Mumbai's Ganesh mandal takes insurance cover worth ₹474 crore
Notably, the mandal had taken an insurance policy worth ₹ 400 crore last year.
The insurance has been provided by the State-owned New India Assurance to the mandal, covering all risk, standard fire and special peril policy with earthquake risk cover, public liability, besides personal accident covering volunteers and others.
Of the ₹ 474.4 crore insurance cover, the largest component i.e., ₹ 375 crore — has been allocated towards personal accident cover for volunteers, which include achaks, chappal stall workers, cooks, valet parking staff, among others.
Then there is ₹ 67 crore coverage for gold and silver jewellery along with other associated risks. The mandal has also taken a public liability cover of ₹ 30 crore along with a ₹ 2 crore standard fire and special perils policy for furniture, fixtures, and other items.
Additionally, the standard fire and special perils policy for the venue premises is valued at ₹ 43 lakh. The mandal, however, did not disclose the premium for the cover citing non-disclosure agreement.
GSB Seva Mandal Chairman Amit Pai said: 'The increase in insurance cover was caused by rise in prices of gold and silver, and the higher number of volunteers. Although rains are a concern since the venue is an open ground, we have built a monsoon-proof shelter and have not seen a leakage yet. Waterlogging is a concern, but it is not a major one.'
Event insurance, particularly for major religious festivals such as Dahi Handi, Ganesh Chaturthi, and Durga Puja, is witnessing a surge ahead of the festive season, with organisers becoming more conscious about safeguarding their events from possible risks.
With festivals now getting government support, organisers are encouraged to opt for comprehensive insurance packages to safeguard their assets and participants, industry experts said.
'Compared to last year, there has been a significant increase in the uptake of event insurance, indicating a growing awareness among organisers. We have observed a surge in proposals, particularly from Ganesh mandals, with event insurance applications rising by more than 50 per cent year-on-year (Y-o-Y),' said Amarnath Saxena, chief technical officer, Bajaj Allianz General Insurance.
He added that initiatives like the Maharashtra government's insurance for Dahi Handi participants, and the extensive coverage taken by GSB Seva Mandal reflect this changing mindset.
'For Dahi Handi, nearly 158,000 Govindas have been insured. Last year, the total insured Govindas had reached slightly over 100,000. Each participant benefits from an insurance cover of Rs10 lakh, secured at a nominal premium of ~75. Maharashtra Rajya Dahihandi Govinda Association (MRDGA) has insured nearly 145,000 Govindas and Vasai Virar Municipal Corporation has insured nearly 6,600 of them while mandals have taken insurance separately. As many as 1,968 mandals have been insured, up from 1,324 last year,' said Sachin Khanvilkar, manager, Oriental Insurance Company.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hindu
an hour ago
- The Hindu
Tapal Ganesh seeks recovery of ₹884 crore from Obulapuram Mining Company for illegal ore extraction
Ballari-based miner and activist Tapal Ganesh has urged the State government to initiate recovery proceedings against Obulapuram Mining Company and its group entities for allegedly extracting 29 lakh tonnes of iron ore worth ₹884 crore from Sandur cluster leases in Ballari district. In a letter of August 18 addressed to the Chief Secretary, Mr. Ganesh has alleged that the mining company, under the leadership of its director and former Minister Gali Janardhana Reddy, illegally mined and transported iron ore from Karnataka while misusing permits from its lease in Andhra Pradesh. 'It has been conclusively established through various inquiries, reports and judicial pronouncements that Obulapuram Mining Company and its group entities have illegally mined and transported approximately 29 lakh tonnes of iron ore, valued at about ₹884 crore, from the Sandur cluster,' Mr. Ganesh wrote. He cited multiple sources to back his claim, including the Central Empowered Committee (CEC) report of 2011 presented before the Supreme Court, the final Lokayukta report on illegal mining in Karnataka and the judgment of the CBI Court in Hyderabad delivered in May 2025 which convicted OMC and its directors of illegal mining. The activist also pointed to FIRs filed by the Special Investigation Team (SIT) of the Lokayukta in 2015, naming Mr. Reddy as accused no 1 and official correspondence from forest officers documenting OMC's operations in the Ballari Reserve Forest. Speaking to The Hindu on Thursday, Mr. Ganesh claimed that the evidence is overwhelming and demanded that the government take immediate steps to recover ₹884 crore, the value of illegally extracted iron ore, from the mining company, MBT Hind Traders and their associates. 'This is not just about revenue loss. It is about protecting Karnataka's natural resources, upholding the rule of law and restoring public trust that has been eroded by illegal mining. The government must start recovery process which should be monitored at the highest level due to its interstate implications, given the mining company's operations across Andhra Pradesh and Karnataka,' Mr. Ganesh said and urged the State government to direct the departments of Mines and Geology, Forest, Revenue and Law to pursue coordinated legal action under the MMDR Act, the Karnataka Forest Act and other applicable laws.
Time of India
6 hours ago
- Time of India
Banks' credit growth edges past deposits ahead of Ganesh Chaturthi
Banks' credit growth outpaced deposit growth barely weeks ahead of Ganesh Chaturthi, which marks the beginning of the festive season. The year-on-year credit growth print was seen at 10.22% at the end of August 8, while deposit growth was at 10.05%, provisional data from the Reserve Bank of India showed. A fortnight back, deposit growth was seen at 10.2%, while advances growth was 10%. The data reflects the position of scheduled commercial banks. Lending by non-banking finance companies or by the cooperative sector entities is not included here. The outstanding deposits with scheduled commercial banks stood at Rs 235 lakh crore at the end of August 8, while the outstanding bank credit was at Rs 186 lakh crore. The latest growth print may not reflect a trend yet, but bankers are expecting a better credit growth print from the second quarter onwards in sync with the likely festive demand. In the first four months of the fiscal, credit pickup remained sluggish largely because of the absence of corporate demand. "The general expectation is the overall economy should do well in the second half of the fiscal year as opposed to what is happening in the current year," ICICI Bank executive director Sandeep Batra said in an analyst call in the last week of July. At the same time last year, year-on-year credit growth was seen at 13.7%, while deposits had grown at a 10.6% rate. The slowdown in the latest numbers can be attributed to a high base effect and muted growth across segments. Deposit repricing and a flight to alternative investment opportunities are the reasons behind modest deposit growth.
Hindustan Times
8 hours ago
- Hindustan Times
PM Modi to inaugurate Kolkata Metro corridors on Aug 22: What it means for real estate markets
Kolkata's property market is set to get a boost as the city's metro network expands, with PM Narendra Modi scheduled to inaugurate new stretches of the Green, Orange, and Yellow lines on August 22. Coming just ahead of Durga Puja, the expanded network is expected to increase real estate demand and values along the IT corridor, improve airport connectivity, and make travel more convenient. Kolkata's property market is set to get a boost as PM Modi inaugurates new Green, Orange, and Yellow metro stretches on Aug 22. The three new stretches are Sealdah to Esplanade (2.45 km), Noapara to Jaihind Bimanbandar (6.77 km) and Hemanta Mukhopadhyay to Beleghata stations (4.39 km) across three different corridors of Kolkata Metro. The Noapara-Jai Hind Bimanbandar metro service will improve access to the airport. The Sealdah-Esplanade metro will reduce the travel time between the two points from nearly 40 minutes to only 11 minutes, a Metro statement said. The Beleghata-Hemanta Mukhopadhyay metro section will enhance connectivity with the IT hub. These metro routes will connect some of Kolkata's busiest areas, bring a notable reduction in travel time, and strengthen multimodal connectivity, benefiting lakhs of daily commuters, it added. Also Read: 3 new stretches of Kolkata metro likely to open by August end: Details here Real estate markets and metro connectivity Two factors typically drive real estate traction: business activity and infrastructure. While private players develop social infrastructure like schools and hospitals, public projects such as metros involve large-scale investment that lifts development activity and property values. Urban experts note that Kolkata's commercial real estate activity has grown steadily over the past two to three years, and metro connectivity will further accelerate this trend. 'Metro projects deliver the most value when commute times drop significantly. Areas like Salt Lake, Rajarhat, and Newtown, with modern amenities and airport proximity, are likely to benefit the most from the new metro connectivity,' they said. Salt Lake City and Rajarhat are commanding not just office transaction volume but also rental premiums tells us that Kolkata has successfully created new business destinations that rival traditional centres. This comes at a time when third-party IT service businesses accounted for 45% of office transactions in H1 2025, highlighting Kolkata's growing appeal as a technology hub, Knight Frank India data showed. 'The fact that peripheral districts like Salt Lake City and Rajarhat are commanding not just office transaction volume but also rental premiums tells us that Kolkata has successfully created new business destinations that rival traditional centres. What's particularly encouraging is that this isn't speculative demand; it's driven by genuine business expansion, especially in the technology sector,' Joydeep Paul, Senior Director - Occupier Strategy and Solutions, Kolkata, Knight Frank India, said. Green Line: Howrah Maidan to Salt Lake Sector 5 The Green Line extension will link Howrah Maidan to Salt Lake Sector 5, creating a crucial east-west corridor that connects Howrah railway station with Kolkata's rapidly growing IT and commercial hub, Salt Lake Sector 5. This line is expected to cut travel time between the two ends, reducing dependence on road transport and boosting residential demand in Salt Lake, New Town, and adjoining localities, experts pointed out. Areas like New Town and Rajarhat, developed as city extensions due to better land availability, are already witnessing real estate activity. 'New localities such as Salt Lake, Rajarhat, and New Town are emerging with new-age amenities and infrastructure, and improved connectivity to the airport is further enhancing their attractiveness,' Vivek Rathi, national director of research at Knight Frank India, told Currently, the Green Line operates in two disconnected stretches: Howrah Maidan to Esplanade and Sealdah to Salt Lake Sector 5. With the new link, the corridor, touted as India's first underwater metro, will become fully operational, seamlessly connecting Howrah Maidan with the city's IT corridor, Salt Lake Sector 5. According to Cushman & Wakefield, the East submarket (Salt Lake) commands high-end residential capital values in the range of ₹7,000–9,000 per sq. ft., recording an 8% annual growth, while average monthly rents stand between ₹38,000–68,000, also growing by 8% year-on-year. New Town and Rajarhat, classified under the northeast submarket, are seeing steady momentum as city extensions with greater land availability and new-age infrastructure. Here, mid-segment homes are priced between ₹5,200–8,000 per sq. ft., reflecting a 7% annual appreciation, while rents range from ₹22,000–32,000 per month, up by 8% year-on-year. Also Read: Bengaluru's Yellow Line Namma Metro to unlock affordable real estate markets with improved transit and shorter commutes Orange Line: Hemanta Mukhopadhyay (Ruby Crossing) to Beleghata The Orange Line stretch will connect Hemanta Mukhopadhyay Metro station at Ruby Crossing to Beleghata, strengthening the southern and eastern parts of the city. For real estate, the Orange Line is expected to drive fresh traction in areas around EM Bypass, where new residential projects and retail developments are already concentrated, experts said. The southeast micro-market, led by EM Bypass, continues to be one of Kolkata's most dynamic residential corridors. According to Cushman & Wakefield data, the area recorded 9% year-on-year rental growth and 8–9% appreciation in capital values in Q2 2025, outpacing many established neighbourhoods in the city. Capital values here stand in the range of ₹8,000–14,000 per sq ft for high-end properties and ₹5,000–7,000 per sq ft for mid-segment projects, reflecting its growing demand. Rathi noted that the Orange Line, which currently runs between New Garia and Ruby Crossing, is set to ease travel for residents across Kolkata's eastern and southern suburbs. Yellow Line: Noapara to Jai Hind Bimanbandar (Airport) The Yellow Line section is a 6.77 km stretch with four stations: Noapara, Dum Dum Cantonment, Jessore Road, and Jai Hind Bimanbandar. For the first time, Kolkata's airport will be directly connected to the metro network, a transformative step for commuters and tourists alike. Experts say that this link will also boost real estate demand in the northern suburbs, including Dum Dum, by reducing travel times to the airport and central Kolkata. 'North Kolkata (Dumdum, Hatibagan) contributed 5% of the residential launches during Q2 2025,' Cushman & Wakefield said. The North Kolkata submarket, which includes Jessore Road, Ultadanga, Shyambazar, Bagbazar, Manicktala, and Dum Dum, has been relatively steady in both mid-segment launches and price movement. According to Cushman & Wakefield, the mid-segment capital values range between ₹4,200– ₹6,500 per sq. ft., with a year-on-year growth of about 4%, while average monthly rents are ₹15,000– ₹25,000, marking a 5% annual rise.
