Post-pandemic, the real estate sector is witnessing a boom like never before. However, the industry is adding “inventory at a pace faster than sales”, according to a report. The inventory rose by as much as 28% year on year. While the big builders have deep pockets and can hold on to unsold stocks, the smaller players are a worried lot. The latter have borrowed money (mostly in cash) from bureaucrats and politicians at high interest rates and they are finding it difficult to service the loans in view of unsold stocks. And the babus and netas are turning the screws on them. It is an open secret that many of the politicians and government officials park their ill-gotten funds with builders.
A keenly watched merger
Will the much-touted Zee Entertainment Enterprises Ltd (ZEEL) and Sony Pictures Networks India merger ever see the light of day? That is the question being asked in corporate circles. The merger has been facing one difficulty after another. The latest salvo to be fired at Zee boss Subhash Chandra is by IDBI Trusteeship Services Ltd, which has filed an appeal against an NCLT order permitting the merger. IDBI Trusteeship says that Chandra owed it Rs500 crore. IDBI and Axis Finance have also challenged the merger. There is also a fierce dispute as to who should head the merged entity – NP Singh of Sony India or Punit Goenka, MD of Zeel and son of Chandra. These developments are being keenly watched by not only corporates, but also top politicians
Tailpiece
Many in the BJP want Devendra Fadnavis to lead the campaign for the upcoming Lok Sabha election and not Chief Minister Eknath Shinde, “since he lacks mass appeal”.
(Compiled by S Balakrishnan)
