Shree Cement has decided to invest nearly 2,500 crore. Company’s board has approved the plans to set up the new plant.
AMARAVATI: This is a huge investment for the state and it will be beneficial for the state’s economy as the cement giant Shree Cement has formally decided to invest and set up an integrated cement manufacturing plant in Guntur district.
This investment is worth more than 2500 crores. Board also approved the plan to set up a plant. It will set up the plant with 3 million metric tonnes (MMT) annual production capacity.
Sources informed that the state government has identified and allocated land near Peda Garlapadu village of Gurazala constituency.
Shree Cement has already finished the spade work before formally launching the work. The company is gearing up to complete the first phase of the project.
The term ‘Fintech’ is coined from finance and technology. The term refers to the inter-relation between these two areas of business, which are intrinsically related because of the ways in which technology is changing financial practices. Fin-tech companies are disrupting the traditional financial industry by using information and communications technologies to provide new solutions, such as mobile payments, crowdfunding or peer-to-peer lending.
What do fintech companies do?
Fintech companies provide services and products that use modern technology and data analysis to meet the financial needs of a wide range of customers. These companies offer various services such as personal investing, banking, loans, insurance and wealth management.
Just like traditional banks, fintech companies provide credit cards, mortgages and other loans. However, they also offer more sophisticated products such as trade brokerage accounts, business financing and international money transfers.
Today, fintech is helping all sorts of companies, business owners and end consumers to effectively manage their financial operations, processes and even lives by utilizing specialized software and algorithms
Why is fintech important?
Fintech made financial services easily accessible for everyone, fintech services also include revolutionary financial technologies like blockchain and cryptocurrency. People can easily transfer money and invest their savings by using financial technology.
This innovation has transformed the banking business by providing smart services, better customer connectivity and a host of other value-added services. The Fintech industry is ruling the world and the financial sector and it is important to adopt the technologies which are transforming the financial sector.
How do fintech companies earn?
Fintechs earn money through subscriptions and advertising. Most fintech companies are at earlier stages in the business so these companies are focusing on growth rather than being profitable.
The fintech industry has helped solve many problems, made our present easy, and is already shaping our future. This is the second-highest funded industry in India. Financial technology is generally more lenient and flexible than banks. Our country has the highest number of fintech adopters in the world at 87% compared to the global adoption of 64% because of the pandemic. India has more than 6000 fintech startups and this industry is here to stay.
Municipal corporations in the country, under Section 4 (1) (b) of the RTI Act, disclosed how the Ahmedabad Municipal Corporation (AMC) interprets information relating to its slum redevelopment projects and the decisions of committees.
AHMEDABAD: The Ahmedabad Municipal Corporation shared in a reply “You cannot ask for the minutes of meetings concerning municipal slum-redevelopment projects,” because they are “state secret” of status no lower than “state cabinet papers, which include deliberations of the council of ministers and secretaries.”
AMC‘s resistance is palpable as the committee, since its start in 2013, has been embroiled in controversies with allegations of private developers being ‘favoured’ with “extra” transferable development rights (TDRs).
When Nava Wadaj resident Ganesh Parmar asked for basic details such as copies of decisions of the municipal slum board earmarking areas for redevelopment, details on the formation of committees and the minutes of meetings of these committees, his request was refused by the AMC’s housing projects department.
The public information officer sought exemption under Section 8(1)(i) of the RTI Act, which grants exemption to “cabinet papers including records of deliberations of the council of ministers, secretaries and other officers”.
“The AMC is not sharing the list of beneficiaries of slum redevelopment projects, which raises questions about transparency. I had filed an RTI application. There is also the controversy over extra TDRS being allotted to favor certain builders.” Parmar said.
“statements of boards, councils, committees and other bodies are open to the public, or the minutes of such meetings are accessible for the public”. Says Section 4(1)(b) (viii) of the RTI Act.
“Even if AMC applies Section 4(1)(i), they should know it is applicable till the council of ministers reaches a decision,” claimed Mahiti Adhikar Gujarat Pahel (MAGP) member Pankti Jog counters the AMC claims.
“The same section further mentions that the cabinet papers shall be made public after the decision has been taken, and the matter is complete, or over” she further added.
A senior AMC official shared “Earlier tenders were cleared by the committee on a negative premium, where builders had to pay large sums to the AMC. Of late there have been allegations that the slum redevelopment board grants work orders so builders get more TDRs.”
On Thursday, in land auctions conducted by HMDA, one plot in Turkayamjal was sold for Rs 62,500 per sq. yard against the set up price of Rs 40,000.
HYDERABAD: Eastern and northern parts of Hyderabad proved to be the best for realtors together with the western part of the city, where the real boom happens.
On Thursday, HMDA conducted e-auctions for 85 plots including 34 plots in Turkayamjal and 51 plots in Bahadurpally. The auctions fetched about 137 crores to the government.
HMDA metropolitan commissioner and special chief secretary Arvind Kumar informed that 85,73 valid bids including 50 in Bahadurpally and 23 in Turkayamjal. There were no valid bids for 10 plots in Turkayamjal.
On Friday, the government decided to continue e-auctions in Thorrur in two sessions
The lowest bid amount in Turkayamjal and Bahadurpally was Rs 40,500 and Rs 29,000 per sq yard respectively. In Bahadurpally, located near Dundigal, the government put Rs 25,000 per sq yard as the basic price, the highest quoted amount was Rs 42,500 per sq yard.
Ahmedabad, also known as Amdavad, is one of the largest cities in India. Ahmedabad is the former capital of Gujarat. It is also famous worldwide for its food, diamond cutting, cotton textiles and so many more things. It Is the birthplace of many businesses and businessmen; StartUp infrastructure is still in its infancy as compared to other industrial hubs.
According to the Ease of Living Index 2020, Ahmedabad has ranked as the third best city to live in India. It has emerged as an important industrial hub in our country.
Ahmedabad is positioned among the 10 fastest-growing cities in India. It has also received the status of a Metro city and soon it will go up in the rank as the most developed city in the country. The city is also renowned for its culture, exquisite architecture, and exuberant people.
Education
This city is considered an important hub for higher education in India. It is the best and most affordable choice for students, who are planning for higher studies. Ahmedabad is home to many educational institutes and universities.
Ahmedabad University is a non-profit private university, founded by the Ahmedabad Education Society (AES). The university offers several programs such as engineering, life sciences, management, arts, and computer science.
Health care facilities
There are many private hospitals and quality service providers in the city. Reviews of the government hospital in Ahmedabad are fine. It Depends on the budget of patients whether they want to go to private hospitals or government hospitals. Government hospitals there also provide free treatment and medicines to poor and needy people.
Transportation
Ahmedabad has 2 major bus public transport systems. Auto fares are cheaper in the city compared to other cities in the state. Overall, Ahmedabad has a world-class public transport system which is hardly found in any city.
Employment opportunities
There are so many companies in Ahmedabad along with upcoming ventures and plenty of job opportunities are created every year. As this city is known as Gujarat’s business hub, any skilled person will be able to find a job here.
Crime rates, law and order
This city is considered a safe and secure city in India. Ahmedabad has experienced growing urbanization since the last few years. Local citizens reported that the police of the city are excellent and there is 24/7 help available in case of emergency.
Tourism
Ahmedabad gives a mixed experience of both tradition and modernity to its visitors. As it is one of the most popular cities in Gujarat, Ahmedabad has some of the best tourist places like historical monuments, ancient temples, beautiful lakes and Gandhi heritage. The famous Bhadra Fort and its neighboring environment is also the most scenic part of the city.
Food
Ahmedabad is famous across the world for different types of mouth-watering snacks like Khakhra, Fafda, Dhokla, Dabeli, Sev and many more. One can find traditional sweets and snacks in almost every second street in Ahmedabad.
Cost of living (rent, property rates)
According to the citizens and visitors, the cost of living in Ahmedabad is unexpectedly cheaper and affordable. It solely depends on your standard of living and whether you are buying or renting a place there.
According to the world wide cost of living report 2021, this city is the 7th cheapest city to live in the country. The report was prepared by the Economist intelligence unit. The range of cost of living starts there from Rs.12000 and can go up to 80,000.
The average rate of 1BHK in the city can be somewhere between 6000-15000 and for 2BHK it is 12000 to 20000. If you are planning to invest in Ahmedabad’s real estate market then you will get 2BHK and 3BHK within the budget of 55 lakhs to 80 lakhs.
Experts believe that there is no wrong time to invest in Ahmedabad’s real estate market. The city is rapidly growing and your investment will lead you to huge benefits in the future.
Overall, the city is considered one of the best options to live and it is cheaper than other big cities like Bangalore, Mumbai and Hyderabad. The city is safest and one of the highly developed cities and not expensive at all, that’s what makes it the 3rd best city to live in our country.
Gujarat is one of the wealthiest states in our country. This state contains only 4.7-5% of the population of our country but contributes to 7.9% of the total domestic output of all states across India.
Gujarat has the fastest-growing economy in India. Gujarat has developed and achieved a lot in the past few years such as excellent infrastructure, health care facilities and quality education. Gujarat is also known as the birthplace of Mahatma Gandhi. The legacy of this state includes famous architecture, temples, palaces and handicrafts.
Gujarat is a safe state in comparison to other states, it is ranked as the 7th most livable state in our country. The criminal incidences are very moderate and the crimes related to robbery, vandalism and theft are very low. It is also safe for your cars as the cases of stolen cars are few here.
So, if you are impressed with the state but you are confused about which city to move in, don’t worry here we will introduce you to 5 cities, which you can consider while moving out.
Ahmedabad
This city is the second biggest manufacturer of cotton in India. Ahmedabad is presumed as Gujarat’s business center point and has so many renowned organizations and firms. This city along with the Sabarmati river is considered a real part of major cities in Gujarat. Every facility in this city is convenient.
Ahmedabad has more employment opportunities compared to any other state in Gujarat. This city is known as Gujarat’s business hub. This city is also considered a hub for higher education in India.
As this city is ranked as the third best city to live in our country, it’s also considered the safest city for women in India.
Vadodara
Vadodara is ranked amongst the most famous cities to reside in, it has emerged as the safest city in our country after Chandigarh. In an online survey of 37 cities in Gujarat, Vadodara came first as the safest city in the state.
Vadodara is Gujarat’s third-largest city and it is famous as the cultural capital of Gujarat. The city is the centre of educational activities and serves best in education. The city is clean and neat, a good place for job seekers as people are highly educated and skilled here.
Vadodara is one of the hottest investment markets in Gujarat, its real estate market is on fire. This city is linked well with other cities in Gujarat, public transport there is also convenient.
Surat
Surat is a well-planned urban city, it is one of the cleanest cities in India. This city is also known by other names like “THE GREEN CITY”, “THE DIAMOND CITY”. It is the place where the British first landed in India.
Surat is the economic capital of our country, this city’s municipality is the richest in India. People also call it a peaceful and calm business hub.
Surat is a fast-growing city and it’s famous for affordable education. This city has a high literacy rate but it is not considered as one of the best cities for job seekers.
Surat is extremely well connected with the rest of the regions by air, road and railway transportation.
Rajkot
Rajkot has several job opportunities and it is the 7th fastest developing city on the planet as of March 2021. This city is the sixth cleanest city in India, it is a city where Mahatma Gandhi spent his initial long period of life. This city is home to many universities and schools.
Rajkot is the 35th largest metropolitan area in India, with a population of more than 2 million.This city has also been selected in the list of 100 smart cities under the Smart City Mission of the Ministry of Urban Development. Rajkot is a hub for small business owners.
Rajkot has received a safe city award for the Eye-Way project in 2018 and it also received the best city for women’s safety award in the year 2013.
Gandhinagar
Gandhinagar is one of the best cities in Gujarat, it’s a well-planned city with wide streets and residential sectors with all the necessary things like schools, hospitals, shopping malls, local markets etc. Gandhinagar has around 32 lakh trees and it is one of the cleanest and greenest cities in India.
This city is less expensive than Ahmedabad and the city is also well connected with the other cities. Buses and public transport facilities are also affordable.
There are not many facilities for higher education in the city but it can be the best choice for job seekers as it’s the capital city of Gujarat.
The company informed “The entire equity and preference shares of SMPL are acquired at a total consideration of Rs. 182.89 crore,”
NEW DELHI:On Tuesday, India Cements Ltd informed that the company has completed the acquisition of the entire capital of Springway Mining Pvt Ltd (SMPL).
The India Cements Ltd shared in a regulatory filing, “We would like to inform you that our company has completed the acquisition of entire paid-up equity and preference share capital of SMPL and SMPL will become a wholly-owned subsidiary of our company with effect from June 27.”
Springway Mining Pvt Ltd (SMPL) is in the process of setting up a cement plant in Madhya Pradesh.
Springway Mining Pvt Ltd (SMPL) is primarily involved in the mining and quarrying business, while India Cement is the leading manufacturer of cement in the country.
HONG KONG: The judiciary’s website showed that a winding-up petition has been filed against the China Evergrande Group at the high court in Hong Kong.
According to the website, the petition filed against the embattled property developer was made by “Top Shine Global Limited of Intershore Consult (Samoa) Limited”, the hearing will be held on Aug 31.
China Evergrande Group did not immediately respond to a request for comment on the petition.
China Evergrande Group is expected to announce a preliminary restructuring plan before the end of July.
A lender for Evergrande‘s development (U.S. asset manager Oaktree Capital Management) of the land plot in the rural Yuen Long district of Hong Kong, sought early this year to seize control of the land by appointing a receiver.
At the time of appointment of receiver and potential sale of relevant secured assets China Evergrande Group said “would not have a material impact on the operations or financial position of the group, nor affect the group’s ongoing debt restructuring exercise”.
According to a person with knowledge of the matter, the developer would continue efforts to sell the undeveloped land even after appointing a receiver.
The state regulatory body’s new vertical is planning to help solve the issues around lapsed projects. Out of 36,000 projects registered in the last 5 years, 4,500 projects have lapsed.
MahaRERA is planning to help revive housing projects worth more than Rs 78,000. They are about one-fifth of such projects in the country.
The MaharashtraReal Estate Regulatory Authority has set up a team to identify the issues related to these projects and provide the solution that would help to revive them.
The Maharashtra Real Estate Regulatory Authority is the first real estate regulator that has formed a special team for reviving stuck projects.
Retired IAS officer Sanjay Deshmukh will be the leader of the new team.
These projects are mainly on hold because of unplanned credit backlogs, problems with the approval process, and large price increases in raw materials.
Ajoy Mehta, Chairman, MahaRERA informed “Transparency will be the key to helping fast track the process of regulation. For this, we would need intelligent IT enablement to create a better Address Resolution Protocol (ARP) that will help in providing end-to-end solutions.”
“However, that will need to be supported by regulatory oversight for monitoring the intricacies of the projects, and it will become imperative for the buyers to play a key role in providing clarity to RERA as well,” he added.
Boman Irani, President, CREDAI-MCHI shared “With the support of MahaRERA and all other stakeholders, there needs to be a consensus to mutually agree to take a hit in the interest of conducting business and, if required, to collaborate through joint ventures and other methods for obtaining a common objective.”
The Maharashtra Real Estate Regulatory Authority will be implementing certain measures in the next six months to help set up the building blocks for the industry.
Developers informed that the recent intervention by the government of India in reducing the import duties for steel and cement products has had a positive impact on the sector, and the cost remains inflated in comparison to 2020-21.
In February, Austria announced that it would switch from widely flouted recommendations to binding standards, country made this decision at the command of the European Union’s Financial Stability Watchdog.
VIENNA: On Monday, the financial market authority informed us that from the start of august, Austria is going to make mortgage standards compulsory to manage the boom continued in its housing market.
These new standards include imposing a maximum debt service ratio of 40%, capping loan to value rations at 90% and limiting maturities to 35 years.
Statement by FMA informed “The aim of this decree is to limit the systemic risks in residential property financing in light of the property price boom, turnaround in interest rates, fragile economic environment and current lending practices.”
It also mentioned, As a result of consultations before the command was issued, its start date was postponed by a month and the minimum size of loan covered was raised to 50,000 euros ($52,695) from 40,000.
Financial Market Stability Board announced these standards months ago, to make these standards compulsory as soon as possible, ONB (Austrian National Bank) was called last week.
The ONB informed in the report the previous week that put the year-on-year increase at 12.3% in the first quarter of the current year, after 12.6% in the fourth quarter as Austrian residential property prices have continued to rise sharply.
The central bank informed that the prices of residential property were 35% overvalued relative to fundamentals in the first quarter. In Vienna, it put the figure at 40%.
