“The corporate world is shocked because of the way the CBI has filed an FIR against Kumar mangalam Birla in the Coalgate matter. And in a way, a few voices against the Congress are raising their voices. Its first effect is being seen on the election donations; the corporate world is spending money for the BJP with both hands, but is clenching its fists tight when it comes to the Congress. Kumarmangalam Birla has 35 per cent shares in a media company. Kumarmangalam’s son has come back from New York armed with a media management degree and his aim is to become a media baron. Keeping his son’s wishes in mind. Kumarmangalam was about to give him 51 per cent shares of this media company so that he could control the company. For a while now, this media group’s three channels and a multi-language news magazine has been taking an anti-government and anti-Congress stance. Once in a while, the news anchors would directly attack the Congress crown-prince Rahul Gandhi, too, and this was just not going down well with the Congress. Sources reveal that several warning were issued to Kumarmangalam from the Congress so that his channel mends its ways, but Kumarmangalam washed his hands off the affair saying he did not control the media group at present. Thus, the Congress and the UPA government started to feel that Kumar, too, has an anti-Congress and pro-Modi take and a political strategy was drawn to teach him a lesson. Setting Kumarmangalam as an example, the Congress wants to pass on the message to another top industrialist who has a big share in several media groups that he get over his Modi love while there’s still time, or he could face the same fate as Kumarmangalam”.-from GossipGuru
Day: October 23, 2013
Categories
Politics:Interview with Amit Shah
Must watch for students of Indian politics.
Categories
A costly lesson for Tata Housing buyers
The Tatas have scrapped an affordable housing project in Vasind near Shahpur for want of environmental clearances. Tata Housing had launched two affordable housing projects in the area – Shubh Griha and New Haven — with a total of 2,500 units in 2010. While a major portion of Shubh Griha was completed, New Haven got stuck in red tape and never took off.
The project, announced at Rs 2,100 per square foot, was to have 1,250 houses at prices ranging from Rs 5 lakh to Rs 35 lakh. The response was so good that the project was overbooked in a matter of months with customers paying 20 per cent of the project cost.
But three years after it was announced, investors started receiving letters from the company this month saying the project has been shelved and that they could take their money back with 12 per cent annual interest. Alternatively, investors are being offered houses in other similar Tata projects in nearby areas at a 2per cent discount on the market rate.
“Though we have been trying to get the necessary sanctions and approvals and have been rigorously following up with the concerned authorities, the approvals for a small part of Shubh Griha and New Haven have unfortunately not been granted as yet,” said a company spokesperson. “It is very unfortunate that the continued delay in clearances from environmental authorities over the last two years have led to the cancellation of booking of some units.”
Customers, however, said that even though Tata is offering a refund with interest, prices have appreciated to an extent that they cannot invest in the same area now.
“Even if I take back my investment with interest, it will not be possible for me to buy a house in this area now,” said Aiyaz Shekh, a government servant who had booked a 2 BHK flat. “I booked the 688 sq ft flat for Rs 15 lakh. Now, the price has gone up by 50 per cent. I will not be able to afford a house at that rate.”-from TOI
Categories
Linkfest:Oct 23,2013
Some stuff I am reading today morning:
Income Tax puts HRA exemption under scanner (ET)
Onion price near 100 Rs/kg (FE)
MD of NK Proteins arrested in NSEL case (Mint)
Jignesh Shah lives to fight another day (BS)
VCs preferred sector is Real Estate (CapitalMind)
What a wife should ask her husband about investments (Subramoney)
Claiming parent’s assets after death (Jagoinvestor)
Dismantle the Dow (BusinessWeek)
All Amazon is missing is a profit (NYTimes)
Why have young people in Japan stopped having sex? (Guardian)