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Unpaid for months, Amrapali ex-employees protest outside office




Noida, April 21: Scores of ex-employees of real estate giant Amrapali Group on Friday picketed their corporate office here in Sector-62, alleging non-payment of dues for months.

The employees, who were fired during the last one year, were terminated by the group citing falling profits and slump in the real estate sector.

Some of us haven’t received our salaries for last eight-nine months. We have no other means to live and are barely surviving,” said Prashant Kumar, a site-engineer with the group.

Most of the sacked employees comprised engineers, supervisors, construction workers and low-level managers from the firm’s construction sites.

The management, on the other hand, said that they have no money to disburse the payments, yet they are paying off the dues gradually, in installments of Rs 5,000.

“You know about the slump in the real estate market, on top of that demonetisation hit us hard.”

The situation is not as bad as the workers are saying. We are paying them in instalments and will clear dues as soon as possible,” Adarsh Mohan, a representative from Amrapali Group said.

The workers alleged that around 800 to 1,000 employees were sacked in the last one year, whereas Mohan said it was not more than 200.

The aggrieved ex-employees also said that the cheques they received from the firm have bounced.

“Their cheques are bouncing, we have been cheated by the company. I had to pay my children’s school fees by borrowing money from someone else,” Sujeet Jha, who had been working for 13 years with the construction firm while showing the dishonoured cheques.

Some workers alleged that even the bio-metric attendance system was rendered dysfunctional months before their sacking, with their presence being marked only manually.

When the son of company’s Chairman Anil Kumar Sharma came out to assuage the sloganeering workers, he was heckled and forced to return inside.



Dubai’s Meraas eyes Indian buyers for premium residences



Dubai's Meraas Residence at Bluewaters Photo Credit :

Hyderabad: Property investors and high net worth Indians can now own premium residences in Dubai with Meraas, a Dubai-based holding company, marketing its new venture ‘Bluewaters’ in India through Australia’s Raine & Horne.

The company at its roadshows in Hyderabad, Delhi and Mumbai is offering a flexi payment plan for those looking to buy the residential units in the project coming up on manmade island off the Jumeirah beach residence coastline in Dubai.

The project comprises 698 one to four bedroom apartments, four penthouses and 17 villas with price ranging from about Rs 3.5 crore (for a one-bed room apartment) to Rs 70 crore (penthouse).

Raine & Horne, a global services company based in Australia, will begin the marketing in India with first roadshow here on March 25 and 26.

Sanjay Chimnani, Managing Director of Raine and Horne Dubai told reporters that they expect to sell 100 units at the roadshows in the three cities.

“This is high-end big size products priced reasonably. We are targeting all those who can afford to pay Rs 75 lakh upfront,” he said.

The company is offering four-year payment plan with zero percent interest. The customers can book the units by paying 10 percent of the cost. They have to pay another 10 percent at the time of delivery in October and 5 percent every four months.

With 9 to 10 percent growth in rental income, the investors can pay the installment with their earnings from the rent, he said.

Indians in Dubai are among biggest foreign investors in Dubai’s real estate. Quoting Dubai’s land records department, he said people of Indian nationality purchased real estate worth Rs 30,000 crore in 2017, up from about Rs 22,000 crore the previous year.

“This number is going to grow further with Dubai’s population expected to be doubled by 2030,” he said.

The freehold area, where expatriates are allowed to buy property, has 250,000 units while another 170,000 are expected to be added in next five years.


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Equity indices open lower, Nifty50 slips below 10k mark




Mumbai, March 23: Key Indian equity indices on Friday opened on a subdued note following a global sell-off, with the Nifty50 of the National Stock Exchange (NSE) slipping below the 10,000-level.

At 9.16 a.m., the Nifty50 — which opened at 9,968.80 points — declined by 120.20 points or 1.19 per cent to trade at 9,994.55 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 32650.89 points, traded at 32641.91 points — down 364.36 points or 1.10 per cent from the previous session’s close.

The BSE market breadth was bearish with 1,398 declines and 122 advances.

Heavy selling pressure was observed across all sectors led by banking, metals, auto, capital goods and consumer durables stocks.

On Thursday, negative cues on the back of global protectionist measures, higher interest rates in the US and hike in crude oil prices, along with selling pressure in banking, auto and capital goods stocks depressed the key indices.

The Nifty50 fell by 40.50 points or 0.40 per cent to close at 10,114.75 points while the Sensex closed at 33,006.27 points — down 129.91 points or 0.39 per cent.


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Equities close lower on global cues, selling pressure



Mumbai, March 22: Key Indian equity indices provisionally closed on a lower note on Thursday as negative European markets, along with selling pressure in banking, auto and capital goods stocks, suppressed investors’ sentiments.

The key indices had opened on a higher note after the US Federal Reserve raised the benchmark interest rate by 25 basis points, signalling two more rate hikes in 2018.

The wider Nifty50 of the National Stock Exchange (NSE) fell by 40.50 points or 0.40 per cent to provisionally close at 10,114.75 points (at 3.30 p.m.).

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33,206.99 points, closed at 33,006.27 points — down 129.91 points or 0.39 per cent from the previous session’s close.

The Sensex touched a high of 33,281.77 points and a low of 32,963.31 points during the intra-day trade.

The BSE market breadth was bearish with 2,010 declines and 709 advances.

On Wednesday, value buying pushed the key indices higher even as some gains were ceded on caution ahead of the US Federal Reserve’s FOMC (Federal Open Market Committee) meet.

The Sensex closed the day’s trade at 33,136.18 points — up 139.42 points or 0.42 per cent — while the Nifty50 gained 30.90 points, or 0.31 per cent, to close at 10,155.25 points.


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