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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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Fintech

From Trading to Credit: Robinhood Launches No-Fee Credit Card with Gold Membership Perks

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Robinhood Markets Inc. has announced the launch of its highly anticipated no-fee credit card and it was accompanied by exclusive perks for Gold membership subscribers.

This bold move is a step in the company’s mission to evolve into a comprehensive financial services provider.

The Robinhood Gold Card boasts an array of enticing features. Chief among them is the absence of annual costs or foreign transaction fees, positioning it as an attractive option for consumers seeking financial flexibility.

Moreover, cardholders stand to benefit from a generous 3% cash back on all categories of purchases, a competitive offer in comparison to industry rivals.

Vlad Tenev, CEO of Robinhood, emphasized the company’s commitment to innovation and industry leadership in an interview.

He expressed the intention to not merely introduce a credit card, but to revolutionize the market with a product that sets new standards for customer satisfaction and financial empowerment.

The announcement has sparked enthusiasm among investors, with Robinhood’s shares witnessing a 6.9% surge in early market trading following the news.

This surge further underscores the market’s confidence in the company’s strategic direction and its potential to disrupt traditional financial services.

Beyond the credit card venture, Robinhood has been steadily diversifying its offerings. With the introduction of retirement products and the expansion of commission-free trading services internationally, the company is positioning itself as a formidable player in the global finance landscape.

As Robinhood continues to innovate and expand its suite of services, its trajectory suggests a promising future as a leading force in democratizing access to financial tools and services.

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Telecommunications

NCC Files Copyright Infringement Charges Against MTN Nigeria and Others

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Karl O Toriola - Investorsking.com

The Nigerian Copyright Commission (NCC) has taken legal action against MTN Nigeria Communications Ltd. and four individuals, including its Chief Executive Officer, Karl Toriola, over alleged copyright infringement.

The charges, filed in the Federal High Court, Abuja Division, revolve around the unauthorized use of musical works belonging to artist Maleke Idowu Moye.

According to the NCC, the defendants are accused of offering for sale, selling, and trading musical works of Maleke without his consent between 2010 and 2017. These works were allegedly used as Caller Ring Back Tunes without proper authorization.

The musical pieces in question include popular tracks such as “911,” “Minimini-wanawana,” and “Stop racism,” among others.

The commission further alleges that the defendants distributed these musical works to subscribers without authorization, infringing upon the rights of the artist.

The charges are based on provisions of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.

As the case awaits assignment to a judge and a fixed date for mention, it marks a significant development in the ongoing efforts to uphold copyright protection in Nigeria’s telecommunications sector.

This legal action underscores the NCC’s commitment to safeguarding the intellectual property rights of artists and creators within the country.

MTN Nigeria, a major player in the telecommunications industry, now faces a legal battle that could have broader implications for how intellectual property rights are respected and enforced within Nigeria’s digital landscape.

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Telecommunications

MTN’s MoMo Sees 32.2% Surge in Transaction Volumes

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MTN Nigeria - Investors King

MTN Group’s mobile money platform, MoMo, has experienced a 32.2% surge in transaction volumes.

With 72.5 million active users, MoMo continues to solidify its position as a leading fintech service provider in Africa, tapping into the continent’s burgeoning mobile banking sector.

The company’s success underscores the growing trend of Africa’s young and tech-savvy population embracing mobile technology to address financial needs.

Mobile phones are increasingly becoming a tool for bridging gaps in services, particularly in banking, presenting a lucrative opportunity for wireless carriers like MTN to capitalize on the burgeoning fintech market.

MTN’s achievement comes as it finalizes a deal with Mastercard Inc., valuing its fintech business at an impressive $5.2 billion.

This strategic partnership further enhances MTN’s position in the digital finance space, positioning it for continued growth and innovation.

However, MTN is not alone in its fintech endeavors. Rivals such as Airtel Africa Plc, Safaricom Plc, and Vodacom Group Ltd. are also making strides in digital transformation, with plans to separate and monetize their fintech businesses in the long term.

Airtel Africa, for instance, is reportedly considering an IPO for its mobile money unit, indicating the high stakes and intense competition within the sector.

Despite the remarkable success in its fintech ventures, MTN faced challenges in its core telecommunications business, with service revenue growth slowing to 6.8%.

Inflation and currency devaluation in key markets, particularly Nigeria, impacted profitability, highlighting the complexities of operating in diverse African markets.

As MTN continues to expand its fintech footprint and invest in infrastructure to enhance connectivity across the continent, it remains poised to capitalize on the immense potential of Africa’s digital economy.

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