Archives May 2023

May 10, 2023: Nazara Technologies Limited (BSE: 543280) (NSE: NAZARA) a diversified gaming and sports media platform announced its audited Standalone and Consolidated results for the quarter and full year ended 31st March 2023.

The company delivered strong numbers powered by growth across all major segments and surpassed an important milestone of INR 1000 cr in annual revenues as well as 100 cr in EBITDA.

Key Consolidated Financial Highlights for FY23 are as follows:

•  Revenue grew by 75% to INR 10,910 Mn (INR 1,091.0 Cr) as against INR 6,217 Mn (INR 621.7 Cr) in FY22
•  EBITDA grew by 16% to INR 1,097 Mn (INR 109.7 Cr) as against INR 946 Mn (INR 94.6 Cr) in FY22
•  Revenue growth has been broad based with all three segments of the company showing strong growth- 28% revenue growth in gaming, 75% in eSports and 53% in adtech
•  PAT growth of 21% in FY23 – INR 614 Mn (INR 61.4 Cr) as against INR 507 Mn (INR 50.7 Cr) in FY22
•  Cash & Cash Equivalents (incl. liquid investments) of INR 6,283 Mn (INR 628.3 Cr) as of 31st March 2023

Key Consolidated Financial Highlights for Q4FY23 are as follows:

•  Revenue rose by 65% to INR 2,893 Mn (INR 289.3 Cr) as against INR 1,751 Mn (INR 175.1 Cr) in Q4FY22
•  EBITDA increased by 86% to INR 277 Mn (INR 27.7 Cr) as against INR 149 Mn (INR 14.9 Cr) in Q4FY22
•  PAT increased by 92% to INR 94 Mn (INR 9.4 Cr) as against INR 49 Mn (INR 4.9 Cr) in Q4FY22

Commenting on the FY23 performance, Nitish Mittersain, Founder, CEO & Jt MD of Nazara Technologies stated:

“We are delighted to report another milestone year for Nazara. Our strong performance in FY23 with revenues surpassing the INR 1,000 crores mark at INR 1,091.0 crores and EBITDA surpassing the INR 100 crores mark at INR 109.7 crores is a testament to the hard work and dedication of our team, as well as our strategic investments in high-growth segments. We believe India is well on its way to becoming the Gaming Nation of the world in the years to come and we will continue to play a pivotal role in this journey.”

The company also announced that it will increase its stake in Nextwave Multimedia Private Limited, which is the developer of the popular World Cricket Championship from 52.38% to 71.88% to consolidate its ownership.

“WCC has established itself as the leading mobile cricket game franchise globally with millions of active gamers and has developed a very high-end cricket simulation engine on top of which many new games can be launched. We believe the potential of this popular franchise is significant for us in the years to come and are happy to have had the opportunity to increase our ownership. We will continue to work closely with the team to provide an enhanced gaming experience to cricket enthusiasts all over the world.”

RIYADH, May 10th, 2023: The Saudi Esports Federation (SEF) and Savvy Games Group (Savvy) today announced a significant partnership with a year-long sponsorship agreement that will showcase Savvy’s brands across the entire SEF ecosystem, including Gamers Without Borders (GWB) and Gamers8: The Land of Heroes.

This is the second year in a row that the two organizations have come together and following last year’s popular activations, Savvy and SEF will once again deliver exclusive on-ground and virtual experiences for gaming enthusiasts at this year’s highly anticipated events. The partnership also includes a series of initiatives designed to further Saudi Arabia’s mission to become a global hub for esports and gaming.

Turki Al Fawzan, CEO at the Saudi Esports Federation, said: “It is with great pleasure that the Saudi Esports Federation unveils this historic agreement with Savvy Games Group. Last year, Gamers Without Borders and Gamers8 demonstrated the huge gaming market in Saudi Arabia and the enormous potential for growth for the industry. With the extension of the partnership this year, there is so much to look forward to, whether it be for Saudi Arabian gamers or gamers across the globe.”

Brian Ward, Savvy Games Group CEO, said: “At Savvy, we are committed to driving the long-term growth and development of the global esports and games industry. We are excited to continue working closely with SEF to bring gaming enthusiasts an unforgettable experience and support its mission to build the largest esports festival in the world.”

GWB, the world’s largest charitable esports event, returned for the fourth consecutive year for six weeks from April 10. Held virtually by SEF, GWB serves as a qualifier for Gamers8: The Land of Heroes, the biggest esports and gaming festival worldwide, which takes place in Riyadh for eight weeks this summer beginning July 6.

In addition to GWB and Gamers8: The Land of Heroes, Savvy will be the presenting partner for SEF assets such as the Saudi eLeagues, Next World Forum, Voices of Saudi Esports, SEF Awards, Arab League, Gaming Centers’ Face-Off, Saudi Esports Academy, Esports Federation Championship, and Marhala Podcast. Savvy will also be a strategic partner for the National Esports Team.

Vadodara, May 10, 2023: Wardwizard Innovations and Mobility Ltd., one of India’s leading manufacturers of electric two-wheelers under the brand ‘Joy e-bike’, today announced its financial results for FY 2023 (April 2022- March 2023) and fourth quarter of FY’23 (Jan-March 2023).

Observing an uptick in demand for electric two-wheelers across the country, the company has achieved a revenue of Rs. 2,393 Mn (Standalone) in FY’23 compared to Rs. 1,851 Mn during the previous year, marking double-digit growth of 29.28%.

The company has closed the fiscal year (FY’23) with the highest-ever sales of 36,500 units of electric two-wheelers, recording a growth of 19% over the same period last quarter, where the sales stood at 30,761 units.

Further Profit After Tax (PAT) stands at Rs. 94 Mn in FY’23 compared to Rs. 85 Mn in the previous year.

In respect of the year ended March 31, 2023, the Directors recommend that a dividend of Rs. 0.10 per share be paid on fully paid equity shares.

Commenting on the performance of Q4FY’23, Mr Yatin Gupte, Chairman & Managing Director, WardWizard Innovations and Mobility Ltd. said, “We are proud to announce the successful completion of FY’23, which has been an incredible year for Wardwizard Innovations despite the multiple market challenges. Wardwizard has achieved new milestones in the last fiscal and recorded an impressive annual revenue growth of 29.28%, a testament to the increasing trust our customers have in our brand. Additionally, we recorded an impressive annual sales growth of 19% this year. We have continuously innovated our strong product portfolio and latest technologies to meet the ever-evolving aspirations of our customers. Further, we expanded our portfolio with the entry into the electric three-wheeler segment to meet the aspirations of a wider customer base. Other than that, we have started up our own battery assembly line, which has a yearly capacity of 1 GWh. This will provide our products a competitive advantage as the Indian EV industry witnesses a behavioural shift towards cleaner and healthier mobility solutions, we remain committed to making eco-friendly mobility possible at every stage. Through our continued investments in R&D and diversification of our product line, we aim to further increase our market presence in FY23 and beyond. We remain steadfast in our mission to build a sustainable future and contribute to the growth of the nation’s economy.”

Highlights of the Financial Year FY’23 (April 2022 –March 2023)

India, 10th May 2023: Barracuda Networks, Inc., a trusted partner and leading provider of cloud-first security solutions, releases a new Threat Spotlight that shows how, in March, 2023 just under half (45.7%) of all HTML attachments scanned by Barracuda were malicious, more than double the proportion (21%) reported in May 2022. Barracuda researchers analyzed many millions of messages and files scanned by Barracuda’s security technologies.

HTML stands for Hypertext Markup Language, and it is used to create and structure content that is displayed online. It is also used in email communication – for example in automated newsletters, marketing materials, and more. In many cases, reports are attached to an email in HTML format (with the file extension .html, .htm or .xhtml, for example). Attackers can successfully leverage HTML as an attack technique in phishing and credential theft or for the delivery of malware.

The analysis further shows that not only is the overall volume of malicious HTML attachments increasing, nearly a year on from our last report, HTML attachments remain the file type most likely to be used for malicious purposes.

“The security industry has been highlighting the cybercriminal weaponizing HTML for years – and evidence suggests it remains a successful and popular attack tool,” said Fleming Shi, Chief Technology Officer, Barracuda. “Getting the right security in place is as important now as it has ever been. This means having effective, AI-powered email protection in place that can evaluate the content and context of an email beyond scanning links and attachments. Other important elements include implementing robust multifactor authentication or – ideally – Zero Trust Access controls; having automated tools to respond to and remediate the impact of any attack; and training people to spot and report suspicious messages.”

India, 10th May 2023: Casio India, the leading musical instruments company has launched its latest campaign, ‘No Screen Summer’, to motivate parents to explore alternative activities for their children during the summer holidays that don’t involve screens.

Increased screen time has been a growing concern among parents, especially since the pandemic started in 2020. To address this problem and create excitement and anticipation for the campaign, Casio India has launched a social media campaign showcasing the benefits of learning music and how it can help children develop creativity and cognitive skills. The brand has released teaser visuals designed to pique the interest of parents and encourage them to explore the idea of picking up a Casiotone Mini keyboard for their children under the age of ten years. This is followed by communication around the key campaign, emphasizing the role of music learning from an early age via creative storytelling.

To reach a wider audience, the brand plans to collaborate with mother influencers on social media platforms. They will promote the campaign and create engaging content showcasing the features and benefits of the Casiotone Mini keyboard. The sustenance phase of the campaign will involve maintaining engagement with the audience and emphasizing the benefits of learning music.

Commenting on the campaign, Kota Obayashi, Business Head (Music and Education), Casio India, said,

“As a brand that is dedicated to prioritizing the needs and desires of our consumers, we have consistently ensured that our product offerings provide meaningful value to their lives. Learning a musical instrument like a keyboard and playing it from an early age builds self-confidence, and enhances cognitive skills of kids. We have developed the ‘No Screen Summer’ campaign for Casiotone Mini keyboards, with a specific focus on targeting mothers of children under the age of ten years. This campaign highlights the adverse effects of excessive screen time on children and amplifies the numerous benefits of engaging in music as a healthy and enjoyable alternative.”

Bangalore, May 10, 2023: Zoomcar, the leading marketplace for car sharing in emerging markets, today announced its first large scale brand campaign #ApniHiSamjho that depicts the warmth of Host- Guest connect. With this campaign Zoomcar expects to see users have a better understanding of the marketplace model while showcasing its true values from offering a wide variety of cars to keyless entry, the importance of ratings to a 2-way chat between Host & Guest and an opportunity for budding entrepreneurs to host their cars on Zoomcar & earn their second income.

Zoomcar kicked off the campaign with a flourish on tv during the IPL, but the 360 campaign isn’t limited to tv alone, Zoomcar also has an active brand presence across digital mediums, top airports, and various prominent outdoor properties. Overall, across these mediums, Zoomcar aims to ensure that the story remains consistent and helps build memorability and increase awareness.

“We are excited to go live with our new brand campaign #ApniHiSamjho that was created to showcase and build our Guest-Host community. #ApniHiSamjho is the overall tagline of the campaign that articulates the true spirit of our platform. We believe a brand campaign should ultimately tell a powerful story. At its core, it’s about translating this story for people in such a way that we clearly demonstrate the value that we create for them. Whether you’re a guest or a host, you come to the Zoomcar platform with the expectation that we can help serve your requirement. We believe this campaign helps satisfy this need, whether a guest embarking on a trip or a host pursuing an entrepreneurial opportunity.” said Greg Moran, CEO and Co-Founder Zoomcar. “

Delhi, Monday, 10 May 2023 –The second edition of FinTech Festival India (FFI) is set to take place from 16 to 18 May 2023 at the Jio World Centre in Mumbai with a focus on FinTech advancements and predictions. Micro experiences, gathering key stakeholders in the Fintech sector were held throughout the year in Delhi, Bangalore and Mumbai leading up to the mega event in Mumbai.

Themed “Democratising Digital Economy”,FinTech Festival India 2023 aims to help shape the future of finance in the world’s second-fastest-growing FinTech ecosystem and the larger global business environment. The three-dayevent will feature a robust conference agenda across three stages anda comprehensive mix of exhibition showcases, live demos, product launches and innovations.

Featuring over 150 speakers and expecting more than 10,000 attendees, FFI will delve into some of the most trending topics shaping the FinTech industry, including Web 3.0, Digital Identity, the future of BFSI in the Metaverse, Neobanks, Blockchain, Cybersecurity, Cloud Security, AI revolutionizing BFSI, Insurtech and more. On the Centre Stage, the first day will focus on examining”The Here and Now of FinTech”, while day two will explore “Building a Financially Inclusive Future – Vision 2025,” and the final day will dive into “Vision 2030 – Shaping FinTech Future Together!”

The Impact Stage and Open Stage will also run their own parallel conference agenda with fruitful and impactful deliberations on diverse areas of finance. These include curated specialised masterclasses by India Blockchain Forum and Indian School of Business that are uniquely designed to provide a comprehensive understanding of the FinTech sector, enabling industry professionals to delve deeper into its complexities and opportunities.

FFI 2023 is proud to name the Government of Telangana as State Partner, with prominent FinTech experts and industry stalwarts including Indian Banks Association, ICICI Bank, DBS Bank India, IDBI Bank, YES Bank, Airtel Payments Bank, MUFG, Federal Bank, In-Solutions Global, WebEngage, American Express, Fintech Association for Consumer Empowerment (FACE), Bureau.id, Bharat

Pe, Prove, Cover Genius, Zerodha, Kinara Capital, Simpl and Barclays and many more attending the event.
FFI will also host business delegations from at least 10 countries along with influential global innovators, leaders and governance stakeholders providing their unique perspectives on the growth and future of fintech, including banking, lending, payments, regtech, insurtech, and other key areas.

FinTech Festival India is an event of Constellar, whoco-organizes the Singapore FinTech Festival. With The London Institute of Banking & Finance (LIBF) as the Knowledge Partner, FinTech Festival India 2023 is supported by 12 industry associations.

Celebrate Mother’s Day in a truly memorable way by pampering the special woman that hold such a special place in our lives. Give her a day she will cherish forever with an incredible outing, including a gastronomical experience that will delight her taste buds.

Accor hotels, across brand including Pullman, Novotel, Mercure and ibis, are here to help make this Mother’s Day extra special with an array of exclusive offers. From unique menus, to amazing discounts and indulgences, we are excited to share some of the perfect places where you can treat mom to an unforgettable day out.

Pullman New Delhi Aerocity

Pullman New Delhi, Aerocity is one of the finest five-star hotels that brings bespoke experiences tailored to your personal tale. Create memories and celebrate your loved ones as you enjoy a special menu for the most special woman of your life. From drinks to meals, the hotel’s incredible chefs and bartenders are here to assist you. Guided by the talented chefs of the hotel, guests can cook classic meals for their moms at the pop-up kitchen in the restaurant, and while you have your chef’s hat on, moms can enjoy a wine blending session with the sommelier, making customized wine selections for their table. Guests can also make special drinks with the bartenders for everyone to enjoy.
Offer Details : Promotional offer of 50% off
Price : Starting INR 4900++ onwards

Grand Mercure Bangalore

Situated at the serene location of Koramangala, Grand Mercure Bangalore is one of a kind all-suite hotel providing the best of experiences to guests celebrating love. Be prepared to be serenaded and served with the most indulgent delicacies that are going to leave you and your mom wanting for more.

Offer Details : 50% off on Mother’s Day Brunch on 14th May 12:30 P.M – 3:30 P.M
Price : Only Food INR 1699 + taxes, Food & IMFL 2699+ taxes

Novotel Pune Nagar Road

Providing a plush ambience, numerous dining options, bar accessibility, pools and kids play area, Novotel Pune Nagar Road is one of the finest business hotels in the city that celebrates life. Accentuating every occasion with zeal, the property is ideal for both business and fun staycations. The Square, their signature all-day dining restaurant will host a special brunch for Mother’s Day where all mothers on the table get 25% off. Live counters preparing delicious local delicacies and deserts will keep you drooling, while exciting giveaways and interactive activities will be hosted to make the occasion even more eventful. Live music is set to match the mood for the fun filled day with your mom.

Offer Details : 25% off for Moms on Sunday Brunch buffet at The Square 12:30 P.M – 4:00 P.M
Price : INR 1699 + taxes per person

Novotel Hyderabad Airport

Experience comfort, vibrancy, and energy at Novotel Hyderabad Airport, the perfect place to pause and enjoy the moment. Located near major tourist attractions and connected to the IT and business hub, the hotel promises an unforgettable stay. Indulge in an array of delicious tastings on the 14th of May and treat your mom to the best of everything on her special day. Plus, moms eat for free when they visit with a family of two or more for brunch, making it the perfect opportunity to create cherished memories with the most important woman in your life.

Offer Details : Moms eat for free when they visit with a family of 2 or more at Food Exchange
Time : 12:30 P.M – 4:00 P.M

Novotel Kolkata Hotel & Residences

Step into a world of stunning architecture and impeccable service at Novotel Kolkata Hotel & Residences, a trendsetter in the Eastern India hospitality scenario. With a promise to provide you with an experience of a lifetime, this hotel is the perfect destination for those seeking the ultimate in opulence and comfort. Whether you’re here for business or leisure, you’ll find everything you need to make your visit unforgettable.

Offer Details : Accor Plus Membership discount is applicable for Mother’s Day,
Top up with beverage package of INR 999 AI
Time : 12:30 P.M – 4:00 P.M
Price : INR 1649+ taxes

Grand Mercure Vadodara Surya Palace

Located in the heart of Vadodara, Grand Mercure Vadodara Surya Palace is perfect for big events as it boasts of the largest number of rooms and flexible banquet space. With popular markets close by, you can enjoy a scrumptious meal or stay at the property after a delightful shopping spree.

Offer Details: 30% off for Mothers on buffet lunch and dinner at Azure (The International Food Theatre), take aways meals, Vanilla (The Cake Shop)
Price : INR 999+ taxes per person for buffet, rest as per menu pricing and bar rates

New Delhi Aerocity, ibis Gurgaon Golf Course Road, ibis Jaipur Civil Lines ibis Kolkata Rajarhat ibis Mumbai Airport, ibis Mumbai Vikhroli, ibis Navi Mumbai, ibis Thane, ibis Nashik, ibis Styles Goa Calangute ibis Pune Viman Nagar, ibis Pune Hinjewadi, ibis Kochi City Centre, Ibis Coimbatore City Centre, ibis Chennai City Centre, ibis Chennai Sipcot, ibis Bengaluru City Centre, ibis Bengaluru Hosur Road ibis Bengaluru Hebbal, ibis Hyderabad Hitec City Centre

Experience the best of amenities and services at ibis hotels across India, with a promise of an incredible stay that will leave you wanting more. Guests visiting the properties can capture special moments at the photo op zone and share their fondest memories of their mothers on social media and tagging the hotel. As a special treat, one lucky winner will win a 2-night and 3-day stay for 2 at ibis Styles Goa, and all participants will receive a 30% discount voucher for food at their nearest ibis hotel.

Offer Details : Participants get 30% discount food vouchers redeemable at their nearest ibis and 1 lucky winner gets complimentary stay for 2 people for 2 nights & 3 days at ibis Styles Goa Calangute

Mercure Bangalore at Gopalan Mall

Experience the essence of Karnataka at the heart of Bengaluru. Immerse yourself in the local culture with curated dining, stay and wellness experiences, at Grand Mercure Bangalore at Gopalan Mall.

Offer Details : 50% off on both Lunch and Dinner buffet at La Utsav for all mothers along with a surprise hamper
15% discount on Rooms only on Weekend along with VIP amenities (12th- 14th May)
Price : INR 1600 + tax for Food and with alcohol INR 1700 + tax

Novotel Chennai OMR

Enjoy an urban resort style hotel that features state of the art amenities along with a Asian and Japanese ramen bar at Novotel Chennai OMR. This family and pet friendly restaurant boasts a stunning city view and is in close proximity to malls and a surfing school. To celebrate a special day, visit the restaurant and whip up an exceptional treat for your mom on Mother’s Day with handpicked ingredients by the chefs.

Offer Details : Cook for your Mom – a self-cook counter for guests to cook for Mom with especially handpicked ingredients by Chef
Time : 12:30-4:00 PM

Novotel Chennai Sipcot

The only five-star hotel in Siruseri, OMR, Novotel Chennai Sipcot, is nestled close to the Kovalam beach, malls and IT parks. With a surreal view of the Bay of Bengal and the mango grove farm, the hotel is the perfect choice for your next family outing. Treat yourself at the Goan shack pool bar serving unique drinks, or enjoy a brunch buffet with 25% off for your mom or you can prepare a special meal for her as well.

Offer Details: Mom Enjoys 25% off on meal, Family members can cook for Mother Time: 12:30 P.M to 3:30 P.M

As a member of ALL- Accor Live Limitless, you can earn reward points on every stay, or when you grab a drink or immerse yourself in our fine dining at a participating property. Use points to book nights at participating hotels, transfer points to use with our partners worldwide or spoil yourself by converting them into truly unforgettable moments with Limitless Experiences in entertainment, sports, culture, shopping, travel and more.

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Chennai, May 10, 2023: Amara Raja Batteries Limited (ARBL), one of India’s leading industrial and automotive battery majors (BSE: 500008 and NSE Code: AMARAJABAT), today held a grand groundbreaking ceremony for Telangana’s first gigafactory in Mahbubnagar district. The event was graced by Shri. K. T. Rama Rao, Honourable Minister for Municipal Administration and Urban Development; Industries and Commerce and Information Technology, Electronics, and Communications, Government of Telangana, Dr. Ramachandra N Galla – Founder, Amara Raja Group, and Mr. Jayadev Galla – Chairman & Managing Director, ARBL, in the presence of other dignitaries from the government and industry.

Telangana government had recently entered into an MOU with Amara Raja Advanced Cell Technologies Pvt. Ltd. (ARACT) a wholly owned subsidiary of ARBL, which has been working on Li-ion cell chemistries specifically suited for Indian subcontinent conditions and already supplies lithium battery packs and chargers to some 2 and 3-Wheeler OEMs.

The ground-breaking ceremony officially marked the beginning of ‘Amara Raja Giga Corridor’ that aims to produce Lithium Cell and Battery Packs with an ultimate capacity of up to 16GWh and up to 5 GWh respectively. The facility also aims to create direct employment for about 4,500 people and a similar number of indirect jobs that will make significant contributions to the socio-economic development in the region.

The initial facilities would also include a first-of-its-kind advanced energy research and innovation center, dubbed the Amara Raja E +Ve Energy Labs. This facility will be equipped with advanced laboratories and testing infrastructure for material research, prototyping, product life cycle analysis, and Proof of Concept demonstration. This will cater to the development needs of the Amara Raja as well as provide a range of facilities open to other players in the energy and mobility ecosystem.

On the occasion, Dr. Ramachandra N Galla, Founder, Amara Raja Group said “Amara Raja’s core purpose has always been to build institutions that provide better opportunities to more and more people and this beginning today will transform this region in the years to come.”

“We expect this foray to be a significant needle-mover in India’s energy transition. We have always been at the forefront of introducing new technologies and take immense pride in being able to build out world-class manufacturing units.” Added Vikramadithya Gourineni, Executive Director, ARBL.

Mr. Jayadev Galla, Chairman & Managing Director, ARBL, expressed his enthusiasm at the ground-breaking ceremony (Bhoomi Pooja) of the company’s and State’s first Lithium Cell and Battery Pack Manufacturing unit. “The Bhoomi pooja marks a significant milestone in our journey and our strategic step is not just limited to setting up of the Giga Corridor but to provide non-migratory jobs to the local youth. We are grateful to the Telangana Government for its tremendous support in this endeavor.”

Congratulating the company on the groundbreaking ceremony, Shri K T Rama Rao said, “Electric mobility remains a focus area for the Telangana government and we are committed to developing the right infrastructure and ecosystem for the promotion and adoption of EVs. Telangana has been a frontrunner in adopting sustainability, and it is a proud moment for the state to celebrate the ground-breaking ceremony of Amara Raja Batteries’ first Lithium Cell and Battery Pack Manufacturing facility. Telangana aspires to become number #1 in Electric mobility, and we are committed to developing the right infrastructure and ecosystem for the promotion and adoption of EVs and battery technologies. We created India’s first dedicated energy storage park at Divitipalli. It is a proud moment for the State to celebrate the ground-breaking ceremony of Amara Raja Batteries’ first Lithium Cell and Battery Pack Manufacturing facility in the New Energy park”.

Maharashtra Chief Minister Eknath Shinde informed that a new policy will be decided after a comprehensive review of stalled redevelopment projects in Mumbai. A meeting was held on Thursday at the Sahyadri State Guest House under the chairmanship of the Chief Minister along with a delegation of residents of stalled redevelopment buildings in Dadar area. The Chief Minister was speaking in this meeting.

Giving instructions during the meeting, the Chief Minister said that there is a need to define a policy regarding the stalled redevelopment projects in Mumbai and we have started working towards this.

Applauding the move, Mr. Sandeep Runwal – President, NAREDCO Maharashtra said, “Stalled redevelopment projects have become a bane for so many residents of Mumbai. These residents are deprived of the basic necessity of shelter. They have to make ends meet to support themselves and their families amidst the rent payout, bank EMIs, etc. This is a great initiative taken by the Chief Minister and we at NAREDCO Maharashtra are looking forward to working together in finding a quick and lasting solution.”

Reiterating the same, Mr. Vivek Mohanani, Managing Director & CEO, Ekta World Limited said, “This is a welcome move taken by the Chief Minister Shri Eknath Shinde ji. The aftermath of the pandemic and the liquidity crunch faced by the housing industry thereafter, saw a number of such redevelopment projects getting stalled. Residents of these redevelopment projects are the worst sufferers in the given situation and have to bear the brunt for no fault of theirs. We stand with the government in trying to alleviate their suffering and hope to find an immediate solution.”

Due to stalled redevelopment for the past several years, these original homebuyers in Mumbai had to move out of Mumbai. We are trying to pay attention to this as a government. The Chief Minister also said on this occasion that we are also trying to see how the stalled redevelopment can be completed through other mechanisms.