RESIDENTS of Mumbai will be able to shop and dine out until dawn from next week as the Indian city plans to lift restrictions on retail trading hours in order to boost the local economy.
With India's economy growing at its slowest pace in 11 years, the government of Maharashtra state believes the move will boost spending and create jobs.
Malls, shops and eateries in commercial districts of Mumbai such as Bandra Kurla Complex and Nariman Point will be able to remain open 24 hours, seven days a week from January 27 if they choose to, Anil Deshmukh, home minister in the Maharashtra state government told reporters last week after the state cabinet approved the plan.
Currently, all stores are required to shut by 10.00 pm Indian time, while restaurants have to shut by 01:30 am, at the latest. The new law will exclude pubs and bars, which will still be required to shut down at 01.30 am, the state government said.
"We are hopeful that this move will provide jobs and revenue to our youth," Aaditya Thackeray, tourism and environment minister in the state government, told reporters after the cabinet meeting.
The city is home to 20 million people and attracts millions of visitors each year. Whether shops take up the option and extra cost involved in staying open through the night remains to be seen, although local media quoted the National Restaurant Association of India as saying malls and restaurant owners had expressed interest in operating 24 hours a day.
Thackeray dismissed concerns that the plan would lead to a law and order problem in the city. Some smaller Indian cities have scrapped retail trading hour limits but Mumbai will be the first major city to allow 24-hour trading.
India officially forecasts five per cent economic growth for the current financial year, the slowest pace since 2008-09, and analysts expect the government to announce tax concessions in its annual budget next month that will leave many individuals with more money in their pockets.
Mago Capital acquires the 145,000 square foot Notting Hill Gate Estate for £180million.
Prideview Group plays key role, completing £200million in London deals this year
Eastway Estates to back Mago Capital’s future property investments.
Prideview powers Mago’s expansion
Mago Capital has purchased the 145,000 square – foot Notting Hill Gate Estate in London for £180 million from Frogmore and Morgan Stanley. The purchase is part of its push to expand its £500 million Central London portfolio, through Prideview Group deal. The company has been actively buying premium properties across Central London.
For Prideview Group, this is another important achievement. The firm has completed over £200 million in Central London deals so far this year, becoming a significant player in the premium property market.
"We've always believed in the long-term value of prime London real estate, and this deal reinforces that," said Jesal Patel, Principal at Prideview Group. "We were able to move quickly with Mago Capital to secure an exceptional property in one of London's most iconic locations."
Ed de Stefano from Tydus Real Estate, told BE news, "The Notting Hill Estate provided a fantastic opportunity to acquire a 100 per cent prime, recently redeveloped, mixed-use estate, in one of central London's most affluent submarkets."
The deal involved several specialists including Tydus Real Estate, Freedman + Hilmi, and Brotherton, showing how complex such large property purchases can be. Prideview Group's investment arm, Eastway Estates, sits on Mago Capital's board and will support their future property acquisitions.
Looking forward, Prideview Group wants to manage £1 billion worth of property within the next 12 to 24 months. The firm is looking to work with investment funds, property agents, brokers, and other property companies to buy more assets.
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