Karur Vysya Bank implements instant remittance service for NRIs

Living Room at Ireo Gurgaon Hills

Living Room at Ireo Gurgaon Hills

India’s private sector bank Karur Vysya Bank has implemented Oman-based Bahwan CyberTek’s ‘Cuecent eRemit’, a global remittance solution, to provide instant remittance service to its NRI customers.

BCT said the new remittance solution has helped KVB launch an ‘instant cross-border remittances service’ for Non-Resident Indians, which offers the remitter the facility to instantly credit funds into the beneficiary account in any bank in India.

BCT is a global provider of innovative software products and solutions.

Under the service, the funds would be instantly remitted and the beneficiary would be able to withdraw the money within a matter of minutes. Both the beneficiary and remitter receive free mobile and email alerts instantaneously on receipt of money.

The Bank believes that their NRI customers would be delighted at the speed with which money gets credited to their dependents in India and would also derive comfort from the fact that their dear ones would be able to withdraw money from any ATM within minutes of their making a telephonic request.

Read more: The Economic Times

Real Estate

Master Plan tweaked to let highrises come up in Delhi

A proposed amendment for allowing high rise buildings has been introduced in the Master Plan Delhi-2021 during the review process of the document. Buildings higher than 15 m and without stilt and those higher than 17 m with stilt in all land use zones will be considered as highrise buildings, the modification to the Master Plan stated.

The modification was cleared in the the last Advisory Group meeting on review of MPD-2021, held on July 3 and chaired by former Lieutenant-Governor Tejendra Khanna.

There is no provision in the Master Plan specifying development control norms for such buildings. Highrises has been the topic of hot debate in the past, with Chief Minister Sheila Dikshit having expressed reservations about allowing such buildings to come up in the city. On the other hand, Union Minister of Urban Development Kamal Nath has been continually pointing out the need for highrises as Delhi cannot grow horizontally.

The modification stated that rooftops of high rise buildings can be used for construction of swimming pools, landscaping and related structures. “Intermittent service floor may be permitted for installation of equipment and services required for the maintenance of the building, with prior approval of agencies concerned… is not to be counted in FAR. The height of the service floor is to be decided based on the depth of structural equipment…,” the minutes of the 10th meeting of the Advisory Group stated.

Read more: Indian Express

Delhi government lifts ban on property transaction through GPA

Delhi government today lifted the ban on registration of property transactions involving general power of attorney (GPA) which is expected to provide relief to lakhs of residents living in group housing societies and unauthorised colonies.

The Revenue Department issued a circular allowing registration of all GPA-based property transactions in the city with immediate effect.

As per the circular, property transaction through GPA will be considered “legal” but it will not be considered as transfers of title for mutation of property.

The order said transfer of property through general power of attorney and special power of attorney (SPA) by any registered property owner will be allowed in favour of “their spouse, son, daughter, brother, sister or any other relative or person of his trust to manage his property or empowering him to execute any further deed of transfer including conveyance, sale and gift deed”.

The clause that property transaction through GPA and SPA will be allowed in favour of the owner’s spouse, son, daughter, brother, sister or any other relative has been newly introduced.

Read more: The Economic Times

Haryana government issues new guidelines in property transactions

Haryana government has issued new guidelines here today to make property transactions transparent in the state.

The state government has made it mandatory to attach photographs of buyers and sellers of property with sale deeds, Haryana’s Additional Chief Secretary and Financial Commission, Revenue and Disaster Management Department, Krishna Mohan said adding, “This decision has been taken to supplement measures taken by the government to check undervaluation of property.”

Photographs will be taken by a camera which automatically indicates the date on which the photo was taken, he said.

All Divisional Commissioners and Deputy Commissioners in the state have been directed to strictly comply to these instructions, he added.

Source: The Economic Times

Tata Housing’s roundtable conference panellists agree that India’s New Affluents redefine the luxury segment

India’s rapid advance from an emerging to a developed economy has given rise to a new breed of luxury consumers, a highly opinionated and demanding set of consumers, which is heavily influenced by global tastes and beliefs. India’s New Affluents, while retaining a distinctly Indian identity, are redefining the market, taking marketers by storm. This is the preeminent conclusion of a highly engaging roundtable discussion organised by Tata Housing, India’s fastest growing real estate development company.

According to the Boston Consulting Group, the numbers of affluent class are around 13 million households in India. Among affluent households, education and occupation help define consumption patterns and attitudes, creating two distinct segments: New and Traditional. The recent emergence of the affluent class in India highlights this demographic group’s obsession with the love for technology, high living and new-age affluence – in a nutshell, an opulent lifestyle. This has led to conversation amongst manufacturers and marketers on who these  ‘affluents’ are and why their consumption habits are of relevance to India.

According to the panel, India’s New Affluents will not simply mimic western spending patterns but retain distinctly Indian characteristics; a type of jugaad that marries affluence with aspirations, with a strong focus on the former.

Read more: India Education Diary

Economy

Economy to grow up by 6 pc in 2013-14: Rangarajan

Prime Minister’s Economic Advisory Council (PMEAC) Chairman C Rangarajan today said Indian economy will grow up by 6 per cent this fiscal on account of a good monsoon.

“It can be said that the growth of the gross domestic product ( GDP) will be 6 per cent…as the monsoon is favourable, reflecting increasing public sector investment,” Rangarajan said at an event in Tezpur University here.

Earlier this month, Rangarajan had said India’s economic growth rate is expected to be at least 6 per cent in the 2013 -14 fiscal.

When asked about the current account account deficit, he said the demand side, which is the biggest constraint of the trade deficit like the demand of gold and petroleum products, needs to be reduced.

“Steps have been taken in this regard,” Rangarajan said, without elaborating further.

Conservation of energy is essential for the economic growth of a country, he added.

The economy in 2012-13 grew at 5 per cent, a decade low. The economy grew at 4.8 per cent in the fourth quarter of FY’13.

The Reserve Bank has projected the economy to grow at 5.7 per cent in the current fiscal, while the Finance Ministry has forecast 6.1-6.7 per cent growth.

Read more: The Economic Times

Infrastructure

Order flows signal better times ahead for L&T

Larsen & Toubro’s June quarter numbers belied the gloom surrounding the country’s infrastructure scene. With a 28 per cent rise in new orders won for the quarter (over a year-ago), L&T’s order book now amounts to 2.7 times its yearly sales. This bodes well for the company’s ability to sustain growth.

Infrastructure scores

L&T has been managing the slowdown better than its more specialised peers. For instance, L&T bagged a Rs 6,700-crore contract for building a section of the dedicated freight corridor and another Rs 2,085 crore order for laying an expressway in Oman in the June 2013 quarter.

Over the past few quarters, it was L&T’s expertise in urban infrastructure and hydrocarbons that kept the orders coming even as those from capital goods, power and mining dwindled. L&T’s efforts to bag more projects overseas are also paying off – international orders made up 14 per cent of new orders in the June quarter. In contrast, in FY11 they were just 8 per cent of inflows.

But all was not well with L&T’s revenues in the June quarter. Even as it wrapped up existing projects in segments such as power and mining, new ones didn’t quickly take their place.

Read more: Business Line

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