CREDAI-NCR firmly upholds the belief that prioritizing the interests and requirements of homebuyers is a collective responsibility that should be evident in all facets of the real estate sector. It seeks to accomplish this by ensuring transparency in all transactions, instilling accountability among its members, and striving to fulfill the aspirations of every homebuyer. This perspective was shared by Mr. Manoj Gaur, Chairman of CREDAI-NCR and CMD of Gaurs Group, in an exclusive interview with Sanjeev Sinha. Here are the key insights:
Primary Focus Areas: CREDAI-NCR gives paramount importance to several crucial areas within the real estate sector. These include sustainable development practices, adherence to RERA (Real Estate Regulatory Authority) guidelines, effective implementation of GST (Goods and Services Tax), and adopting a data-driven approach to collect timely and accurate reports. CREDAI-NCR recognizes that these focus areas play a pivotal role in promoting transparency, accountability, and the overall well-being of the real estate sector.
Prioritizing Homebuyers: Homebuyers are placed at the forefront of CREDAI-NCR’s policies and practices. The organization firmly believes that catering to the interests and needs of homebuyers is a shared responsibility that should permeate every aspect of the real estate industry. CREDAI-NCR aims to achieve this by ensuring transparency in all transactions, fostering accountability among its members, and striving to fulfill the aspirations of every homebuyer. By doing so, CREDAI-NCR envisions creating a housing market that is not only customer-centric but also aligns with the dreams and desires of every prospective homeowner.
Commitment to Sustainability: CREDAI-NCR is deeply committed to sustainability and environmental responsibility within the real estate sector. As per CREDAI National’s directives, one of its central goals is to achieve net-zero emissions by 2050. CREDAI-NCR encourages its members to embrace environmentally responsible practices to collectively fulfill this commitment. This involves integrating green technologies into their real estate projects and actively promoting sustainable development and the Green Building Initiative. This showcases the organization’s dedication to minimizing the environmental impact of the real estate industry, ensuring a healthier and more sustainable future for generations to come.
Air Pollution Concerns: The real estate sector acknowledges the significance of air pollution and its impact on the environment and construction activities. While the industry supports efforts to reduce pollution levels, it also expresses concerns about certain aspects. For example, a one-month construction ban is expected to result in project delays of at least two to three months. The strict RERA registration process already obliges real estate developers to minimize their pollution footprint. Despite these challenges, developers take proactive measures like regular water sprinkling and the installation of anti-smog machines and windbreakers to mitigate pollution. The industry emphasizes the need for a case-by-case approach to air pollution regulations and suggests considering RERA-registered projects as public interest projects, potentially exempting them from specific pollution control guidelines. This approach aims to balance environmental concerns with the necessity to sustain construction activity and protect the interests of both homebuyers and construction workers.
Outlook for High-Street Retail and Mixed-Use Developments: High-street retail and mixed-use developments are expected to continue their growth trajectory in the NCR. These developments demonstrate resilience and tend to gain momentum, especially during challenging economic times. Their appeal lies in their capacity to offer a diverse range of functions, including offices, businesses, residences, and recreation, all within one location. This convenience factor ensures ongoing demand for high-street retail and mixed-use developments, making them a promising segment in the NCR’s real estate market.
Festive Season and Realty Market: The real estate market anticipates a significant surge in sales during the upcoming festival season. Interest from buyers has remained strong across various residential segments, including affordable housing, luxury properties, mid-premium, and premium categories. With a range of ready-to-move-in homes and under-construction properties available, there is ample inventory to cater to diverse buyer needs. Sales are expected to show substantial growth compared to the same period in the previous year, driven by the festive spirit and favorable market conditions.
The period of the Covid-19 pandemic was marked by substantial uncertainty. At the onset of the lockdown, the future appeared highly unpredictable, and a continuous stream of negative news fueled our concerns. Undoubtedly, many of us experienced moments of anxiety during this period.
As circumstances gradually stabilized, there was a collective yearning for social interaction, a strong desire to indulge in vacations, and a return to the workforce. Over time, the concept of remote work or a hybrid work model gained popularity. Some colleagues found value in the flexibility offered by such hybrid arrangements.
Now, you might wonder, what does all this have to do with investing? Well, the rise of the hybrid work model highlights the advantages of flexibility in our lives. It affords us more time to pursue our passions and to spend quality moments with our families.
So, where do Hybrid Funds come into play? These funds invest in a combination of both equity and debt. Within the Hybrid Funds category, there exists a subset known as Balanced Advantage Funds. Balanced Advantage Funds adjust their asset allocation between equity and fixed income based on a predefined formula. For example, if market valuations appear stretched, the fund’s model will reduce its equity exposure. Conversely, if market valuations seem attractive based on long-term averages, the model will increase equity exposure.
In essence, Balanced Advantage Funds counteract the typical human tendency to enter the market when equities are expensive and exit when they are discounted. These funds strive to achieve this automatically. They assess market levels and compare them to historical averages based on specific factors they track. Subsequently, they make necessary adjustments to the fund’s equity and fixed-income allocations without requiring your intervention.
Do you remember the old advertisement for a popular bike with the slogan – “Fill it, shut it, forget it”? Balanced Advantage Funds offer a similar level of convenience for investors.
If you’re not inclined to delve into the intricacies of equity and fixed-income investing, including concepts such as interest rate trajectories, inflation, valuations, and macroeconomic factors, you may opt for Balanced Advantage Funds. Hybrid Funds grant you the freedom to diversify across equity and fixed income, with the asset allocation decisions handled by the fund manager.
Indian investors are increasingly recognizing the benefits of Balanced Advantage Funds, leading to a growing interest in this category. These funds currently boast:
The 7th position in terms of Net Assets Under Management (AUM) with Rs 2.09 lakh crore.
The 15th position in terms of the number of folios, with 43.20 lakh folios.
The 4th position in terms of net inflows in August, with Rs 3,616 crore.
Effective money management is a fundamental skill that every woman should master to attain financial independence and manage their wealth more efficiently. It empowers women to accomplish their objectives, pursue their aspirations, and secure their long-term financial well-being.
Nonetheless, managing money effectively can present challenges for various reasons. Some women may lack a financial background, while others might prioritize different life goals over financial management. Although managing finances might seem intricate, it’s a task that cannot be ignored merely because of its complexity.
Here are essential money management recommendations that women can implement to take charge of their financial affairs:
Setting Financial Goals Initiate the money management process by establishing clear financial objectives. These goals can encompass short-term aims like saving for a vacation or long-term aspirations such as retirement planning or homeownership. Creating measurable and time-bound objectives helps women remain focused and motivated. Prioritize financial goals based on their significance and construct a budget that allocates funds to meet these goals. Regularly assess and adapt your objectives in response to your financial circumstances.
Budgeting Your Expenses Crafting a budget is a potent tool that enables women to assume control of their finances. It entails monitoring income and expenditures to ensure that spending aligns with financial objectives. To design an effective budget, compute your monthly income and catalog your expenses to spot areas for improvement. Allocate at least 20-30 percent of your monthly income toward savings.
Building an Emergency Corpus Women should recognize the importance of an emergency fund. This fund acts as a critical safety net, shielding women from unforeseen financial emergencies such as medical bills, vehicle repairs, or job loss. It instills peace of mind and eliminates the necessity of resorting to credit cards or loans during crises. Adhil Shetty, CEO of Bankbazaar.com, advises, “Accumulate savings equivalent to at least six to nine months’ worth of living expenses in a readily accessible account. Alternatively, you can invest this money in a liquid fund or fixed deposit to ensure immediate access when needed. This fund provides financial stability during emergencies.”
Investing for the Future Investing represents a potent avenue for wealth growth over time, and women should not shy away from it. While the investment landscape may seem intimidating, it encompasses various options such as stocks, bonds, mutual funds, and retirement accounts. Shetty adds, “Investing enables your money to work for you, potentially yielding substantial returns in the long run and aiding in achieving financial independence. Women should adopt diversified investment strategies to systematically expand their wealth.”
Retirement Planning Retirement planning is crucial for women to secure financial stability during their later years. Women may need more substantial savings to sustain their lifestyle and manage future expenses after retirement. Commence retirement savings early to leverage the benefits of compounding interest. Calculate the necessary retirement savings based on your lifestyle and anticipated future expenses.
By establishing goals and building a financial cushion, women can assume control of their finances and attain financial independence. These financial tips will aid in restructuring wealth growth plans.
by gopal.krishna185Canada and India flag together realtions textile cloth fabric texture
Samuel Townend KC, Chair-elect of the Bar Council of England and Wales, has proposed that the Bar Council of India (BCI) should simplify its regulations concerning foreign lawyers and law firms practicing in India, particularly for individual barristers handling occasional cases. He suggested that while the BCI’s regulations introduced in March 2023 aimed to facilitate international lawyers’ practice in India, the registration process posed challenges for foreign lawyers who do not plan to permanently settle in India.
Streamlined Regulations for Occasional Cases
Townend emphasized that foreign advocates who only wish to handle cases occasionally on a fly-in fly-out basis should not be burdened with the full registration process. He suggested that individual lawyers from England and Wales should be allowed to participate in dispute resolution processes not based in courts without mandatory registration. This approach would be similar to Indian lawyers practicing in London on a reciprocal basis.
Collaboration, Not Competition
Townend clarified that the aim is not to compete with Indian law firms or their clients but to collaborate with Indian lawyers in domestic and international arbitration and alternative dispute resolution processes. He highlighted factors that could make India an attractive arbitration hub, including its common law system, the use of English and regional languages, and the presence of experienced domestic senior advocates.
Specialized Arbitration Bar
Justice Hima Kohli, Supreme Court, suggested the need for a specialized arbitration bar in India to promote arbitration as a niche field of expertise. She emphasized reducing judicial interference in arbitral awards to expedite enforcement, aligning with the Arbitration and Conciliation Act.
Conclusion
Streamlining regulations for foreign lawyers handling occasional cases could enhance India’s appeal as an arbitration hub while fostering collaboration with international legal practitioners. Simplified procedures for individual foreign advocates may help expedite international arbitration processes in India.
by gopal.krishna185Canada and India flag together realtions textile cloth fabric texture
A pharmacy owner in Pune fell victim to a scam in which he was defrauded of Rs 30 lakh by fraudsters who claimed to have discovered antique gold coins with Victorian mint marks during road construction in Goa. Two men and a woman have been apprehended by the Maharashtra police in Pune, accused of deceiving the shop owner by offering a bag of purported British-era gold coins.
Scammers Gain Trust and Deceive
The suspects initially gained the shop owner’s trust by presenting him with a genuine coin marked with a Victorian mint. They then offered to sell him 16 kilograms of brass coins with a gold polish, claiming they had unearthed them during construction work in Goa. The fraudulent exchange took place in February, and an FIR was filed based on the complaint of the 55-year-old pharmacy owner.
The Elaborate Scam
The scam began when one of the fraudsters befriended the shop owner and convinced him that a treasure trove of gold coins from the British era had been discovered during road construction in Goa. The suspects offered to sell the coins for Rs 50 lakh, and the deal was finalized for 16 kilograms of coins in exchange for Rs 30 lakh. To gain the shop owner’s trust, the suspects presented a genuine coin as a sample. However, all the coins in the bag turned out to be counterfeit, made of brass or similar metals with a gold-colored polish.
Ongoing Investigation
The fraudsters fled after the exchange, and the shop owner realized the coins were fake. He sought police assistance to file a formal complaint. The police are actively investigating the case and attempting to trace the fraudsters. They also aim to determine how the counterfeit coins acquired Victorian mint marks.
Public Vigilance
The police emphasize the importance of public vigilance and urge individuals not to fall for such scams. If encountered with suspicious offers, the public is encouraged to report them to the authorities promptly.
Prime Minister Narendra Modi hailed the approval of the Constitutional Amendment Bill, which enables women’s reservation in Lok Sabha and State Legislative assemblies, as a demonstration of the necessity of a majority government for the country’s progress. Addressing a gathering of women leaders and workers at the BJP central office, PM Modi extended his congratulations to all women for their pivotal role in achieving this historic milestone.
A Collective Achievement
PM Modi emphasized that the passage of the women’s Bill was not solely his accomplishment but the result of collective support from the Indian people. He credited the majority government for making significant decisions and overcoming obstacles posed by vested political interests. Previous efforts in this regard had been half-hearted, with derogatory language used against women.
Gratitude to All Parties
The Prime Minister expressed his gratitude to all political parties for passing the Bill, highlighting the record support it received in Parliament. He acknowledged that hurdles were overcome to remove obstacles for mothers and sisters in the country. PM Modi also subtly criticized parties that had opposed such Bills in the past, noting that they had to support this one due to the rising influence of women’s power.
Empowering Women Through Schemes
PM Modi listed several government schemes aimed at empowering women, such as Beti Bachao Beti Padhao, Ujjawala, providing clean cooking gas, building toilets, extending paid maternity leave, opening doors for women in the Army and Sainik Schools, joint ownership in PM Awas Yojana houses, and opening bank accounts for women under Jan Dhan Yojana.
A Testament to India’s Democratic Tradition
He emphasized that the passage of this legislation was not an ordinary law but a testament to India’s new democratic tradition. PM Modi noted that this achievement fulfilled a long-standing commitment of the BJP and highlighted the social protection provided to Muslim sisters through the prohibition of instant Triple Talaq.
Conclusion
Prime Minister Narendra Modi celebrated the passage of the Women’s Reservation Bill as a significant achievement, crediting the majority government and collective support from the Indian people for its success. He highlighted various government schemes aimed at empowering women and emphasized the legislation’s importance in India’s democratic tradition.
Reserve Bank of India (RBI) Governor Shaktikanta Das emphasized the sacred duty of protecting depositors’ hard-earned money during a speech to directors of urban cooperative banks (UCBs). He stressed that safeguarding depositor funds takes precedence over visiting religious places and is a duty of utmost importance.
The Significance of Depositor Money
Governor Das highlighted that the entire banking system relies on deposits, which are contributed by small savers, the middle class, and retirees. Therefore, ensuring the safety of depositors’ money is a vital responsibility for every banker. He likened this responsibility to the sacred act of visiting temples, masjids, or gurdwaras and underlined its paramount significance.
The Biggest Responsibility
Das asserted that protecting depositors’ money is the most significant responsibility placed upon banks. It is not only a regulatory duty but also a moral and ethical obligation. The RBI works in conjunction with banks to establish regulations and supervision measures to ensure the safety of depositors’ funds.
Challenges Faced by Cooperative Banks
Governor Das acknowledged that challenges, especially in the cooperative banking sector, have led to depositor funds being stuck. Irregularities by management have been a common root cause of such issues. The RBI has introduced a four-tiered structure for UCBs to enhance regulation and supervision.
Ensuring Stability in the Banking System
Das highlighted the importance of a stable banking system for the overall functioning of the economy and emphasized that UCBs are integral to the sector. He assured that the RBI’s efforts to strengthen supervision should not be viewed as hindrances to the growth of cooperative banks but rather as measures to safeguard the interests of depositors and ensure the stability of the banking system.
Conclusion
Governor Shaktikanta Das’s remarks underscore the critical role of protecting depositors’ money in the banking sector. The safety of these funds is not only a regulatory obligation but also a moral responsibility that holds immense importance in the banking industry.
India has secured the fourth position worldwide in the number of startups that have successfully raised over $50 million in funding, as per Startup Genome’s Scaleup Report. This report highlights the growing prominence of India’s startup ecosystem on the global stage.
India’s Impressive Standing
Among the 12,400 startups globally that have achieved this funding milestone, India boasts 429 such startups. This achievement signifies the remarkable growth and investment potential of the Indian startup landscape.
Global Rankings
While India secured the fourth spot, the United States leads the pack with 7,184 startups surpassing the $50 million funding mark. China stands in second place with 1,491 startups, and the United Kingdom follows in third place with 623 startups achieving this milestone.
Total Funding Raised
India further solidified its position by clinching the third spot in terms of the total capital raised by these startups. The 429 Indian startups have collectively raised an impressive $127 billion in funding, highlighting the substantial financial backing and investor confidence in the country’s startup ventures.
Conclusion
India’s ascent to the fourth position globally in terms of startups raising substantial funding underscores its emergence as a prominent player in the global startup ecosystem. This recognition reflects the country’s entrepreneurial spirit, innovation, and attractiveness to investors, boding well for the continued growth of India’s startup sector.
Long-term Recurring Deposits (RDs) come with a range of advantages for individuals seeking to save and enhance their wealth over an extended period. They offer a structured and predictable approach to saving and growing your finances over the long haul. RDs can be particularly advantageous for specific groups, including senior citizens, who have particular financial goals in mind or prefer low-risk investments with assured returns.
Long-term RDs are well-suited for fulfilling various financial objectives, such as funding a child’s education, planning for a wedding, or establishing an emergency fund. The consistent practice of making regular deposits empowers individuals to systematically work towards these financial goals.
Disciplined Savings
RDs foster a habit of regular and disciplined saving. By committing to a fixed monthly amount for a predetermined duration, individuals cultivate a savings routine, which can be especially beneficial for achieving long-term financial objectives.
Interest Rates
Long-term RDs generally offer higher interest rates compared to short-term RDs or standard savings accounts. This means that your savings can grow at an accelerated rate, allowing you to accumulate a more substantial sum over time.
Fixed Returns
In contrast to other investment options that may be influenced by market fluctuations, RDs provide predictable and assured returns. You have full visibility into the amount of interest you will earn on your deposits, delivering financial stability and assurance.
Secure Investment
RDs are regarded as secure investments as they are provided by banks and are supported by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to a limit of Rs 5 lakh per depositor per bank. This establishes RDs as a dependable approach to long-term money-saving.
Loan Facility
Certain banks offer the option to obtain a loan against the RD. This can be beneficial during emergencies when you require access to funds without prematurely terminating the RD.
No Market Risk
RDs are not exposed to market risks as seen in stocks or mutual funds. This makes them well-suited for risk-averse individuals seeking a stable and low-risk avenue for augmenting their savings.
Opening and managing long-term RD accounts is straightforward. Nonetheless, it’s essential to compare interest rates, tenure choices, and terms and conditions offered by different banks to select the RD that aligns best with your specific requirements. The table below provides a comparison of RD interest rates for a 5-year tenure, illustrating how a monthly deposit of Rs 5,000 will grow over five years.
A total of 70.9 million income tax returns (ITR) have been filed for income earned in FY23 (assessment year FY24). Out of these, 69.6 million ITRs have been verified. As of September 23, 64.6 million returns have been processed, which includes 27.5 million refund returns, according to the Income Tax department’s announcement on X.
However, there are instances where refunds are owed to taxpayers, but there are outstanding demands from previous years. The department stated on Saturday that taxpayers with existing demands from previous years are being informed about this situation.
In accordance with section 245(1) of the Income-tax Act, 1961, taxpayers are provided an opportunity to respond before adjusting the refund against an existing demand. Taxpayers can choose to agree, disagree, or clarify the status of the demand.
The IT department has urged taxpayers to take advantage of this opportunity and promptly respond to such notifications. This will aid in resolving outstanding demands and ensuring the timely issuance of refunds.
