Latest news with #Rs246
Time of India
08-05-2025
- Business
- Time of India
IBT, a 3-decade-old dream come true
Trichy : When chief minister M K Stalin inaugurates the Rs246 crore Integrated Bus Terminus (IBT) at Panjapur on Friday, it will be the realisation of a three-decade-old demand of Trichiites. TNSTC can heave a sigh of relief as the new terminus will replace the cramped Central bus stand. The CM would flag off 120 new BS VI standard vehicles , of which 18 belong to Coimbatore and Villupuram TNSTC units. Among these, 38 are city buses, which will replace the old ones operated from Trichy said shifting of bus operations from Central and Chathiram bus stands to Panjapur would take time, and could be taken up gradually. This is expected only after ensuring that all amenities including restaurants are available in the complex. "IBT is the city's dream project, the facility should be maintained properly by eliminating threats of encroachments including pushcarts near the terminus," Dr M A Aleem, member, Trichy district welfare fund committee, said. Operation Sindoor India foils Pakistan's attack on Jammu airport: What we know so far How India used 'Sudarshan Chakra' to take down Pak drones, missiles Operation Sindoor: Several airports in India closed - check full list "Around 92 new mofussil buses will be flagged off by the CM during the launch. Low-floor buses will be allocated to Trichy and Thanjavur cities in our division. Around 34 such swanky buses for city operations can be expected by next month," R Ponmudi, managing director, TNSTC Kumbakonam, told idea of a new bus terminus germinated in the 1990s when the Central bus stand was found incapable of handling the fleets then. Soon after Trichy municipality was elevated as a municipal corporation in 1994, the demand for a spacious bus terminus was placed before the then mayor, Punithavalli Palaniyandi. Over the years, places such as Karur bypass road, Devathanam, Ariyamangalam, and Kottapattu were front runners for the IBT project. However, Panjapur was finalised by the DMK govt in May 2021. "Karur bypass road site was not considered seriously. Other sites such as Devathanam, Ariyamangalam, and Kottapattu were found technically unviable over the years," K Suresh, councillor, said.
Express Tribune
27-03-2025
- Business
- Express Tribune
Real estate to recover after slump
Listen to article Experts forecast that the real estate market is set to rebound after a gap of two years in major cities, as macroeconomic indicators show brief stability and inflows of remittances from overseas Pakistanis continue to register higher growth. The savings rates offered by commercial banks have gradually dropped in tandem with the reduction in the policy rate. On the other hand, the equity market has seemingly touched its peak amid high risk, leaving real estate as the preferred choice and a safe haven for investors. Anosh Ahmed, a US-based real estate investor, said Pakistan's property market in posh societies and affluent housing schemes remains attractive for investors, mainly overseas Pakistanis residing in various countries. A number of local and foreign developers are introducing innovative ideas in living standards through different concepts of housing societies, which appeal to elite and upper-middle-class investors looking to park their savings for handsome margins in the future, he said. He pointed out that housing societies are also offering convenient payment plans for genuine buyers, such as paying 60% to 70% as a down payment, with the remaining amount payable in instalments similar to house rent. Ahmed also mentioned that lower policy rates have stirred up housing finance schemes offered by commercial banks. However, any specialised low-mark-up housing finance scheme will not only attract local and foreign investment in real estate but will also boost construction activities and the production of allied sectors. According to the State Bank of Pakistan (SBP), advances against mortgages surged to Rs246 billion by the end of September 2024, compared to Rs211 billion reported in December 2023. On top of that, the banking regulator slashed the policy rate from 20.5% to 12% during this period, which also influenced interest rates and increased demand for housing finance. Maaz Liaquat, a real estate consultant and former joint secretary of the Defence and Clifton Association of Real Estate, said trading in property has gradually increased over the last few months in select posh localities of major cities. Buyers and investors in real estate are actively engaging in development projects launched by foreign and local builders in coastal areas and upscale neighbourhoods. On the other hand, investment and trading in plots remain sluggish due to high taxes imposed by the government. A majority of property buyers, including overseas Pakistanis and long-term investors, are looking to generate profits through rental income and resale, he said. Businesspeople and investors earning margins from bank profits and the equity market are also shifting their investments to real estate. Several UAE-based developers are aggressively working on a range of residential and commercial projects. More than $14.6 million in foreign direct investment has been received by the country during the period from July to February of the financial year 2024-25, according to data from the State Bank of Pakistan.
