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Time of India
a day ago
- Business
- Time of India
UP's GCC policy push to turn state into office hub, create 2 lakh jobs
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The UP Cabinet approval of the Uttar Pradesh Global Capability Centres (GCC) Policy will help in establishing the state as a hub for office space and also in generating over 2 lakh high-paying jobs over the next five years, say industry state has announced a 30–50% front-end subsidy on land cost, a 25% capital subsidy up to Rs 10 crore for Level-1 and Rs 25 crore for advanced GCCs , and 100% stamp duty exemption.'The incentives will be based on the performance of the company with a focus on job creation, export growth, and technology innovation. The process of availing the benefits of these incentives will also be streamlined by the state government to reduce the administrative burden on the companies,' said Nand Gopal Gupta Nandi, Minister for Industrial Development, Export Promotion, NRI and Investment Promotion, Government of Uttar experts say that the surge in corporate leasing is being propelled by access to a skilled talent pool, improved infrastructure, metro expansions, new expressways, and the development of large-scale commercial complexes.'The approval by the state cabinet will further accelerate this momentum by transforming the region into a hub for office space and innovation,' said Santosh Agarwal, Executive Director at Alpha approved policy has broadly categorised two kinds of GCCs: Level 1 and Advanced (Unnat) GCCs, depending upon investment and employment policy has defined Level 1 GCCs as those which undertake a minimum capital investment of Rs 15–20 crore or create employment for 100–200 people depending upon the city in (Unnat) GCCs have been defined as those with a minimum capital investment of Rs 50–75 crore and which create employment for at least 300–500 employees depending upon the city.'For the real estate sector, this opens up a significant opportunity to develop world-class office infrastructure, co-working ecosystems, and integrated urban spaces. We foresee a surge in demand for Grade A commercial real estate, complemented by residential and social infrastructure,' said Abhishek Trehan, Executive Director, Trehan government has also provided an interest subsidy of 5% on construction and purchase of plant and machinery; a 20% subsidy on operating expenditure; payroll subsidy up to Rs 20 crore; subsidy on recruitment of new employees; EPFO refund; and support for creation of internship opportunities.'The government's move marks a shift from being a cost-based outsourcing destination to becoming a value-driven global business hub. By addressing core operational levers like infrastructure, talent, and ease of doing business, the policy creates the right environment for multinationals to think long term,' said Yash Garg, Director, M3M state government will also provide technical and regulatory support to GCCs. Under the regulatory support, exemptions will be provided under various Acts for five years, including pollution, maternity, factories, among others.
Time of India
06-06-2025
- Business
- Time of India
how much will 1% RBI repo rate cut reduce your EMI or tenure? Check calculations
Home loan borrowers have a big reason to cheer! The Reserve Bank of India (RBI) has cut the repo rate by a huge 50 basis points in the Monetary Policy Committee (MPC) meeting. With this, the cumulative repo rate cut since February this year stands at 100 basis points or 1%! Repo rate is the rate at which the RBI lends to the banks. Tired of too many ads? go ad free now If this rate comes down, banks are able to in turn lend to borrowers at lower interest rates. To put it simply, today's jumbo 50 bps rate cut would in the coming months mean lower EMIs for home loan borrowers. While the impact of the 1% repo rate cut will take time to reflect in home loan borrowers' EMIs, the transmission is expected to be faster this time round. What does 1% repo rate cut mean for your loan EMIs? Adhil Shetty, CEO, notes, 'Today's 50 basis points rate cut is likely to push home loan rates closer to the psychologically important sub-8% level. The lowest rates in the market are already at 7.85%, largely available to prime borrowers with credit scores above 750, and often in refinance or balance transfer cases. A further rate cut could see sub-8% rates becoming more widespread—something we haven't seen since early 2022. ' Cumulative Impact Of 3 Rate Cuts; Original rate of interest @8.5%; Revised rate of interest 7.5% 1 lakh 25 lakh 50 lakh 100 lakh Original EMI ₹ 867.82 ₹ 21,695.58 ₹ 43,391.16 ₹ 86,782.32 Original Interest ₹ 108,277.58 ₹ 2,706,939.40 ₹ 5,413,878.80 ₹ 10,827,757.60 Original Tenor 240 months 240 months 240 months 240 months Interest With Fixed EMI ₹ 77,399.55 ₹ 1,934,988.83 ₹ 3,869,977.65 ₹ 7,739,955.31 Interest Saved ₹ 30,878.02 ₹ 771,950.57 ₹ 1,543,901.15 ₹ 3,087,802.29 Months Reduced 36 months 36 months 36 months 36 months Interest With Variable EMI ₹ 93,342.37 ₹ 2,333,559.16 ₹ 4,667,118.32 ₹ 9,334,236.65 Interest Saved ₹ 14,935.21 ₹ 373,380.24 ₹ 746,760.48 ₹ 1,493,520.96 EMI Reduced ₹ 62.23 ₹ 1,555.75 ₹ 3,111.50 ₹ 6,223.00 Numbers approximate. Actual numbers may depend on lender's unique policies. Source: For a Rs 50 lakh home loan with a 20 years tenure, you will save Rs 3,111.50 in monthly EMIs in case of interest rate with variable EMIs. In case of fixed EMIs, the loan tenure will come down by 36 months or 3 years. Also Read | Rate cut transmission crucial Santosh Agarwal, CEO, Paisabazaar says, 'The 50-basis-point rep rate cut should lead to reduction in home loan interest rates, both for new and existing home loan borrowers. However, the quantum and time of the rate cut transmission would depend on factors like type of interest rate benchmarks used by the lenders, their rate reset related policies regarding, rate reset dates set for the borrowers, etc.' Tired of too many ads? go ad free now 'The transmission would be quickest and absolute in case of existing home loans linked to the repo rate. The exact date of rate cut transmission to the existing borrowers would depend on the rate reset dates set by their respective lenders. Till then, they will continue to repay their loans as per their existing interest rates. As the cost of funds of the lenders play a major role in determining their internal benchmark rates, there would be a longer lag in the transmission of repo rate cuts to home loans linked to MCLR- or other internal benchmarks,' he adds. The transmission of rate cuts remains uneven, says Adhil Shetty. 'Borrowers with repo-linked home loans will see the fastest and fullest pass-through. But loans taken pre-2019, especially with public sector banks, continue to be linked to older benchmarks like the MCLR or even the Base Rate. These borrowers will not benefit automatically from today's cut,' he said. 'If you're paying 50 basis points or more above the lowest available rates, and especially if you're in the early years of your tenure, it's worth exploring a refinance to a repo-linked loan. This can help bring down your interest cost significantly over the life of the loan,' he advocates. Atul Monga, CEO & Co-Founder, BASIC Home Loan says, 'Public sector banks, which usually act faster in passing on such cuts, are expected to roll out attractive loan offerings. This will create significant savings for borrowers. That said, I would advise borrowers to review and compare loan options carefully to make the most of the favorable rate environment.' Also Read |
India Gazette
25-05-2025
- Business
- India Gazette
Eyeing Gen Z, commercial real estate players ramp up projects in Tier II-III Indian cities
New Delhi [India], May 25 (ANI): Real estate developers in India are rethinking their business strategy, keeping in mind the aspirations of the youth, especially the Gen Z segment. Regional commercial real estate players, particularly in tier II and tier III cities, are ramping up projects to meet that emerging demand, say executives. Luxury cafes, fine dining restaurants, gaming centres, salons, malls, and exhibition centres are booming in tier II and tier III cities, with the growing demand for such amenities. Real estate players are cashing in on these opportunities. The executives say that the commercial real estate sector is undergoing a generational transformation, as the baton passes from baby boomers, Gen X, and millennials to the tech-savvy, environmentally conscious, and entrepreneurial Gen Z. The real estate players are closely monitoring the lifestyle of Gen Zs, the term coined for those individuals who were born between 1997 and 2012, as the demands of this generation are different from other generations. 'Gen Z culture is far more mature today. Thanks to the world of technology, we are far more mature. Today, the youth of Punjab, apart from good families, think that even in the middle-income group, the children are studying all across India and the world. They're coming back, and they have huge aspirations. Their lives, if you come and see, are really world-class,' said Adish Oswal, CMD, Oswal Group. His Vardhman Amrante group recently announced it would invest Rs 1,350 Crores in Punjab's real estate, focusing on Ludhiana and other cities. The investment will be distributed across multiple real estate segments, including commercial, residential, hospitality, industrial, and other allied sectors. Observing the trends in non-metro cities, Santosh Agarwal, Executive Director and CFO at Alpha Corp, said, 'Gen Z is reshaping the commercial real estate landscape, particularly in Tier 2 and 3 cities like Amritsar, Karnal, and Meerut. These emerging hubs are benefiting from better infrastructure, enhanced connectivity, and a growing appetite for modern, tech-enabled workspaces.' According to the India Brand Equity Foundation (IBEF), the real estate sector shows promise with a projected 9.2 per cent CAGR from 2023 to 2028. Shrinivas Rao, FRICS, CEO, Vestian, said that regional developers have ramped up activity in these emerging locations, delivering customised commercial assets that meet the evolving needs of the new workforce. 'Simultaneously, leading Grade-A developers from Tier-1 cities have expanded into non-metros to tap into this growing demand and strengthen their presence in these high-potential markets,' he added. The demand for office space in Tier II and III cities is propelled by decentralised work models, infrastructure development, and the availability of a skilled workforce. Approximately 15 per cent of India's tech talent currently resides in these smaller cities, highlighting their growing role in the talent landscape. Vimal Nadar, National Director & Head, Research at Colliers India, says that the growth of startups in Tier II cities has further boosted commercial real estate demand. 'Recognising the inherent growth potential, leading real estate developers are increasingly venturing into Tier II and III cities with high-quality offerings across asset classes, including commercial real estate,' he added. Nadar further added that these smaller cities are likely to become the next growth engines for India's office market and supplement the established Tier I markets. (ANI)
Mint
25-05-2025
- Business
- Mint
Eyeing Gen Z, commercial real estate players ramp up projects in Tier II-III Indian cities
New Delhi [India], May 25 (ANI): Real estate developers in India are rethinking their business strategy, keeping in mind the aspirations of the youth, especially the Gen Z segment. Regional commercial real estate players, particularly in tier II and tier III cities, are ramping up projects to meet that emerging demand, say executives. Luxury cafes, fine dining restaurants, gaming centres, salons, malls, and exhibition centres are booming in tier II and tier III cities, with the growing demand for such amenities. Real estate players are cashing in on these opportunities. The executives say that the commercial real estate sector is undergoing a generational transformation, as the baton passes from baby boomers, Gen X, and millennials to the tech-savvy, environmentally conscious, and entrepreneurial Gen Z. The real estate players are closely monitoring the lifestyle of Gen Zs, the term coined for those individuals who were born between 1997 and 2012, as the demands of this generation are different from other generations. "Gen Z culture is far more mature today. Thanks to the world of technology, we are far more mature. Today, the youth of Punjab, apart from good families, think that even in the middle-income group, the children are studying all across India and the world. They're coming back, and they have huge aspirations. Their lives, if you come and see, are really world-class," said Adish Oswal, CMD, Oswal Group. His Vardhman Amrante group recently announced it would invest ₹ 1,350 Crores in Punjab's real estate, focusing on Ludhiana and other cities. The investment will be distributed across multiple real estate segments, including commercial, residential, hospitality, industrial, and other allied sectors. Observing the trends in non-metro cities, Santosh Agarwal, Executive Director and CFO at Alpha Corp, said, "Gen Z is reshaping the commercial real estate landscape, particularly in Tier 2 and 3 cities like Amritsar, Karnal, and Meerut. These emerging hubs are benefiting from better infrastructure, enhanced connectivity, and a growing appetite for modern, tech-enabled workspaces." According to the India Brand Equity Foundation (IBEF), the real estate sector shows promise with a projected 9.2 per cent CAGR from 2023 to 2028. Shrinivas Rao, FRICS, CEO, Vestian, said that regional developers have ramped up activity in these emerging locations, delivering customised commercial assets that meet the evolving needs of the new workforce. "Simultaneously, leading Grade-A developers from Tier-1 cities have expanded into non-metros to tap into this growing demand and strengthen their presence in these high-potential markets," he added. The demand for office space in Tier II and III cities is propelled by decentralised work models, infrastructure development, and the availability of a skilled workforce. Approximately 15 per cent of India's tech talent currently resides in these smaller cities, highlighting their growing role in the talent landscape. Vimal Nadar, National Director & Head, Research at Colliers India, says that the growth of startups in Tier II cities has further boosted commercial real estate demand. "Recognising the inherent growth potential, leading real estate developers are increasingly venturing into Tier II and III cities with high-quality offerings across asset classes, including commercial real estate," he added. Nadar further added that these smaller cities are likely to become the next growth engines for India's office market and supplement the established Tier I markets. (ANI)
Time of India
25-05-2025
- Business
- Time of India
Eyeing Gen Z, commercial real estate players ramp up projects in Tier II-III Indian cities
Indian real estate developers are adapting to Gen Z's aspirations, particularly in tier II and III cities. Fueled by infrastructure development and a skilled workforce, these regions are witnessing a surge in demand for modern amenities and tech-enabled workspaces. Developers are investing heavily to cater to this evolving market, anticipating significant growth in India's office sector. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Real estate developers in India are rethinking their business strategy, keeping in mind the aspirations of the youth, especially the Gen Z commercial real estate players, particularly in tier II and tier III cities , are ramping up projects to meet that emerging demand, say executives. Luxury cafes , fine dining restaurants, gaming centres, salons, malls, and exhibition centres are booming in tier II and tier III cities, with the growing demand for such amenities. Real estate players are cashing in on these executives say that the commercial real estate sector is undergoing a generational transformation, as the baton passes from baby boomers, Gen X, and millennials to the tech-savvy, environmentally conscious, and entrepreneurial Gen real estate players are closely monitoring the lifestyle of Gen Zs, the term coined for those individuals who were born between 1997 and 2012, as the demands of this generation are different from other generations."Gen Z culture is far more mature today. Thanks to the world of technology, we are far more mature. Today, the youth of Punjab, apart from good families, think that even in the middle-income group, the children are studying all across India and the world. They're coming back, and they have huge aspirations. Their lives, if you come and see, are really world-class," said Adish Oswal, CMD, Oswal Vardhman Amrante group recently announced it would invest Rs 1,350 Crores in Punjab's real estate, focusing on Ludhiana and other cities. The investment will be distributed across multiple real estate segments, including commercial, residential, hospitality, industrial, and other allied the trends in non-metro cities, Santosh Agarwal, Executive Director and CFO at Alpha Corp, said, "Gen Z is reshaping the commercial real estate landscape, particularly in Tier 2 and 3 cities like Amritsar, Karnal, and Meerut. These emerging hubs are benefiting from better infrastructure, enhanced connectivity, and a growing appetite for modern, tech-enabled workspaces."According to the India Brand Equity Foundation (IBEF), the real estate sector shows promise with a projected 9.2 per cent CAGR from 2023 to Rao, FRICS, CEO, Vestian, said that regional developers have ramped up activity in these emerging locations, delivering customised commercial assets that meet the evolving needs of the new workforce."Simultaneously, leading Grade-A developers from Tier-1 cities have expanded into non-metros to tap into this growing demand and strengthen their presence in these high-potential markets," he demand for office space in Tier II and III cities is propelled by decentralised work models, infrastructure development, and the availability of a skilled 15 per cent of India's tech talent currently resides in these smaller cities, highlighting thexir growing role in the talent Nadar, National Director & Head, Research at Colliers India, says that the growth of startups in Tier II cities has further boosted commercial real estate demand."Recognising the inherent growth potential, leading real estate developers are increasingly venturing into Tier II and III cities with high-quality offerings across asset classes, including commercial real estate," he further added that these smaller cities are likely to become the next growth engines for India's office market and supplement the established Tier I markets.
