‘Scrap Rampur Development Authority’
Urban Development Minister Azam Khan wants the Rampur Development Authority (RDA) in his home district to be abolished for non-performance. However, instead of making a request to the Chief Minister, who is also the Housing Minister, he has written to Principal Secretary of Housing Shambhu Nath Shukla.
Earlier, he had once ignored Medical and Health Minister Ahmed Hasan, and written to Principal Secretary of Medical and Health for locking up the hospitals in Rampur or deputing sufficient doctors.
The RDA was formed on Azam’s recommendation during the previous Samajwadi Party government, which was headed by Mulayam Singh. The Minister also inaugurated the RDA’s office in a rented building at Awas Vikas Colony.
Now, Azam believes that the RDA has failed in its objective and has launched no housing scheme. In fact, the RDA could not get any land and did not even prepare a master plan of the city. The minister said that in the last six years, the RDA did not clear even a single map of a building.
It also failed to utilise the grant meant for development works. Rather, it had become a centre of corruption and the officials were engaged in extorting money from people.
‘Scrap Rampur Development Authority’ - Indian Express
Rate cuts alone not enough: RBIHEADLINE
Central bank reiterates need for government to embark on policy reforms, fast-track infrastructure projects
The Reserve Bank of India (RBI) said on Thursday that lower interest rates alone can’t help prop up investment and put Asia’s third largest economy back on the growth path, reiterating that the government needs to embark on policy reforms to iron out structural issues and fast-track infrastructure projects.
The Indian economy is unlikely to improve in the near term because of “policy stasis”, the central bank said in its annual report, released on Thursday. Inflation will remain sticky and the slowdown in growth can’t be reined in anytime soon, said RBI, making abundantly clear that it’s unlikely to be in a hurry to cut the policy rate unless the government bites the reforms bullet.
In the 31 July first quarter policy review, RBI lowered its growth projection for the economy to 6.5% from 7.3% for fiscal 2013. It also raised the year-ending inflation projection to 7% from 6.5%, while keeping the policy rate unchanged at 8%.
According to the central bank’s assessment, money borrowed by companies from banks for new investments has fallen sharply—by 46% to about Rs.2.1 trillion in fiscal 2012 from Rs.3.9 trillion a year ago—and the completion of existing projects is getting delayed.
Investment in infrastructure has slumped 52% to Rs.1 trillion from Rs.2.2 trillion a year ago, with power and telecom accounting for most of the fall, even as investment in road, port and airport projects has also decelerated sharply.
The drop in corporate investment in large projects “has had a ripple effect on the economy”, RBI said.
“What can stimulate a recovery?” the central bank asked in its annual report and also offered the answer: In the absence of signs of global recovery, domestic policies have to be adjusted to boost demand and investment.
There is limited fiscal and monetary space available to provide a direct stimulus to domestic growth, and the government should cut down on subsidies and step up capital expenditure, RBI said.
“Such an action would also provide some space for monetary policy, but, importantly, lower interest rates alone are unlikely to jump-start the investment cycle,” it said.
Incidentally, finance minister P. Chidambaram on Thursday ruled out any hike in fuel or fertilizer prices as that would have “a cascading impact on food prices”. However, he said the ministry’s aim is to restrict government spending on subsidies to keep the fiscal deficit in check.
The finance minister was also critical of RBI’s practice of maintaining a tight monetary policy as that has dampened investor sentiment in the country, business channel NDTV Profit reported.
“The question is how much growth needs to be sacrificed in the short term to bring inflation down to RBI’s ‘comfort’ levels,” said Saugata Bhattacharya, chief economist at Axis Bank Ltd. “Reviving growth, even with both monetary policy easing and (government’s) policy action, is going to take time... Even sharp rate cuts now will likely result in investment activity only in 2013.”
RBI deputy governor Subir Gokarn recently said one-third of the slowdown in growth is due to the monetary policy tightening.
“Even if the subsidies are cut, government could hardly manage to bring down the fiscal deficit as projected to 5.1% of GDP (gross domestic product),” said Deepali Bhargava, chief India economist at Espirito Santo Securities. “There is no room for using the resources for capital expenditure, at least not this year as meeting the deficit target is itself going to be tough.”
RBI’s annual report reiterated that its priority should be to bring down the deficit to support potential growth “even if it means a slower pace of recovery in the short run”.
“It is important to appreciate as to what monetary policy can or cannot do,” RBI said, adding that it can have a strong long-run impact on inflation, but can influence output in a more limited way by nudging growth towards potential when the growth operates below or above potential.
“Importantly, monetary policy cannot bring about permanent or long-run changes in the levels of output, which are mainly driven by technology, productivity changes and fiscal policy, through its impact on thrift and investment behaviour,” the annual report said. With growth slowing, the government may fall short of the budgetary target on indirect taxes as well as non-tax revenue, it said.
The divestment target could also be hard to achieve in a falling equity market, RBI said. The divestment target for the current fiscal is Rs.30,000 crore, out of which Rs.124.97 crore has been achieved so far. The target was Rs.40,000 crore last year and only about a third—Rs.13,894.05 crore —was raised. Despite the growth slowdown, “inflation control remains the cornerstone of monetary policy as upside risks to inflation remain”, the report said.
Even though wholesale price inflation has dropped to the sub-7% level in July—to a 32-month low 6.87%—it may not be sustained at this level because of the erratic monsoon and the rise in the minimum support price for foodgrain. RBI said there could be a considerable price rise in pulses—a drop in their production due to drought globally is likely to aggravate the situation.
Rainfall up to mid-August was deficient by 16%, according to government estimates, even as RBI’s own estimate pegged the deficiency at 21%. The deficient monsoon has emerged as a new uncertainty in the growth equation, the annual report said.
There are signs of suppressed inflation in diesel, electricity, coal and fertilizer prices that need to be adjusted upwards, RBI suggested.
“Inflation prevailed above the threshold level at which the growth-inflation trade-off stops working and high inflation turns inimical to growth and growth sustainability,” it said.
The current high inflation phase is one of the longest since the mid-1990s, the annual report said. Between January 2010 and November 2011, average inflation remained at 9.6%.
RBI governor D. Subbarao had said earlier that India’s inflation threshold is 5%, beyond which the price rise starts to eat into growth. “The inflation outlook for 2012-13 remains better than the previous year, though the inflation trajectory could remain sticky,” the annual report said.
Rate cuts alone not enough: RBIHEADLINE - Home - livemint.com
Noida Extension work may start this week
GREATER NOIDA: The NCR Planning Board's nod to Greater Noida Master Plan 2021 has come as a huge relief not only to homebuyers but also Greater Noida Authority that had been relentlessly trying to ensure resumption of construction work in the area for almost one year-and-a-half now.
Welcoming the decision, Authority CEO Rama Raman said that work on stalled housing projects — barring those in Shahberi — will resume by the end of the month. The Authority will submit an affidavit in the Allahabad high court next week regarding the approval.
A high-level meeting has been scheduled on Monday with senior officials from Greater Noida and Lucknow to decide the future course of action. "The approval has finally ended the Noida Extension crisis, offering immense relief not just to the state but also to one lakh homebuyers who have invested in the area as well as the developers. We want to assure all stakeholders that as soon as the affidavit is submitted, we will recommence the construction work," he said.
"We will hold a detailed meeting on Monday to review the status of each project, pacts reached with farmers, and compensation packages already disbursed, among other things," Raman added.
The Authority, however, is yet to figure out its plan for Shahberi, where most of the denotified 608 hectares of land has already been returned to farmers in accordance with a Supreme Court order. Besides, petitions from several farmers from the 13 villages that constitute the Noida Extension area, are also pending in courts. However, Raman said that construction in these areas will be resumed nevertheless. "The courts have not ordered a stay in any village except Shahberi. We have already accepted all the pre-conditions set by the Allahabad high court, including the payment of enhanced compensation to farmers," he said. "If and when courts pass orders on individual petitions, we will take the necessary action," he added.
Meanwhile, thousands of jubilant homebuyers gathered at the Noida Extension roundabout on Saturday evening to celebrate the planning board's approval. "All our efforts, our protests and innumerable rallies have finally paid off. We can't wait for the construction work to resume," said Abhishek Kumar of Noida Extension Flat Owners Welfare Association. A delegation of buyers will meet the Authority CEO on Monday.
Noida Extension work may start this week - The Times of India
Govt allows Japan to take 26 pc stake in $100 bn DMICDC
New Delhi: The government today allowed Japan to take 26 per cent stake in the DMIC Development Corporation, which is implementing the USD 100 billion Delhi Mumbai Industrial Corridor project.
The Union Cabinet approved the equity restructuring of Delhi Mumbai Industrial Corridor Development Corporation.
As per the decision, the government's share will be 49 per cent, Japanese Government-owned financial institution and the Japan Bank for International Cooperation would have 26 per cent stake. The remaining share would be with the Indian government-owned financial institutions.
"No financial implications will be involved after the revised equity structure on the part of Government of India," an official statement said.
The DMIC Development Corp (DMICDC) is a special purpose vehicle for the implementation of the project. It will run the trust fund financed by the government, multilateral agencies and Japanese.
The DMIC project, which was conceptualised in 2006, is being developed in collaboration with Japan as a manufacturing and trading hub.
The project aims to create globally competitive environment and latest infrastructure to activate local commerce, enhance foreign investment, enhance exports, create employment opportunities and attain sustainable development.
After the exit of IL&FS and IDFC from DMICDC, the government had decided for its restructuring.
"DMIC Project being a strategic partnership project between Government of India and Japan, participation of the Government of Japan in DMICDC will enable the project to
leverage the active assistance and cooperation of Japan," the statement said.
It said that subscription in the equity of DMICDC will increase the confidence of Japanese companies in the project and strengthen the ties between the countries.
The project was conceived as a symbol of Indo-Japan strategic partnership during the visit of the Indian Prime Minister to Tokyo in December, 2006.
The DMIC is being developed as a global manufacturing and investment destination utilising the high capacity 1,483 km long western Dedicated Railway Freight Corridor, as the backbone.
DMICDC was incorporated with authorised equity base of Rs 10 crore for developing projects, coordinating implementation of numerous projects and also raising finances. Japan has expressed its intention to invest USD 4.5 billion in the project.
Govt allows Japan to take 26 pc stake in $100 bn DMICDC
Govt eyes $1 trillion investment in Infra
New Delhi: Greater public and private participation is required in sectors such as railways, ports and power as India looks at investing USD 1 trillion in infrastructure over the next five years, Minister of State for Urban Development Saugata Ray said today.
Besides, he said, urban development projects have not been able to get a strong response based on Public-Private- Partnership. Although PPP is happening in sectors like telecom, ports and roads, lot of other segments need greater attention, the minister added.
"India's basic infrastructure was ranked at 86th in the global competitive report 2010 by the World Economic Forum. So, we have a long way to go. There is a potential for PPP to contribute more and help bridge the infrastructure gap in sectors like ports, roads, railways and power," Ray said. He was speaking at the "2nd Regional Conference on Infrastructure Management" organised by CII and CBRE.
"We are envisaging PPP in urban development but the response has not been encouraging except in solid waste management," he said.
The minister also cited the example of development of Delhi Metro and other big airport projects through PPP mode.
Ray said presence of large scale skilled manpower makes India an important player in infrastructure management.
Delhi Mumbai Industrial Corridor (DMIC) CEO Amitabh Kant said that to accommodate the increasing population in the urban areas, comprehensive planning of cities are required with the help of private players.
Citing example of the government's ambitious USD 100 billion DMIC project, which aims to create world class infrastructure, Kant said they have involved best experts from the world for the proposed smart cities in the DMIC.
These world-class cities would have self-sustainable habitats with minimal pollution levels, maximum recycling, optimised energy supplies and efficient public transportation. Government has planned seven such cities in the DMIC.
He said to develop infrastructure in the DMIC, both public and private participation is needed. But added that the government have to provide the basic infrastructure to attract private players.
"We are working with best master planners for the cities. CISCO and IBM are working with us," he said.
CBRE South Asia Chairman and Managing Director Anshuman Magazine said that although the country's infrastructure is gradually improving, managing and maintaining it is a big question.
Recently, for instance, services of Delhi Airport Metro Express, implemented under the PPP mode, were suspended on technical grounds.
Besides, CAG has raised concerns over the Delhi Airport project, implemented by GMR-led DIAL, for alleged deviations from the signed contract.
Govt eyes $1 trillion investment in Infra
नोएडा अथॉरिटी की ओर से आवंटित करीब 150 फार्महाउस
नोएडा अथॉरिटी की ओर से आवंटित करीब 150 फार्महाउस मामलों में लोकायुक्त की जांच शुरू होने खबर से अथॉरिटी में खलबली मची है। सूत्रों के अनुसार, इस जांच के लपेटे में नोएडा अथॉरिटी और प्रदेश सरकार के बोर्ड बैठक में मौजूद कई अफसर आ सकते हैं। इस मामले का सबसे अहम जमीन की कीमत तय करने के तौर तरीके को लेकर है। इस पर प्रदेश के ऑडिट डिपार्टमेंट ने 291 करोड़ के राजस्व हानि की आपत्ति दर्ज कराई थी।
कमर्शल प्रॉपर्टी से होती है भरपाई
आपको यह जानकर हैरानी होगी कि नोएडा अथॉरिटी इंडस्ट्री को रिहायश के मुकाबले सस्ती दरों पर जमीन आवंटित करता है। इसे वह सब्सिडी रेट पर देता है, लेकिन अथॉरिटी इसकी भरपाई कमर्शल के रूप में आवंटित होने वाली प्रॉपर्टी से करता है।
पूरी प्रक्रिया का पालन नहीं
अथॉरिटी के आधिकारिक सूत्रों ने बताया कि फार्महाउस के लिए जो जमीन आवंटित की गई है, उसकी दर तय करने से पहले फाइनैंस डिपार्टमेंट से प्रक्रिया पूरी नहीं करवाई गई। जिस बोर्ड मीटिंग में 3100 रुपये प्रतिवर्ग मीटर की दर से जमीन अलॉट करने की मंजूरी दी गई थी, उसमें पूर्व चेयरमैन मोहिंदर सिंह, पूर्व ओएसडी यशपाल सिंह त्यागी के अलावा फाइनैंस और प्लानिंग से जुड़े कई अफसर शामिल थे।
कैसे तय होते हैं जमीन अलाटमेंट के रेट
किसी स्कीम को लॉन्च करते वक्त अथॉरिटी फाइनैंस डिपार्टमेंट से जमीन के अलॉटमेंट रेट तय कराती है। इसके लिए एक कमिटी गठित की जाती है। कमिटी बेसिक दर तय कर इसकी रिपोर्ट फाइनैंस डिपार्टमेंट को भेजती है। सूत्रों की मानें तो सबसे पहले बेसिक रेट, भूमि अधिग्रहण की प्रक्रिया में आने वाले खर्च, पुनर्वास खर्च समेत कई खर्च जोड़ी जाती हैं। इसके अलावा अलॉटमेंट रेट में डिवेलपमेंट कॉस्ट भी जोड़ा जाता है। इसके बाद अथॉरिटी 24 पर्सेंट मेंटिनेंस कॉस्ट, 7 प्रतिशत विलेज डिवेलपमेंट, 6 फीसदी हेल्थ एंड सेनिटेशन का चार्ज भी अलॉटमेंट रेट में जोड़ती है। 2012-13 के आंकड़ों पर गौर करें तो नोएडा में बेसिक लैंड कॉस्ट 19 हजार 675 रुपये प्रतिवर्ग मीटर के करीब है। इसी के आधार पर अलॉटमेंट की दरें तय होती हैं। यह रेट फिलहाल न्यूनतम 20 हजार रुपये प्रतिवर्ग मीटर के करीब है।
Housing firm told to pay buyer
NEW DELHI: A firm of the DLF group will have to pay Vasant Kunj resident Satish Sharma Rs. 7.12 lakh for accepting payment for a flat in an unapproved residential project - a move the District Consumer Disputes Redressal Forum (New Delhi) pronounced "unfair trade practice."
Sharma, a cancer patient, had booked a flat in "The Express Greens" in Gurgaon in 2008. By 2009, he had paid Rs. 14.37 lakh toward the cost of the flat "without entering into formal agreement." Sharma discovered, from news reports, that the project had been abandoned by DLF Home Developers Ltd "for financial reasons." That, combined with the fact that he was suffering from cancer, led him to decide to not buy. He requested for cancellation and refund without penalty. The company refused and Sharma, to avoid being marked a "defaulter" continued to pay despite having requested for cancellation.
The builders argued that it was entitled to forfeit the earnest money and other non-refundable payments as per the agreement. They returned only a part of the amount - Rs. 8.24 lakh.
Housing prices to go up by at least 25% in Noida Extension
NEW DELHI: Real estate developers expect home prices to rise by at least 25 per cent in Noida Extension as the government's approval to Greater Noida master plan has paved the way for start of construction, which was stalled for over a year in the area.
The National Capital Region Planning Board (NCRPB) has given its nod for master plan, which was made mandatory by a court order in October 2011 for any construction activity in Noida Extension-- a newly proposed residential hub in the NCR.
About 2.5 lakh homes have already been launched, of which about 1.5 lakh were sold even before construction work stopped about a year ago on farmers protest.
"The housing demand in Noida Extension is going to be very high after NCRPB approval, while supply is very weak. Prices are bound to increase because of various factors such as hike in compensation to farmers and rising input cost," Amrapali Chairman and Managing Director Anil Sharma told PTI.
Sharma said the prices would go up by about 25 per cent. "Prices were Rs 2,100-2,200 a sq ft in this region last year. Now we expect the same to go up to about Rs 2,600 per sq ft".
Another major developer in this area Supertech also felt that construction would start by September 15 and prices would go up by 35-40 per cent compared to last year.
"We were selling homes at Rs 2,300 per sq ft in May last year when farmers protest started on land acquisition issue. Now, we will launch projects at Rs 3,200 per sq ft in Noida Extension," Supertech Chairman R K Arora said.
The cost of construction materials and interest rate have gone up sharply in last one and a half years, Arora added.
Property consultant Jones Lang LaSalle (JLL) India is also of the view that prices would go up in Noida Extension, but rates would still be cheaper than Noida and Greater Noida.
"This area has been considered as region of affordable homes. Lot of burden has to be borne by the developers. So there will be little bit of price increase," JLL India CEO (Operations) Santosh Kumar said, but declined to give any percentage.
He noted that demand would be much higher and there would be an opportunity for both investors as well as end users.
Housing prices to go up by at least 25% in Noida Extension - The Economic Times
Protest by evicted colony residents on Faridabad-Noida-Ghaziabad corridor
NOIDA: Around 100 inhabitants of a colony near Sorkha village staged a demonstration on Sunday against the Noida Authority and Gautam Budh Nagar district administration following eviction orders passed on them. The colony which mushroomed in the last few years lies on the route of the proposed Faridabad-Noida-Ghaziabad (FNG) corridor near Sector 115 of Noida.
The protestors claimed that they have set up dwelling units spread over approximately 4-5 acres after proper registration of plots and mutation of land titles in their names. They claimed that they had bought the land from Sorkha villagers between 2004 and 2011. "If the land had been earmarked for the FNG corridor, the district administration should not have allowed mutations to take place. We stand to lose our shelters primarily due to lack of coordination between Noida Authority and district administration," said Suryakant Pandey, a resident leading the demonstration.
Most residents, Pandey claimed, are outsiders who had invested their money in buying land and setting up dwelling units. Reportedly, villagers had sold plots at the rate of Rs 5-6 lakh for 100 square yards each. The Noida Authority served eviction orders on Friday to make way for construction of the FNG corridor. "We stand to lose not only our shelters but also all the money invested," added Pandey.
The administration will begin an investigation into this land dealing in Sorkha. A team led by the Tehsildar of Dadri would conduct the probe. "The facts related to claims made by residents that mutation of titles of these plots have taken place will be verified," said Rajesh Kumar Yadav, SDM (Dadri). "If it is found that mutations have been done in an unscrupulous manner, they would be nullified. Proper action would be initiated against officials found guilty of having done mutations of these plots," added Yadav.
Even as colony residents have no clue as to whether they would able to reclaim their investments, Noida Authority has said that the land dealing, prima facie, appears to be a case of cheating. "If these people were sold land that was notified for acquisition or was already acquired by the Authority, they have been cheated," said a senior Authority official.
Protest by evicted colony residents on Faridabad-Noida-Ghaziabad corridor - The Times of India
Give special treatment to old investors: Raman
GREATER NOIDA: The Greater Noida Authority CEO, Rama Raman, has put another balm on the wounds of Noida Extension homebuyers by directing developers to give preferential treatment and sops to existing investors. The CEO also cleared the confusion on the 'zero period' for giving respite to both developers and buyers regarding installments and interest to be paid by both parties.
Raman said that his decision to give preference to old buyers come from the fact that they are the ones who have suffered the most as they invested their hard-earned money but did not get any benefit out of it since May 2011. Raman is the only official who has been holding ground through the entire land row period in Gautam Budh Nagar district, with the others having been transferred. He was posted in Greater Noida at the time when the region was experiencing its worst time and played a vital role to bring relief to homebuyers, farmers and developers.
Builders have been asked to meet Raman at 12.30pm on Monday. "Homebuyers kept faith and cooperated and supported the Authority and developers. Hence, we will ask all developers to give them special treatment and do not levy any additional burden on them," Raman said. The Authority has already held a meeting with farmers to get their cooperation so that the housing projects do not face any hurdles.
"We will also give time to the developers to deposit unpaid installments to the authority. Farmers and homebuyers will have to be patient for a short while till things are streamlined," Raman added.
When asked about the 'zero period', Raman said, "Construction work was halted October 21, 2011. So, the 'zero period' will be considered from October 21, 2011 till the date of the NCR Planning Board giving approval to the Greater Noida Master Plan 2021. During this period, no installments or interest on it will be charged on developers. We have also asked the builders to pass on the benefit to buyers."
Even the developers' body, CREDAI, has lauded this move. CREDAI (NCR) vice president and Amrapali group CMD, Anil Sharma, said, "We will definitely give special treatment to out existing buyers." Agreeing with him, Ajnara group director, Vinit Gupta, said, "This win would not have been possible without the cooperation and patience of buyers, so we will not impose the revised rates on them."
Give special treatment to old investors: Raman - The Times of India
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