Latest news with #Noronha
India Today
08-08-2025
- Business
- India Today
UAE NRI homebuyers battle Ozone Group in India over undelivered homes
For thousands of Non-Resident Indians (NRIs), investing in real estate back home is not just a financial decision but an emotional one rooted in dreams of retiring in one's homeland, caring for ageing parents, and providing a sense of belonging. But for many buyers of the Ozone Urbana township project in Devanahalli, near Bengaluru, that dream has turned into a prolonged legal and emotional At the centre of this growing crisis is Errol John Noronha, a former Dubai-based NRI who had invested in two apartments in the township. According to him, the first flat cost approximately 1 crore, which he eventually recovered through Lok Adalat though only the principal amount, without interest. The second apartment, also worth over 1 crore, remains undelivered and the money is still held up with the builder. A Dream DeferredSpeaking to India Today Global, Noronha recalled being drawn to the Ozone Urbana project in 2015 after seeing aggressive marketing and a promise of a 240-bed hospital within the township. 'We were looking for something accessible for my in-laws, who are over 80 years old. That hospital promise made us book the apartment,' he followed was a cycle of delays, misleading assurances, and financial pressure. 'They kept calling from Dubai saying the project will be ready in three months then they introduced a scheme where I had to pay just 10%, and banks would pay the rest as EMI. But soon, banks stopped paying, and I had to step in again,' he situation reflects a larger pattern: builders making false promises, selling stalled properties, and continuing to collect money from unsuspecting buyers even while construction remains halted. Hundreds Join the FightNoronha's case is far from isolated. According to Sathies Kumar, a legal advisor to the Ozone Urbana Buyers' Association, over 2,000 homebuyers are affected in this project alone, with 60–70 buyers already represented legally. 'There are more than 500–600 writ petitions filed. Every time the project gets media coverage, more victims come forward,' Kumar and 117 others filed a writ petition in the Karnataka High Court, which granted a stay on their EMI payments in 2021. However, the developer has not paid a single rupee as directed, and banks have allegedly continued to attempt to debit customer accounts. Some buyers, despite the court order, have even received arrest warrants for Accountability, No AnswersThe case has raised serious concerns over the role of regulatory bodies. Noronha alleged that even after several pleas, RERA has failed to stop the sale of properties in the stalled township. 'He (the builder) is still selling apartments and plots. It's fraudulent. People are paying for properties that don't exist,' he to file FIRs were also met with resistance. 'Police refused to register cases, and court stays would magically appear within 24 hours of our attempts,' Noronha said, pointing to systemic failure and potential reports suggested that the Enforcement Directorate (ED) has initiated an investigation, CBI involvement remains uncertain. Noronha and others are now pinning their hopes on the ongoing hearings in the Karnataka High Court and the efforts of their new legal counsel, Advocate Anshul Gupta.A Human CostThe human toll of the alleged scam is staggering. From defence personnel who lost their retirement savings, to cancer patients left without shelter, Noronha says the damage is not just financial. 'It's heartbreaking. There are ex-Air Force, Navy, and Army officers in tears. These are people who fought for our country. Their money has been stolen, and no one is held accountable,' he managed to recover principal amounts for one flat through Lok Adalat, but the second apartment's value over 1 crore is still stuck. He alleges the builder tried to coerce him into withdrawing legal cases by offering partial refunds, but he refused: 'I'm standing up for others. I won't be bought off.'As legal battles continue and construction remains stalled, thousands of Indian citizens—many living abroad—are trapped in a bureaucratic and legal quagmire, fighting to reclaim their hard-earned money and case underscores the urgent need for real estate reforms, better enforcement of RERA rules, and swift legal redressal. In the absence of accountability, stories like that of Errol Noronha will continue to surface painful reminders of broken promises in India's booming but deeply troubled housing sector.- Ends
Economic Times
20-07-2025
- Business
- Economic Times
Avenue Supermarts' online sales jump 21% to Rs 3,502 Cr in FY25, losses widen amid expansion push
Avenue Supermarts, the operator of DMart retail chain, saw sales at its online grocery unit expand 21% in FY25 while losses widened as it expanded into new geographies. Sales for Avenue E-Commerce (AEL), its online subsidiary started eight years ago, was at Rs 3502 crore while net loss was Rs 247 crore, as per its latest annual report. The subsidiary, which runs DMart ready, had reported sales of Rs 2899 crore and a loss of Rs 185 crore in the previous fiscal year. "The nature of our industry and our job is to constantly compete, adapt and reinvent, all the time. It is literally war like. DMart Ready as an idea germinated to deliver to that ever-changing customer preference the same value through an alternate channel," said managing director Neville Noronha in its latest annual report. "We exist because we offer choice. We exist precariously as the customer has the choice to go to anyplace else – anytime, immediately, more so now by not even stepping out of their home, or even out of their chair."The company has so far invested about Rs 1138 crore in its online subsidiary to capitalise on the trend of consumers shifting to online buying especially during the this year, Avenue Supermarts, appointed Anshul Asawa to replace Noronha in February 2026, after he chose not to extend his contract more than two decades after he joined the supermarket chain. "Limited line control, maximum observability and strict governance has defined the DMart Way. I hope these principles are never compromised. What can be done can be fluid, knowing what should not be done is significantly more important. Leaders should not order, they should enable. Leaders know the least. Higher they are lesser they know. If retail is detail and retail is speed then the leader is the student, the subordinate is the teacher," said Noronha, Noronha, who owned around 1.94% stake in the company at the end of the March quarter, and is one of India's richest CEOs with its stake worth about Rs 5100 retail is estimated to have grown at 18% to Rs13 trillion while E-retail grew at 22% to Rs4.4 trillion. Of the total organised retail industry, the food and grocery segment accounts for about 29%.Unlike grocery startups Amazon and BigBasket, which rely on a delivery-based distribution model, DMart's online venture operates a hybrid model with delivery centres in areas where it has small stores from where customers can also pick up products they have ordered online.
Time of India
20-07-2025
- Business
- Time of India
Avenue Supermarts' online sales jump 21% to Rs 3,502 Cr in FY25, losses widen amid expansion push
Avenue Supermarts , the operator of DMart retail chain, saw sales at its online grocery unit expand 21% in FY25 while losses widened as it expanded into new geographies. Sales for Avenue E-Commerce (AEL), its online subsidiary started eight years ago, was at Rs 3502 crore while net loss was Rs 247 crore, as per its latest annual report. The subsidiary, which runs DMart ready, had reported sales of Rs 2899 crore and a loss of Rs 185 crore in the previous fiscal year. Explore courses from Top Institutes in Select a Course Category Data Science Leadership healthcare Finance MBA PGDM Design Thinking Public Policy Degree Technology MCA Others Healthcare Project Management Cybersecurity Digital Marketing Management others Operations Management Data Analytics Artificial Intelligence Product Management Data Science CXO Skills you'll gain: Strategic Data-Analysis, including Data Mining & Preparation Predictive Modeling & Advanced Clustering Techniques Machine Learning Concepts & Regression Analysis Cutting-edge applications of AI, like NLP & Generative AI Duration: 8 Months IIM Kozhikode Professional Certificate in Data Science and Artificial Intelligence Starts on Jun 26, 2024 Get Details Skills you'll gain: Data Analysis & Interpretation Programming Proficiency Problem-Solving Skills Machine Learning & Artificial Intelligence Duration: 24 Months Vellore Institute of Technology VIT MSc in Data Science Starts on Aug 14, 2024 Get Details "The nature of our industry and our job is to constantly compete, adapt and reinvent, all the time. It is literally war like. DMart Ready as an idea germinated to deliver to that ever-changing customer preference the same value through an alternate channel," said managing director Neville Noronha in its latest annual report. "We exist because we offer choice. We exist precariously as the customer has the choice to go to anyplace else – anytime, immediately, more so now by not even stepping out of their home, or even out of their chair." The company has so far invested about Rs 1138 crore in its online subsidiary to capitalise on the trend of consumers shifting to online buying especially during the pandemic. Earlier this year, Avenue Supermarts, appointed Anshul Asawa to replace Noronha in February 2026, after he chose not to extend his contract more than two decades after he joined the supermarket chain. "Limited line control, maximum observability and strict governance has defined the DMart Way. I hope these principles are never compromised. What can be done can be fluid, knowing what should not be done is significantly more important. Leaders should not order, they should enable. Leaders know the least. Higher they are lesser they know. If retail is detail and retail is speed then the leader is the student, the subordinate is the teacher," said Noronha, Noronha, who owned around 1.94% stake in the company at the end of the March quarter, and is one of India's richest CEOs with its stake worth about Rs 5100 crore. Organised retail is estimated to have grown at 18% to Rs13 trillion while E-retail grew at 22% to Rs4.4 trillion. Of the total organised retail industry , the food and grocery segment accounts for about 29%. Unlike grocery startups Amazon and BigBasket, which rely on a delivery-based distribution model, DMart's online venture operates a hybrid model with delivery centres in areas where it has small stores from where customers can also pick up products they have ordered online.
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Business Standard
11-07-2025
- Business
- Business Standard
Avenue Supermarts reports flat net profit in Q1FY26 despite revenue growth
Avenue Supermarts' consolidated net profit remained flat in Q1FY26 at Rs 773 crore. The company, which runs the DMart chain of supermarkets and hypermarkets, reported a 16.3% increase in revenue, reaching Rs 16,359.7 crore for the quarter ending in June. Neville Noronha, Chief Executive Officer & Managing Director of Avenue Supermarts, said in a statement that DMart stores two years and older grew by 7.1% in Q1FY26 compared to Q1FY25. 'Revenue growth impact of approximately 100-150 basis points was primarily due to high deflation in many staples and non-food products. Gross margins are lower compared to the same period last year due to continued competitive intensity within the FMCG space,' Noronha said. He added, 'Operating costs are higher due to our efforts to improve service levels, build capacity, and inflation in entry-level wages.'
Daily Mail
08-07-2025
- Business
- Daily Mail
Chinese-linked firms buy up land close to key US military bases
A chilling new national security alert has been sounded as Chinese-linked firms buy up land alarmingly close to key US military bases - raising fears that America is leaving itself exposed to drone and commando attacks in the event of war. The warning comes amid a wave of innovative military tactics on display in recent months, including Ukraine's deep-strike drone assaults inside Russian territory and Israel's daring sabotage raids on Iranian nuclear sites. Now, experts say the US homeland could be vulnerable to the same type of attack - an unpredictable and devastating lighting strike by commandos and drones - launched from Chinese-controlled properties right under our noses. Swaths of farmland, mines and other sites in states including North Dakota , Texas and Florida have been quietly acquired by companies with links to Beijing - some just a stone's throw from Air Force and Army bases housing top-secret military gear. 'After Ukraine's drone operation in Russia and Israel's operation in Iran, it is obvious that America's enemies will try to replicate that playbook on our soil,' Gabriel Noronha, a former State Department advisor and president of Polaris National Security , told the Daily Mail. 'It is increasingly dangerous to allow Chinese companies and individuals to own land - especially near our military bases and critical infrastructure.' Others note that while the US and China are competitors, any differences can be tackled diplomatically. In this vein, the two countries on Friday announced they had resolved issues around shipments of rare earth minerals and magnets. But according to Noronha, China many already have commando-and-drone teams hidden in freight units on US soil ready to strike anything from a military base to an arms cache, communications relay or military research hub. More likely, he added, they are buying up land so they can gather intelligence and lay the groundwork for such operations in the future - the discovery of a Chinese commando team on US soil would itself spark a crisis. Even so, a US-China conflict could be scarily close. Chinese President Xi Jinping reportedly wants his forces to be ready to invade Taiwan by 2027 in a move that could draw a fierce American response and kickstart World War III. 'Left unchecked, we are opening our land to host clandestine Chinese military bases to launch all sorts of attacks and cripple our nation in wartime,' added Noronha. He and others say recent strikes by Israel and Ukraine are the new face of warfare. It's one of surgical drone strikes, covert commandos, cyber sabotage and pinpoint chaos that other forces will copy in the future. In June, Ukraine unleashed Operation Spiderweb, launching cheap drones from trucks it had smuggled into Russia to destroy Russian warplanes worth hundreds of millions of dollars - it was a morale-boosting win in their three-year war. Also in June, Israeli commandos launched explosive drones to strike air-defense radars, communication nodes and other targets in a series of coordinated strikes on Iran's nuclear facilities, backed up by warplanes and airstrikes. Military experts say these game-changing tactics have redefined the rules of modern war, and will be studied by top brass in Washington, Beijing, Moscow, London and beyond as a guide for waging future conflicts. The Pentagon is understood to be especially alarmed, given the scale of Chinese land purchases in the US in recent years. Chinese Communist Party (CCP) investment in farmland has surged by 1,900 percent over the last decade - going from $81 million in 2010 to a whopping $1.8 billion in 2021, a congressional investigation found. Foreign entities and individuals own roughly 43 million acres of US agricultural land , nearly 2 percent of all US land, according to government data. China owns over 350,000 acres in 27 states, the admin claims. Much of this land is either farmland or plots close to military installations. To address this, US President Donald Trump's agencies are launching an effort to stop the CCP and its entities from purchasing land in the US or getting involved in any businesses that supply food to Americans. In February, Trump signed a memorandum that restricts 'Chinese investments in strategic US sectors like technology, critical infrastructure, healthcare, agriculture, energy, raw materials and others.' Security hawks are currently alarmed by a looming transfer in Arizona of Tonto National Forest land, known as Oak Flat, to Resolution Copper, which plans to mine what it says is the second-largest known copper deposit in the world. The mining outfit is a subsidiary of international mining giants BHP and Rio Tinto - a British and Australian company that has Chinese state-owned aluminum company Chinalco as a main shareholder (about 11.2 percent voting interest). One analyst, a former congressional aide who spoke to the Daily Mail on the condition of anonymity, said the mine would give 'Chinese nationals a cover for being at the site,' which is some 100 miles east of Luke Air Force Base. 'And it offers a footprint on which clandestine capabilities - think 20 ft container filled with drones like Op Spider Web - might be stored without raising alarms,' he added. Meanwhile, Ken Blackwell, former Ohio Secretary of State, says the mining deal, which could be finalized within months, risks empowering Chinalco to route strategic copper exports back to China. 'Picture that. America's natural wealth being shipped off to our chief adversary at a moment when the CCP perpetrates economic, political and technological warfare against us daily,' Blackwell wrote in a piece published on Breitbart. 'This is a reckless move that compromises our economic and national security.' The mine's general manager Vicky Peacey downplayed China's involvement in the project, saying Rio Tinto had operated in the US for more than 150 years and was led by European, Australian and US shareholders. The mine 'can help secure the nation's energy future, support American jobs and reduce reliance on foreign sources for this critical mineral,' she said in a statement to the Daily Mail.
