Early Diwali for Mumbai's luxury housing market
Mumbai's premium housing market, with sales worth Rs 500 crore in October, has seen a sharp surge in demand. Mumbai's south-central locality includes Worli, Prabhadevi, Mahalaxmi, Tardeo, and Lower Parel, among others, with average ticket prices beginning at Rs 4 crore onwards.
This has helped in reducing the unsold stock in South-central Mumbai localities by over 5% in a year. This is for the first time in three years that Mumbai's luxury property market has seen an inventory reduction.
We estimate the reduction of stamp duty has increased demand in the luxury housing market. The Maharashtra government had reduced the stamp duty on property registration by 3% in September which amounts to sizable savings in the overall property cost. Also, the minimal pandemic impact on the affluent class with the new-found importance of personal space may have realized in higher sales.
Govt steps up its infra push, identifies 50 major projects:
With faster than expected economic revival, the government is also looking to boost its infrastructure spending. The government has now identified 50 infra projects for speedy completion. Prime Minister Narendra Modi is also scheduled to hold a meeting with global fund houses to get international investments for these projects.
Jewar International Airport in Greater Noida, Navi Mumbai International Airport, the Chardham Connectivity Highway project, JNPT port Terminal 4, Vadodara-Mumbai Expressway, Ahmedabad Metro Rail, Mumbai-Ahmedabad bullet train are among the 50 projects which have been identified under the program.
In our view, this is a move in the right direction. Boosting infrastructure spending should be on top of the government's agenda at this point in time, to increase construction activity in the country. Given that construction is the second-largest employment generating sector, it will also boost employment opportunities.
Biden nears the magical mark; Trump mounts the legal war:
After bagging Wisconsin and Michigan, Joe Biden is now just six seats away from the presidency. As per the latest updates, Biden has 264 electoral votes and only six seats away from the magic number of electoral votes is 270.
However, all eyes are now triggered on Donald Trump who has questioned the authenticity of the voting process and filed lawsuits in Pennsylvania, Michigan, and Georgia. Protest and violence have been reported from a few states against the outcome.
With Donald Trump's refusal to accept results, the US presidential elections are now heading for a legal battle. In our opinion, while Trump is preparing for the legal battle in anticipation of losing the election, the race is still a tight call as results from Georgia, Arizona, and Pennsylvania are still pending.