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Online Home Purchase Boom in India

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Madhumita Mondal, a resident of Mumbai made a decision to buy an apartment online. A strange but appealing feeling that save time and also offers mouthwatering discount compared to tradition offline purchase. Mondal spent $ 159,000 (10.1 million rupees) on a 3 bedroom apartment located in Mumbai suburbs. According to Mondal, normally she purchases books and dresses on Snapdeal.com, but when she saw the apartment advertised with good discount, she decided to give it a try to save time and money. A decision that changed her online experience.

‘Rather than having to go through property agencies off-line, this experience is much better,’ Mondal commented.

While it seems difficult to spend hundreds of thousands of rupees online, many Indians are happy about it. Property is being sold online and huge internet sales realized. Developers are getting an easy time disposing off the excess supply while consumers find it easy to buy houses with good discounts. Over the past few weeks, both Mantri Developers Ltd and Tata Housing Development Co made sales of $ 1 million each on Snapdeal. In the past one year, Snapdeal, Housing.com and 99acres.com are sites that have been making property sales online. More than 1500 apartments of sales online are reported by Tata Housing. The online platforms promise lower prices. In an advert placed on their website, Snapdeal promises low prices, ‘obtain unbelievable discounts’ the advertisement reads.

Cost Conscious

The managing director and chairman of Mumbai-based developer Rustomjee Group had this to say, ‘Indians are very conscious on cost. They believe that online platforms and mass buying are cheap methods of buying anything.’ More than 30 apartments have been sold online by Rustomjee Group through a brokerage site where buyers are directed to Rustomjee to make the sale complete. ‘We observe traditions on most things while in India, we embrace technology and what it has to offer. I see a lot of potential in the manner in which the internet can make changes in sale of apartments.’

For a new construction, the sites for online sales work in the same manner as an offline showroom belonging to a developer. Instead of going in person to view the photos and proposed models, the potential customer only has to make a few clicks. He/she is able to view the neighborhood and see how the building and units look like. He also gets an opportunity to see the reviews and ratings from other buyers. Also available is a walk-through of the three dimension furnished apartment.

Big Discounts

A good example of a typical discount is an apartment worth 6.5 million rupee which was built in Bengaluru by Ardente Realtors. The mortgage interest payment of 800,000 rupees (12 % purchase price) was being slashed off on this apartment if the purchase is made through Housing.com.

When a down payment of $ 1,600 is made by the customer on the ecommerce platform, the buyer is contacted by the developer in order to assist mortgage financing arrangements through the bank if need be. The option of paying the balance through online banking is also available.

‘Unlike offline real estate brokers, online commissions for sellers are lower,’ said Rustomjee Irani. He didn’t give further details. Snapdeal also failed to give more information on commissions. In some markets, developers are using the site so that they can offload excess supply in the markets. In the first quarter of the year, there was a total of 192.3 million square feet of unsold homes. This was expected to take 3 years and 10 months for them to be sold at the prevailing pace in Mumbai. This is according to a research and real estate consulting firm, Liases Foras Real Estate Rating & Research Pvt. There is 8-12 months inventory required to be maintained for a healthy market.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Telecommunications

Lagos Residents Frustrated by Rapid Data Drain, Call for NCC Action

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Lagos residents are expressing increasing frustration over what they describe as the rapid depletion of their data bundles.

Many subscribers are now calling on the Nigerian Communications Commission (NCC) to address their concerns as they suspect changes in billing practices by telecommunication providers.

Numerous subscribers have reported that their data does not last as long as it used to. A Lagos-based teacher, Mrs. Nafidah Zaynab, shared her experience, stating that a N2,000 data bundle, which previously lasted almost a month, now depletes within just a few days.

This sentiment is echoed by many, including Idowu Anabili, a trader who has reduced his data usage due to rising costs.

Abdullahi Yunus, who runs a café, noted a significant increase in his data expenses, spending between N70,000 and N100,000 monthly, up from N30,000. He attributes this spike to faster data consumption.

Telecom operators deny any wrongdoing, attributing the faster data consumption to increased usage by subscribers.

An anonymous official from MTN explained that the variety of activities performed on smartphones has increased, leading to faster data usage.

Airtel Nigeria’s spokesperson, Mr. Femi Adeniran, suggested that background apps and high-definition streaming contribute to the issue.

Despite complaints, operators assert they have not officially increased data prices. They emphasize that automatic app updates and other technical factors may be responsible for the perceived quick depletion.

Experts suggest that the challenging economic climate may be pressuring telecom companies to subtly reduce data value.

The industry has reported a 43% rise in operational costs, although no formal tariff hikes have been announced.

The NCC has clarified that it has not authorized any increase in data tariffs. The commission highlights technical factors like automatic video play and app updates as potential causes for quick data depletion.

In a bid to assist consumers, the NCC has advised turning on data saver modes and managing app updates to conserve data.

To combat the issue, Mobile Network Operators (MNOs) have initiated a campaign to educate consumers on optimizing their data usage.

They recommend practices such as disabling automatic updates and closing unused apps.

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Social Media

Meta Shuts Down 63,000 Nigerian Accounts in Sextortion Crackdown

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In a significant move to combat online crime, Meta Platforms Inc., the parent company of Facebook, Instagram, and WhatsApp, has removed 63,000 accounts in Nigeria linked to sextortion scams.

This sweeping action is part of Meta’s ongoing effort to address the growing threat of digital extortion on its platforms.

Unmasking the Scammers

The crackdown, which took place at the end of May, targeted accounts engaged in blackmail schemes.

These scammers posed as young women to coerce individuals into sharing intimate photos, which were then used to extort money from the victims.

The removal follows a Bloomberg Businessweek exposé highlighting the rise of such crimes, particularly affecting teenagers in the United States.

The Global Impact

The U.S. Federal Bureau of Investigation (FBI) has identified sextortion as one of the fastest-growing crimes targeting minors.

The schemes often lead to severe consequences, including the tragic suicides of more than two dozen teens.

In one high-profile case, the death of 17-year-old Jordan DeMay in Michigan led to the arrest of suspects traced back to Lagos, Nigeria.

The Role of the Yahoo Boys

Many of the dismantled accounts were linked to the “Yahoo Boys,” a notorious group known for orchestrating various online scams.

These individuals have been using social media to recruit and train new scammers, sharing blackmail scripts and fake account guides.

Meta’s Response

Meta’s spokesperson emphasized the company’s commitment to user safety, stating, “Financial sextortion is a horrific crime that can have devastating consequences.”

The company is continually improving its defenses and has reported offenders targeting minors to the National Center for Missing & Exploited Children.

To enhance protection, Meta has implemented stricter messaging settings for teen accounts and safety notices regarding sextortion.

They are also employing technology to blur potentially harmful images shared with minors.

Ongoing Efforts

Meta’s actions highlight the complex and evolving nature of online crime. The company has pledged to remain vigilant, adapting its strategies to counter new threats as they emerge.

“This is an adversarial space where criminals evolve to evade our defenses,” Meta noted.

Looking Forward

As digital platforms continue to grapple with issues of privacy and security, Meta’s recent actions demonstrate a proactive stance in safeguarding users.

By dismantling these networks, the company aims to reduce the prevalence of sextortion and foster a safer online environment for all.

The crackdown serves as a reminder of the need for continued vigilance and collaboration between tech companies and law enforcement to protect individuals from the harmful effects of digital exploitation.

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Fintech

Flutterwave Celebrates Inclusion in CNBC’s Top 250 Global Fintechs

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Flutterwave has been recognized as one of the Top 250 Fintech companies globally by CNBC and Statista.

Joining the ranks of industry giants like Ali Pay, Klarna, Piggyvest, and Mastercard, this accolade underscores Flutterwave’s impact on the financial technology sector.

This honor follows Flutterwave’s recent inclusion in Fast Company’s Most Innovative Companies list, highlighting the company’s pivotal role in transforming Africa’s payment landscape.

The recognition is a testament to Flutterwave’s dedication to innovation and excellence in providing seamless payment solutions across the continent.

Expressing gratitude, Flutterwave acknowledged its talented team, supportive board, reliable partners, and loyal customers for contributing to this success.

The company continues to drive progress in the fintech industry, reinforcing its commitment to enhancing financial accessibility and inclusion in Africa and beyond.

Flutterwave’s recognition on these prestigious lists marks a proud moment and a significant milestone in its journey, reflecting the company’s growing influence and leadership in the global fintech arena.

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