Economy

Ritu Kumar is a known brand for top class bridal and fashion wear. On September 5th, despite the pandemic and every other shop owner complaining of negligible footfalls and even less sales, the brand opened a new store on the ground floor in New Delhi's plush Khan Market, possibly the costliest pocket of real estate in the country. It was the owner’s decision, said Neha, one of the young sales staff. Ritu Kumar, incidentally, already has a store spread over the first and second floor in the middle lane of the same market. That store now sells traditional bridal wear,…

The scenes inside the Kumaran Silks store at T Nagar that went viral on Tuesday, leading GCC to seal the shop on grounds of violation of COVID protocol, would lead most to believe that shopping fervour in the run up to the festive season has defied pandemic blues. And that there has finally been a revival of cheer among retailers in Chennai after a long, lean season. Sadly, that is far from the truth for many small retailers in T Nagar and other shopping districts in the city. Take for example, Kadhar Moideen, a footwear store owner on Usman Road.…

Part 1 of this series looked at the scale at which farm produce is traded through the APMC (Agricultural Produce Market Committee) system in Bengaluru. In this part, we explore how the APMC operates, and how successful the system has been. Yeshwanthpur APMC yard, spread across 85 acres, is one of the largest market places for farmers and buyers across the country. It is commission agents who play a key role in facilitating trade between farmers and buyers here, especially in case of perishable vegetables like onions and potatoes. The agents receive farmers’ produce, which is then auctioned in their…

Yeshwanthpur APMC yard is one of the biggest markets for onions in South India. Pic: Mohit M Rao In September end, M Dasappa loaded the onions harvested on three acres of his farm in Seegehatti in Chitradurga district, and headed towards the APMC yard in Yeshwanthpur in Bengaluru. There is a foreboding of disappointment in the trip this time around - he normally produces 300 quintals of onions; this time, heavy rains had led to losses and he is selling only 220 quintals. At the APMC (Agriculture Produce Marketing Committee) yard, the truck unloads the bags of gleaming onions. Byaravishwara…

It’s been over four months since Abdul Sattar left Bengaluru, driven out by the lockdown.  “We will leave somehow, even if there is a delay,” he had said. That was when Cyclone Amphan was about to make landfall, on May 20. Still, Abdul and his friends were prepared to brave the long 1,800-kilometre journey home to Chak Lachhipur, their village in Paschim Medinipur district of West Bengal.  It had been barely a few months since Abdul had come to Bengaluru from Mumbai, sometime in January or February, he says. His wife Hamida Begum, 32, a homemaker, and their children, Salma…

Tamil Nadu Handloom Weavers’ Co-operative Society, popularly known as Co-optex, evokes a nostalgic feeling among Chennaites. A saree passed down generations or a bedsheet that has been in a family for over 30 years are common memories attached to the brand. Since its inception in 1935, people's trust in Co-optex has never wavered and it continues to serve its loyal customers. However, after the 1990s, the brand started losing relevance and became less and less popular with the younger demographic.  In 2004-05, after Co-optex recorded a loss of Rs 85 crore, the management scripted a turnaround that brought the brand…

In Part 2 of this series, we looked at the kind of documents you need to scrutinise while buying any property in Bengaluru. In addition to these documents, you need to verify some specific documents while buying different types of property such as apartments, BDA sites, land with agricultural past, etc. In this article, we look at these requirements. Documents for scrutiny before buying apartments i. Joint development agreement & GPA In recent times, the most popular method for building apartments is by way of a Joint Development agreement (JDA). This is an agreement signed between the landowner and the…

Punkaj Bajaj, who retired as CEO and MD of Steel Authority of India’s Durgapur Steel Plant, thought he had all the time to finish the renovation work  of his  8th floor two bedroom apartment, in time for his son’s wedding slated for end April. Familiar with the ways of labour and  everything else that such renovation entails, Bajaj had factored in four days to break the old mosaic floor and lay new vitrified tiles in the living room of his flat built by the Ghaziabad Development Authority almost 30 years ago. With that calculation, Bajaj got the old floor of the living…

Representational image: Ramesh Meda/(CC BY 2.0) Reviewed by Prabhakar Shetty, practising advocate at the Karnataka High Court Before buying any property, you need to investigate all documents provided by the current property owner, and authenticate these with the agencies issuing the documents. There are two kinds of documents to check for — primary and secondary documents of title. Primary documents of title are the most essential as they show the ownership history of the property being sold. Some of the secondary documents of title help corroborate the information mentioned in the primary documents. The other secondary documents help the buyer…

If you are considering buying a home or a flat, always check that the land it is standing on has been classified as 'for residential use'. This simple check can save a lot of hassle later. Pic: Rameshng/Wikimedia Commons Reviewed by Prabhakar Shetty, practising advocate at the Karnataka High Court Buying property in Bengaluru can be confusing and risky - there are multiple authorities for land use approvals, obscure rules, and the finer details are often missed out. In this article, we explain what buyers and investors should know about different land types and the authorities regulating each. Following are…