Vietnam approves establishment of Sun PhuQuoc Airways, Infra News, ET Infra
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Vietnam's Prime Minister, Pham Minh Chinh , has approved the establishment of a new airline, Sun PhuQuoc Airways , the official Vietnam News Agency reported on Tuesday.A spokesperson for the company confirmed the approval in an email to Reuters on Wednesday, without giving further details.The airline, the parent company of which is real estate and hospitality developer Sun Group , will begin operations with an initial investment of $96 million and plans to launch its first flight by the fourth quarter of 2025, VNA reported.The aviation market in Vietnam, a country with a population of 100 million, is growing rapidly since recovering from the COVID pandemic, prompting businesses to vie for market share.Sun PhuQuoc Airways - set to operate alongside national flag carrier Vietnam Airlines Bamboo Airways , and Vietravel Airlines - aims to expand its fleet to 31 aircraft by 2030, the VNA report said. The new airline will provide both commercial and charter flights.Sun Group has previously launched Sun Air, a high-end airline offering premium private jet services to wealthy customers, according to its website.Vietnam saw a 23 per cent year-on-year increase in visitor numbers in the first four months of this year, with 7.7 million tourists arriving in the country, according to official data.
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Time of India
an hour ago
- Time of India
NBCC defends bulk sale of new Amrapali flats to private builders
NOIDA : Facing protests from Amrapali homebuyers, National Buildings Construction Corporation (NBCC) has defended its decision to sell new flats in bulk to private developers, saying it was a "last resort" to raise funds for completing stalled housing projects. The state-run construction company's move has sparked outrage among homebuyers who alleged that on one hand, their long-awaited flats were being cancelled in the name of delayed payments, while on the other, new flats with additional FAR were being handed over to private developers at "discounted" rates. NBCC chairperson and managing director KP Mahadevaswamy , however, maintained that the decision was necessary given the severe financial constraints. "We tried retail sales first, but they didn't work. Bulk sale was our final option to raise funds quickly without burdening existing buyers," Mahadevaswamy told TOI. When NBCC took charge of Amrapali projects, it inherited the responsibility of completing 38,000 flats for around 46,000 buyers. The company needed Rs 100 crore a month but was receiving only half that amount. Initial estimates suggested a total fund requirement of Rs 10,000 crore, prompting NBCC to award 24 construction contracts worth Rs 8,200 crore. The Covid pandemic, however, disrupted these plans. Payments from buyers slowed dramatically, contractors threatened to abandon projects, and labour payments were delayed. Despite securing loans from the SWAMIH Fund and a banking consortium led by Bank of Baroda, NBCC's financial challenges persisted. "Around 8,000 buyers had stopped payments. In 2021, the Supreme Court ordered us to give them 15 days to make payments, after which we could cancel the flats and sell them. We sent emails, issued letters, and advertised their names as defaulters. But many still did not respond. However, over time, this number reduced to about 2,000. Now that property values have gone up, they are protesting," Mahadevaswamy said. However, with an objective to complete all units, NBCC purchased additional floor area ratio (FAR), from 2.75 to 3.5, to sell them to developers. Initially, the company tried to sell new units to be built on their own, but failed to get a good response. It was the Supreme Court and court receiver committee that asked NBCC to purchase additional FAR. Currently, around Rs 893 crore has been paid to Noida and Greater Noida Authority out of a total of Rs 936 crore for purchasable FAR. In terms of land area, the total development related to the purchasable FAR allows 82 acres in six projects. This prompted the move to sell flats in bulk. The strategy has so far resulted in the sale of 3,237 flats across four projects — Aspire Centurion Park, Aspire Dream Valley, Aspire Leisure Park, and Aspire Silicon City. These sales are expected to generate Rs 6,480 crore, with Rs 648 crore already received from developers. Developers including Gaursons, Happy Valley Infra, and AU Real Estate Services won bids in these projects. NBCC emphasised that these companies were merely sellers, with all construction remaining under its supervision. Homebuyers, however, alleged foul play in the decision. "People waited over a decade and invested their life's savings. Now, their flats are being cancelled, but bulk flats are sold to new investors," said Abhishek Kumar, president of Noida Extension Flat Owners' Welfare Association (NEFOWA). Kumar challenged NBCC's notification process for defaulters, claiming many buyers never received proper communication about payment deadlines. Almost 3,000 buyers whose flats were cancelled are planning legal action. "They say they published defaulters' names in newspapers. But not everyone saw those ads. Some emails to the receiver's office bounced as well," he added. NBCC insisted that the bulk sale process was transparent and court-monitored, with the prices of flats set after consulting international property consultants. "All payments will go directly to the court receiver's account — not of the developers," Mahadevaswamy said. He added that NBCC had clearly instructed developers not to mislead buyers or make exaggerated claims. "If they do, we will take action," he said. The company said it also implemented measures to prevent monopoly by limiting developers to two project packages each. The developers must pay 100% of the reserve price regardless of their ability to resell the flats. A construction-linked payment plan is in place, requiring 10% payment upfront and the remainder over three to five years. "These builders are only sellers, the construction is solely with us. Everything is being monitored by the Supreme Court. Our sole objective is to complete these stalled flats and deliver them to people who have waited far too long," Mahadevaswamy said. Gaursons chairperson and MD Manoj Gaur claimed many of these protesters were not even genuine buyers. "These are people whose flats were cancelled for non-payment. They failed to prove their bonafide," he added.
Time of India
2 hours ago
- Time of India
Delays across categories: Wait for US visa now extends to over a year
Live Events It's not just students—US visa seekers across categories, including business and leisure travellers, are facing mounting hurdles as appointment wait times cross a year in some regions, rescheduling gets tougher, and interviews become more detailed and visa appointment availability for some western regions is now stretching to nearly a year and a half or the end of 2026, travel companies and agents familiar with the matter told ET. For North, East and South, this could take around one per new updates on visa changes, from May, if applicants do not appear for their scheduled appointment for the US visa, they will be blocked from booking a new appointment for 120 days, which applies to both interview and interview-waiver appointments. Applicants can reschedule the appointment only once now, effective January 1, 2025, as opposed to twice previously, agents familiar with the matter said.(Join our ETNRI WhatsApp channel for all the latest updates)While appointment delays have been there after the Covid-19 pandemic, timelines are now breaching the one-year mark, said Kapil Jain, cofounder and chief executive of Fly Divine Travels. 'Before January, it was taking about 8-9 months to one year for an appointment. You could get it in less than a year. But now that one year timeline is also getting breached. Rejection rates also seem to have gone up, and we know of applicants who got rejected for business and leisure visas despite solid documentation,' he with serious work commitments are flying to Singapore and Thailand for appointments as they are unable to secure appointments on time in India, said Himanshu Patil, director of Kesari Tours and president of the Outbound Tour Operators Association of India. 'We are not hearing of such delays in countries like China where appointments are available in a matter of weeks. Since there is no intervention by the government, we are also helpless. One of my friends flew to Singapore for the visa appointment and thereafter, took a flight for the US from Singapore after getting his visa,' said Patil.'New visas are a challenge. Those days have gone when people used to book a US trip with us before the visa and used to fly in a month's time. We are hearing the US government is cracking down on unscrupulous agents, but we are still hearing of cases where people are paying extra to middlemen to secure appointments,' he Nahta, founder and CEO of visa platform Atlys, said there has been a noticeable uptick in how carefully US visa applications are being reviewed in 2025. 'Many travellers have shared that US visa interviews feel more detailed this year, with officers asking sharper questions about travel plans, timelines and intent,' he a post on X in March this year, the US Embassy in India said the consular team in India was cancelling about 2,000 visa appointments made by bots. In another update in May, it stated that the Department of State was taking steps to impose visa restrictions on owners, executives and senior officials of travel agencies based and operating in India for knowingly facilitating illegal immigration to the US. The names of the agencies could not be ascertained. Queries sent to CGI that provides visa processing support to US embassies and consulates did not elicit a response till the time of going to press on seems to be a greater scrutiny for US visa appointments, said Kartik Batra, founder of travel services provider Travexo. 'Appointment timelines continue being stretched with appointments available one year down the line. As a result, people who have to travel urgently fall prey to unethical practices. A new visa case for business or leisure travel could take one year or more,' he added.
The Wire
2 hours ago
- The Wire
Rural Development Ministry Seeks 12% Hike in MGNREGS Outlay: Report
Menu हिंदी తెలుగు اردو Home Politics Economy World Security Law Science Society Culture Editor's Pick Opinion Support independent journalism. Donate Now Government Rural Development Ministry Seeks 12% Hike in MGNREGS Outlay: Report The Wire Staff 7 minutes ago A report by Indian Express finds that the Ministry of Rural Development has sought an outlay of Rs 5.23 lakh crore for the scheme for five years until 2029-30. Representative image of a labourer at work in Rajasthan. Photo: Eric Parker/Flickr (CC BY-NC 2.0) Real journalism holds power accountable Since 2015, The Wire has done just that. But we can continue only with your support. Contribute now New Delhi: Despite the Union government's consistent efforts to underplay the primacy of the Mahatma Gandhi National Rural Employment Guarantee Scheme, a report by Indian Express finds that the Ministry of Rural Development has sought an increased outlay – of Rs 5.23 lakh crore – for the scheme for five years until 2029-30. The report makes public findings from the rural development ministry's May 15 proposal to the Expenditure Finance Committee, that functions under the finance ministry and appraises all government schemes and projects. The report says that the outlay for five years till 2029-2030 is nearly 12% higher than the Union government's release of Rs 4.68 lakh crore for MGNREGS during the previous five financial years, from 2020-2021 to 2024-2025. In the Union Budget 2025, the Narendra Modi government allocated Rs 86,000 crore to the United Progressive Alliance-era scheme – the same amount as what was spent on the scheme as per the Revised Estimate of 2024-2025. Rs 86,000 crore is also the exact amount that was promised in the Union Budget of 2024-25, presented in July, 2024, after the National Democratic Government came back to power. The Wire has reported earlier how in an indication of fresh economic strain in rural India, demand for unskilled work under the MGNREGS has seen an increase in April and May this year, according to the data from the same rural development ministry. As many as 20.12 million rural households were among those who sought employment under the scheme in April. The figure slightly increased to 20.37 million in May, till the 18th of the month. The Express report notes that release of funds under the scheme had peaked at Rs 1,09,810 crore in 2020-21, the first full year after COVID-19 outbreak. A record 7.55 crore rural families availed themselves of the scheme. The report also quoted sources in the government as having said that the EFC appraisal and approval is part of government's exercise to evaluate and approve its schemes for the next Finance Commission cycle. The MGNREGS is backed by law and therefore the EFC approval is 'just a formality,' the report said. The ministry's outlay is also subject to change, sources told the paper. Make a contribution to Independent Journalism Related News Why We Need Social Audits in the MGNREGS Demand For Work Under MGNREGS Goes Up, Actual Job Creation Declines: Report Cops Arrest Gujarat Minister's Second Son in Alleged MGNREGS Funds Scam Modi's Cult-Driven Foreign Outreach Efforts Have Left India Friendless Modi is Maun: How the Sudden Ceasefire Marred the Prime Minister's PR Script By Calling For the Boycott of Foreign Goods, Modi Contradicts Himself Facing Pushback, Derision and Anger, BJP Says News of Sindoor Distribution Plans 'Fake' 'Army Bowing at Modi ji's Feet': Why a Deputy CM's Gaffe Doesn't Bode Well Why Modi Won't Let Go of the BJP's Reins View in Desktop Mode About Us Contact Us Support Us © Copyright. All Rights Reserved.
