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On August 28th, the Ministry of Housing and Urban-Rural Development, the Ministry of Natural Resources, and the State Financial Regulatory Commission jointly issued a notice on improving the system for selling commercial housing. The notice mentions promoting a deposit system for the sale of completed properties. For commercial housing projects implementing the sale of completed properties, after obtaining a construction permit, real estate developers can sign a deposit contract with homebuyers and legally collect a small deposit. The deposit contract should stipulate the deposit amount, the selling price of the commercial housing, the delivery time, and the liability for failure to fulfill the contract on time, protecting the legitimate rights and interests of both parties. Municipal and county housing and urban-rural development departments are responsible for deposit supervision, and housing fund supervision agencies are responsible for deposit supervision work, opening a deposit supervision account at the projects main bank. The deposit supervision is released after the house meets the delivery conditions. If the real estate developer breaches the contract and fails to deliver the house on time, the homebuyer has the right to terminate the deposit contract according to the contract, and the real estate developer shall return the deposit and bear the liability for breach of contract according to law. Local governments should formulate model texts for housing deposit contracts based on their actual conditions.The three departments stated that local governments should simultaneously improve relevant policies on land supply and financial support for commercial housing projects, optimize project development, construction, sales, and real estate registration management, strengthen policy coordination and alignment, and improve management and service efficiency.On August 28, the Ministry of Housing and Urban-Rural Development, the Ministry of Natural Resources, and the State Financial Regulatory Commission jointly issued a notice on improving the system for selling commercial housing. The notice stated that all localities should vigorously and orderly promote the sale of completed commercial housing, achieving "what you see is what you get," reducing disputes over the delivery of commercial housing, fundamentally preventing delivery risks, safeguarding the legitimate rights and interests of homebuyers, and accelerating the construction of a new model for real estate development.On August 28th, the Ministry of Housing and Urban-Rural Development, the Ministry of Natural Resources, and the State Financial Regulatory Commission jointly issued a notice on improving the system for the sale of commercial housing. The notice emphasizes strengthening the supervision of pre-sale funds. Municipal and county-level housing and urban-rural development departments are responsible for supervising pre-sale funds, with housing fund supervision agencies undertaking the specific supervision work. These agencies should sign fund supervision agreements with real estate development companies and open fund supervision accounts with the projects lead bank. All down payments, personal housing loans, and other purchase funds paid by homebuyers should be deposited into the fund supervision account. Fund supervision will be lifted after the commercial housing project is completed and accepted, and supporting facilities such as water, electricity, gas, and heating are ready for delivery. If a real estate development company defaults on delivery, the homebuyer has the right to terminate the purchase contract according to the contract, and the real estate development company must refund the purchase funds and bear the liability for breach of contract. Real estate development companies should stipulate the relevant rights and responsibilities of depositing purchase funds into the fund supervision account in the purchase contract with the homebuyer.German Chancellor Merz: Todays young people have many opportunities, especially in skilled trades and vocational education. There are countless opportunities and possibilities.

Tata Considers Establishing EV Cell Production Facilities in India and Europe

Charlie Brooks

Jan 13, 2023 11:28

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In an interview with Reuters, the chief financial officer of Tata's vehicle sector stated that the company is considering developing battery cell production facilities in India and Europe.


Tata Motors (NYSE:TTM) controls the electric vehicle (EV) industry in India, having sold a total of 50,000 EVs to date and announcing plans to develop 10 EV models by March 2026. The company anticipates that electric vehicles will account for 25% of its total sales by 2025, up from roughly 8% presently.


Tata Motors' P.B. Balaji stated on the sidelines of India's Auto Expo auto show in Greater Noida, Uttar Pradesh, that localizing cell manufacturing for EV batteries is essential for increasing the use of local components in electric vehicles and will assist the automaker in establishing a local supply chain.


Tata is investigating two production sites, one of which is in Europe, to suit the battery cell needs of its premium vehicle unit Jaguar Land Rover, which has a manufacturing facility there.


Balaji stated that the investment in cell manufacture will be made by Tata Sons, but did not disclose the amount or schedule.


He remarked, "We should reveal it as quickly as possible."


India's automobile market, which is anticipated to become the third-largest in the world, is miniscule relative to its population, with electric models accounting for only 1% of nearly 3.8 million total car sales in 2017; nevertheless, the government intends to grow this to 30% by 2030.


Tata expects its EV business to generate positive cash flow by 2025, and the corporation is also concentrating on enhancing the sector's profitability.


Tata's new models will include a longer driving range and higher price points as Tata Motors looks to secure its position as market leader as Mahindra & Mahindra, Warren Buffett-backed BYD, and SAIC Motor's MG Motors prepare to launch electric vehicles.

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