Spain offers some smart ideas for indian smart cities project

Prime Minister Narendra Modi's headline-grabbing promise to build smart cities in India has attracted wide attention of experts in Spain's principal city which hosts the International Smart City Expo every year. Barcelona has the distinction of being one of the world's top 10 smart cities.

The vast potential and unique challenges posed by the Indian dream of creating 100 smart cities, outlined by Urban Development Minister Venkaiah Naidu when he attended the Expo here last year, has excited not only experts here but also small and large agencies that offer various technology to build them. The all-round consensus amongst them however is that India has a lot of work to get done before it can actually embark on its ambitious project.

"There is no template for a smart city. A smart city is one that is more livable for its citizens. It has to be tailor-made for every city as each city has its unique problems and challenges. Each city has to have its own vision of what it wants to be for its people. India has shown that it has the required political vision but it must now begin listing its problems and priorities", Albert Martin Torras, Account Development Consultant of the Smart City Expo World Congress that is tasked with organising the international Expo here, told IANS. His area of focus is India and Asia.

Aware that India has started to move towards smart cities, he said: "We are looking with great anticipation to India's participation in the Expo this year ( Nov 17-19)". The Expo, an initiative of the Barcelona City Council, is supported by the governments of Spain and Catalonia, the World Bank and UN Habitat. The first Expo was held in 2011 and 440 cities from 92 countries participated.

The broad concept of a smart city, besides being more livable, is that it should be sustainable and efficient at all levels like energy use, public transport, communication and health and education facilities. "Procuring technology to build a smart city is not an end in itself. It is only a means to achieve the goals a city has set for itself. It is therefore essential for a city to have its own vision and then look for technology companies that will adapt to its needs," Torras felt.

Another essential for India before it embarks on smart city projects is to educate its people about the very concept and culture of smart cities and their required participation.

"This is a must before bringing in outside players," Torras said. Other challenges for India include merging technology with law enforcement. There is no point in installing high tech traffic signals if following them cannot be enforced, he pointed out as an example. India will also have to find ways of encouraging private investment for infrastructure required for a smart city.

Population density, large-scale migration to cities, sprawling slums, waste management and lack of basic services compared to what is available in European cities are the unique challenges smart city builders have to contend with in India, Rosa Paradell, general manager of the Smart City Business Institute here, told IANS. The Institute, in collaboration with the Spanish Association of Smart Cities, is currently working on upgrading 60 cities in Spain to smart cities. Among them are Barcelona, Santander, Malaga and Acoruna.

Paradell, a technology expert, was extremely optimistic about the India projects. "Technology has a solution for almost everything. The challenge for India is to find a business model and put together a legal framework, as there have to be public-private participation projects, for its smart cities," she noted.

"India is in a different situation from Europe when it comes to creating smart cities but it can be done," Paradell added.

She held out the example of the once rat-infested city of Medellin in Columbia, which with its drug cartels, underworld, slums and lack of civic infrastructure, held the dubious distinction of being one of the worst in the world. It decided to find solutions to its own peculiar problems and two years ago was declared the Most Innovative City in the World by smart city experts.

Paradell said India would require tailor-made solutions for waste management technology as its people have yet to be educated about waste segregation and disposal. It will have to find technology to help in use of green energy, reducing energy consumption, emission reduction, upgrading public transport and bringing schools and hospitals within 20 minutes reach of its inhabitants.

India has to now take an important decision in the context of creating smart cities. It has to decide if it wants to opt for building new cities or upgrade existing ones.

"It is easier to build new ones rather than transform old ones into smart cities. But upgrading cities is also as imperative and it takes anything from two to three decades to do so. In such cases work has to be undertaken area wise. It is always work in progress as you can always keep upgrading.. For India maybe a compromise of the two would be practical," Paradell added.

Grandchildren cannot able to claim a share in Grandfather Property :HC

Grandchildren cannot claim a share in the self-acquired property of their paternal grandfather if it had been allotted to their father in a family partition in his capacity as legal heir and not as a coparcener under the Hindu Succession Act 1956, the Madras High Court has ruled.

In a judgment reserved in the Principal Seat of the High Court and delivered in its Bench here, Justice P.R. Shivakumar held that neither the sons nor daughters of a person could claim share in a property he had received under the rule of succession provided in the Hindu Succession Act.

The verdict was delivered in an appeal suit filed by Purasawalkam Permanent Fund challenging a civil decree passed by a Chennai City Civil Court on August 6, 2008 in favour of twin sisters who claimed two-fifth share in a property mortgaged by their father, with the appellant, in 1995.

Reversing the civil court decree, Mr. Justice Shivakumar held that the lower court had rendered an “erroneous finding without adverting to the principles of law governing inheritance of coparcenary properties and succession to the property of a male Hindu under the provision of the 1956 Act.”

The judge also directed the twin sisters to pay cost of litigation to the appellant after holding them guilty of approaching the court with “unclean hands and with a mala fide intention” of preventing the appellant from auctioning the property to realise the loan availed by their father along with interest.

Pointing out that the twin sisters’ father, brother as well as elder sister had remained ex parte before the city civil court with respect to the property spread over two grounds in Nungambakkam in Chennai, the judge said that it created a doubt that the suit could have been filed in collusion with them.

“The fact that hectic attempts were made not only by the plaintiffs but also their elder sister, by filing two earlier suits, with a view to getting an injunction restraining the appellant from auctioning the property and the fact that the present suit was filed without even discharging the mortgage debt can even be viewed as an abuse of process of court,” the judge added.

Setback for Maran Brothers as Court dismissed petitions

In a setback to Maran brothers, the Madras High Court Wednesday dismissed petitions filed by Kalanithi Maran owned Sun TV and Kal Communications challenging the attachment of their properties by Enforcement Directorate in connection with money laundering probe in Aircel-Maxis deal.

Dismissing the petitions, Justice M Sathyanarayanan said that he was not inclined to entertain the plea and directed that Sun TV and Kal Communications approach the Supreme Court which is monitoring the Aircel-Maxis case.

The petitions challenged the March 31 provisional attachment order of ED attaching assets worth Rs 742.58 crore in the name of former Telecom Minister Dayanidhi Maran, his businessman brother Kalanithi and other family members under provisions of Prevention of Money Laundering Act (PMLA).

The High Court had on June 2 reserved its orders on the petitions.

The properties of Sun TV and Kal Communications in several localities here, Tiruchirappalli and Bengaluru have been attached by ED in the case filed by CBI on September 20, 2011.

This was for alleged illegal gratification amounting to Rs.742.58 crore received by Dayanidhi Maran under the guise of investments in Sun Direct Television Private Limited (SDTPL) and South Asia FM Limited (SAFL) companies.

It was alleged by CBI that the illegal gratification was received during December 2007 to 2011.

CBI has further alleged that proceeds of the crime were infused in the aforesaid companies and transformed into various types of properties. 

Malaysia has shown keen interest to invest in India's highways projects

Malaysia has shown keen interest to invest in India's highways projects, which are being developed under public-private-partnership (PPP) mode.

A big delegation of government representatives from Malaysia, Construction Industry Development Board (CIDB), which is a statutory body under Minister Works, developers and top bankers held meetings with officials at the road ministry and also interacted with the highway minister Nitin Gadkari on Monday. 


"Their banks and other financing agencies are ready to provide debt to their companies if they bag projects. The recent decision to allow a developer to divest his equity from a project two years after completion has boosted their faith in our system. We want more and more overseas player to take up works here," said road secretary Vijay Chhibber. 

The interests from overseas players have come at a time when private players are coming back in the highway sector with six projects being bagged by them under PPP mode recently. In four cases, developers have promised premium, an upfront annual payment to NHAI. 

Top 20 residential location of india a survey by JLL

Owning a house in a swanky, upscale neighbourhood is the dream of every individual. A property in one of the country's prime locations is likely to cost a fortune, but a sought-after address is the surest sign of success and famedom. Property consultant JLL India has come out with a list of India's "top 20" residential neighbourhoods.

Here's the list of 20 coveted neighbourhoods as listed out by JLL:

1. Palm Beach Road, Navi Mumbai: JLL says this is the only area in Navi Mumbai where high-rises offer a sea view. Current property prices here range between Rs.14,000 per square foot and 18,500 per square foot.

2. Worli, Mumbai:

The upmarket neighbourhood now holds premium positioning with steadily appreciating property prices. (Estimated prices Rs.35,000 - Rs.60,000 per square foot)

3. Bandra, Mumbai:

Bandra has a high level of shopping, education, healthcare and recreation facilities, which makes it a preferred destination for prime property seekers. Estimated luxury home prices - Rs.30,000/sq. ft. - 55,000/square foot depending on the exact location and type of project)

4. Lower Parel, Mumbai:

Lower Parel is contributing most to Mumbai's changing skyline and good connectivity with other parts of Mumbai and improved infrastructure add value to one's investment here. (Estimated prices - Rs.25,000 - 40,000 per square foot)

5. Vashi, Navi Mumbai:

Well connected with the key business districts of the city, Mumbai and Pune, Vashi ranks high on social and civic infrastructure. (Estimated prices - Rs.11,000 per square foot - Rs 17,000 per square foot)

6. Lutyens' Delhi:

Lutyens' Delhi - which includes Aurangzeb Road, Mansingh Road, Prithviraj Road and Shahjahan Road, and neighbouring areas - has long been among the most preferred locations for the country's rich and powerful. Owning a house here means announcing to the world that one has arrived in India's power circle. (Estimated prices - Not given)

7. Greater Kailash, Delhi:

The upmarket residential neighbourhood in South Delhi is home to some of the most affluent families in Delhi. (Estimated prices - Rs.17,000-Rs 22,000/square foot)

8. DLF City Phase-5, Gurgaon:

DLF City Phase-5 offers close proximity to the domestic and international airports and good social infrastructure, rapidly developing physical infrastructure, making it a highly desirable property destination. (Estimated prices- Not given)

9. Golf Course Road, Gurgaon:

The area around Golf Course Road offers a mix of residential and commercial establishments. (Estimated prices of residential condos - Rs.13,000-Rs 19,000/square foot)

10. Boat Club Road, Chennai:

A calm locality situated away from the city, Boat Club Road homes carry an exclusive affluence tag. (Estimated price Rs.27,000/square foot)

11.

Poes Garden, Chennai:

Home to many top notch business tycoons and politicians, Poes Garden is surrounded by lush green trees and considered to be one of the cleanest patches of the city. The area also has actor Rajinikanth's residence to its credit. (Estimated price range - Rs.33,000-35,000/square foot)

12. Sadashivanagar, Bengaluru:

This is one of the traditional luxury destinations in Bengalure. Estimated prices for under construction property here are around Rs 30,000/square foot - the highest residential presales capital value recorded in the city's history.

13. Indiranagar, Bengaluru:

Indiranagar is well-connected with other parts of the city via Namma Metro, Purple Line and the BMTC bus line. (Estimated prices - Rs.12,000-18,000/square foot)

14. Koregaon Park, Pune:

The upmarket area offers top notch high-end luxurious apartments and bungalows. (Estimated residential property prices - Rs.13000-Rs 16000/square foot, depending on exact location and building type)

15. Kalyani Nagar, Pune:

Kalyani Nagar benefits from proximity to the airport and the railway station, making it an ideal destination for IT/ITeS companies. (Estimated residential property prices - Rs.9000-13000/square foot)

16. Boat Club Road, Pune:

Situated along the Mutha River, Boat Club Road offers close proximity to the airport, railway station and the city's primary business districts such as Dhole Patil Road and Bund Garden Road. (Average prices - Rs.13,500 - Rs.15,500/square foot)

17. Banjara Hills, Hyderabad:

The profile of buyers here is largely skewed towards the senior management of corporates, software professionals, doctors, advocates, chartered accountants and businessmen. (Estimated prices - Rs.7,500-14,000/square foot)

18. Jubilee Hills, Hyderabad:

Home to business tycoons, industrialists, film personalities and other high net worth individuals, Jubilee Hills is one of the most expensive commercial and residential locations in India. (Estimated prime land prices around Rs.200,000/square yard)

19. Alipore, Kolkata:

Many reputed business families such as the Singhanias, the Jalans, the Goenkas and the Mittals share this pin code. (Estimated prices - Rs.15,000-Rs 22,000/square feet)

20. Ballygunge, Kolkata:

Convenience, quality lifestyle and connectivity are the main factors that make Ballygunge one of the best living areas in the southern Kolkata. (Estimated prices - Rs.10,000-Rs 12,500/square foot)

EMIs likely going to fall as RBI cuts repo rate by 25 basis point to 7.25%

The Reserve Bank of India (RBI) on Tuesday cut its key lending rate—the repo rate—by 0.25 percentage points to 7.25% rekindling hopes of lower home loan EMIs and cheaper bank capital for companies to invest and hire more.

RBI governor Raghuram Rajan, however, kept two key main rules unchanged, disappointing markets, which were expecting the central bank to cut the statutory liquidity ratio (SLR) and the cash reserve ratio (CRR) that would have given banks more funds to lend and enable them to lower loan rates by a higher extent.

The benchmark 30-share BSE Sensex fell by over 300 points shortly after the RBI announced its policy.

The SLR, the proportion of deposits banks are required to park in government bonds, stands at 21.5%, while the cash reserve ratio (CRR), the proportion of deposits that banks have to park with the RBI, stands at 4%.

The repo rate cut, however, will likely goad companies to invest, add capacities, hire more, and prompt people to spend on houses, cars and other goods and aid the budding recovery in Asia’s third largest economy.

A lower repo will bring down banks’ borrowing costs, which in turn, may prompt them to slash their “base rates”, the floor interest rate on which lending rates for final home, auto and corporate borrowers are fixed.

A lower repo can lead to lower floating home loan rates, which move in tandem with base rates, and bring cheer to consumers, who have been paying large chunks of their income every month towards repaying housing loans.

This is the third rate cut by RBI since January largely aided by low inflation rates signalling a subtle change in RBI’s stance from steadfast focus on controlling prices to aiding growth.

India's current retail inflation, the RBI’s main guide for interest-related decisions, stood at a four-month low of 4.87%, giving more room for the RBI to cut interest rates.

Rajan, had kept rates unchanged in April but told banks in no uncertain terms that it was about time they start reducing interest rates to pass on two previous cuts to customers.

Many lenders including in State Bank of India (SBI), ICICI Bank and HDFC Bank have announced cuts in their “base rates” in April leading to a fall in EMIs for some class of existing as well as new borrowers.

On Tuesday, Rajan again asked banks pass on the latest repo rate cut in the form of cheaper loans for consumers.

Also, the RBI said it will likely keep a close watch on the monsoon rains this year in the backdrop of the prediction of a below-normal monsoon for the second year.

The central bank expects inflation rates to creep up to 6% by January 2016, from the earlier forecast of 5.8%, on the back of deficient summer rains and higher service tax rates that has been raised to 14% from 12.36% earlier.

On growth, the RBI expects GDP to grow at 7.6% in 2015-16, down from the earlier forecast of 7.8%, although industrial production has been recovering, albeit unevenly.

“The sustained weakness of consumption spending, especially in rural areas as indicated in the slowdown in sales of two-wheelers and tractors, continues to operate as a drag. Corporate sales have contracted. The disappointing earnings performance could have been worse if not for the decline in input costs,” Rajan said.

Low, and even falling, capacity utilisation in several industries, indicative of the slack in the economy, Rajan said.

Indian expatriates from UAE keen on buying property in india

More than 79 per cent of the Non-Resident Indians (NRIs) based in the UAE are looking to buy an apartment in India rather than investing in plot or land or in villas (commercial or retail), commercial or retail, said a report.

Among the major cities, Bangalore tops the chart for NRI property investments and shares the spot with Mumbai, followed by Chennai, Pune, Cochin, Delhi, Hyderabad, Navi Mumbai, Goa and Ahmedabad, stated the report released by Sumansa Exhibitions, the organisers of the upcoming Indian Property Show in Dubai.

Of this, the highest number of buyers are in the age group of 31 to 50 years at 67 per cent.

"Apartments are preferred choice of investment for most NRIs as one of the key advantages of an apartment is security," stated the report.

Facilities such as power and water backup, uninterrupted supply of cooking gas is also some of the key factors going in favour of apartment purchases, said the report.

An apartment which is part of a large development comes with a number of benefits, for instance- well maintained garden and landscaping, club facilities, maintenance and provision of hassle free services, ease of renting, easy availability of convenience within the complex amongst many other facilities, it added.

The other key findings from the survey include:

 *Majority (about 55 per cent) are buying the property for their own use, while for the others it is an additional investment.
 *Residential apartments are preferred for investment with 79 per cent voting in favor, followed by villas and land.  *Of this, commercial properties are least preferred for investment.
 *Over 65 per cent property buyers approach financial institutions to fund their purchase.
 *About 72 per cent buyers are aiming for immediate purchase within the next six months, while 11 per cent are not sure of the time frame for purchase and rest would consider buying within the next two years.

The survey found that about 17 per cent were keen on buying high-end properties (worth over Rs1 crore) in Bangalore, which emerged the popular hub for luxury home investments.

About 15,000 NRIs across UAE participated in the survey which was conducted to better understand the reason for buying property in India, preferred cities for investments, type of property, time frame, budget and finances planned.

Sunil Jaiswal, the president of Sumansa Exhibitions, said 2015 was expected to be a happening year for the real estate sector.
"Bangalore is an end user-driven market. The city has managed to survive the onslaught of the slowdown which gripped the country a few years back. The “City of Gardens” was able to keep the sales ticking and also emerged as the territory with the highest number of new projects unveiled in 2014," he noted.

According to him, India’s Silicon Valley – Bangalore – is the fastest-growing metropolis in the Asian continent.

"For decades, the city has been widely known all over the world for its cosmopolitan outlook, salubrious climate, and innate desire to respect different cultures. Today, it is a much sought-after city with NRIs returning to India," stated Jaiswal ahead of Indian Property Show, a major showcase of leading Indian projects to be held in Dubai, UAE, from June 11 to 13.

"Many are keen on making the city their home. The city has evinced so much interest among NRIs of late that even those who have not had the occasion to visit the city have plunged into investments in real estate here. It is most popular among techies and skilled professionals," he added.

Indian real estate property get renewed interest from NRIs : HDFC

HDFC, the country's largest mortgage lender, has planned 'India Homes Fair' exhibition in London on May 30-31, which will have more than 100 projects on display from across India.

Stability in housing prices and favourable rupee movements are bringing back the NRIs in a big way to the real estate market, mortgage giant HDFC has said.

To tap their interest, HDFC and also a number of property developers are undertaking special marketing campaigns including organising property fairs in places with high NRI population such as the US and the UK.

Interestingly, the non-resident Indians living abroad are showing a renewed interest in the Indian housing market at a time when the local demand is relatively sluggish.

"We are seeing a lot of interest from the NRI community. The rupee depreciation against the US dollar is also helping, for the prospective home buyers from the American continent," HDFC Ltd managing director Renu Sud Karnad told PTI.

Ms Karnad said that housing prices have stabilised, while softening of interest rates have helped make the home purchase much more affordable.

Property consultancy major CBRE's South Asia Head (Residential Services) A S Sivaramakrishnan said that NRIs have become extremely important for the Indian real estate market and they contribute 8-10 per cent of the total housing sales volume across India.

Stating that the contribution of NRIs in housing sales varies from city to city, he said the NRIs account for 30-35 per cent of apartments sales in Kerala.

Their contribution in Hyderabad and Delhi-NCR markets are 10-12 per cent, Mr Sivaramakrishnan added.

Cushman & Wakefield' executive director (residential services) Shveta Jain also said that investments in the real estate sector by NRIs have gained momentum over time with prices being stable or reaching bottom in select cities and markets, rupee devaluations and attractive long term returns.

"With city limits expanding to peripheries, investors have a variety of products ranging from affordable to luxury developments and special housing projects like senior homes to choose from.

"Given the tepid demand from resident buyers and investors, developers have also undertaken special marketing efforts to target NRIs, whose investor confidence in Indian real estate market will get a further boost with the introduction of the Real Estate (Regulation and Development) Bill," Ms Jain added.

Ms Karnad said that the projects on display during its London fair are from Bengaluru, Chennai, Gujarat, Goa, Hyderabad, Kerala, Mumbai, NCR, Pune, Punjab and Kolkata, among others.

The options include flats, villas and plots and customers would be given exclusive offers and value-added benefits.

HDFC would be holding such exhibitions for the eighth year in a row at a foreign location, showing its popularity amongst the NRI and PIO (Person of Indian Origin) community in London and other cities abroad.

Belgium based firm vito NV eyes smartcity associated projects in india

Belgium-based research and technology firm Vito NV has entered into an agreement with Valluri Technology Accelerators to cash in on programmes relating to smartcities, clean technology and environmental sustainability in India. 

The two companies have plans to offer their expertise on developing technological concepts and know-how in the fields of energy, water, waste, pollution, healthcare and land use. 

Through this technology and business partnership, Vito has made its first formal entry into the country. 

"We have been working with large industrial houses in India through project-specific contracts but now we can draw upon our extensive global network and expertise in clean-tech clusters and associations for offering solutions to problems that are unique to India," said VITO CEO Dirk Fransaer. 

Valluri Technology Accelerators Founder & Chairman Venkatesh Valluri said: "This agreement will focus on key areas around energy saving, water, pollution, waste, healthcare and smartcity development through collaborative approaches and principles of technology convergence." 

Headquartered in Mol, Belgium, Vito is a leading European policy consultant and had a turnover of 140 million euros in 2014.

south korea offer $10 billion funds to the development of smart cities in india

South Korea offered to provide $10 billion for infrastructure projects in India, including smart cities and railways, as Prime Minister Narendra Modi held talks with President Park Geun-hye here on Monday and the two countries decided to elevate their ties to a special strategic partnership.

 

Both sides agreed to increase their defence and security cooperation and also inked seven agreements, including on avoidance of double taxation and for cooperation between their National Security Councils.

 

Modi, who arrived in the morning from Ulan Bator, held talks with President Park after a ceremonial welcome at the Cheong Wae Dae, the presidential residence.

 

Modi, in his press statement said India considers South Korea "a crucial partner in India's economic modernization" and it can be a leading partner in India's focus on infrastructure and developing a world class manufacturing sector.

 

He said that both countries have agreed to hold their diplomatic and security dialogue in the "2 plus 2 format" -- between their foreign and defence secretaries. Japan is the other country with which India holds such a dialogue.

 

"I welcome the decision to have regular cooperation between our National Security Councils. We have also agreed to expand cooperation between our armed forces," said Modi.

 

A lengthy joint statement said that South Korea is to offer $10 billion for mutual cooperation in infrastructure projects in India, including smart cities, railways, power generation and transmission. Both sides are to cooperate in the Asia-Pacific Region.

 

President Park, in her remarks, said both leaders have found complementarities between India's "Act East" and her country's Northeast Asia Peace and Cooperation Initiative (NAPCI).

 

As part of the Special Strategic Partnership, both would hold annual summit meetings; hold annual joint commissions led by the their foreign ministers and boost cooperation between their defense education institutions.

Time for Retail market to reach big by 2025 in india : CII

Confederation of Indian Industry (CII) has envisaged that the retail market in India will touch US $ 1.2 Trillion by 2020 and US $ 2.1 Trillion by 2025 from the present level of US $ 550 billion, generating 10-12 million Jobs in next decade.
Collaboration between organised, unorganised & online to be the game changer in retail - CII

According to a Report titled The Indian Retail Medley released jointly by CII and Wazir Advisors at the Conference on Retail themed as 'Decoding the Future of Retail' organised by CII, The organized retail in India is expected to grow 7 folds and online retail 26 folds, while the unorganized retail will continue to dominate.

The report further highlighted that CII & Wazir are certain that the sector will get a transformational push with an aggressive collaboration between the organized, unorganized and online retail growth, driven by India's demographics with huge young and tech savvy population (500 million below 25 years), rising incomes and demand levels, urbanisation, attitudinal shifts and above all, a phenomenal and continuous rise in internet penetration across the country with the government's commitment to digitization.

It is estimated there would be 550 million net users in India by 2018, as also the face of the Internet user will change dramatically, with higher penetration to the tune of 210 million in rural areas. The online retail would provide a superb platform to the unorganised retail to reach out to the consumers across markets in tier 3 & tier 4 cities, further highlighted the report.

Time is absolutely opportune to 'Make in India' for Retail in India, with our country being one of the fastest growing and most dynamic retail markets in the world. We must produce and sell in India. There is however a dire need to strengthen our supply chain management, identification of the consumers' needs, trained and skilled manpower and streamlining of our taxation system, highlighted Mr Adesh Gupta, Chairman, CII Retail 2015 & Promoter, Liberty Group.

Further, India is expected to become the world's fastest growing e-commerce market on the back of robust investment activity in the sector and the rapid increase in internet users. It is expected that India's e-commerce market will grow from US$ 2.9 billion in 2013 to over US$ 100 billion by 2020. There is enough demand, and the challenge would be how to reach the consumers, both from connectivity and logistics perspective. The online retail can reach Tier 4-6 areas much better than offline channel, giving it a bigger advantage. Collaboration between both organized and unorganized retail companies could be the real game changer, he added.

The share of e-Commerce is growing steadily. Customers have an ever increasing choice of products at the lowest rates. E-Commerce is probably creating the biggest disruption in the retail industry and this trend will continue in the years to come. Almost everything is sold on the internet now and this means that pretty much all of the retail industry faces the challenge of either being a part of e-commerce or taking it head on. Partnering is the best way out, shared Mr Shreekant Somany, Chairman, CII NR.

It is imperative that the retailers take advantage of digital retail channels (e-commerce), which would enable them to spend less money on real estate while reaching more customers in tier-2 and tier-3 cities. Nevertheless, the long term outlook for the industry remains to be positive on the back of rising incomes, favourable demographics, entry of foreign players and increasing urbanization", shared Mr Mukesh Mathur, Executive Director, Oracle India.

Mr Harminder Sahni, MD, Wazir Advisors Ltd shared that The profitability of the retailers is a major issue these days. The companies should concentrate on opening profitable stores, with thrust on hiring trained manpower. Both online and offline must work together.