Over 19 quarters taken to clear unsold real estate inventory, says Ind-Ra

The Covid-19 pandemic-triggered lockdown had increased the number of quarters taken to clear unsold inventory to over 15 at the end of 2019-20 (FY20). This number has increased to over 19 quarters at the end of the first half (H1) of 2020-21 (FY21), exacerbated by muted sales in the first quarter (Q1) and slow recovery in the second quarter (Q2), said India Ratings and Research (Ind-Ra), quoting data analytics firm Liases Foras.

Of the six key markets, Hyderabad and Bengaluru had the least inventory, while Chennai had the maximum unsold inventory, followed by the Mumbai Metropolitan Region in H1FY21, it said.

Residential sales were down 50 per cent year-on-year (YoY) to 68 million square (sq.) feet (ft) in H1FY21 across the major six cities. Delhi-National Capital Region and Bengaluru saw maximum decline YoY in H1FY21 (over 55 per cent) due to the lockdown. Also, the share of total sales for the affordable housing segment (homes valued up to Rs 50 lakh) witnessed slight decline (33 per cent) YoY, compared to H1FY20 (35 per cent).

“The residential sector continues to underperform as an asset class, impacting investor demand. Hyderabad remains the only

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Amazon, Flipkart, and others clock $8.3 billion in festive gross sales

E-commerce giants Amazon, Flipkart, and others witnessed blockbuster festive season sales this year. The pandemic accelerated the shift to e-commerce, with an increasing number of consumers shopping online at a higher frequency.

India’s online festive sale for a month — during October-November — raked in $8.3 billion in gross sales, including for brands and sellers, up by 65 per cent year-on-year, exceeding forecasts, according to a report by consulting firm RedSeer.

“The overall growth story has been very bullish this festive season,” said Mrigank Gutgutia, director at RedSeer. “We had forecast $7 billion in sales but the actual figures surpassed our expectations clearly, showing how comfortable consumers have become with shopping online even in a pandemic-hit year.”

The festive season this year saw 88 per cent customer growth from last year, which was driven by 40 million shoppers from tier-2 cities and beyond. Mobile phones continued to dominate across all the products, and with the rising share of users from tier-2 cities and beyond, GMV (gross merchandise value) per customer dropped to Rs 6,600 from Rs 7,450 in the last festive season.

Additionally, the gross

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Police Clash With Fans At Maradona’s Wake

Riot police fired rubber bullets and tear gas in clashes Thursday with football fans near the wake for Argentine football legend Diego Maradona in Buenos Aires.

Officials earlier ordered Maradona’s coffin to be moved to another room inside the presidential palace after fans took over an inner courtyard and disrupted his lying in state.

The government had early announced a three-hour extension to the wake to allow time for thousands of fans to pay their respects.

Tens of thousands of people had queued from early morning to file past the star’s coffin, draped in the Argentine flag and the player’s No.10 jersey, at the presidential palace.

Many of the mourners were in tears, and some wore replicas of the World Cup winner’s jersey as they gathered at the Casa Rosada palace to see his coffin.

Crowds wait to pay their respects to late football legend Diego Maradona in Buenos Aires

But as the day wore on, fans queueing outside the palace grew increasingly impatient and some took over a courtyard inside the palace, where they chanted slogans.

Officials moved Maradona’s coffin to another room as a security precaution, a government source told AFP.

At the same

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