Residential Property Prices Slide 15%
Residential property prices fell by up to 15 per cent in Mumbai, NCR, Pune and Kolkata in the first half of this year, says a report.
This comes despite government incentives and reduced prices as developers battle with unsold inventory that will take another three years to clear up, Knight Frank said.
“Effective price drop of 10-15% continues in cities such as Mumbai, NCR, Pune and Kolkata. Hyderabad bucks the trend with an exceptional price growth at 8% year-on-year,” it said in a report.
Office space, however, has seen the highest transaction volumes in the last six years, leading to a growth of 13%.
Reliance Retail Enters Smartphone Market
Mukesh Ambani’s Reliance Retail, which has just ventured into online sales of smartphones, televisions, refrigerators and air-conditioners, is set to give tough competition to Walmart-owned Flipkart and Amazon, industry executives said, according to a report.
Reliance Retail, which is the country’s largest brick-and-mortar retail chain, has launched an online shop front for its smartphone and electronics format Reliance Digital, which is also the country’s largest electronics retailer.
These categories are the largest pie of Indian e-commerce accounting for almost 55-60% of the business of Amazon and Flipkart.
Final Nod To Vodafone-Idea Merger
The department of telecommunications (DoT) has given the final approval to the merger of Vodafone India with Idea Cellular, says a report.
The merger will create Vodafone Idea Limited, the largest carrier in India by subscribers and revenue market share, clearing the last hurdle to the largest M&A deal in the sector.
Multiple sources said the approval, issued through a letter to both companies, specifies that the licences of Vodafone India and its subsidiary Vodafone Mobile Services (VMSL) stand transferred to Idea Cellular along with the assets and liabilities.
Yoozoo Games Signs Deal With Sunny Leone
Chinese gaming giant Yoozoo Games (previously Youzu Interactive) has signed a three-year partnership with Bollywood star Sunny Leone and Mumbai-based game development studio Gamiana to create a mobile game that will be launched across the world by the end of this year, says a report.
The company is tapping into celebrity partnerships to capture gamers in Tier-2 and tier-3 markets in India.
The game will be in the Social Casino genre and will feature Sunny Leone within the gameplay.
Indian Restaurant Chains Eye Expansion Abroad
Several Indian restaurant chains are accelerating their overseas expansion in the US, Dubai, London and Singapore, says a report.
The reasons are attractive growth options, ease of doing business, fewer regulatory issues and higher returns on investment than back home.
The chais include Lite Bite Foods, Jiggs and Zorawar Kalra’s Massive Restaurants, Sanjeev Kapoor Restaurants, RJ Corp-owned Devyani International and Barbeque Nation Hospitality.
Firm Lines Up New Devices
Optiemus Infracom, which makes BlackBerry phones for the Indian market, plans to line up new devices across various price points in the coming months, according to a report.
The move comes as the company looks to regain lost ground against rivals like Samsung, Xiaomi and others.
It is also designing its communication campaign to highlight the privacy features offered by BlackBerry phones as it attempts to woo customers amid growing concerns around privacy and security of personal data.