Good morning, just like the Yeti and the Loch Ness thingy, millipedes were never really real. Why? Because millipede means “a thousand feet,” but the highest number of legs found on any millipede till date was 750.
However, last week, earth combing biologists finally discovered a millipede species in western Australia with 1,306 legs, the most of any living creature on the planet.
And if you feel that Monday's put a lot on your plate, there's a little relief in the fact that those are a lot of toenails to clip for one guy.
Feeling lighter now? 😉
Noida: Where The Ceiling Has Turned Yellow
Noida's real estate projects are a messy collage of unfinished images, with errant practices leaving thousands of families sucking their thumbs after parting with their hard earned money.
Two-thirds Of Group Housing Is In Limbo
Per this report, the Comptroller and Auditor General (CAG) of India has found that 63% of the group housing projects allotted by the Noida authority are incomplete.
Between 2005 and 2018, Noida allotted 67 group housing plots measuring 71.03 lakh sq. m. which were sub-divided into 113 plots by the allottees. Out of these 113 projects, 71 projects remain incomplete.
Unit wise, of the 1,30,005 apartments sanctioned, Occupancy Certificate was not issued for 44% of them, barring homebuyers from taking possession.
Messy Allotment
The report also highlighted gross errors in the developer selection and allotment process.
😳 Sample this - In two cases, allotment of more than 200,000 sq. m., worth INR 471.57 crore, was made to firms who failed to qualify the minimum eligibility requirement.
And, wipe your sweat because 10 firms were allowed to use their net worth up to a maximum of 2.29 times to bag 26 parcels of land worth INR 4,293.35 crore.
Not Just Residential
Of the total 48,98,440 sq. m. of area allotted in the commercial plots category between 2005 and 2018, 79.83% area was allotted to just three entities - Wave, Three C and Logix Groups.
What Now?
Prayers, perhaps.
Boeing Divests Real Estate Assets To Stay Airborne
The pandemic has chocked so many aircraft wheels that Boeing had to let go of a big chunk of it's real estate holdings for cash.
It's HQ Was Last To Go
With the sale of its Commercial Airplanes headquarters campus at Longacres, Boeing completed a series of large real estate divestments this year to drastically cut costs during the pandemic-induced aviation slowdown.
Unico Properties, a subsidiary of a Seattle-based private equity real estate investment firm wrote out the check for the property, which some sources say raked in USD100 million for the aircraft manufacturer.
The Last Of Many
Real estate asset sales by Boeing in 2021:
- Seven office park buildings in Bellevue’s Eastgate area for USD139 million
- A large warehouse adjacent to Paine Field airport in Everett for USD35 million
- 310 acres of unused land next to its Frederickson manufacturing facility for USD200 million
- 2 office buildings in Renton for USD12 million
Receiving Loud And Clear
The only Boeing property left on the market is a tiny, quarter-acre parcel on Beacon Hill, the site of a former radio tower.
When Life Gives You Lemons, Time Travel
The last fortnight of December is when we throw caution to the winds and let our hair down. So the bottle gets a little more tilt over the glass and the food swims in gravy.
A Monday morning like this could always do with a little visual treat then. 😇
Here's an image of the Gateway of India, Mumbai, from the 1970s. Notice the pristine Standard Herald, and… is that a red Plymouth on the left?
Image - IndianHistoryPics
Dubai Realty Reaping Safe Haven Rewards
🎙 "The Covid-19 pandemic has demonstrated the UAE’s strong leadership in managing the pandemic, and creating a safe haven for people – while the rest of the world was reeling from the crisis." - Rizwan Sajan, Founder, Danube Group.
Bouncing Back Hard
Per this Khaleej Times report, in 2021, Dubai’s real estate market will clock over 100% growth in transaction value YoY, as investors reposed trust in its favourable economic policies, efficient handling of the Covid-19 pandemic, visa reforms, and the recent liberalisation of the business licensing regime.
Numbers Don't Lie
Per latest Dubai Land Department (DLD) data, Dubai has already registered property transactions worth Dh142.5 billion till mid December, with over 57,500 deals.
In comparison, 35,434 transactions worth Dh72.49 billion were registered last year.
A Historic Year For Real Estate
The secondary housing market has led this recovery, pointing to strong local demand, and the off-plan market has also picked up pace with steadily increasing transaction volume.
As a result, the last few quarters have witnessed a record number of real estate deals across the country.
2022 Could Be More Promising
With more people choosing to call Dubai home, and the 2020 Expo site to be converted into a mixed use development post March 2022, investment in Dubai's real estate sector is expected to remain high, feel regional experts.
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You think inflation is bad here in India? Let’s jet to Turkey, where inflation hit 21% in November and its currency, the lira, has shed 40% of its value against the dollar in the last three months.
But Turkish President Recep Tayyip Erdoğan, who controls the country’s economic policy, thinks it’s better to lower interest rates in the face of inflation, compounding the problem and making investors around the globe sweat.
Compared to that, our slight situation is a walk in the park.
See you tomorrow. 💚
☕ The Crew@Ginger Chai