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  • OFICCI Association Submits Representation on Behalf of OBC Entrepreneurs to Parliamentary Committee

    Hyderabad: The Office Bearers and Association Members of the OFICCI Association (OBC Federation for Indian Chambers of Commerce and Industry) led by Rama Mohan Manamasa, CMD, MRM Group Founder and Chairman, OFICCI, called on the OBC Parliamentary Committee Chairman Ganesh Singh Ji along with Ambica G Lakshminarayana Valmiki, MP, Anantapur; here on Wednesday and gave a representation on behalf of OFICCI. Manikam Tagore, MP appreciated the efforts of OFICCI. Rama Mohan Manamasa, Founder and Chairman of the associatiation along with executive members Prabhakar Yadav, G Sreedhar and other members; explained the need for promoting OBC Entrepreneurship in India. The representation contained the following points.

    1. Preferential Treatment in Public Procurement via GeM (Government e-Marketplace):

    – Despite the establishment of GeM as a transparent portal for government procurement, OBC-owned enterprises often struggle to secure government tenders due to limited resources and access.

    – We request the Committee to recommend measures for preferential treatment or quotas for OBC-owned MSMEs on GeM, similar to the provisions for SC/ST entrepreneurs, to ensure fair competition and equitable access to government contracts.

    2. Instructing Banks to Support OBC Entrepreneurs under CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises):

    – While CGTMSE provides much-needed financial support to MSMEs, there is a lack of targeted support and awareness among OBC entrepreneurs.

    – We request the Committee to direct banks to prioritise OBC entrepreneurs for CGTMSE loans, ensuring ease of access to credit without the burden of collateral. Additionally, banks should conduct outreach programs specifically aimed at increasing awareness of CGTMSE among OBCs.

    3. Priority Lending for OBC MSMEs:

    – Access to affordable credit remains a critical issue for OBC-owned businesses. Despite being a significant contributor to the MSME sector, OBC entrepreneurs face higher interest rates and bureaucratic delays in loan approvals.

    – We propose that the Committee recommend guidelines to banks for prioritising lending to OBC-owned MSMEs, along with lower interest rates to facilitate their growth and reduce financial stress.

    4. Reservation in Allotment of Plots in Industrial Parks Across India:

    – Industrial plots in state and central industrial parks are vital for the establishment and expansion of MSMEs. However, OBC entrepreneurs often face challenges in acquiring such plots due to stiff competition and lack of reservation policies.

    – We request the Committee to recommend a reservation of at least 15 per cent of industrial plots in all central and state industrial parks for OBC entrepreneurs. This would provide a level playing field and support the establishment of OBC-owned enterprises in these parks.

    Meanwhile, the association requested for a whitepaper on OBC Entrepreneurs’ current share in public procurement, bank lending, and MSME schemes in India. The important areas that they wanted in the whitepaper are:

    1. Enhancing Opportunities for OBC Entrepreneurs: A Roadmap for Inclusive Growth

    – Brief overview of the OBC population in India and their contribution to the economy.

    – Current challenges faced by OBC entrepreneurs in accessing opportunities and resources.

    2. Analysis of Public Procurement (GeM)

    – Data on the participation of OBC-owned enterprises in government tenders via GeM.

    – Comparative analysis of the share of contracts awarded to OBCs vs. other categories.

    – Recommendations for introducing quotas or preferential treatment for OBC-owned businesses.

    3. Access to Financial Support through CGTMSE

    – Analysis of the distribution of CGTMSE loans among different social categories.

    – Challenges faced by OBC entrepreneurs in accessing CGTMSE loans.

    – Data to be requested: Number of OBC beneficiaries under CGTMSE in the last 5 years, default rates, and loan disbursement trends.

    – Recommendations for improving access and awareness of CGTMSE among OBCs.

    4. MSME Priority Lending

    – Review of RBI guidelines on priority sector lending for MSMEs and their impact on OBC entrepreneurs.

    – Data to be requested: Breakdown of MSME loans provided to OBCs vs. other categories in the past 5 years, including interest rates and terms.

    – Recommendations for enhanced lending support and lower interest rates for OBC-owned MSMEs.

    5. Reservation in Allotment of Industrial Plots

    – Current policies on industrial plot allotment and the challenges faced by OBC entrepreneurs.

    – Data to be requested: Allotment of industrial plots to OBCs in central and state industrial parks over the last 5 years.

    – Recommendations for implementing a reservation policy for OBC entrepreneurs in industrial parks.

    6. Case Studies and Success Stories

    – Highlighting success stories of OBC entrepreneurs who have benefited from government schemes.

    – Analysis of best practices from other social categories that can be adapted for OBC support.

    7. Conclusion and Way Forward

    – Summarising the key issues and recommendations.

    – Roadmap for implementing the proposed measures for supporting OBC entrepreneurs.

  • Ola Electric’s stock may trade below its debut price of Rs76, no respite seen

    Mumbai: Facing a barrage of customer complaints amid poor after-sale service, Bhavish Aggarwal-run Ola Electric saw its stock plummet to a record low on Wednesday — below Rs 80 apiece in the morning trade — as market experts said the share may soon trade below its debut price of Rs 76. At the end of the day, the stock closed marginally higher at Rs 81.76. During the session, the share touched Rs 79.15 on the lower side and Rs 83 on the higher side.

    The EV company’s stock has fallen about 48 per cent from its highest level of Rs 157.40. Ola Electric’s shares were listed in August. After listing, a sharp rally was seen in the Ola Electric and the counter made an all-time high of Rs 157.40.

    Jigar S Patel, Senior Manager- Technical Research Analyst, Anand Rathi Shares and Stock-Brokers, said for Ola Electric, the support will be at Rs 76 and resistance at Rs 86. Market experts said that the strong support of Rs 86 has broken in Ola Electric and the next target is Rs 75 and the “trend in the counter continues to be negative”.

    The stock remains weak and selling is being seen at all levels. Due to the weakness, investors should stay away from this stock and invest in stocks with strong fundamentals, said market analysts. The reason for the fall in the shares of Ola Electric is the decline in sales and service-related problems.

    According to the government portal Vahan, Ola Electric sold 24,665 e-scooters in September. In August, this figure was 27,587. As per reports, Ola Electric’s flagship S1 series EV scooter has become a nightmare for hundreds of customers who are consistently facing issues like malfunctioning hardware and glitching software and spare parts are hard to come by, resulting in inordinate delays. Market analysts say that the share is showing extreme volatility due to challenges the company faces as well as rising competition and service-related issues.

  • Tata Motors inaugurates ‘Customer Care Mahotsav’, a nationwide programme for commercial vehicle customers

    Hyderabad: Tata Motors, commercial vehicle manufacturer, announced the launch of its Customer Care Mahotsav 2024, a comprehensive customer engagement program for commercial vehicle customers till 24th December 2024. The unique and value adding programme will be held at over 2500 authorised service outlets across the country, bringing together fleet owners and drivers for insightful discussions. Through the Mahotsav, customers can avail a range of benefits, including thorough vehicle check-ups conducted by trained technicians, and access to value-added services. Additionally, drivers will receive extensive training on safe and fuel-efficient driving practices, along with tailored offerings under its Sampoorna Seva 2.0 initiative.

    Launching the Customer Care Mahotsav 2024 edition, Girish Wagh, Executive Director, Tata Motors highlighted, “We are excited to bring back the Customer Care Mahotsav this year, starting 23rd October. The day holds a special significance for us as we sold our first commercial vehicle in 1954, we now celebrate it as the Customer Care Day. This Mahotsav reflects our commitment to deliver the best-in-class service, through meticulous vehicle check-ups and by offering a wide range of benefits. By ensuring that the Mahotsav delights our customers at every touchpoint across the country, we aim to strengthen our relationships across all our stakeholders. We cordially invite all our customers to their nearest Tata authorised service centres, and I am confident that this initiative will add significant value to their businesses.”

    The company’s widest commercial vehicle portfolio is complemented by a host of value-added services designed for comprehensive vehicle lifecycle management through its Sampoorna Seva 2.0 initiative. This all-inclusive solution begins with the vehicle purchase and supports every operational aspect throughout its lifecycle, including breakdown assistance, guaranteed turnaround times, annual maintenance contracts (AMC), and convenient access to genuine spare parts.

    Additionally, the company leverages Fleet Edge, its connected vehicle platform for optimal fleet management, enabling operators to maximise vehicle uptime and minimise total cost of ownership.

  • India’s electric vehicle supply chain landscape

    As of 2024, localization levels for critical electric vehicle components such as motors and controllers remain at 30-40% in India, reflecting a significant gap, writes Preetesh Singh, Manager – CASE and Alternative Powertrains at Nomura Research Institute (NRI) in his analysis of India’s electric drivetrain supply chain.

    EV Manufacturing and Assembling

    There is significant EV push from Indian government’s policy initiatives, such as the FAME scheme and the new PM E-Drive with a total outlay of INR 10,900 crore, including INR 2,000 crore specifically for charging infrastructure. These policies, coupled with attractive tax and incentive benefits, like PLI scheme or Basic Customs Duty (BCD) on imported components such as motors, aim to increase localization, making the supply chain for critical child parts mature & robust.

    The current state of EV manufacturing in India is categorized into four strategies: SKD Imports, CKD Imports, Buying Critical Components with Assembly in India and Component Child Part Imports with Sourcing & Assembly in India.

    The reliance on imports, particularly for critical components such as motors and controllers, is evident across all these strategies. While some OEMs & suppliers have started localizing manufacturing, dependence on foreign suppliers for raw materials and critical child parts continues to pose challenges.

    Localisation Status of EV Components

    Localization of EV components is vital for several reasons like cost reduction, supply chain resilience, and long-term sustainability. The government is pushing for localization, but it remains challenging today. Localization of the following three critical EV components is necessary:

    Motors and Controllers

    They together form the e-drive, the second-largest cost component of an EV, accounting for 8-10% of the BoM​. Localization of these components remains a challenge, with only 30-40% of the motor being localized. Most of the critical child parts, such as the rotor, stator, and permanent magnets, are imported.

    Source: Nomura Research Institute

    Source: Nomura Research Institute

    Localisation status of EV components

    EVs utilize various types of motors, each offering distinct benefits. In India, Brushless Direct Current (BLDC) and Permanent Magnet Synchronous Motors (PMSM) are the most common choices across different EV segments due to their balance of performance and cost.

    Brushless Direct Current Motor (BLDC):

    A BLDC motor delivers current through a commutator into coils on the rotor, with the rotor itself being a permanent magnet. The coils, however, remain fixed on the stator. This configuration allows BLDC motors to offer a balanced mix of efficiency & cost-effectiveness.

    It is used by Ola, Ampere, TVS and Ather for their e-2Ws and also by YC Yatri e-rickshaw.

    Permanent Magnet Synchronous Motor:

    PMSM motors are a type of AC synchronous motor where the field is excited by permanent magnets with its rotor generating a magnetic field. It is highly efficient, making it ideal for high performance vehicles. However, it is expensive due to the use of permanent magnets.

    Commonly used in cars and buses e.g. Tata Urban E-bus, Mahindra XUV400 EV, MG ZS EV, Hyundai Ioniq 5, etc.

    Induction Motor (IM):

    These are asynchronous motors where the electric current in the rotor is induced by EM induction from the stator winding’s magnetic field. These motors offer cost advantages. They are not as efficient as PMSM under heavy loads.

    These motors are used across vehicle segments, including LCVs & cars like Tata Ace EV, Mahindra Treo 3W, Tesla S & X models, etc.

    Switched Reluctance Motor:

    Switched Reluctance Motors’ rotor contains no magnets or coils. The motor operates by sequentially energizing the stator windings, creating a magnetic field that pulls the rotor into alignment. It can deliver high torque but struggles with inefficiencies at lower speeds. These are not common in EVs and are emerging for heavier industrial applications.

    Range Rover SV comes with SRM motor.

    Critical EV Motor Child Parts’ Availability in India

    The performance of an EV traction motor, which converts electrical energy into mechanical motion is heavily influenced by several critical child parts, including copper coils, MG (magnetic) cores, stator laminations, permanent magnets (made from rare-earth metals), etc. After understanding how important EV motors are, with an 8-10% of BoM, it becomes crucial to understand the Indian landscape of EV motor child parts suppliers.

    Copper Coil in EV Motors

    Copper coils are used in the windings of the stator to generate the magnetic fields necessary for motor operation. India is world’s 4th largest copper importer, and also has significant copper reserves in the states of Madhya Pradesh, Rajasthan, and Jharkhand. The copper wire industry is well-developed in India, and while there are no suppliers currently specializing in EV-specific copper coils, many have the capability to do so as demand grows.

    MG Core (Magnetic Core)

    MG cores, also known as laminated steel cores, are essential for reducing energy losses in EV motors. They consist of thin layers of steel sheets coated with insulating material to minimize eddy currents, which can cause power loss and heat buildup. The thickness of these sheets plays a crucial role in the motor’s efficiency, with thinner laminations offering better performance.

    Permanent Magnet

    Permanent magnets, particularly those made from rare earth metals like neodymium, are crucial for creating the strong magnetic fields required in high-performance EV motors, especially PMSMs. These magnets significantly influence the motor’s power density, torque, and overall efficiency. India imports 92% of its rare earth metals from China, which controls 79% of the global rare earth metals market.

    Due to the reliance on China for rare earth materials, localizing permanent magnet production in India is a major challenge. The high cost of rare earth metals, coupled with the complex processing required, makes localization difficult.

    Way Forward for India to Improve EV Localization | Recommendations

    • The government’s PLI Auto Component Champion Scheme needs to accelerate certification processes, especially for e-drives, motors, and controllers, to boost domestic manufacturing.
    • The development of rare-earth-free motor technologies like Switched Reluctance Motors (SRM) should be prioritized. Promoting technologies like these could safeguard the supply chain against global disruptions and price hikes in rare-earth metals.
    • To foster innovation and reduce import dependence, a more robust R&D ecosystem is needed. Upskilling engineers and creating specialized laboratories focused on motor design and electrical testing can enhance the design capabilities of Indian suppliers. Strengthening of industry-academia collaboration via schemes like the Advanced National Research Foundation (ANRF) can accelerate R&D efforts as well.
    • As components like inverters and controllers rely heavily on semiconductor chips, India’s semiconductor policy must align with its EV goals. Increased domestic production of semiconductors will boost the localization of motor controllers and other electronic parts, driving down costs and reducing the reliance on imports​.

    Special thanks to co-authors Athul Nambolan, Deputy Senior Consultant and Som Pathak, Associate Consultant at Nomura Research Institute for their extensive contribution to this analysis.

    Also read: Driving toward tomorrow: Insights into EV charging infrastructure development

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  • IPO shows HMIL’s commitment to India: Hyundai chief

    Mumbai:South Korean auto major Hyundai Motor Company is taking the next big step with the IPO of its Indian arm which shows its commitment to the country, Hyundai Motor Group Executive chair Euisun Chung said on Tuesday. Speaking at the listing ceremony of Hyundai Motor India Ltd (HMIL) here, Chung also said that the IPO also shows HMIL is a key part of India.

    Shares of Hyundai Motor India Ltd made a muted market debut and further fell by nearly 6 per cent against the issue price of Rs 1,960. The Rs 27,870-crore initial public offer of Hyundai Motor India Ltd, which had a price band of Rs 1,865-1,960 per share, was subscribed 2.37 times on the last day of the bidding on Thursday, helped by institutional buyers.

  • Toyota Kirloskar Motor Launches Fesitive Limited-EditionToyota Rumion MPV

    Hyderabad: Making this festive season special for car buyers, Toyota Kirloskar Motor (TKM) on Tuesday introduced the Festive Edition of the Toyota Rumion. This limited-edition, featuring exclusive Toyota Genuine Accessory (TGA) packages aimed at enhancing the Rumion’s aesthetics and comfort is the perfect mobility choice to celebrate the season in elegance and style.

    This festive edition of the car, available across all grades, comes with a dealer-fitted TGA package worth Rs20,608, ensuring that customers enjoy a premium experience.

    The Festival Limited Edition TGA package features include: back door garnish, mud flaps, rear bumper garnish, deluxe carpet mat (RHD), head lamp garnish, number plate garnish, door visor – chrome, roof edge spoiler, body side molding garnish finish.

    Sabari Manohar – vice president, sales-service-used car business, Toyota Kirloskar Motor, said, “We are thrilled to introduce the Limited-Edition Toyota Rumion, which not only enhances aesthetics and comfort but also ensures a superior driving experience. As we embrace the festive spirit leading up to Diwali, our commitment to offering exceptional value to our customers remains unwavering. This special edition showcases our dedication to customer satisfaction by offering newness through features such as premium accessories, extended warranties topped with outstanding after-sales service, all meticulously designed to cater to the unique needs of Indian buyers.”

    The new model has already garnered a strong following as a versatile and family-friendly MPV, seamlessly combining spacious interiors, fuel efficiency, and superior safety features. Offering a choice between a 5-speed manual transmission and a smooth 6-speed automatic transmission, providing a seamless driving experience for both manual and automatic enthusiasts, this MPV is available in powerful K series 1.5-litre Petrol engine with Neo Drive (ISG) technology and E-CNG technology. The cutting-edge K-series engine also offers an excellent fuel efficiency of 20.51 km/l for Petrol variant and 26.11 km/kg for CNG variant.

    The new model is available in six variants of S MT/AT, G MT, and V MT/AT, S MT CNG offering a wide range of options for customers.

  • Economics of running an electric L5 3W for last-mile deliveries vs ICE 3W • EVreporter

    The logistics industry, particularly in last-mile deliveries, is rapidly shifting towards electric vehicles, with electric 3-wheelers (L5) emerging as serious contenders against internal combustion engine (ICE) 3-wheelers. Rising fuel costs, increasing environmental regulations, and a stronger focus on sustainability have prompted businesses to consider electric vehicles’ economic and operational benefits. When comparing electric 3-wheelers to their ICE counterparts, it’s essential to examine operational costs, maintenance, initial investment, and long-term profitability to understand which option offers a better value for fleet operators.

    Kumar Ramamurthi, CEO of BAXY Mobility, discusses the economic incentive of running an electric 3W fleet over ICE vehicles.

    Purchase price and running cost comparison

    Electric 3Ws tend to come with a higher initial price tag due to the cost of batteries and advanced electronics. While ICE 3-wheelers are priced between INR 2.0 – 2.5 lakhs, electric models generally range from INR 3.5 – 4.0 lakhs. However, government incentives – such as those offered under India’s PM E-DRIVE (PM Electric Drive in Innovative Vehicle Enhancement) Scheme can help reduce this gap. The scheme, for instance, provides buyers with subsidies of up to INR 50,000, making electric 3-wheelers more affordable and closer in price to ICE vehicles. This reduction in upfront cost through government support has made it more feasible for businesses to invest in electric vehicles.

    Running costs present one of the most significant economic advantages for electric 3-wheelers. In daily operations, an electric 3-wheeler can travel 100 KM for approximately INR 50-60 in electricity, compared to the INR 250-300 needed for the same distance using an ICE 3-wheeler fueled by petrol or diesel.

    Over a year, assuming a vehicle covers 50-80 KM per day, this reduction in fuel expenditure can lead to savings of INR 60,000-90,000 annually per vehicle. For businesses managing large fleets, this could translate into substantial cost reductions, making electric vehicles an attractive proposition. In the long run, lower running costs offer electric vehicles a significant economic edge, especially as fuel prices remain volatile.

    Comparing maintenance expense

    Another crucial factor is maintenance. Electric 3-wheelers, with their simpler powertrains, have fewer moving parts, leading to lower maintenance requirements and costs. Unlike ICE vehicles, which require frequent oil changes, engine repairs, and maintenance of complex systems like the transmission and exhaust, electric 3-wheelers operate on a much simpler mechanism. On average, maintenance for ICE 3-wheelers ranges from INR 3,000-5,000 per month, while electric models typically require just INR 1,000-2,000. Regenerative braking systems in electric vehicles further reduce wear and tear on brake components, enhancing their overall longevity. For fleet operators, lower maintenance translates to fewer service disruptions and reduced operational downtime, ultimately boosting efficiency.

    Battery cost consideration

    Battery costs, however, remain a significant consideration for electric 3-wheelers. While the cost of batteries has been declining globally, they are still one of the most expensive components of an electric vehicle. Lithium-ion batteries, commonly used in electric 3-wheelers, typically last 5-7 years or around 100,000 KM before they need to be replaced. The replacement cost can range from INR 1.0-1.5 lakhs, which is a considerable expense. However, with technological advancements and economies of scale, battery prices are expected to continue dropping, which will further improve the overall economics of electric vehicles in the coming years. Moreover, emerging battery recycling and repurposing programs can help alleviate some concerns about battery disposal’s environmental and financial implications.

    Other benefits

    Government policies and incentives are key drivers of electric vehicle adoption. In addition to the subsidies provided under PM D-DRIVE, the Indian government offers other incentives to promote EV adoption. For example, electric vehicles are subject to a lower Goods and Services Tax (GST) of 5%, compared to 28% for ICE vehicles. Some state governments also offer additional tax benefits, reduced registration fees, and incentives for fleet operators to invest in electric vehicles. These measures help reduce the initial financial burden of transitioning to electric vehicles and make them more competitive in the long term.

    From an environmental perspective, electric 3-wheelers provide substantial benefits. They produce zero tailpipe emissions, making them a critical tool in the fight against air pollution, which is a significant issue in India’s urban centers. Replacing an ICE 3-wheeler with an electric one can reduce carbon emissions by 1-2 tons annually. The environmental benefits extend beyond emissions; electric vehicles also contribute to a quieter urban environment, as their motors operate almost silently, reducing noise pollution. For cities grappling with air and noise pollution, the widespread adoption of electric vehicles could significantly improve residents’ quality of life.

    Current challenges and roadmap

    However, some challenges still need to be addressed, particularly concerning the range and charging infrastructure of electric 3Ws. Currently, most electric 3-wheelers offer a range of 100-120 KM on a single charge, which is generally adequate for urban last-mile deliveries. However, for operations in rural or semi-urban areas, where distances between delivery points may be greater, this range may be insufficient, creating “range anxiety” for fleet operators. Charging infrastructure is another concern. While urban areas are seeing an increase in the number of charging stations, rural areas still lag behind. Without widespread and easily accessible charging points, the practicality of using electric 3-wheelers in less developed areas remains a challenge.

    Battery swapping is emerging as a potential solution to overcome these limitations. This technology allows for rapidly exchanging depleted batteries with fully charged ones, significantly reducing the downtime associated with charging. Battery swapping stations are already being deployed in some regions, particularly urban centers, and offer an efficient solution for fleet operators who need to keep their vehicles in constant operation. As this technology becomes more widespread, it could help address some of the concerns around range and charging time, making electric 3-wheelers an even more attractive option.

    Looking ahead, it is clear that electric 3-wheelers are poised to play an increasingly dominant role in last-mile deliveries. Their lower running and maintenance costs, government incentives, and environmental benefits make them a compelling choice for businesses. However, ICE 3-wheelers may continue to hold an edge in regions where charging infrastructure is underdeveloped or the electricity supply is unreliable. In the short term, a hybrid approach—using both electric and ICE vehicles—may be the most practical solution for logistics companies, particularly those operating across diverse geographic areas.

    In conclusion, while electric 3-wheelers are already economically viable in many cases, especially in urban settings, continued improvements in battery technology, declining costs, and the expansion of charging infrastructure will further strengthen their position. Businesses looking to future-proof their operations would be wise to begin integrating electric vehicles into their fleets, not only for cost savings but also to align with the global shift towards more sustainable practices.

    References:

    • International Energy Agency (IEA) – For trends in electric vehicle adoption:
      IEA – Global EV Outlook
    • Price Trends and Battery Technology:
      BloombergNEF – Electric Vehicle Outlook

    Author credit: Mr. Kumar Ramamurthi, CEO – BAXY Mobility, A key subsidiary of the BAXY Group.

    Also read: India L5 E-3W Sales Trend | Jan 2024 – Aug 2024

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  • Tata Motors to supply 1,000 diesel bus chassis to UPSRTC

    Mumbai, Oct 21: Tata Motors on Monday announced it has received an order from the Uttar Pradesh State Road Transport Corporation (UPSRTC) to supply 1,000 units of the ‘Tata LPO 1618’ diesel bus chassis.

    The latest order follows the successful fulfilment of an earlier order of 1,350 bus chassis received last year, which are currently being run efficiently by the UPSRTC.

    Designed for safe intercity and long-distance travel, ‘Tata LPO 1618’ diesel bus chassis deliver superior performance and excellent passenger comfort with low Total Cost of Ownership (TCO), said the automaker.

    “The ‘Tata LPO 1618’ bus chassis is engineered to deliver robust and reliable mobility with high uptime and low maintenance and operating costs. We look forward to commencing supplies as per the guidance of UPSRTC,” said Anand S, Vice President and Head – Commercial Passenger Vehicle Business, Tata Motors.

    The bus chassis will be supplied in a phased manner as per mutually agreed terms, said the company.

    Tata Motors said it has been at the forefront of delivering advanced buses and public transportation solutions to various cities and states across the country.

    Thousands of these buses operate successfully on the country’s roads, connecting urban and rural areas, facilitating comfortable and efficient daily travel for millions of citizens.

    Part of the $165 billion Tata Group, Tata Motors is a $44 billion organisation and is a leading global automobile manufacturer of cars, utility vehicles, pick-ups, trucks, and buses, offering an extensive range of integrated, smart, and e-mobility solutions.

    Meanwhile, UPSRTC plans to deploy 20 of the 120 new electric buses in Lucknow and 20 in Ayodhya.

    About 740 electric buses in total are operating in the state, all with a floor height of 900 mm.

  • 53% Affordable Housing Buyers Unhappy with Available Options – Anarock-Ficci Survey

    Hyderabad: Demand for affordable homes has nosedived since Covid-19, initially because this segment’s target clientele was financially impacted by the pandemic. However, the Anarock-Ficci Homebuyer Sentiment Survey – H1 2024 has identified other pain points. At least 53 per cent homebuyers are dissatisfied with the currently available options in this vital segment across cities.

    Anuj Puri, Chairman – Anarock Group, says, “The top three reasons why prospective affordable homebuyers’ disenchantment with the currently available affordable housing supply are bad project location accessibility, questionable construction quality and poor design, and constricted unit sizes. Of the dissatisfied affordable home seekers polled in our survey, a whopping 92 per cent respondents identify project location as the biggest grouse, while 84 per cent state low construction quality and inferior design elements as major deterrents. 68 per cent respondents find the available unit sizes too small to be attractive.”

    Declining demand for affordable housing has had a cascading impact on its supply in the last one year. Anarock data highlights the shrinking supply of affordable housing in major cities, dropping from 26 per cent of total launches in 2021 to just 17 per cent by 9M 2024. Prior to the pandemic in 2019, affordable homes made up 40 per cent of new projects.

    “Bigger homes continue to dominate buyer preferences despite spiralling prices in the last one year,” says Puri. “Over 51 per cent of the current survey respondents prefer 3BHK units and just 39 per cent will settle for 2BHK options. City-wise analysis indicates that the demand for 3BHKs is particularly high in Chennai, Hyderabad, Delhi-NCR, and Bengaluru, where over 50 per cent respondents prefer it over other flat sizes. Conversely, over 40 per cent participants in Kolkata, MMR and Pune name 2BHKs as their preferred option.”

    Patience is the New Black

    In terms of preferred stages of construction, the H1 2024 survey shows a significant trend reversal. The demand ratio of ready-to-move-in homes to new launches now stands at 20:25. In H1 2020, the RTM-to-new launches demand ratio was 46:18. One major reason for this shift is that most homebuyers favour projects by large and listed developers, who they are confident will deliver their homes on time.

    Another key highlight of the H1 2024 survey is that at least 57 per cent residential real estate investors are focused on steady rental income. This is far from surprising, since there has been a remarkable surge in rental rates across cities in the last two years (over 70 per cent in prominent micro markets). Rental earning potential has therefore taken centre-stage as an investment motivator.

    While interest in the currently available affordable housing supply continues to decline, premium and luxury homes continue to dominate demand – at least 45 per cent survey respondents now prefer homes priced >Rs 90 lakh. In the survey’s pre-Covid 2019 edition, just 27 per cent respondents were interested in properties in or above this price bracket.

    The Plot Thickens

    The latest survey also identifies a growing preference for residential plots, which 20 per cent of property seekers name as desirable options across cities. City-wise data highlights that this preference is most pronounced in the major Southern cities – 30 per cent buyers in Chennai prefer it, 29 per cent in Bengaluru, and 27 per cent in Hyderabad. Several large and branded developers have launched residential plot projects in these cities over the last few years and continue to find ready takers.

    Villas and row houses are also markedly in demand in these southern cities. Contrastingly, more than 70 per cent survey participants in MMR, NCR and Pune prefer apartments.

    Other Survey Highlights

    Real estate is the most preferred asset class for investment for over 59 per cent respondents, up 2 per cent against the previous survey

    • 66 per cent millennials & 42 per cent Gen-X respondents will use their investment gains for purchasing a home in the future

    • Over 67 per cent buyers seeking property for end-use vs 64 per cent in H2 2023 survey

    • Top homebuyer demands today include timely project completion assurance, construction quality improvement/assurance, and well-ventilated homes

  • Mahindra Launches Scorpio Classic Boss Edition in India

    To attract more customers during the festive season, Mahindra has unveiled the new Boss Edition of the Scorpio Classic, a special edition that enhances the vehicle’s appeal.

    This latest offering comes equipped with an extensive range of accessories available at authorised dealerships, elevating it beyond the regular version. Interested buyers can reserve the model by visiting dealerships across the country.

    Exterior Updates

    The Boss Edition boasts striking dark colour shades and features blacked-out elements throughout, including colour-matched door handles, matte-finish cladding, roof rails, and aggressive black diamond-cut alloy wheels. The ORVMs have a faux carbon-fiber finish, adding a premium touch to the SUV.

    Additional accessories include a front bumper extender, rain visors, a silver skid plate beneath the front bonnet, and a rear guard with a black powder coating. The SUV retains its LED headlight setup, complete with integrated DRLs and fog lamps.

    Interior Features

    Inside, the Boss Edition offers a sophisticated beige interior complemented by black leatherette upholstery. The cabin includes a Comfort Kit featuring neck pillows for the front seats and black cushions adorned with Mahindra’s logo.

    Powertrain

    Under the hood, the Scorpio Classic Boss Edition retains the familiar 2.2-litre four-cylinder diesel engine, producing a maximum power of 130bhp and 300Nm of torque, paired with a six-speed manual gearbox.