This 33-minute address at the United Nations, Prime Minister Narendra Modi covered a number of subjects -- terrorism, globalisation to fight poverty and reforms of the United Nations. It was an effort by politician Modi to transform into statesman Modi.
 
Here are 10 takeaways from the Prime Minister's UN speech:

1. India stands for multilateralism, always
Every nation's world view is shaped by its civilisation and philosophical tradition. India's ancient wisdom sees the world as one family. It is this timeless current of thought that gives India an unwavering belief in multilateralism.

2. Pakistan
 India desires a peaceful and stable environment for its development. A nation's destiny is linked to its neighbourhood. That is why my government has placed the highest priority on advancing friendship and cooperation with her neighbours. This includes Pakistan. I am prepared to engage in a serious bilateral dialogue with Pakistan in a peaceful atmosphere without the shadow of terrorism to promote our friendship and cooperation. However, Pakistan must also take its responsibility seriously to create an appropriate environment. Raising issues in this forum is not the way to make progress towards resolving issues between our two countries. Instead, today, we should be thinking about the victims of floods in Jammu and Kashmir. In India, we have organised massive flood relief operations and have also offered assistance for Pakistan occupied Kashmir.

3. Terrorism and conflicts
 There are no major wars, but tensions and conflicts abound; and, there is absence of real peace and uncertainty about the future. An integrating Asia Pacific region is still concerned about maritime security that is fundamental to its future. Europe faces risk of new division. In West Asia, extremism and fault lines are growing. Our own region continues to face the destabilising threat of terrorism. Africa faces the twin threat of rising terrorism and a health crisis. Terrorism is taking a new shape and a new name. No country, big or small, in the north or the south, east or west, is free from its threat. We welcome efforts to combat terrorism's resurgence in West Asia, which is affecting countries near and far. The effort should involve the support of all countries in the region. Today, even as sea, space and cyberspace have become new instruments of prosperity, they could also become a new theatre of conflicts.
 
4. Not G1, but G-All
 Today, more than ever, the need for an international compact, which is the foundation of the United Nations, is stronger than before. While we speak of an inter-dependent world, have we become more united as nations? Today, we still operate in various Gs with different numbers. India, too, is involved in several. But, how much are we able to work together as G1 or G-All? On the one side, we say that our destinies are inter-linked, on the other hand we still think in terms of zero sum game. If the other benefits, I stand to lose.

5. No to unilateralism
 First, let us work for genuine peace, No one country or group of countries can determine the course of this world. There has to be a genuine international partnership. This is not just a moral position, but a practical reality. We need a genuine dialogue and engagement between countries. I say this from the conviction of the philosophical tradition that I come from. Our efforts must begin here -- in the United Nations.

6. UN reforms
 We must reform the United Nations, including the Security Council, and make it more democratic and participative. Institutions that reflect the imperatives of the 20th century won't be effective in the 21st. It would face the risk of irrelevance; and we will face the risk of continuing turbulence with no one capable of addressing it. We should put aside our differences and mount a concerted international effort to combat terrorism and extremism. As a symbol of this effort, I urge you to adopt the Comprehensive Convention on International Terrorism. We should ensure that there will be peace, stability and order in the outer space and cyberspace.

7. Globalisation to fight poverty
Globalisation has created new poles of growth; new industries; and new source of employment. At the same time, billions live on the edge of poverty and want; countries that are barely able to survive a global economic storm. There has never been a time when it has seemed more possible than now to change this. Technology has made things possible; the cost of providing it has reduced. We no longer are totally dependent on bricks and mortars. If you think of the speed with which Facebook or Twitter has spread around the world, if you think of the speed with which cell phones have spread, then you must also believe that development and empowerment can spread with the same speed.

8. Focus on removing poverty
When we think of the scale of want in the world -- 2.5 billion people without access to basic sanitation; 1.3 billion people without access to electricity; or 1.1 billion people without access to drinking water, we need a more comprehensive and concerted direct international action. In India, the most important aspects of my development agenda are precisely to focus on these issues. The eradication of poverty must remain at the core of the Post-2015 Development Agenda and command our fullest attention.


9. Three beliefs
 One, we should be honest in shouldering our responsibilities in meeting the challenges. The world had agreed on a beautiful balance of collective action -- common but differentiated responsibilities. That should form the basis of continued action. This also means that the developed countries must fulfill their commitments for funding and technology transfer. Second, national action is imperative. Technology has made many things possible. We need imagination and commitment. India is prepared to share its technology and capabilities, just as we have announced a free satellite for the SAARC (South Asian Association for Regional Cooperation) countries. Third, we need to change our lifestyles. Energy not consumed is the cleanest energy. We can achieve the same level of development, prosperity and well being without necessarily going down the path of reckless consumption. It doesn't mean that economies will suffer; it will mean that our economies will take on a different character. For us in India, respect for nature is an integral part of spiritualism. We treat nature's bounties as sacred.
 
10. Yoga is the invaluable gift of India
Yoga is an invaluable gift of our ancient tradition. Yoga embodies unity of mind and body; thought and action; restraint and fulfillment; harmony between man and nature; a holistic approach to health and well being. It is not about exercise but to discover the sense of oneness with yourself, the world and the nature. By changing our lifestyle and creating consciousness, it can help us deal with climate change. Let us work towards adopting an International Yoga Day.

Source :- Rediff.com

Market regulator Securities and Exchange Board of India (Sebi) on Friday set the ball rolling for setting up of real estate investment trusts (REITs) and infrastructure investment trusts (InvITs) by notifying the norms for listing of business trust structures, REITs and InvITs.

The Sebi Real Estate Investment Trust Regulations 2014 and Sebi Infrastructure Investment Trust (InvIT) Regulations 2014 have come into force with immediate effect. The regulator had earlier approved these norms in August.

Neeraj Sharma, partner at Walker Chandiok, said, “The REITs guidelines would ensure detailed and quality disclosures. Given the corporate environment under which real estate players operate, it’s a good attempt.”

“The mandatory disclosures (on related party transactions, REIT and under-construction assets) in the initial offer document will help prospective investors to take an informed decision. The disclosures, which are mandated as part of the annual report on an ongoing basis, will reflect the status of corporate governance of REITs apart from other things, and hence, impact their valuation/reputation going forward.”

Bhairav Dalal, associate director of Price Waterhouse Coopers India, said, “We expect this to be an extremely positive move for the Indian capital markets. It could free up some liquidity for large real estate and infrastructure players. It would provide investors an opportunity to invest in stabilised Indian assets through an listed Indian platform.”

PwC India said, “Reducing the minimum asset value to Rs 500 crore for REIT IPO will enable more sponsors to enter the REIT market.” PwC also welcomed introduction of the concept of multiple sponsors, thereby, enabling more than one sponsors to back an REIT.

Sebi said REITs can invest in special purpose vehicles, or SPVs, set up as LLPs. As per Sebi REIT Regulations for developer sponsors, a track record of completion of two projects has been prescribed. By withdrawing the single-asset REIT concept, Sebi has reduced concentration risk, PwC said.

In the REIT regulations, investment in completed and rent-generating assets has been reduced from 90 per cent to 80 per cent and additional 10 per cent allowed in other specified assets, and real estate experts said this would provide additional flexibility and diversify the risk profile.

The provision for distribution of 90 per cent of net distributable cash flows would enable REITs to service their own debt before paying out to unit holders, experts said.

With regard to infrastructure investment trust (InvIT), experts said the regulatory restrictions on sponsor transferring more than 50 per cent to InvITs may not be possible due to existing concession agreements. The final guidelines recognise this limitation and have proposed a solution that would include an agreement with the sponsor.

InvITs also provide clarity for the inclusion of under-construction projects (both PPP & non-PPP) under InvITs. Also, InvITs lay down the eligibility criteria with sponsor lock-in applicable for three years after the IPO. InvIT regulations lay down one-year lock-in for investors (other than sponsors) holding units prior to IPO.


by Ravi Ranjan Prasad for Financial Chronicle

For Indians, traditionalists as they are, there is nothing quite like buying during the festival season. After all, it is auspicious. And with Navratras and Dussehra heralding the beginning of the festivities, which would culminate around Diwali, realtors believe this is the time to woo buyers — they believe the right frame of mind and disposition prompts early and firm decisions. Enquiries for properties increase and for some, it is a question of making an advance payment, a token investment, as it were.

Consider this:

* The Unnati Fortune Group is offering a gold coin on booking in all product verticals along with a fancy payment plan for its Noida project.

* The first 100 lucky customers of Fairwealth Breeze Homes in Bhiwadi will get a bike during Navratra.

* Some property developers are offering lucky draws, discounts and pre-launch offers, scratch cards that could win buyers a foreign trip, a car, club membership or mobile phones.

* A few others have conjured up some ingenious offers like a no EMI clause until possession.

* The Prateek Group is giving an inaugural discount for bookings for its Grand City project in Ghaziabad, next to Delhi. On offer are value added goodies like iPhone 6, 5 KVA power back up and covered car parking at Prateek Edifice, Sector 107 in Noida.

Points out Anil Mithas, chairman and managing director, Unnati Fortune Group: “Most Indians tend to link property acquisition with auspicious dates. The Navratra period is considered to be the most propitious time to invest in property. We find that during this time of the year, the atmosphere and mood is positive and the outlook happy, as it should — the bells are tingling.

In addition to the gold coin, Unnati Fortune has an attractive payment plan or the 40:30:30 scheme, in which buyers can pay 40 per cent of the money to begin with, 30 per cent to be paid after completion of the structure and the rest on possession at its project at their Sector 119, Noida project, The Aranya.

“Home buying in India is a market that is always connected to sentiments. The festive season is considered a good time to invest. Thus activity levels in the property market increase substantially during this period,” said Dhirender Gaba, chairman and managing director of Fairwealth Group. He should know.

To tap a share of the festive rush, Fairwealth said it assured a bike to the property buyers during this Navratri festival. However, this is only for the first 100 customers of Fairwealth Breeze Homes in Bhiwadi.

According to Veera Babu, office head, Hyderabad, Cushman Wakefield, like every year, the real estate sector is gearing up on expectations of good sales during the festive season. The season accounts for a significant portion of annual sales.

With macro-economic conditions looking better than they were in 2013, this year’s festive season might bring-in the much-needed cheer to the real estate sector, which has been battling subdued demand and buyer disenchantment for the past few years, he said.

Industry estimates say that between 2012 and Q2 2014, around 4,81,000 units were launched in top eight Indian cities; Delhi-NCR, Bengaluru and Mumbai accounted for 27 per cent, 25 and 15 per cent respectively.

Considering the subdued market conditions, there has not been much traction and developers are pinning their hopes garnering sales during this festive season, he said.

Naturally, the low-end buyer is target number one. Developers, for instance, are reducing the new launch sizes and configurations to tap buyers with limited budgets. Compact studio apartments, 1BHK, 1.5 BHKs and 2BHKs and even 2.5 BHKs are offered to suit customers with varying spending capacities, he said.

“Navratra advances the buying decision of potential customers and investors, eventually enhancing sales for this particular period,” said Prashant Tiwari, chairman, Prateek Group.

According to Tiwari, Prateek is giving an inaugural discount for bookings during this festive season for its Grand City, Sidhharth Vihar, Ghaziabad. On offer are iPhone 6, 5 KVA power back up and covered car parking at Prateek Edifice, Sector 107 in Noida. There are no EMI’s till March 2015 for Prateek Stylome (Sector 45, Noida) in addition to the iphone and power back-up. It is offering a gold coin, covered car parking and power back-up at Prateek Wisteria (Sector 77), Noida. Clearly, sky is the limit when it comes to enticing buyers.

“The enquiries for new units increase by 30 to 35 per cent during the festive season. However, it is only the beginning of a buyer-seller relationship. All of these will not translate into sales. Also, on the deliverables, the real estate projects are time consuming and very rarely will a builder have the inventory ready to be handed over to the customers on the day of the festival,” said G Narotham Reddy, general manager, business development, Cybercity Builders and Developers in Hyderabad.

Industry body Credai recently held a property show which attracted about 66,000 visitors. Cybercity has seen about 800 enquires at its stall during the trade show. “There is interest among the buyer community. But it is difficult to say how many of these will make a decision to close the deal,” he said.

Rohan Sharma, associate director, research and REIS, JLL India, says developers are offering a variety of payment schemes to attract buyers during the upcoming festive season. It is imperative for buyers to understand what each payment plan entails.

“The attraction of delayed payments, no EMIs, etc has to be viewed in conjunction with the restrictions such as inability to sell the property within a shorter investment period or before construction is completed,” said Sharma.

For instance, there are 20:80 or a 10:80:10 plan where developers ask for 20 or 10 per cent upfront payment from the buyers. Developers arrange 80 per cent loan amount through their identified banks. These provide developers with advance disbursal facility (ADF) and they pay the pre-EMIs — the interest payable on the disbursed amount — on behalf of the buyers. This is helpful for end-user buyers but can pose problems if developers stop paying the pre-EMIs. These plans can also help buyers save on rent.

In absolute terms, the buyers, however, will pay the entire amount as per his loan amount as the principal amount does not reduce till the actual EMIs have begun. Such arrangements tend to lock in the buyers till possession of the apartment as the agreement usually bars transfer during construction, said Sharma.

“Additional freebies likely to be on offer include direct discounts ranging from 5 to 12 per cent on basic selling price, electronic appliances, consumer goods, fully-fitted kitchens, gold coins, holiday packages and cars. These freebies translate into marginal discounts only. The value of such discounts is in proportion of the average ticket size of an apartment, which varies across projects,” said Sharma.

The banks too do their bit to give a little nudge to the real estate sector, at least for the festive season. Babu of Cushman and Wakefield said State Bank of India reduced interest rates for home loans above Rs 75 lakh from 10.3 per cent to 10.1 per cent for women. HDFC too has slashed interest rates. Another case in point — Canara Bank recently teamed up with select builders in Hyderabad to conduct a property show. Senior officials reached out to the builders to be part of the show, said a developer in Hyderabad.

C Shekar Reddy, president (national) of industry body Credai, said there are no big time offers or discounts in the industry as it is under stress. “The discounts come in boom time. But now, the offers are only marginal and vary with the size of the project. Also, there is no big inventory to drive the developers to offer massive discounts. The developers, learning from the mistakes during boom time, are not taking up full project at once. They are keen on implementing it in phases, based on cash flows,” he said.

“We are keeping away from discounts or freebies. However, we are pitching on the quality of the project. We are counseling people to plan their home loan as per their income and repayment capacity,” said Atul J Trivedi, chief marketing officer of Rashmi Sri Sairam Property Developers, Hyderabad.

The company has announced the Apne Dam Par scheme to allow flexi payments. This plan, Trivedi claims, would help home buyers to reduce their borrowing from 80 per cent to 30 per cent resulting in repayment tenure of five years repayment instead of the usual 15 or 20 years.

The buyers would be able to save on the interest, sometimes ranging from Rs 15-20 lakh, corresponding with the cost of the flat. Sounds good.


by B. Krishna Mohan for The Financial Chronicle

Though long-term prospects of realty sector appear positive with a potential to see trebling of completed space by the next decade, the outlook for next six months of the fiscal continue to remain bleak.

Completed realty space in the country is likely to be from 3.6 billion sq. ft. in 2013-14 to nearly 8.2 billion sq. ft. by 2025, generating employment opportunities to the tune of almost 17 million by the same period.

Consequently, contribution of the real estate sector to the economy is also expected to more than double from 6.3 per cent in 2013-14 to almost 13 per cent by 2025, said a CBRE-AMCHAM report on the Indian real estate market.

However, this projected expansion is subject to an effective utilization of potential growth opportunities and implementation of relevant policy measures to resolve bottlenecks plaguing the sector, it added.

"Looking ahead, much of the realty revival in 2014 will depend on the implementation of the recently announced economic policies," said Anshuman Magazine, CMD CBRE, South Asia Pvt. Ltd.

"Sentiments are not expected to improve before the second half of 2014. A clear, forward looking and reform-oriented economic policy by the new government might trigger growth by the second half of the year," he added.

While housing demand likely to remain in affordable and mid-market segments, investor focus is likely on cost-effective peripheral locations. Going forward, IT/ITeS and back-office segments may to contribute significantly to overall office space absorption.

On the retail side, a perceived increase in house hold income is expected to further fuel consumption and act as a support base for the growth of organized retail real estate. Demand for fresh organised retail space is expected to pick up at Delhi NCR, Mumbai, Bangalore and Pune in coming months.

Consideration of REITs is expected to open up opportunities for small investors and inject funds into India's property market, the report said.

“While the Budget 2014–15 made encouraging announcements for infrastructure, manufacturing, and affordable housing, going forward, the sector’s growth will depend to a large extent on the actual implementation of these policies,” Mr Magazine said.

Source :- The Asian Age