Hoping for half a million apps in Indus app store by year-end: Sameer Nigam, PhonePe
Sameer Nigam, Co-Founder & CEO of PhonePe, discusses the launch of the Indus Appstore as a competitor to Google Play store. He emphasizes the importance of scale and the need for a barrier-free entry, like UPI, in order to monetize effectively. Key Points
Economic TimesRealtors put a lock on festive offers amid high demand
As per industry reports, residential sales in India are projected to achieve a record high in 2023, as developers anticipate selling more than 500,000 housing units by the year's end. According to data analytics firm PropEquity Data, in 2022, developers in the top seven cities sold 464,849 units. In the first nine months of this year, they have already sold 372,961 units. Key Points
Economic TimesIndia needs more affordable housing stock: Deepak Parekh
The HDFC chairman said builders should not be too ambitious in trying to launch too many projects at one time. This is a mistake made repeatedly by many developers, only to end up getting cash-strapped or being overleveraged. developers today have to bring in a larger share of equity into the project, he said. Key Points
Economic TimesMahaRERA issues notices to 14 projects for advertising without registration number
The regulator has asked all these projects to present their case within 7 days from the date of notice. The errors are expected to be rectified within the prescribed period and penal action will be taken against the developers that fail to respond appropriately. Key Points
Economic TimesBuoyant residential realty drives land deals; non-metros too catch momentum
During the 22-month period from January 2022 to October 2023, real estate developers purchased about 3,294 acres of land. A substantial proportion, or 44.4%, of these land deals was transacted in tiers II and III locations, with 1,461 acres being acquired in 17 land deals, according to a JLL India study. Key Points
Economic Times
Realtors cash in on growth opportunity in smaller cities
Homebuyers' interest in plotted developments has spiked, particularly after the outbreak of Covid-19 pandemic. The buoyant demand for warehousing has also pushed finalisation of land deals higher. During the 22-month period from January 2022 to October 2023, real estate developers purchased about 3,294 acres of land. A substantial proportion, or 44.4%, of these land deals was transacted in tiers II and III locations, with 1,461 acres being acquired in 17 land deals, according to a JLL India study. Key Points
Economic TimesGoa's Mopa Airport spurs realty activity
Not only from cities in India, Indians living in other countries are also very keen to invest in a holiday home. The airport has led to development in areas where large land is available and developers can plan multiple facilities, said Aditya Kushwaha, CEO and director, Axis Ecorp, which has Axis Blues, Axis Yog Villas and Axis Lake City projects in various stages of development. Key Points
Economic TimesGodrej Prop, Lodha, DLF others rise up to 4.3% as Nifty Realty Index gains 1.43% post RBI MPC outcome; Buy Sell or Hold?
Stock Market Today: Godrej Properties, Mahindra Lifespace, Lodha, DLF others rise up to 4.3% as Nifty Realty Index remains the largest gainer, up 1.43% post RBI MPC outcome, that kept interest rates unchanged. Should you Buy Sell or Hold the stocks? Key Points
mintOpenAI to offer advanced GPT-4 and cost-effective AI for companies: Report
OpenAI's developer conference is expected to focus on reducing expenses for developers and introducing new vision features, such as the ability to understand and describe images. The company may also announce the ability to fine-tune GPT-4, their most advanced AI model. Key Points
mintApple faces $1 bln UK lawsuit by apps developers over app store fees
Apple (AAPL.O) on Tuesday found itself the target of a 785-million-pound ($1 billion) class action lawsuit brought by more than 1,500 apps developers in the UK over its App Store fees. Key Points
Reuters
Singapore hikes property tax, doubling rates on foreigners: What it means
Singapore Property Tax: For foreigners buying any home, the tax rate doubled to 60% from 30%. Shares of Singapore developers fell. | World News Key Points
Hindustan TimesBudget 2024: Realtors seek tax benefits for homebuyers, affordable housing limit revamp
Real estate developers seek an increase in deduction of principal repayment of home loans and the reintroduction of the Credit Linked Subsidy Scheme (CLSS) for middle-income group. They also suggest reduced stamp duty as part of their recommendations to the Finance Ministry for the upcoming Union Budget. Key Points
Economic TimesRBI must pause repo rate hike, more hikes will hit housing demand, real estate sector, says CREDAI
CREDAI stated that another hike by the RBI will lead to even higher borrowing costs for developers. This would further lead to even higher costs of projects and housing prices will rise too, with the prices already increasing by 5-6 per cent in the last one year. Key Points
FinancialexpressHoliday home demand tapers off as rentals fall
Goa is becoming a first-home market with interest from businessmen and startup founders. Luxury second homes are in demand, especially in locations like Porvorim. Coonoor Estates is developing high-end luxury homes for buyers looking to settle down. Key Points
Economic TimesAs mercury begins to soar, India Inc steps up to keep workers sun-safe
As India braces for a hot summer ahead, companies across various sectors are implementing measures to protect their workers from the scorching temperatures. From ecommerce giants to real estate developers and oil companies, efforts include restricted work hours, flexible schedules, resting areas, access to refreshments, healthcare facilities, and breathable clothing. Key Points
Economic Times
Planning to buy a property? Rera has issued a warning. Read this before investing
The Real Estate Regulatory Authority (Rera) in Uttar Pradesh has reminded developers and buyers about the payment module for projects. According to UP-Rera Act, developers are not allowed to take more than 10% advance payment before the sale agreement is executed. The sale agreement should include project details, payment dates, and possession information. Additionally, developers have been directed to sell units based on carpet area only, not super area. Key Points
Economic TimesApple update: New study reveals developers generated $1.1 trillion from App Store in 2022
The App Store ecosystem facilitated an impressive $1.1 trillion in developer billings and sales in 2022, according to a study conducted by economists from Analysis Group. Key Points
FE Tech BytesGoogle stopped 1.43 million apps, banned 173K malicious developer accounts on Play Store
The California-based tech giant also said it had updated its ads policy for developers to prevent malicious ads on its Play Store. To learn more, read the full story on The Hindu. Key Points
The HinduSustainability-linked bonds take root in Indian real estate sector
Sustainability-Linked Bonds (SLBs) in Indian real estate are gaining traction as developers and REITs use them to fund eco-friendly projects. SLBs offer cheaper capital and attract ESG-focused investors but require transparent, measurable sustainability targets, which can be challenging for smaller developers. Key Points
Economic TimesQualcomm says that most Windows games should “just work” on Snapdragon X Elite PCs
At the 2024 Game developers Conference, Qualcomm engineer Issam Khalil announced that most Windows games should "just work" on the company's unannounced Snapdragon X Elite laptops, set to launch this summer. According to The Verge, Khalil emphasised that these Arm-based systems will use emulation to run x86 and x64 games at near-native speeds without requiring developers to port their titles. Key Points
Times Of India
Apple to host annual developers' conference from June 5
Analysts will also look for hints from Apple about the much-anticipated mixed-reality headset that can overlay digital objects on a view of the real world. For new devices, the company sometimes gives developers a heads-up so they can start working on apps. Key Points
mintGoogle drops several key Indian apps from its store
India Business News: Google has removed several Indian apps, including some popular ones, from its app store Play, for not complying with its billing policy. Learn more about this major action by Google and its dispute with app developers. Key Points
Times Of IndiaWhat Will AI Do to Your Job? Take a Look at What It’s Already Doing to Coders
Artificial-intelligence software is eating the software industry, as companies turn to generative AI tools to save money on programmers. It’s a sign of what’s to come for many white-collar workers. Key Points
mintRealtors' bank details set to be included in recovery warrants
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has made it compulsory for real estate developers to include their bank account details in recovery warrants sent to the revenue department. This move aims to streamline the compensation recovery process for homebuyers facing delays or discrepancies in property transactions. By disclosing developers' bank account information, MahaRERA aims to enhance accountability and ensure timely compensation for affected parties. The authority has recovered over ₹125 crore in the last 14 months and appointed a retired additional collector for compensation recovery. Key Points
Economic TimesBeware: OpenAI is going after the global engagement-economy
Bots based on its AI model will make money by engaging people. But business models that grab and rivet eyeballs have already had adverse effects. Key Points
mint
Suraj Estate developers to debut tomorrow. What GMP signals ahead of listing
The IPO of Suraj Estate developers was booked over 15.65 times at close. The retail portion was subscribed 9.3 times, and the non-institutional category's subscription rate stood at 18.9 times. The net proceeds to be raised from the fresh issue will be used towards repayment of debt of the company and its subsidiaries, acquisition of land or land development rights, and other general corporate purposes. Key Points
Economic TimesNet debt of top 8 listed realty firms dip 43 pc to Rs 23,000 cr in last 3 yrs: Anarock
These developers are DLF, Macrotech developers (Lodha brand), Godrej Properties, Prestige Estates Projects, Sobha, Brigade Enterprises, Puravankara and Mahindra Lifespace developers Ltd. Net debt of top eight listed developers has reduced from Rs 40,500 crore in FY20 to over Rs 23,000 crore in FY23. Key Points
Economic TimesRealty developers urge RBI for no further repo rate hike on rising cost stress
Through six successive hikes since May, the central bank has raised policy rates by cumulative 250 basis points taking the repo rate to 6.5%. It had hiked the rates last February making loans expensive. Key Points
Economic TimesOver 5,000 multi-storey illegal flats found in Ghaziabad, large-scale demolition planned
An independent survey commissioned by the Meerut divisional commissioner to uncover illegal constructions within Vasundhara township in Ghaziabad found over 5,000 multi-storey buildings on single-use plots. While the state government prepares to take appropriate action, the violations highlight potential laxity on the part of UP Housing Board officials and developers. Key Points
Economic TimesWindows games on Mac? Apple’s new toolkit will let you try PC games on macOS
Gaming on Mac has turned more serious with Apple's new Game Porting Toolkit, unveiled at WWDC. The toolkit lets developers test out Windows games on macOS. Key Points
The Indian Express
Apple Turned Its Epic Defeat Into Another App Store Victory
Despite expensive legal battles and regulatory pressure, Apple’s and Google’s mobile app stores are mostly unchanged. This week, Apple introduced a new fee on developers to protect its business. Key Points
WIREDApple Turned Its Epic Defeat Into Another App Store Victory
Despite expensive legal battles and regulatory pressure, Apple’s and Google’s mobile app stores are mostly unchanged. This week, Apple introduced a new fee on developers to protect its business. Key Points
WIREDApple Isn’t Ready to Release Its Grip on the App Store
In response to new rules, the iPhone maker announced drastic changes for users in Europe. But criticism is mounting that Apple’s new system only recreates old problems. Key Points
WIREDApple Isn’t Ready to Release Its Grip on the App Store
In response to new rules, the iPhone maker announced drastic changes for users in Europe. But criticism is mounting that Apple’s new system only recreates old problems. Key Points
WIREDCREDAI-MCHI urges finance minister to change redevelopment projects’ GST structure
Real estate developers of Mumbai's Metropolitan Region have approached the Indian Ministry of Finance with concerns that the Goods & Services Tax is impacting the viability of rehabilitation projects. Redevelopment is a key aspect of the regions property market, with around 19,000 properties awaiting such a project. Key Points
Economic Times
Budget expectations: Realty sector seeks industry status, higher tax relief for home buyers
As Union Finance Minister Nirmala Sitharaman prepares to present the maiden budget of Modi 3.0, the real estate sector has a lot of hope from it. While the... Key Points
The Tribune IndiaCall of Duty: Warzone December 14 Update Patch Notes: Check out fixes, nerfs, audio improvements, MTZ, DG
The Call of Duty: Warzone December 14 update introduces a new map, Urzikstan, and integrates MW3, offering players enhanced customization. Notably, the DG-56, Bas-B, and MTZ Interceptor face nerfs, addressing overpower issues. An audio fix improved player experience, focusing on footsteps. The update also includes gameplay adjustments and bug fixes for a smoother Warzone experience. Key Points
Economic TimesAdani Green Energy ranks among top 3 global solar PV developers
Adani Green Energy Limited (AGEL) has secured the second position among global solar PV developers, according to the Annual Global Report by Mercom Capital Group. AGEL's impressive performance and contributions to the renewable energy sector earned it this ranking, boasting a total solar capacity of 18.1 GW, covering operational, under-construction, and awarded projects. Key Points
Economic Times'Developers forced to put off SEZ leasing amid delay over new bill'
Further, delayed implementation of the DESH Bill along with fresh exit notices for FY24 by a few large tenants in January-March 2023 period has dampened the mood further. As a result, all the office REIT managers - Embassy, Mindspace and Brookfield - have refrained from giving distribution guidance for FY24 given the uncertain near-term outlook. While REITs may underperform in near term, the very factors which are driving this underperformance may reverse from FY25, ICICI securities has said in the report. Key Points
Economic Times