Fujifilm India Organizes Virtual Workshop ‘Xperience’ with Commercial Photographer Zack Arias

Fujifilm India Private Limited, a pioneer in imaging technologies is organizing a Virtual Workshop ‘Xperience’ with Commercial photographer Zack Arias. The workshop will be hosted by Radhakrishnan Chakyat, Commercial Photographer and founder of Pixel Viilage YouTube Channel and go live on Fujifilm’s YouTube handle on 24 July at 7pm.

To inspire the passionate photographers at home, the company has invited Zack Arias to share his journey in photography and his amazing experiences with Fujifilm's range of cameras and lenses. Zack is an Atlanta-based editorial and commercial photographer who belongs to the growing circle of photographers enthused by the new camera. He started enjoying photography when he was about 15 years old and has been pursuing it as a career for over twenty years.

Zack started his journey with Fujifilm X100 camera and has been using it to travel the world.  With his excellent photography skills, he cherishes the Fujifilm range of cameras for their incredibly sharp lens, seamless performance, incredibly handy grip that it offers to all travelers. During the ‘Xperience’ webinar, Zack will be sharing his journey with Fujifilm and giving advice on how to choose the right gear for first-time buyers and professional photographers in the country.

Commenting on the webinar, Mr. Arun Babu, General Manager Electronic Imaging and Optical Devices Division, Fujifilm India Pvt Ltd, said, “As majority of the country's workforce is working from home, we at Fujifilm believe that it is essential to find leisure time during these challenging times. We have associated with renowned photographers such as Zack Arias and Radhakrishnan Chakyat to share insights, support our passionate customers through these educational sessions and help them dive deeper into photography and videography skills during their time at home.”

With this workshop, Fujifilm aims to teach various kinds of photography styles ranging from wedding, documentary, fashion and commercial photography to even shooting videos. Join the experts in discovering & sharing new techniques, smart tips, great fun and true passion.

Don't miss this opportunity! Mark your calendar to register yourself at https://fujifilmxindia.com/events/ffw51/  and login Fujifilm YouTube handle.

Bengaluru’s Residential Prices Fell by Almost 3% in Last Quarter: Magicbricks Propindex Report Q2 2020

COVID-19 Effect

* Whitefield, Sarjapur Road, Bellary Road and Electronic City were the top 4 micromarkets in the city

* Strong demand for smaller size 2 & 3BHKs; together accounting for 88% of the property searches

* COVID-19 induced a price decline of 1-3% across most budget segment

Amidst COVID-19, Bengaluru’s residential prices have witnessed a QoQ decrease of approx. 3% in the second quarter of 2020, revealed the latest edition of Magicbricks’ PropIndex (Q2, 2020). Bengaluru residential market maintained a steady momentum in the last 5 years with 17.7% and 33.3% surges in ready to move and the under construction segment prices, respectively. However, the QoQ 2.8% price decline in the ready-to-move segment washed away the gains made during the previous six quarters.

The under-construction segment had a decent 33% growth in the last 5 years, but the recent pandemic brought a decline of 0.8% in Q2 2020.  Shortage of labour, supply chain disruption and extension in the RERA deadline by 3 months in Bengaluru is likely to shift delivery of some under construction projects by a few months.

According to the Propindex, Bengaluru thrives on a healthy mid-segment demand, with both 2 and 3 BHKs each accounting for more than 40% of the demand and supply. Together they account for 88% of the property searches and 92% of the supply. However the market is slowly shifting to the affordable segment, and a small demand-supply mismatch is emerging in the less than INR 5,000 per sqft price bucket. The demand for 1 BHK and 2 BHK configurations is likely to further increase due to the reduction of stamp duty between 3% to 5% for properties costing upto INR 35 lakh.

Commenting on the PropIndex, Sudhir Pai, CEO, Magicbricks, said, “India’s real sector is gradually adopting to the new normalcy. The economy had almost come to a stand-still in March but now hopefully we are on the road to recovery. At a pan-India level, the price decline has been just 1.5% QoQ while repo rates have been lowered by more than 100 points. This augurs well for the industry. Our data also suggests that consumer interest has not tapered off and developers have to grab the attention of the home buyers through attractive deals and offers. There is a pent-up demand for ready-to-move in properties as our data suggests that the 80% of searches are happening in this segment and the rest for under-construction.”

Post COVID-19 pandemic, government has allowed partial sales of plots In the layouts to ease the liquidity situation of developers and accelerate the layout development process. State government allows the regularization of over 75,000 land parcels, which were initially a part of the BDA development scheme but were under unauthorized possession for more than 12 years, by payment of penalty.

Whitefield, Sarjapur Road, Bellary Road and Electronic City were the top 4 micromarkets in the city, supported by factors such as affordability, better access to IT hubs and sound connectivity to the airport. The extension of metro lines from Baiyappanahalli – Whitefield and RV Road – Bommasandra is likely to boost the demand for the economic hubs of Whitefield and Electronic City in the future

However, it will be interesting to see how these factors play out as the market recovers from the outbreak of COVID-19 and the ensuing national lockdown. Magicbricks data indicates that overall, consumers are back to the marketplace, albeit in lower numbers. Developers are running various schemes and promotions to entice home buyers and drive transactions. The next three to six months will remain key to determine any developing trend in prices and transaction volumes. It has become even more of a buyers’ market with the onus on sellers to make the right interventions to enable the real estate market bounce back.

About Magicbricks: India's no 1 property site

Magicbricks is India’s No.1 property site. With monthly traffic exceeding 20 million visits and with an active base of over 1.4 million+ property listings, Magicbricks provides the largest platform for buyers and sellers of property to connect with each other in a clear, transparent manner. With this in mind, Magicbricks has innovated several product features, content and research services, which have helped us, build the largest audience pool.

Office Leasing in Bengaluru Drops by 42% YoY; New Supply Declines by 48% YoY in H1 2020: Knight Frank India

Highlights

* Rent growth tapers to single digit, weighted average rents see 6% YoY growth in H1 2020

* Worst half-year in this decade, home sales in Bengaluru decline by 57% YoY in H1 2020; launches fall 48%: Knight Frank India

* Price environment weakens, home prices in Bengaluru see marginal 3.3% YoY increase to Rs 4,980 per sqft

Knight Frank India today launched the 13th edition of its flagship half-yearly report - India Real Estate: H1 2020 - which presents a comprehensive analysis of the office and residential market performance across eight major cities for the January-June 2020 (H1 2020) period. The report showed that the office transactions in Bengaluru saw a 42% YoY decline to 0.44 mnsq m (4.8 mnsq ft) in in H1 2020. The new office supply in the city also saw a decline of 48% YoY to 0.37 mnsq m (4.0 mnsq ft) due to the adverse impact of COVID-19. The city has experienced a tapered rent growth with H1 2020 recording 6% YoY growth in weighted average rent.

In Bengalururesidential market, which had prominence in the country’s residential landscape, the home sales have witnessed a decline of 57% YoY to 12,177 units in H1 2020. Whereas, the home launches in Bengaluru saw a 48% YoY decline to 10,806 units. With a weaker pricing environment in the wake of pandemic and consequent disturbance on home buyer sentiments, the city recorded a  marginal 3.3% Y-o-Y increase in weighted average price.

OFFICE MARKET HIGHLIGHTS OF BENGALURU

* Bengaluru has been at the pinnacle of office demand in the country for each year during last decade. The city’s office market has grown each successive year since 2013 and with 1.42 mnsq m (15.3 mnsq ft) the city recorded its highest ever tally of office transactions, cited as an achievement milestone for any market in the country.

* Covid-19 induced tumultuous business environment has seen an influence on the transaction volumes in the market. Bengaluru saw office transactions decline by 42% YoY in H1 2020 to 0.44 mnsq m (4.8 mnsq ft),  The average deal size was reported at 5,130 sq m (55,214 sq ft), with number of deals at 86 in the analysis period of H1 2020.

* In terms of sector-wise share of transactions, IT/ITeSwas on top of the table with 30%, followed by Co-working (23%), Manufacturing (19%), BFSI (13%). A combination of other services industries contributed 14% to the overall share. Manufacturing and BFSI significantly improved their space take up. Information Technology sector, the most prominent occupier group of Bengaluru, has reduced its space take-up by 64% YoY in H1 2020.

* The vacancy level in Bengaluru office market has jumped to6.5% in H1 2020 from a much comfortable 4.1% level in H1 2019.

* Rent growth has been strong in Bengaluru for the last 5 years and the similar trend was observed in the beginning of 2020, until March 2020. Since April, rents have stagnated with occupiers also seen reaching out to landlords for partial rent or maintenance cost waiver for the lockdown period. In this background, H1 2020 recorded a rental growth of 6% YoY. Bengaluru’s PBD East market saw the highest rental growth of 9% YoY in 12- moth change, followed by SBD (8%) and ORR (6%).

Shantanu Mazumder, Senior Branch Director, Bangalore, Knight Frank India said, “Bengaluru office market was on a very strong footing with a robust momentum in demand, supply and rent until the first quarter of 2020. However, as businesses faced disruptions in the wake of the pandemic in second quarter of 2020, Bengaluru office market also felt the pain. Information Technology sector, the most prominent occupier group of the city, saw demand decline by 64% YoY in first half this year. Ongoing deals faced delays and new office enquiries were put on temporary hold. While we do recognise the potential of Bengaluru office market, recovery will depend on the trajectory of the pandemic itself.”

RESIDENTIAL MARKET HIGHLIGHTS OF BENGALURU

* Bengaluru residential market recorded a home sales decline of 57% YoY in H1 2020.While all micro-markets were adversely affected, notable decline was seen in North and West where sales declined by an even greater magnitude of 70% YoY and 66% YoY, respectively.

* The affordable housing segment, classified as house value up to INR 5 million, witnessed its share further shrink to 32% in H1 2020 compared to 38% in H1 2019.

The state government reduced the stamp duty rates from 5% to 2% for houses costing up to INR 2 million and from 5% to 3% for houses costing between INR 2.1 – 3.5 million. This was limited to first time registration of new apartment valued up to INR 3.5 million. 81% of sales in H1 2020 occurred in the segment of INR 2.5 - 10 million with 51% in INR 5 - 10 million segment. In this situation, we believe a broadersegment for stamp duty reduction would have helped the sector.

* In terms of launches, H1 2020 saw 48% YoY decline compared to 20,894 units in H1 2019. While all micro-markets witnessed a sharp fall in launches, West and North were the most hit markets with a decline of 78% and 69% respectively.

* In H1 2020, the pricing environment was strong until February 2020. However, prices have stagnated since the COVID-19 struck in March 2020. Overall, the city saw prices higher by 3.3% YoYin H1 2020. Whitefield and Hennur recorded a 5% price increase for 12-month period, till June 2020.  

* With restrained launches compared to housing sales over the past year, unsold inventory level has come down by 10% to 77,043 units in H1 2020.

Shantanu Mazumder, Senior Branch Director, Bangalore, Knight Frank India said,“Despite being affected during H1 2020, Bengaluruemerged as one of the quickermarkets to come out of the state-imposed lockdown to contain the spread of coronavirus. During this period, although at a much lower level compared to pre-lockdown, May and June 2020 saw the resumption of project sites and customer visits. With pandemic induced market disruptions, the pricing environment has become weak now. However, instead of a headline price reduction, customers are being offered a variety of indirect price benefit schemes. Price protection and free cancellation schemes are also offered to assuage homebuyer concerns on job security and pay cut.

While the inherent strength of Bengaluru housing market is intact, COVID-19 induced threat to lives and livelihoods and recurrence of lockdown will have an overbearing impact on market and going forward, the intensity of pandemic will define the recovery trajectory.”

Terror Attacks: Mumbai Will Emerge Stronger!

Each time Mumbai has been the target of a terrorist attack, it rebounds stronger and more resolute.

Mumbai, the commercial capital of India, comes under attack from terrorists yet again, at a time when the world's second-fastest growing economy is seen by many analysts to be a critical part of the solution in fighting a global recession.

Mumbai is one of the world's top 10 centres of commerce and contributes to about 5 percent of India 's GDP and accounts for 25 percent of the industrial output, 40 percent of maritime trade, and 70 percent of capital transactions to the economy. Mumbai's per-capita income is Rs. 48,954 ($990) which is almost three times the national average.

"Mumbai is a very resilient city," says Bundeep Singh Rangar, Chairman, IndusView Advisors Ltd., the India-focused cross-border advisory firm. "Each time it's been the target of a terrorist attack, it rebounds stronger and more resolute."

Post the July 11, 2006, Mumbai train bombings, for example, as a show of investor confidence, the Bombay Stock Exchange (BSE) had rebounded, starting the day with the BSE Sensex Index up by nearly 1 percent in morning trade. Foreign investors also retained confidence, with the Sensex up almost 3 percent at 10,930.09 at the end of the day's trade.

However, both the Bombay Stock Exchange and National Stock Exchange were closed today as the security personnel continue with their efforts to nab the terrorists.

India is set to register a strong growth of about 7.5 percent this financial year, a marginal drop from 9 percent that the country achieved last year when compared to emerging markets peer China that will drop to similar level from about 12 percent last year, its lowest since 1990, according to estimates.

This firm footing that the Indian economy finds itself in, has a lot to do with the contribution from Mumbai, its financial capital that brings 40 percent of foreign trade, 60 percent of customs duty collections, 40 percent of income tax collections, 20 percent of central excise tax collections, and Rs. 40,000 crore ($10 billion) in corporate taxes to the Indian economy.

This apart, the city hosts headquarters of a number of Indian financial institutions such as the Bombay Stock Exchange, Reserve Bank of India , National Stock Exchange, the Mint, as well as the corporate headquarters of many large Indian companies, including the three largest private sector companies: Reliance Industries, Tata Group and Aditya Birla Group, and numerous multinational corporations. Most of these offices are located in downtown South Mumbai which is the nerve centre of the Indian economy.

Strategic industries
Mumbai is home to Bollywood, the largest film making industry in the world; the Bhabha Atomic Research Center (BARC), which will see its role gaining significance once the Indo-US civil nuclear deal comes in to force.

Other prominent industry sectors in the city include aerospace, optical engineering, medical research, information technology, computers and electronic equipment, shipbuilding and salvaging, renewable energy and power.

Mumbai attacks will not slow investment, says Kamal Nath

Trade Minister Kamal Nath said on Thursday the attacks on high profile targets in the country's commercial capital would not slow investment into an ecomomy already under strain.

At least 101 people were killed by gunmen in the attacks on some of Mumbai's top hotels, a popular cafe, a busy railway station and other locations. Hostages were taken in two of the hotels.

"This does not have an economic component. It's an unfortunate event. These type of things have happened in New York and other major cities," Nath told Reuters by telephone.
"(There will be) no slowdown in investment flows."

The global downturn has already rattled Indian financial markets and a credit squeeze has prompted the government and central bank to take a series of measures to lift sagging growth.
The Reserve Bank expects the economy to expand by 7.5-8 percent in the 2008-09 fiscal year, slowing from 9 percent posted in the last three years.

India's capital market regulator said the country's two major stock exchanges would remain closed on Thursday.

Source: Reuters