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Union Cabinet approval for metro connectivity in Gurgaon to help real estate projects on Dwarka Expressway

by economictimes.indiatimes.com Leave a Comment

Synopsis

The central government has given approval for 28.50 km line having 27 stations on the route. The total completion cost of the project will be Rs 5,452 crore.

The Union Cabinet approval for metro connectivity from HUDA City Centre to Cyber City in Gurgaon will help the real estate sector in the region, industry experts said.

The central government has given approval for 28.50 km line having 27 stations on the route. The total completion cost of the project will be Rs 5,452 crore.

“This development holds tremendous potential, particularly for the real estate sector around the Dwarka Expressway and New Gurgaon, as it will receive a significant infrastructure boost. The commencement of this metro connectivity will create numerous investment opportunities and generate employment,” said Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd.

The project is proposed to be completed in four years from the date of sanction of the project and is to be implemented by Harayana Mass Rapid Transport Corporation Limited (HMRTC) which will be set up as a 50:50 Special Purpose Vehicle (SPV) of the Government of India and Government of Haryana after sanction order is issued.

“Over the past few years, the Central Peripheral Road along Dwarka Expressway has witnessed remarkable growth. With the completion of Dwarka Expressway nearing its final stages and the announcement of metro connectivity, the demand for residential properties is expected to witness a further surge from both end users and investors alike,” said Mohit Jain, Managing Director, Krisumi Corporation.

Improved connectivity and seamless integration will not only benefit commuters in Gurugram and Dwarka but also give fillip to the investment opportunity in the burgeoning areas near Dwarka Expressway and is likely to increase the region’s appeal to both homebuyers and companies alike.

“These developments are likely to spur infrastructure development and unlock new avenues for real estate investment, making this an exciting time for those interested in the real estate market,” said Vivek Singhal, CEO, Smartworld Developers

“With the nearing completion of Dwarka Expressway, the added metro connectivity further positions it as the most promising micro market in Gurugram, attracting homebuyers and investors seeking a vibrant and well-connected community,” said Ravish Kapoor, Managing Director, Elan.

The metro will enhance operational functionality and minimize congestion. With 27 elevated stations, the line will bridge old and new areas, enhancing connectivity and development.

“The line’s connection to the Indian Railway network and plans of integration with the IGI airport further enhances convenience and connectivity which will ensure efficient transportation, and will boost the potential of areas like Dwarka Expressway which have a mix of residential and commercial set-ups, which will further see a high rate of appreciation because of the seamless connectivity of that area,” said Santosh Agarwal, Executive Director and CFO, Alpha Corp.

Dwarka Expressway, already has some major projects and development.

“The metro’s arrival will undeniably invigorate the entire area, propelling Gurugram to unparalleled heights of success and prosperity,” said Gaurav Bhalla, Managing Director, Vatika Group.

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Forbes Global 2000: China’s Ranks Thin As Real Estate Woes Persist

by www.forbes.com Leave a Comment

C hina, including Hong Kong, occupies 346 spots in the 2023 Forbes Global 2000 ranking of the world’s top publicly traded companies unveiled Thursday. That is five fewer than last year’s record 351 members from the country.

As was the case in 2022, China has the second largest number of companies on the list following the United States, which has 611 members. A liquidity crunch in China’s real estate sector led to eight companies in that sector falling off this year’s Global 2000 ranking. That was countered by 44 Chinese businesses that made the Global 2000 this year and didn’t appear in 2022.

Forbes ’ Global 2000 list assigns equal weight to 12-month sales, assets, profit and market value of publicly traded companies, using the most recent financial data available as of May 5, 2023.

Big state-controlled banks led the way for China again this year, grabbing three of the top five spots on the list. The highest-ranking Chinese company, the Industrial and Commercial Bank of China, came in at No. 3, slipping one spot from No. 2 last year. Prior to 2022, the bank had the No. 1 spot on the list for nine consecutive years.

Also in the top 10: state-controlled China Construction Bank rose to No. 4 from No. 5 last year, and the Agricultural Bank of China climbed to No. 5 from No. 8. Three other high ranking Chinese firms made it in the top 20, namely Bank of China (No. 12), Ping An Insurance (No. 16) and PetroChina (No. 19), one of the world’s largest oil businesses.

China’s auto industry – which took over as the world’s top car exporter earlier this year — chalked up some of the country’s biggest gains, notably in the electric vehicle (EV) supply chain. Contemporary Amperex Technology, the world’s largest supplier of batteries for electric cars, rose to No. 121 from No. 298 last year. BYD, the country’s biggest EV maker, jumped to No. 170 from No. 580. Among other EV manufacturers, Geely Automobile climbed to No. 858 from No. 989. Li Auto rose to 1,691 from No. 1,984 a year ago. Lithium supplier Ganfeng Lithium rose to No. 1,165 from No. 1,649 last year.

Leading solar panel makers also did well. Longi Green Energy Technology rose to No. 530 from No. 724 in 2022. Tongwei moved up to No. 494 from No. 1,085.

In contrast, China’s iconic Internet giants faced a tech crackdown by the government and a difficult advertising market. Tencent, the highest-ranking Chinese Internet company to make this year’s list, fell to No. 33 from No. 28 last year. Alibaba, the e-commerce leader, dropped to No. 54 from No. 33 mostly due to a decline in profits. Two other e-commerce giants did better: JD.com rose to No. 224 from No. 446, lifted by net income that swelled to $1.5 billion in 2022, up from a prior year’s loss. PDD Holdings, which operates e-commerce site Pinduoduo, rose to No. 336 from No. 582 in 2022.

Mainland real estate companies suffered some of the biggest losses amid excess supply, slack demand and towering debt. Country Garden plunged to No. 782 from No. 255 in 2022; its stock plummeted 60% in the past year. Longfor, whose stock is down about 40% in the past 12 months, dropped to No. 305 from No. 243. Smaller developer Jinke Property Group declined to No. 1,291 from No. 841. Sunac, once one of the country’s biggest developers, dropped off the list. Among Hong Kong-headquartered companies, real estate firms were also generally lower. Sun Hong Kai Properties fell to No. 459 from No. 393 and Henderson Land slid to No. 816 from No. 769.

Among the 44 Chinese companies new this year, Sunshine Insurance, entered at No. 865 after going public in Hong Kong last December. Tech newcomers included Hygon Information Technology, a chip designer that went public in Shenzhen (ranked No. 1,753) and TCL Zhonghuan Renewable Energy Technology, a maker of semiconductors for the solar industry that ranks No. 904. Healthcare and pharmaceuticals listees that didn’t appear last year included Kangmei Pharmaceutical at No. 1,995 and Andon Health, a maker of blood glucose meters and other medical instruments at No. 1,653.

Two notable Chinese companies that didn’t make the list because they are not publicly traded and thus do not qualify: telecommunications hardware maker Huawei and ByteDance, the owner of wildly popular social media app TikTok.

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We live on nightmare newbuild estate riddled with issues YEARS after we moved in – it’s brutal & no one will help

by www.thesun.co.uk Leave a Comment

FUMING residents on a nightmare newbuild estate say it is riddled with issues years after they moved in – and no one will help.

The homeowners on the Millbrook development in Nunthorpe, Teesside said the developer failed to clean up eyesore piles of bricks and rubble left behind by builders .

They claimed road surfaces were relaid only a matter of weeks ago, after a six-year wait – but the estate still does not have any much-needed speed bumps.

Residents are also still unhappy with the gardens and green spaces and say they struggle to get straight answers from developer Avant Homes.

The local council has even painted blue marks flagging required improvements in areas across the estate.

Dot Harris, 78, moved into her £287,000 semi-detached home , which was one of the last to be built, 16 months ago.

She said: “I’ve asked, and asked, and asked them to re-do my back garden but I’m still waiting.

“I’ve heard other people say that if it rains it turns their gardens turn to mud because there’s no drainage in.

Dot added: “The roads aren’t finished either and the pavements have got bits sticking out of them.

“We have lots of children on this estate and we need speed bumps for their safety.”

A green space on the estate lined with trees was initially a seated area before it was used as a scrapheap for building material – and has only just been cleared.

Redd Gogna, 58, said: “It was initially a greenbelt with seven trees but one day without any warning they turfed it up to complete the estate.

“They said they would restore it to it’s natural state but that hasn’t happened.

“When you speak to them it’s very matter of fact and they are slow to respond.

“You do feel as though you’re getting fobbed off.”

He added: “You can see from the roads and pavements what a botch job it has been.

“The plan was to put speed bumps on the roads when they were completed but they’ve finally been done and there’s no sign of any.

“If they kept us informed there wouldn’t be an issue but the communication has been really poor.”

AVANT SCARRED

Dominic Dunn, 41, said: “There were little things like they put the hot and cold water the wrong way around.

“The pavements have been trashed by the trucks but as far as they’re concerned they’re fine and they’re completed.

“When you ask them what they’re doing they say they’ll let us know but you never hear from them.”

A mum on the estate said: “It’s been absolutely brutal. There’s a lot of young kids who can’t play on the communal areas because of the way they’ve left it.

“There were broken nails and bits of metal. We all pay for the upkeep of it but yet you can’t use any of it and the kids don’t go outside.

“Our kids are 12 and 14 now but they’ve never been able to play because of the state of things.

“We also waited ages for the roads to be done. We just want everything finished now.

“Our garden is horrendous too and needs to be relaid. We’ve raised issues with Avant a long time ago but you don’t hear anything.”

Avant Homes said: “We are conducting a full review of the development with our sub-contractors to address the estate’s open spaces.

“This includes identifying and rectifying any matters which relate to the landscaping of the development’s green spaces and gardens.

“Work on the final surfacing of the roads will also be undertaken on the northern element of the development, and any outstanding remedial work across the whole site will be completed.”

6 arrested for fraudulently collecting over $3 million of COVID-19 aid meant for renters

by www.foxnews.com Leave a Comment

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Six people from Washington, Arizona and Texas have been arrested and accused of fraudulently obtaining millions of dollars of COVID-19 aid from an assistance program meant for renters, federal prosecutors said.

U.S. Attorney Nick Brown, Western District of Washington , on Wednesday announced the arrests and charges of wire fraud and money laundering.

The six people are accused of filing hundreds of fraudulent applications seeking more than $6.8 million in government aid and receiving more than $3.3 million, The Seattle Times reported. Most of the alleged fraud was in Seattle’s King County, and focused on federal emergency rental assistance money available to prevent evictions, prosecutors said.

$163 BILLION OF COVID RELIEF WAS STOLEN. REPUBLICANS MUST GET TO THE BOTTOM OF IT

Prosecutors allege the scheme also targeted unemployment systems in Washington, California, South Carolina, and Nevada.

They are accused of spending the money on luxury cars, vacations, designer clothes, jewelry and plastic surgery.

“The participants in this fraud were relentless in exploiting pandemic relief programs that were intended to assist small businesses and people who were vulnerable to eviction,” Brown said in a statement.

Washington Fox News graphic

Several people accused of fraudulently receiving $3.3 million in government aid have been arrested and charged with wire fraud and money laundering. Most of the crimes occurred near Seattle, Washington.

Paradise Williams, 29, of Phoenix, Arizona, allegedly led the scheme, creating fake documents and telling her friends how to pose as landlords and tenants needing rental help, prosecutors said. Williams is charged with 19 counts of wire fraud and two counts of money laundering.

Others facing wire fraud and money laundering charges are: Rayvon Peterson, 32, of Seattle; Tia Rovinson, 28, of Fife, Washington; Jahari Cunningham, 45, of Houston, Texas; D’arius Jackson, 37, of Bonney Lake, Washington; and David Martinez, 32, of Pacific, Washington.

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Martinez, Peterson and Jackson pleaded not guilty to the charges on Tuesday. The others do not appear to have had initial court appearances and arraignments yet and attempts to locate attorneys for them were not successful. Martinez’s lawyer didn’t respond to a request from the newspaper for comment Wednesday. Lawyers for Jackson and Peterson declined to comment to the newspaper.

Wire fraud in connection with a declared major disaster or emergency, such as the COVID-19 pandemicq , is punishable by up to 30 years in prison. Money laundering is punishable by up to 20 years in prison.

Fraud was rampant in pandemic relief programs, according to the U.S. Labor Department’s inspector general. President Joe Biden’s administration asked Congress in March to approve more than $1.6 billion to continue prosecuting people who committed fraud, to create new ways to prevent identity theft and to help people whose identities were stolen.

Family firm of Kate Middleton owes £2.6 million: report

by www.thenews.com.pk Leave a Comment

Among those left out of pocket by the collapse on Middleton’s family firm are multiple suppliers and the UK tax authorities, who are owed £612,685.

The family firm, where Kate Middleton worked as a website designer and photographer before her marriage to William,  turned her parents into millionaires.

The company left debts of nearly £2.6 million ($3.2 million) when it collapsed last month, a report by insolvency specialists has revealed.

The unpaid bills left by the pandemic-hit firm´s collapse include over £600,000 in unpaid tax.

Party Pieces, a celebration paraphernalia mail order business, was built up by Catherine´s parents Carole and Michael Middleton.

The firm grew into a successful business and generated significant wealth for the Middletons, who in 2012 purchased a £4.7-million mansion west of London near the royal family´s Windsor estate.

According to a report, at its height, Party Pieces was said to be worth £44 million.

However, after unpaid suppliers threatened legal action earlier this year, administrators were appointed last month and the business was immediately sold to UK entrepreneur James Sinclair for an undisclosed sum.

Will Wright, of administrators Interparty Advisory, said Party Pieces had been “impacted profoundly by the effects of the pandemic and the ensuing restrictions on social gatherings.”

A report from the administrators said the firm was £2.59 million short of what it needed to clear its debts.