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NRI demand for luxury homes is back post-Covid

New Delhi: Demand for luxury homes in India has improved among the Non Resident Indians (NRI) in the post-Covid scenario, according to Anarock’s latest consumer survey.

The Anarock report said at least 73 per cent NRIs now prefer properties priced in the range of Rs 90 lakh to Rs 2.5 crore.

In the pre-Covid survey (2nd half of 2019), just 41 per cent of the NRI respondents preferred properties within the high-end price bracket and most favored affordable and mid-segment homes.

Further, three and four BHK options currently top their wish-list, it said.

The IT hubs of Bengaluru (24 per cent) and Pune (19 per cent) are seeing the highest NRI demand. Collectively, these two cities saw around 48,370 homes sold in 2020, accounting for a 35 per cent sales share among the top seven cities.

Prashant Thakur, Director and Head of Research, Anarock Property Consultants said: “The COVID-19 pandemic has increased NRIs’ emotional association of long-term security with physical assets. 63 per cent of the polled NRIs state this as their reason for buying homes in India now.”

He said that NRIs are also driven by the uncertainties posed by COVID-19. Luxury properties have emerged as a hot favourite with NRIs because of the depreciating rupee value translating into greater buying power, coupled with ongoing developer discounts and offers.

“A majority of NRIs are buying for end-use, not as investments,” Thakur added.

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Proposed class-action lawsuit in US frivolous: HDFC Bank

Mumbai: As HDFC Bank faces a likely class action lawsuit by the US-based Rosen Law Firm, the bank said that the proposed lawsuit looks frivolous as the bank has been transparent with its disclosures.

The global investor rights law firm earlier announced an investigation of potential securities claims on behalf of the shareholders of HDFC Bank following allegations that the bank may have issued materially misleading business information to the investors.

An HDFC Bank spokesperson said: “We were unaware of any such development (class action lawsuit) till we heard about it from the media a little earlier today. We are getting details of it. We’ll examine it and respond to it appropriately. Prima facie it does look frivolous as we believe we have been transparent in our disclosures.”

The firm’s announcement of going ahead with a lawsuit came after reports in July said that HDFC Bank had conducted an investigation into the “improper lending practices and conflicts of interests” in its vehicle-financing arm.

The law firm’s statement said that post the media reports, HDFC Bank’s American depositary receipt price fell $1.37 per share, or 2.83 per cent, to close at $47.02 per share on July 13, 2020.

On July 19, 2020, the NYSE-listed HDFC Bank had reported its financial results for the first quarter of the Bank’s 2021 fiscal year, missing analysts’ estimates with respect to net profit and reporting a deterioration in its asset quality, the statement noted.

“Rosen Law Firm is preparing a securities lawsuit on behalf of HDFC Bank shareholders. If you purchased securities of HDFC Bank, please visit the firm’s website at http://www.rosenlegal.com/cases-register-1922.html to join the securities action,” the law firm said.

The firm said that it represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.

Last year the law firm had filed a class action lawsuit against Infosys after an anonymous whistleblower group accused the software giant’s management of “unethical” steps to boost short-term revenue and profits.

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Indian fathers and their money-savvy finance lessons

Indian parents have always been financially prudent and there is a lot that one can learn from their father in terms of financial management. Here’s a roundup of some valuable lessons one can learn from our fathers, by CRED, a transparent and fully digital credit card payment platform.

Practising financial self-reliance: With steady income comes the ability to be independent, however one can’t be wholly independent unless they are equipped with financial know-how. While it is good to have someone to turn to for advice, it is even better to become self-reliant by taking the initiative to understand how to manage money, do’s and don’ts, how to smartly use assets such as credit cards, and make smart investments.

Be smart and keep an eye out for saving early on: Every father knows the merits of saving which is a key reason why they always stress on the importance of starting to save from an early age itself, even if it is a small sum. It further instils a sense of responsible financial behaviour which comes in handy when one starts adulting and using a credit card. After all, a penny saved today can easily turn into a fixed deposit in a few years. Or money spent wisely on a credit card today, can earn you some amazing rewards tomorrow.

Pay on time or pay a fine: Punctuality in general is a great quality to have, however in case of financial matters it is of utmost importance, more so in case of credit card bills and EMIs. Banks and other institutions often charge a hefty amount when credit cardholders fail to pay the minimum due amount in time, and late payments have a direct impact on the credit score.

Knowledge is power: Rarely would you have seen your dad jump into something without due diligence, especially matters related to finances. Before making any investment they spend hours reading and comparing, which highlights why one should ensure financial literacy is on point.

Planning ahead of time: No planner like a father! As safety and security of the family is of paramount importance, our fathers always ensured that they planned their finances well in advance, and followed the set budgets to bring their planning to fruition. This is a lesson that every child should learn from an early age. Start planning for smaller things in life so that it becomes a habit when you have to make bigger financial decisions. This is especially true for credit card expenditure, keep in mind any upcoming big payouts so that you have no surprises with the credit limit last minute.

Reading between the lines: Any time you look at a bill, take your time and go over it in detail. This especially holds true for your credit card bills, which may contain extra hidden charges. Whether it’s your credit card statement or the electricity bill, it does one good to be cautious and check the numbers twice.

These simple yet important financial lessons can be incredibly effective in slowly creating personal wealth as you move along in life.

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