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Business Recorder
7 days ago
- Business
- Business Recorder
Gold prices soar in local market
KARACHI: Gold prices took a big stride on Wednesday in the local market, tracking an international market uptrend, surpassing $3,400 per ounce, traders said. World market posted a big gain, soaring by $37, to settle at $3,424 per ounce that also fuelled the local gold value, All Pakistan Sarafa Gems and Jewellers Association said. As a result, the local gold prices mounted by Rs3,700 and Rs3,171, reaching Rs364,900 per tola and Rs312,842 per 10 grams, respectively. Following suit, the domestic silver market also grew - up by Rs46 to Rs4,081 per tola and Rs39 to Rs3,498 per 10 grams. Silver in the global market stood at over $39 per ounce, the jewellers association added. It is worth noting that the open market may trade gold and silver at rates differing those officially announced by the association. Copyright Business Recorder, 2025
Time of India
15-07-2025
- Business
- Time of India
City set to get tallest comm complex with Rs235cr Cotton Market redevpt
1 2 Nagpur: The city is set to get its tallest commercial complex yet — towering at 102.9 metres — after municipal commissioner Abhijeet Chaudhari on Monday gave nod to Maharashtra State Infrastructure Development Corporation (MSIDC) for the ambitious Rs235 crore base value redevelopment of Cotton Market. The project is part of Nagpur Municipal Corporation's (NMC) vision for sustainable and holistic urban renewal. "The project will be implemented under the design, build, operate and finance model," said an official privy to the development. Spread over 8,070sqm, the upcoming integrated commercial complex will offer a built-up area of 60,947sqm, transforming the decades-old market which is currently in a bad shape into a modern multi-use vertical hub. The project received planning approval and alignment clearance through letters issued on June 6, 2025. The new structure will feature two towers: one for offices and another for a hotel with service apartments from the 5th to 24th floor. The lower levels are designed to accommodate a variety of public and commercial uses — retail shops, restaurants, cafes, cinema halls, a health club, library, kids' play area, and a function hall. The project also includes a lower ground floor with 28 rehabilitation shops and space for Ganesh Mandal exhibitions. For mobility, provision has been made for parking 319 cars and 658 two-wheelers, with a road width of 24 metres aiding access. While open space is included in the master plan, it will not be part of Phase 1. The redevelopment will also cater to existing stakeholders. A total of 28 shops have been considered for rehabilitation, including both authorised and encroached units. A 1,520sqm on the lower ground floor will be dedicated for this purpose, at a rehabilitation cost of Rs6.57 crore. The civil construction cost is estimated at Rs291.94 crore (excluding GST), with the overall cost per sqm pegged at Rs46,537. Based on ready reckoner land rates, land cost is valued at Rs 46.63 crore. The minimum revenue expected by NMC from the project is Rs235.62 crore, payable over five years in six instalments. Including development charges and interest, the receivable rises to Rs258.60 crore. The project's internal rate of return (IRR) is calculated at 17.56%, with a weighted average cost of capital (WACC) of 13%. The development is planned over a five-year period, with a total sales and revenue realisation cycle spanning seven years. An upfront premium of Rs15.54 crore will also be paid to NMC, with revenue sharing applicable during the initial five years. The Cotton Market redevelopment is poised to redefine Nagpur's commercial skyline, marking a key milestone in the city's transition toward planned vertical infrastructure and integrated urban spaces. Along with this, the MSIDC is also developing five more commercial complexes for the NMC, and they include DIK Hospital, Netaji Market, Dahi Bazaar, Itwari Market, and Santra Market. Box Nagpur's skyline widening: Tallest tower to feature retail, offices, hotel & modern amenities with rehab for local stakeholders Tallest commercial complex: The project will rise to 102.9 metres, making it Nagpur's tallest commercial complex, with two towers — one for offices and another for a hotel with service apartments from the 5th to 24th floor Parking capacity: The design includes parking for 319 cars and 658 two-wheelers, with a 24-metre-wide access road to facilitate vehicular movement Modern amenities: The complex will host a variety of amenities including retail shops, restaurants, cafes, cinema halls, a health club, library, kids' play area, and a function hall Rehabilitation provision: A 1,520 sq mtr lower ground floor area has been earmarked for 28 rehabilitation shops, including both authorized and encroached units, with a rehabilitation cost of Rs6.57 crore Financials & development model: The project will follow the design, build, operate, and finance (DBOF) model, with a minimum NMC revenue of Rs235.62 crore, and internal rate of return (IRR) of 17.56% over a five-year construction and seven-year revenue realization cycle
Hans India
03-07-2025
- Politics
- Hans India
Massive corruption alleged in housing project in Shiggaon
Haveri: Serious allegations of large-scale corruption have surfaced in the construction of government-approved houses under the Slum Board scheme in Shiggaon Assembly constituency. According to the complaint submitted by the local MLA, houses approved under the scheme are allegedly incomplete, built with substandard materials, and lacking basic amenities, pushing poor beneficiaries into financial distress. The issue came to light after local MLA raised the concern at a recent Karnataka Development programme (KDP) meeting chaired by District In-Charge Minister Shivananad Patil. The MLA highlighted that hundreds of families are left without promised facilities and that contractors have misappropriated funds meant for construction. Following the complaint, Haveri Deputy Commissioner Vijayamahantesh formed a team headed by the Assistant Commissioner of Savanur to investigate. The team, comprising seven officers, visited the project sites in Savanur, Shiggaon and Bankapur towns and submitted a preliminary report to the district administration. According to official records, the Slum Board had sanctioned around 2,000 houses for the Shiggaon constituency — 696 houses in Savanur town at a cost of Rs43 crore, 850 houses in Shiggaon at Rs46 crore, and 454 houses in Bankapur at Rs27.76 crore. The houses were approved under the 2021-22 project plan, with each beneficiary household sanctioned Rs7.2 lakh for construction. However, the probe revealed that while funds were released, only about 20% of houses are fully completed, with around 60% in an incomplete stage for over two years. Beneficiaries claim that contractors supplied only about 50% of the required cement, bricks, and iron rods. Many families have been forced to spend their own money to buy remaining materials and complete the construction. Some have even mortgaged gold ornaments or sold small plots of land to raise money. Adding to their woes, several labourers who worked on these houses have not been paid their wages, according to the report. Beneficiaries allege that despite multiple complaints, contractors have neither paid workers nor supplied the remaining construction material. 'I sold my wife's jewellery to buy bricks and cement to complete my house. But the contractor didn't even pay the workers. Many people like me are living in incomplete houses that leak during rain,' said Sandeep, a beneficiary who accused the contractors and some officials of misusing funds and cheating the poor. Responding to the controversy, Deputy Commissioner Vijayamahantesh said that of the sanctioned 2,000 houses, 200 were cancelled by the government. Out of the remaining 1,800 houses, 1,279 have been completed while about 521 are still in progress. He explained that during inspection, it was found that some beneficiaries themselves started constructing houses using their own funds when contractors failed to supply materials as per the agreement. In some cases, the beneficiaries built bigger houses than the approved 350 square feet, which created disputes over additional costs. Payments worth Rs66 crore have been released so far out of the total project cost of Rs121 crore, and around Rs25 crore is pending. The DC confirmed that the inspection team found only about half the promised materials were supplied and that the Slum Board has been notified about the pending payments and quality issues. He assured that the Assistant Commissioner's report has been sent to the Slum Board's head office in Bengaluru and further action will be decided soon. However, angry beneficiaries say that the investigation must not stop at a report. 'The report will say all is fine. But the truth is, the work is incomplete and of poor quality. Some people are still living in rented houses because their Slum Board houses are half-built. There is no single photograph showing a house fully built and handed over with keys,' said Sandeep, adding that influential officers and contractors have colluded to siphon off funds.
Express Tribune
30-06-2025
- Business
- Express Tribune
Rs509b supplementary budget passed
The Punjab Assembly on Monday passed 38 demands for grant valuing over Rs509 billion in supplementary budget for 2024-25 in the absence of the opposition. The opposition protested over the removal its four members as chairpersons of standing committees. Finance Minister Mian Mujtaba Shujaur Rehman said the supplementary budget of this year was of about Rs510 billion, adding that the government had allocated Rs266.6 billion for development. He said the government had preferred the development projects to serve the people rather than salaries. He said the government had spent Rs126 billion on the road network. The demands for grant in the supplementary budget include over Rs46 billion for the police department, Rs3 billion for irrigation, Rs16 billion for health services, Rs13 billion for public health and Rs4 billion for agriculture. The opposition's five cut motions were rejected in the absence of its members.
Business Recorder
11-06-2025
- Business
- Business Recorder
Petrol, HSD and furnace oil: Rs2.5/litre carbon levy imposed
ISLAMABAD: The federal government has proposed to impose a carbon levy of Rs2.5 per litre on petrol, high-speed diesel (HSD) and furnace oil in the next fiscal year 2025-26. The new tax will be implemented alongside the existing petroleum levy on petroleum products and is expected to generate around Rs46 billion revenue for the government during the fiscal year 2025-26. It will not apply to kerosene oil and light diesel oil (LDO). The same levy will be increased to Rs5 per litre to generate Rs95 billion in fiscal year 2026-27, sources said. The funds collected will be allocated towards green budgeting initiatives. The measure comes after the government concluded negotiations with the International Monetary Fund (IMF) for the fiscal year 2026 budget. Copyright Business Recorder, 2025
