The Allahabad high court is likely to hear a petition filed by the Greater Noida authority, on Monday, seeking early resumption of the stuck housing projects.
The high court on October 21 last year heard a bunch of petitions filed by farmers and ruled that land would remain with builders a ...
The Allahabad high court is likely to hear a petition filed by the Greater Noida authority, on Monday, seeking early resumption of the stuck housing projects.
The high court on October 21 last year heard a bunch of petitions filed by farmers and ruled that land would remain with builders and farmers would get increased compensation. But the court said construction would not resume till Greater Noida’s master plan was cleared by the NCR Planning Board (NCRPB).
“The court said the authority should ensure that no development by it or by its allottees be undertaken as per the master plan 2021 till the same receives clearance by the NCR board. We have filed a review petition. We don’t need the clearance. The authority is empowered to prepare its plan for land uses within the urbanisable area,” said a senior Greater Noida official.
In a related development, the NCR board in Delhi may meet on May 22 to take up the master plan issue. Noida Extension homebuyers are hoping for relief from the high court and the board.
The Uttar Pradesh government submitted the master plan to the NCRPB on December 15 last year for approval. The NCR board objected to massive acquisition of land despite a low population density in Greater Noida. On March 21, the NCRPB sent its observations and suggestions to the UP government and asked the government toincorporate them and submit a revised plan.
The state government has, after addressing the objections raised by the NCR board, sent the plan back for approval. NCRPB has said that after receiving a revised draft, the same will be placed before the planning committee of the NCRPB for consideration.
On April 3, flat buyers in Noida Extension also moved the Allahabad high court seeking early resumption of the stuck housing projects. On April 10, the high court asked the NCR board to file a reply on the efforts to clear Greater Noida’s master plan-2021.
The Welspun Group-led consortium has agreed to bring down the grant amount it had earlier sought from the Kerala government to operate the Vizhinjam Container Transshipment Terminal.
The consortium, which had earlier asked for a grant of 479 crore, has agreed to lower the amount by 20 crore after t ...
The Welspun Group-led consortium has agreed to bring down the grant amount it had earlier sought from the Kerala government to operate the Vizhinjam Container Transshipment Terminal.
The consortium, which had earlier asked for a grant of 479 crore, has agreed to lower the amount by 20 crore after the Kerala government asked it to reconsider the bid, report Economic Times.
"They (Welspun) have told us that they can bring down the grant amount by 20 crore and once the EPC (Engineering, Procurement and Construction) contract is finalised, they can bring it down by another 20 crore, if they manage to win that project as well," AS Suresh Babu, MD, Vizhinjam Port said.
A consortium led by Welspun group was the only one to submit bids for the Vizhinjam terminal project after the home ministry denied security clearance to Adani group-controlled Mundra Port.
Welspun's offer to lower the proposed grant amount has come after two meetings with a bid negotiation committee formed by the state government over the past weeks.
The Vizhinjam terminal, planned as a container transshipment hub with a capacity to handle 4.1 million TEUs (Twenty foot Equivalent Unit) a year, will be built on the so-called landlord model, where the state government will set up the infrastructure and invite an operator to run the port. In addition, the port is also planning to invite tenders for the break water construction, for which international agency AECOM has been appointed as advisor.
The port is now awaiting completion of environment impact analysis (EIA), which is being conducted by a consortium of L&T-Ramboll and Asian Consulting Engineers. TheEIA will assess the impact of a terminal on marine life and ecology, among others.
Since the bid was opened in February, the state government had formed an empowered committee led by the state chief secretary to evaluate the report submitted by project consultants, IFC, on the bid. After the report was submitted, the state government held discussions with the company to reconsider its demand. The Vizhinjam project has been delayed since 2004, when the government gave shape to the project and since then made two unsuccessful attempts to develop the port.
In 2006, a consortium of infrastructure firms led by Mumbai-based Zoom developers and three Chinese companies were picked by the state to develop the entire project, but was subsequently cancelled.
The delays have already pushed up the cost of the project by more than 60% because of escalating land and infrastructure costs.
The port is also looking to raise finance for the project. This includes the state government looking to raise 800 crore through a bond issue, while the developer Vizhinjam International has engaged SBI Caps to mop up 800 crore from leading financial institutions such as HUDCO and LIC.
Besides, a consortium led by State Bank of Travancore will bring in 300 while the state government has allowed a budgetary allocation of 250 crore.
"The team from Hudco will visit the project site and a final decision on financial infusion will be taken only after the EPC dredging contracts are cleared," said Suresh Babu.
Mill workers in the financial hub of the country, Mumbai are likely to get 3,592 tenements measuring 16,113sqm on the Bombay Dyeing mills land at Lower Parel and Wadala, if the high court verdict given on Friday comes through, reports DNA news paper.
Similarly, 10 other private and National Text ...
Mill workers in the financial hub of the country, Mumbai are likely to get 3,592 tenements measuring 16,113sqm on the Bombay Dyeing mills land at Lower Parel and Wadala, if the high court verdict given on Friday comes through, reports DNA news paper.
Similarly, 10 other private and National Textiles Corporation (NTC) mills owe nearly 16,194sqm of land, on which 4,397 more tenements could be built. Bombay Dyeing has the largest share of the land that is to be submitted to the Maharashtra Housing and Area Development Authority (Mhada), followed by Century Mills (9535sqm), Madhusudan Mills (3032sqm), Shrinivas Mills (2341sqm) and Prakash Cotton (2534sqm).
Of the 58 mills that have been defunct, 46 have submitted their redevelopment plans — 18 of these have surrendered one-third each of the land’s share to Mhada and the BMC as per provisions in the Development Control Rule (DCR). Of the rest of the mills, 11 are private and an equal number are owned by NTC.
The issue of false claim of the modernisation of the Bombay Dyeing mills was raised in the state assembly a few weeks ago, following which the state government hadissued a ‘stop work’ notice to the mill. The opposition claimed that the mills had kept only eight looms running with the help of 63 workers. It was also alleged that the due permission was not sought from the labour department, the report said.
According to an official from the urban development department said that they are trying to ensure speedy submission of the Mhada share of land of the mills undergoing development. “Mills like Century, Prakash, India United No 4 and Sitaram have submitted their lay outs to the municipal corporation and we expect them to submit the land soon,” he added.
The construction work of five underground stations on the Colaba-Bandra-SEEPZ underground metro is likely to be funded by private business houses and an export promotion wing of the central government, first of its kind endeavour. The cost of all the five stations is expected to be around Rs 1,000 c ...
The construction work of five underground stations on the Colaba-Bandra-SEEPZ underground metro is likely to be funded by private business houses and an export promotion wing of the central government, first of its kind endeavour. The cost of all the five stations is expected to be around Rs 1,000 crore.
The private companies are eying to fund the project as they feel it would help the business of these companies to flourish. Three of the stations, including Domestic Airport Station, the Sahar Road station and the International Airport Station, will be funded by Mumbai International Airport Limited (MIAL).
“The Metro and its respective stations will help the businesses around the area. Creation of the stations will not only help the city’s residents but will also be helping the business houses,” said additional metropolitan commissioner SVR Srinivas.
Similarly, the MMRDA has also turned to the Centre’s ministry of commerce to fund two stations, namely MIDC and SEEPZ — under the Assistance to States for Infrastructure Development for Exports (ASIDE), as a large number of export units are placed at these two places.
As per the scheme, the Centre provides help in creating infrastructure to facilitate unhindered production, to cut down the cost of production and make exports internationallycompetitive.
MIAL is keen on funding the stations as the Metro will help improve connectivity to the airport. It has however raised objection to MMRDA’s plans to not have Metro service at night when most international flights are scheduled for take-off. With MIAL willing to help build the stations in the airport area, MMRDA officials have shown willingness to solve this problem.
The Colaba-Bandra-SEEPZ underground Metro is Mumbai’s costliest infrastructure project till date. The MMRDA is planning to build the Metro with the help of funds from Japan International Cooperation Agency (JICA).
Global property consultant, CBRE reported that housing demand is likely to remain subdued in short-to-medium term despite cut in key policy rates by RBI.
"While the recent rate cut by the RBI has helped generate positive sentiments in the market, stagnancy in demand will continue in the short ...
Global property consultant, CBRE reported that housing demand is likely to remain subdued in short-to-medium term despite cut in key policy rates by RBI.
"While the recent rate cut by the RBI has helped generate positive sentiments in the market, stagnancy in demand will continue in the short to medium term unless there is an overall improvement in the economic scenario," CBRE South Asia Chairman and Managing Director Anshuman Magazine said.
NCR and Mumbai witnessed steady escalation in housing prices during the revival period from 2009 to first half of 2011 (as high as 40-50% in certain micro-markets), the latter half of the last year brought in stagnation in overall prices, the report found out.
With repeated interest rate hikes, rising prices and prevailing economic conditions, the market saw a dip in sales towards the middle of the year. This resulted in a supply pile-up in the key markets of NCR, Mumbai and Bangalore, leading to capital values remaining flat across various micro-markets in these three leading hubs.
Most micro-markets in Gurgaon remained central to the residential demand curve for the NCR region, with both primary as well as secondary market witnessing significant activity. However, the growth in capital values slowed in the last few months of 2011.
When the Delhi Metro's Phase-III becomes operational by 2016, the hot-spot markets of South Delhi like Sarojini Nagar and South Extension will be on the Metro map making it easy for shoppers and residents in those areas, reports Times of India.
Four major markets of the city - Sarojini Nagar, INA, ...
When the Delhi Metro's Phase-III becomes operational by 2016, the hot-spot markets of South Delhi like Sarojini Nagar and South Extension will be on the Metro map making it easy for shoppers and residents in those areas, reports Times of India.
Four major markets of the city - Sarojini Nagar, INA, South Extension and Lajpat Nagar will have dedicated Metro stations connecting them when the Phase-III becomes operational by the end of 2016.
The existing INA and Lajpat Nagar Metro stations will be converted into interchange stations to further boost the connectivity of these markets, while new stations will be built at Sarojini Nagar and South Extension.
"This will also provide a great boost to the market of South Delhi as DMRC's plan of constructing Metro Stations at Sarojini Nagar, INA, South Extension and Lajpat Nagar with inter-station distances ranging from less than a kilometer to approximately one and a half kilometer will provide a great impetus to business improvements in the area," DMRC Spokesman Anuj Dayal said.
He said this chain of four consecutive Metro stations will come up on arterial Ring Road of the national capital catering to the four prominent markets of the South Delhi.
As per the Detailed Project Report (DPR), about 2 lakh more passengers will use these stations primarily to reach these prominent markets of the city which specialize in selling clothes, shoes and other materials.
According to its projections, Delhi Metro expects around 1.3 lakh people to use the INA Metro station, Lajpat Nagar (54,454), South Extension (8317) and Sarojini Nagar (15,000), the report said.
The state-owned Kerala State Housing Board’s (KSHB) project to enter into the real estate business has received poor response, reports agency.
Last year May, the first-of-its-kind project was started at Kowdiar. Of the 36 apartments, only 14 have found takers till now. The Board was planning to s ...
The state-owned Kerala State Housing Board’s (KSHB) project to enter into the real estate business has received poor response, reports agency.
Last year May, the first-of-its-kind project was started at Kowdiar. Of the 36 apartments, only 14 have found takers till now. The Board was planning to start similar kinds of projects at Ambalamukku, Panampilli Nagar in Kochi and Kannur.
These 36 apartments are coming up in two blocks in the heart of the city at Kowdiar. The ninth floor of the first block and eighth floor of the second block have been completed, said KSHB executive engineer Sajeev told IBN Live.
However, these projects would take-off only after analyzing the success of the first mega project here. When other builders allow black money for investment and register the flats at lower prices, KSHB, insists on completing the formalities at the rate fixed by the government, Arakkal BalakrishnaPillai, Board chairman, said.
Currently, these luxury apartments are sold at Rs 50-60 lakh, but the prices are increasing due to the escalating cost of building materials. There are plans to entrust the marketing with some outside agencies by providing them a small percentage of the total cost of the apartment. This would help the Board in selling all the apartments and go for future projects, the reports said.
Anand Rathi Financial Services and property consultancy Knight Frank India have plans to launch their second real estate fund by the end of this month, reports VCCircle. Both the companies are looking forward to raise around Rs 500 crore.
The two companies joined hands two years ago with aim to r ...
Anand Rathi Financial Services and property consultancy Knight Frank India have plans to launch their second real estate fund by the end of this month, reports VCCircle. Both the companies are looking forward to raise around Rs 500 crore.
The two companies joined hands two years ago with aim to raise Rs 225 crore rental yield fun, according to sources.
The joint fund rental yield and appreciation portfolio (RYAP) fund will be raised from the domestic market. Like its predecessor, it will invest in commercial assets in tier I cities which include Mumbai, Pune, Bangalore, National Capital Region (NCR) and Chennai.
The fund would be targeting returns of 10-12% from its investments and expects to stay invested in an asset forfour-five years. “We are waiting for final Alternate Investment Fund (AIF) guidelines as right now there is no clarity on registration of funds and other norms. Once we have clarity on the same which we are expecting by mid-May we will register and start our fund raising process,” a senior executive of the joint venture fund house said.
The two companies had invested Rs 135 crore from the existing fund in two projects including Hubtown Ltd’s commercial project in Mumbai and Cerebrum IT park development by Pune-based Kumar Urban Development Ltd.
Anand Rathi and Knight Frank would join a slew of fund houses on the road to raise realty-focused funds to invest in India. The total pipeline is estimated at close to $5.5 billion at present.
Housing Development and Infrastructure Ltd (HDIL), the Mumbai-based real estate developer, will develop a 100 acre township in Noida - its first project outside its home turf Mumbai. According to Hari Prakash Pandey, vice-president, finance and investor relations, HDIL, the project will kick off in ...
Housing Development and Infrastructure Ltd (HDIL), the Mumbai-based real estate developer, will develop a 100 acre township in Noida - its first project outside its home turf Mumbai. According to Hari Prakash Pandey, vice-president, finance and investor relations, HDIL, the project will kick off in the next 8-10 days, as the firm has got the required approvals. “The township format has a villa kind of feel and both plots and villas will be sold,” Pandey told Livemint.
The project is crucial for HDIL which has not launched a single project since last April and requires the much-needed cash flow from fresh projects. HDIL badly needs fresh projects to generate cash flows to repay debt, which stood at about Rs.4,000 crore as of December.
In recent times, the company has also spoken about divesting some assets outside Mumbai to exit so-called non-core assets, something that largedevelopers such as DLF Ltd have done. It owns about 170 acres in and around Kochi and another 100 acres in Hyderabad.
Pandey said HDIL will soon launch a residential project in Mumbai’s Ghatkopar suburb, following the launch of a project last year in the suburb of Mulund. The Ghatkopar project, which will generate almost0.8 million sq. ft of saleable area, was delayed on account of approvals.
HDIL has to make sizeable repayments in the next 12 months, JP Morgan Asia Pacific Equity Research Report said in March.
“However, given policy issues in overall Mumbai real estate and specifically the airport project, work on the company’s ongoing projects has been slow over the last two-three quarters and the deliveries have been delayed,” it said.
As policy regulations gain clarity in Mumbai, the HDIL tried to sell assets and development rights of plots to reduce debt in the past year. Estimate pegs the earning at about Rs.1,400 crore in the past one year.
Maharashtra Chief Minister, Prithviraj Chavan, on Tuesday said that his government acknowledges the critical importance of the real estate sector in the economic growth of Maharashtra. The chief minister was addressing a delegation of MCHI-CREDAI, the developer community representative.
Chavan p ...
Maharashtra Chief Minister, Prithviraj Chavan, on Tuesday said that his government acknowledges the critical importance of the real estate sector in the economic growth of Maharashtra. The chief minister was addressing a delegation of MCHI-CREDAI, the developer community representative.
Chavan promised to look into the issues being faced by the developer community. He said that high priority would be given to the issues and that solutions would be found in a time bound manner.
MCHI-CREDAI called for speedy approvals of real estate projects since delays are contributing torising cost of properties. It is also reiterated its suggestion for a single window system of clearances to speed up the process.
“Yes we have briefed the honorable Chief Minister on the urgency in dealing with the various critical issues and sought clarity from the government,” said Boman Irani, Secretary of MCHI-CREDAI.
Besides, MCHI-CREDAI also pitched for affordable housing and said the developers would like to play a meaningful role in creating mass housing to enhance the supply of housing stock which is bound to have a positive impact on the prices for the benefit of the lay man.
The Allahabad high court is likely to hear a petition filed by the Greater Noida authority, on Monday, seeking early resumption of the stuck housing projects.
The high court on October 21 last year heard a bunch of petitions filed by farmers and ruled that land would remain with builders a ... 
The Welspun Group-led consortium has agreed to bring down the grant amount it had earlier sought from the Kerala government to operate the Vizhinjam Container Transshipment Terminal.
The consortium, which had earlier asked for a grant of 479 crore, has agreed to lower the amount by 20 crore after t ... 
Mill workers in the financial hub of the country, Mumbai are likely to get 3,592 tenements measuring 16,113sqm on the Bombay Dyeing mills land at Lower Parel and Wadala, if the high court verdict given on Friday comes through, reports DNA news paper.
Similarly, 10 other private and National Text ... 
The construction work of five underground stations on the Colaba-Bandra-SEEPZ underground metro is likely to be funded by private business houses and an export promotion wing of the central government, first of its kind endeavour. The cost of all the five stations is expected to be around Rs 1,000 c ... 
Global property consultant, CBRE reported that housing demand is likely to remain subdued in short-to-medium term despite cut in key policy rates by RBI.
"While the recent rate cut by the RBI has helped generate positive sentiments in the market, stagnancy in demand will continue in the short ... 
When the Delhi Metro's Phase-III becomes operational by 2016, the hot-spot markets of South Delhi like Sarojini Nagar and South Extension will be on the Metro map making it easy for shoppers and residents in those areas, reports Times of India.
Four major markets of the city - Sarojini Nagar, INA, ... 
The state-owned Kerala State Housing Board’s (KSHB) project to enter into the real estate business has received poor response, reports agency.
Last year May, the first-of-its-kind project was started at Kowdiar. Of the 36 apartments, only 14 have found takers till now. The Board was planning to s ... 
Anand Rathi Financial Services and property consultancy Knight Frank India have plans to launch their second real estate fund by the end of this month, reports VCCircle. Both the companies are looking forward to raise around Rs 500 crore.
The two companies joined hands two years ago with aim to r ... 
Housing Development and Infrastructure Ltd (HDIL), the Mumbai-based real estate developer, will develop a 100 acre township in Noida - its first project outside its home turf Mumbai. According to Hari Prakash Pandey, vice-president, finance and investor relations, HDIL, the project will kick off in ... 
Maharashtra Chief Minister, Prithviraj Chavan, on Tuesday said that his government acknowledges the critical importance of the real estate sector in the economic growth of Maharashtra. The chief minister was addressing a delegation of MCHI-CREDAI, the developer community representative.
Chavan p ... 
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