Hot  News

30 March 07

Sealing Drive makes slow progress

New Delhi: The second day of sealings also did not see much action. Only 40 properties were sealed on Thursday as compared to 61 on the first day. Said on MCD official: “The inspection of each property takes time. We will be blamed if any commercial establishment is overlooked.” In south zone, only one property was sealed in Saket and eight shops were sealed in Krishna Nagar including a readymade garments outlet, computer institute and a few rooms of a guesthouse. In city zone, nine properties were sealed while 22 in Civil lines zone.

29 March 07

Home Sweet Home!

Buying a home is not only an important personal decision, but also a big financial investment. It’s important to find a home that’s right for you. It’s equally important to find a builder, who provides the best overall value and service. Following are a few tips you can keep in mind to make the buying process enjoyable and successful.

Research well
Know what you want, what’s available and how the buying process works, before you start thinking seriously about signing a contract. Keep in mind the location and consider it’s distance from the local market and schools, etc. Check for availability of transport even late at night and check the security available. See, it traveling at late hours in not a hindrance. Consult with family, friends and coworkers. Most importantly, visit model homes and talk with builders and salespeople and even the residents of that area if need be.

Pre-arrange your mortgage
If you plan to borrow funds or take a loan to finance your home purchase, talk to your lender about mortgages early in the process. Knowing in advance how much you can spend comfortably and getting pre-approval for a mortgage means you can proceed from just looking’ to a signed contract with confidence. Verify the rates of interest with various banks and think not twice, but atleast for a fortnight carefully, before signing the loan agreements.

Check the builder’s qualifications
There are many reputable, professional builders in the industry, who provide great homes and great service. As you talk with builders or their salespeople, ask a few questions:  How long has the company been in business? Does it have any other buildings in the same location? Go and check out some other constructions by the same builder, it there and kind of fault in the construction?

Society
Check if the society is formed and is well-functioning. What are the facilities available in the building? And check for water and electricity supply.

Personal needs
It’s necessary that the builder (or salesperson) understand your needs? If you are used to a certain lifestyle, see if you can still continue with it. If you own pets, see if pets are allowed in the society.

Check the home carefully
Whether a builder has a model home, a sales office or sells directly from drawings and plans, you’ll have plenty of opportunities to look closely at the quality of the builder’s home and what’s included. The builder’s list will detail the construction materials and finishing products. When viewing a model home, don’t hesitate to try out windows, open drawers and look into every nook and cranny-the builder wants you to be conviced of the home’s quality and solidiry.

Legal aspects
Get detailed prices and estimates on everything involved in buying a home. Your builder and lender can advise you on the costs of securing a mortgage, taxes and so on. Ask your lawyer to give you a detailed breakdown of closing costs.

28 March 07

Sealing drive proceeds slowly on Day 2

The Resumed sealing drive failed to shift into higher gear on its second day. MCD officials continued with their go-slow approach. Sealing 40 illegal commercial units in three zones South, City and Civil Lines. With no prior survey for ready reference, the MCD officials spent most of their time in identifying offenders, creating panic in the area.

“Even if they are sealing only those establishments that are not protected under the Master Plan, the very presence of the sealing squad sends a very negative signal to traders. It is like refreshing our wounds and exposing our vulnerability,” said Santosh Singh, who owns a shop in Saket. In Nizamuddin (East), nine shops were sealed near Arabki-Sarai area on the directions of the Supreme Court-constituted monitoring committee. Several shops, including a gas cylinder godown, restaurant, pastry shop and a sweet shop that had come up in heritage area, were sealed.

A scouts and guides’ school that had been converted into a media school was sealed. The students were worried about how their course would be completed. A conference of the National Federation of Dalit Women was also scheduled to take place at the school when it was sealed. After checking several establishments in Saket, MCD officials sealed one unit in J-block Verve Salon. “If only they could have informed us in advance that they planned to seal our shop today, we would have removed our goods in the morning,” said an employee. A few Congress workers who made an appearance at Saket where the sealing squads were at work were quickly whisked away to avoid any trouble.

In Krishna Nagar (Near Safdarjung Enclave) too, the drive progressed at a slow pace, with a total of eight units being sealed. MCD official’s sealed illegal commercial units not only on mixed land use roads, but also on purely residential stretches here, however. Tarun Gupta, owner of a readymade garments shop in Krishna Nagar, was engulfed in sorrow when the MCD shut his shop. “We don’t have and alternative location. I don’t know how I would manage my livelihood or what would become of my employees,” he said. A guesthouse and a computer institute too were sealed.

In Wazirabad, 22 units were sealed in Gopalpur village amid heavy police presence. Most of the units sealed were dealing in hazardous trades that are banned in residential areas under the Master Plan.

26 March 07

Retail requirements

Despite huge spurt in the construction activity in the country, the demand for mall space would remain unmet in the next five years. The upsurge in the organised retailing in the country, says a report-India Retail Real Estate The Road Ahead – prepared by ICICI Property, the total real estate requirement of the upcoming organised retail chains will be far more than the construction industry can supply. “the demand for quality real estate is to grow exponentially over the next 4-5 years fuelled by the demand from the organised retailers.
According to the report, the organised retail will require around 500 sq ft. realty space in the next five years, out of which 250 million sq ft will be required by shopping malls itself. But against this, as per the current plans of real estate developers, only 143 million sq ft of mall space is being planned over the next five years, leaving the retail industry with a shortage of more than 40%, points out the report.

The main demand for the real estate in the retail sector is likely to come from the pan-India retail chain being planned by big corporate houses like Reliance Industries, Bharti-Walmart, Aditya Birla Group, Tatas, Future group and others. Till a couple of years back, the Indian organised retail market was either dominated by the apparel brand stores or regional retail chains, says the report. But, with the entry of large corporate houses, the landscape of the organised retailing in the country has changed completely. Now, the retail chains are planning all India network with a massive supply chain network to support the business.

As the size of the organised retail business is likely to be substantially large, the big global players have also shown keen interest in investing in the country. Big players like Wal-Mart, Metro, Carrefour, tesco, Auchan and many others have shown keen interest in entering the Indian market. According to the report, Indian retail business is expected to grow to more than $500 billion by 2011 from $330 billion at present. The organised retail in India contributes 3.5 to 4% of the total Indian retail, which is small compared with even developing countries like Thailand and Brazil, among others.

However, the report says, in the coming years it is projected to be growing at 50% per annum compounded annually and is estimated to contribute 20% to the total Indian retail. As per the Technopak estimates, around $30 billion investments are being planned for the next 4-5 years in the organised retail business in the country. Seventy percent of this investment is expected to be coming form top seven players including Reliance Industries, Aditya Birla Group, Bharti-Walmart, Future Group and others, says the report. Around 40% of the total expected investments are likely to be contributed by foreign players.

The report said that the organised retailing is likely to create around 3-3.5 million jobs in the front end of the business. Around 30% job will be created in the back end. This will take the total employment in the sector to around 4.5 million jobs. Indirect employment generated on the supply side to feed the retail juggernaut will only add to the number.

However, this does not mean that the days of the high street shops are over. According to the report, due to space limitation inside the city, most of the shopping malls are being developed outside the city limits and due to the lack of efficient and comfortable public transport system, high streets will continue to play in important role in most of the urban centres.

23 March 07

Uppal plans projects in Chennai, Hyderabad

New Delhi Based real estate developers Uppal Housing is planning a foray into South India with residential complexes, IT parks and hotels in Hyderabad and Chennai. The company is in talks with foreign investment firms for equity investments in each of the projects that would be considered special purpose vehicles (SPV). Uppal is also planning to tap the capital markets with an IPO by April 2008. “We will get our projects underway in new cities like Hyderabad, Chennai and Pune, before we tap the markets. The proceeds raised through the IPO will be used to fund our various projects,” said Uppal Housing managing director Manish Uppal.

Most of the funding for the projects will be through internal accruals while the company will look at equity stake sale in each of the projects to raise resources. “We are in talks with investors for stake sale in the projects. We will arrive at a decision on that in a few weeks,” Mr Uppal said. He declined to share information on the level of equity that would be sold or the amount of funds the company plans to raise. Uppal has acquired about 100-acre land in Kukkatpally, near Hi-Tech city, where most of the large It companies are situated. Uppal plans to set up luxury villas, apartments, retail space and a business hotel in the property, envisaging a total investment of Rs. 2,000 crore. The project is in the design stage and is expected to be completed by 2011. The company has also set its sight on two other regions in the city, Gachibowli, where it plans to establish an IT park and also a mixed-use development in a 21-acre plot near Hi Tech city. Where it plans high end house, office space and hotel.

22 March 07

Investing in property

The economy is growing at around eight percent per annum from the last few years. This rapid growth in the economy has resulted in come of the middle-class population. With rising salary levels, tax rebates in housing sector and liberal bank financing, many already own a house. Many people who own a house are planning to acquire their second or third property for investment purposes. The property sector here has seen bumper growth in last few years. Properties are being transacted at unbelievable prices. Traditionally, we are conservative in spending money and are historically good savers / investors. Here’s how some options in property work:

Commercial property
There are many types of commercial properties available in the market. For example, shops, showrooms, office space, commercial land, space in retail mall etc. Investors can invest in various commercial properties based on their investment portfolio. For example, small investors can look for investing in a small shop space in a prime locality and rent it out to a bank for an ATM. Larger investors can look for office space and rent it out to smaller companies for office purposes. Investment in commercial property normally yields a rental return of 12-15 percent per annum on the invested amount. With current market conditions, conservative estimate of appreciation on an investment in property is about 20 percent annually.

Residential property
An investment in residential property is one of the safest investments with secured cash flows. Investments can be made in flats, extension of own house, renting a portion of your own house etc. Rental returns from a residential property ranges from 4-8 percent. On top of it, if you add the tax benefits due to you, it can go up to 10 percent. Appreciation of property is an added bonus for investors.

Factors to consider while investing in property:
Location: The location of the property is the most important factor. It not only decides the rental value of the property but also the appreciation prospects. Easy access to transport system, future development of the area etc should be carefully analysed.

Title: It is advisable to get the property papers verified by a lawyer:
Market: a careful analysis of which sectors and sub-sectors of the market will perform well in the future serves you well as you know from where and how much to expect in returns.

Finance: If you are taking loan to fund your property, carefully analyse the loan terms. Property loan tenures are usually quite long.

Security: Property requires certain amount of protection against illegal / unauthorized occupants. It is advisable to visit your property at regular intervals.

Real estate is fast-becoming an important part of an investment portfolio. It is a real asset and comes quite close to offering secured cash flows. In addition to that there is also good capital appreciation.

21 March 07

IREL listed on NSE / BSE

Indiabulls Real Estate Limited (IREL), the real estate arm of Indiabulls Group, IREL has been listed on the Bombay Stock Exchange and National Stock Exchange. IREL recently demerged from Indiabulls Financial Service Limited (IFSL). IFSL is among the 68 Indian Blue-Chip Companies that constitute the MSCI, the Morgan Stanley India Index. It is a part of the model portfolio of 30 Best Companies in Asia as reported by CLSA, the largest Research Advisory house in Asia.

20 March 2007

Dabur India plans retail foray with 400 outlets
Company Earmarks Rs 200 Cr for Venture, First Stores by Year –End

FMCG major Dabur India is all set to foray into organised retail. The Rs 1,900 Crore Company plans to set up a chain of 300-400 retail outlets, based on the health and beauty platform, across the country over the next few years. The Dabur India retail outlets, modeled after foreign health and beauty retailers Boots and Walgreen’s, to guide would sell pharmaceutical and OTC products as well as other products such as health food, confectionery, personal and baby care products and general merchandise, while Dabur is not tying up with a foreign partner, it is hiring a few foreign expats with wide experience in the retail business the new venture.

Retail will be the Dabur group’s third major venture after FMCG and pharmaceuticals and could over the medium-term become as big as the FMCG business. It is expected that the company would roll out the first few stores by the end of the calendar year. The stores would be located inside malls and would be set up in the metros and Tier-I cities. The company is learnt to have earmarked an investment of Rs 200 crore for the foray. The retail plans are expected to be taken up at Dabur’s board meeting this week. When contacted, Dabur India group director PD Narang declined to comment.

The new venture would mark Dabur’s full fledged foray into retail. The company currently operates standalone outlets across the country offering complete Ayurvedic solutions, called the Dabur Ayurvedic Centres. These centres, which retail Ayurvedic and herbal medicines and have an in-house Ayurvedic practitioner, are meant to give a push to Ayurvedic medicines by boosting consumer confidence and enabling a more informed puchase decision. However, the scale, size and investments decision. However, the scale, size and investment in the new retail business will be much greater. Dabur would thus join the growing number of new entrants in the country’s $12 billion organised retail mart.

The Ranbaxy-promoter group recently made its foray into healthcare retail with a new company – Fortis Health World. The company plans to set up 1,000 Health World stores in 400 cities in the next five years at an outlay of Rs 800 crore. These stores are meant as one – stop shops for a consumer’s health needs with a 24x7 pharmacy which stocks FMCG products and health foods, ayurvedic and homeopathic medicines and also houses a diagnostic centre.

While the country’s largest listed retail company, Pantaloon, is focusing on its Health Village stores catering to the health and beauty needs of the consumer, Reliance Retail has also charted out plans to set up 4,000 pharmacies in the next four years.

19 March 2007

MCD reluctant to resume sealings, apex court told

The Supreme Court-constituted Monitoring Committee has informed the apex court that the Municipal Corporation of Delhi (MCD) has shown reluctance to resume the sealing drive citing directives from the state Election Commission (EC). MCD officials, however, quickly clarified that they had not refused to obey the court orders and had only sought advice from the Monitoring Committee on the matter. “We are not at loggerheads with the court panel. We have sought their advice,” said a senior MCD officer.

The Monitoring Committee in its report submitted to the supreme Court has referred to a three-page latter written by MCD Commissioner A.K. Nigam expressing the corporation’s inability to resume the drive after the state Election Commission raised concerns to law and order. “Nigam has written that the MCD’s past experience shows that the atmosphere gets emotionally charged during the sealing drive. The EC has directed the MCD not to undertake any action that affects the law and order situation in the city,” said a member of the Monitoring Committee.

It is learnt that the members of the Monitoring Committee, in their report, have taken a strong note of “the MCD’s reluctance to resume the sealing drive” against illegal commercial establishments not protected under the Master Plan. The Supreme Court will now take a final call on the matter.

Earlier, the MCD has written to state Election Commissioner S.P. Marwah, seeking his advice on whether the sealing drive should be resumed. Although Marwah had given his consent to the MCD to go ahead with the drive, he had asked the Corporation to ensure that it did not create any law and order problem. Marwah has also asked the MCD to ensure that the workers of any particular political outfit should not be targeted and the voters’ rights should not be compromised.

The Congress-led MCD fears that implementing the Supreme Court’s order to resume the sealing drive would hamper the party’s prospects in the municipal elections to be held next month. Soon after court orders senior Congress leaders, including Ajay Maken and Delhi Pradesh Congress Committee president Ram Babu Sharma, had issued public statements that the sealing drive would not resume. As per the action plan, the MCD was to resume the sealing drive along the notified mixed land-use stretches. Under mixed land use, shops are allowed only on the ground floor. However, a large number of shopkeepers are running establishments from other floors.

16 March 2007

Noida Upgrades

Noida authority is taking various steps to improve availability of residential accommodation in the city.  With a vision to provide state-of-the-art housing and commercial complexes in line with projected development and growth of civil society, Noida is all set to become next destination for foreign investments.

In the wake of sealing drive against the unauthorized commercial establishments in Delhi, Noida authority has sold out 304.5 acre plots worth Rs. 2557 crore to five reputed real estate companies for group housing. These plots are in various sectors like 112, 113, 115, 116, 117 and 118. Unitech has been allotted two plots of 71 and 54 acre at the cost of Rs. 1,050 crore. While Parsvnath Developers has paid Rs. 602 crore for 72 acre, Omaxe has paid Rs 307 crore for 37 acre, Ambience has paid Rs 323 crore for 37.5 acre and IVCRL has paid Rs 274 crore for 33 acre.

The sealing of unauthorized properties in Delhi have increased the demand for office and commercial spaces; Noida authority is inviting MNCs and big corporate houses to expand their base in Noida. The demand for commercial space and group housing in the suburbs had already triggered phenomenal growth in Noida. This is mainly due to the insufficient land availability in Delhi. Noida scores over Gurgaon and Faridabad in having better connectivity with Delhi, owing to the toll bridge and the expressway future growth is in the suburbs. Noida will find a good market. Because things in its favour are its easy accessibility from Delhi and better social infrastructure compared to the rest of NCR.

As per the current real estate scenario in Noida, residential plots range from Rs 25, 000 per sq m to Rs 50000 per Sq m in the newly developed sectors. The reserved price OFR group housing bid ranges from Rs 3000 to Rs 4000 per sq ft. While reserved bid price for commercial plots ranges from Rs 50000 to Rs 75000 per sq yard.

In developed sectors like 14A, 15A and 17, the hike is from Rs 30000-40000 to Rs 70000-100000 per sq m. After the completion of Taj Express Way, by 2013 rates will certainly move up. A MoU has already been signed between Taj Express Way Authority and JP Associate. None stop 164 km long Express Way will be linked with Noida and Greater Noida. It is learnt that the state government is going to approve seven major developmental projects.

Four new flyovers have already been approved at Rajni Gandha Crossing, Atta Crossing, Golf Course and Sector 14 T-Point recently. The board has given RITES the task to make major roads in Noida and Greater Noida traffic signal free. It has been asked to file a detailed reort on six main roads and also suggest flyover or underpass locations on the spots. About 10 to 15 more flyovers are being planned. The highest bidder Unitech is already in process to develop the Expressway City in express way sectors like 91, 92 and 93.

A scheme of about 40-storeyed flats has been launched. The construction will be high rise and it is learnt that the developers will sell the property at Rs 10,000 sq ft which will be costliest in the area. Also, the project would have only ten percent area under construction rest ninety percent would be the green area having a golf course as well..

The ongoing realty price structure in Noida itself explains the increasing demand of residential houses in the city. People from various parts of Delhi are shifting to Noida as it offers quality life at an affordable price. It has come up as the best option for those who working in various parts of the NCR. An eight lane expressway connects it directly to Delhi while reducing travel time to 20-30 minutes. That is in addition to the eight lane DND flyway which has already reduced distances.

15 March 2007

Palwal Proceeds

According to the real estate experts, although NCR as a whole is witnessing a real estate boom, the pace has slightly slowed down in the last one year. This is because the investments and the development have been scattered beyond NCR. Away from the capital region, the tier-II towns, have massively taken away the share of investment in the NCR, the latest being Palwal.
Realising the potential of the area, Huda has awarded the construction work of the 35 km long KMP Expressway around Palwal to DS constructions, the company that built the Dhaula Kuan Expressway. This KMP Express way would touch Manesar, before finally terminating at Kundli, NH-1 (GT Road). The expressway is expected to be completed by 2009. Another Eastern Peripheral Expressway is underway, which would connect Palwal to Kalindi Bypass.

An Industrial Model Town (IMP) is also being developed by the Haryana State Industrial Development Corporation (HSIDC) where industries have already started coming up. Says Ranjit Singh, a local property consultant, “Palwal is witnessing rapid industrialization. The local industrialists would prefer accommodation locally, which would create a demand for housing with in the next five years; the area would witness a massive industrial and residential boom. The nearly five lakh population town is bound to attract a large section of population in the coming years.” And most importantly, the Delhi Metro Rail Corporation (DMRC) has cleared the proposal of a metro line to Ballabgarh for which land has already been acquired by Huda.

The area would be further beautified with the private mode of development. A world class integrated township in over 150 acres is being built by Omaxe on Delhi Agra, National Highway-2. According to the company, the township named Omaxe City would be a complete township within itself, having provisions for hospitals, commercial centers, clubs, nursery, primary, middle, senior secondary schools and other basic facilities. The real mode of development is also being felt with the construction of a five star hotel by the SRS group on NH-2 about 14 km from Palwal towards Faridabad. The hotel is said to be the first to have its own helipad, in the country. Local dealers say that with Omaxe stepping in, other developers are likely to follow suit. Already, Piyush and Era have come up in the area.

13 March 2007

No Sealing in Delhi, says Maken

Union Minister of State for Urban Development Ajay Maken on Saturday said there would be no sealing in Delhi, before or after the municipal elections on April 5. The Minister was speaking to reporters after chairing a meeting of the Publicity Committee of the Delhi Congress for the MCD elections. Asked about the February 12 order of the Supreme Court, the minister said that the court had made it clear that there would be no sealing in the areas covered by the MPD and the areas authorized by the MPD. “The court did not mention the word notified. This means that there will be no sealing at all even on those roads which are not covered under the 2183 roads notified by the MCD,” he added.

Maken said: “We are happy that the court has approved the MPD”. Maken said the civic polls would mainly be a referendum on two government policies notification of Master Plan 2021 and the regularization of over 1,500 unauthorised colonies. “If the people of Delhi like the two policies, they will vote for the party,” he said. He said the entire campaign would be development centric. “We will go to the electorate with the positive achievements of the central and state governments along with that of the civic body,” he said. Asked whether price rise and inflation was a factor in the elections, Maken said the civic body had no role in checking these and therefore are non issues. “The issues will be the roads, cleaning of drains, parks and local issues,” he said.

12 March 2007

Exotic range of glass mosaics

Add a dash of glamour and grandeur to your décor with the captivating effects of Karma, the latest range of exotic glass mosaics from Palladio. The transparent material, with a rippled surface, an entrancing effect, generates a bright luminosity, sure to enchance any interior or exterior décor. With a basic price from Rs. 783 Sq.ft. onwards; Palladio’s Karma range comprises a palette of 30 colours, and is available in a vast range of shapes and sizes.

Palladio, light weight 2x2 cm mosaics can be easily fixed on any surface, are maintenance free, in addition to being waterproof, acid proof, and retain their attributes for years to come even under harsh weather conditions. The characteristics of good resistance to chemical agents, to sudden changes frost; and the possibilities of making beautiful patterns and creative variations makes it the ideal choice for ornamentation the world over.

10 March 2007

The Green escape – natural way to a better life

Baderwals Infraprojects Pvt. Ltd. Forays into the realty sector with their upcoming premium abodes “The Green escape’ Sonepat (Haryana). With a vision of “Turning Aspirations into Achievements’ Baderwals have collaborated with Ansal API for their latest innovation “The Green escape’. Strategically located at 8-lane Kundli-Maneswar-Palwal expressway at Sonepat (Haryana) “The Green escape’ alongside the proposed Metro route will be in the vicinity of proposed Educational Institution – ‘Rajiv Gandhi University’ and ‘Indian Institute of Management’. Spanning over an area of about 31 acre, these exclusively designed premium apartments are housed in 37 majestic towers.

Sushil Baderwal, CMD, Baderwals Infraprojects Pvt. Ltd. Said, “The Green escape promises a never-before habitat with a host of rich specifications like wooden / vitrified flooring, non skid ceramic tiles, acrylic emulsion wall finishing and POP cornices ceilings in each dwelling unit. It is a great opportunity to live in tranquil, green surroundings with round the clock security for the people.”

10 March 2007

Bhoomi Poojan at EROS Corporate Park in Manesar

Eros Group had its Bhoomi Poojan ceremony at the site of their forthcoming commercial project EROS CORPORATE  PARK located in Manesar. It will be developed as a commercial structure for the corporate houses looking for office space. It has a plot area of 5,832 sq. meters approx, and huge floor plates of 60,000 sq.ft. It is expected to be the next major attraction at IMT, Manesar highway for all big corporate and MNCs.

8 March 2007

Freeze on SEZs likely to go

The blanket ban on SEZs may be lifted soon. The government is likely to allow the Board Approval (BoA) to clear 111 SEZ proposals where promoters have already acquired land and no fresh land is required. The government had frozen SEZ approvals following violent protests over land acquisition in Nandigram, West Bengal. “As there is no land- related dispute over these SEZ proposals, it is likely that these projects will be allowed to take,” an official said. A decision regarding the fate to such proposals is expected in the next meeting of the empowered group of ministers (eGoM) headed by external affairs minister Pranab Mukherjee, government sources said.

It is understood that the chief ministers of Tamilnadu, Andhra Pradesh, Karnataka and Gujarat are mounting pressure on the Centre for lifting the blanket ban on SEZ approvals. They have argued that delay in approvals may send wrong signals to foreign investors. Besides, several public sector companies are also awaiting approvals.

The eGoM has already allowed the BoA to grant “miscellaneous approvals” to 63 already-notified SEZs “where no fresh acquisition of land is required”, an official source said. Of the 304 proposals pending with the BoA, 111 already have land in possession, a government source said. It is understood that the commerce ministry has also written to the eGoM chairman for freezing approval of only those SEZs where land has not been acquired. So far, the government has granted formal approval’ for setting up 237 SEZs, of which one proposal has been withdrawn. Of the remaining 236 proposals, formal approvals for 63 have been notified. The balance 173 SEZs are still waiting to be notified.

7 March 2007

Omaxe Wedding Mall – Gurgaon

Spread across an area of 1, 75,000 sq. ft., Omaxe Wedding Mall, Gurgaon, comprises 5 floors with a floor plate of 38,000 sq. ft. On offer, under one roof, in the air-conditioned comfort of the mall are all the necessities, and frills that make each wedding an amalgamation of fun and festivities. From mehendi to teeka, from organizing a photographer to choosing an ornate lehenga, every conceivable item required for an Indian wedding is available. There is a hall where parties can be hosted, complete with florists, F&B services, and even pandits to solemnize the nuptial ties. And travel desk offering special honeymoon packages take care of post marriage jubilation.
The mall on the Sohna Gurgaon road, the first one to be in operation with features like multi-screen cinema, food court and fine dining restaurants, is a trendsetter in wedding planner concept. The creator of this shopping mall is well-known architect Hafeez-Contractor.

5 March 2007

Private developer to build Azadpur Metro station
The station will also boast of state of the art commercial segments

The Azadpur Metro station will be the first of the eight Metro stations to be constructed by a private real estate developer. Parsvnath Developers has bagged the tender to develop integrated Metro stations that will also boast of state of the art commercial segments. Spread over six acres, the project will be completed in two parts at an estimated cost of Rs 250 crore. The station area will be constructed first. The retail area will be completed in the second phase spread over two and a half years. The project, on Build Operate- Transfer (BOT) basis, was flagged off on December 14.

Speaking on the occasion Pradeep Jain, Chairman, Parsvnath Group, said, “We will construct the Metro Station and the Metro Mall. This ambitious project has been handed to us for 30 years. Around 300 metres of tracks will be laid by us.” As per the proposed plan, the malls at Metro stations will have parking space, air conditioned shops and a variety of eating outlets. Metro malls will be developed at eight Metro stations at Inderlok, Kashmere Gate, Seelampur, Welcome, Shahdara and Azadpur.

5 March 2007

Confusion over shops on commercial roads continues

The Deadline for the registration of shops with the Municipal Corporation Delhi (MCD) is barely a fortnight away. As per the Supreme Court directive, shop keepers must give details of their business before December 31, but confusion over shops December 31, but confusion over shops on commercial roads continues Shopkeepers complain that neither the MCD officials nor the monitoring committee (MC) members are available to clear the ambiguity over the rules applicable to businesses on notified commercial roads.

The Chandrawal Road – Roshanara Road Traders Association (CR-RRTA) has approached the Registrar of the Supreme Court, the MC members, the Chief Minister and the MCD Commissioner to clear the air. The association wants to know whether or not the rules set for businesses on residential and mixed land use colonies will be applicable for shops on notified commercial roads. Traders complain they do not have the necessary information regarding registration of business.

The MC members are not available for clarification and the MCD officials are not willing to confirm anything officially. “The last date for registration is almost here but not many traders have got their registration done. There are about 400 shops on the Chandrawal Road has been notified as a commercial road. Many property owners have commercial licenses but we are not sure if we need to register again,” says Amit Jain, joint secretary, CR-RRTA.

In its letter the association sought information on five questions (see box) that are still unanswered. “Traders need to know the details of the Supreme Court directive before fulfilling them. But basic question remain unanswered. In the last fortnight, we sent at least three faxes to the MCD for clarification but none were answered. If we don’t get a reply to our queries within a week, we will file an affidavit with the Supreme Court

Traders from other areas are also facing a similar problem. “We are required to pay Rs 1,000 for registration but how will the MCD refund money in case the road notified as commercial is revoked. Information regarding the registration is minimal and many questions remain unanswered. The official’s area s clueless .The monitoring committee members on their part maintain that there are no ambiguities. “Even if commercial taxes are paid for the property, the shops will have to be registered again. And shops larger than 20 sq mt. will not be allowed even on roads notified as commercial. Traders can get their facts checked any time with the monitoring committee.
 
3 March 2007

New Group housing scheme ready

Having formulated the new Group Housing Scheme 2006 for the low cost cooperative and welfare housing model, the Town & Country Planning (TCP) department of Haryana will soon offer plots for housing societies in Panchkula. Gurgaon and Faridabad will have to wait as the department is yet to identify land for plots there. In 2005, the Haryana Urban Development Authority (HUDA) had offered 321 plots for housing societies in seven cities, including Gurgaon.

According to senior TCP officials, the department has formulated the new group housing scheme and has increased reservation from 40 per cent to 49 per cent, thus, reducing the general – category plots from 60 per cent to 51 per cent. The quota for cooperative and welfare societies of judicial officers, judges of the Punjab & Haryana High Court and other courts of Haryana has been fixed at 4 per cent; for IAS and IPS officials also it is 4 percent; for the handicapped and blind people it is 1 per cent each and for advocates 3 per cent. The quota for MLAs has been reduced from 4 per cent to 2 per cent. There was no reservation for judicial officials, advocates and the handicapped in Group Housing Scheme 2005.

S.S. Dhillon, the director of TCP, said the new scheme was yet to be advertised. “We are collecting information from all over the state on the availability of plots for the Group Housing Scheme 2006. The moment we finalise the number of plots we will come out with the scheme,” said Dhillon, who is also the chief administrator of HUDA. On the other hand, a Delhi based voluntary organization has proposed to set up Special Hosing Zones (SHZs) in Haryana towns, including Gurgaon and Faridabad. It claims to have identified the land for the purpose.

Sudhir Kalra, the chairman of Lord Tirupaty Balaji Group, said, “Having identified land in Gurgaon and Faridabad, we have proposed that we would set up SHZs that could be in 500 acres and accommodate the housing societies that failed to win plot in the recently held draw of lots.”

1 March 2007

Short of rooms, Delhi hotel rates spiral

New Delhi, It’s time to uncork the bubbly in Delhi’s hospitality circuit. A traditional drop in year-end business travel notwithstanding, average hotel room rates in the capital have shot to an all-time high of over $350 a night-becoming the second most expensive city after Bangalore in terms of hotel rates.

And if advance bookings for the New Year are any indication, Delhi seems set to cement its position – and even claw towards the numero unoslot. According to hospitality industry insiders, the $350 a night rate is the reduced charge in view of a slight dip in demand from corporate travellers. Bangalore hotels today charge anywhere upwards of $500 a night, while the average room rates in Mumbai hover in the range of $300-315. In comparison, a decent luxury hotel in Bangkok can be booked for around $100 a night.

“Come January, the rates in Delhi would gain start climbing up all over again. The advance booking position is quite strong and renewed corporate travel activity will see Delhi hotels becoming more expensive in months to come,” says Sandeep Gupta to Gupta group, which runs the Hyatt and Clarion chains in Delhi. An acute shortage of rooms in the capital is only adding fuel to this surge in room rates.
“Room rates are climbing every year as demand far exceeds supply,” says Kuoni India in –bound COO Himmat Anand, “The room rates are already at an all-time high, and by the looks of it, the rates are only going to head northwards next year,” he adds.

Developers and hoteliers are also rushing into cash in on this boom. Around 50,000 new hotel rooms are in various stages of planning and development across 10 cities, and the development is expected to be completed by 2010 – in time for Commonwealth Games. But even this would fail to bridge the gap, say industry insiders.

Though some in the travel trade feel this continued spike in rates is beginning to blunt India’s attractiveness as a cost effective tourist destination, others say this would help in pushing up the profile of visitors to the city. “It’s high time India looked at upgrading the profile of tourists who come to the country. We have for long been at tracking backpackers. Now, the high rates will ensure that we get more premium and hi-end travellers,” says Choice Hotels India CEO Vilas Pawar.

28 Feb 2007

Nod for New Delhi flyover plan

In an effort to decongest the Azadpur-Ring Road intersection, a gateway to the busy Delhi-Chandigarh national highway, the Delhi Government has cleared the decks for construction of a Rs. 147-crore three level modern grade separators aimed at making this major crossing signal-free in the next two years. The projects was given the green signal by the Expenditure Finance Committee headed by Delhi Finance Minister A.K. Walia, fulfilling a long-pending demand of local residents as well as various traders associations who had been pressing for such an infrastructure project to get rid of the consistent traffic jams in the area.

Industry Minister Mangat Ram Singhal played a major role in getting the project approved. The Public Works Department would execute the infrastructure project and work is likely to start by this year-end. The project has been designed in such a manner that it would pass through the Metro railway route on the Delhi University-Jehangirpuri section.

Dr. Walia informed that the new three-level modern state to the art grade separator would be constructed at the Azadpur intersection to make it signal-free. The PWD would complete this project within 30 months at an estimated cost of Rs. 147.72 crores. It would have the grade separator joining Ring Road and Road No. 51, an underpass on G.T. Karnal Road, Mall Road and Mall Road Extension, rotary at ground level for right turns, pedestrian subway for movement of bus commuters, bicycle track, railing and footpath.

The project would also have proper rainwater harvesting infrastructure apart from beautiful landscaping. Dr. Walia said the Azadpur intersection was one of the busiest junctions in the Capital catering to heavy traffic from various directions including Mukarba Chowk-NH-1, Ring Road from Shalimar Bagh and Pitampura on Mall Road from Model Town. The traffic is further multiplied due to the presence of the wholesale fruit and vegetable market at Azadpur as thousands of vehicles unload and load for various destinations carrying vegetables and fruits everyday. The Ring Road also caters to a very large volume of traffic from Pitampura, Rohini and connects the North-West District passing from this junction.

It also caters to a large residential area adjoining Mall Road Extension, Mall Road and other urban colonies. It also connects newly constructed Road No. 51, which joins the junction to Outer Ring Road at Mukundpur crossing. After the construction of the new grade separator, Road No. 51 would become part of Ring Road. The grade separator will also facilitate better road communication for decongestion of Delhi roads in view of the upcoming Commonwealth Games-2010.

26 Feb 2007

Nursery farm house at Ghaziabad

NJS Group is coming up with five star Nursery Farm Houses at Ghaziabad NH-24. The project is located 20 kms from Delhi border towards Hapur. Nandish towards Hapur. Nandish Rajvanshi, Director NJS Group said, “The group has set incredibly high standards for quality and delivery of its projects.” The size of a single unit shall be 1000 sq. yd. onwards and priced at Rs. 32 lakh and more.

26 Feb 2007

DLF, Prudential Financial announce India Life Insurance JV

DLF and Prudential Financial, Inc., a financial services leader headquartered in the USA, have agreed to establish a joint venture life insurance company in India. Subject to regulatory approval from the Insurance Regulatory and Development Authority, the new JV company, DLF Pramerica Life Insurance Company Ltd. Will be established in the coming months and will offer life insurance products to customers in India. Under the terms of the agreement, DLF will have a 74 per cent stake and PFI a 26 per cent stake in DLF Pramerica.

24 Feb 2007

Parsvnath to build world-class mall at Rohini

Parsvnath Developers Ltd. Has won the mandate to build a world-class mall at Rohini in North West Delhi. The Delhi Development Authority (DDA) had recently held an auction of free hold commercial plots at Rohini. The Delhi-based realty major won the bid to develop the mall with a total bid amount of Rs. 231 crore. The total area of the plot is 7,232.81 sq. m. and the built-up area will be 18,299.01 sq. m. The mall is expected to be fully operational in two years. Located in the prime area of Twin District Centre, Sector-10, Rohini, the mall-christened as Parsvnath Mall-will offer a spectacular ambience having glass capsule lifts and elevators. With a retail space ceiling height of 14 ft. the mall will offer multi-level car parking, CCTV enabled security, separate service corridors and lifts, sophisticated, sensor-based fire monitoring and control mechanism.

23 Feb 2007

Emaar, MGF make cash offer for RSH Ltd.

Major global real estate group Dubai-based Emaar Properties PJSC and India’s real estate developers, the MGF group led by Shravan Gupta, through their joint venture company-Golden Ace Pte. Ltd. Have announced a voluntary conditional cash offer for RSH Limited, a leading pan Asian marketer, distributor and retailer of sports, golf, active lifestyle and fashion products listed on the Main Board of the Singapore Exchange Securities Trading Limited. With an offer price of $1.05 per share valuing RSH at approximately $370 million, the offer is conditional upon the offer or receiving acceptances, which together with the shares held by the offeror and its concert parties, will give the offeror and its concert parties a stake of more than 76.076 per cent of RSH.

23 Feb 2007

Wooden Wonders now in India

For the first time in India. Pergo has come out with Pergo Expression Strips. A range of laminate flooring available in special planks sizes of 790x92 mm, these are modeled with beveled edges on four sides. These are ideal for both residential and commercial flooring and are competitively priced at Rs. 283 per sq. ft.
Pergo was introduced in Europe in the 1980s and is now sold in more than 30 countries.

22 Feb 2007

DLF Park Place crosses sales of Rs. 600 crores

The DLF Park Place. A luxury integrated township, last of its kind in DLF City, Phase-V has attracted a huge response of 600 crores in just 10 days. Located conveniently and in close proximity of DLF Golf Links, the project is well connected with NH-8, Faridabad and Sohna. Commenting on the sales figures Shalini Vig Wadhywa, GM Corporate Communications of DLF said, “The DLF brand continues to attract the high end customers and the same can be witnessed with the successful response of DLF Park Place. People want to be associated with one of the best addresses in the NCR. This project is that of an integrated township and will be one of the last of its kind in DLF Phase 5. Obviously, customers do not want to miss out on the opportunity to own a luxury apartment that is competitively priced.

20 Feb 2007

Emaar MGF-Accor tie-up

Emmar MGF, India’s leading real estate developer, and Accor, global leaders in economy and budget hotels, have announced a joint venture to bring the Formule 1 brand of budget hotels to India. The new venture, “Budget Hotels India Private Limited,” has planned investments of US$300 million over ten years. Emmar MGF is a partnership between global Properties developer Emaar Properties and MGF Developments. The company has already identified potential locations across the country for the development of Formule 1 hotels. Starting with major metros, the company is looking at developing 50 hotels in the first five years of its operations, with the remaining 50 to be developed in the second phase. The total development will add 10,000 hotels rooms that cater to the budget travelers.

19 Feb 2007

Omaxe attains new Heights

“Innovate & delight,” is the mantra, which drives Omaxe’s success in real estate development. In the same scheme of progression Omaxe, has announced the launch of their latest venture, Omaxe Heights’ at Faridabad. Omaxe Heights, a logical destination to growing aspirations, a home to some of the finest elements of accomplished lifestyle, is a multi storied state-of-the-art group housing complex built over an area of 40 acres with an approximate cost of Rs 400 crore and is proposed to be completed within 30 months from the signing of the buyer’s agreement.

Omaxe to achieve its cherished vision of changing the face of Tier II cities of the country is coming up with ‘Omaxe Heights’ at Sector 14 & 15 of Faridabad, the most sought after address in NCR. With an engaging environment, tastefully conceived approx. 2,000 spacious apartments and convenience of a self contained complex, Omaxe Heights beckons to realise most cherished dreams of the burgeoning middle and upper middle class residents.

17 Feb 2007

Things got worse

Taping home loan has now become more difficult, after the new credit policy announced by Reserve Bank of India. On the other hand the instruction to bank is to give loans only to the legal and legitimate properties. Now the costumers need to fulfill all the documentary formalities as giving testimonials to prove that the property is legal. 

Slowly but relentlessly the floating interest rates for housing loans have soared by close to 200 basis points, from 7.25 per cent a couple of years back to over 9 per cent today. With the provision of pegging floating rates to the prime lending rate, most banks and financial institutions have periodically revised interest rates that became painfully evident to millions of customers only on receipt of their annual statement of accounts, or the periodic updates. There can be no doubt that cheap, and hence attractive, rates for housing loans coupled with handsome tax-breaks drove a growing number to people to take housing loans and accelerated the credit off take. In 2003-04, growth in housing loan disbursal was 42 per cent. But by October 2005, the off take had grown by 125 per cent to Rs 1, 53,267 crore. By March 2006, housing loan disbursal had fallen to 115 per cent. It would be quite easy and equally simplistic to attribute this fall to increasing interest rates.

17 Feb 2007

Delhi sealings effect on Noida’s commercial property

Effect of Delhi’s sealing drive, convenience and confidence of buying property directly from NOIDA, and that these are auctions, affect property rates. So does the fact that a lot of investors are in it just for a resale. Also, in Sector 18, you can build a basement, a mezzanine floor, a first-floor and 25% of a second floor.

Noida real estate prices are heading for the sky. The city will have 10 new five star hotels, five new four-star hotels, and 10 new three-star hotels before the Commonwealth Games. The Metro from Sector 15 to Sector 32 will be ready by 2009. The light rail transport (LRT) line from Sector 32 to Sector 62 will be operative in three years. An other 55 km of LRT will be in place, between Noida and Greater Noida, in 2009. As many as 29 more flyovers are coming up in Noida, with work on three