Oct 1-15, 2023 - Vol 4, Issue 5
INDIA NEWS
Residential real estate: ‘Silicon Valley’ Bengaluru emerges as major investment destination for NRIs NRIs, combined with an array of enticing incentives, have fostered an investment-friendly environment."
Bengaluru, Sep 17 (IANS) India's IT capital Bengaluru has evolved as the major investment destination for NRI investors in residential real estate. Real estate industry pundits are claiming that 2023 is going to be a remarkable year in connection with NRI investments as the slew of infrastructure projects, new IT corridors emerging in the city and conducive atmosphere in terms of peace, law and order situation in Bengaluru, and cosmopolitan outlook are also contributing to the trend. Sources say that NRIs from Asian regions, from countries like Singapore and from the Middle East, are also making huge investments apart from those in the US. The trend is catching up as NRIs in the Middle East and Singapore want to come back to India and settle down here. Bengaluru, Hyderabad and Pune are preferred destinations for investments in the real estate sector, say trade experts. Talking to IANS, BCD Group MD Angad Bedi said: "As we observe the increase in NRI investment in India and particularly in Bengaluru, 2023 is destined to be a remarkable year, with expected investments reaching an astounding $80 billion by the year's end, a remarkable increase from the $65 billion invested in the previous year. "First, India's economy is growing steadily, providing a fertile environment for NRIs to capitalise on emerging opportunities. Secondly, the proactive measures taken by the Indian government to facilitate investment opportunities for
"The recent appreciation of the rupee has increased the appeal of Indian assets to non-resident Indians with Bengaluru and Mumbai, the biggest markets with a combined 42 per cent share of the H1 2023 sales. Bengaluru is witnessing huge interest from UHNIs and NRIs with the residential prices in the city experiencing the highest increase of around 11-12 per cent y-o-y in the first half of this year as compared to the 6-9 per cent price rise in major cities during the period," he added. Cornerstone Group CEO Captain K. Srinivas told IANS that, the country’s real GDP growth witnessed a yoy growth of 6.1 per cent as of March 2023 and is expected to reach 6.5 per cent by FY24. This economic resilience is creating a favourable condition for the NRIs to foresee a bright future where they can not only multiply their investments multifold, but also get long term value appreciation. The case in point is the country’s real estate sector where a lot of NRIs are infusing their cash flows due to the sector’s phenomenal growth story, especially in Bengaluru, he added. This positive investment sentiment can be witnessed across all asset classes as NRIs are equally enthusiastic about the country’s luxury residential segment that is growing exponentially, as well as the CRE segment, he said. "Apart from the existing office REITs, Q2-23 saw the launch of India’s maiden retail REIT ‘Nexus Select Trust’ and it raised Rs 32 billion from its share sale in May 2023. A lot of NRI investors are actively eyeing on these developments as they see great potential in the market.
Property First founder and MD Bhavesh Kothari said: "The country’s GDP is expected to reach 6.5 per cent by FY24. These robust economic conditions have created and continue to create favourable conditions for the NRIs to invest in real estate as they can multiply their investments, benefit from land appreciation value and envision a promising future. This has led to increased investments, especially in highgrowth markets like Bengaluru where the luxury residential segment and CRE segments are in high demand." In Bengaluru, the investment inflow is quite optimistic as the city and its various sub-markets are witnessing large-scale infrastructural growth and the emergence of new IT corridors, especially in the north suburban areas and areas like Sarjapur, that witnessed some massive land deals in the last 2 years, Kothari added. Being the IT nerve centre of India and a global tech city, Bengaluru is also attracting NRI investors who are investing in the growing co-working segment and the traditional Grade A office spaces, on the back of continued demand from global MNCs and enterprises, he added.
San Francisco, Sep 24 (IANS) Elon Musk’s biography by American author-journalist Walter Isaacson
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New Delhi, Sep 22 (IANS) The Central government plans to meet up to 70 per cent of the country's demand for IT hardware through domestic production within the next three years and cut dependence on imports from non-trusted sources, Minister of State for Electronics and IT Rajeev Chandrasekhar said on Friday.
expected to trigger a surge in domestic investment.
"At present, almost 80 per cent of our supplies to the digital ecosystem come from imports and only 8-10 per cent of our supply requirement comes from India. We want to make that 65-70 per cent in the next three years," the minister told journalists.
Senior officials also point out that India’s trade deficit with China has soared to unsustainable levels and in any case there is a need to reduce imports from the Asian neighbour. The government has already announced a clamp down on imports and has given a transition period of about three months till October31, before a new licensing regime for imports of laptops, tablets and personal computers comes into effect. The government has issued a notification that import consignments can be cleared till October 31 without a licence and a government permit would be required for clearance of import from November.
Close to 40 companies, including global giants such as HP and Dell, have applied under the IT hardware PLI (productivity linked incentive) scheme for setting up factories to manufacture personal computers, laptops, tablets, servers and other equipment. The value works out to around Rs 4.65 lakh crore during the scheme period. The restrictions that are being introduced on imports are
Chandrasekhar said a draft of IT hardware import rules will be discussed with industry players later in the day as part of the strategy to reduce dependence on imports from non-trusted sources, which is an oblique reference to China.
Delta Corp asked to pay Rs 11,139 cr for payment of shortfall tax under GST
According to industry experts, the surge in NRI investment in residential real estate is a trend that is expected to propel 2023 investments to an anticipated $25 billion, up from $20 billion in 2022. This trend is supported by a surge in housing demand, increasing disposable incomes among NRIs, and an emphasis on infrastructure development by the government.
saw a robust sale in the first week of its launch, selling 92,560 copies.
nearly 383,000 copies in its first week.
The sale of the biography of Tesla founder and X (formerly, Twitter) -- titled ‘Elon Musk’ -- included print copies sold through September 16, according to data collected by book tracker Circana BookScan.
The book was published just weeks after Jobs' death on October 5, 2011.
The feat makes ‘Elon Musk’ biography the second best-selling first week title after Isaacson's 2011 biography of late Apple Cofounder Steve Jobs, which sold
Centre aims to meet 70% of India’s IT hardware demand through domestic production
Besides, with the rising demand, large scale urbanisation and overall uptick in land and real estate prices across the key markets in India, the NRIs are enthusiastically optimistic to park their money in various investment machines in India," Srinivas said.
Elon Musk’s biography scores bumper sale, billionaire says ‘cool’
Musk on Sunday posted on the bumper sale figure: “Cool, although it’s kinda weird seeing so many close-up pics of my face.”
BUSINESS & TRADE
Isaacson chased Musk for two years, “attended his meetings, walked his factories with him, and spent hours interviewing him, his family, friends, coworkers, and adversaries,” according to book’s publisher, Simon & Schuster. He has also written best-selling biographies of Einstein and Benjamin Franklin. ‘Elon Musk’ also topped The New York Times’ combined print and e-book nonfiction and hardcover bestseller list.
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New Delhi, Sep 22 (IANS) The Directorate General of GST Intelligence has asked India’s largest casino chain Delta Corp to pay an alleged liability of Rs 11,139 crore. Delta Corp received an intimation for payment of shortfall tax under Section 74(5) of the CGST Act, 2017 and Goa SGST Act, 2017 from the Directorate General of GST Intelligence, Hyderabad, on Friday. The DG notice advises the company to pay an alleged tax liability of Rs 11,139 crore along with interest and penalty for the period from July 2017 to March 2022, failing which a show-cause notice will be issued to the company under Section 74(1) of the CGST Act, 2017 and Goa SGST Act, 2017.
DG notice is inter alia based on the gross bet value of all games played at the casinos during the relevant period. Demand of GST on gross bet value, rather than gross gaming revenue, has been an industry issue and various representations have already been made to the government at an industry level in relation to this issue," Delta Corp said. “The company has been legally advised that the DG notice and the tax demand is arbitrary and contrary to law, and the company will pursue all legal remedies available to it to challenge such tax demand and related proceedings," it added. (Sanjeev Sharma can be reached at Sanjeev.s@ians.in)
“The amount claimed in the
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