Mumbai: Shiv Sena-UBT President and former Maharashtra Chief Minister Uddhav Thackeray on Monday accused the ruling Shiv Sena-Bharatiya Janata Party alliance of handing over prime real estate, “worth like gold”, in the Bandra Kurla Complex for the Bullet Train project.
He said that when the Maha Vikas Aghadi (MVA) was in power, they had halted the BKC land for the Bullet Train terminus, but as soon as the government of Chief Minister Eknath Shinde and Deputy CM Devendra Fadnavis came to power (June 2022), they gave it away.
“How many of you are going to travel from Mumbai to Ahmedabad in the Bullet Train daily? How many will come from Gujarat to Maharashtra in that train…? Yet, the land of Mumbai valued like gold was given away for the project… Nobody knows how many ‘khokhas’ (slang for crores of rupees) exchanged hands?” thundered Thackeray.
He was addressing the MVA’s third massive rally at the BKC Grounds in the presence of the top leaders of the Congress, the Nationalist Congress Party and the Shiv Sena-UBT, as a curtain-raiser for the upcoming civic polls and next year’s Lok Sabha and Assembly elections.
These included Nana Patole, Jayant Patil, Bhai Jagtap, Ajit Pawar, Ambadas Danve, Balasaheb Thorat, Ashok Chavan, Sushma Andhare, Dr. Jitendra Awhad, Chhagan Bhujbal, Naseem Khan, Subhash Desai, Aslam Shaikh, Sunil Kedar, besides Thackeray’s family members, wife Rashmi and their sons Aditya and Tejas.
Thackeray said that similar was the case with the Mumbai Metro carshed which the MVA did not allow in Aarey Colony for the city’s environmental concerns and proposed the Kanjurmarg site which could help the Metro railway expansion to distance places in Thane-Raigad.
“However, the minute they came to power they reversed the decision.. Even the Central government which had blocked our proposal for the Kanjurmarg land in the court, suddenly gave up their claims. But now, after the Aarey Colony, they were compelled to seek even the Kanjurmarg land (15 hectares) for the project… In the process, Mumbai is the loser,” the ex-CM pointed out.
The Sena-UBT chief attacked the state government for its series of advertisements splurging public money and said that no government in the state had resorted to so much publicity.
“This is not your money. It is the taxpayers’ money that is being blown off to hide your shortcomings. If you want to advertise, use the BJP’s 2014 election campaign against inflation, unemployment, etc… it will be valid today,” declared Thackeray, targeting Shinde-Fadnavis.
Touching upon the agitation against the Ratnagiri Refinery & Petrochemicls Ltd (RPPL) project, the ex-CM said that he had suggested the land around Barsu in Rajapur taluka) for the mega-venture with Arab collaboration.
“Nowhere did I say in my letter that the people should be oppressed in the name of the project without their consent. What is the government doing now? I will go to Barsu on Saturday and speak with the villagers. If they don’t want the project we are with them,” said Thackeray.
Targetting Prime Minister Narendra Modi, he said that “he (Modi) said Congress abused him 91 times – but what about the abuses that your people give to my family… we shall also give you a fitting reply,” and wondreed where is the culture that is taught at the BJP’s Rambhau Mhalgi Prabodhini in Thane.
He warned that the BJP will not escape the “curse” of the tribal victims of Palghar or those who lost their lives in Navi Mumbai last month in the scorching heat, and called upon the people to vote out the saffron party in the civic, Lok Sabha and Assembly elections to save the country.
Patil, Dr. Awhad, Patole, Chavan, Aditya Thackeray, Jagtap, and other leaders also made fiery speeches, how central agencies are let loose against the Opposition parties and leaders, and predicted the downfall of the BJP government starting from the Karnataka elections next week.
Beirut: The development of Lebanon’s real estate sector is slowing down, with demand for properties falling by around 80 per cent in 2022 and 2023 compared to the years before the ongoing financial crisis which first erupted in 2019, according to economists.
Nassib Ghobril, head of the economic research department at Byblos Bank, told Xinhua news agency that demand for properties has dropped by at least 80 per cent in the four years after the crisis, due to the lack of market liquidity.
In 2020 and 2021, buyers could still pay for their properties through cheques, which were needed by the real estate developers to settle their bank loans, said Ghobril.
However, after paying off most of their bank debts, the developers only accepted cash, making it very difficult for Lebanese buyers to afford properties as the bankrupt banks froze tens of billions of dollars saved in their accounts, he noted.
Adnan Rammal, a real estate developer and representative of the trade sector in the Economic and Social Council, attributed the decline in demand to Lebanese buyers’ reduced purchasing power following the devaluation of their currency as a result of the severe financial crisis.
Before the crisis, according to Rammal, around 60 to 70 per cent of properties sold were small apartments priced at approximately $150,000.
However, buyers of these apartments, mostly employees paid on wages, saw their purchasing power decreased a great deal during the crisis.
Making matters worse, the collapse of the banking sector made those employees who relied significantly on loans no longer had access to them.
According to developers, the sharp decrease in property demand in Lebanon led to a price drop of around 50 per cent from pre-crisis levels.
Developers have stressed the necessity for the government to take urgent measures to revive the real estate market and some other sectors of the economy.
Rammal said that the banking sector must be restructured in order for it to provide loans to buyers as before.
The economic and financial crisis that started in October 2019 has been further exacerbated by the dual economic impact of the Covid-19 pandemic, and the massive Port of Beirut explosion in August 2020, according to the World Bank.
Of the three, the economic crisis has had by far the largest (and most persistent) negative impact.
In July last year, Lebanon was reclassified by the World Bank as a lower-middle income country, down from upper middle-income status.
Unemployment has also increased from 11.4 per cent in 2018-19 to 29.6 per cent in 2022.
Earlier this month, the Lebanese currency collapsed to 100,000 LBP per US dollar for the first time in history.
Lebanon’s economists have been calling on authorities to elect a new president and form a new cabinet to end the political deadlock and allow the country to implement necessary reforms and stop the collapse.
Hyderabad: Real estate in Hyderabad has witnessed a significant increase in property rates due to a demand-supply mismatch, according to the Magicbricks PropIndex Report (January – March) 2023. The report revealed that residential demand in Hyderabad grew by 6% QoQ while supply decreased by 14.2% QoQ, resulting in a 5.8% QoQ increase in property rates. The localities of Gachibowli, Miyapur, and Kondapur in western Hyderabad experienced the highest residential demand due to their proximity to the Nehru ORR and major employment hubs.
The demand for mid-segment properties (Rs 5000-7000 per square feet) has been increasing, accounting for approximately 50% of the demand and supply in the city. With a continued preference for spacious homes, 2 and 3BHKs commanded 90 percent of the total demand in the city.
Elaborating on the trends, Sudhir Pai, CEO of Magicbricks commented, “Several multilateral agencies have projected that the Indian economy will grow by 6-7% in FY’ 23, despite the global slowdown. The recent Union Budget has also introduced several encouraging initiatives, including substantial allocations to PMAY and UIDF, which have set the wheels in motion for facilitating employment opportunities and infrastructure development. Given the under-served demand for home-ownership in the affordable and mid-range segment, we are optimistic about the growth trajectory for residential demand in the coming quarters as well. We anticipate that the market will stabilise, supplemented by new projects and expedited delivery of under-construction properties, which will open up new avenues for investment and innovation.”
The report also highlighted that Mehdipatnam (4.27%), Police Colony- Kondapur (3.96%), and Balanagar (3.75%) experienced the highest increase in prices QoQ, while prices in Banjara Hills (-3.94%), Boduppal (-3.77%), and Nanakram Guda (-3.39%) decreased QoQ.
The financial situation at Hessischer Rundfunk has been tense for years. After a year in office, director Florian Hager is now presenting a reform plan for the ARD building.
Frankfurt/Main – Hessischer Rundfunk (HR) intends to reduce staff over the next few years. Director Florian Hager told the German Press Agency: “The number of jobs will be reduced.” He did not give an exact number and the period. The downsizing will be done in a socially responsible manner. There should be no layoffs. The broadcaster employs around 1,700 people, plus around 990 freelancers.
According to HR information, the downsizing and the changed working environment are accompanied by a reduction in the space required at the Frankfurt site. The broadcaster is currently examining various options up to and including the sale of real estate.
Austerity course in the public service
Like the entire ARD, Hessischer Rundfunk is in the midst of a transformation. Digital offers apart from TV or radio programs are becoming increasingly important. At the same time, public service broadcasters are encouraged to save – several Prime Ministers recently made it clear that they would not support an increase in the broadcasting fee, which is used to finance ARD, ZDF and Deutschlandradio.
The federal states set the amount of the contribution – currently 18.36 euros per month – in a state treaty, but must be based closely on a recommendation from a commission. The current contribution period expires at the end of 2024. ARD is currently looking for more synergies within the nine state broadcasters.
The Hessischer Rundfunk is one of the medium-sized ARD houses. In recent years, his tense financial situation has been an issue again and again. There was also a fear that the station would have to be financially supported by other ARD houses, as is the case with Saarländisches Rundfunk and Radio Bremen. So far this has not happened.
HR Director: “We have to transform”
The proven digital expert Florian Hager has been HR Director for around a year. The 46-year-old said: “At the same time as we are shrinking, we need to transform ourselves.” Offer profile was very stable – i.e. with a television channel and radio channels with broadcasting slots. But we are now entering a time when the broadcasting slots are becoming less important.”
He explained: “We are now trying to eliminate the silos that exist in the structure of the house. We want to build ourselves more as a network structure. Broadcast slots and channels are nothing more than silos.”
The demolition affects all areas of the house. With a view to the restructuring of content and the focus on the digital, new capacities would also be created at the same time. It will also be checked what can still be done in-house in the future, what can be purchased in cooperation with other public institutions and what can also be purchased as an external service. “That means we will shrink during this time and still have to create new jobs in order not only to attract younger people to HR, but also people with skills that we don’t have.”
retirement provision is an issue
Hager also said: “Our cost structure is very much characterized by fixed costs.” This is due to the fact that HR has aligned its organization to a structure of offers that remains the same through fixed broadcast slots and channels.
Hager also addressed the topic of old-age provision, which is clearly reflected in the economic plans of public broadcasting: “We want to get the fixed costs down further. The burden of retirement provision is there, but it is no longer increasing. These contracts that result in this burden have not been offered for over 25 years.”
Hager also spoke in the dpa interview about the self-image of the house: “We have to think about our role again. We have clearly anchored in the media state treaty to contribute to the formation of opinions and to social cohesion.” Hager added: “And I do ask myself whether what we are currently doing is a contemporary translation of it or whether we are still are in this world of slot logic.”
All areas of the station affected
The broadcaster boss said: “We have the task of being there for Hesse.” One is deeply rooted in Hessian society. “We make 70 percent of our reach via linear radio.” The director also referred to this: “The more we get into digital, I’m convinced, the more present we have to be on site.”
Regarding the pressure for reform in public service broadcasting, which has increased since the summer due to the crisis surrounding allegations of nepotism and waste at the ARD broadcaster Rundfunk Berlin-Brandenburg (RBB), Hager said: “HR can now play a certain pioneering role in the whole discussion .”
Because you are most clearly forced to make these changes and not just talk about them, he added with a view to your own financial situation. “We will see where we can work together even better, reduce redundancies and enter into partnerships.” This affects all areas such as the program, but also administration, technology and IT. dpa
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( With inputs from : pledgetimes.com )
But Conner’s fledgling cannabis business is also vastly outnumbered by illicit competitors that have sprouted all over the city since the state legalized weed for adults nearly two years ago. New Yorkers are buying weed from behind the counter of bodegas, shopping in unlicensed stores and ordering from underground delivery services.
Smacked’s soft launch last week marked a milestone for New York’s uniquely interventionist marijuana program, which prioritizes dispensary licenses for entrepreneurs with past pot offenses and takes care of their real estate challenges. And while Conner is the first such entrepreneur to open his dispensary’s doors to the public, it’s unclear how the state will follow through on the promises its made to these small businesses.
The slow drip of dispensary openings — Housing Works opened one on Dec. 29 and Smacked nearly a month later — underscores the challenges the state faces in securing real estate and raising capital for entrepreneurs.
Unlike comparing prices for comparable office space, there’s no equivalent, transparent system for retail, explained Kristin Jordan, CEO of cannabis-focused brokerage firm Park Jordan.
“It’s really a wild west,” she said. “Retail is not an open book.”
Other legal weed states that have attempted social equity programs have encountered numerous problems: Entrepreneurs often struggle to raise capital or find landlords willing to rent to them, and licensees with little business experience find themselves entering a market already dominated by large cannabis companies.
But there’s nothing quite like New York’s weed experiment.
“This is the boldest and most extreme social equity program that’s ever been attempted,” said University of California, Davis economist Robin Goldstein, co-author of the book “Can Legal Weed Win?” “It’s an experiment and nobody knows how it will turn out.”
Smacked might be open, but only on a pop-up basis. After about one month of sales, the location will be closed again for construction.
Even so, Conner is undaunted by the challenges ahead.
“Sometimes, I pinch myself,” he said in an interview outside the shop ahead of the recent opening. “I just can’t believe it.”
How it works
Conner is the recipient of a Conditional Adult-Use Retail Dispensary (CAURD) license. These licenses are reserved for people who have been convicted of a marijuana offense prior to legalization or have an immediate family member who was convicted for cannabis. They must also have prior small business experience. Nonprofits that serve formerly incarcerated populations are also eligible for the first round of licenses.
The state will license 150 applicants to open up dispensaries across the state. So far, 66 licenses have been doled out, with 56 going to justice-impacted entrepreneurs and another 10 going to nonprofits.
The Dormitory Authority of the State of New York, an agency that typically provides financing and construction for schools and hospitals, is tasked with finding locations and building them out for CAURD applicants.
DASNY will sign a lease with the landlord, and sublease the location to the applicant. The agency also selected 10 firms to construct the dispensaries. Temeka Group, one of the 10 firms who won the contract with DASNY, will be working with Conner to build out Smacked. The company has constructed more than 400 dispensaries throughout the U.S., said its CEO, Mike Wilson.
Meanwhile, DASNY is raising money for a $200 million public-private fund that will go toward standing up these dispensaries and providing a variety of other services beyond real estate and construction. The funds are treated like a loan, so licensees like Conner will eventually have to pay the state back, with market-rate interest.
The fund got $50 million from the state and needs to raise another $150 million from the private sector. During a recent press conference, DASNY President Reuben McDaniel declined to say how much money the fund has raised.
“We’ve had significant conversations, significant investors, who are very interested in this program,” McDaniel said. “I’m sure we’ll have plenty of money to do what we need to do.”
CAURD licensees have been promised turnkey dispensaries. But that is taking time to implement. In DASNY’s original request for proposals, the agency anticipated raising $150 million by September 2022.
“This is an economic opportunity to give people access they wouldn’t have otherwise.” McDaniel said. “In programs like this … capital is always a problem.”
Potential pitfalls
The fastest way to launch a recreational weed market is to allow medical marijuana dispensaries to start serving adult-use customers, which is the path recently taken in nearby states such as Connecticut and Rhode Island.
For New York, where the Big Apple was already home to one of the largest illicit marijuana markets in the world, taking nearly two years to launch recreational sales has prompted a proliferation of unlicensed dispensaries, drawing a variety of public health concerns, including sales to minors and products tainted with contaminants.
New York’s two open licensed dispensaries can hardly compete with an estimated 1,400 unlicensed cannabis retailers that are getting California weed and selling the stuff without paying cannabis taxes.
Faced with delays in securing and building out real estate, regulators have made several changes to the program. Most notably, the state is now allowing CAURD applicants to find their own real estate instead of waiting for a DASNY location.
“Clearly, there’s been a lack of progress,” said Rob DiPisa, co-chair of the cannabis law group at Cole Schotz, of the changing guidance.
If applicants opt to find their own location, it will put them in competition with DASNY for a limited pool of spaces that meet state regulatory standards. For example, retail dispensaries must be located a certain distance away from houses of worship, school grounds and other dispensaries. Plus, if they sign their own leases, they risk their eligibility for the $200 million fund that was designed to help them.
That’s leaving applicants in a bit of a bind: Strike out on their own to find a location and give up state funding, or wait in line for a DASNY location without clarity on when they will be given a shop?
“That’s a tragic choice between two bad options,” Goldstein said.
A spokesperson for DASNY did not answer questions about the specifics of the process.
During a Cannabis Control Board meeting Wednesday, McDaniel acknowledged that allowing CAURD applicants to find their own locations has “added some complexity to the work that we’re doing,” he said. But “we’re very excited that the recent retail real estate component of this is actually being accelerated.”
Landlords are apprehensive about working with DASNY because the social equity fund has yet to raise the full $200 million. That’s making potential landlords wary of participating in the program.
Not only that, but many landlords have lenders to answer to — and those lenders are wary of entering into the cannabis industry due to its federal illegality.
With the growth of the state-regulated cannabis industry in the past decade, both landlords and lenders have become more sophisticated when it comes to working with the cannabis industry, said DiPisa, who is working with a landlord in negotiations with DASNY.
“[Multistate operators] understand that there’s certain language that needs to go in these lease agreements that the lenders want to see,” DiPisa said. “I think there’s a bit of a learning curve [for DASNY].”
And unlike cannabis companies that are just negotiating for their own operations, DASNY is trying to enter into a large number of leases and build out facilities in a short amount of time.
“The concept is great,” DiPisa said. “The problem is … it’s a very difficult thing to actually implement.”
Jeremy Rivera is one CAURD applicant whose company, Kush Culture Industries, is debating whether it should fund its own construction or wait for a state-leased location.
“Are you willing to wait for [DASNY] or do you want to get first to sale?” he said.
Rivera recently co-founded the CAURD Coalition, along with three other applicants, in hopes of helping other like them navigate an at-times confusing process with shifting timelines and changing regulatory guidance.
“Capitalism has ruined cannabis,” Rivera said. “We’re figuring out how we can all help each other.”
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( With inputs from : www.politico.com )
