Month: September 2022

housing project delay: NCDRC penalises Raheja developer for

The National Consumer Disputes Redressal Commission (NCDRC) has penalised real estate developer Raheja and have ordered refund along with interest for delaying its project ‘Revanta’ at Sector 78, Gurgaon.

The order came on the complaint of 30 homebuyers who had sought relief from commission.

“The opposite party (Raheja developers) is directed to refund the entire amount deposited by the respective complainants along with delay compensation at 9% per annum on the deposited amount from the respective dates of deposits till realization, within a period of two months of this order. Any delay beyond two months, will attract an interest rate of 12% per annum for the same period,” NCDRC said in the order.

According to homebuyers the project is already delayed by 4-5 years and at the pace construction is on, it will take another four years to complete it.

“Haryana RERA has issued notices to Raheja for not updating quarterly progress report and changing the bank account of the project. The developer also has to pay Rs 354 crore to DTCP as it has defaulted on EDC (external development charges). About Rs 20 crore of it is for Revanta project,” said Arjun Singh Punia, a homebuyer.

The commission has

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Industry
by Norma September 1, 2022

imf: IMF likely to make formal announcement on Sri Lanka’s

The visiting IMF delegation is expected to conclude talks with the Sri Lankan government and make a formal announcement on Thursday on the much-awaited bailout package and staff-level agreement for the cash-strapped island nation, media reports said on Wednesday. Sri Lanka is going through its worst economic crisis since its independence in 1948 which was triggered by a severe paucity of foreign exchange reserves.

The second such visit from the International Monetary Fund (IMF) in three months comes at a time when Sri Lanka is scrambling to chalk out a staff-level agreement with the Washington-based global lender for a USD 5 billion programme, which could be the antidote for the country’s current economic travails.

“The IMF Mission in Colombo has been extended by one day because discussions are still ongoing with the authorities,” Colombo Page news portal reported, quoting Senior Mission chief Peter Breuer, as saying.

Breuer, who is an expert in debt restructuring, said his team plans to conclude talks with the Sri Lankan government and make a formal announcement on Thursday, the report said.

The IMF delegation was supposed to leave Colombo on Wednesday.

The first round of talks ended on August 24, during which the IMF delegation

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Industry Accounting
by Norma September 1, 2022

‘As I grow older, I’m getting greedier’: Actor Suniel Shetty

Bollywood actor and entrepreneur Suniel Shetty recently shared some hacks behind a productive day and gave out reasons why he’s “getting greedier” while growing older. He said the following hacks are “tried and tested” for getting the most out of his day. Firstly, he mentioned getting up early in the morning. “I’m usually up by 5 am. I spend my mornings doing things that are good for my soul – yoga, chai with Amma, time with the family, and my dogs!” he said.

Shetty laid emphasis on avoiding gadgets or screens during the early hours of the day to keep the mind at peace with no distractions. “By this you will have done justice to the people and things you value the most. It also means that by the time I leave home by 9 am, I’m prepared for the day. I’ve worked out how my day is going to pan out. Over the years, this practice has paid rich dividends, and I can’t recommend it enough,” he said.

‘Compartmentalise’

Shetty also stated that as he is getting older, his days are usually packed. Hence, compartmentalise helps him “to make the most of anything he participates in”. “As I grow

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Industry Analysis
by Norma September 1, 2022