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In a major setback to the builders in <keyword id="18858" type="General" weightage="100" keywordseo="noida" source="Orion">Noida</keyword> and Greater Noida, the <keyword id="6354977" type="General" weightage="50" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> on Monday recalled its 2020 order, capping the interest rate at 8 per cent, for the delay in payment of land cost by builders to the authorities. A bench headed by Chief Justice U.U. Lalit recalled the June 2020 order, which directed Noida and Greater Noida to cap the interest rate at 8 per cent for delays in payment of land cost by builders, instead of a steep 15-23 per cent. During the hearing, senior advocate <keyword id="224684" type="General" weightage="50" keywordseo="ravindra-kumar" source="Orion">Ravindra Kumar</keyword>, representing the Noida and <keyword id="821456" type="General" weightage="50" keywordseo="greater-noida-authorities" source="Orion">Greater Noida authorities</keyword>, had told the <keyword id="6356229" type="General" weightage="50" keywordseo="apex-court" source="Orion">apex court</keyword> that the authorities will incur over Rs 7,500 crore loss if its order capping the interest rate, at around 8 per cent, for the delay in payment of land cost by builders were to sustain. Kumar had vehemently argued that this order was not based on facts and it will financially ruin the authorities and that over Rs 7,500 crore would be gone with a stroke of the pen. "Builders will get unjust enrichment of over Rs 7,500 crore," he had submitted. Emphasising the necessity of interest on land cost, the authorities had contended that in Noida city, there is no house tax, yet it is maintaining metro services and good infrastructure, and also that not one builder came to the court after the allotment, claiming the rate of interest was very high. "No reduction in the rate of interest (for the builders) would be passed on to the home buyers," Kumar had argued before the apex court. In September last year, the authorities had urged the top court to recall its order, citing that the builders have not deposited "a single paisa" to clear their dues. In its June 2020 amid the pandemic, the top court cited the bad state of the real estate sector and the need to give impetus to such housing projects, mainly considering the plight of home buyers and as pointed out by Noida and Greater Noida Authorities that 114 plots were allotted from 2005 onwards, but most of the projects are incomplete. "We direct that rate of interest on the outstanding premium and other dues to be realised in all such cases at the rate of 8 per cent per annum and let the Noida and Greater Noida authorities do a restructuring of the repayment schedule so that amount is paid and Noida and Greater Noida authorities are able to realise the same," said the top court. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/estimated-32-lakh-weddings-till-dec-14-with-a-trade-of-rs-3-75-lakh-cr/articleshow/95352679.cms">Estimated 32 lakh weddings till Dec 14 with a trade of Rs 3.75 lakh cr</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/customer-protection-guiding-light-of-revamped-microfinance-regulations-says-rbi-deputy-governor/articleshow/95352941.cms">Customer protection 'guiding light' of revamped microfinance regulations, says RBI deputy governor</a>

Now Noida, Greater Noida builders have to pay up, as SC reverses order capping interest rates

New Delhi: <keyword id="23094102" type="General" weightage="100" keywordseo="Ingka-Centres" source="keywords" meta.keywordsubtype="org" meta.entityname="Ingka Centres" meta.hostid="261" meta.entityid="Ingka Centres">Ingka Centres</keyword>, a part of Ingka Group that operates <keyword id="19948265" type="General" weightage="20" keywordseo="IKEA" source="keywords" meta.keywordsubtype="org" meta.entityname="IKEA" meta.hostid="261" meta.entityid="IKEA">IKEA</keyword> retail, will invest 607 million euros (about Rs 5,500 crore) to set up its second meeting place in India at <keyword id="19895934" type="General" weightage="20" keywordseo="Noida" source="keywords">Noida</keyword> under the <keyword id="23094103" type="General" weightage="20" keywordseo="Lykli" source="keywords" meta.keywordsubtype="org" meta.entityname="Lykli" meta.hostid="261" meta.entityid="Lykli">Lykli</keyword> brand, taking its overall <keyword id="19895437" type="General" weightage="20" keywordseo="investment" source="keywords">investment</keyword> in the country to a 1 billion euros, according to the company's Global Expansion &amp; Development Director Sebastian Hylving. It is betting big on the Indian market and is looking at expanding where IKEA plans to open its outlets in the country, although the opening of its first meeting place in Gurugram -- Lykli Gurugram -- has been pushed to 2026 from the originally planned opening in late 2025. The company on Monday unveiled the second IKEA-anchored meeting place in India at Noida which will offer a blend of retail, dining, hospitality, co-working spaces, entertainment, and cultural experiences tailored to the needs of modern urban residents. "It (Lykli Noida) is at an investment of 607 million euro...that investment is purely for the Noida project, and then we have an investment for GMP (Gurugram meeting place) as well. So I think it's around 1 billion (euro) in total for the two first projects and we don't see that it will stop with these two centres," Hylving told PTI in an interview. Last year the company had announced that it planned to open the first meeting place, Lykli Gurugram -- where it is investing 400 million euros (around Rs 3,500 crore), in late 2025. On the timeline for the opening of Lykli Gurugram, he said, "We had an intention (for late 2025). When you start up a project at an early stage, you set the target but once you get closer to understanding the full process, then you see what is achievable. So, 2026 is what we're talking for the opening of Lykli Gurugram." Elaborating further on the roadmap for Ingka Centres in India, he said, "We are looking for more opportunities, both brownfield and greenfield opportunities...We follow IKEA's expansion..." India is among the top three markets globally for IKEA and it will continue to be. There are big opportunities in India -- a big country with a lot of positive signals in terms of market growth, high education level, good qualified people, demographics is shifting in the right direction, he added. "We are looking at the locations where IKEA is now looking for opportunities. Sometimes it's possible, sometimes it's not. The cities that IKEA are looking at expanding, that is also cities that are on our map. If we can find a way together, then that's our preferred approach forward," Hylving said. On Lykli Noida, he said it will create 9,000 jobs and it will be Ingka Centres' first meeting place in the world with a hotel as part of the mixed-use development. "We're looking at opening in 2028," he said adding Lykli Noida will have around 240 partners, a hotel with 267 keys and two office towers. It is expected to attract more than 25 million visitors, Ingka Centres said. Ingka Centres offers shopping places, office space, food and beverage outlets and social activities collaborating with the local community. It works with over 3,000 brands across its portfolio of 35 meeting places in 13 markets globally. <keyword id="20385220" type="General" weightage="20" keywordseo="IKEA-India" source="keywords" meta.keywordsubtype="org" meta.entityname="IKEA India" meta.hostid="261" meta.entityid="IKEA India">IKEA India</keyword> CEO and Chief Sustainability Officer Susanne Pulverer said,"IKEA has a long-term commitment to Delhi NCR to create a positive impact on the local economy through our business. The unveiling of Lykli Noida is a major milestone in our India growth journey." Together with Ingka Centres, IKEA will become a strong contributor to increase the overall home furnishing market and bring a unique retail experience, she added. Uttar Pradesh Chief Minister Yogi Adityanath said the unveiling of Lykli in Noida marks a significant step forward in the development of the state as a hub of modern urban living. "The project not only reflects the growth and development of Noida but also aligns with our vision of creating sustainable, community-focused spaces across the state," he added.

Ingka Centres to invest Rs 5,500 crore in India on second meeting place at Noida

Most of the Samsung smartphones that Indians have in their hands today, along with the ones from home-grown brand like Karbonn, Lava or Intex, are being 'Made in India,' with high chances that they were assembled in the <keyword id="18858" type="COMPANY" weightage="100" keywordseo="Noida">Noida</keyword>-Greater Noida region, the Uttar Pradesh industrial city neighbouring Delhi. 
 
Last year’s budget announced a 10.5% duty differential between imported devices and the ones made in India, after which Noida became the country’s biggest smartphone hub, being able to make more than 140 million devices per year, a whopping 40% more than what’s needed in a year. 
 
Even though all the critical components of a smartphone, processors for example, still come from China and Taiwan , Noida still remains a key part for the industry, with the local industry giving about 5-8% of value addition at present, which can be taken up to around 35% in coming five years. 
 
It all started with Samsung starting local manufacturing a decade ago, seeding a significant number of smartphone component suppliers from Noida. 
 
"All our mobile phones, from feature phones to the Galaxy S7 that we sell in India, are manufactured at our Noida factory, and we will continue to explore future investment opportunities," a spokesperson for Samsung told TNN. 
 
Now, Noida is home to the units of several Indian brands like Lava, Intex and Karbonn, along with Taiwanese contract manufacturer Wistron, which is making phones for LG, OnePlus, Oppo and HTC in partnership with home-grown telecom retailer and manufacturer Optiemus. Each factory set up in the city creates 3,000-4,000 direct jobs for mostly high-school or ITI graduates. 
 
Even though UP is not generally regarded as the best place to do business, the fact that Noida shares borders with Delhi has helped it bloom. 
 
Now that there are efforts being made to develop R&amp;D and design capabilities in India so that the reliance on partners in China and Taiwan can be lessened, Noida is all set to grow even further. 
 
"Electronics manufacturing is a focus of the government as part of the 'Make in India' initiative. The current investments have resulted in as many as 40,000 direct jobs and over 1.2 lakh indirect employment. We estimate that mobile phone production will reach a level of around 500 million devices by 2019-20," said IT minister Ravi Shankar Prasad. 
 
<a href="http://www.eyehomz.com/blog/wp-content/uploads/2015/10/welcome-to-noida.jpg">Image source</a>

Delhi’s friendly neighbourhood Noida is now India’s hub for mobile production

<ul><li><keyword id="107877" type="General" weightage="50" keywordseo="samsung-india" source="Orion">Samsung India</keyword> R&amp;D institute in <keyword id="18858" type="General" weightage="80" keywordseo="noida" source="Orion">Noida</keyword> has contributed significantly in areas like user experience, health features, and more for the newly-launched Galaxy S23 series.</li><li>Samsung R&amp;D Institute Noida (SRI-N) is among the three such R&amp;D centres in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>.</li></ul>Samsung India on Wednesday said that engineers at its R&amp;D institute in Noida have contributed significantly in areas like user experience, health features, performance improvement and user safety for the newly-launched Galaxy S23 series. Samsung R&amp;D Institute Noida (SRI-N) is among the three such R&amp;D centres in India (the other two are in Bengaluru and Delhi), developing advanced solutions to suit global and local market needs with expertise in the commercialisation of products. According to the company, SRI-N closely collaborated with teams in Korea and made contributions in breakthrough innovations in the new Galaxy S23 series. "SRI-N is developing innovative and intuitive mobile experiences that empower, educate and enrich the lives of our customers. Our responsibility to provide innovative technology to our customers has deepened," said KY Roo, MD of Samsung R&amp;D Institute in Noida. "With our domain expertise and skill sets, SRI-N is constantly developing innovative products that attract consumers and also shape the future of technology," he added. The 'Galaxy to Share' app has been developed to allow users to share all customisations and own personalization settings across Galaxy devices in the country. Similarly, the multi-timer feature enables the user to simultaneously have multiple timers, all at the same time, for different activities and tasks. The 'Bedtime Alarm' feature is also more robust, allowing users to customize alarm timings day-wise. To enhance communication, the 'Direct Dial 4X1' widget has been added to the S23 home screen, for easy accessibility of priority contacts and dial them at a single touch. SRI-N developed these apps and features to provide the most seamless and intuitive experience to customers while providing a wide scope for customisation, said the company. SRI-N engineers also contributed towards the improvements in the <keyword id="7596409" type="General" weightage="50" keywordseo="samsung-health" source="Orion">Samsung Health</keyword> trackers like <keyword id="16613827" type="General" weightage="20" keywordseo="water-body" source="Orion">Water, Body</keyword> composition, Cycle tracking, and Heart rate. Engineers at SRI-N also developed the Emergency SOS and Emergency Sharing feature to enable users to send help messages with their own location information and video recording during an emergency, just by pressing the power button three times. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/google-chrome-rolls-out-memory-and-energy-saver-modes-heres-how-you-can-use-it/articleshow/98118135.cms">Google Chrome rolls out Memory and Energy Saver modes: Here’s how you can use it</a> <a href="https://www.businessinsider.in/tech/news/oneplus-11-concept-video-reveals-a-large-camera-and-a-rear-panel-that-lights-up/articleshow/98112845.cms">OnePlus 11 Concept video reveals a large camera and a rear panel that lights up</a>

Samsung R&D Institute in Noida creates key innovations for Galaxy S23 series

New Delhi, <keyword id="10387" type="COMPANY" weightage="20" keywordseo="Microsoft">Microsoft</keyword> on Thursday launched its new <keyword id="724264" type="DOMAIN" weightage="20" keywordseo="India-Development">India Development</keyword> Centre (IDC) facility at <keyword id="18858" type="COMPANY" weightage="20" keywordseo="Noida">Noida</keyword> the architecture of which is inspired by the Taj Mahal. The new facility will serve as a premier hub for driving engineering and innovation, Microsoft said, adding that the new facility is Microsoft's third Development Centre in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> after Bengaluru and Hyderabad. "Recognising the strategic importance of establishing Microsoft engineering presence in Noida, my team went over and beyond in ensuring that our first engineering hub in Noida truly represents Microsoft Design Language infused with local culture and inheritance," Riku Pentikainen, Regional Director, Asia Real Estates <keyword id="6363823" type="COMPANY" weightage="20" keywordseo="operations">Operations</keyword>, Microsoft, said in a statement. "In this respect, I feel the team overdid themselves, and the newly opened Noida office is one of the most beautiful Microsoft workspaces, we have designed, to date." The centre will provide opportunities for engineering talent in the areas of business and productivity tools, <keyword id="107950" type="COMPANY" weightage="20" keywordseo="artificial-intelligence">Artificial Intelligence</keyword>, cloud and enterprise, core services, and the new gaming division. It will collaborate with Microsoft teams globally to build products and services for driving digital innovation. "The Microsoft NCR workplace represents a critical expansion of our world-class technology talent and exceptional engineering presence in India," said Rajiv Kumar, Managing Director, Microsoft India Research &amp; Development Pvt. Ltd. Microsoft India Development Center (IDC) is one of Microsoft's largest R&amp;D centres outside the Redmond headquarters in the US. Set up in Hyderabad in 1998, IDC drives Microsoft's strategy of globally shared development to build products and services. With a presence in Hyderabad, Bengaluru, and now NCR, IDC houses three technology groups and core engineering services. IDC also recently opened an additional office space at Sohini Tech Park in Hyderabad. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/hindustan-unilever-third-quarter-profit-revenue-and-share-price/articleshow/80480554.cms?upcache=2">A timely deal with GSK closed during the lockdown has helped Unilever three quarters in a row in India</a> <a href="https://www.businessinsider.in/budget/news/a-playbook-for-budget-2021-to-boost-electronics-manufacturing-in-india/articleshow/80476759.cms">A playbook for Budget 2021 to boost electronics manufacturing in India</a> <a href="https://www.businessinsider.in/tech/news/bytedance-lays-off-employees-in-india-months-after-tiktok-ban-in-the-country/articleshow/80476721.cms">ByteDance lays off employees in India, months after TikTok’s ban in the country</a>

Microsoft launches new India Development Centre facility in Noida

Online scams in India have been on the rise for the last few months and every now and then, a new case surfaces where a victim loses their hard-earned money. Usually, scammers in many cases pose as company officials to steal your sensitive information and misuse it. In one such recent incident, a 44-year-old woman from <keyword id="19895934" type="General" weightage="20" keywordseo="noida" source="keywords">Noida</keyword> recently fell victim to an <keyword id="20971199" type="General" weightage="100" keywordseo="esim-scam" source="Orion">eSIM scam</keyword>, losing ₹27 lakh and becoming the target of fraudulent loan activity. The scam involved the manipulation of her <keyword id="19909735" type="General" weightage="20" keywordseo="sim" source="keywords">SIM</keyword> card and banking details, which allowed the fraudster to siphon off her funds and take out a loan in her name. <h2>What exactly happened</h2> According to an HT report, <keyword id="23110017" type="General" weightage="20" keywordseo="jyotsana-bhatia" source="keywords">Jyotsana Bhatia</keyword>, a resident of Sector 82 in Noida, works at a private company and filed a complaint with the cybercrime police station in Sector 36. On August 31, Bhatia received a WhatsApp call from a person posing as a customer care executive from her telecom provider. The caller explained that her SIM card could be converted to an embedded SIM (eSIM), which is a digital version of a physical SIM card and can be helpful in case of phone loss. The suspect offered to help Bhatia activate the eSIM feature, instructing her to select the option in her mobile carrier’s application and enter a verification code that was sent to her phone. Bhatia, unaware of the fraud, followed the steps as instructed. Unfortunately, as soon as she entered the code, her physical SIM card was deactivated. The suspect assured her that a new SIM card would be delivered by September 1, leaving her temporarily without access to her mobile number. When the promised SIM card failed to arrive, Bhatia contacted the telecom provider’s customer care service and was advised to visit the service centre to get a replacement. After three days, on September 3, she was issued a new SIM card. However, by then, the damage had already been done. Bhatia started receiving messages from her bank, revealing that the fraudster had accessed her mobile banking account using her deactivated phone number. By changing the associated email ID, the suspect was able to bypass security checks and transfer large sums of money from her accounts. The fraudster also broke her fixed deposit, siphoned money from two bank accounts, and even took out a loan of ₹7.40 lakh in her name. Bhatia reported that the total amount stolen in multiple transactions amounted to ₹27 lakh. Shocked by the breach, she immediately filed an FIR with the cybercrime unit. The police registered the case under sections 318(4) (cheating) and 319(2) (cheating by personation) of the Bharatiya Nyaya Sanhita, as well as under relevant sections of the IT Act. Efforts to track down the suspect are currently underway. <h2>Understanding eSIM and its risks </h2> An eSIM (embedded SIM) is a digital version of a SIM card that is built into a device and does not require a physical card. While this technology is convenient and allows users to switch networks or plans without handling a physical card, it also opens the door to new forms of fraud. Scammers can manipulate eSIM features to deactivate a user’s existing SIM card and take control of their phone number, which is linked to various accounts and services. In this case, the fraudster exploited the victim’s trust by posing as a telecom customer care executive, taking advantage of her lack of knowledge about the risks associated with eSIM activation. Once the fraudster gained control of her phone number, they accessed her bank accounts through mobile banking applications that rely on the phone number for authentication. By changing the email ID linked to her account, they prevented the victim from receiving security alerts and were able to make unauthorised transactions without her knowledge.

Noida woman tries getting her sim card converted into e-sim, ends up losing Rs 27 lakh

In some relief to daily commuters, the <keyword id="48834" type="ORGANIZATION" weightage="20" keywordseo="Allahabad-High-Court">Allahabad High Court</keyword> ordered the Delhi-Noida-Direct(DND) flyway to be toll free. 
 Pronouncing its order on a PIL filed by the <keyword id="2489659" type="ORGANIZATION" weightage="20" keywordseo="Federation-of-Noida-Residents-Welfare-Associations">Federation of Noida Residents Welfare Associations</keyword> (FONRWA), the high court directed the order to be implemented with immediate effect. 
 
The DND flyway connects Delhi on the west bank of the Yamuna with Noida and East Delhi. 
 
The DND flyway witnessed several protests and demonstrations seeking scrapping of the Rs 28 toll following allegations that the operator of the 9.2-km-long stretch (including the Mayur Vihar link) has already made significant profits. 
 
(Image: Indiatimes)

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Now Noida, Greater Noida builders have to pay up, as SC reverses order capping interest rates

IANS

Ingka Centres to invest Rs 5,500 crore in India on second meeting place at Noida

PTI

Delhi’s friendly neighbourhood Noida is now India’s hub for mobile production

BI India Bureau

Samsung R&D Institute in Noida creates key innovations for Galaxy S23 series

IANS

Microsoft launches new India Development Centre facility in Noida

IANS

Noida woman tries getting her sim card converted into e-sim, ends up losing Rs 27 lakh

BI India Bureau

Delhi-Noida expressway becomes toll free

BI India Bureau

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