Hariprakash Pandey, the vice president of finance and investor relations at HDIL, a developer based in Mumbai, talks about the trends in India’s property market.
Are property prices in India likely to fall further?
We do not think there is a continuous downwards pressure on the property prices. A developer cannot afford to sell his property at a loss. A typical developer is in a position to wait and watch the situation and allow the economic environment to improve rather than sell it at throwaway prices in desperation.
What kind of impact do you expect the 2014 general elections to have on the property market?
Typically during months leading up to the elections, the government does not push for major projects and decisions. Hence, economic activity slows down, and real estate is not an exception. Whatever be the result of the elections, the property market is going to pick up as it is expected that there will be a certainty for the next five years.
Have you noticed an increase in the number of non-resident Indian buyers, and do you expect this trend to continue?
We get a good number of enquiries from NRIs especially from the Middle East. A good chunk of our flats are bought by the NRIs. We expect the demand from NRIs to increase in 2014 as the global economy stabilises.
What are the major concerns and trends for developers this year?
Concerns of an indecisive election, with none of the dominant parties getting a convenient majority. A control on inflation, with the Reserve Bank of India not clear on the inflationary behaviour in the future is another cause for concern. An important trend emerging is increasing development of the outskirts of the cities. As the [urban] population becomes saturated, the new incoming population will look for affordable homes [nearby]. Thus we expect affordability to drive the growth in 2014. The funding situation for the sector is improving as private equity investment in Indian property has registered a considerable growth. The prospects of real estate investment trusts becoming a reality will be another encouraging factor.
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Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UAE v United States, T20 International Series
Both matches at ICC Academy, Dubai. Admission is free.
1st match: Friday, 2pm
2nd match: Saturday, 2pm
UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Rameez Shahzad, Amjad Gul, CP Rizwan, Mohammed Boota, Abdul Shakoor, Ahmed Raza, Imran Haider, Sultan Ahmed, Zahoor Khan, Amir Hayat
USA squad: Saurabh Netravalkar (captain), Jaskaran Malhotra, Elmore Hutchinson, Aaron Jones, Nosthush Kenjige, Ali Khan, Jannisar Khan, Xavier Marshall, Monank Patel, Timil Patel, Roy Silva, Jessy Singh, Steven Taylor, Hayden Walsh
