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Panic in Emerging Markets Sparks Flight to Dollar

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Linkfest:Feb 03,2014

Some stuff that I am reading today morning:

SEBI dismisses officer for gross misconduct (Mint)

Another nail in the coffin for Indian roads (Firstpost)

Bajaj Finance:Buy (BL)

AAP media gimmick steals Didi’s thunder (UsualSuspects)

A 2x in 3 years (ValueInvestor)

Can one earn money by blogging? (BeMoneyAware)

Professors to EM Economies:Grow up (TRB)

Harvards’ post crisis Endowment strategy (AdvisorPerspectives)

Retiring on your own terms (Moneybeat)

Buy what you know?Not so fast (Blackrockblog)

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Realty This is India !

How Neelsidhi Builders screwed its flat buyers

Those who’ve purchased flats in Amarante, a project by NeelSidhi developers, are literally groping in the dark. Reason: The developer has failed to provide them an electricity connection despite the members making payments and getting their flat possessions around August and September 2013.

 

There are around 250 flats in phase-I of this project and phase-II is currently underway. A case has also been filed in the consumer forum in this regard and two hearings have taken place.

A group of around 30 buyers have now come forward to fight for their rights. One such buyer, on the condition of anonymity, said, “We were given the possession in August and September 2013 but the builder failed to provide us electricity connection as a result we cannot shift to our new homes. We are ending up making payments towards loan taken for purchase of this property and also have to pay rent for the place we are staying now.”

He said, “The project has been on for the last 4 years and we were first told that we would get possession in December 2012, the date was later pushed to April 2013. The agreement signed by the builder had a clause that he would not be responsible for any delay which is caused due to circumstances beyond his control and he will not be paying any interest for delayed possession.”

Another member said, “The builder got occupancy certificate (OC) around June and July 2013 and then by August and September he gave possession of flats to the members. The developer has been in talks with MSEDCL since 2009 for electricity connection, but the follow-up has not yielded results. It was only after the developer got an OC that he started following up the matter seriously.”

A buyer said, “The developer told us that MSEDCL has demanded Rs7.5 crore for supplying power to our building. He [developer] said this demand was illegal and it was its duty to provide infrastructure for electricity supply.”

The alert members then filed an application under Right to Information (RTI) and found out that the demand made by MSEDCL was just.

 

“MSEDCL had told the developer that since the project was big, they’ll require a load of 10 MV and that line will have to be taken from Taloja. This would cost Rs7.5 crore and the amount is on paper,” said the resident.

The developer is doing nothing but dilly-dallying the matter, and not giving concrete assurances.-from DNA

 

Only in India can you get possession of a flat without electricity !

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Links

Weekend Mega Linkfest:Jan 31,2014

Some off beat reads for the weekend:

Two friends on a winter drive to Spiti,Himachal Pradesh (RishadMehta)

Muslims see through Mulayam’s game (Tehelka)

Behind the Assam killings (Newslaundry)

The steady rise of Pune’s Kolte Patil Developers (ForbesIndia)

The fighting Gurkha (IDR)

The fat lady is still singing (NewYorker)

First photographs ever taken of Jerusalem (Smithsonian)

Vladimir Putin’s triumph (Economist)

What will Microsoft be like if Satya becomes its CEO (BusinessWeek)

Sleaze and the unmanly man (JaiArjun)

Foreign workers of Dubai (NationalGeographic)

In pictures:Rahul Gandhi’s interview with Arnab Goswami (UnrealTimes)

A road trip in Thailand (TeamBHP)

Movie Review:Jai Ho (VigilIdiot)

What is it like to be financially poor (Rodinhoods)

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What’s driving Indian Stocks lower?