&w=3840&q=100)
Mangalam Worldwide Q1 results: PAT jumps 68% to ₹10.13 cr, revenue up 21%
Press Trust of India New Delhi
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
an hour ago
- Time of India
In redevelopment deals, Mumbai residents sweat over fears of managing committee-builder nexus
1 2 In a housing society in Khar, residents were shocked when they learnt managing committee members enjoyed an all-expense paid holiday in Bangkok, courtesy a builder. The son of a society chairman in the eastern suburbs, who owned a small software firm, got projects worth Rs 6.5 crore, while the daughter, a doctor, managed to get a top post in a hospital. The secretary of another society, who owned a small printing press, got a huge contract to print the annual reports of a construction firm. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai In a Vile Parle society, a woman member has filed a case in the consumer court against the managing committee for allotting her a flat on a lower floor instead of a higher floor, which she claimed she was to get. In Mumbai's real estate industry, redevelopment has become the most lucrative market not just for developers hunting for prime properties. A lesser-known secret is the role of the all-powerful managing committees (MCs) of housing societies; these are a small group of people who initiate redevelopment, meet developers and finally convince society members to select the best. TOI spoke to a cross-section of people in the redevelopment market, including builders, advocates, housing society members, architects, and activists, about the crucial role played by MCs and the influence they wield among competitive developers. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like This new air conditioner cools down a room in just seconds News of the Discovery Undo Advocate K K Ramani, who has many housing societies as his clients during redevelopment, said the MC has a lot to contribute and its members devote their time and effort. "Someone has to make a decision, good or bad. It is a thankless job. They cannot satisfy everyone,'' he said. Ramani believes residents are more aware of their rights and keep MCs on their toes, but people in the know told TOI underhand benefits for MC members continue from builders and are of varied nature. Ramani said the MCs he deals with are dedicated people and do not short-change other members. "It used to happen two decades ago when society members left everything to the MC to decide during redevelopment. Now, members are more aware of their rights,'' he added. However, people in the know told TOI underhand benefits for MC members continue. "Their chosen builder will give them preferential treatment like better amenities, more area than they are entitled to at a discounted price, or free interiors of the new flat. Or it could be giving a MC member his redeveloped flat on a higher, sea-facing side,'' they said. A developer, who spoke to TOI on the condition that his identity not be revealed, said his experience with MCs was that "25% are genuine while 75% have vested interests''. "Someone from the MC wants more area, others may demand money on the side,'' he said. This developer also claimed several "project management consultants" (PMCs) appointed by MCs to help societies in the redevelopment process, have become "glorified brokers" and are "super corrupt". "They knock out money from developers for selecting them for redevelopment,'' he said. Another developer with a slew of redevelopment projects in the prime Bandra-Khar belt, said some PMCs and MCs "rig tenders" so that the project goes to a selected builder. "These syndicates (nexus of PMC and MC) are known to get kickbacks ranging from Rs 5 crore to Rs 10 crore in prime localities. Redevelopment is their payday," he said. This developer further said what surprises him is that most of these shady MC members come from a wealthy background. Housing activist Chandrashekar Prabhu, who has been pushing for self-redevelopment, said some builders inflate numbers in feasibility reports for redevelopment. "These builders spent huge sums to pay office bearers to select PMCs on their payrolls so that they can manipulate the feasibility reports to make it appear that the builders would hardly earn any profits in the redevelopment schemes. In return for convincing members to agree to a PMC, the architect, structural engineer, liaison consultant, other consultants, select managing committee members and office bearers are paid off. Some builders offer upfront payment to office bearers to identify vulnerable families willing to sell their flats. Moreover, if all members can be convinced the deal offered is the best, proactive office bearers will be given free flats in another project. For every decision that results in an increase of profits for the builder, there is a good share of the spoils for office bearers,'' he said. Advocate Vinod Sampat said the positive aspect of MCs is they protect the interests of society members. ``Many of these committees are experts in various fields and are knowledgeable. Most decisions are taken transparently,'' he said. But Sampat said he has seen the dark side too, where an MC is hand-in-glove with the developer. "The rotten ones will deliberately leave loopholes in development agreements so that income tax and GST liability falls on the members instead of the developer,'' he said, adding arbitration with the builder in case of a dispute will financially ruin the society. Get the latest lifestyle updates on Times of India, along with Friendship Day wishes , messages and quotes !
Time of India
an hour ago
- Time of India
Online trading scam: A year after losing nearly Rs4 crore, Hyd-based techie lodges plaint
Hyderabad: A city-based software employee filed a complaint with the Telangana Cyber Crime Security Bureau (TGCSB) on Friday, stating that he lost over Rs 3.9 crore to cyber fraudsters posing as stock market investment advisors in April 2024. The victim did not approach the police with a complaint until Friday, as he thought it would be impossible to get back the money lost in cyber fraud . Finally, on the advice of well-wishers, he approached the police. On Friday, the 43-year-old victim from Manikonda stated in his complaint that he came across a stock market trading app in April 2024 through WhatsApp. Convinced by the assurances of the trading app representatives about high returns, he installed the app through a link provided by the fraudsters and began transferring money through the app. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad Between April 12 and 23, 2024, he had transferred Rs 2 crore to various bank accounts provided by the fraudsters. "I grew suspicious on April 24 last year as they were not letting me withdraw any funds. During this time, they credited Rs 87 lakh to my mother's bank account, which I provided, and regained my trust. Reassured, I kept investing," the victim said. Between April and June 2024, the complainant had transferred Rs 4.79 crore and received only Rs 87 lakh into his mother's account. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Is this legal? Access all TV channels without a subscription! Techno Mag Learn More Undo "By June, the trading platform had stopped functioning, and fraudsters stopped all communication," the victim said. During the same period, the Gujarat Cyber Crime Department froze the account of his mother, which had received Rs 87 lakh from the fraudsters in relation to a cybercrime case registered in their jurisdiction. "My 65-year-old mother has nothing to do with this case, yet her account was blocked. Please identify the fraudsters and unfreeze the bank account," the victim requested TGCSB in his complaint. Taking cognisance, the TGCSB (Headquarters) police station registered a case under Section 66-D of the IT Act and Sections 318(4) (cheating and dishonestly inducing delivery of property), 319(2) (cheating by personation) and 338 (Forgery of valuable security, will, etc) of the BNS. Get the latest lifestyle updates on Times of India, along with Friendship Day wishes , messages and quotes !
Time of India
an hour ago
- Time of India
Green, clean, keen: Gujarat chief minister sets stage for development marathon
Gandhinagar: Gujarat chief minister Bhupendra Patel has called on all cities and towns in the state to draw up ambitious development blueprints and execute them with urgency as part of Urban Development Year 2025. The goal: to set new national benchmarks in sustainable, citizen-centric urban growth and foster healthy competition between Gujarat's urban centres. Speaking at the launch of Gandhinagar Municipal Corporation's Development Vision Plan on the state capital's 61st Foundation Day, the CM honoured the city's 'swachhata warriors' for their role in helping Gandhinagar achieve national acclaim in Swachh Survekshan rankings in the 3 lakh-1 million population category. "Once known as a green city, Gandhinagar is now proudly a clean city too. And, it's everyone's responsibility to keep it that way," he said. Patel recalled that it was in 2005, during Prime Minister Narendra Modi's tenure as CM, that the first Urban Development Year was celebrated. The initiative then sparked a shift from focusing solely on infrastructure to including smart services, technology integration, and forward-looking planning. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Is this legal? Access all TV channels without a subscription! Techno Mag Learn More Undo "Building on two decades of achievements in urban development, this year is being observed with the objective of creating world-class cities," he added. You Can Also Check: Ahmedabad AQI | Weather in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad This year, Gujarat has increased its urban development budget by a whopping 40%, earmarking Rs 30,000 crore. The CM emphasized that the 2025 campaign is not just about aesthetics or growth — it's about laying the groundwork for 'Viksit Bharat@2047' by embracing sustainability, inclusivity, and innovation. Among key campaigns he highlighted were 'Catch the Rain' for water harvesting, urban forest expansion, the 'Ek Ped Maa Ke Naam' tree-planting drive, rooftop solar adoption, and electric mobility — all geared toward greener, more resilient cities. Gandhinagar Mayor Mira Patel, in her address, said that the capital's transformation would not have been possible without the leadership of PM Modi, Union home minister Amit Shah, and CM Patel. She pointed out that Gandhinagar's municipal budget has grown from Rs 7.47 crore in 2010 to a projected Rs 1,718 crore for 2025–26 — a 230-fold jump. The mayor urged citizens to work collectively to push Gandhinagar from being "excellent" to "exceptional". Get the latest lifestyle updates on Times of India, along with Friendship Day wishes , messages and quotes !
