Mint Primer: Is a fresh crisis brewing in NCR’s property market?

Subscribe to enjoy similar stories. The property market in the National Capital Region (NCR) has witnessed a clean-up and turnaround in recent times. Now, a new crisis seems to have hit the market, with allegations of cheating and defrauding of homebuyers doing the rounds.

Mint explains: Last week, the Enforcement Directorate (ED) raided the NCR premises of two developers—the WTC Group and Bhutani Infra—and their promoters. First information reports filed by the Economic Offences Wing alleged cheating, criminal breach of trust and defrauding of hundreds of homebuyers. Documents worth over ₹3,500 crore, collected from investors against projects in NCR, were found.

Buyers were lured into investing, but the money was allegedly siphoned off and the projects were undelivered. Documents that ED found also showed transactions and transfer of assets between the two groups. Read more: Real estate companies fund-raise ammo to fuel growth A string of real estate scandals had rocked NCR over the last decade.

Some of the region’s largest developers engaged in years of unchecked real estate expansion, a land-buying frenzy, and diversion of funds away from projects. Hundreds of home projects moved at a snail’s pace, or were never delivered. But, things changed post the covid-19 pandemic, as there was a revival in customer demand after a prolonged slowdown.

Developers benefited from a bull run and the return of investors. Reputed builders earned the confidence of buyers yet again. The latest controversy, now, opens up a can of worms.

markets Diversity show rock information reports Scandals

Read on livemint.com

All articles from livemint.com

The same topic in other media

The website fvbb.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

21.05 / 10:17

UPS Art Booking wellness film How chronic illness became a starting point for artistic alchemy for Koshy Brahmatmaj

Subscribe to enjoy similar stories.Pain is invisible; the sufferer has to make noise for it to be acknowledged, treated or accepted. Mumbai-based artist Koshy Brahmatmaj, 34, lives with chronic endometriosis, a painful condition that afflicts millions of women around the world.

21.05 / 10:17

markets UPS IPO NVIDIA SpaceX Even at $5 trillion, Nvidia is underappreciated

Subscribe to enjoy similar stories.Nvidia is no longer the only AI chip game in town. But it is the largest by far, and the likelihood that it will be that way for the foreseeable future should count for something.It hasn’t counted for much lately.

21.05 / 10:17

markets Digital CEO War Omnicom RK Swamy bets on integrated advertising model as global agency giants split media and creative

Subscribe to enjoy similar stories.Homegrown advertising group RK Swamy Ltd is betting on its integrated marketing model to drive growth over the next few years, combining media, creative and other advertising services even as the ‘Big Four’ agency networks increasingly separate those businesses.“We never did disaggregated media and creative [although] that was an option 20 years ago,” Shekhar Swamy, MD and group CEO of RK Swamy Ltd told Mint in an interview.“How can you disaggregate the two? The media function holds a lot of data, and then when media and creative walk separately, it creates a lot of tension. This is not a sensible model for a client.”RK Swamy’s clients include Magicbricks, Polycab, and several government institutions and PSUs such as LIC.The company reported a 15% jump in annual revenue for FY26 to ₹351.73 crore, while profit before tax and exceptional items rose 30% year-on-year to ₹32.2 crore.

21.05 / 09:47

markets IPO Racing NVIDIA SpaceX SpaceX, Anthropic and OpenAI’s sprint to go public defines the AI boom’s big day

Subscribe to enjoy similar stories.It all happened in one day.Three of the hottest startups in history moved closer Wednesday to becoming trillion-dollar companies. With a fresh filing, SpaceX showed the path to a landmark IPO likely to mint Elon Musk as the world’s first trillionaire.

21.05 / 09:47

markets Analysis Sustainability trends Trade FPIs exit Korea & Taiwan: Is India ready for the flow rotation?

Subscribe to enjoy similar stories.Foreign investors have spent much of this year cutting exposure to Indian equities, diverting some capital to Taiwan and South Korea amid an AI-driven rally and robust semiconductor earnings. However, recent selling in those East Asian markets has brought the conversation surrounding foreign flows back to India.According to Bloomberg data, Foreign portfolio investors have pulled nearly $23.4 billion from Indian equitiesso far this year, driven by stretched valuations, rupee weakness and softer earnings growth expectations.

21.05 / 09:47

markets Research trends Trade cover PI Industries’ weak core business keeps investors on edge

Subscribe to enjoy similar stories.PI Industries stock has fallen 11% over the past two trading sessions as pressure in its custom synthesis and manufacturing (CSM) business persisted. CSM revenues have now declined year-on-year for five consecutive quarters. The segment, which contributed about 75% of the agrochemicals maker’s FY26 revenue of ₹6,714 crore, saw revenue fall 16% year-on-year.Weak demand and customers’ shift to just-in-time procurement continued to weigh on the CSM business, where revenue declined 15% in the March quarter (Q4FY26), though that marked an improvement from the 32% drop in Q3FY26.Management said the global crop-protection market remains stuck in a prolonged multi-year downturn, resulting in an uneven recovery.

21.05 / 09:47

markets Research love audience consequences ‘Should I Marry a Murderer?’ has left audiences stunned but what they saw wasn’t all that bizarre

Subscribe to enjoy similar stories.In the new Netflix documentary series Should I Marry a Murderer?, Caroline Muirhead, a Scottish forensic pathologist, falls in love with Sandy McKellar, a man who, after proposing, reveals to her that he and his brother have committed a homicide. What follows is baffling: Even after Muirhead turns him in to the police, she returns to his side.

21.05 / 08:45

Provident Aware security Bill students Secured credit cards: Unlocking credit and building a credit score for millions

Subscribe to enjoy similar stories.There has been growing awareness about credit cards in India, but the number of users still remains low, with 118.6 million credit cards issued as of end-March, a penetration of only 8.5%. This is because of strict credit appraisal processes that leave a large segment of the population underserved.In such a scenario, customers can opt for a secured or fixed deposit (FD)-backed credit card instead of the ubiquitous unsecured card.

21.05 / 08:45

Provident Diversity information reports gatherings Forensic audits support corporate-fraud probes and IBC cases but still lack enforceable standards

Subscribe to enjoy similar stories.Forensic audits have gained significance in today’s world of business as they serve as a useful tool for commercial lenders to investigate fraud by borrowers and/or identify other deep-seated financial irregularities. Forensic auditors are also employed by resolution professionals to report on preferential, undervalued, fraudulent and extortionate (‘PUFE’) transactions for adjudication under India’s Insolvency and Bankruptcy Code (IBC). While there is no single universal definition, several globally recognized organizations have provided widely accepted definitions (and norms) of forensic auditing.

21.05 / 08:45

UPS Manufacturing Mobile Healthcare electronic Why Dixon, Syrma and Kaynes are moving beyond smartphones: margin pressure

Subscribe to enjoy similar stories.MUMBAI: India’s listed electronics manufacturers are under pressure to defend profitability as the mobile-phone assembly boom slows, prompting a shift towards higher-value industrial electronics.Investors remained jittery through the last fiscal, driven by concerns that slowing consumer sentiment could weigh on the rapid growth that electronics manufacturing services (EMS) firms have delivered so far.In an interview with Mint, Jasbir Singh Gujral, managing director of Syrma SGS Technology Ltd, India’s second-largest listed EMS firm, said, “We’re increasingly looking to capture a larger chunk of contracts from defence, aerospace and med-tech verticals, all of which represent opportunities for original design manufacturing, and also bring significantly higher margins. We’ve already started this transition, and we plan to do more of it this fiscal.”Beyond mobile phones and laptops, EMS firms are expanding into smart metres for electricity boards, aerospace and defence subsystems, railway safety instrumentation, printed circuit boards and display assemblies, and medical devices deployed in hospitals.India’s annual mobile phone shipments have remained subdued since the covid-19 pandemic, with industry estimates pointing to a single-digit decline this calendar year from 152 million smartphones shipped last year.The margin pressure driving this shift is increasingly visible.In FY26, Syrma SGS reported an operating margin of 7.1%, up 2.3 percentage points.

News feed

Back to home