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With 11 First Information Reports (FIRs) filed against three real estate developers- <keyword id="6361138" type="CITY" weightage="20" keywordseo="Unitech">Unitech</keyword>, <keyword id="2758718" type="COMPANY" weightage="20" keywordseo="Pal-Builders">Pal Builders</keyword> and <keyword id="822942" type="COMPANY" weightage="20" keywordseo="Vigneshwara-Developers">Vigneshwara developers</keyword>, for cheating home buyers, the stark reality of real estate has once again come to limelight. 
	 
	The police has registered five FIRs against Pal Builders while three FIRs each have been filed against both Vigneshwara Developers and Unitech separately. 
	 
	However, realty players are now questioning the reasons behind the agonizing delays that have cost them a fortune as well as their goodwill in the market. 
	 
	Tedious approval processes adding to realty players’ woes 
	 
	“Reams of newsprint have been dedicated to discussing the sufferings of consumers in the Indian real estate sector. Particularly, homebuyers’ woes related to late delivery of projects, deviation of housing projects from promised quality, additional payments due to change in apartment area and inadequate protection of their rights have been well-documented. The question that invariably arises is whether the developer is at fault, or whether larger market forces beyond the control of developers are at play,” said Anuj Puri, country head for JLL India. 
	 
	According to Puri, the tedious and prolonged procedure for getting innumerable approvals adds to the time taken to complete a project. He explained that any delay in obtaining approval required before the launch of a project to the delivery of it. 
	 
	“Delays here will cause cascading delays in delivering the project as per the promised time. Before a project is officially launched in the market and offered to buyers, there are myriad approvals that a developer needs to obtain from the state and central agencies and ministries. In any business, the longer raw material is held, the higher is the holding cost – which, in addition to interest costs in case of borrowed funds, causes an increase in the overall price of the finished product,” he explained. 
	 
	Commenting on the issue of rising costs, Puri noted that at present, a builder has to get 57 different permissions to actually start a project, which takes up nearly two years. “During this time, the cost of acquisition or even just holding the land for a project rises. Builders already have to cover external and internal development charges, license costs and often charges for change of land use from various departments, which have also risen. Cost of construction has gone up by more than 50%, as well,” he added. 
	 
	Changing norms behind skyrocketing project costs 
	 
	Besides the cost incurred on myriad of approvals, sudden changes in the real estate norms also result in the skyrocketing costs of the projects. “There are readily recallable examples of how abrupt changes in regulations governing real estate development can work against both developers and buyers. The revisions made in the DCR regulations in the Mumbai Metropolitan Region a couple of years ago caught the industry unawares, and added to development costs by about 15%,” he highlighted. 
	 
	Nevertheless, industry players have admitted that there have been instances where a developer has deliberately delayed the delivery of a project. “Yes, there are many cases, wherein it has been found that a builder deliberately delayed the project as the revenue generated in one project, has been used in launching another project,” said a residential property broker requesting anonymity. 
	 
	The challenges for the real estate buyer do not end here. Even after getting the possession of the property, a home buyer can see stark differences between the promised quality and the quality delivered by the developer. 
	 
	“A change in the apartment area after buying from the developer can occur if a change in project plan is necessitated due to a design or approval issue. A deviation of up to 10% is usually acceptable – for a higher deviation, a customer must definitely seek legal recourse. That said, project deviations can also happen because of structural deficiencies of the overall system, wherein rules are being made by the governing authorities in a reactive manner rather than on a proactive basis,” stated Puri. 
	 
	Any recourse for home buyers? 
	 
	So, what recourse does a home buyer have? According to industry players, a consumer can any day approach the consumer court for redressal of his grievances. However, experts believed that the current legal recourse is not adequately equipped to offer complete protection to real estate buyers. 
	 
	“The Real Estate Regulation and Development Bill - long languishing on the policy drawing board and still under consideration by the government – was intended to offer vastly enhanced protection to buyers. However, after the most recent revisions to RERA, it seems that it will in fact now be less protective towards buyers. While the bill aimed at providing an alternate redressal mechanism, the new provisions are talking of no recourse to other consumer forums. This can, in fact, lead to pressure on this regulatory body in terms of an increased log of cases, though it will reduce instances of multiplicity of suits,” asserted Puri. 
	 
	Until complete protection is not offered to home buyers, buying a property continues to remain a murky affair. As of now, Prime Minister Narendra Modi’s dream to provide affordable housing for all by 2022 will remain a distant dream!

Is Indian realty sector
in need for a makeover?

<div class="image-container float_right"><div class="image">REUTERS/Andrew KellyPolice stand guard outside the Brooklyn residence of Cathleen Alexis, mother of suspected Washington Navy Yard shooter Aaron Alexis, in New York, September 16, 2013.</div></div>Good morning. Here's what you need to know.
<ul>
<li>Asian markets were mostly lower. Japan's Nikkei was down 0.65%; Korea's KOSPI, 0.39%; and Hong Kong's Hang Seng, 0.31%. European markets were all lower, and U.S. futures were pointing south too.</li>
<li>Investor sentiment has <a href="http://www.businessinsider.com/zew-survey-2013-9">surged in Germany</a>, according to new data from the ZEW survey. The indicator increased 7.6 points in September, to 49.6. The historical average print is much lower, at 23.8 points. It's not all good news in Europe though, with <a href="http://www.businessweek.com/news/2013-09-17/european-car-sales-resume-slide-in-august-as-vw-peugeot-tumble">car sales dropping 5%</a> in August, bringing deliveries down to their lowest level since record keeping began in 1990.</li>
<li>U.K. consumer price index fell 2.7%, in line with economist expectations. Last month, Bank of England head <a href="http://www.businessinsider.com/bank-of-england-forward-guidance-2013-8">Mark Carney introduced forward guidance</a>, promising to keep interest rates low until U.K. unemployment drops below 7% (provided inflation readings stay within expectations).</li>
<li>This morning at 8:30 A.M. we'll get the U.S. consumer price index for August. Economists are expecting the headline index to increase 1.6%, less than last month's 2% print.</li>
<li>At 10:00 A.M., the<a href="http://www.businessinsider.com/homebuilder-confidence-preview-2013-9"> September NAHB homebuilder survey will come in</a>, shedding light on whether rising interest rates are impeding the housing market. Economists are expecting a reading of 59, the same as August. Any print above 50 indicates that more builders see sales as good rather than poor.</li>
<li>Citing officials familiar with the matter, the Wall Street Journal's Carol Lee, Damian Paletta, and Jon Hilsenrath report that<a href="http://www.businessinsider.com/federal-reserve-yellen-frontrunner-2013-9"> Janet Yellen is now the frontrunner for Federal Reserve Chair</a>. The decision, officials said, will not come this week. On Sunday night, Larry Summers - who many saw as the sure favorite -<a href="http://www.businessinsider.com/larry-summers-withdraws-name-2013-9">withdrew his name</a>, writing to the president that the confirmation process would be too "acrimonious."</li>
<li>Although, there's <a href="http://www.businessinsider.com/heres-the-petty-reason-obama-might-not-appoint-janet-yellen-to-the-fed-2013-9">one petty reason Obama might not nominate Yellen</a>, reports Politico's Ben White. A "well-connected" source tells White that Obama might pick someone like former Fed Vice Chair Roger Ferguson. "If he is the pick the President could let it be known that he won't reward [Massachusetts Senator] Elizabeth Warren for sabotaging the Summers pick by giving the appointment to Warren's pal Yellen," the source told White.</li>
<li>The <a href="http://www.businessinsider.com/time-magazine-bull-cover-returns-2013-9">new issue of TIME magazine</a> mockingly displays a bull on its cover with a related story arguing how we are prone to another crash. Market watchers generally believe you should do the opposite of what mainstream magazines covers say, but it turns out that a bull on the front of TIME magazine has historically been bullish for the market.</li>
<li>IBM is <a href="http://www.businessinsider.com/ibm-to-spend-another-1-billion-on-linux-2013-9">pouring in $1 billion to promote Linux</a>, the open source operating system. In 2000, the company also spent $1 billion to convince customers to use Linux, and while the operating system has become the choice for the world's supercomputers, Microsoft still dwarfs it in reach.</li>
<li type="_moz"><a href="http://dealbook.nytimes.com/2013/09/16/jpmorgan-set-to-pay-fines-for-whale-trading-losses/?_r=0">JPMorgan has agreed to pay $800 million</a> and admit wrongdoing to settle allegations surrounding last year's "London Whale" $6 billion trading loss, Dealbook's Ben Protess and Jessica Silver-Greenberg report. The bank is facing a <a href="http://www.businessinsider.com/jpmorgan-legal-issues-2013-8">laundry list of other legal challenges too</a>.</li>
</ul>

10 Things You Need To Know Before The Opening Bell

<div class="image-container float_right"><div class="image">REUTERS</div></div>It appears that writing is all about making lists these days. 
So, having recently covered Tips for Surviving a <a href="http://gselevator.wordpress.com/2013/05/31/congratulations-summer-interns-of-2013-grab-a-pen-here-are-a-few-words-of-wisdom/">Goldman Sachs Internship</a> and Attending a <a href="http://gselevator.wordpress.com/2013/07/24/how-to-survive-a-sporting-event-with-your-boss/">Sporting Event With Your Boss</a>, my latest attempt (by request) is a fresh, succinct, and definitive guide to dressing like an investment banker.
The genesis of this post is simple; American men dress like s---. 
It doesn’t matter where you look, from the endless stream of bright-eyed but hopeless-looking students vying for the ever-shrinking number of analyst positions on Wall Street, to the haggard, white-collar, middle class masses traipsing their way from airport lounge to departure gate, while getting Hilton Reward Points rich and Chipotle fat.
Who better to help than <a href="https://twitter.com/GSElevator">the aggregated and infinite wisdom of</a> <a href="https://twitter.com/GSElevator">GSElevator</a>, with a comprehensive list of business fashion tips from the halls of Goldman Sachs?
So, here we go…
Shoes
<ul>
<li>No brogues, wing-tipped, or square-toed shoes. </li>
</ul>
#1: He's really wearing square-toed shoes...
#2: Wait, it's intern season already?
<ul>
<li>Stick with loafers; they’re more comfortable and convenient. And the conventional wisdom that they lack the formality of traditional lace-ups has long-since expired.</li>
<li>If you aren’t confident in your innate fashion sense, keep the shoes black when wearing a suit. There’s no need to attempt hazel Bottega Venetas and a matching belt with a monastral blue suit. In most cases, you can’t pull it off.</li>
<li>Prada and Gucci; start and end there. Decent $700 shoes will last you 3-4x times longer than something you pick up from Bloomingdale’s for $300. Do the math.</li>
<li>Cedar shoetrees are an absolute must. They absorb moisture, stiff-arm the signs of aging, and otherwise materially extend the life of your shoes.</li>
<li>Don’t forget to get your housekeeper a decent shine kit for Christmas. And make sure she uses it.</li>
</ul>
Socks
<ul>
<li>Unless you are married to a Sloane Ranger or studied Classics at Cambridge, leave the pink Richard James socks at home. It’s not Ladies’ Day at Ascot.</li>
</ul>
 #1: Most Brits aren't gay, but their socks are.
<ul>
<li>Calvin Klein or Giorgio Armani makes some great calve-high plain black socks that never change with the season. And just as Michael Jordan insisted on a new pair of shoes every game, you need to keep the socks fresh. </li>
<li>Buy at least 20 identical pair every six months. </li>
</ul>
#1: I wear a brand new pair of socks every day. That's probably my only indulgence. That, and watches... And wine.
<ul>
<li>The ‘no socks’ look is disgusting, and is actually a stated violation of many corporate dress codes, particularly for banks.</li>
</ul>
Pants/Trousers
<ul>
<li dir="ltr">
No cuffs and no pleats; pleats are for guys with gunts (front asses). 
</li>
</ul>
#1: Dude, cuffed pants are for limo drivers.
<ul>
<li dir="ltr">
Belt loops are optional. If you have a decent tailor, rock the side tabs. 
</li>
</ul>
#1: Did you forget your belt today?
#2: I don't need one; did you forget to get your suit tailored?
<ul>
<li dir="ltr">
Actually, side tabs are rather convenient if you are a junior banker. You’ve got less time for the gym and spend many a lunch and dinner hunched over your desk. Throw in the boozy nights out and extravagant client dinners and it’s a recipe for looking like 2011 Alec Baldwin.
</li>
</ul>
Belts/Suspenders
<ul>
<li>This is pretty obvious - nothing garish or obnoxious, and this includes those ridiculous monogrammed silver buckles that all boys in Greenwich get for their 14th birthday.</li>
<li>A few years ago, we had a 1st year analyst walk across the trading floor with a Gucci ‘G’ belt buckle. “Hey bubba, I didn’t know The Gap made belts,” bellows out a trader. “Um, it’s Gucci,” the kid snaps back. The words are barely out of his mouth before he realizes he’s being mocked in front of half a dozen guys and just made it a lot worse. That was all it took; the kid was never able to earn even a modicum of respect after that, and ended up leaving the firm less than a year later.</li>
<li>No suspenders, period. Who do you think you are, Matt “GG” Defusco?</li>
</ul>
Shirts
<ul>
<li>The infamous blue shirt and white collar is acceptable, as long as the shade of blue isn’t too deep and accompanied with a power tie. This ode to Gekko works much better today in a light pink, baby blue, or lavender shirt, and without a tie.</li>
<li>Skip the monograms… Unless your initials are D.I.K.</li>
<li>No shirt pockets or collar buttons. This isn’t a 1994 Brooks Brothers catalogue.</li>
<li>Make sure your shirts are tapered appropriately. If you want to see how ridiculous ‘blousy’ looks, go back and watch some old Seinfeld reruns.</li>
<li>Have new shirts made every year and donate the old ones to Career Gear, a great non-profit that provides interview <keyword id="15176" type="ORGANIZATION" weightage="60" keywordseo="clothes">clothes</keyword> to low income individuals.</li>
<li>French cuffs are fine, provided that the cufflinks aren’t straight out of the Donald J. Trump collection.</li>
<li>And if you sweat, wear a damn undershirt, you slob. Besides, a $50 t-shirt will save numerous $200 dress shirts from your disgusting armpits.</li>
</ul>
Ties
<ul>
<li dir="ltr">
It’s all about the Windsor knot, with the perfectly symmetrical triangle. A half or full Windsor are both fine, depending on the thickness of the tie and the spread of the collar.
</li>
</ul>
MD#1: Handshakes and tie knots. I don't have time for someone that can't master those basic skills.
<ul>
<li>Skip the dimple that creates that obnoxious crease; you’re not Al Sharpton.</li>
<li dir="ltr">Sorry interns and analysts, no Hermès. </li>
</ul>
#1: Don't show up to an interview in a Hermès tie. I don't give a f*ck if you can afford it, you have to earn it.
#1: Hermes ties are like Air Jordans for white people.
<ul>
<li dir="ltr">
Everyone has a favorite tie, but don’t wear it every damn week.
</li>
</ul>
#1: There's nothing pretentious about keeping a tie journal. It keeps me on a solid 10-12 week rotation.
Suit Jacket
<ul>
<li>You can’t go wrong with two-button, notched-lapel, and single-breasted. Skip the three-button suit altogether.</li>
<li dir="ltr">Absolutely no double-breasted herringbone. It’s gone and never coming back. Sorry, David Letterman.</li>
<li dir="ltr">Avoid the peaked lapel, unless it’s on a single-button, casual suit.</li>
<li dir="ltr">In terms of color, keep it to various shades of gray and navy, with a few varieties of pinstripes. That’s all you need.</li>
</ul>
#1: Is that a brown suit? The back office is in Jersey City, pal.
<ul>
<li>No need to go above 160 per inch thread count. Between the abrasive Herman Miller chairs and the drunken nights out, they don't last.</li>
<li>And it goes without saying; buy as many suits as you can reasonably afford.</li>
<li>But don’t waste your money buying off-the-rack at Barney’s or Bergdorf; go bespoke. </li>
</ul>
#1: Gucci suits are like Corvettes. They're a great way of telling people you didn't always have money.
<ul>
<li dir="ltr">It’s a cliché because it’s true; the most expensive suit is the one you wear the least.</li>
</ul>
#1: I spent $2,000 on a suit I don't need or like, just to impress a sales chick I don't find attractive.
Business Casual
<ul>
<li>If you're not in the US, lose the khakis.</li>
<li dir="ltr">Sweaters over a collared shirt? For the most part, no problem. </li>
</ul>
 #1: Why do people wear wool if they know cashmere exists?
 #1: There is no such thing as turtleneck weather.
<ul>
<li dir="ltr">
Stick with Polo shirts; no one cares to watch you inevitably mime golf swings.
</li>
</ul>
#1: Nothing says douchebag quite like wearing an Augusta golf shirt when the Masters are on.
Watches
<ul>
<li dir="ltr">I saw an Associate get picked off for sporting a new Daytona the week before bonus. A quick "if you want watches to matter, go work at Morgan Stanley" wiped that smirk right off his face.</li>
</ul>
#1: Wearing a Rolex is like driving an Audi. It says you've got some money, but nothing to say.
<ul>
<li dir="ltr">
Thanks to Hank Paulson, Nike running watches and Livestrong bracelets were to 2004 what Lloyd's stubble beard has been to 2012-13. There are quite a few senior guys that still wear a Nike sport watch, intentionally, or even no watch at all.
</li>
</ul>
#1: Not wearing a watch is the new Patek.
<ul>
<li dir="ltr">
Forget all about Hublot. It’s a great way to tell people that you’re an idiot who has more money than taste. Hublot was a second-rate brand with third-rate craftsmanship until about 15 years ago when they arbitrarily doubled the price and started paying celebrities and sport figures to wear them. It's been a marketers wet dream.
</li>
</ul>
 #1: Hublot put the ‘whore’ in ‘horology’ 
Miscellaneous Tips
<ul>
<li>Pocket squares are for washed-up, unemployable ex-bankers, turned CNBC guest pundits, i.e. a guy who takes himself far too seriously and has a massive chip on his shoulder.</li>
<li dir="ltr">Wedding rings, watches, and cufflinks are the only acceptable form of jewelry for a man. Unless the Dalai Lama gave you that bracelet, leave it at home.</li>
</ul>
#1: In New York, don't trust a banker with a pocket square. In London, it's a pinky ring. And in Asia, don't f--king trust anyone.
<ul>
<li dir="ltr">
Like Ambien and red wine, the wrong fashion combination can become a disastrously lethal cocktail of Larry Kudlow-esque proportions. 
</li>
</ul>
MD #1: A double-breasted suit and a blue shirt with a white collar? Was it a rough night in the water bed?
#1: Plaid shirt, bow tie, and pocket square is the douchebag trifecta. 
<ul>
<li dir="ltr">
Finally, "an architect is only as good as his builder, and a fashion designer is only as good as your tailor."
</li>
</ul>
There you have it; head to toe. These tips won’t exactly get you laid at Soho House or on the cover of GQ; but on Wall Street and in business, you can’t go wrong taking this advice.
Just don’t go out and break the law or get scapegoated… Ask any juror, Fabrice Tourre’s ‘fabulous’(?) and expensive-looking fashion sense was a coffin nail come deliberation time.

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Is Indian realty sector in need for a makeover?

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