Tag: cities

  • Gold rates surpass all-time high records in Hyderabad, other Indian cities

    Gold rates surpass all-time high records in Hyderabad, other Indian cities

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    Hyderabad: Gold rates in Hyderabad and other Indian cities today broke all-time high records once again due to various reasons including economic uncertainties.

    In Hyderabad, the rates of 10 grams of 24-carat and 22-carat yellow metal reached Rs 61360 and Rs 56250 respectively. Similarly, the rates of yellow metals in the international market hit a 13-month high, while silver rates reached a 12-month high.

    The rates in other cities are as follows:

    MS Education Academy
    Cities22K (in rupees)24K (in rupees)
    Hyderabad5625061360
    New Delhi5640061510
    Mumbai5625061360
    Chennai5690062070
    Kolkata5625061360

    Reasons for rise in gold rates in Hyderabad, other cities

    According to market experts, the gold rates in Hyderabad and other Indian cities have climbed due to various reasons, including weakness in the US dollar rate, poor US data, peaking out US interest rates, economic uncertainties, and a rise in oil prices.

    Interestingly, gold has outperformed the stock markets in 2023 so far, with its overall return surpassing that of the Sensex and Nifty 50. While the 24-carat gold rate has increased from Rs 55,200 to Rs 60,000 from January 1, 2023, to March 31, 2023, the Sensex and Nifty 50 have dipped from Rs 60,840.74 to Rs 58,991.52 and from Rs 18,105.30 to Rs 17,359.75, respectively, during the same period.

    This means that gold has given an overall return of more than 8 percent, while the profits of the Sensex and Nifty 50 have turned negative in the current year so far.

    Gold likely to touch Rs 68 thousand

    Many experts predict that the demand for the safe haven has increased due to the banking-industry turmoil and concerns that the US economy may tip into a recession. As a result, the gold rates are likely to touch Rs 68,000 in Hyderabad and other cities in the current financial year, giving a return on investment (ROI) of 10-15 percent in FY24.

    With the current uncertainty in the stock markets, investors are looking for a reliable and safe investment, and gold seems to be the right choice.

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    ( With inputs from www.siasat.com )

  • Gold rates in Hyderabad, other cities cool down after reaching all-time high

    Gold rates in Hyderabad, other cities cool down after reaching all-time high

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    Hyderabad: Providing a much-needed relief to the gold buyers, the yellow metal rates today dipped in Hyderabad and other cities. Yesterday it reached an all-time high due to the banking crisis in the US and Europe.

    Amid the banking crisis, investors are moving their funds toward gold which is considered a safe haven.

    The gold rates in Hyderabad for 24-carat and 22-carat that reached to Rs 60320 and Rs 55300 per 10 grams respectively yesterday dropped to Rs 59780 and Rs 54800 per 10 grams today.

    Gold rates on MCX

    On MCX, the yellow metal hit Rs 60000 for the first time on Monday. However, it later started trading at around Rs 59,700 mark.

    Apart from the banking crisis, rising inflation and a hike in interest rates are also responsible for the rise in gold rates in Hyderabad and other cities.

    The banking crisis was triggered by Silicon Valley Bank, Signature Bank and now Europe’s Credit Suisse.

    It is expected that the gold rate of 24-carat can reach Rs 60500 per 10 grams.

    In the current month itself, the gold rates increased by over 6 percent.

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    #Gold #rates #Hyderabad #cities #cool #reaching #alltime #high

    ( With inputs from www.siasat.com )

  • Nithyananda’s Kailasa cons 30 US cities with Sister City scam: Report

    Nithyananda’s Kailasa cons 30 US cities with Sister City scam: Report

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    New York: Self-proclaimed godman and fugitive Nithyananda’s “United States of Kailasa” has signed a “cultural partnership” with over 30 American cities, a media report has said, days after the city of Newark in the US state of New Jersey said it rescinded a “sister-city” agreement with the fictional country.

    The sister-city agreement between Newark and the fake “United States of Kailasa” was inked on January 12 this year and the signing ceremony took place at City Hall in Newark.

    Nityananda, whose mind-bending spiritual homilies wrapped in a sheen of pseudo-science has provided much mirth on social media, claims to have set up a country called the “United States of Kailasa” in 2019.

    According to its website, there are over 30 American cities that have signed a cultural partnership with the fake nation of Kailasa — cities from Richmond, Virginia to Dayton, Ohio, to Buena Park, Florida literally all over the map.

    A report in Fox News on Thursday said that “we are finding out the supreme fake pontiff” has a “long list of cities that he’s duped.

    It said that it reached out to some of the cities in the US for a reaction on signing an agreement with the fake nation.

    “And so far most of the cities have confirmed these proclamations are in fact true,” the report said.

    Jacksonville, North Carolina told Fox News: “Our proclamations with Kailasa are not an endorsement. They are a response to a request and we do not verify the information that is requested.”

    Fox News blamed the cities for not “googling” for information about the fake nation.

    “If someone wants a proclamation, someone gets a proclamation. They’ll just say you’re an exotic Hindu Island and they’ll name a street after you,” the Fox News anchor said.

    The report added that it’s not just mayors or city councils but “people running the federal government” who are falling for the fake nation too.

    It added that according to the fake guru, two members of the Congress have given Kailasa “special congressional recognition.”

    One of them is Congresswoman Norma Torres of California, who is on the House Appropriations Committee.

    “So, the person who decides what we spend our tax dollars on just got duped by an alleged rapist guru with a fake country,” the Fox News anchor said.

    Republican Troy Balderson from Ohio also presented “his divine holiness and pontiff of Hinduism congressional recognition.”

    Earlier this month, Press Secretary in the Department of Communications, City of Newark, Susan Garofalo had told PTI in an email that as soon as “we learned about the circumstances surrounding Kailasa, the City of Newark immediately took action and rescinded the sister city agreement” on January 18.

    “Based on deception, the ceremony was groundless and void Although this was a regrettable incident, the City of Newark remains committed to partnering with people from diverse cultures in order to enrich each other with connectivity, support, and mutual respect,” Garofalo said.

    Newark Councilman at Large Luis Quintana sponsored the motion to rescind the agreement.

    He said during official proceedings that going forward any city entering into a sister city agreement “must be in good standards of human rights.

    “We cannot bring Sister Cities International into an issue where there is controversy. This is an oversight, cannot happen any longer,” he said, adding that Newark cannot put itself in a situation where there is a sister city that has no human rights.

    He had said going forward, it must be ensured that while sister cities are encouraged, agreements cannot be entered into with “governments that don’t have human rights.”

    The Fox News report quoted a Newark resident to say that the sister-city agreement with a fake nation was an embarrassing episode for the city. “I think that’s embarrassing that he didn’t do his background research before entertaining them.”

    Last month, USK representatives attended two UN public meetings in Geneva – a general discussion on Equal and inclusive representation of women in decision-making systems’ organised by the Committee on the Elimination of Discrimination against Women (CEDAW) on February 22, and the general discussion on the General Comment on economic, social cultural rights and sustainable development on February 24, hosted by the Committee on Economic, Social and Cultural Rights (CESCR).

    Responding to questions on the United States of Kailasa’s participation at the UN forums, the Office of the United Nations High Commissioner for Human Rights (OHCHR) had said registration for such public events is open to NGOs and the general public.

    “Anyone can submit information to the treaty bodies, who will use their judgment to determine the credibility of the submissions received.”

    “On the day of the CEDAW general discussion, USK members were prevented from distributing promotional material in front of and inside the conference room. Their written submission to CEDAW will not be published by the Committee as it is irrelevant to the topic of the general discussion,” OHCHR had said.

    Nithyananda is wanted in India on several charges of rape and sexual assault allegations he denies.

    The Kailasa website counts “two billion practising Hindus” among its population.

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    ( With inputs from www.siasat.com )

  • Saudi seeks to have 3 cities in top 100 global cities for ‘quality of life’

    Saudi seeks to have 3 cities in top 100 global cities for ‘quality of life’

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    The Kingdom of Saudi Arabia (KSA) is working to reach the classification of three of its cities ranked among the top 100 global cities for quality of life, the Saudi Press Agency (SPA) reported.

    This was announced by the Minister of Municipal, Rural Affairs, and Housing Majed Al-Hogail, during the forum “National Transformation: A Reality We Live In,” which is being held in Riyadh.

    Majed Al-Hogail affirmed the steady progress of the Kingdom of Saudi Arabia to become one of the 17 largest economies in the world, with plans to soon break into the top 15 economies.

    As part of the country’s Vision 2030 plan, Saudi Arabia aims to receive 100 million visitors by 2030. This requires a comprehensive and integrated infrastructure to receive visitors, according to Al-Hogail.

    To achieve this goal, the ministry focuses on creating an environment for accepting investments and investors, humanizing cities, and at the same time improving the quality of life within the framework of the national transformation program.

    In addition, the ministry is to provide a suitable environment for housing in cities, to promote the concept of quality of life, and to facilitate access to high-quality services, along with the development of infrastructure.

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    #Saudi #seeks #cities #top #global #cities #quality #life

    ( With inputs from www.siasat.com )

  • Protests break out in major Pak cities at the call of Imran Khan

    Protests break out in major Pak cities at the call of Imran Khan

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    Lahore: Protests broke out in major Pakistani cities on Tuesday at the call of PTI Chairman Imran Khan as police and party workers continued to clash outside his Zaman Park residence in Lahore, the media reported.

    Protests broke out in Islamabad, Peshawar and Karachi after Imran called on his supporters to “come out” following police’s use of tear gas and a water cannon on supporters outside Zaman Park, the Dawn reported.

    Videos shared by the PTI’s Karachi chapter showed workers gathered at Qayyumabad Chowrangi, I.I. Chundrigar, Hassan Square and Sohrab Goth.

    In Peshawar, a large number of PTI supporters demonstrated outside the press club.

    After demonstrating at the press club, PTI workers blocked Sher Shah Suri road and started marching towards the Governor House, Dawn reported.

    PTI Chairman Imran Khan on Tuesday called on his supporters to “come out” as party workers and police officials clashed outside his Zaman Park residence in Lahore, Dawn reported.

    In a video message on Twitter, Imran said police had arrived to arrest him. “They think that after I am arrested, the nation will fall asleep. You have to prove them wrong.”

    “If something happens to me and I am sent to jail or if I am killed, you have to prove that you will struggle without Imran Khan and not accept the slavery of these thieves and of the one person who has been making decisions for the country,” he said, Dawn reported.

    PTI’s Fawad Chaudhry also asked the party supporters to gather in the streets in a peaceful protest in a show of solidarity with Imran.

    Armoured police vehicles had arrived outside Zaman Park with the intention of arresting Imran but a senior Islamabad police official, Deputy Inspector General (DIG) (Operations) Shahzad Bukhari, had refrained from commenting on the case in which officials were acting against the PTI chairman.

    However, almost an hour later, police used a water cannon and tear gas against PTI supporters that had gathered outside Zaman Park in droves.

    Footage broadcast on television showed police slowly inching toward the residence behind an armoured vehicle that was dispersing PTI supporters with a water cannon. Supporters could also be seen pelting stones at the policemen, Dawn reported.

    Footage also showed PTI supporters being tear-gassed as police arrived close to the main gate of Zaman Park. The workers, who had covered their faces with pieces of cloth and were carrying bottles of water, continued to pelt stones at officials.

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    #Protests #break #major #Pak #cities #call #Imran #Khan

    ( With inputs from www.siasat.com )

  • 39 Indian cities among world’s 50 most polluted: Report

    39 Indian cities among world’s 50 most polluted: Report

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    New Delhi: The Swiss firm IQAir in its ‘World Air Quality Report’ released on Tuesday ranked India the world’s eighth most polluted country in 2022, dropping from fifth place the previous year. In the list of most polluted cities in the world, out of the 50 cities, 39 are in India.

    Chad, Iraq, Pakistan, Bahrain, Bangladesh, Burkina Faso, Kuwait, India, Egypt and Tajikistan were the top 10 most polluted countries while Australia, Estonia, Finland, Grenada, Iceland, and New Zealand met the World Health Organization (WHO) PM2.5 guideline (annual average of 5 Aug/m3 or less).

    The data from 131 countries was taken from over 30,000 ground-based monitors, either government or non-government operated.

    As per the report, In India, the transportation sector causes 20-35 per cent of the PM2.5 pollution while other sources of pollution are industrial units, coal-fired power plants and biomass burning.

    After the two top most-polluted cities, Lahore in Pakistan and Hotan in China, Rajasthan’s Bhiwadi is in third place and Delhi ranked fourth.

    Delhi’s PM2.5 level is almost 20 times the safe limit, the report stated.

    Delhi has so far been the most polluted capital in the world and the report made a distinction between ‘greater’ Delhi and New Delhi the capital. Both are in the top 10 and the infamous distinction of being the world’s most polluted capital goes to Chad’s N’Djamena.

    National Capital’s peripherals– Noida, Ghaziabad, Gurugram and Faridabad have seen a decline in pollution levels. The report said that there is a 34 per cent decline in Gurugram to 21 per cent in Faridabad if compared to the average PM2.5 levels reported in previous years.

    Delhi has seen a decline of eight per cent.

    The report said that worldwide, poor air quality accounts for 93 billion days lived with illness and over six million deaths each year.

    “The total economic cost equates to over $8 trillion dollars, surpassing 6.1 per cent of the global annual GDP. Exposure to air pollution causes and aggravates several health conditions which include, but are not limited to, asthma, cancer, lung illnesses, heart disease, and premature mortality,” the report said.

    According to the report, 31 cities including 10 cities in Uttar Pradesh and seven in Haryana, have seen a steep percentage decline in pollution levels.

    “A total of 38 cities and towns have seen a rise in pollution compared to an average of previous years,” stated the report.

    As per the report, among the six metro cities, Kolkata was ranked the most polluted after Delhi. However, Chennai was stated to be the cleanest with pollution ‘just’ 5x the WHO’s safe level. The metro cities — Hyderabad and Bengalurua — saw pollution levels uptick over the average since 2017.

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    ( With inputs from www.siasat.com )

  • 87 pc women migrated to other cities owing to marriage: NSSO

    87 pc women migrated to other cities owing to marriage: NSSO

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    New Delhi: Only 1 per cent women migrated from their hometowns to other places within the country for employment reasons, while 87 per cent women shifted out of their place of domicile due to their marriage. Almost 50 per cent men in India migrated from their hometowns to other places in search of employment within the country during 2020-21.

    These are the findings of the ‘Multiple Indicator Survey India’ conducted by the National Sample Survey Office (NSSO) under the Ministry of Statistics and Programme Implementation (MOSPI) for the year 2020-21, which were released on Tuesday.

    As per the survey, among the male respondents, 48.8 per cent moved out of their hometowns due to employment related reasons, while 8 per cent moved out due to study-related reasons. Only 1 per cent of the male respondents shifted out of their places of domicile due to socio-political problems.

    Among female respondents, 87 per cent moved out of their hometowns due to marriage, while a mere 1 per cent of them shifted due to employment-related reasons, the sample survey revealed.

    NSSO carried out the Multiple Indicator Survey covering the entire country in its 78th round. The survey was initially planned to be conducted during January-December, 2020 but the field work was extended till August 15, 2021, due to the Covid-19 pandemic.

    The objectives of the MIS were to collect information for developing estimates of some important Sustainable Development Goal (SDG) indicators, to collect information regarding purchase or construction of houses or flats by the household for residential purpose after March 31, 2014 and for collecting information on migration.

    The entire country was covered by the survey, barring some villages in Andaman and Nicobar Islands which were difficult to access.

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    #women #migrated #cities #owing #marriage #NSSO

    ( With inputs from www.siasat.com )

  • Putin’s Russia summons Stalin from the grave as a wartime ally

    Putin’s Russia summons Stalin from the grave as a wartime ally

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    MOSCOW — As Russia enters the second year of its war against Ukraine, fans of Joseph Stalin are enjoying a renewed alignment with the Kremlin.

    On Sunday, the hundreds of Stalinists who came to Red Square to mark the 70th anniversary of the Soviet dictator’s death were full of bravado and admiration for a man responsible for mass executions, a network of labor camps and forced starvation.

    But that was not a side of the dictator that was at the forefront of the minds of those who showed up to commemorate him.

    “Stalin stood up to Nazism,” Maxim, a 19-year-old medical student in a blue wooly hat, who like others interviewed for this article declined to give his last name, told POLITICO. “And now our current president has led the charge to take it on again.”

    Irina, a 35-year-old marketer, brought a bouquet of red carnations to lay at Stalin’s grave at the Kremlin Wall Necropolis. On February 24 last year when President Vladimir Putin declared war on Ukraine, a triumphant Irina posted a picture of a hammer and sickle on Instagram. “That symbol for me said it all.”

    Standing in front of Soviet founder Vladimir Lenin’s mausoleum on Red Square, longtime Communist Party leader Gennady Zyuganov told journalists Putin could learn “lessons” from Stalin: “It’s time to take action and start fighting in a real way.”

    But as Stalin’s reputation undergoes this rehabilitation, those dedicated to documenting Soviet-era mass repression have felt the full force of the state apparatus used against them.

    Across town from Red Square, in Moscow’s north-eastern Basmanny district, about two dozen people gathered outside a faded yellow four-storey building on Sunday. They came to install a plaque commemorating the site as the last home of Vladimir Maslov, an economist accused of spying for Poland in a fabricated case and shot at the height of Stalin’s Great Purge. One of the attendees wore an olive-green jacket adorned with a Dove of Peace — a risky political statement in Putin’s Russia.

    The “Last Address” campaign, which attaches the plaques to the former homes of the victims of Soviet repression, is one of very few such projects remaining after a merciless purge of Russia’s most established human rights groups — Memorial, the Sakharov Center and the Moscow Helsinki Group have all been forced to close.

    For now, their loosely organized volunteers, armed with drills and step stools to attach the plaques on façades, have been spared. But they face increasing hurdles: The required unanimous consent of a particular building’s residents has become harder to come by; plaques have even been taken down. 

    “People have become more careful, they are scared that acknowledging the dark episodes of the past will be taken as a nod to what’s going on today,” said volunteer Mikhail Sheinker. “In times like these, past and present converge until they almost blend together.”

    The day Stalin’s death was announced — March 6, 1953 — is seared into Sheinker’s memory: “I was four at the time and was making the usual ruckus, but my mother told me to be quiet out of respect.” 

    GettyImages 1245763191
    Russian Communist party supporters march to lay flowers to the tomb of late Soviet leader Joseph Stalin | Alexander Nemenov/AFP via Getty Images

    Today, in wartime Russia, the specter of Stalin could once again be used to further silence dissent. 

    On Sunday, state-run news agency RIA Novosti published an opinion piece headlined: “Stalin is a weapon in the battle between Russia and the West” arguing criticizing Stalin is “not just anti-Soviet but is also Russophobic, aimed at dividing and defeating Russia.”

    But while World War II — which Russians refer to as “the Great Patriotic War” — continues to be a central trope of Putin’s rhetoric when it comes to his invasion of Ukraine, the president casts himself more as a successor to the czars than Soviet leaders. Accordingly, state media paid relatively little attention to the 70th anniversary of Stalin’s death.

    Former Kremlin adviser Sergei Markov said that’s because Stalin is still too divisive and Russia’s ruling elite is loathe to commit to any specific ideology. But “if Russia is going to suffer further setbacks [in Ukraine], Stalin will become a main theme,” Markov wrote on Telegram.  

    Strange bedfellows

    The alliance between Putin’s Kremlin and revanchist Communists is an uneasy one. 

    In Russia’s lower house, or the State Duma, the Communist Party closely toes the Kremlin line — but at a regional level, its members are at times less disciplined.

    Last month, Mikhail Abdalkin, a Communist lawmaker in the region of Samara, posted a video of himself listening to Putin’s annual address to the entire ruling elite with noodles hanging from his ears. It was a nod to a Russian idiom “hang noodles on one’s ears” that refers to being taken for a ride or being fed nonsense.

    GettyImages 1247765172
    A Russian Communist party supporter holds a portrait of late Soviet leader Joseph Stalin | Kirill Kudryavtsev/AFP via Getty Images

    Last week, Abdalkin said he had been charged with discrediting Russia’s armed forces, with the case to be heard on March 7. If he’s convicted, Abdalkin could be fined.

    On Red Square on Sunday, some Communist supporters volunteered criticism of Putin, too — but not of his war on Ukraine. 

    “Stalin gets criticized for having blood on his hands. But what about Putin’s policies? Outside big cities, people need to travel hundreds of kilometers on muddy roads to get health care,” said Alexander, a pensioner in his 60s.



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    ( With inputs from : www.politico.eu )

  • Hyderabad ranks among top cities for hiring software developers in 2023

    Hyderabad ranks among top cities for hiring software developers in 2023

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    Hyderabad: Hyderabad has emerged as the top city in India for hiring software developers in 2023. Apart from it, the city also ranks among the top 10 cities in the world for hiring techies.

    As per a report released by Seattle-based technical interviewing firm Karat, six Indian cities rank among the top 20 IT hubs across the world.

    After the US, India has the highest number of IT hubs including Hyderabad which rank among the top 20 cities for hiring software developers in 2023.

    Indian cities in top 20 list

    Apart from Hyderabad, five other Indian cities are listed in the list of top 20 IT hubs for hiring software developers in 2023. They are

    1. Chennai
    2. Gurgaon
    3. Bangalore
    4. Pune
    5. Mumbai

    These cities are ahead of Los Angeles, Kansas City, and Pittsburgh.

    The report mentioned that these Indian cities have high number of software developers. The investments by global companies are one of the major reason behind it, the report added.

    Hyderabad among top 10 cities for hiring software developers in 2023

    If the top 10 cities in the world for hiring software developers in 2023 are analyzed, Hyderabad is the only city in India to secure a spot.

    In the top 10 list, four are from the USA, two are from Canada, and one each is from Singapore, Japan, the UK and India.

    Following is the list of the top 20 cities in the world:

    1. Singapore
    2. Tokyo
    3. Vancouver
    4. Toronto
    5. Seattle metro area
    6. San Francisco Bay Area
    7. New York City
    8. Boston
    9. London
    10. Hyderabad
    11. Washington DC
    12. Chennai
    13. Gurgaon
    14. Austin
    15. Bangalore
    16. Chicago
    17. Pune
    18. Denver
    19. San Diego
    20. Mumbai

    While Hyderabad is the top city for hiring software developers in 2023, Vancouver tops Canadian cities. In the USA, it is the Seattle metro area. The list is topped by Singapore.

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    ( With inputs from www.siasat.com )

  • Luxury housing sales share up at 18 pc across top seven cities

    Luxury housing sales share up at 18 pc across top seven cities

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    New Delhi: The share of the luxury housing segment in the total sale of residential units in the top cities of the country has gone up, as per a report.

    As per realty consultancy ANAROCK Research, out of the total 3.65 lakh units sold across the top seven cities in 2022, 18 per cent (approx 65,680 units) were in the luxury category priced more than Rs 1.5 crore.

    Contrastingly, of the total 2.61 lakh units sold in entire 2019, just 7 per cent (approx 17,740 units) were in the luxury category.

    The MMR, NCR, and Hyderabad have led luxury homes sales in 2022 with nearly 50,100 units sold in these three cities altogether. In 2019, together they saw sales of mere 14,050 luxury homes in the entire year.

    Data further revealed that in terms of overall sales share, MMR’s luxury housing sales share increased from 13 per cent of 80,870 units in 2019 to nearly 30 per cent of approx 1.10 lakh units in 2022.

    In NCR, the sales share rose to 15 per cent of approx. 63,710 units in 2022, from 4 per cent of total 46,920 units sold in 2019.

    In Hyderabad, it increased to 16 per cent (of total 47,490 units sold) in 2022 from 10 per cent of 16,590 units sold in 2019.

    As per Inspector General of Registration, Maharashtra, India’s most expensive city – Mumbai – saw revenue collections from property registrations touch a new high in February 2023 at Rs 1,102 crore. This was a whopping 79 per cent jump against February 2022 collections when it stood at Rs 615 crore.

    ANAROCK Group Chairman Anuj Puri said: “Interestingly, even while revenue collections went up significantly in the period in Mumbai, the total number of property registrations saw a drop of 8 per cent in the year – from 10,379 total registrations in February 2022 to nearly 9,511 registrations in February 2023. This clearly indicates that the sale of big-ticket price homes (i.e. luxury homes) saw significant movement.”

    “If we deep-dive into data further, February 2023 has seen the highest revenue collection in Mumbai in the last five years during the same month. Also, in the entire FY 2023, we saw February to record the maximum revenue collections,” he added.

    One major factor for high sales of big-ticket price homes in Mumbai and other top cities could be the government’s recent move in the Union Budget 2023-24 to cap capital gains at Rs 10 crore. This new move will come into effect from April 2023. Thus, to save tax on capital gains, the HNIs (High networth individuals) across top cities including Mumbai are rushing in close luxury housing deals before the financial year ends in March.

    Under this new move, if one sells a house/other assets including equities and his/her gains are more than Rs 10 crore, then maximum benefit that can be availed is only up to Rs 10 crore when invested into another property. Capital gains of over Re 10 crore will henceforth be taxed from April 2023.

    Previously, to save on tax from their capital gains, HNIs/ultra-HNIs would mostly re-invest into ultra-luxury property. Thus, the new move could be a deterrent for luxury housing sales to an extent once the new provision comes into effect. However, to say that it will have a major impact on this segment will remain to be seen.

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    ( With inputs from www.siasat.com )