documentary aired.

There are lots of different attractions in the grounds (

Image:

LB / SplashNews.com)

In the documentary, James Safechuck and Wade Robson claimed they were sexually abused as children by Michael while at the Neverland Ranch.

Jackson’s estate has repeatedly denied all allegations in the documentary.

Real estate expert Michael Corbett told Yahoo Entertainment at the time: “It was priced where it was in the beginning to capture a celebrity trophy buyer, someone that was willing to pay the extra money because it was Michael Jackson’s.

“Unfortunately now, since there’s been a lot of negative press, someone is probably not going to purchase it for that reason…now someone’s going to buy it because it’s an amazing piece of real estate.”

It was eventually purchased by billionaire Ron Burkle, a former family friend of Jackson, for just $22 million in December 2020.

The petting zoo now also appears to be brought back and animals have been reintroduced, despite the controversy surrounding the previous ones.

While the Thriller singer portrayed himself as an animal lover, his zoo was like something out of a horror movie.

There is a massive wooden fort (

Image:

LB / SplashNews.com)

Jackson had over 50 different species in his collection of at least 130 animals, including six giraffes, eight alligators, a bear, 20 exotic birds, three elephants, seven apes, four tigers, monkeys, snakes and lizards.

He spent millions of dollars acquiring them, but has been described as a “consumer of animals” who “treated them like toys that were easily replaceable and often disposable”.

The fate of some of Jackson’s former pets is shrouded in mystery, scandal or tragedy.

One of his parrots was eaten by a boa constrictor who found a gap in the bird cage, while a llama named Snow White died after being viciously attacked by dogs .

In his ITV documentary last year, host Ross Kemp said: “For a man who spent much of his career accusing anyone who criticised him as ignorant, perhaps Jackson was at best ignorant of his animals best interests or at worse knew how to care for them properly, but in the end chose not to.”

With no official record of where the animals went and staff signing non-disclosure agreements banning them from speaking out, finding out what happened proved a tough task.

The basketball court still has Neverland branding (

Image:

LB / SplashNews.com)

Kemp managed to speak to a former zoo trainer at the famous Californian ranch, including Mark Biancaniello, who was forced to retire while sustaining near fatal injuries in a car crash with two tiger cubs in the vehicle with him.

Mark describes his former boss as an exemplary owner of animals who would never abandon his pets, but Jackson left Neverland and all his animals behind four years before he died .

“I think for the people that really knew Michael on a deeper level and saw his connection to the animals and everything there’s no doubt the compassion and the care and the sensitivity that he had towards his animals,” he said.

“I think that’s the biggest legacy in my mind. I know that all the animals got great homes.”

The Estate of Michael Jackson declined to comment, but it has previously been reported that a source close to the family believed the animals were cared for perfectly well.

There was a bear called Balloo, who he bottle fed as an infant and shared a bed with, before he grew to almost 7ft tall while weighing 650 pounds.

Michael Jackson with Bubbles the chimp and his llama

It’s been reported that Jackson wanted the bear to perform bizarre tricks that were unnatural and cruel, such as riding in a bumper car.

Primatologist and conservationist Jane Goodall, who visited Neverland when Jackson was living there, described the horrors she saw.

“There was a poor little bear in a sort of circular cage crying. It shouldn’t have left its mother,” she said.

“People were bending over to stroke it. It was the most pathetic little thing. The whole situation was horrendous.”

After getting his first elephant, Gypsy, as a gift from actress Elizabeth Taylor, Jackson bought two infant elephants from the Kruger National Park called Ali and Baba from a man convicted of animal cruelty.

Jackson got rid of his other elephant, Ali, because he was told the the cost of upkeep was going to be too great because he was a big bull.

The Bad singer had a number of giraffes over the years, but they all met rather grisly fates.

A number of pools have been refilled (

Image:

LB / SplashNews.com)

The law intervened when the animal welfare standards were not up to scratch, as one of the giraffes was illegally imported and their pen was found to be far too small.

Jackson got a bigger enclosure for Jabbar the giraffe, but his inexperience in caring for wild animals casued danger as two of them almost burnt to death in a barn fire .

The singer’s friend and personal portrait artist, David Nordahl, says: “Jabbar was killed in an accident. That was really really really sad the doors that came into the giraffe barn came loose and the door came round and I think broke his neck.”

Four more were auctioned off before Jackson died to a woman named Freddie Hancock and her husband Tommy, who had no previous experience with wild animals.

The most famous of all of Jackson’s animals was definitely Bubbles the chimpanzee.

After buying Bubbles from an animal trainer for $65,000 in the 1980s, the pair became almost inseparable as Jackson took Bubbles on his Bad world tour.

Initially staying in the Jackson family home in LA, Bubbles was then moved to live side-by-side with his famous owner at Neverland.

There are some very extravagant pathways (

Image:

LB / SplashNews.com)

Bubbles lived a remarkably different life to any other chimp, sleeping in a crib in his owner’s room, eating sweets in the cinema and reportedly throwing his poo around the mansion.

Primatologist Jane Goodall claims Bubbles ‘was hit across the room’ in order to discipline him – and says Jackson had a smile on his face when she showed him videos of primates in lab cages and circuses.

Telling Ross how she reprimanded Jackson about his treatment of animals, Goodall said: “He looked at me and [asked] ‘you wouldn’t approve of a chimp being hit over the head, would you?’ I said, ‘No, Michael, you know I wouldn’t.’

“Bubbles was hit when he did something wrong. Michael said that once he was hit across the room. I said, ‘Well, Michael, did you think that was all right?’ And he said, ‘No, not really.’”

Goodall says her advice can’t have been listened too and Bubbles was moved to a sanctuary in Florida before Jackson died and replaced with an infant chimp, also called Bubbles.

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After RBI’s pause, industry wants reversal of rate hike cycle

June 8, 2023 by economictimes.indiatimes.com Leave a Comment

Synopsis

President of industry body Ficci Subhrakant Panda said a status quo in policy rates was largely expected and, by keeping the repo rate unchanged and maintaining the stance of withdrawal of accommodation, RBI is keeping a watchful eye on inflation while supporting growth.

The status quo adopted by the Reserve Bank in its second bi-monthly monetary policy of the current fiscal will pave way for reversal of rate hike cycle in due course, expects India Inc. The RBI, in its bi-monthly monetary policy review, opted for a pause second time in a row, maintaining key benchmark policy rate at 6.5 per cent as inflation moderates.

The rate increase cycle was paused in April after six consecutive rate hikes aggregating to 250 basis points since May 2022.

This pause will help growth to become strong with the support of enhanced consumption demand in the economy, said Saket Dalmia, President, PHD Chamber of Commerce and Industry.

President of industry body Ficci Subhrakant Panda said a status quo in policy rates was largely expected and, by keeping the repo rate unchanged and maintaining the stance of withdrawal of accommodation, RBI is keeping a watchful eye on inflation while supporting growth.

“Ficci expects the impact of monetary policy interventions till date to pave the way for reversal of the rate hike cycle in due course,” he said.

Secretary General of another leading industry body Assocham said that while the Monetary Policy Committee remains focussed on withdrawal of accommodation to further rein in inflation, “we are confident that the RBI would ensure that adequate liquidity is maintained in the banking system and credit growth remains robust”.

Assocham also hailed several measures like allowing issuance of prepaid RuPay forex cards for international travellers, simplifying guidelines under FEMA for authorised persons in the forex market and streamlining Bharat Bill Payment System.

Since May 2022, RBI had hiked the short-term lending rate (repo) cumulatively by 250 basis points to check inflation, before hitting the pause button in April.

Commenting on the RBI’s policy review, Dalmia said this pause will help growth to become strong with the support of enhanced consumption demand in the economy.

“We look forward to the continuous handholding by the government and RBI to maintain economic growth and addressing inflationary pressures,” he said.

Announcing the bi-monthly policy, RBI Governor Shaktikanta Das said anchoring of inflationary expectations is underway and that the central bank’s monetary policy actions are yielding the desired results.

Dhruv Agarwala, Group CEO, Housing.com, said the status quo on benchmark lending rate augurs particularly well for the real estate sector in the country.

“Amid all growth indicators moving in the right direction, the consumer spirit would get a renewed boost from the RBI move, which means home loan interest rates would remain at the current level,” he said.

In his comments, Shiv Parekh, founder hBits, said while the immediate impact of the RBI’s decision might not be significant, this move brings a sense of stability to the real estate sector.

“It is crucial to assess the cumulative impact of previous rate hikes by the RBI, and by keeping the repo rate unchanged, the central bank has provided a sense of relief to various industries, especially real estate, which has been struggling due to consecutive increases in rates in recent months,” he said.

Ajit Banerjee, CIO, Shriram Life Insurance Company, said the RBI’s policy tone was balanced, but it remained non-committal on the decision on future rate actions by MPC.

Probably it is very unlikely if RBI would precede the US Fed in reversing its course of rate hikes in the future, he added.

Pranay Jhaveri, MD – India and South Asia, Euronet, opined that streamlining Bharat Bill Payment System will help integrate backend systems efficiently for a seamless experience, which could also bring new players to the table and improve the ad-hoc payment system.

It will be an advantage to bolster fraud monitoring and risk mitigation systems to ensure smooth online transactions, Jhaveri said.

To further enhance the efficiency of the Bharat Bill Payment System and to encourage greater participation, RBI has proposed to streamline the process flow of transactions and membership criteria for operating units.

Other measures announced on Thursday included allowing scheduled commercial banks to set their own limits for borrowing in Call and Notice Money Market, giving two more years to primary urban cooperative banks to achieve priority sector lending ( PSL ) targets, expanding the scope of e-RUPI digital vouchers issued by banks, and permit issuance of RuPay prepaid forex cards by banks.

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Filed Under: Uncategorized foreign, monetary policy, indian trade, Commerce, Commercial bank, Bank, Demand, Interest rate, Insurance, Inflation, Repo Rate, rate hike cycle, ..., rbi interest rate hike, why rbi hikes repo rate, why rbi hikes interest rates, 2018 rate hike cycle, indonesia c.bank signals end of rate hike cycle as inflation cools, rbi hikes interest rates, rbi repo rate hike, rbi to hike interest rate, rbi to hike repo rate, rbi on rate hike

Priority Sector Lending target deadline for Urban Cooperative Banks extended

June 8, 2023 by economictimes.indiatimes.com Leave a Comment

Synopsis

The Reserve Bank of India (RBI) has given Indian urban cooperative banks more regulatory flexibility by extending the meeting deadline for their priority sector lending targets and providing rewards for those that already meet them. RBI has decided to expand the scope of the framework for resolution of stressed assets so that compromise settlements and technical write-offs can be executed to resolve non-performing assets which was an option only for the commercial banks.

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MUMBAI: Urban cooperative banks (UCB) are getting more regulatory relaxations. The Reserve Bank of India (RBI) has extended the deadline for meeting their priority sector lending ( PSL ) norms.

Moreover, those who have already met the targets would be suitably rewarded. They will also be allowed to resolve stressed assets the same as commercial banks are allowed.

“With a view to ease the implementation challenges faced by the UCBs, it has been decided to extend the phase-in time for achievement of the targets by two years, i.e. upto March 31, 2026” Governor Shaktikanta Das said in his monetary policy statement on Thursday. “Further, suitable incentives shall be provided to UCBs that have met the prescribed targets as on March 31, 2023”.

The PSL targets for UCBs were revised in 2020 amidst the backdrop of failure of a large UCB- Punjab and Maharahtra Co-operative Bank, RBI increased their PSL targets from 40% in March 2020 to 75% by March 2024 to improve the granularity of their loan book.

In order to ensure a non-disruptive transition, a glide path was provided till March 31, 2024 to achieve the revised targets. Detailed circular on the matter will be issued separately, Das said.

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“ The proposal to allow more time to meet the targets shall reduce their PSL purchases and support their profitability in the interim” said Karthik Srinivasan, senior vice president, group head – financial sector ratings, at ratings firm Icra Ltd .

Besides the relaxations on PSL targets, UCBS will also be able to do technical write-offs and execute compromise settlements with defaulting borrowers.

The banking regulator has decided to widen the scope of the framework for resolution of stressed assets, under which all the regulated entities including cooperative banks would be able to execute “compromise settlements and technical write-offs” to resolve non-performing assets.

This resolution option was available only for dud assets of commercial banks and select non-bank finance companies. It is now being extended to UCBs as well, Das said. Guidelines for same will be issued soon.

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Filed Under: Uncategorized ucbs, psl, Commercial bank, Loan, Bank, Monetary Policy, reserve bank of india, shaktikanta das, icra ltd, Monetary..., kodungallur urban cooperative bank, almora urban cooperative bank, almora urban cooperative bank recruitment 2022, almora urban cooperative bank recruitment, sonipat urban cooperative bank, parwanoo urban cooperative bank, chalakudy urban cooperative bank, angamaly urban cooperative bank, margao urban cooperative bank, mapusa urban cooperative bank

HDFC may tap Arvind Kapil for mammoth mortgage business post merger

June 8, 2023 by economictimes.indiatimes.com Leave a Comment

Story outline

  • HDFC bank has shortlisted its retail assets head, Arvind Kapil to lead the home loans business post its merger with Housing Development Finance Corp.
  • Arvind Kapil has worked with HDFC bank Ltd. for about 25 years.
  • The two will finalise the merger by July 1, 2023.
Photo credits- HDFC bank

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HDFC Bank Ltd . has shortlisted veteran Arvind Kapil , its current retail assets head, to spearhead the home loans business post its mega-merger with India’s biggest mortgage financier Housing Development Finance Corp.

Kapil, who has worked at India’s most valuable bank for almost a quarter of a century, recently met executives at the mortgage lender to discuss plans for the loan book post-merger, according to people familiar with the matter. If he gets the role, Kapil will lead a mammoth mortgage business, that currently includes gross individual loans of 5 trillion rupees ($61 billion) at HDFC and over 1 trillion rupees at HDFC Bank, according to the firms’ latest financial statements. The decision has yet to be finalized and may still change with the merger slated to be completed as soon as July 1, they said. Kapil did not respond to calls and messages seeking comment. HDFC Bank did not respond to an email seeking confirmation on Kapil’s new role.

At HDFC Bank, Kapil has overseen the rollout of initiatives like getting a personal loan in 10 seconds, even for those without a bank account, as well as offering car loans in 30 minutes. The merger will create a financial behemoth that can ride the boom in home loans and consumer spending in the world’s most populous nation. An integration committee in the bank is constantly reviewing the business, credit and operations processes so the integration is seamless, Kapil said at the HDFC Bank Day, according to a May 24 video on the bank’s YouTube page. “Step by step, we’re pretty much ready,” Kapil said at the event. About 70% of HDFC’s mortgage customers did not have accounts with the bank and Kapil said the lender plans to encourage these clients to bank with it.

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