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Real estate barons betrayed people’s trust, pulled down a growth sector

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The Supertech Twin Towers in Noida that are supposed to be decimated next month is representative of the fall of the real estate czars in the recent past, especially in Delhi-NCR.

The real estate landscape in the region suffered multiple blows as leading names of the trade were mired in scandals in the recent past and some of them even landed in jail.

This is a story of how real estate barons have played with the system, betrayed people’s trust and created multiple crises.

Ashutosh Kashyap, Director, Advisory Services, Colliers India pre 2012, said the residential real estate dynamics of NCR were characterised by double-digit capital value appreciation coupled with robust absorption.

On one hand, prospective buyers were in a hurry to buy, apprehensive of price rise, while on the other hand, robust absorption motivated developers to go on a project launch spree.

In the absence of a proper regulatory regime (such as RERA, which came later), the financial ring-fencing of projects was not proper, which allowed developers to use booking money from one project to acquire more land, which was only based on the underlying premise that the robust absorption will sustain.

“The reason, most of these happened in Noida was because the city offered the option of staggered payment for allotted land. This allowed builders to accumulate and launch more projects in anticipation of robust demand. The residential real estate segment witnessed a prolonged muted period (till 2020-21), especially for the primary market. Most of the developers that built their pipelines on anticipated demand found it difficult to sustain this phase and what we see today is the result of the same,” Kashyap added.

A number of real estate czars have faced enforcement action and some even bankruptcy. This has in turn caused immense despair and hardship for home buyers stuck with incomplete projects having poured in their life savings.

Members of the Chandra family of the Unitech Group are in jail. The Supreme Court on Wednesday asked the Enforcement Directorate (ED) to propose steps to bring back homebuyers money amounting to Rs 5,000 crore diverted to tax havens, which was revealed in a forensic audit.

At the beginning of the hearing, Additional Solicitor General N. Venkataraman, representing the Centre-appointed board of the Unitech, submitted before a bench headed by Justice D.Y. Chandrachud that over a thousand crore is outside the country and some money should come back, which could be utilised for the purpose of construction, and the court should ask ED, what progress has been made so far.

In April last year, the ED attached movable and immovable properties worth over Rs 300 crore in 10 separate cases of money laundering.

The agency had said that Unitech Group had diverted proceeds of crime, which are over Rs 300 crore to Carnoustie Group and in turn, the entities of Carnoustie Group purchased several immovable properties from these funds.

In December 2019, the top court had directed the Centre to take over the management of Unitech by appointing independent directors after a forensic audit revealed that home buyers’ money worth over Rs 5,000 crore had been diverted to tax havens such as Cyprus. The diversion of money affected the completion of at least 74 projects and damaged the interests of nearly 12,000 homebuyers.

Also in jail is the Ambience Group owner Raj Singh Gehlot. An (ED) probe has revealed that the group has not made the obligatory contribution of Rs 462 crore for the construction of a Rs 1,272 crore luxury hotel project at Shahdara in the national capital, violating the loan conditions of a consortium of banks, led by the Jammu & Kashmir Bank.

Business

New TVS Apache RR 310 Hits Indian Market at Rs 2.75 Lakh: All You Need to Know

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TVS has introduced the 2024 edition of its flagship Apache RR 310 in India, starting at Rs 2.75 lakh (ex-showroom). The updated model brings several enhancements, including segment-first aerodynamic winglets integrated into the side fairing, aimed at improving stability and performance.

The latest version of the TVS Apache RR 310 comes with a starting price of Rs 2.75 lakh (ex-showroom) for the Racing Red model. However, this variant does not include the bi-directional quick-shifter. For those looking to add this feature, it will cost approximately Rs 17,000 extra. The 2024 lineup also introduces a new Bomber Grey color option, priced at Rs 2.97 lakh (ex-showroom), offering a stylish and performance-focused upgrade.

The 2024 TVS Apache RR 310 retains its 312cc single-cylinder, liquid-cooled engine with a 6-speed gearbox, but now offers improved performance. The updated model produces 37 bhp at 9,800 rpm and 29 Nm of torque at 7,900 rpm. TVS also claims that it accelerates faster than before, shaving 0.43 seconds off its 0-100 km/h time, making it a more exciting choice for riders looking for speed and agility.

The 2024 TVS Apache RR 310 keeps its familiar trellis frame, supported by upside-down front forks and a rear monoshock for improved handling. Braking is handled by disc brakes. It also comes with a 5-inch TFT display that offers Bluetooth connectivity and navigation.

The updated electronics package includes new features like tyre pressure monitoring, cornering ABS, traction control, and cruise control. While the overall design remains similar, it gets refreshed decals and is available in three colours: Bomber Grey, Racing Red, and Race Replica.

TVS has introduced two performance kits for the new Apache RR 310: the Dynamic kit, priced at Rs 18,000, and the Dynamic Pro kit at Rs 16,000. The Dynamic kit enhances the bike’s handling with fully adjustable suspension, a tyre pressure monitoring system, and a brass-coated drive chain. The Dynamic Pro kit, meanwhile, focuses on safety and stability, offering race-tuned dynamic stability control for better on-road performance. These upgrades allow riders to customize their experience for both performance and safety.

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Business

Jio network down: users are facing problems

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Some Jio users in Mumbai are experiencing network outages, causing the issue to trend on Twitter. According to reports on social media, the disruptions have affected specific areas in the city. One user claimed that the Reliance Jio IDC Data Centre caught fire, potentially causing service interruptions. The user tweeted, “Reliance Jio IDC Data Centre caught fire, some services down due to that.

The network of Reliance Jio, one of the leading telecom companies in India, has been down for the last 1 hour. So users are facing a lot of problems. Many have posted about this on social media and tagged Reliance Jio. Reliance Jio network is down since last 1 hour.

Due to this, many works of Jio users have been stopped. A user posted on X and informed that the Jio service has been shut down due to a fire in the IDC (data center). Repair work is going on here. The network will be restored soon. But Reliance Jio has not given any official information about this yet. Therefore, users are asking when the network will be restored.

Reliance Jio service has been discontinued. Most of the users have no signal in their mobiles. 20 percent reported internet connectivity disruption on Down detector. 14 percent people are facing problems in running Jio fiber. Reliance Jio’s website is also not working properly and users are unable to access the Jio app.

There are more than 10 thousand complaints on Downdetector around 12 noon. More outage issues have been reported from cities like Delhi, Lucknow and Mumbai. Users across the country are complaining about Jio service being down. Jio on X is also trending down. People are sharing memes for Jio.

Reliance Jio services have once again been suspended in many parts of the country. Today i.e. on 17th September it started from Mumbai, the financial capital of the country and now Jio is down in all the cities of the country. Earlier in May and June 2024 also, Jio services were suspended in Mumbai. Users are constantly complaining on social media about Jio being down but there is no concrete solution and assurance from the company yet.

Users on social media claim that Jio services have been suspended across Mumbai. There is a network problem for several hours. Many users have also complained about the broadband service. Outage tracker Downdetector has also confirmed Jio’s outage. According to Downdetector’s map, it has stopped in New Delhi, Lucknow, Nagpur, Cuttack, Hyderabad, Chennai, Patna, Ahmedabad, Kolkata, Guwahati.

More than 10 thousand people have complained on Downdetector in just 1 hour. On this site, 67 percent people complained about lack of signal, 20 percent about mobile internet and 14 percent about Jio Fiber.

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Business

‘Take A Trip To Vietnam For Your iPhone 16’: X User Proposes Cost-Effective Way To Buy The Latest Apple Smartphone

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Apple recently launched its latest iPhone series, the iPhone 16 series. In addition, the company also launched the latest Apple Watch along with the latest version of Apple AirPods.

Trip To Vietnam For Apple

Apple products from time immemorial have been known for their exorbitant and sky-high pricing. Many have often made memes about having to sell their organs to be able to afford one of their iPhones.

Now, with the latest launch, and X user has found a way to cut corners by taking a trip.

According to the user, an aspiring iPhone buyer in India should take a trip to the East Asian nation of Vietnam to be able to get the new iPhone 16 at a cheaper rate.

However, the user also notes that these savings can only be made, if the buyer is intending to buy the advanced iPhone 16 Pro iPhone 16 Pro Max.

Savings Only iPhone 16 Pro

The user said, “Plan your #iPhone16 purchase with a trip to #Vietnam and spend the same amount you would be spending buying it here in India.”

In addition, the user also added, “But the savings work only if you are planning to buy the #iPhone16Pro or the #iPhone16ProMax”.

In addition, the user also surmised an instance of users travelling to the UAE an purchasing these phones.

According to the user, the Visa fees & fight rates don’t make Dubai that lucrative unless flying somewhere via UAE or planning for the #iPhone16ProMax only”.

As per the statistics produced by the user, the most expensive iPhone 16 Pro Max will cost an Indian buyer Rs 1,44,900 a piece. In Vietnam, however, it would cost a buyer Rs 1,18,992.

This marks a difference of Rs 25,908. Meanwhile, in the UAE, particularly in Dubai, the same phone would cost the buyer Rs 1,16,550, marking a difference of Rs 28,350.

The iPhone series will be available in India from September 20, with the pre-order for the phone starting on September 13.

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