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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

‘What Is The Hack?’: X User Raises Questions Over Uber’s Differential Pricing On iPhones & Android

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Cab-aggregator services have become an integral part of commute in many urban centres in India. Uber is one of the biggest names in the business, not just in India but globally.

In a story that surrounds the functioning of the application, one user took to X, to notify a peculiar observation.

While many have anecdotally mentioned a pattern of distinction in the pricing of the services, depending the device in use, this apparent differential phenomenon was highlighted by an X user who noticed the same.

Different Phones, Different Prices

The user who goes by the name SUDHIR, with the handle @seriousfunnyguy took to X with a photograph of two phones. The phones in the photograph had the Uber open. In the app, the user was in the process of booking a ride.

As one book a ride, the app shows different modes and options along with their respective pricing. In this, on one phone, which is an Android phone, the price is lower than the price for the same distance, on an iPhone. The rides were also booked at the same time.

The indignant user added, “Same pickup point, destination & time but 2 different phones get 2 different rates. It happens with me as I always get higher rates on my Uber as compared to my daughter’s phone. So most of the time, I request her to book my Uber. Does this happen with you also? What is the hack?”

Different Pricing Across Modes

In this, the pricing on the Android phone is shown to be lower than the prices on the Apple iPhones for all options, including Uber Auto, Uber Go, Go Sedan and Uber XL.

In the first option, there is a gap of over Rs 42. With Uber Go, there is a difference that is even greater at over Rs 120. For the Uber Go Sedan, the difference is over Rs 65. In addition, the price for Uber XL is close to Rs 100.

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Business

‘Its Prime Real Estate’: Anand Mahindra Expresses Awe At Grandiose Of Brabus Big Boy 1200

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In the City of Dreams that is Mumbai, one of the biggest ‘dreams’ of most who live in the metropolis is to find an abode, that they can call it their own. Real estate in Mumbai is known for its sky-high pricing, with figures of Rs 10-15 crore not surprising anyone.

The Motorhome

Space is a major issue in city, given the paucity of it, in a region that encompasses millions. However, what happens when the space is not only available but also mobile? That is precisely what a ‘motorhome’.

It may not been the most commonly seen or discussed avenue in this part of the world, but in other parts of the world, particularly in the US, an RV or recreational vehicle is the way of life, either by choice or by circumstance.

Mahindra Group chairman, Anand Mahindra recently reacted to one such motorhome. In a post on X, he shared a minute-long clipping of the Brabus Big Boy 1200. This is an uber-luxe, profligate motorhome manufactured by the German automobile company Brabus.

Mahindra, while reacting to the video of a person showing around the bus said, That’s not transport. It’s prime real estate.”

And one may arguably agree with Mahindra on this. The vehicle is extravagant and has a length of 12 meters or 39.4 ft and over 30 square meters or 320 sq ft. For context, the average size of homes in city of Mumbai hovers around 400-700 sq ft.

What Are The Features Of This Motorhome?

In addition, the vehicle also has two electrically extendable slide-outs on each side. These slide-outs can extend the bedroom and saloon to a width of 4.50 meters.

In addition, the motorhome also consists of a double bed measuring 160 x 200 centimeters.

A closet is integrated into the rear wall of the vehicle.

For amusement, the vehicle also has a desk and a 43-inch 4K television. Here one could watch TV programs that have been made available on the system play games on the integrated Playstation 5 system.

In addition, one can also connect to the internet through the Starlink system.

When it comes to the vehicle, it runs on a12.8-liter six-cylinder turbodiesel engine. This engine can deliver 390 kW / 530 hp and can generate a maximum torque of 2,600 Nm.

The vehicle is priced at around USD 1.5 million or a whopping Rs 12 crore.

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Business

Maha will play key role in achieving India’s $5 trillion economy goal: Minister Tatkare

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Nagpur, Dec 21: Representing Maharashtra in the pre-Union Budget meeting held in Jaisalmer, Minister Aditi Tatkare on Saturday assured that Maharashtra would play a pivotal role in India’s journey towards becoming a $5 trillion economy.

She emphasised the need for special financial assistance to the state in the upcoming Union Budget.

Minister Tatkare presented Maharashtra’s vision, highlighting its strategic role in realising the Prime Minister’s goal of a ‘Viksit Bharat’ by 2047.

Minister Tatkare outlined several critical issues and proposals for inclusion in the Union Budget. She urged the finance minister for central assistance for state Capital Investment by enhancing the allocation under the Scheme for Special Assistance to States for Capital Investment.

She emphasised the need for streamlining fund disbursement timelines to provide qualifying states with a minimum one-year utilisation window.

In the wake of rapid urbanisation, Minister Tatkare called for central support to tackle the challenges faced by the state.

“Maharashtra, with urbanisation expected to surpass 50 per cent in the upcoming census, faces challenges in resource mobilisation for urban local bodies (ULBs). The state government urges support for ULBs to access long-term loans for planned urban development and infrastructure enhancement,” she said.

Under the MukhyaMantri Saur Krushi Vahini Yojana 2.0, aimed at solarising agricultural feeders, Minister Tatkare sought increased targets and funding allocations for Maharashtra.

She requested expansion of Battery Energy Storage System (BESS) capacity from 500 MWh to 9,000 MWh to meet the state’s energy storage goals.

In order to further boost the modernisation of the home department, Minister Tatkare sought funds on a 60:40 basis, for projects such as digital forensic labs, mobile forensic vans, AMBIS systems, and the Cyber Security Project (Rs 837.86 crore).

She highlighted the need for funding major initiatives like Dial 112 emergency services integration and Maharashtra Police Station CCTV projects.

She urged financial support for faster case disposal through enhanced infrastructure for the judiciary.

She requested funding for constructing the Bombay High Court Complex in Bandra (East), estimated at Rs 3,750 crore.

Further, to push the implementation of the Mumbai Metropolitan Region (MMR) economic master plan, Minister Tatkare proposed a special package.

The master plan is aligning with NITI Aayog’s vision to transform MMR into a national growth hub by 2030.

According to NITI Aayog, the MMR has a potential to increase its GDP to $300 billion by 2030 from the present level of $140 billion.

The Centre’s public policy think tank has asked the Maharashtra government to concentrate on seven growth drivers and attract investment of $125-135 billion from the private sector to achieve the target.

In a bid to push the state government’s ambitious plan to make Maharashtra drought-free, the state government has sought central government support to include state-funded river-linking projects like Wainganga-Nalganga and Damanganga-Godavari under the National Interlinking of Rivers Scheme.

Further, the state government appealed to the Centre to ease revenue expenditure pressures to create fiscal space for capital projects and establish a ‘Kisan Vishesh Sahayata Nidhi’ to compensate farmers affected by trade policy interventions.

The state government also appealed for the enhancement of funding for ongoing schemes like the Jal Jeevan Mission and financial assistance for disaster-affected areas.

Minister Tatkare said the comprehensive representation highlighted Maharashtra’s ambitions and challenges, ensuring the state’s priorities were well-articulated for the Union Budget deliberations.

She reiterated Maharashtra’s commitment to becoming a cornerstone of India’s economic growth and development trajectory.

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