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The National Capital Region, popularly known as NCR, has witnessed a significant rise in housing sales in the third quarter of 2024, according to property consultancy firm Anarock.

NCR, which comprises cities like the national capital Delhi, and several adjoining districts of Haryana, Uttar Pradesh, and Rajasthan, has sold an estimated 15,600 units of houses in Q3 2024, the property consultants added.

"NCR remained a significant player in Pan India’s housing sales, capturing 15 percent of total sales among the top 7 cities in Q3 2024," Anarock mentioned. However, the region experienced a marginal slowdown with sales declining by six percent quarter-over-quarter and by 2 percent year-on-year.

Among the NCR cities, Gurugram contributed 51 percent in Q3 2024, followed by Greater Noida and Ghaziabad, accounting for 20 percent and 13 percent of the region's sales, respectively. Ghaziabad's housing sales surged by 19 percent QoQ.

Around 14,100 housing units were launched in NCR in the third quarter. Geographically, Gurgaon remained the most active zone in NCR, accounting for 47 percent of the new launches. Greater Noida and Ghaziabad followed with 22% and 18% shares, respectively.

According to Anarock's report, the ultra-luxury segment dominated the market with a 64 percent share of new launches in Q2. While the luxury and affordable segments experienced a decline.

'Rental yield'

Apart from the increase in housing sale units, the NCR region also reported an increase in rents on a quarter-on-quarter basis.

As per Anarock, Noida Sector 150 rental value increased by 4 percent QoQ around Rs 22,000-30,000. The average quoted monthly rent in Greater Noida West saw a 3 percent spike Q0Q to Rs 17,000-Rs 24,000.

'NCR housing prices'

The costliest region in the NCR for property buyers in Q3 was Noida Sector 150 with an average quoted rate of Rs 13,000 square feet, followed by Dwarka Expressway (Rs10,350 square feet), New Gurugram (Rs 9,700 square feet), Greater Noida West (Rs 8,000 square feet), respectively.

Delhi-NCR market sells 15,600 housing units in Q3 2024; Gurugram, Ghaziabad emerge as top performer

Discovering the security lapses, the Global Organic Textile Standard (GOTS) has expanded the suspension of Intertek Testing Services as an approved certification body this week, according to a report by Ecotextile. 

In August, the London-based textile exchange suspended the Indian office for Organic Content Standards. However, this time, it has widened the ban by including all of its textile standards amid concerns over what it calls “serious lapses” in its internal systems.

The GOTS has prohibited Intertek Testing Services from issuing transaction certificates (TC) for specific products. According to Global Standard, the NGO behind the GOTS standard said some transaction certificates for specific products are still permitted to be issued with strict risk assessment at their end. Global Standard added that Intertek can renew expiring SCs for existing clients but excluding those involved in restricted activities.

Intertek was suspended in July this year. The certification body cannot take on new clients due to the suspension.

However, the renewal of Scope Certificates (SCs) is permitted as long as it does not include ginning, spinning, sale, or trade of lint cotton and grey yarn.

GOTS expands suspension of Intertek Testing Services over security lapses: Report

In a candid LinkedIn post, Anupam Mittal, the founder of Shaadi.com, shared a personal account of the devastating impact the 2008 global financial crisis had on his company.

Just a week before a much-anticipated $25 million investment was to close, the venture capital firm pulled out, forcing Mittal to lay off employees he considered family.

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Overwhelmed with emotions, he questioned his decisions and faced the daunting reality of failure. "Where did I screw up?" he wondered, grappling with feelings of inadequacy.

In his search for solace, Mittal turned to meditation and spirituality, initially sceptical of their effectiveness. However, as he delved deeper, he found a shift in perspective. With the guidance of a therapist, he realized that his anxiety stemmed not just from professional setbacks but from a deeper fear of not being enough.

Mittal emphasized the importance of internal preparation in a world filled with external chaos, urging others to seek their own anchors - whether through spirituality, therapy, or supportive relationships. "We all need anchors to keep us grounded," he concluded, reminding us that finding peace within is crucial in navigating life's storms.

The post has since then garnered around more than 2.5k reactions and 100+ comments.

From collapse to clarity: Anupam Mittal's journey through crisis

In a notable trend that highlights the evolving landscape of investment in India's food tech sector, a host of celebrities, including sports icons and entertainment moguls, are endorsing Swiggy, the food and grocery delivery disruptor, through its pre-IPO shares in the unlisted market.

With approximately 200,000 shares already traded, prominent figures such as cricketers Rahul Dravid and Zaheer Khan, tennis star Rohan Bopanna, filmmaker Karan Johar, and actor-entrepreneur Ashish Chowdhry are joining the fray, even as Swiggy faces stiff competition from rivals like Zomato and Zepto.

Ashish Chowdhry, founder of Disrptve Ventures and an actor, commented, "Swiggy has significantly transformed the food delivery landscape in India, and participating in their evolution promises to be highly lucrative. The company's consistent innovation, spanning from food delivery to grocery services, has been instrumental in maintaining its competitive advantage in the industry."

The celebrity backing is not new for Swiggy. Previously, Bollywood legends like Amitabh Bachchan and Madhuri Dixit Nene, alongside entrepreneurs like Ritesh Malik of Innov8, have also invested in the company's pre-IPO rounds through the secondary market. 

This surge in interest reflects Swiggy's remarkable rise as one of India's top tech startups, diversifying beyond food delivery into quick commerce and hyperlocal logistics.

Zaheer Khan, the former India cricket player, emphasized the significance of supporting innovative companies, stating, "I strongly believe in backing a brand that's shaping the future of urban living and consumer convenience in one of the world's fastest-growing markets."

According to insiders, the enthusiasm from sports and entertainment figures for Swiggy's shares illustrates a broader trend where high-net-worth individuals are diversifying their portfolios by investing in high-potential tech startups. 

Experts note that pre-IPO investments are particularly appealing, given the substantial upside they offer once companies go public. The spectacular stock market debut of Zomato in 2021, which saw shares surge in demand has set a precedent that many investors aim to replicate.

Swiggy's upcoming IPO follows a series of successful funding rounds, with investments pouring in from global venture capital giants such as SoftBank Vision Fund, Accel, and Prosus. 

The company has also seen interest from diverse investors in the secondary market, including Motilal Oswal Financial Services chairman Raamdeo Agrawal and automobile materials manufacturer Hindustan Composites.

Celebrities back Swiggy ahead of IPO, signalling growing trend in tech investments

In a serious complaint filed with the Economic Offences Wing (EOW), Mumbai, Amit Vyas, the founder of law firm Vertices Partners, has accused BookMyShow and Live Nation Entertainment of engaging in organised crime, cheating, and criminal breach of trust under the Bhartiya Nyaya Samhita, 2023. 

The complaint, reviewed by MediaNama, alleges that the two companies conspired to black market tickets for Coldplay's much-anticipated 2025 India concert by reselling them on the Viagogo platform at exorbitant rates.

According to Vyas, BookMyShow, the exclusive ticketing partner for Coldplay's January concert, manipulated the sales process to deliberately log out fans moments before tickets were released. Meanwhile, Viagogo, a global ticket resale platform, began offering bulk tickets for sale, with prices ranging between Rs 30,000 and Rs 2 lakhs per ticket - compared to the original price range of Rs 2,000 to Rs 12,500.

Allegations of Ticket Scalping and Black Market Dealings

Vyas' complaint accuses BookMyShow of orchestrating a fraudulent ticketing system. He claims that upon attempting to purchase tickets, he was logged out of BookMyShow's platform at 12:00 pm on the day of the sale, which cited server downtime. When he managed to re-enter the platform 16 minutes later, he was placed in a digital queue behind 12 lakh other users. By the time he reached the front, tickets had sold out and were found listed on Viagogo at highly inflated prices. According to Vyas, around 9 lakh of the queue positions were manipulated using ticket bots.

The complaint further accuses BookMyShow of artificially creating the digital queue, arguing that ticket bots cannot function when a site is down. Vyas also alleges that the tickets were misappropriated by insiders with access to the platform, who ensured that a significant number ended up on Viagogo. Multiple users echoed Vyas's experience, reporting that they were unable to complete their ticket purchases despite seemingly being in favorable queue positions.

Criminal Breach of Trust and Tax Evasion Claims

Vyas claims that the ticket black market operation was only possible with the direct involvement of key managerial personnel at both BookMyShow and Live Nation Entertainment, who have also been named in the complaint. The accusations extend to criminal breach of trust, as BookMyShow was entrusted with the responsibility of selling tickets but allegedly violated that obligation by engaging in scalping and reselling practices.

In addition, Vyas has alleged tax evasion by BookMyShow, stating that the company deprived the Indian government of substantial tax revenues by unlawfully selling tickets to Viagogo, a foreign entity. The complaint outlines that these actions violate Indian law under the Information Technology Act, 2000, particularly concerning website blocking and ticket reselling practices.

Not the First Viagogo Complaint in India

This case is not an isolated incident. Last year, a similar complaint was filed against Viagogo's resale of ICC Cricket World Cup 2023 tickets. The complainant at the time argued that the platform was engaging in "unfair trade practices" and hiking ticket prices by 80-100 times the original cost, violating the IT Rules, 2021, and the E-Commerce Rules, 2020. 

Vyas' complaint suggests that the pattern of ticket reselling on Viagogo is a recurring issue in India, one that demands urgent legal scrutiny.

Founder of Vertices Partners accuses BookMyShow for using ticket bots to blackmarket Coldplay tickets

The Rs 60,000 crore Indian non-alcoholic beverage sector, represented by companies such as PepsiCo, Coca-Cola, Bisleri, Tata Group, and Campa (Reliance Industries Ltd), has formally appealed to the government for urgent tax reform, according to reports by CNBC-TV18. 

In letters to the Finance Ministry, the GST Council, and a GST-Council-nominated Group of Ministers (GoM) on rate rationalisation, the industry has outlined the detrimental effects of high GST rates on the sector.

In an exclusive interview with CNBC-TV18, CK Jaipuria, Chairman of the Indian Beverage Association (IBA), emphasized the need for immediate action. He labelled the existing tax structure as "retrograde" and noted that the high rates place a significant burden on the rapidly growing industry, which is expanding at a rate of 14% annually.

The industry has proposed lowering the GST on essential items like bottled water, currently taxed at 18% and 12%, to 5%. "Water is a necessity," Jaipuria remarked, adding that the government itself procured bottled water for disaster relief efforts, underscoring its importance. "A reduction in tax would allow us to pass on the benefits to consumers."

Jaipuria also called for a GST reduction on fruit juices, currently taxed at 12%, to 5%, in line with food items. He recalled the Prime Minister's earlier push for the beverage industry to increase its procurement of fruits to support farmers, stating that the sector has yet to see the promised tax relief despite increasing fruit content in beverages.

For carbonated drinks, which are taxed at 28% with an additional 12% cess, the industry has requested a reclassification. "Carbonated drinks should not be treated as sin goods like alcohol and tobacco," Jaipuria argued. He urged the government to reduce the overall tax burden on these products to 18%.

The GoM meeting, scheduled for today in Goa, may address these proposals, but the outcome remains uncertain.

Indian beverage industry urges GST rate cut to boost sector growth

The Bombay High Court on Friday struck down changes to the IT Rules brought by the Central government that allowed it to set up Fact Checking Units. The government had made the amendments in 2023 giving it the authority to identify and debunk 'fake and misleading' information related to its functioning on social media platforms.

The petition was filed by standup comic artist Kunal Kamra against the central government for setting up a fact-checking unit via amendment in the IT Rules. 

Justice AS Chandurkar said the Information Technology Amendment Rules, 2023, which empowers the Centre to set up fact-check units (FCUs) for identifying fake news online, violates Articles 14 and 19 of the Constitution.

"I have considered the matter extensively. The impugned rules are violative of Articles 14 (right to equality), 19 (freedom of speech and expression) and 19(1)(g) (freedom and right to profession) of the Constitution of India," Justice Chandurkar said, and struck down the proposed IT amendments.

The expression "fake, false and misleading" in the IT Rules was "vague and hence wrong" in the absence of any definition, he added.

The case had gone to a third judge after a division bench of the Bombay High Court in January delivered a split verdict in this matter. The split verdict in January was delivered by a division bench of Justices Gautam Patel and Neela Gokhale. 

While Justice Patel struck down the Rules, Justice Gokhale upheld them. Justice Patel had said the Rules amounted to censorship, but Justice Gokhale had said they did not have any "chilling effect" on free speech as argued. It was the third judge's verdict that came today.

In March, the Supreme Court stayed a notification by the Centre announcing the operational status of its official fact-check unit (FCU). The Supreme Court had said the Centre can't go ahead until the Bombay High Court decides on the constitutionality of the matter.

Kunal Kamra and other petitioners had said the amendments would put unreasonable restrictions on freedom of speech and expression.

The petitioners said the provision would lead to government-led censorship online and empower it to be the "prosecutor, the judge, and in that loose sense, the executioner" of what constitutes the 'truth' online.

Centre's IT rules amendment unconstitutional, Bombay HC strikes down fact checking unit

Digital advertising has revolutionized the way businesses reach their audiences, but with its growth comes the lurking menace of ad fraud. This deceptive practice not only drains marketing budgets but also skews data analytics, leading to misguided strategies. As per estimates shared on Statista, digital advertising spending is forecast to reach $836 billion in 2026, up from $522.5 billion in 2021. 

IAS, a leading global media measurement and optimization platform, stated that in 2024, it’s projected that advertisers and brands could lose as much as $71 billion due to invalid traffic generated by click fraud. That's just one type of ad fraud. This loss directly impacts advertising budgets, diminishing the effectiveness of marketing campaigns and reducing the ROI from digital advertising efforts.

Click fraud not only wastes advertising dollars but also dilutes the revenue potential for brands, states IAS. The projected loss of up to $205 billion in revenue underscores the magnitude of the problem.

The Advertising Standards Council of India (ASCI) recently released a comprehensive report shedding light on the pervasive issue of ad fraud through "dark patterns" in digital advertising. These deceptive techniques are designed to manipulate consumer behavior without their explicit consent or knowledge, leading to misguided purchases and compromised personal data.

Understanding the different types of digital ad frauds is crucial for marketers, advertisers, and publishers aiming to safeguard their investments and maintain the integrity of the advertising ecosystem. 

What is Digital Ad Fraud?

Digital ad fraud involves malicious activities that manipulate advertising metrics through deceptive means. Fraudsters employ various tactics to generate illegitimate impressions, clicks, conversions, or data events, thereby extracting revenue from advertisers without delivering genuine value.

The cost of digital ad fraud

Juniper Research estimates that global losses from ad fraud will reach approximately $100 billion by the end of 2024. As the digital landscape evolves swiftly, fraudsters are becoming increasingly sophisticated and organized.

Types of Digital Ad Fraud

1. Click Fraud 

Definition: Click fraud occurs when fraudulent clicks are generated on pay-per-click (PPC) advertisements, leading advertisers to pay for non-genuine user interactions. 

How It Happens: Fraudsters use automated bots or employ click farms—groups of individuals manually clicking on ads—to inflate click numbers artificially. This deception drains advertisers' budgets without delivering real engagement or conversions. 

Impact: Advertisers incur costs for worthless clicks, skewing campaign metrics and reducing the overall return on investment (ROI). 

2. Impression Fraud 

Definition: Impression fraud involves falsifying the number of ad views (impressions) to charge advertisers for exposures that never occurred to real users. 

How It Happens: Techniques like hidden ads (ads rendered invisible to users) or stacking multiple ads in a single placement (only the top ad is visible) are employed to generate fake impressions. 

Impact: Advertisers pay for impressions that have zero chance of influencing potential customers, leading to wasted ad spend and distorted performance data. 

3. Ad Stacking 

Definition: Ad stacking is a deceptive practice where multiple ads are layered over one another in a single ad placement, but only the top ad is visible to the user. 

How It Happens: Publishers or fraudsters stack ads using code that places several ads in the same space. Advertisers whose ads are beneath the top layer are charged for impressions even though their ads are never seen. 

Impact: This results in advertisers paying for non-viewable impressions, undermining campaign effectiveness and trust in the advertising platform. 

4. Domain Spoofing 

Definition: Domain spoofing involves misrepresenting low-quality or fraudulent websites as premium publishers to sell ad inventory at higher rates. 

How It Happens: Fraudsters manipulate ad requests to make it appear as if they are coming from reputable sites. Advertisers believe they are purchasing space on legitimate sites when, in reality, their ads appear on inferior or non-existent sites. 

Impact: Advertisers pay premium prices for subpar placements, damaging brand reputation and diminishing ad performance. 

5. Pixel Stuffing 

Definition: Pixel stuffing is a tactic where ads are compressed into a tiny, 1x1 pixel size, making them virtually invisible to users. 

How It Happens: Ads are embedded in tiny pixels on websites, registering as impressions even though users cannot see them. 

Impact: Advertisers are charged for impressions that have no potential to engage users, leading to misleading metrics and wasted expenditure. 

6. Bot Traffic 

Definition: Bot traffic refers to non-human automated traffic generated by software programs (bots) to simulate genuine user interactions with ads. 

How It Happens: Bots visit websites, click on ads, or perform other actions to mimic human behavior. Advanced bots can even simulate mouse movements and clicks to avoid detection. 

Impact: This leads to inflated metrics, skewed analytics, and significant financial losses for advertisers who pay for fraudulent engagements. 

7. Cookie Stuffing 

Definition: Cookie stuffing involves placing multiple third-party cookies on a user's browser without their knowledge, falsely attributing conversions to the fraudster. 

How It Happens: When users visit a website, they unknowingly receive cookies that credit the fraudster for any future purchases the user makes on affiliate sites. 

Impact: Advertisers pay commissions for conversions they did not influence, undermining affiliate marketing programs' integrity. 

8. Affiliate Fraud 

Definition: Affiliate fraud manipulates affiliate marketing programs to generate unearned commissions through deceptive means. 

How It Happens: Fraudsters may use stolen credit cards, fake leads, or false sign-ups to earn commissions without driving legitimate traffic or sales. 

Impact: Companies lose money on fraudulent commissions and face potential damage to their brand if associated with unethical affiliates. 

9. Ghost Sites 

Definition: Ghost sites are fake websites created solely to host ads and generate fraudulent traffic. 

How It Happens: These sites have no genuine content or user base. Fraudsters drive bot traffic to these sites to produce fake impressions and clicks. 

Impact: Advertisers' budgets are drained on ads displayed on non-existent platforms, yielding no real user engagement or ROI. 

10. Ad Injection 

Definition: Ad injection is the unauthorized insertion of ads into web pages without the publisher's consent, often through malware or browser extensions. 
 
How It Happens: Malware infects users' devices, allowing fraudsters to inject ads into any site the user visits. This can lead to ads appearing on competitor sites or inappropriate content. 
 
Impact: This practice harms user experience, damages brand reputation, and leads to advertisers paying for placements they did not agree to. 

AI-Driven Cyber Fraudsters 

The advent of artificial intelligence has given rise to more sophisticated cyber frauds. Fraudsters are now using AI to create realistic fake ads, clone websites, and generate misleading content that is hard to distinguish from genuine material. 

A recent report in The Economic Times highlights how insurance companies are building a slew of sachet-sized products that offer protection against growing instances of cyber fraud. These risk covers, some costing as low as Rs 3 per day, are designed to insure individuals and businesses against the threat of impersonation, cyber extortion, bullying, and identity theft. 

Industry Response: ISA Media Charter 

Recognizing the growing threat, industry bodies like the Indian Society of Advertisers (ISA) have stepped up efforts to combat digital ad fraud. The ISA recently rolled out a Media Charter aimed at strengthening the digital advertising ecosystem. The event saw the launch of the four key playbooks addressing Brand Safety, Viewability, Ad Fraud, and First-Party Data. Through the implementation of these playbooks, ISA wants to make digital advertising safe, transparent, and trustworthy for advertisers while improving the experience for end users.

Combating Digital Ad Fraud

Use Verified Platforms: Partner with reputable ad networks and demand transparency in reporting.

Implement Fraud Detection Tools: Utilize advanced analytics and third-party verification services to monitor traffic and detect anomalies.

Regular Audits: Conduct frequent audits of ad campaigns to identify irregular patterns in impressions, clicks, and conversions.

Educate Your Team: Stay informed about the latest fraud tactics and train your team to recognize potential red flags.

Adopt Industry Standards: Follow guidelines set by industry bodies to promote best practices in digital advertising.

Conclusion

As digital platforms continue to evolve, so too will the methods employed by fraudsters. It is imperative for all stakeholders—advertisers, consumers, and regulatory bodies—to stay informed and proactive in identifying and mitigating digital ad fraud. Through collaborative efforts and a commitment to transparency, the integrity of the digital advertising ecosystem can be preserved.

Sources: ASCI, Data Dome, Digital Marketing Insights, Novatiq, ET, MarTech

EXPLAINED: A guide to the different types of Ad Fraud

Generative AI (GEN AI) has swiftly climbed the ranks of business priorities, with 83% of C-suite executives across the Asia-Pacific (APAC) region now placing it among their top three concerns, according to new research by Salesforce.

The study which surveyed 1,243 leaders from large organizations, highlighted that 54% of businesses already have a clear Gen AI strategy, while 40% are in the process of developing one.

The findings point to key drivers behind this AI push, with the desire to innovate customer and employee experiences (44%) and meet rising customer expectations for faster, more personalized service (44%) topping the list. Boosting productivity and efficiency also remains a central motivator, noted by 43% of executives. 

In terms of leadership accountability, CEOs are seen as most responsible for ensuring successful integration of Gen AI, according to 37% of respondents. Chief Information Officers (CIOs) and Chief Technology Officers (CTOs) follow closely at 25%, with department heads accounting for 19%.

When asked where Gen AI would create the most positive impact, APAC executives pointed to information technology (42%), operations(31%), customer service (30%), and research and insights (28%).

Despite its broad adoption, 93% of APAC executives acknowledged that significant barriers still impede Gen AI's full integration. The most common challenges include accessibility and inclusivity (37%), lack of skill-building opportunities (31%), incomplete customer or company data for AI training (30%), concerns over AI tools delivering inaccurate results (30%), and cost to implement Gen AI tools (30%).

Industry-wide Growth

The Salesforce study aligns with a broader trend revealed in Capgemini's "Harnessing the Value of Generative AI 2nd edition" report, which indicates that 80% of organizations are increasing their investments in Gen AI into business operations has surged, with 24% of companies having integrated AI across various functions - a significant jump from just 6% last year.

Retail, in particular, has seen a notable rise in AI deployment, with implementation growing to 40%, more than doubling the figure from 2023.

GenAI emerges as top priority for APAC C-Suite leaders, Salesforce study reveals

In a historic move, the Board of Control for Cricket in India (BCCI) announced that Indian cricketers, men and women, will get equal match fees in a move towards achieving pay equity. 

It is incredible how far women in sports have come but unfortunately not far enough to be paid as much as their male peers. That’s been the story for a long while for sportswomen in the country and it is all set change with BCCI announcing equal pay for men and women cricketers.

BCCI Honorary Secretary Jay Shah put out a tweet saying, “I’m pleased to announce BCCI’s first step towards tackling discrimination. We are implementing pay equity policy for our contracted BCCI Women cricketers. The match fee for both Men and Women Cricketers will be the same as we move into a new era of gender equality in cricket.”

He further said, “The BCCI Women cricketers will be paid the same match fee as their male counterparts. Test (INR 15 lakhs), ODI (INR 6 lakhs), T20I (INR 3 lakhs). Pay equity was my commitment to our women cricketers and I thank the Apex Council for their support.”

While corporations have been open to the idea of using women in sports as the face of their brands for some time now, there is still a huge disparity in pay when it comes to remuneration for the actual sport these athletes play.

With this move, finally at least cricket would be getting rid of the pay gap for good. The move is being applauded and appreciated by stakeholders in the industry and fans.

Indian cricketer, Mithali Raj who is also the former captain of the India women's national cricket team shared a post on one of her social media handles saying, “This is a historic decision for women’s cricket in India! The pay equity policy along with the WIPL next year, we are ushering into a new era for women's cricket in India. Thank you Jay Shah Sir and the BCCI for making this happen. Really happy today.”

Indian captain Harmanpreet Kaur also left a thank you note on Twitter saying, “Truly a red letter day for Women’s Cricket in India with pay parity announced for women and men. Thank you BCCI and Jay Shah.”


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