New Delhi:&nbsp;Average housing price rose up to 15 per cent during April-June across 9 major cities, with Chennai witnessing the highest appreciation of 15 per cent, according to data analytic firm PropEquity.The weighted average price rose by 15 per cent in Chennai to Rs 6,744 per square feet in the June quarter from Rs 5,855 per square feet in the year-ago period.Gurugram witnessed 12 per cent increase in prices to Rs 11,517 per square feet from Rs 10,315 per square feet, and Hyderabad too saw 12 per cent rise to Rs 6,472 per square feet from Rs 5,764 per square feet.The average prices in Noida rose 9 per cent to Rs 7,411 per square feet from Rs 6,791 per square feet. In Bengaluru, the prices were up 8 per cent to Rs 6,196 per square feet from Rs 5,760 per square feet.Housing prices in Mumbai, Thane and Pune increased by 3 per cent.In Mumbai, the prices of residential properties rose to Rs 18,896 per square feet from Rs 18,259 per square feet, while in Thane, the rates appreciated to Rs 6,325 per square feet from Rs 6,165 per square feet.Housing prices in Pune too increased to Rs 5,348 per square feet from Rs 5,189 per square feet.Kolkata witnessed the minimum increase of 1 per cent in the average housing prices to Rs 5,431 per square feet in April-June 2022 from Rs 5,355 per square feet in the same period last year."Residential market has been witnessing steady growth in sales and price appreciations over the last one year," Samir Jasuja, Founder and MD of PropEquity, said.As per the data, the housing sales rose 96 per cent year-on-year to 93,153 units during the June quarter this year. Sales, however, dropped 7 per cent to from the previous quarter.Total units launched across the top 9 cities rose 51 per cent annually to 69,813 units during the April-June period, but fell 24 per cent from the previous quarter.The unsold housing inventory dropped 11 per cent annually to 4,05,586 units in the June quarter. The fall was 5 per cent from the previous quarter.Mumbai-based realty firm Kalpataru Ltd, which is developing many projects in Mumbai and Thane, Director-Sales Mukesh Singh attributed the rise in housing sales and prices in Thane to a higher demand."Over the past decade, Thane has transformed into a bustling metropolis. The city is in the midst of infrastructure and connectivity transformation which is expected to appreciate property prices and rentals," he said.As per the PropEquity data, housing sales in Thane more than doubled to 22,966 units during the June quarter from 10,878 units in the corresponding period of the previous year.Housing sales in Pune doubled to 21,927 units from 10,829 units, while sales in Mumbai rose 98 per cent to 11,733 units from 5,929 units.Hyderabad saw 77 per cent increase to 14,457 units from 8,176 units. Bengaluru witnessed 119 per cent increase to 13,324 units from 6,088 units. The sales of apartments in Chennai rose 45 per cent to 3,453 units from 2,374 units. Kolkata saw 56 per cent growth in sales to 3,103 units from 1,988 units.In Delhi-NCR, Gurugram witnessed 57 per cent rise to 1,205 units from 769 units, while Noida saw 87 per cent growth to 1,010 units in the April-June period from 539 units last year, the data showed.—PTI

Average housing price rose up to 15 per cent during April-June across 9 major cities, with Chennai witnessing the highest appreciation of 15 per cent, according to data analytic firm PropEquity

Housing prices rise up to 15% annually in June quarter

Property

Mumbai: The Emirate of Abu Dhabi is keen on housing more Indian startups in its 'Hub71' ecosystem after having already met with some successes, officials said.Hub71 is designed as an ecosystem which can help startups across sectors in all its needs, from getting them access to venture funding to finding the right talent, the Abu Dhabi government media office (ADGMO) said.In the last one year, the platform has attracted and supported startups at different stages of growth from sectors such as fintech, artificial intelligence, software development and healthtech from many countries, including India.At present, it has 100 startups from 25 countries from 18 sectors, which also include enterprises from robotics, big data analytics, mobility and logistics, the statement from the emirate said.Used car-focused Cars24 was the first Indian company to move into the space and is already the largest used car platform in the United Arab Emirates having a valuation of USD 1.84 billion and revenues of over USD 600 million, it said, adding that three more startups, whose founders are from India, have also set shop at the facility.Giving a peek into its focus going forward, the statement said, "We are also open to supporting visionary founders from India in securing opportunities that will boost their growth prospects in Middle East and North Africa (MENA) and vice versa."The three other startups with Indian founders include Arcab, Hafla and Funder AI, the statement said.Arcab, a mobility service that is transforming the commute to work using shared vans. The company works with 40-plus operators, including Europcar, Avis and Dubai Taxi corporation with over 3,000-plus buses in its supply pool.Hafla is the world's first Artificial Intelligence-based event ideation, recommendation and aggregated sourcing platform for venues, equipment, services, and catering, with a team of approximately 50 employees.Funder Al, a digital financing platform for SMEs and Salaried Personnel with a team of approximately 10 employees, is also part of our community, it said.Backed by Mubadala, which is like a sovereign wealth fund of UAE, Hub71 is aiming to fuel the country's aspirations of becoming an 'Entrepreneurial Nation' by 2031. The aggregate valuation of Hub71 startups is at AED (Emirati Dirham) 5.87 billion and it has created close to 1,000 jobs since its inception in 2019."Hub71's strong performance in 2021 exemplifies the enabling business environment that we have established in Abu Dhabi. We aim to position technology companies for growth, and our priority remains to enable a flexible and favourable business environment that supports creative ideas and scales solutions to address society's most pressing challenges," said Mohammed Ali Al Shorafa Al Hammadi, chairman of Hub71.—PTI

 The Emirate of Abu Dhabi is keen on housing more Indian startups in its 'Hub71' ecosystem after having already met with some successes, officials said.

Abu Dhabi's Hub71 looks to house more Indian startups

New Dehli (The Hawk): It has been noted that a section of the media has reported that feedback has been sought from States regarding a suggestion for raising Good &amp; Services Tax (GST) rates on 143 items.Some reports have even carried the number and description of items. It is clarified that no feedback from States has been sought on the GST rates for any specific items or specific proposals to restructure the rates and the reports regarding the same are purely speculative without any basis in fact.The GST Council, in its 45th Meeting had formed a Group of Ministers (GoM) to look into the rationalization of rates. The deliberations of the Group are ongoing. The views of the States were sought generally on the Terms of References (ToRs) of the GoM soon after it was set up in September, 2021. A report of the Group is yet to be submitted to the Council for consideration.

It has been noted that a section of the media has reported that feedback has been sought from States regarding a suggestion for raising Good & Services Tax (GST) rates on 143 items.

Govt's Clarification related to the misleading reports of purported feedback sought on raising GST Rates on 143 items    

Chennai: With the central government looking at privatisation of airports, the Tamil Nadu government has taken a policy decision that it should have a share in the revenue realised by the former while transferring the airport.According to the policy note presented by the Tamil Nadu Industries Minister Thangam Thennarasu to the Assembly on Tuesday, the Airports Authority of India (AAI) is actively pursuing the policy of privatisation of airports."Therefore, a decision has been taken that in the event, the state government acquires and transfers the lands to Airports Authority of India free of cost and the Airports Authority of India or Government of India transfer the assets to a third party, the value realized / revenue accrued thereby, must be proportionately shared with the State Government reflecting the huge investment in land being made by the State Government," the policy note states.According to the policy note, the state government has decided that at the appropriate stage, it has to be ensured that the value of the lands should be converted as equity of the State Government in the Airport Project Special Purpose Vehicle or an appropriate revenue sharing arrangement proportionate to investment is arrived at before any asset transfer takes place to a private party. Tamil Nadu government said as per the decision taken in 2007, to construct new airports/ expansion of airports, it is acquiring lands and handing over the same free of cost, without any encumbrance to AAI."In the present projects, the land cost forms the major share of the overall project cost," the policy note said.Meanwhile, the government has said the AAI has requested for 64.57 acre of patta land and alienation of 11.58 acres of poramboke land for Chennai Airport."Out of this, 30.57 acres patta land will be handed over to Chennai Airport before end of April 2022. Alienation proposals are under process in various stages. Online application for transfer of 16.89 acres of defence lands to Airports Authority of India have been submitted and orders are awaited from Ministry of Defence, Government of India," the government said.—IANS

 With the central government looking at privatisation of airports, the Tamil Nadu government has taken a policy decision that it should have a share in the revenue realised by the former while transferring the airport.

TN Demands Revenue Share From Aai When Airports Are Privatised

 With the central government looking at privatisation of airports, the Tamil Nadu government has taken a policy decision that it should have a share in the revenue realised by the former while transferring the airport.



