Good morning, American President Joe Biden wants to crack down on money laundering and corruption, and the real estate sector seems to be right in White House's crosshair.
And why not? Over USD2.3 billion was laundered through American real estate between 2015 and 2020, according to the US Treasury.
From financial ethics to environmental responsibility, our sector needs a lot of good work. Let that be the backdrop to our business playbooks.
📌 Let's also not forget that today is Friday, which means we will be taking a leave from your mailbox for the next two days.
😷↔😷
Still Doesn't Feel Better
“I own the decision to do the layoffs, but in communicating it I blundered the execution.” - Vishal Garg.
Garg, CEO of mortgage company Better.com (also scouting for manpower for its India ops) did a classic exec manoeuvre and apologised for not respecting his employees.
On Tuesday, he sent an apology to employees after sacking 900 of them - at least 9% of the company's total - on a Zoom call last week that had the ambience of a surprise diary check at the local kindergarten.
Trying To Be Funny
Post his 1200mm debacle, he went on to a message board full of venting Better.com staff, accusing them of “stealing” by only working “two hours a day” while clocking in for eight.
Indian industry veterans expressed their disgust at the whole episode, siding with the staff.
PR Crisis Management Kicking In?
Nope, because Better.com’s PR leaders responded by...quitting. Three top communications execs resigned as of yesterday.
Also, the financier put a pin in its USD7.7 billion SPAC merger with Aurora Acquisition Corp. citing “regulatory” reasons.
Multimodal Asset
Progress report posted on Twitter by the National High Speed Rail Corporation.
The under-construction Sabarmati Passenger Hub which will provide seamless multi-modal connectivity to the western railway station, metro station, BRT, and Sabarmati HSR station, is taking shape.
Once completed, this property will also provide a parking facility with a capacity of 1,500+ vehicles.
👍 We need more multimodal hubs.
Homes Could Get Costlier In 2022
If you were to decode the signs of a healthy housing market, a steady, yet affordable increase in price tags would signal good health.
Such a sign seems to be on the horizon.
How's The Market Now?
After facing multiple structural reforms like demonetisation, GST, and RERA through the last 6 years, things weren't exactly in the pink for the sector.
Per a new report by Knight Frank, the brake check by the pandemic is gradually easing and the residential market is expected to gain back its rhythm in the next two to three quarters.
Sentiment And Demand Are Up
A last 10-year analysis of the 2011 to 2021 period indicates many of the supply and demand-side factors have started applying upward pressure on housing prices and as a result, the report projects a price increase of around 5% in 2022.
But...But...But
Every developer worth his cement is crying fowl as costs of raw materials like steel, cement, fittings, tiles, etc. have skyrocketed by up to 50% in some cases.
This has led to silent housing price increases hovering between 5% to 15% in many micro markets across the country, say numerous news articles from the recent past.
Heck, what's another 5%? Anything for good health.
New Zealand To Ban Tobacco For Future Generations
If you are born in New Zealand after 2008, you will not be able to access any tobacco product through your lifetime in that country.
This is not a prank. The move is part of a sweeping crackdown on smoking announced by New Zealand's health ministry.
The proposed lifetime ban on tobacco should come into effect within a year from now and could save countless lives over the years.
We are praying it also sets a trend for other countries to follow.
Word On The Street?
😎 People are thrilled.
😳 People are afraid that the ban may give birth to a black market for tobacco products in the country. [Gujarat, Bihar, you're getting the drift we hope.]
Nearly a fifth of dragonflies - insects that come in myriad colours, look like choppers and play a role in managing diseases by gobbling mosquito larvae - are at threat of extinction due to habitat destruction.
Notes for this weekend:
- No Tobacco
- Posting a message on social media about the environment.
Have a great day ahead. 💚
☕ The Crew@Ginger Chai