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Homebuyers who booked flats in housing projects in the Noida-Greater Noida property market are worst affected, with over 1.65 lakh flats worth ₹1.18 lakh crore currently stalled or significantly delayed in these two cities, according to property consultant Anarock. In its research, the consultant has taken only those housing projects that were launched in 2014 or before, across seven big property markets -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad and Pune. Expressing concern over the plight of customers whose investments are at stake, Forum for People's Collective Efforts' (FPCE), an apex body of homebuyers, president Abhay Upadhyay told PTI that the cause of the delay of each project should be ascertained and solutions must be found. He also sought stern action against defaulting builders. According to the Anarock data, 4,79,940 units worth ₹4,48,129 crore are "stalled or heavily delayed" across these seven cities as of May 31, … [Read more...] about Homebuyers in Noida-Greater Noida worst hit; 1.65 lakh units of ₹1.18 lakh crore stalled

New Delhi, Jun 26: Homebuyers who booked flats in housing projects in the Noida-Greater Noida property market are worst affected, with over 1.65 lakh flats worth Rs 1.18 lakh crore currently stalled or significantly delayed in these two cities, according to property consultant Anarock. In its research, the consultant has taken only those housing projects that were launched in 2014 or before, across seven big property markets — Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad and Pune. Expressing concern over the plight of customers whose investments are at stake, Forum for People’s Collective Efforts’ (FPCE), an apex body of homebuyers, President Abhay Upadhyay told PTI that the cause of the delay of each project should be ascertained and solutions must be found. He also sought stern action against defaulting builders. According to the Anarock data, 4,79,940 units worth Rs 4,48,129 crore are “stalled or heavily delayed” across these seven … [Read more...] about Homebuyers in Noida-Greater Noida Worst Hit; 1.65 Lakh Units of Rs 1.18 Lakh Cr Stalled

Shiv Sena MP Sanjay Raut was summoned by the Enforcement Directorate (ED) on Tuesday for questioning in a money laundering probe linked to the re-development of a Mumbai ‘chawl’ and other related financial transactions involving his wife and friends. The Rajya Sabha MP, who has been asked to depose before the Enforcement Directorate at its office in south Mumbai and record his statement under the Prevention of Money Laundering Act (PMLA), termed the summons a conspiracy and said, “Arrest me”. The development comes as the Shiv Sena battles rebellion from a group of its MLAs, putting a question mark on the future of Maharashtra’s Maha Vikas Aghadi (MVA) government. Rebel Shiv Sena legislators, who were first taken to Surat, are now camping in Guwahati. “I just came to know that the ED has summoned me. Good! There are big political developments in Maharashtra. We, Balasaheb’s Shivsainiks, are fighting a big battle. This is a conspiracy to stop me. Even if you behead me, I won’t take … [Read more...] about Amid ‘Maha’ Mayhem, Sanjay Raut Summoned by ED in Mumbai’s Patra Chawl Case. All You Need to Know

YOU SANG-CHUL The author is the head of the China Institute of the JoongAng Ilbo. “Young intellectuals should go to the countryside and receive education again.” Under the order of Mao Zedong in 1968, 17 million young people were sent to rural areas in the so-called “Down to the Countryside Movement.” While it was packaged as a slogan for training ideology and leading rural development, it was a desperate measure to avoid social rebellion as the Cultural Revolution ruined the economy and not enough jobs were available for college graduates. Fifty years have since passed. Now, a similar campaign is being promoted in China. The Chinese government and media are encouraging college graduates to find jobs in rural areas in the “grass-roots employment” campaign. This summer, China will produce 10.76 million college graduates, exceeding 10 million for the first time. The problem is that the Chinese economy cannot afford to provide quality employment for them. In May, the urban … [Read more...] about A retrogressive solution to address joblessness