February 2012

Residential rentals continue to rise

by Paul Joseph February 29, 2012 Uncategorized

There is bad news for those who live on rent assuming they save some money and tide over high interest rates cycles by not availing a home loan. A number of localities across cities have witnessed significant rental rate appreciation in 2011 due to rise in demand for rental accommodation, according to latest data available with property portal 99acres.com. And that is not all as the trend seems to be sustainable. “Residential rentals may keep on moving upwards. Initial trends coming in indicate that rentals may rise this year too,” says Vineet Singh, business head, 99acres.com. However, commercial rentals have fallen in the same time frame. Rentals across premium office

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HDIL’s cheque bounces thrice, loses Aurangabad land deal

by Paul Joseph February 29, 2012 Sponsored

MUMBAI: Four years ago, HDIL was known for its clout in Mumbai’s real estate market. It sponsored fashion weeks and even stepped in to back an IPL team. Vice-Chairman and Managing Director Sarang Wadhawan, a member of the HDIL promoter family, was a rising star, charting out plans for the hospitality and multiplexes business. But those were the good old days. Today, saddled with a debt of over Rs 4,000 crore, HDIL is selling land parcels. The company is even finding it difficult to pay Rs 7 crore for a land deal it entered sometime ago. The land owner, tired of not receiving any response from HDIL, has terminated the

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‘Expedite builders’ sewerage linking’

by Paul Joseph February 29, 2012 Uncategorized

GURGAON: A day after TOI reported the underperformance of the Behrampur sewage treatment plant, HUDA has written to the town and country planning department to instruct the builders to expedite the sewerage connection process. The HUDA officials claimed that the STP was equipped to handle 50MLD sewage treatment but unless the developers link the sewerage line to the master sewerage line of HUDA, the plant would continue to function under capacity. The executive engineer, HUDA, A K Maggu, has written to the town and country planning department stating that all the licensed colonies have not applied for sewerage connection. “These colonies have been completed or partly completed but the builders

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PMO asks ministerial panel to resolve EPE toll row

by Paul Joseph February 28, 2012 Uncategorized

NEW DELHI: The Prime Minister’s Office has stepped in to end the toll charge row over the crucial Eastern Peripheral Expressway (EPE), one half of the ring expressway around Delhi. It has reportedly asked a group of ministers comprising finance minister Pranab Mukherjee, highways minister C P Joshi and Planning Commission deputy chairman Montek Singh Ahluwalia to take a decision on the toll charge proposed for the 135-km stretch connecting Palwal and Kundli in Haryana via Ghaziabad. Sources in the highways ministry said the project, caught up in the toll controversy, was likely to come up in the next Cabinet meeting on Thursday. “Now the group of ministers will decide

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‘Behrampur sewage treatment plant polluting Yamuna water’

by Paul Joseph February 28, 2012 Uncategorized

GURGAON: A resident of Malibu Towne has written to the Town and Country Planning (TCP) department, complaining against the Behrampur sewage treatment plant (STP), which he alleged is adding a huge quantity of untreated effluent waste to the Yamuna river in the capital on a daily basis.” The smell and the colour of the effluent is an indication enough how bad the situation is in the plant,” said Raman Sharma, who has written to the financial commissioner of TCP, to complain about the situation.The STP was built at a cost of Rs 20 crore for treating sewerage waste generated from different HUDA sectors in new Gurgaon. While the plant has

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Real estate rally loses steam

by Paul Joseph February 28, 2012 Uncategorized

After a sharp recovery in the first one-and-a-half months of the calendar year — the Bombay Stock Exchange (BSE) Realty Index gained over 50 per cent, real estate stocks seem to have lost steam. The index, which tracks property stocks, has lost 16 per cent since last week, while the broad-based BSE Sensex has lost five per cent. “These are high Ebitda (earnings before interest, taxes, depreciation, and amortization) stocks. There had been a sharp rally in real estate stocks…Hence, sell-off has been sharper. I am not surprised by this correction,” said Rikesh Parikh, vice-president, equity strategies at Motilal Oswal Securities. HDIL and DB Realty, which had gained 124 and

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Budget 2012: Real estate bets big on revival of fortunes

by Paul Joseph February 28, 2012 Uncategorized

Having been hit the hardest by the economic downturn, realty majors are betting big on the Budget 2012 in a bid to revive the sector’s fortunes. Experts say the sector needs government support as well as further stimulus to get out of the current slump. As a first step, experts seek industry status for real estate, since the sector is a major driver for economic growth and generates countless jobs across its various verticals and associated industries. It will also help the sector raise debt from FIs at a much lower rate. “In this budget, we expect the central government to grant the real estate sector the industry status as

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Soon, you may register rent agreements at a nearby bank

by Paul Joseph February 28, 2012 Uncategorized

MUMBAI: Citizens may soon be able to avoid long queues at stamp duty and registration offices and register lease/rent agreements at a nearby bank. In a bid to make the registration process hassle-free, the state government has decided to pitch aggressively for an amendment to the Indian Registration Act (IRA), 1908, for delegation of powers to banks to register certain property documents, including leave and license agreements, deeds of mortgage and hypothecation (pledging a mortgage as collateral for a loan). The amendment is part of the state’s 57-point wishlist for the upcoming budget session of the Parliament. CM Prithviraj Chavan will discuss these demands with state MPs on Tuesday. A

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Huda to construct footpath along Palam Vihar Road

by Paul Joseph February 28, 2012 Uncategorized

Commuters will soon have a smooth ride along the busy Palam Vihar Road which connects sectors 4 and 5 of Gurgaon. The poor condition of the 3km stretch had cost the job of Huda’s superintending engineer VK Ghai in January. Ghai lost the job when SS Dhillon, financial commissioner-cum-principal secretary, town and country planning inspected the area and found that the road’s width had been reduced to 14 metre from its actual width of 30 metre. Dhillon had pulled up Huda officials for use of poor quality of construction materials, absence of pavements, streetlights, and central verge. According to a senor official of the Haryana Urban Development Authority (Huda), the

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Curbs on tubewell registration in dist

by Paul Joseph February 28, 2012 Uncategorized

GURGAON: Going by the directions of Central Ground Water Authority (CGWA), new tubewells in the extended area of Gurgaon district including rural areas of Pataudi, Farukhnagar and Sohna will be registered only in cases where extraction is for agricultural or domestic purposes. This decision was taken in a meeting of the District Task Force where the deputy commissioner, P C Meena, laid emphasis on curbing the rampant misuse of water in the district already falling in the “dark zone”. According to records, the state government had carried out the task of registering tubewells and borewells in the district between October 2000 and March 2001 after which no such activity was

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