Latest news with #PulkitAgarwal
Time of India
2 days ago
- Business
- Time of India
Mumbai: No relief for six defaulter flat buyers in Chembur project
MUMBAI : In a recent order, MahaRERA granted no relief to six flat purchasers, stating that since they defaulted on payments, they were not entitled to the relief they sought under the Real Estate (Regulation and Development) Act. Of the six flat purchasers, five sought a refund of certain amounts they paid as they wished to withdraw from the residential project in Chembur , and one wanted to continue but sought more time to pay. Godrej Developers terminated their bookings by seeking to forfeit the booking amounts. The allottees challenged the forfeiture and sought a refund under Section 18 of the RERA Act on the grounds of wanting to withdraw from the project. One of the buyers who filed the complaint before MahaRERA said he wanted to withdraw from the project and sought orders to direct the builder to refund the amount, as due to the Covid pandemic at the time, he was unable to invest huge sums in the project. All complainants said they suffered financial and personal loss during the Covid-19 pandemic, the effects of which they are facing even today. Advocate Pulkit Agarwal, representing four complainants, argued that they wished to withdraw since the builder served them termination letters, "stating that the entire amount that the complainant paid stands forfeited and the complainants were ordered to return all the documents regarding their units". For Godrej, advocate Abhijeet Mangade argued that the reliefs claimed by individual complainants were not based on any violation or non-compliance of RERA Act by the developer, but the buyers failed to pay on time. MahaRERA chairperson, Manoj Saunik, in his order, said since the allottees defaulted on their obligations by failing to make remaining payments on time as per the agreement, "the authority finds that the six complainants are not entitled to reliefs under Section 18". MahaRERA upheld the termination notice sent by the builder to the buyer with whom an agreement was made, but directed a refund of money strictly according to the terms of the agreement to the buyer in 60 days. MahaRERA said it was pertinent to note that under Section 19(6), the allottee is under obligation to make timely payments in the manner prescribed in the agreement. One of the functions of the authority is to ensure compliance with the obligations cast upon the allottees. The Chembur project got part occupancy certificates in March 2022 and Dec 2023.
Time of India
3 days ago
- Business
- Time of India
No relief for 6 defaulter flat buyers in Chembur project
Mumbai: In a recent order, MahaRERA granted no relief to six flat purchasers, stating that since they defaulted on payments, they were not entitled to the relief they sought under the Real Estate (Regulation and Development) Act. Of the six flat purchasers, five sought a refund of certain amounts they paid as they wished to withdraw from the residential project in Chembur, and one wanted to continue but sought more time to pay. Godrej Developers terminated their bookings by seeking to forfeit the booking amounts. The allottees challenged the forfeiture and sought a refund under Section 18 of the RERA Act on the grounds of wanting to withdraw from the project. One of the buyers who filed the complaint before MahaRERA said he wanted to withdraw from the project and sought orders to direct the builder to refund the amount, as due to the Covid pandemic at the time, he was unable to invest huge sums in the project. All complainants said they suffered financial and personal loss during the Covid-19 pandemic, the effects of which they are facing even today. Advocate Pulkit Agarwal, representing four complainants, argued that they wished to withdraw since the builder served them termination letters, "stating that the entire amount that the complainant paid stands forfeited and the complainants were ordered to return all the documents regarding their units". by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Promoções imperdíveis de voos baratos Voos | Anúncios de Pesquisa Saiba Mais Undo For Godrej, advocate Abhijeet Mangade argued that the reliefs claimed by individual complainants were not based on any violation or non-compliance of RERA Act by the developer, but the buyers failed to pay on time. MahaRERA chairperson, Manoj Saunik, in his order, said since the allottees defaulted on their obligations by failing to make remaining payments on time as per the agreement, "the authority finds that the six complainants are not entitled to reliefs under Section 18". MahaRERA upheld the termination notice sent by the builder to the buyer with whom an agreement was made, but directed a refund of money strictly according to the terms of the agreement to the buyer in 60 days. MahaRERA said it was pertinent to note that under Section 19(6), the allottee is under obligation to make timely payments in the manner prescribed in the agreement. One of the functions of the authority is to ensure compliance with the obligations cast upon the allottees. The Chembur project got part occupancy certificates in March 2022 and Dec 2023.
Times of Oman
22-05-2025
- Business
- Times of Oman
India to be key player in framing global energy dynamics: Report
New Delhi: India is expected to play an integral role in global energy dynamics, as the country emerges as a source of energy demand optimism, overpowering the headwinds faced by the global oil markets, S&P Global Commodity Insights said on Wednesday. According to experts at S&P Global Commodity Insights, India is expected to play an increasingly pivotal role in global energy dynamics, with strong demand growth, strategic diversification of supply sources, and a multi-dimensional approach to the energy transition. The Global oil market headwinds involves sluggish demand and mounting supply from both OPEC+ (Organisation of the Petroleum Exporting Countries) and non-OPEC+ countries. "Global oil prices have lost some the back of a challenging demand environment exacerbated by supply growth from OPEC+ as well as beyond," said Pulkit Agarwal, Head of India Content (Cross Commodities), S&P Global Commodity Insights. He further points towards the uncertainties surrounding trade, tariffs, and China's demand as key factors. "For India, oil demand continues to grow helped by favourable demographics and economic growth. India is quickly assuming a prominent place in the global oil demand growth order, while the base is still small to have an oversized implication on the global markets," he said. India's diversification of oil sources, particularly its continued reliance on Russian oil, is a significant factor in the evolving global energy landscape. According to Gauri Jauhar of S&P Global, India's rapid urbanization and economic ascent, coupled with high pollution levels, create a complex energy challenge. While India aims for cleaner energy, fossil fuels, particularly coal, remain fundamental. She calls this problem of balancing among economic growth, energy transition, and energy security as "energy trilemma." Recently, S&P global said in a separate report that India's rapidly growing biofuels industry is very important to the country's energy transformation, balancing economic growth with sustainability. Bioethanol production is expanding, with India nearing its 20 per cent blending target. However, scaling up bio-CNG production and distribution requires a more concerted effort to overcome existing hurdles. However, Pritish Raj, Managing Editor for Asia Thermal Coal, S&P Global Commodity Insights, notes that India's coal demand is projected to rise by around 60% by 2050, with domestic supply expected to meet most of this rise. "The non-power sector, as the key contributor to import growth, is expected to drive the imported thermal coal demand. India's pace of domestic coal production has been phenomenal; going by the same, our estimate is that India's 1.5 billion mt production target is a reasonable expectation, fuelled by the multi-pronged approach involving private investments, mine auctions, mechanized coal transportation, as well as friendly government policies. Rise in population, rapid economic growth, and higher reach of electricity and disposable income warrant this growth," he said. According PPAC (Petroleum Planning & Analysis Cell), import dependence of crude oil soared to 87.7 per cent in 2023-24, up from 87.4 per cent.
India Gazette
21-05-2025
- Business
- India Gazette
India to be key player in framing global energy dynamics: S&P Global Commodity Insights
New Delhi [India] May 21 (ANI): India is expected to play an integral role in global energy dynamics, as the country emerges as a source of energy demand optimism, overpowering the headwinds faced by the global oil markets, S&P Global Commodity Insights said on Wednesday. According to experts at S&P Global Commodity Insights, India is expected to play an increasingly pivotal role in global energy dynamics, with strong demand growth, strategic diversification of supply sources, and a multi-dimensional approach to the energy transition. The Global oil market headwinds involves sluggish demand and mounting supply from both OPEC+ (Organisation of the Petroleum Exporting Countries) and non-OPEC+ countries. 'Global oil prices have lost some the back of a challenging demand environment exacerbated by supply growth from OPEC+ as well as beyond,' said Pulkit Agarwal, Head of India Content (Cross Commodities), S&P Global Commodity Insights. He further points towards the uncertainties surrounding trade, tariffs, and China's demand as key factors. 'For India, oil demand continues to grow helped by favourable demographics and economic growth. India is quickly assuming a prominent place in the global oil demand growth order, while the base is still small to have an oversized implication on the global markets,' he said. India's diversification of oil sources, particularly its continued reliance on Russian oil, is a significant factor in the evolving global energy landscape. According to Gauri Jauhar of S&P Global, India's rapid urbanization and economic ascent, coupled with high pollution levels, create a complex energy challenge. While India aims for cleaner energy, fossil fuels, particularly coal, remain fundamental. She calls this problem of balancing among economic growth, energy transition, and energy security as 'energy trilemma.' Recently, S&P global said in a separate report that India's rapidly growing biofuels industry is very important to the country's energy transformation, balancing economic growth with sustainability. Bioethanol production is expanding, with India nearing its 20 per cent blending target. However, scaling up bio-CNG production and distribution requires a more concerted effort to overcome existing hurdles. However, Pritish Raj, Managing Editor for Asia Thermal Coal, S&P Global Commodity Insights, notes that India's coal demand is projected to rise by around 60% by 2050, with domestic supply expected to meet most of this rise. 'The non-power sector, as the key contributor to import growth, is expected to drive the imported thermal coal demand. India's pace of domestic coal production has been phenomenal; going by the same, our estimate is that India's 1.5 billion mt production target is a reasonable expectation, fuelled by the multi-pronged approach involving private investments, mine auctions, mechanized coal transportation, as well as friendly government policies. Rise in population, rapid economic growth, and higher reach of electricity and disposable income warrant this growth,' he said. According PPAC (Petroleum Planning & Analysis Cell), import dependence of crude oil soared to 87.7 per cent in 2023-24, up from 87.4 per cent. (ANI)
Time of India
21-05-2025
- Business
- Time of India
India's coal demand to rise 60% by 2050; oil, petrochemical imports to remain high: S&P
New Delhi: India's coal demand is projected to rise by around 60 per cent by 2050, and the country will continue to rely on imported oil, gas, and coal despite expanding domestic production, according to S&P Global Commodity Insights. India's growing energy requirements come at a time when global oil markets are facing weak fundamentals in 2025 due to sluggish demand and rising supply from both OPEC+ and non-OPEC+ producers. Pulkit Agarwal, Head of India Content (Cross Commodities), S&P Global Commodity Insights, said, 'Global oil prices have lost some shine in 2025 year-to-date on the back of a challenging demand environment exacerbated by supply growth from OPEC+ as well as beyond. On the demand side, while the absence of Chinese demand growth continues to be felt, as the market continues to look for a demand growth leader, trade and tariff issues are resulting in uncertainties regarding pace of economic and hence oil demand growth.' 'For India, oil demand continues to grow helped by favourable demographics and economic growth. India is quickly assuming a prominent place in the global oil demand growth order, while the base is still small to have an oversized implication on the global markets,' he added. Gauri Jauhar, Executive Director, Energy Transition & Cleantech Consulting, S&P Global Commodity Insights, said, 'India is riding the global energy transition wave, while navigating the energy demand of economic ascent, an urban surge and contending with high pollution levels.' 'Facing the energy trilemma requires the India energy system to solve for energy accessibility, affordability, and security while transitioning. Energy security considerations run through oil, gas, and coal with India importing ~87% of oil, ~50% of gas, and ~26% of coal in 2024,' she said. As per S&P Global's base case, fossil fuels remain foundational, with only a slight decline by 2050. In an accelerated greening scenario, the share of fossil fuels could decline to 33 per cent by 2050. In a more challenged global scenario called Discord, fossil fuels would remain at 77 per cent of the primary energy mix by 2050, with coal supplying just over 50 per cent. Pritish Raj, Managing Editor for Asia Thermal Coal, S&P Global Commodity Insights, said, 'India's coal demand is expected to rise around 60% by 2050, and most of the incremental demand will be met by domestic supply.' 'Despite being one of the world's largest producers of coal, India has gaps in the quality and availability of domestic coal. As per S&P Commodity Insights' outlook, India's dependence on imported coal is expected to continue, with mid-term 2030 outlook projections at about 250 million tons by 2030, and thermal coal imports in the range of 150-180 million mt,' he added. 'While the share of coal in the power mix may go down from current over 70% to 66% by 2030, in terms of generation share it'll rise. We estimate that number to be around 1600 TWh by 2030 that's going to come from coal,' he said. The share of solar-based power in India's generation mix is expected to rise from 8.54 per cent in 2024 to 14.58 per cent by 2030. Stuti Chawla, Associate Director, India and Middle East Chemicals Pricing, S&P Global Commodity Insights, said, 'India's petrochemical demand is likely to outpace GDP growth in 2025-26 (Apr-Mar), despite concerns over a drop in urban demand and inventory build-up seen in the domestic markets amid tariff concerns.' 'Chemical producers in India are looking at diversifying into specialty chemicals as well as upstream and downstream integration to compete with the onslaught of cheaper imports and maintain a stronghold in the domestic market,' she added
