Page 5 - India's Infrastructure

Home supply drops 13% in Apr-Jun due to fewer project launches: PropEquity

Fresh supply of housing units is estimated to decline 13 per cent during this quarter across nine major cities with builders launching less number of projects because of the general election, according to real estate data analytic firm PropEquity. PropEquity data shows that new housing supply in April-June is estimated to fall to 97,331 units across nine major cities as against 1,11,657 units in the year-ago period. Pune and Hyderabad are witnessing fewer launches during this quarter while the new supply in Delhi-NCR has almost doubled. Samir Jasuja, Chief Executive Officer & Managing Director of PropEquity, attributed the fall in new supply of housing units to the Lok Sabha election which took place in this quarter. The new supply is 7 per cent lower from the January-March quarter of this calendar year, he added. As per the city-wise data, new launches of residential properties in Delhi-NCR are likely to rise 95 per cent to 11,118 units during April-June this year from 5,708 ...

458 infra projects hit by cost overrun of Rs 5.71 trillion in May: MoSPI

As many as 458 infrastructure projects, each entailing an investment of Rs 150 crore or above, were hit by a cost overrun of more than Rs 5.71 lakh crore in May this year, according to an official report. According to the Ministry of Statistics and Programme Implementation (MoSPI), which monitors infrastructure projects worth Rs 150 crore and above, out of 1,817 projects, 458 reported cost overruns and 831 projects were delayed. The total original cost of implementation of 1,817 projects was Rs 27,58,567.23 crore, and their anticipated completion cost is likely to be Rs 33,29,647.99 crore, which reflects an overall cost overrun of over Rs 5,71,080.76 (20.70 per cent of original cost), the ministry's latest report for May 2024 showed. According to the report, the expenditure incurred on these projects till May 2024 is Rs 1,707,190.15 crore, which is 51.3 per cent of the anticipated cost of the projects. However, the number of delayed projects decreased to 554, provided the delay is

Centre monetised Rs 3.85 trn worth of assets as part of NMP since FY22

Vaishnaw has in the past said on the question of monetisation that railways is a public good and decisions would only be taken keeping the larger good of the masses in mind

Sales of affordable homes dip 4% in top 8 cities in Jan-Mar: PropEquity

Sales of affordable homes -- priced up to Rs 60 lakh each -- declined 4 per cent in eight major cities to 61,121 units during January-March this year on lower supply and higher demand for luxury apartments, according to PropEquity. The top eight cities are -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Hyderabad, Chennai, Kolkata, Pune and Ahmedabad. Real estate data analytic firm PropEquity data showed that sales of homes, costing up to Rs 60 lakh each stood at 6,3787 units in the January-March period of the last calendar year. A lower supply of affordable homes is one of the key factors for this marginal fall in sales. As per the PropEquity data, the fresh supply of homes, up to Rs 60 lakh each, declined to 33,420 units during January-March 2024 across these top eight cities from 53,818 units in the year-ago period. Builders are focusing more on launching luxury apartments to encash a surge in demand for premium residential properties. Profit margins are also high in

Suraksha Group infuses Rs 125 cr in Jaypee Infratech, to begin stalled work

The Suraksha Group has infused Rs 125 crore equity fund in Jaypee Infratech Ltd, which it has acquired through insolvency process, as part of its resolution plan to settle banks' dues and complete around 20,000 unfinished flats in Delhi NCR. Earlier this month, the Mumbai-based Suraksha Group took control of the Jaypee Infratech Ltd (JIL) by constituting a three-member board. The takeover followed the insolvency appellate tribunal NCLAT decision on May 24, upholding Suraksha Group's bid to acquire JIL. The NCLAT had directed Suraksha Group to pay an additional Rs 1,334 crore to Yamuna Expressway Industrial Development Authority (YEIDA) as farmers' compensation. According to sources, Suraksha Group has infused Rs 125 crore equity fund in JIL. Suraksha Group will soon start the construction process. It will also start making payment to YEIDA as per the schedule, they added. Suraksha Group has informed that May 24, 2024, the date of the NCLAT order, should be treated as the 'Approval

China Evergrande chairman's seized Hong Kong mansion sold for $57 mn

All of Evergrande's properties in Hong Kong have been seized or sold, while the personal assets of Hui are not included in the liquidation process

Selling time for unsold real estate inventory down by nearly one-third: JLL

The consultancy released the findings based on an analysis of seven cities -- Delhi NCR, Mumbai, Pune, Bengaluru, Chennai, Hyderabad, and Kolkata -- over the last eight quarters

Strong economic base to help new govt make India a developed nation by 2047

India's world record beating economic growth rate together with robust tax revenues, a fast expanding digital and financial infrastructure and a strong manufacturing sector will give the new government a base for unleashing next generation reforms that may make the country a developed nation by 2047. The new government will however have to tackle with problems like unemployment and rural distress, which seemed to have played a major role in voting pattern in states like Uttar Pradesh, while also keeping inflation under control. Given that no party, including BJP, have a clear majority of its own, tough reforms like big ticket privatisation and labour law reforms may take a backseat. As per the available trends, BJP is likely to win about 240 seats in a 543- member Lok Sabha. It would have to rely on its allies like TDP and JDU to form the next government. The new government will have to build upon the 8.2 per cent GDP growth recorded in 2023-24 and carry on with the reforms to make

Infra, state firms big winners as exit polls indicate PM Modi's victory

A third term for Modi is seen by some investors as bolstering India's economy and markets as the promise of policy continuity

Infra, connectivity should be main focus: Himachal tourism stakeholders

Irrespective of which party forms the next government, infrastructure development and fixing connectivity issues should be the main focus in Himachal Pradesh, stakeholders of the state's tourism industry said. The state and central government should complete projects on proposed airport constructions, improve rail connectivity and build facilities along the highways for tourists, they said. "We are businessmen and do not wish to face the ire of any political party. Single engine or double engine, the government should work for development," said Nishant Nag, the owner of a hotel and amusement park in Shimla. The tourism economy of Himachal Pradesh accounted for seven per cent of state GDP amounting to Rs 14,000 crore, and generates 14.2 per cent direct and indirect employment, as per the latest economic survey. Candidates of both BJP and Congress contesting the Lok Sabha elections from Shimla, Mandi and Kangra seats have mentioned promotion of tourism and better connectivity as the

Sterlite Power gets stakeholders' nod to demerge its biz into 2 entities

Move to unlock funding avenues for the power equipment business: MD Pratik Agarwal

Optimism in real estate industry stakeholders highest in 10 years: Report

As many as 82% of the respondents expect residential prices to rise in the near future

NDA better on infra metrics than UPA tenure, says Nirmala Sitharaman

India saves Rs 4.8 trillion on logistics cost every year, said Sitharaman

Stable prices, lower fuel cost, moderated demand in FY25: Cement executives

…with hints of moderate demand growth in FY25

Contribute towards developing border areas: Defence secy to infra firms

Vibrant Villages Programme encourages border people to stay in border areas

Godrej Properties Q4FY24 results: Profit rises 14% to Rs 471.26 crore

Total income rose to Rs 1,914.82 crore in the fourth quarter of last fiscal from Rs 1,838.82 crore in the corresponding period of the previous year, the company informed in a regulatory filing

Needed: An underwater PM Gati Shakti

India's blue economy strategy hinges on developing robust underwater domain awareness, a critical yet overlooked aspect

Mahindra Lifespace FY24 results: Profits slip; sales at record Rs 2,328 cr

Mahindra Lifespace Developers Ltd has reported a marginal decline in consolidated net profit to Rs 97.89 crore during the last fiscal year on lower income. Its net profit stood at Rs 101.43 crore in the preceding year. According to a regulatory filing on Friday, the company's total income fell to Rs 279.12 crore last fiscal from Rs 659.56 crore in 2022-23. Mahindra Lifespace is the real estate and infrastructure development business of Mahindra Group. During the fourth quarter of last fiscal, the company's consolidated net profit surged to Rs 71.15 crore from just Rs 55 lakh in the year-ago period. Total income declined to Rs 54.60 crore in the quarter as against Rs 270.26 crore in the year-ago period. Amit Sinha, Managing Director & CEO, Mahindra Lifespace Developers, said, "We closed FY24 with our highest ever annual sales driven by successful launches throughout the year." Additionally, he said the company closed 2023-24 fiscal year with over Rs 4,400 crore of GDV (gross ...

World Bank, IT ministry to come up with state-level DPI adoption index

'The state-level DPI index will help analyse gaps to strengthen the digital economy, support financial inclusion and increase public-private innovation'

Railways on track to meet target of 100% electrification by FY25

Notably, the railways had electrified only 3,306 km of tracks in the previous financial year by February