Archive: September 30, 2022

Overall demand will continue to remain robust: Mr. Rohan Pawar, CEO of Pinnacle Group on Repo Hike

Mr. Rohan Pawar, CEO of Pinnacle Group

“The RBI raised the repo rate by 50 basis points to 5.9%, as expected; this is the necessity of the hour to manage inflationary pressures. The MPC has also stated its desire to exit the accommodative stance in order to keep inflation within target while boosting growth.

The increase will have an impact on new home buyers because mortgage loans will rise increasing the EMIs and reducing eligibility for new loans. This coupled with economic uncertainty may cause some delay in the decision making process of home buyers but we believe the overall demand will continue to remain robust”

Romeo Lane oozes romance & radiates a European charm…

A picturesque escapade, Romeo Lane curates a culinary dining experience filled with unique cocktails, immersive music and eye-catching interiors. The restaurant oozes charm and romance, as its name suggests and radiates a European charm. The resto-bar is engulfed in a tropical aura that showcases magnificent French inspired artwork, hand painted glass doors that compliment the furniture beautifully. Romeo Lane currently has 4 outlets, 1 in Lucknow, 2 outlets in New Delhi located in Civil Lines and Defence Colony and 1 in Goa.

Co-founded in 2019 by Mr. Saurabh Luthra (Chairman), Mr. Gaurav Luthra (Managing Director), Mr.Siddharth Dhamija (Director) and Mr. Sahil Dhamija (Director),Romeo Lane has created a niche for itself within the F&B industry with its impeccable hospitality and spectacular mixology having introduced a cocktail culture that is crafted to perfection. The cocktails at Romeo Lane are made from fresh fruits and no preservatives with every concoction immersed with 5 elements – offering patrons unique combinations never experienced before like Bubbles in my Goblet which is a twist on the traditional Gin and Tonic doused in Elderflower Tonic and Thai Ginger Cordial.

The resto-bar captures the heart and soul of customers with its charming interiors creating an inviting ambience where one can sit back and enjoy the food and cocktails. The restaurant serves up scrumptious dishes that are a must-try. There is a multitude of cuisines to indulge in right from Pan-Asian delights, Mughlai delicacies, delicious Italian pastas and pizzas alongside exquisite Lebanese fare. The desserts end the experience on a sweet note with decadent choices ranging from a gooey red velvet chocolate lava cake to chocolate fudge caramel brownie among others.

No journey is complete without its fair share of challenges and Romeo Lane has emerged stronger and better, not only with safety protocols but has introduced more entertainment elements. The restaurant provides customers with a new experience each time they visit. The Covid-19 pandemic was a trying time for the entire world, pushing the industry to adjust and evolve with the changes that followed. The mindset of consumers shifted towards wellness and mindful eating.

The F&B industry is dynamic and ever evolving. Romeo Lane makes sure that it is multi-faceted providing a sensory experience like no other. The resto-bar does not constantly change its menu, however it keeps adding a few local dishes depending on the area it is located in. The cocktail serving style often undergoes variation and the same is followed while presenting the food dishes.

Reaching for the stars, Romeo Lane plans to extend its reach with 40 outlets Pan-India in the next 3 years. The brand is also keen on opening 5 hotels Pan-India alongside 5 international outlets.

53 Cafe House, among the Top spots in Patna for lively dandiya evenings and Navratri celebrations

53 Café House, long known for its event celebrations across the calendar round the year, cherished Dandiya Night in the city. Garba or say, Dandiya performances are being held in different cities and towns as part of the ongoing Navratri celebrations. But the special aesthetic and added flavors of the fest specially picked by smart event planners make 53 Café House stand out in the rush.

After Ganesh Mahotsav, the city, Patna is anxiously getting ready for another happy holiday celebration, but Navratri has already begun, and Patna, one of the cities that own the festival, is decked out and prepared like never before. The Garba dance and the dandiya raas are among the nine nights of “Navratri” for many people. Both of these techniques are done as part of the ceremonies throughout the nine-day celebration there, and each has its own religious importance. City revelers and dance enthusiasts may now experience the thrill of dancing and celebrations as Navratri has returned to its traditional shape after the long covid hiatus at the most loved & instagrammable spot of the city, 53 Café House.

On the occasion, Syed Aabish Hassan, the owner of the café house, said the idea behind celebrating these festivals & celebrations is far more than merely taking them as café events. But the real idea is, such events lead to cultural exchange, interactions of different cultures happen at such an event, and this is beautiful. Additionally, he also asked the city to get ready for the exhilarating event and cheer the sound of Dandiya with soulful music at 53 Café House.

53 Café House is unquestionably among the top event celebrators in the state’s capital backed by Eventoss Entertainment Pvt. Ltd, one of the top creative agencies pioneering Eastern India with its array of projects & distinguished deliverables.

JLL Quote | RBI’s repo rate increase of 50 bps for the fourth consecutive time

• Dr. Samantak Das, Chief Economist and Head of research and REIS, JLL, India

“The decision by RBI to increase the repo rate by 50 bps for the fourth consecutive time to 5.90 % is along the expected lines as the Central Bank aims to rein in inflation, maintain global interest rates parity and ensure the stability of the currency. Retail inflation has been hovering above RBI’s upper target of 6% since February 2022 with the recent August number at 7%. The rate hike is intended to arrest the persistent rise in inflation which is impacting economic growth. The Fed interest rate hike and its outlook have also prompted RBI to take this step. The GDP outlook has been marginally lowered to 7.0% for the financial year 2022-23 from an earlier forecast of 7.2%. 

The repo rate hike does not augur well for the real estate sector, especially the residential segment as it will result in increased mortgage rates. The transmission of change in repo rate is based on an individual bank’s decision. Since April 2022, RBI increased the repo rate by 140 bps, while home loan rates moved up by an average of 80 bps – more than 50% has been transmitted to date. Taking a cue from the previous transmission, we expect the home loan interest rates to go up in the range of 25-30 bps. However, the interest rate after this hike would be still below what the homebuyers had to pay 8 to 9 years back- more than 10%. It is likely that banks might also delay the transmission, taking into account higher housing demand during the festive season. Sales of residential units have increased by more than 2x during the first half of 2022 vis-à-vis the same period last year and the growth trajectory is maintained during the July-September quarter. With today’s hike in repo rate, the revised home loan EMI would increase by an average of 8-9% as compared to 6 months back. The continuous rise in home loan EMI is hence, expected to act as a sentiment disruptor. We believe that home loan interest rates inching towards 9% and above may result in moderation of housing sales growth in the medium term, especially post the current festive season.”

TeamViewer and Hyundai Motor Sign Strategic Partnership to Accelerate Digital Innovation in Automotive Smart Factory

From Left to Right – Hong Bum Jung, CEO, HMGICS and Oliver Steil, CEO, TeamViewer

New Delhi, September 30, 2022 – TeamViewer, a leading global provider of remote connectivity and workplace digitalization solutions, today announced a partnership with global mobility solutions provider Hyundai Motor Company to digitalize business operations and manufacturing processes for Hyundai Motor Group Innovation Center in Singapore (HMGICS).

TeamViewer and Hyundai Motor Company will cooperate to maximize digitalization benefits in HMGICS’ smart factory using TeamViewer’s augmented reality (AR) platform, which includes mixed reality (MR) and artificial intelligence (AI) capabilities. The platform will support assembly, maintenance, quality management, logistics, client experience projects and workforce training.

The two companies will conduct joint research and development (R&D) activities in AR-powered smart factory operations, immersive digital experience for frontline workers and AI support for a future automotive factory.

Overall, the partnership will drive increased productivity, accuracy, speed and safety of frontline production workers. To leverage these benefits for the industry, the two parties will also pursue global joint marketing of smart factory and enterprise AR technology.

“We are pleased to have TeamViewer as a key technology partner for digital transformation in building a smart factory,” said Hong Bum Jung, Chief Executive Officer of HMGICS. “Developing an intelligent manufacturing platform is an important part of Hyundai’s strategy to lead the future mobility industry. We are continuously innovating the overall mobility value chain, which includes presenting a vision for a future mobility smart factory. We expect the partnership will further accelerate our transition to smart factory and enhance its efficiency. 

Sojung Lee, President for TeamViewer Asia Pacific, said, “We are excited to collaborate with Hyundai Motor Company in digitalizing manufacturing processes and building an automotive factory of the future. As digital transformation has accelerated on the shopfloor, there is a growing need for AR solutions like TeamViewer Frontline that helps by optimizing manual work processes in industrial environments. Our collaboration with Hyundai Motor Company will further solidify our position as an enterprise software provider with specialized solutions for the manufacturing industry and it will strengthen our role as a leading player in the industrial metaverse space.” 

HMGICS, the Group’s test bed and a global open innovation hub, aims to develop new EV business models, forge innovative partnerships, produce mobility products, and develop the Group’s intelligent manufacturing platform to revolutionize the overall mobility value chain.

ET Money introduces the first-of-its-kind Great Indian Investment Festival: To reward users for building good financial habits

New Delhi, 30 September 2022: Encouraging Indians to save & invest during this festive season, ET Money, one of India’s largest wealth tech apps, has announced the launch of the first-of-its-kind festival called ‘Great Indian Investment Festival’. Through this unique initiative, ET Money will reward users for building & exhibiting good financial habits.

Through this 17-day-long festival, the app will offer users a festive discount on ET Money Genius & rewards that would include assured shopping vouchers, lifestyle subscriptions, daily lucky draws & bumper prizes. Some of the mega prizes on offer are the latest iPhone 14 Plus, iPad Air, and Royal Enfield Interceptor bike. Investors can also win up to Rs 2 Lakh in cash for helping their friends and families develop good financial habits through referral.

ET Money believes that for decades, users have built a habit of spending and getting rewarded during the festive season. With India adopting an investment culture, there should be encouragement for Investments and savings too.

Speaking on the launch of the Great Indian Investment Festival, Mukesh Kalra, Founder & CEO, ET Money commented, “Festive season is often a time of the year when most of us get swayed by tempting deals and offers on items which we often do not actually need, thereby upsetting our monthly budgets, future financial plans, and savings goals. Relaying our mission to help Indians invest intelligently, the investment festival aims to make investing a permanent habit by rewarding the start of the habit during this festive season. We are privileged to be able to facilitate long-term wealth creation for individuals, their families & friends through this unique initiative.”

ET Money’s Great Indian Investment Festival goes one step forward by rewarding even the good habit of getting one’s friends & families to start investing too through unique rewards for referrals. This way more Indians can participate in the wealth creation journey and get rewarded to take their first steps in form of daily rewards, special discounts, discounted ET Money Genius membership months, lucky draw prizes along with a bumper prize.

Introducing Rupay Bachao, a New Age Cashless Trading in India

Amid slowing economic activity, COVID-19 has led to a surge in few sectors like e-commerce which accelerated digital transformation. In the future, if we will look back at 2020 it is considered to be as the period that changed everything. Nowhere else has unprecedented and unforeseen growth occurred as in the digital and e-commerce sectors, which have boomed hurriedly amid the COVID-19 crisis. The Indian government launched the Digital India initiative with the goal of transforming India into a digitally empowered nation with improved online infrastructure. Aligning with this thought, the brand Rupay Bachao came into existence under the company name KMKD Rupay Bacho LLP. Rupay Bachao is an app based online platform for shopkeepers, businesses their directors, employers, vendors, agents etc to do smooth and seamless business partnerships without involving cash transactions. The platform helps the consumers to make a deal in more safe and secure way.

The cashless transaction is quickly becoming the preferred option, and there are numerous advantages associated with it. Rupay Bachao platform allows trading activities between shopkeepers and businessman to trade their goods and services in exchange of RFTs (Rupee Free Token). Any registered member can use RFTs to buy or use other services without involving cash transaction. For the first time in India, such application has been designed for B2B business model where the registered members and their employees can buy and sell goods and services without involving cash.

Growing since its inception in April 2022, the platform has now remarkably enrolled more than 500 brands which includes Real Estate, Tourism and Travel Industry, Hospitality Sector, Advertising & Marketing, Interior & Décor, Food & Groceries, Construction Business etc.

At Rupay Bachao, all the transactions are digitally recorded and that’s the reason it is considered to be one of the most secured and safe apps. Each and every transaction that happens between the members will be recorded in the books of account. Further, Rupay Bachao has a transparent data sharing policy with Indian Government/ taxation authorities. Thus, every sale that takes place on the platform is treated as income of the individual member and every purchase as his/her expenses under appropriate heads.

On the launch, Mr Amit Gupta, MD, Rupay Bachao stated, “Digital India is the new India! Govt has formed this vision to transform India into a digitally empowered society and knowledge economy. To meet this objective, we created Rupay Bachao to make the businesses more efficient. Our platform promotes digital payments through cashless transactions in align with Government’s Digital India policy. In this digital era, we have thoughtfully created a fully secure and flexible way to allow members to increase their sales through applications and at the same time save the cash outflow by sourcing their requirements from the members on the platform.”

RBI Monetary Policy Quote | Colliers | ISIR | Trehan | Square Yards

Ramesh Nair, CEO, India and Managing Director, Market Development, Asia, Colliers

“RBI hiked the repo rate for the fourth time in a row by a further 50 bps to 5.9% as the government remains committed to tame inflationary pressures amidst global headwinds. However, domestic economic activities remain promising, thus providing the Central Bank with the required elbowroom to continue withdrawing its accommodative stance. Resultantly, RBI slightly moderated its growth target to 7% for FY 2022-23.

In response, banks are expected to continue raising their home loan rates in the next few months. With the festive season in the offing, developers are likely to dole out attractive schemes to attract fence sitters and first-time homebuyers. As the rate hike was on expected lines and the market has largely recovered from the pandemic lows, the home buying sentiment is not likely to be impacted significantly.

Mr. Amit Goyal, CEO, India Sotheby’s International Realty 

In the last 5 months, RBI increased the repo rate by 190 basis points, from 4% In April to 5.90% now. The RBI has taken into consideration the broader economic and liquidity scenario and needs to curb the inflation further. Falling rupee is also a major concern amidst global uncertainty, besides high fuel prices. It is important to understand that policy rates and regulation will decide the long-term growth of the economy and the real estate sector.

The hike might impact consumption sentiments negatively ahead of the festive season. However, from a home buyers’ perspective, home loan rates will still remain below 9% per annum and they must utilize this opportunity and make their purchases by cashing in on offers and festive discounts in the market.

Piyush Bothra, Co-founder and CFO, Square Yards 

The RBI has taken another aggressive stance by recalibrating the repo rates for the fourth time this year to further rein in the inflation and restore the economic health of the country. In real estate parlance, this revision won’t have any significant impact on consumer sentiments which is buoyant at present. In spite of the hike, the affordability of the home loan is still good, and robust housing demand and growing income stability will continue to keep the real estate sector in an advantageous position. Besides, with the festive season knocking on the door, the residential sector is expected to put up a good show, as the market is overflowing with new buyers. However, we may see an exercise of caution from second and upgrade home buyers.

Saransh Trehan, managing director, Trehan Group 

This is the fourth consecutive rate hike by the apex bank in the last five months. However, the demand in the housing market continues to remain robust despite subsequent rate hikes, in fact in many cities it is improving. So, we don’t see any major impact in the scenario even after today’s RBI decision. However, with home rates hovering between 8-9%, further tightening, if any, will start to impact the sectoring and thereby the overall economy.