Business
SIFC intervention sought as CAREC project stalls | The Express Tribune
ISLAMABAD:
A Chinese company has approached the Special Investment Facilitation Council (SIFC) as delays cast a shadow over the Rs146 billion CAREC Tranche-3 project, raising concerns about Pakistan’s ability to deliver on international commitments.
The project, part of the Central Asia Regional Economic Cooperation (CAREC) programme, is being co-financed by the Asian Development Bank (ADB) and the government of Pakistan. Despite its inauguration by the prime minister in February 2025, work has yet to begin, creating frustration among stakeholders and international financiers.
In a discussion with journalists, Imdad Ullah, spokesperson for the Chinese consortium leading the project, warned that unnecessary hurdles are holding back one of Pakistan’s most significant infrastructure initiatives. He confirmed that the consortium has formally written to the SIFC, urging immediate intervention to prevent further delays that could harm Pakistan’s credibility with donors.
In its letter, the NXCC consortium, along with local partners Rustam Associates and Dynamic Constructors, stressed, “This is a contract already vetted and approved by ADB and NHA, and inaugurated by the prime minister. Any effort to reopen or redistribute it is nothing but political interference.”
The CAREC Tranche-3 project, worth $471.9 million, includes an ADB loan of $360 million and $111.9 million from the Pakistani government. It aims to upgrade the 326-kilometre Rajanpur-Dera Ghazi Khan-Dera Ismail Khan section of the Indus Highway (N-55) with climate-resilient works and capacity building for the National Highway Authority (NHA).
The consortium reminded the SIFC that it had been “lawfully declared the lowest evaluated bidder, with a margin of Rs13.2 billion, for all four construction lots after a transparent and ADB-approved process.”
The letter warned that further delays could result in the loss of 25%-30% of allocated funds, escalating costs, and a negative signal to international investors. “For foreign partners, this raises a very worrying question: if even after winning fairly, with donor approval and the prime minister’s inauguration, a project can still be blocked, how can companies feel secure investing in Pakistan?” it stated.
The spokesperson stressed that prolonged delays and uncertainty jeopardise Pakistan’s standing with development partners, discouraging investors, and undermining national development priorities. He said the Indus Highway upgrade is vital for regional trade and connectivity, and delays could slow the country’s progress on critical infrastructure.
Imran Rahman-JonesTechnology reporter and
Joe TidyCyber correspondent, BBC World Service
Getty ImagesA person has been arrested in connection with a cyber-attack which has caused days of disruption at several European airports including Heathrow.
The National Crime Agency (NCA) said a man in his forties was arrested in West Sussex “as part of an investigation into a cyber incident impacting Collins Aerospace”.
There have been hundreds of flight delays after Collins Aerospace baggage and check-in software used by several airlines failed, with some boarding passengers using pen and paper.
“Although this arrest is a positive step, the investigation into this incident is in its early stages and remains ongoing,” said Paul Foster, head of the NCA’s national cyber crime unit.
The man was arrested on Tuesday evening on suspicion of Computer Misuse Act offences and has been released on bail.
The BBC has seen an internal memo sent to airport staff at Heathrow about the difficulties software provider Collins Aerospace is having bringing their check-in software back online.
The US company appears to be rebuilding the system again after trying to relaunch it on Monday.
Collins Aerospace’s parent company RTX Corporation told the BBC it appreciated the NCA’s “ongoing assistance in this matter”.
The US firm has not put a timeline on when it will be ready and is urging ground handlers and airlines to plan for at least another week of using manual workarounds.
At Heathrow, extra staff have been deployed in terminals to help passengers and check-in operators but flights are still experiencing delays.
On Monday, the EU’s cyber-security agency said ransomware had been deployed in the attack.
Ransomware is often used to seriously disrupt victims’ systems and a ransom is demanded in cryptocurrency to reverse the damage.
These types of attacks are an issue for organisations around the country, with organised cyber-crime gangs earning hundreds of millions of pounds from ransoms every year.
Days of disruption
The attack against US software maker Collins Aerospace was discovered on Friday night and resulted in disruption across many European airports, including in Brussels, Dublin and Berlin.
Flights were cancelled and delayed throughout the weekend, with some airports still experiencing effects of the delays into this week.
“The vast majority of flights at Heathrow are operating as normal, but we encourage passengers to check the status of their flight before travelling to the airport,” Heathrow Airport said in a statement on its website.
Berlin Airport said on Wednesday morning “check-in and boarding are still largely manual”, which would result in “longer processing times, delays, and cancellations by airlines”.
While Brussels Airport advised passengers to check in online before arriving at the airport.
Cyber-attacks in the aviation sector have increased by 600% over the past year, according to a report by French aerospace company Thales.
Business
India-US trade deal: ‘Talks are happening at different levels’, says official; Piyush Goyal-led team expected to return this week – The Times of India
India-US trade deal: At a time when Commerce minister Piyush Goyal is in America, an official has said that the trade deal talks between India and US are happening at various levels.“Talks are happening at different levels,” an official told PTI. The official indicated that the ministerial delegation is scheduled to return later this week. Multiple discussions between India and the US are ongoing, addressing both trade and non-trade matters, according to the official.Currently in the US for trade discussions, Piyush Goyal is joined by high-ranking ministry officials, including special secretary and chief negotiator Rajesh Agrawal. During his visit, Goyal has engaged in consultations with his American counterpart.This visit follows recent discussions in New Delhi between US Chief Negotiator Brendan Lynch and Agrawal regarding the proposed bilateral trade agreement.On September 16, the commerce ministry announced that the single-day discussions with the visiting US delegation about a bilateral trade deal were constructive, with both countries agreeing to work towards a swift and advantageous conclusion of the agreement.Senior US trade officials visited India for the first time following the implementation of a combined 50% tariffs on Indian goods in the American market, partly due to India’s procurement of Russian crude oil.Officials from both nations began negotiations for a proposed Bilateral Trade Agreement (BTA) in February this year, following directives from their respective leaders.The initial phase of the agreement was scheduled for completion in autumn (October-November) of 2025, with five rounds of discussions already completed. The agreement aims to increase bilateral trade from $191 billion to $500 billion by 2030.Earlier in May, Goyal travelled to Washington for trade discussions and held meetings with US Commerce Secretary Howard Lutnick.In 2024-25, the US maintained its position as India’s primary trading partner for the fourth successive year, with bilateral trade reaching $131.84 billion (USD 86.5 billion exports).The US represents approximately 18 per cent of India’s total goods exports, 6.22 per cent of imports, and 10.73 per cent of the country’s overall merchandise trade.
Last Updated:
New launches remain largely flat at 92,229 units, marginally below the one-lakh mark and down 10% on a sequential basis, according to real estate data analytics firm PropEquity.
Despite subdued launches, PropEquity expects housing demand to pick up in the festive quarter, driving stronger absorption and improved launch momentum.
Housing sales across India’s top nine cities declined by 4% year-on-year in the July–September quarter of 2025, settling just above the one-lakh mark at 1,00,370 units, according to a report by real estate data analytics firm PropEquity. This marked the 10th consecutive quarter of decline.
New launches remained largely flat at 92,229 units, marginally below the one-lakh mark and down 10% on a sequential basis.
The nine cities tracked in the report are Bengaluru, Chennai, Hyderabad, Mumbai, Navi Mumbai, Pune, Thane, Kolkata, and Delhi-NCR.
Maharashtra region weighs on sales
The annual drop in sales was largely led by Maharashtra markets — Mumbai, Navi Mumbai, Thane, and Pune — which recorded contractions ranging from 6% to 28%. Pune remained the largest market with 17,762 units sold but posted a 16% fall. Thane saw the sharpest fall at 28%.
Bengaluru, however, emerged as a bright spot, recording 16,840 units sold — a 21% jump YoY — making it the second-largest market. Chennai and Kolkata also saw strong growth of 16% and 25% respectively, while Delhi-NCR and Hyderabad reported modest 4% gains.
On a sequential basis, sales fell by 1%. Delhi-NCR witnessed the steepest quarterly fall of 24%, followed by Thane at 11%, while the other seven cities registered growth.
Samir Jasuja, founder and CEO of PropEquity, said, “The reason why we feel that the housing market remains healthy even though the new launches are coming down consecutively is because the sales continue to be higher than the new launches. We anticipate that 2025 will mirror 2024 with approximately 4 lakh unit launches and approximately 4.5 lakh sales, which is marginally lower than the 2024 numbers.”
| City | Q3 2024 | Q2 2025 | Q3 2025 | Q-o-Q | Y-o-Y |
|---|---|---|---|---|---|
| Bengaluru | 13,966 | 15,743 | 16,840 | 7% | 21% |
| Chennai | 4,675 | 5,292 | 5,406 | 2% | 16% |
| Hyderabad | 12,311 | 12,017 | 12,860 | 7% | 4% |
| Kolkata | 3,774 | 3,828 | 4,732 | 24% | 25% |
| Mumbai | 10,480 | 8,244 | 9,691 | 18% | -8% |
| Navi Mumbai | 7,650 | 7,114 | 7,212 | 1% | -6% |
| Pune | 21,066 | 17,808 | 17,762 | 0% | -16% |
| Thane | 20,620 | 16,644 | 14,877 | -11% | -28% |
| Delhi-NCR | 10,539 | 14,481 | 10,990 | -24% | 4% |
| Total | 1,05,081 | 1,01,171 | 1,00,370 | -1% | -4% |
New supply trends
On the supply side, new launches remained flat year-on-year but fell 10% sequentially. Bengaluru accounted for nearly one-fifth of new supply despite a 10% YoY decline. Chennai, Navi Mumbai, Pune, and Kolkata reported a rise in launches, while Bengaluru, Hyderabad, Mumbai, Thane, and Delhi-NCR recorded contractions.
Delhi-NCR saw the sharpest quarter-on-quarter fall at 31%, followed by Chennai (29%) and Pune (15%). Hyderabad, Kolkata, and Navi Mumbai bucked the trend with sequential growth.
Outlook
Despite subdued launches, PropEquity expects housing demand to pick up in the festive quarter, driving stronger absorption and improved launch momentum.
Vijay Harsh Jha, founder and CEO of property brokerage firm VS Realtors, said, “NCR continues to show strong sales momentum. Launches have come down significantly owing to the monsoon season as developers wait to launch projects during the festive quarter in anticipation of demand. The GST cut may drive sentiment-induced demand.”
Ramji Subramaniam, managing director of Sowparnika Projects, said, “The surge in Bengaluru’s housing sales reflects the deep confidence buyers have in the city’s real estate potential. Unlike other markets that have seen a dip, Bengaluru continues to stand out, especially as a global city, thanks to its salubrious climate, a cosmopolitan culture that welcomes people from across India and abroad, and strong demand from families seeking a better standard of living, quality education, and access to a leading higher education hub.”
Added to this are the city’s thriving IT and startup ecosystem, infrastructure development such as the Metro, demand for quality homes among young professionals and millennials with significant disposable incomes, and its reputation for offering one of the best work-life balances across all sections. For us as developers, this reaffirms the importance of continuous innovation, uncompromising quality, and delivering homes that meet the aspirations of today’s buyers, he added.
Vishesh Rawat, vice-president & head (marketing, sales & CRM) of M2K Group, said, “The fact that Delhi-NCR recorded a 4% uptick in sales signals that the demand in the NCR is still strong. Going into the festive quarter, we are experiencing positive buyer sentiment and pent-up demand to translate into improved absorption. Alongside, GST rationalisation will play its part in reducing cost pressures on developers, further boosting homebuyer confidence. We look forward to capturing this upswing, confident that the festive tailwinds will amplify the region’s growth momentum.”
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h…Read More
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h… Read More
September 22, 2025, 17:11 IST
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