Latest news with #Puri
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Business Standard
2 days ago
- Business
- Business Standard
Mumbai's unsold luxury stock rises 36% Y-o-Y in Q1 '25, 1st time since 2022
Mumbai's unsold luxury stock saw a rise of 36 per cent year-on-year during the first quarter of 2025 calendar year, a first since 2022, due to ample supply of new additions in the segment of units more than Rs 2.5 crore, shooting prices and global economic slowdown, according to a report by Anarock. As many as 8,420 luxury units priced over Rs 2.5 crore were unsold in the city in Q1 2025, compared to 6,180 units unsold during the corresponding period the previous year. The January to May period this year saw a record 64,461 property registrations in Mumbai, against 60,818 in the corresponding period in 2024, a 6 per cent increase annually. The total revenue collected by the state government in the first five months this year was nearly Rs 5,695 crore, compared to Rs 4,860 crore collected last year during the same period, a record-high yearly jump of 17 per cent. 'The increase in unsold luxury stock is mainly attributable to significant new unit additions in this price category over the last one year. According to Anarock data, 2024 saw as many as 16,480 units added in the over Rs 2.5 crore budget category in the entire MMR, while another 5,294 units were added in Q1 2025. While demand for these homes continues to remain strong, skyrocketing prices and headwinds like global economic slowdown have dented sales growth of these homes in the last one year,' said Anuj Puri, chairman, Anarock Group. This is the first time since 2022 that the unsold inventory in the luxury segment has risen. Both in first quarters of 2023 and 2024, there has been a significant decline in the unsold luxury stock as against preceding year of the same quarter. In Q1 2023, there was a 29 per cent yearly decline in luxury unsold stock in Mumbai – from approximately 18,340 units in Q1 2022 to nearly 13,040 units as of Q1 2023. Similarly, in Q1 2024, the unsold luxury stock in the city declined by a significant 53 per cent Y—O-Y to approximately 6,180 units. 'A deeper analysis reveals that May 2025 recorded the second-highest number of property registrations since 2019 in the month, with over 11,562 properties registered,' Puri said. 'The revenue collected during the month stood at approximately Rs 1,062 crore. In comparison, May 2024 saw the highest registrations of around 11,999 property registrations— about 4 per cent higher than this year. However, revenue collection last year was lower by nearly 3 per cent at Rs 1,062 crore,' he said. Considering that housing sales remained tepid in the first quarter of 2025 across the Mumbai Metropolitan Region (MMR), including Mumbai, the high number of property registrations in the first five months of 2025 is notable. According to Anarock Research, in Q1 2025, approximately 21,930 units were sold in Mumbai - nearly 28 per cent less than the sales in Q1 2024. A key factor behind the surge in property registrations during the first five months of the year is the record-breaking activity seen in March, which registered 15,501 properties. This spike followed the announcement of a 3.9 per cent hike in Maharashtra's ready reckoner rates for the financial year 2025-26. The total revenue collected from property registrations during the month alone exceeded ₹1,589 crore. March 2025 marked the highest property registrations in the past three years. Prior to this, the highest figures were recorded in December 2020 (19,581) and March 2021 (17,728), during the Covid-19 period when the Maharashtra government had reduced stamp duty on housing units from 5 per cent to 2-3 per cent, the report said. The average ticket price of homes during the January to May months stood at Rs 1.59 crore – the highest since 2019, indicating sales of high-ticket price homes. During the corresponding period in 2021, the average ticket price stood at Rs 1.02 crore, the report stated.
Time of India
2 days ago
- Business
- Time of India
Foreign oil partners to get first right of refusal in Indian exploration projects: Puri
New Delhi: Foreign oil and gas companies entering technical partnerships with Indian firms will be granted the right of first refusal (ROFR) in the event of hydrocarbon discoveries, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Friday. The minister cited state-run ONGC's recent collaboration with BP for the Mumbai High offshore field and Oil India Ltd's agreement with Brazil's Petrobras in the Andaman Sea basin as examples where such provisions are in place. However, no clarification was provided on the exact contractual terms offered to BP and Petrobras. The ROFR mechanism gives the foreign partner the option to match any offer received by the Indian asset owner from a third party before sale or transfer. Addressing the CII Annual Business Summit 2025, Puri said foreign firms may prefer this model over competitive bidding as it reduces financial exposure. 'It's better that they come in as technical partners, for which they will be paid, and when you strike energy, they'll have the right of first refusal,' he said. On global crude prices, Puri said they are likely to stay close to USD 65 per barrel due to sufficient supply in the market. 'There are enough supplies in the market. I see global prices, and here I am, very careful, to be in the range of USD 65 per barrel. My sense is that prices will hold,' he said. Asked about possible fuel price cuts, the minister said, 'If prices remain like this, then going forward, these are things which you can legitimately expect.' Puri informed that over 1 million square kilometres of sedimentary basins that were previously marked as 'no-go' zones have been opened for exploration. This has led to 37 per cent of the bids under the Open Acreage Licensing Policy (OALP) coming from these newly available areas. Speaking on domestic oil production and refining, he said India's refining capacity, which currently stands at 260 million tonnes per annum (MMTPA), is projected to rise to 309.5 MMTPA by 2028. He said India is shifting from teapot refineries to larger refining hubs. On India's clean energy transition , the minister highlighted rapid progress in ethanol blending. He said the country had already achieved 20 per cent ethanol blending in petrol by 2025, up from 1.4 per cent in 2014, ahead of its 2026 target. Puri reiterated the government's target of bringing green hydrogen production costs down to USD 1 per kg within a decade. He also underlined the potential of large-scale Sustainable Aviation Fuel (SAF) production in countries including India, Brazil, the United States, and Canada. The minister said India imported 5.6 million barrels of crude oil per day in 2024, spending USD 139 billion. To reduce dependence, the country is exploring domestic resources and diversifying import sources from 27 to 40 countries, including Brazil, Guyana, Suriname, Canada and Argentina. India's oil marketing companies reported profits of ₹1.29 lakh crore in the last financial year, and the figure could match previous highs if ₹40,000 crore in pending dues are recovered, Puri said. The minister said that 22,000 km of gas pipeline has been laid as of 2024, with a target of expanding to 33,000 km by 2030. He said domestic gas availability has improved and global prices have stabilised, which will help in boosting industrial and residential consumption. On Compressed Biogas (CBG), Puri said the government has set a target of setting up 5,000 plants. He added that the production of Fermented Organic Manure (FOM) as a by-product remains a key revenue stream for producers. He said land availability and pricing mechanisms will be key to the pace of implementation. Regarding the Ujjwala Yojana, launched in 2016, the minister said there are around 10.3 crore beneficiaries, and the country has over 33 crore LPG connections. Rajiv Memani, President Designate of CII, said, 'Today, India imports over 85 per cent of its crude oil and a significant share of natural gas. Some projections suggest it may reach 90 per cent by 2030. India also imports 50–55 per cent of natural gas. This reliance underscores the urgency to diversify our energy mix, enhance domestic production, and accelerate the adoption of alternative fuels.' Puri also pointed to the growth of energy startups, breakthrough discoveries, and ongoing innovation as indicators of progress. He emphasised the need for collaboration between auto manufacturers and industry leaders to drive clean energy initiatives.
New Indian Express
3 days ago
- Business
- New Indian Express
Crude prices will be around $65 per barrel: Puri
Petroleum minister Hardeep Singh Puri on Friday said oil prices will be around $65 per barrel as ample supplies are available in the market. Puri, while speaking at the CII Annual Business Summit 2025 in New Delhi, also mentioned that it is highly unlikely that prices will touch $80 per barrel. 'My sense is that with more supplies becoming available, prices will be close to $65, not $80 per barrel," said Puri. He further added that high spare production capacity is weighing on the oil market. 'Even when there are disruptions, the market knows that more supply is available,' he added. Brent crude has been trading between $60 and $66 for a month amid increasing supplies from the producer group OPEC+ and rising demand uncertainties due to the US tariff war. The minister also lamented that the country's current gas share in the energy mix still lingers at just about 6-7%.
Mint
3 days ago
- Business
- Mint
Oil prices likely to stay around $65/bbl, says petroleum minister Puri
New Delhi: Minister for petroleum and natural gas Hardeep Singh Puri on Friday said that crude oil prices are likely to stay near $65 per barrel due to the ample supply of oil in the global market. Speaking at the CII Annual Business Summit 2025, the minister said that high production is weighing on the oil market. "There are enough supplies in the market. I see global prices, and here I am, very careful, to be in the range of $65 per barrel. My sense is that prices will hold. Supplies becoming available, the prices will be close to $65 a barrel,' he said. He noted that although there have been disruptions due to geopolitical tensions, the prices have not surged as the market is aware that there are adequate supplies. Puri also said that economies with strategic reserves would want to fill them up when the price is low. Mint earlier reported that the government is looking at filling the strategic reserves amid low global prices. The July contract of Brent on the Intercontinental Exchange was $63.96 per barrel, 0.3% lower than its previous close, at the time of going to press. On the likely cut in retail prices of petrol and diesel, the minister told the media, 'If prices remain like this, then going forward, these are things which you can legitimately expect.' Addressing the event, the minister highlighted steps taken by the government to boost domestic oil and gas production. He said that over 1 million square kilometres of sedimentary basins, previously marked as 'no-go' zones, have now been opened for exploration, following which over 37% of bids under the Open Acreage Licensing Policy (OALP) have come from these newly opened areas. Stating that India will be one of the refining hubs, he said the trend was towards the emergence of refining hubs instead of teapot refineries. India's refining capacity is 260 million metric tonnes per annum (mmtpa), which is expected to reach 309.5 mmtpa by 2028, he said. On the significance of the recently passed Oilfields (Regulation and Development) Amendment Act, 2025, Puri emphasised that India has made it easier to do business in exploration and production activities by introducing a single permit system. Despite importing 5.6 million barrels of crude oil per day and spending $139 billion last year on imports, domestic reforms are expected to reduce this dependency. The minister said the government is encouraging domestic exploration while diversifying import sources to 40 from 27 countries. On the clean energy front, he said that there is huge potential for the production of Sustainable Aviation Fuel (SAF) in large quantities in countries like India, Brazil, the US and Canada.
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Business Standard
3 days ago
- Business
- Business Standard
Foreign technical partners to have 1st right of refusal on oil finds: Puri
Foreign oil and gas companies entering into technical partnerships with Indian counterparts will be given the right of first refusal (ROFR) in the event of crude oil or gas discoveries, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Friday. Puri cited state-owned ONGC's recent partnership with BP for the Mumbai High offshore field and Oil India Limited's (OIL's) agreement with Brazil's Petrobras in the Andaman Sea basin. He said such provisions are already in place in these cases. The ROFR is a contractual arrangement that typically allows the holder to enter a business transaction with the grantor before the asset can be offered to any third party. In the context of oil and gas, this right may give a foreign joint venture partner or lessee to match any offer received by the owner of hydrocarbon blocks, such as ONGC or OIL, from a third party, before the asset can be sold or transferred. Officials did not clarify what exact terms have been offered to BP and Petrobras. Puri said foreign entities need to commit large amounts of money for exploration, which sometimes they are not willing to do. 'It's better that they come in as technical partners, for which they will be paid, and when you strike energy, they'll have the right of first refusal,' Puri said at the CII Annual Business Summit here. In February, ONGC signed a contract to enhance production from Mumbai High. Part of the 116,000 sq km Mumbai Offshore Basin in the Arabian Sea, BP Exploration (Alpha) Ltd, a London-incorporated, wholly-owned subsidiary of BP Plc, was appointed as a Technical Services Provider (TSP). At the time, ONGC had said: 'The TSP has indicated a substantial increase in the oil and oil equivalent gas production (up to 60 per cent) from the baseline production levels (reputed third-party vetted production estimates with natural decline) over a 10-year contract period," ONGC had said back then. Similarly, in February, OIL signed a Memorandum of Understanding with Petrobras to leverage the Brazilian major's deepwater drilling expertise in the deep and ultra-deep offshore regions, including the Andaman basin. The collaboration also covers the Mahanadi and other sedimentary basins. One big find The government's 2016 shift from a production-sharing regime to a revenue-sharing agreement for foreign entities was necessitated by the disagreements and litigation experienced in the previous regime, Puri said. 'A revenue-sharing agreement is easier, and a lot of these (foreign companies) are not willing to commit upfront,' he said. Referring to oil-rich Guyana, Puri said there could be many 'Guyanas' waiting to be discovered in the Andaman Sea. 'One big find in the Andaman sea will change everything. It will be a huge transformation in India's economic strength,' Puri said. The average expenditure for digging a well onshore is $4 million, while it is exponentially higher at about $100 million offshore. Guyana dug 47 offshore wells before they struck oil, Puri said. He revealed ONGC has dug the highest number of wells in 37 years in FY25.
