Good morning, if there were no Tuesdays, how would one make up for Monday's goof up?
Take us for example. In an attempt to bring cool sharing tech to our daily newsletter, we got something in our code to fail miserably and despite many attempts, yesterday's Ginger Chai went into limbo (unconstructed dream space).
Interesting blurbs roam the space below today and you may start anyplace you wish to, while we try and figure out a way to make a failure turn into success.
Here's to a fresh new week.
92,000 Homes Lapse
While on a routine browsing of RERA home pages, we came across some startling facts. Maharashtra's RERA page says the following;
"The Validity of MahaRERA Registration for the following Projects has expired."
"The promoter shall not advertise, market, book, sell or offer for sale, or invite persons to purchase in any manner any plot, apartment or building, as the case may be, in any of these projects."
92,000 Homes Under-Construction in Pune Have Lapsed
From 2017 onwards alone, more than 92,000 housing units across 1,410 buildings in Pune district have lapsed, as developers failed to finish the projects within the set time.
Per Track RE data, the majority of the projects are within Pune city limits. Rural localities have reported lesser cases of lapsed housing projects.
Why Do Housing Projects Lapse?
MahaRera - the regulatory authority overseeing home construction, sets a definite time period for completion of projects.
In case a builder fails to complete a project within the stipulated time frame, it automatically goes under the lapsed project category and its builder is prohibited from selling the project.
Extension is given to such projects after a fine is paid or if the ceiling goes yellow, buyers can come together to decide on a builder of their choice to finish the project - a process that has its own painful journey for the common home buyer.
A little digging unearthed that projects mainly lapse for two reasons - builders unable to raise finances for the projects, and non-clearance by sanctioning authorities.
Recovery Is Not Just About New Sales
Across the Pune region, 35 projects had lapsed in 2017, 149 projects in 2018, 338 projects in 2019 and 280 projects in 2020. This year, so far 125 projects have lapsed already.
While we bask in the glory of a recovering housing market and pop beers to celebrate, 92K families in just one of many regions must be wondering what the party is all about.
The DIY Fire Safety Checklist
Modern fire safety equipment, fire-safe building design and aware residents are the ingredients to make a fire safe living experience.
Most contemporary buildings across India today need to be fire safety compliant to get an approval for construction but then there are fire-dumb house owners who illegally tamper with fire safety equipment.
Stupidity aside, here's a do-it-yourself (DIY) fire safety checklist to help you determine the fire readiness of your home.
🧯 Smoke Stop and Fire Doors
Check for -
- Missing or defective smoke stop doors, defective door hinges or broken glazing.
- Smoke stop doors wedged open or not in a properly closed position.
🧯 Fire Escape Routes
Check for -
- Doors/gates in escape routes, common areas installed with locking device which cannot be openable from inside without the use of a key.
- Lock-up of the door to main roof with a locking device which cannot be openable from inside without the use of a key.
- Unauthorized structures such as cabinet, shelves or stores in escape routes.
- Refuse, waste furniture or similar obstructions in escape routes.
- Emergency exits and lights/signage leading to them are working properly.
🧯 Fire Safety Installations
Check for -
- Extinguishers provided in the building are defective, damaged, missing or lack scheduled maintenance.
- Manual fire alarm call points are defective, damaged or obstructed by other objects.
- Fire hydrants / hose reels system are defective, damaged or obstructed.
- Signs of Fire Service Inlets / Sprinkler Inlets / Hose Reels or Hose Reel cabinets are illegible or missing.
- Obstruction to sprinklers by storage racks, goods, fixed structures such as loft, cabinet, etc.
- Unauthorized tampering with the Fire Service installations such as the shut-down of the control valves of sprinkler system rendering the system not in efficient working order.
🧯 Building Electricity Systems
Check for -
- Damaged or untidy electric wires.
- Multiple devices plugged into a single wall plug or naked wires stuffed into plug sockets.
If you find any discrepancies, alert the building maintenance staff asap.
Half A Cup Extra
- Fortified EU tech rules could be global standard, says Facebook whistle blower.
- Rajasthan RERA disposed of 90% complaints from aggrieved home buyers this year.
- Housing Finance Companies to grow at 8% to 10% in FY22 says this report.
High Seas RE Sales Up
We all seem to have learnt one significant thing from the pandemic - life is fragile and postponing is not an option anymore.
Nevertheless, while we had to postpone our post Diwali get together at the watering hole due to lack of green, billionaires have increased their floating budgets manifold.
Sales Of Luxury Vessels Up
Per Reuters, superyachts are enjoying a post pandemic tailwind as the rich seek zen at sea.
No kidding, these floating mansions - ranging from $10 million apiece second hand, to $600 million brand new - have witnessed an 8% spike in sales when compared to 2019.
While 200 new yachts sailed for the first time this year until September, up from 165 in the same period last year, another 330 yachts have been ordered to be delivered before 2023.
Yacht Builders Hear Ka-Ching
Ferretti, an Italian yacht builder has received orders in excess of 900 million euros ($1.04 billion) in January-September, meaning that by the year-end, sales in 2021 could reach 2X of 2019's 691 million euros.
At Azimut Benetti, another Italian yacht builder, the order book was up 3X to 1.2 billion euros by August when compared to 2020.
🎙 "The real boom started last spring," said its chief executive Marco Valle, adding that clients are also buying larger boats than before.
A Lasting Trend
Experts believe that this phenomenon is going to last for a few years.
And why not? With the number of billionaires soaring to 2,755 - 660 more than a year ago per Forbes - there is clearly money floating around the high seas.
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Everyone seems to be building a metaverse for something these days.
We wonder if someone is building a metaverse for newsletters and if yes, can we join?
See you tomorrow. 💙
☕ The Crew@Ginger Chai