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

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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Eden Hazard’s only transfer offer revealed as details of ex-Chelsea star’s generous Real Madrid gesture emerge

by www.thesun.co.uk Leave a Comment

EDEN HAZARD has limited options after having his contract terminated by Real Madrid, according to reports in Spain.

Hazard eclipsed Gareth Bale as Los Blancos’ record signing when he signed from Chelsea for an initial £88.3million in 2019.

His stay in Madrid was miserable however, with injury and form struggles meaning he was never able to justify his lofty price tag.

The forward made just 76 appearances for Madrid, scoring seven and assisting 12 times.

The forward did not complete a 90 minute game this season and appeared just six times in the league.

And according to Marca , the Belgian only has one club interested in his services – the Vancouver Whitecaps in the MLS .

The outlet reports that he is weighing up the move against retiring from the game at the age of 32.

They also revealed details of his exit from Madri d which was confirmed last week .

Hazard’s contract was due to run out next summer but an agreement was reached between all parties to let the Belgian become a free agent.

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Hazard offered to leave without a compensation package for the final year of his deal but Madrid paid a third of his remaining £20m-a-year deal.

The Belgian would join a Vancouver team halfway through the MLS season if he were to leave this summer.

The Canadian side are currently sitting in the MLS final series places with the club in sixth.

Hazard would become the most high-profile player to ply his trade for Vancouver since local boy Alphonso Davies left in 2018.

According to reports in Canada , the Whitecaps are struggling to attract fans and have the fourth worst attendance in the MLS.

Inheritance tax ‘genuinely unfair’ as wealthiest escape it

by www.telegraph.co.uk Leave a Comment

Inheritance tax needs “urgently” reforming, one of Britain’s leading economists has said, after The Telegraph launched a campaign to scrap the duty.

Paul Johnson, the director of the respected Institute for Fiscal Studies think tank, said the current system is “genuinely unfair”.

He warned it was “absurdly easy” for millionaires to avoid paying while “moderately wealthy” families often got stung for the full 40 per cent.

Senior Tories have joined calls for Rishi Sunak, the Prime Minister, to abolish inheritance tax in his Autumn Statement later this year.

Mr Johnson said he was not in favour of completely scrapping the duty but that ministers “urgently need to reform it”.

“It is genuinely unfair. The very wealthy pay an average rate half, or less, than that paid by the moderately wealthy,” he said.

“If all you leave is the family house , it’s hard to avoid. If you have millions, it is absurdly easy to avoid .”

Polls have consistently shown that inheritance tax is one of the most unpopular forms of taxation with the public.

A tracker survey of voter opinions carried out by YouGov points to strong opposition that has held firm over the past four years.

Half said they felt it was either very unfair or unfair in April 2023, the same figure registered in July 2019 when the polling began.

In contrast, the number of people who believe inheritance tax is very fair or fair has fallen from 22 per cent four years ago to 19 per cent now.

Separate research carried out by More in Common at the end of 2021 found that the tax was particularly unpopular among Red Wall voters.

Luke Tryl, its director, said that it was “a deeply unpopular tax and the one people are second most likely to say is too high, only behind council tax”.

He added that voters “who swung to the Tories in 2019 in places like the Red Wall” were the most opposed, even though most are unlikely to pay the duty.

Britain has one of the highest rates of inheritance tax in the world , with the duty being charged at 40 per cent on estates worth more than £500,000.

Families receive £325,000 worth of tax relief on their loved ones’ possessions, plus a further £175,000 for the handover of a property.

Married couples can pool their allowances, meaning a surviving partner is often able to leave up to £1 million tax-free to their children.

However, there are several exemptions that mostly benefit the very wealthy, who often end up paying a rate of around 20 per cent .

Reform would probably involve removing such allowances while also bringing down the overall rate to a much lower level.

Ministers could also raise the threshold at which the duty is triggered to lift property-owning middle-class families out of paying.

Simon Clarke, a former levelling up secretary, said:

We should raise the inheritance tax threshold, which catches so many families who aren’t “rich” in any meaningful sense. £500k each and £1m for a couple would be fairer. But would far rather see action on for eg income tax/fiscal drag when trading options. https://t.co/WbfSwkpFJ8

— Simon Clarke MP (@SimonClarkeMP) June 1, 2023

Love Island fans accuse Catherine of being ‘jealous’ as Whitney ‘steals’ Andre

by www.express.co.uk Leave a Comment

Love Island: Zachariah couples up with Catherine

returned to on Monday, with 10 new singles making the villa their home for the next couple of months.

The reality show is already heating up, and fans have continued to share their predictions.

Just days ago, viewers thought Catherine Agbaje would be involved in a love triangle, and recent events have suggested this could be true.

The estate agent seemed as though she wasn’t initially interested in the co-star she was initially paired with, Andre Furtado, but when it seemed Andre had his eyes elsewhere, fans believe she became “jealous”.

The public paired up the stars of the show on Monday, and Catherine ended up with Andre, but later kissed Tyrique Hyde during a challenge and the two seemed to hit it off.

READ MORE: The Repair Shop expert opens up on loss as she pays tribute to co-star

Catherine

Love Island: Viewes accused Catherine of being ‘jealous’ (Image: ITV)

On Wednesday’s instalment of the ITV favourite, Andre ended up on a date with Whitney Adebayo.

Catherine admitted she was “intrigued” about whether the pair had hit it off, leading some fans to speculate she has a case of the green-eyed monster.

Twitter user @Bb_goldenB penned: “Is it just me or I don’t see chemistry btw Zach and Cath yet. I’m not feeling it though,well early days Catherine is jealous. this season go long ooo Whitney is beautiful. what if Cath choose Dre? Or Tyrique?well Early days… Ruchee my girl work with me please #LoveIsland.” (sic)

Whitney

Love Island: Whitney has hit it off with Andre (Image: ITV)

@dy_nd1 added: “Catherine’s already jealous #LoveIsland,” while @Aries_702 shared: “Whitney is so fireeee & Catherine is jealous of her. LMAO. #LoveIsland.”

“Catherine is jealous #LoveIsland,” @notk_____ added while @T_Ngu1 commented: “Catherine looking jealous already #LoveIsland.”

@DeolindaRafael posted: “Catherine’s face when she saw Whitney, she’s definitely jealous now #LoveIsland.”

@lionwalll remarked: “Catherine gonna be so jealous #LoveIsland.”

“What is Catherine talking about? She was “jealous” cause of Andre Sis wants errrbody #LoveIsland,” @sianamb stated. (sic)

Love Island continues on Thursday at 9pm on ITV.

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

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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Print Edition
Print Edition Thursday, 08 Jun, 2023

Experience Your Economic Times Newspaper, The Digital Way!

  • Front Page
  • Pure Politics
  • Economy
  • Sports & Companies
  • More

    Regulation? AI, Says Altman Regulation? AI, Says Altman

    Unleashing Creativity: While norms are needed for major companies, smaller players should be allowed to flourish, OpenAI CEO says in a conversation with Times Internet vice chairman Satyan Gajwani.

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    OECD Raises India’s FY24 Growth Forecast a Jot to 6% OECD Raises India’s FY24 Growth Forecast a Jot to 6%

    The Organisation for Economic Co-operation and Development (OECD) on Wednesday moved its forecast on India’s economic expansion for this fiscal year higher to 6%, from 5.9%, while citing weak global demand and the effect of monetary policy tightening as factors constraining the growth.

(Catch all the Business News , Breaking News Events and Latest News Updates on The Economic Times .)

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