Residential Property Prices Fall By 7% In Delhi, 15% In Kolkata
The housing regulator said that even as residential property prices skyrocket, Delhi and Kolkata, are bucking the trend, reporting a decline of up to 15 per cent in the first quarter of this calendar year. As per the Residex for the period January-March 2010, a residential property index put together by the National Housing Bank (NHB) for the 15 biggest metros, the residential property rates in these two metros have come down sharply, signaling a correction in the market. While in Delhi property prices have crashed by 7 per cent as compared to July-December 2009, in Kolkata the decline has been sharper at 15 per cent. In Delhi, the prices have dipped by nearly 20 per cent from the peak levels during July-December 2008, a time when the economic slowdown was beginning to spread its tentacles. The index assumes 2007 to be the base year. "In Delhi, the market has seen a huge correction in residential property prices, which was much required. As state land development agency Delhi Development Authority's (DDA) plans to come up with DDA colonies around farm areas beyond Mehrauli fructify, there is no big pressure on demand. Supply is expected to grow," said National Housing Bank Executive Director Mr RV Verma.
2 Sep 2010 Indian Express

Buyers Can Choose To Opt Out Of Residential Project If Possession Is Delayed
The National Consumer Commission has held that a buyer is now entitled to opt out of a housing project if there is a delay in delivery of possession of the house by the real estate developer. It said the buyer is also entitled to a full refund with reasonable interest and any deduc tion on the amount is unjustified. "The petitioner was fully justified in opting out of the scheme and demanding refund of the money that she had paid along with interest," the commission said. The order was passed after a petition was filed by Agra resident Ms Indira Gupta, who was seeking quashing of the Uttar Pradesh State Consumer Commission's direction to deduct 20% from the amount to be refunded to her by the Agra Development Authority.
29 Aug 2010 DNA scheme and demanding refund of the money that she had paid along with interest," the commission said. The order was passed after a petition was filed by Agra resident Ms Indira Gupta, who was seeking quashing of the Uttar Pradesh State Consumer Commission's direction to deduct 20% from the amount to be refunded to her by the Agra Development Authority.
29 Aug 2010 DNA
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  • ओमेक्स बिल्डर के खिलाफ धोखाधड़ी का मामला दर्ज
    नोएडा(ब्यूरो)। ओमेक्स बिल्डर के खिलाफ धोखाधड़ी का एक मामला थाना-49 में दर्ज किया गया है।
    सेक्टर-82 निवासी चाहत राम ने थाने में रिपोर्ट दर्ज कराई कि उसने ओमेक्स गैलेक्सी में फ्लैट बुक कराया था। फ्लैट बुक कराने के बाद भी तय समय सीमा पर उसे फ्लैट नहीं मिला। धोखाधड़ी से आहत चाहत राम ने ओमेक्स कंपनी के निदेशक रोहताश गोयल, गोपाल व अन्य अधिकारियों के खिलाफ मामला दर्ज कराया। जिसकी जांच पुलिस कर रही है।
  • Resident welfare associations divided on effect of Municipal Corporation of Delhi split

    NEW DELHI: The MCD trifurcation has emerged as one of the biggest issues in the municipal polls, with BJP leaving no opportunity to criticize it and Congress highlighting it as an achievement of its Delhi government. The resident welfare associations in the city are, however, still divided on the issue.

    The trifurcation has left the capital with three corporations - North, South and East. Delhiites say only time will tell how beneficial the split will be for them. "The Delhi government assures that the trifurcation will improve governance. To improve efficiency, it could have gone for other alternatives like strengthening 12 zones. However, too much of centralized governance can make the decision-making process tough as MCD covers over 94% of Delhi," said Pankaj Aggarwal of Delhi Joint Front.

    Some feel that the trifurcation will benefit taxpayers. "South Delhi has been the highest revenue-generating area but did not witness that kind of development. I am paying tax but my money is used in the areas that don't generate any revenue. In Delhi, one civic body cannot make a uniform development plan as the need varies from area to area," said Monu Chadha, president, Jungpura RWA.

    However, not all share the same enthusiasm. "Trifurcation was hurriedly passed without going into detail. The civic body isn't even prepared and three people will be designated for the same post. Instead of splitting the civic body, steps to strengthen it should have been taken. The Delhi government knows very well that East Corporation hardly generates revenue and after the split, how will it sustain itself? There are so many areas in the east that are deprived of basic civic amenities. No major project can be taken up in these areas as for everything we will rely on the Delhi government. It will add to the financial burden of people," said B S Vohra, president, Federation of East Delhi RWAs.

    But some residents say even now MCD gets funds from the government. "With the split, MCD will be closer to the people. We expect that now there will be no file delay and work will gain speed. The Delhi government has also assured that trifurcation will not pose a financial liability," said Ashok Bhasin, president, Federation of North Delhi RWAs.

  • DMRC to plan out Nagpur Metro

    NEW DELHI: Urban Development Ministry has asked the Delhi Metro Rail Corporationto prepare a detailed project report (DPR) for a Metro project in Nagpur.

    "Though a period of nearly six months has been assigned for the preparation of the DPR, it may take the DMRC nearly four months to complete the report," a senior government official said.

    According to officials, Nagpur Metro will have two lines with a length of nearly 37km. "We are looking at a Metro project with two lines with a total length of about 37km," an official said. The cost of the project is estimated to be over Rs 8,000 crore, a source said.

    Apart from Nagpur, several other cities like Lucknow, Kanpur, Patna, Jaipur, Ahmedabad, Pune, Surat, Indore, Kochi, Coimbatore and Kozhikode are also being considered for the creation of Metro networks, officials said.

  • Vasant Kunj man is first Commonwealth Games villager

    NEW DELHI: Commonwealth Games Village flats are now finally turning into 'homes'. After much controversy and a legal battle, buyers of these luxury apartments are finally getting possession of their property. On Saturday, World Bank employee Shalabh Tandon was the first among the buyers to receive keys of his four-bedroom flat from project developer Emaar MGF.

    According to officials associated with the project, more buyers are likely to take possession of their flats starting Monday after they pay the last installment and sign an indemnity bond.

    Tandon plans to move into his new house with his wife and two children in the next two months. He currently stays in Vasant Kunj but says nothing can beat residing in one of the best residential complexes in the country. "Lat year, we had to move the court to get possession of our flats. But finally it is happening now. Our Games Village flat is definitely a dream house," said Tandon after taking the keys to his house on Saturday afternoon. "It is one of the prime properties in the city and has fabulous infrastructure and facilities. To my delight, the entire place has been maintained quite well. There was security in the tower and the home was also in good condition," he said. DDA is removing furniture from flats before handing them over.

    He was keen on buying a house at the Village due to its location and infrastructure facilities. There are two swimming pools, one million gallon of water supply every day, wif-fi enabled green buildings, wireless set-up for direct-to-home satellite TV channels, walking tracks and dedicated parking, Tandon added.

    "Unfortunately, the complex got a lot of negative publicity but it has a great location. You can reach Khan Market in 10 minutes using the Barapullah Road. There is Akshardham Temple on one side and Yamuna on the other. In the next three months, an RWA will take over and every owner may have to pay anything like Rs 5,000 per month to maintain the towers," said Tandon, who will be living on the fourth floor in Tower 27.

    Buyers were keen on finding a solution for Towers 5 and 15 as their possession has been put on hold, probably till the high court takes a decision, said Tandon. The next hearing is scheduled on April 18.

    The Games Village was built to lodge international participants during the Commonwealth Games in 2010. Besides sports facilities, it has 1,168 flats of which nearly 450 flats belonged to Emaar MGF and the rest are with DDA. The private developer had sold nearly all flats in its share before the Games began for anything between Rs 2 crore and Rs 5 crore. However, buyers could not take possession even after a year of the Games getting over as DDA realized that Emaar MGF had exceeded the sanctioned floor area ratio. DDA had even sealed the two towers following which the buyers moved the court and the flats were de-sealed.

    Following court orders, DDA issued completion certificates to 30 of the 34 towers in the complex and also gave a conveyance deed to Emaar MGF on April 4 paving way for the possession to begin. Meanwhile, the urban development ministry is supposed to suggest a solution to the issue of excess FAR. "We want that the issue of towers 5 and 15 be resolved too. In fact, many buyers are now quite thorough with all building laws and the Master Plan of Delhi," Tandon added.

  • CWG flat buyers get letter of possession

    NEW DELHI: Over 15 months after the Commonwealth Games, people who booked flats at the CWG Village have finally started receiving letter of possession from the developer.
    Emaar MGF, the developer, handed over the first 'Letter of Possession' to one S Tondon after he cleared his final instalment, sources said.
    The company intends to hand over these letters to all 429 flat buyers within a week after they pay their final dues.
    These possession letters are in pursuant to the completion certificate issued by the Delhi Development Authority (DDA) to the Games Village towers.
    The letter of intimation of possession also says that "all the residential units at the Games Village are ready for occupation; however the customers may attend the joint inspection of their flats to make sure all the facilities are well intact and fulfil all the clauses".
    The Games Village was developed as an accommodation for the sports persons of Commonwealth Games 2010 and was duly completed before time.

  • Originally Posted by fritolay_ps
    DMRC to plan out Nagpur Metro

    NEW DELHI: Urban Development Ministry has asked the Delhi Metro Rail Corporationto prepare a detailed project report (DPR) for a Metro project in Nagpur.

    "Though a period of nearly six months has been assigned for the preparation of the DPR, it may take the DMRC nearly four months to complete the report," a senior government official said.

    According to officials, Nagpur Metro will have two lines with a length of nearly 37km. "We are looking at a Metro project with two lines with a total length of about 37km," an official said. The cost of the project is estimated to be over Rs 8,000 crore, a source said.

    Apart from Nagpur, several other cities like Lucknow, Kanpur, Patna, Jaipur, Ahmedabad, Pune, Surat, Indore, Kochi, Coimbatore and Kozhikode are also being considered for the creation of Metro networks, officials said.


    jiyo mere karrare chips dil khus kar diya tune

    Apart from Nagpur, several other cities like Lucknow, Kanpur, Patna, Jaipur, Ahmedabad, Pune, Surat, Indore, Kochi, Coimbatore and Kozhikode are also being considered for the creation of Metro networks, officials said.

    lagta hai kuch aur profit milne wala hai 5 saal mai :)

  • Owners start to get keys to CWG flats

    RELIEF Developer to hand over remaining 429 flats within a week

    NEW DELHI: After a delay of oneand-a-half years, buyers of flats in the Commonwealth Games Village can finally heave a sigh of relief. The project developer, Emaar MGF, has started giving possession to the flat owners starting Saturday.

    The project developer, Emaar MGF, started giving possession to the flat owners starting Saturday. But it said flat owners will have to clear remaining dues first. The first buyer to get possession of his flat was Shalabh Tandon, who got the keys to his four-bedroom house in tower 27 of the complex.

    “I checked the flat today and it is in good condition. Everything is in a working state,” said the 44-year-old World Bank employee, who had bought the flat for R3 crore.

    A joint inspection of the flat was conducted on Friday to find out if it was refurbished properly. The Delhi Development Authority (DDA) had issued the conveyance deed to Emaar MGF, after which, the developer had sent demand letters to the buyers. The buyers have to pay five per cent of the cost before they are handed over the keys to their flats. The developer intends to hand over letters to all the 429 flat buyers within a week after they pay their final dues.

    All the buyers, however, might not be as lucky as Tandon. The flats in the residential complex are still occupied by the furniture that was installed during the Commonwealth Games. DDA is yet to remove the furniture and to formulate a policy on what has to be done with the high-end furniture procured during the sporting event.

    Out of the 1,168 flats in the 34 towers of the complex, there are 457 flats that fall in Emaar MGF’S share. There is still some contention over the flats in towers 5 and 15, whose fate is yet to be decided. Though the DDA removed the furniture in Tandon’s flat, it is not clear when it is going to clear the furniture from the 400-odd other flats.

    Earlier, DDA had withheld the completion certificates, claiming that Emaar MGF had exceeded the Floor Area Ratio by constructing some extra flats. DDA has now kept completion certificates for towers 5, 15, 26 and 28 on hold till the dispute with Emaar MGF is over.

  • Mumbai rentals to be dearer

    In a move that would impact existing tenants and migrants moving into Maharashtra, the state government has proposed a hike in stamp duty on Leave and Licence Agreements (LLAs). The state’s move, if implemented, could potentially increase the cost of renting a property in Mumbai, Pune and the tier-II cities and may end up as a good example for other states on what not to do.
    The scenario

    Property prices in all metros across India is very high. Mumbai leads the list followed by Delhi-NCR. Cities such as Pune, Hyderabad, Chandigarh, Chennai, Ahmedabad have witnessed high appreciation in capital value of property. Interest rates being high, make home loans increasingly unaffordable. In this situation, rental accommodation is the default affordable option. In Maharashtra, Mumbai tops the list followed by Pune, Nasik and Nagpur.

    Existing Regime

    The current stamp duty is irrespective of the period of LLA or market value of the premises being rented. The duty is fixed as per the annual average rent (AAR). This AAR comprises the total rent per year along with the deposit amount.

    For example, a flat in the tony Peddar Road area in Mumbai, worth Rs 5 crore is rented for a year at Rs 1 lakh per month with a deposit of say Rs 5 lakh. The total rent per year is Rs 12 lakh and with the deposit added becomes Rs 17 lakh. As per the current fixed structure determined by the ready reckoner, the stamp duty would be Rs 2,000 for that year.

    “One can observe that the stamp duty has nothing to do with the market price or capital value of the premises but is dependent solely on the amount being paid as rent and deposit i.e. duty is on the gain made by the licensor in that particular tenure.” says S Bharat, a property consultant.

    The current maximum stamp duty for the residential premises for the tenure of maximum five years stands at Rs 25,000.

    Proposed Regime

    The proposed stamp duty structure takes into account the market value in comparison to the total gains the licensor makes. The proposed duty for residential premises is divided into two slabs depending on the tenure.

    For the LLA of 36 months, the stamp duty proposed is either 0.1 per cent of the market value or 1 per cent of the AAR — whichever is higher. For periods from 36-60 months, the proposed stamp duty would be 0.2 per cent of the market value or 2 per cent of the AAR — whichever is higher. Market value is determined by the government every year in the form of a ready reckoner.

    Consider the earlier example. Under the proposed structure, 0.1 per cent of the market value i.e. Rs 5 crore would be Rs 50,000, and 1 per cent of the AAR, i.e. R17 lakh would be Rs 17,000. The proposed stamp duty now could be R 50,000 as that is the higher figure of the two — a 25-fold increase!

    In addition, it would not be a fixed but will vary on the market value and the tenure of the agreement for residential premises. For commercial properties, the proposed stamp duty would stand at 0.4 per cent of the market value.

    Possible Reasons

    The state government gets 60 per cent of its revenue from sales tax/VAT and 20 per cent from the excise duty, electricity charges, vehicle tax etc. The balance 20 per cent is from stamp duty. A hike in LLAs can generate Rs 1,000 crore additional revenue per year.

    An official on condition of anonymity said, “Since 2002-03 when registration for LLAs were made mandatory, the stamp duty was not revised in order to encourage rental housing. Hence it was fixed as per AAR. It has been a decade since and with overall growth in economy, the taxes usually go up with time.”

    Negative Impact

    The most visible impact is on home seekers already struggling to find shelter at affordable costs in one of the most expensive metros in the country. Residents with limited budgets would be compelled to shift to far flung areas. Those who need to stay at their present location will have to renew the agreement and pay more stamp duty.

    “Putting forth the argument that he would be paying high stamp duty, the licensee would negotiate hard with the licensor to reduce the rental amount in order to accommodate the steep duty,” says Bipin Potnis, a broker. “One may even bargain for sharing the burden. This may not go down well with licensors.”

    Considering high rentals in the cities like Mumbai, there is a possibility that huge number of licensees and licensors would strike the deal on Memorandum Of Understanding (MOU) and would avoid registering the deal in order to avoid stamp duty totally. The entire transaction may happen in cash creating more black money. Even ‘care-taker’ agreements would be made to escape out of the ‘Leave and Licence’ definition and yet ensure the safety of the premises. Some owners may decide not to rent out at all than to reduce the rent. This may further choke the already limited supply resulting in rentals being pushed up further.

    Companies looking for long-term commercial leave and licence arrangements might consider shifting to other states with better tax environment. The proposed hike seems to be beneficial only to the government at the cost of the genuine home and office space seekers.

    The Maharashtra government wishes to make Mumbai a global commercial hub and at the same time discourages commercial activities by hiking taxes on a segment of real estate, a sector that is already sluggish. One can justify the marginal or proportionate increase in taxes along with the growth of the economy but burdening with such a steep hike could be counter-productive to the much hyped concept of affordable or rental housing. There is, however, one ray of hope: the state may reconsider the proposal.

    Mumbai rentals to be dearer
  • Unlisted realty firms make a beeline for land assets

    Companies, flush with capital from private equity funds or other sources, buying assets from listed developers

    Unlisted realty firms are making a beeline to buy expensive land in key markets as they look to expand, contrary to the asset-sale spree of India’s top listed developers trying to shore up capital.

    Piramal Realty Ltd’s Rs.425 crore acquisition last week of leasehold rights to a nearly 1-acre property in Mumbai from Hindustan Unilever Ltd (HUL) is only the beginning of a number of land purchases that are underway, according to property analysts.

    Several unlisted developers, armed with capital from private equity funds or other sources, are gearing up to buy land or unfinished projects from developers listed on stock exchanges, they said, following property sales at reasonable prices in recent months.

    Mumbai-based developer Lodha Group intends to spend about Rs.1,500 crore on land acquisitions alone in 2012-13, said managing director Abhisheck Lodha. Last year, the company launched five projects and acquired nearly 400 acres in and around Mumbai, considered the country’s most expensive property market.

    “Though it is true that many developers are looking to sell assets, the issue is more about developers who can execute and sell, (and these) are the ones buying new land and expanding,” said Lodha. “We also think Mumbai has good potential and good quality of supply.”

    Piramal Realty, promoted by the Ajay Piramal group, is exploring land and asset acquisitions through outright purchases as well as joint developments in Mumbai, said people familiar with the development.

    A Piramal Realty spokesperson declined to comment on acquisition plans, but a top official said last year that the company intended to invest about Rs.1,500 crore in the first leg of its expansion. These plans are ambitious and starkly different from what many listed real estate companies are doing—holding close-door meetings to decide on which non-core assets to sell.

    A dozen developers, including the country’s largest listed real estate firm DLF Ltd, were planning to monetize assets worth nearly Rs.15,000 crore, Mint reported on 30 January.

    Property firm M3M India Ltd bought 28 acres of land in Gurgaon from DLF for Rs.440 crore earlier this year. Kunal Banerji, president, M3M India, said the company is looking to buy more assets in the national capital region, including in Gurgaon and Faridabad.

    “Unlike listed firms, which have leveraged themselves on land, we haven’t emptied our coffers yet,” said Banerji. “There are many opportunities from listed developers, who are in selling mode, and it’s a question of acquiring and marketing those same projects well.”

    Property analysts say that after nearly a year of slow home sales, the pace is bound to pick up in a couple of quarters with developers looking to expand.

    “Unlisted developers are either buying land or entering into joint ventures depending on the cash available,” said Amit Kaicker, head, north India, land and industrial agency, at Jones Lang LaSalle, a property advisory. “In the current scenario, listed developers will buy land only if absolutely necessary because many of them would have created value for themselves by buying land in the process of getting listed.”

    In southern India, particularly Bangalore, that has seen a healthy sales graph in the past two quarters owing to stable prices and a range of mid-market projects, developers are aggressively looking to buy land, say property consultants.

    Salarpuria Sattva group and RMZ Corp., both unlisted real estate firms in Bangalore, are in the fray to buy a nine-acre property from HUL in a Bangalore suburb.

    Bangalore-based RMZ is eyeing other properties as well in the city, including incomplete office developments and greenfield projects.

    “We have about Rs.750 crore waiting to be deployed in buying and developing various office projects. We are also upbeat about the residential space and would want to invest about $115 million into projects,” said Raj Menda, RMZ’s managing director. Salarpuria Sattva, also a Bangalore firm, is in the process of buying two-three assets in the city and has plans to acquire properties in Hyderabad, Kolkata and Nagpur as well this financial year.

    Salarpuria latest purchase was a 4-acre asset in Bangalore’s Whitefield area that was on the verge of being declared a non-performing asset by its lenders, said chairman and managing director Bijay Agarwal.

    While DLF has said it will continue to divest assets that it does not plan to immediately develop, many listed developers are trying to strike a balance between selling and developing the land in their portfolios.

    Pujit Aggarwal, managing director, Orbit Corp. Ltd, a mid-sized listed developer in Mumbai, said the company plans to launch at least four projects this year, while also selling one of its key projects that could fetch as much as Rs.300-500 crore in cash.

    Unlisted realty firms make a beeline for land assets - Home -
  • Yamuna Expressway to open this month

    Yamuna Expressway, the rapidtransit corridor between Delhi and Agra, will be operational soon, as the new government in Uttar Pradesh has shown it the green flag. It was originally scheduled to be operational by December 2011.
    Once Yamuna Expressway is open, the drive from Greater Noida to Agra will take just 90 minutes. One of the key infrastructure project of Mayawati government in the publicprivate partnership, the Yamuna Expressway, besides connecting Delhi to Agra through Noida-Greater Noida Expressway, will touch 1,182 villages of Gautam Budh Nagar, Bulandshahar, Aligarh, Hathras (Mahamaya Nagar) and Mathura district. The 165kmlong Yamuna expressway is one of the longest access-controlled six-lane rigid pavements in India. The expressway can be extended to 8 lanes in future and would provide direct access to the forthcoming Yamuna Economic Zone and the international airport and aviation hub at Jewar, which are slated to be constructed along the Yamuna Expressway.
    The expressway will also ease traffic on Delhi-Agra NH-2, which is already congested and runs through the heart of cities like Faridabad, Ballabgarh and Palwal in Haryana. It will reduce the travel time between two cities, New Delhi and Agra. Both these places have an enormous potential to generate traffic and economic development.
    The world-famous heritage momentum, Taj Mahal, will be a mere 100 minutes from the proposed Yamuna International Airport near Jewar through this expressway. The expressway will provide a safe and an uninterrupted movement of passenger and freight traffic between the nation capital Delhi and Agra. Once the expressway is opened for traffic, it is expected to boost the socio-economic development of districts like Gautam Budh Nagar, Aligarh, Mathura and Agra along the expressway.
    Agra is already well connected to Kolkata, Mumbai, and Jaipur, etc, by a network of national highways. This, along with the expressway, will provide highlevel connectivity to all these destinations from Delhi, especially when the proposed ring road around Agra town comes into being. To promote residential and commercial developments along the Yamuna Expressway, five land parcels (500 hectares each) have been given to the JP Group in the jurisdiction of Gautam Budh Nagar, Aligarh, Mathura and Agra. JP will use these land parcels for township projects.
    Rama Raman, former CEO of Yamuna Industrial Development Authority, said: "The developing urban conglomerates at Noida and Greater Noida, which are in close proximity to the NCT of Delhi, are in need of an uninterrupted direct route to Agra. This will boost the economic development of Uttar Pradesh. The Yamuna Expressway provides this opportunity. Opening of Yamuna Expressway will bring in a lot of benefits to the people in terms of good connectivity and faster transit, and give a leg up to tourism."
    With the expressway aligned with the proposed Taj Economic Zone and the Taj International Hub Airport, and all these within easy reach of Delhi, Noida and Greater Noida, the Yamuna Expressway project will certainly accelerate the overall development of the region. The Yamuna Expressway lies between the high density vital traffic corridors of the national highway connecting Delhi and Agra and the old Sher Shah Suri Road (NH-91) connecting Kanpur-Aligarh-Khurja-Bulandshahar-Ghaziabad and Delhi. The expressway has a great potential of attracting traffic from all these routes." The Yamuna Expressway along with the existing NH-2 and NH-91 and interconnectivity between all three of them will form a good network of roads which, in turn, would open up a vast area to all-round development in places like the urban conglomerates in Noida and Greater Noida.

    Source:Economic Times
  • Equinox Realty to invest Rs 600cr on housing project in B'lore

    New Delhi: Essar Group real estate company Equinox Realty will invest about Rs 600 crore on construction of its first housing project in Bangalore.
    The company, which forayed into the realty sector in 2007, has appointed construction major L&T to build its housing project 'Water's Edge' spread over 8 acres of land.

    "This will be our first residential project. We will develop about 400 flats in this project. The starting price in the initial phase would be Rs 1.5 crore onwards," Equinox Realty Chief Executive Officer Cherag Ramakrishnan said.

    "We have appointed L&T for construction of this project with a total built-up-area of about 2 million square feet," he said, adding that the project would be completed in the next four and half years.

    Asked about the project cost, he said "it would be about Rs 550-600 crore excluding land price". The planned investment would be largely funded through internal accruals.

    L&T's scope of work includes all shell & core and the finishing works. The project will have five 40-storeyed towers, which will be among the tallest buildings in the city.

    Ramakrishnan said the company is targetting people who want to experience luxury lifestyle with all urban conveniences.

    The sizes of the flats would be between 2,500 square feet and 3,800 square feet and the basic selling price has been fixed at Rs 5,660/square feet.

    Apart from this project, he said the company is developing a 1.2 million square feet office complex in Mumbai. It is also developing many projects for other Essar Group companies which are used for captive purposes.

    On expansion, Ramakrishnan said the company is looking for more projects in Mumbai, Bangalore and Pune. "We have land in Mumbai and we are in active discussions to acquire land in Bangalore and Pune".

    Equinox Realty to invest Rs 600cr on housing project in B'lore
  • प्राधिकरण के पाले में अटकी फाइल
    बॉटेनिकल गार्डन-कालिंदी कुंज विस्तार परियोजना
    अमर उजाला ब्यूरो
    नोएडा। प्राधिकरण ने बॉटेनिकल गार्डन से कालिंदी कुंज मेट्रो परियोजना को मंजूरी तो दे दी है, लेकिन परियोजना को लेकर समझौते की फाइल अभी भी उसके पाले में अटकी है। अब तक मेमोरेंडम ऑफ अंडरस्टेंडिंग (एमओयू) पर हस्ताक्षर नहीं हुए हैं। इस काम के पूरा होने के बाद ही परियोजना के लिए प्राधिकरण की ओर से बजट अलॉट हो सकेगा।
    दिल्ली मेट्रो रेल निगम (डीएमआरसी) इस महत्वाकांक्षी परियोजना की तैयारियों में जुट गया है। एमओयू पर हस्ताक्षर होने से पहले ही निविदा प्रक्रिया पर काम शुरू कर दिया गया है, लेकिन इससे आगे की कार्रवाई के लिए डीएमआरसी नोएडा प्राधिकरण के अगले कदम का इंतजार कर रही है। बॉटेनिकल गार्डन से कालिंदी कुंज तक 3.9 किलोमीटर लंबी इस परियोजना पर कुल 874 करोड़ रुपये खर्च होने का अनुमान लगाया जा रहा है, जिसमें से करीब 457 करोड़ रुपया नोएडा प्राधिकरण को देना होगा।
    इसके अलावा केंद्र सरकार और डीएमआरसी के हिस्से में भी परियोजना का खर्च आएगा, लेकिन बिना एमओयू पर हस्ताक्षर हुए बजट अलॉट नहीं किया जा सकता। डीएमआरसी के प्रवक्ता ने बताया प्राधिकरण की ओर से परियोजना को मंजूरी मिल चुकी है, लेकिन उसकी ओर से एमओयू पर हस्ताक्षर को लेकर फिलहाल कोई सूचना नहीं भेजी गई है। उम्मीद की जा रही है कि इस माह के अंदर इस प्रक्रिया पर काम कर लिया जाएगा। जिसके बाद परियोजना की सभी बाधाएं दूर हो जाएंगी।
    मेमोरेंडम ऑफ अंडरस्टेंडिंग पर अभी तक नहीं किए गए हस्ताक्षर, बजट के लिए हैं जरूरी
  • FinMin plans stake sale in HUDCO

    New Delhi: In line with its plans to encourage listing among public sector firms, the finance ministry is looking at the possibility of disinvesting stake in state-owned Housing and Urban Development Corporation Ltd (HUDCO).
    The department of disinvestment is in talks with the ministry of housing and urban poverty alleviation, which is the nodal ministry for the PSU, on a proposal to sell 10 per cent of the government equity in the firm.

    “The discussions are at an initial stage. We are looking at selling 10 per cent government stake in HUDCO through an initial public offering,” a government official said, adding that the state-owned firm could also look at raising fresh capital through the issue.

    HUDCO, which was set up in 1970, is fully owned by the government. It undertakes housing and urban infrastructure development programmes in the country, provides long-term finance for construction of houses and also finances and undertakes setting up of the new or satellite towns and industrial enterprises.

    As on March 31,2011, the state-owned housing finance company had total assets worth Rs 22,668 crore and a profit of Rs 550.3 crore.

    This would be the government’s second attempt to sell its stake in HUDCO. The UPA had proposed to disinvest 15 per cent stake in the housing finance company in 2006 but did not pass muster with the Left parties that supported the government at that time.

    In 2012-13, the department of disinvestment is planning to sell stakes in about six firms as it tries to meet a target of Rs 30,000 crore from sell of proceeds. But it is keen to largely divest equity in unlisted firms in order to enhance their corporate governance through listing. Apart from HUDCO, state-run firms including RINL, Hindustan Copper Ltd and Hindustan Aeronautics Ltd are expected to launch initial public offers.

    FinMin plans stake sale in HUDCO
  • ईस्टर्न पेरिफेरल एक्सप्रेस वे ने पकड़ी रफ

    ईस्टर्न पेरिफेरल एक्सप्रेस वे ने पकड़ी रफ्तार
    Story Update : Saturday, April 14, 2012 1:25 AM
    भूमि अधिग्रहण की समस्याएं दूर करने में जुटा प्रशासन
    गाजियाबाद। ईस्टर्न पेरिफेरल एक्सप्रेस वे परियोजना में आ रही अड़चनों को
    दूर करने की कसरत तेज हो गई है। गाजियाबाद प्रशासन भूमि अधिग्रहण की
    दिक्कतों को खत्म करने में जुट गया है। प्रशासन ने दुहाई की जमीन का
    अवार्ड घोषित कर दिया है। 20 अप्रैल को डीएम आरवीटेशन पर सुनवाई करेंगी।
    वहीं एनएचएआई ने भी परियोजना की बिड जारी करने की तैयारी पूरी कर ली है।
    ईस्टर्न पेरिफे रल एक्सप्रेस वे दिल्ली से सोनीपत तक जाएगा। यह एक्सप्रेस
    वे दिल्ली के चारों ओर गोलाई में घूमेगा। इस प्रोजेक्ट में गाजियाबाद के
    16 गांवों की 375 हेक्टेयर जमीन आ रही है, जिनमेें विहंग, रेबड़ा रेबड़ी,
    मनौली, भदौली, मिलक चाकरपुर, नवीपुर, बसंतपुर सैंतली, भिक्कनपुर, दुहाई,
    कनौजा, मटियाला, रसूलपुर सिकरोड, डासना, इकला सादतपुर, इनायतपुर और
    आरिफपुर शामिल हैं। डासना और दुहाई को छोड़कर बाकी 14 गांवों की जमीन के
    अधिग्रहण की कार्रवाई पूरी हो चुकी है। प्रशासन ने दुहाई की 51.36
    हेक्टेयर जमीन का 1482 रुपये प्रति वर्ग मीटर के हिसाब से अवार्ड घोषित
    कर दिया है। अब सिर्फ प्रशासन को डासना में जमीन के अधिग्रहण का मसला
    सुलझाना है। डासना में 55.78 हेक्टेयर जमीन का अधिग्रहण होना है। यहां के
    किसान बाजार भाव पर जमीन का मुआवजा देने की मांग कर रहे हैं।
    क्या बोले अधिकारी
    ईस्टर्न पेरिफेरल एक्सप्रेस वे की दिक्कतों को दूर किया जा रहा है।
    अंडरपास और सर्विस रोड बनाने के प्रस्ताव एनएचएआई को भेज दिए हैं। डासना
    की जमीन का प्रस्तावित अवार्ड भी एनएचआई को भेजा है। आरके शर्मा, एडीएम
    डासना के किसानों ने जमीन अधिग्रहण पर स्टे ले रखा है। एनएचएआई स्टे को
    वैकेट कराने की कोशिश करा रहा है। बिड की तैयारियां भी पूरी कर ली हैं।
    मनोज गुप्ता, प्रोजेक्ट डायरेक्टर एनएचएआई
    Amar Ujala
  • Bandra, Mumbai’s costliest real estate belt, flat rates soar 300% in 6 yrs

    Bandra-Khar (west), Mumbai's costliest real estate belt outside the island city, exemplifies the unrealistic property prices despite a market meltdown.

    Bandra's Carter Road, Bandstand and Pali Hill are trying to catch up with Cuffe Parade and Malabar Hill. Prices in these upmarket suburban enclaves here have spiralled to between Rs 40,000 and Rs 60,000 a sq ft from Rs 15,000 per sq ft only six years ago.

    In a recently completed luxury building on Pali Hill, which was recently mired in controversy over construction violations, the developer is believed to be quoting a mindnumbing Rs 75,000 sq ft (carpet area) and has sold apartments at close to Rs 40 crore each.

    Recently, a 1,140 sq ft flat (carpet) on Pali Hill was sold for Rs 7 crore. A sea-facing apartment of similar size on Carter Road has received offers of up to Rs 9 crore-the owner wants Rs 11 crore. Elsewhere in Bandra-Khar , the average rate is Rs 25,000/sq ft.

    Even tiny one-BHK flats in old buildings are being quoted at Rs 1.5 crore while 2-BHKs command around Rs 3 crore. In brand new towers , builders demand 20% to 40% in cash upfront, encouraging only those with black money to invest.

    Bandra, Mumbai’s costliest real estate belt, flat rates soar 300% in 6 yrs-News -Real Estate-Markets-The Economic Times on Mobile