An estimated 30 million NRIs, living in 130 countries, are sending remittances back home regularly. According to the World Bank, India continues to retain the top slot in remittances by expatriates from abroad. India will beat China in receiving the highest amount of remittances for five consecutive years. For 2011, NRI remittances are likely to touch 4 58 billion against China’s 4 57 billion. In 2010, India received 4 54 billion in foreign exchange remittances , three percent of India’s GDP, beating China’s 4 53 billion. The rupee depreciation and West Asian currencies linked to dollar which is appreciating against the rupee are major driving forces that resulted in a

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Licence of Mayfield Gardens cancelled GURGAON/ CHANDIGARH: The department of town & country planning (DTCP) on Saturday cancelled the licence of Mayfield Gardens and asked senior town planner (STP) in Gurgaon to take control of the colony for administrative purposes. “The licence has been cancelled as the promoters of the colony failed to maintain civic amenities like internal roads and community services,” said T C Gupta, director general DTCP, Haryana. This is in addition to the default in payment of Rs 23 crore by the promoters of the company on the account of external development charges (EDC) and annual licence fee outstanding against the colony, Gupta added. The department had

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Ahmedabad: Buoyant economy and influx of industries has seen a two-fold rise in prices, says Avinash Nair For real estate companies, Ahmedabad has turned out to be a proverbial goose that lays the golden eggs. Property prices across the city have doubled since 2010. While Godrej Properties, which got a major chunk of its revenue in the last quarter from just one project here, is reaping the benefits of being the first-mover among the real-estate bigwigs, others like the Hiranandanis, the Ajmeras, the Tatas and the Adanis too have established their bases in Ahmedabad over the last couple of years. The reasons are not far to seek. Real-estate experts believe

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“Not privileged, has no bearing on law and order which could prevent it from being disclosed,” says Lokayukta The Delhi Lokayukta on Thursday allowed a request by the complainants in the unauthorised colonies scam case to have access to the inquiry report submitted before the Ombudsman by the Secretary (Revenue). The complaint filed by former MLA Ramvir Singh Bidhuri and Arun Rai had alleged that provisional regularisation certificates had been issued to some non-existent colonies. In response to a report sought by the Lokayukta, the Secretary (Revenue) had filed a report but demanded that it may be kept in a sealed cover. Lokayukta Manmohan Sarin said Abhijit Bal, counsel for

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Halt construction at Dadri wetland: Ministry GREATER NOIDA: Following reports of the alleged encroachment around Bil Akbarpur wetland area in Dadri, the ministry of environment and forests (MoEF) has issued a show cause notice to the Uttar Pradesh government. The ministry has ordered the government to halt ongoing construction work in the area with immediate effect, said sources. Environmentalist Anand Arya, who has been at the helm of efforts to rescue the wetland area – an erstwhile safe haven for at least 200 species of birds – said that the MoEF notice had come following the recent visit of state and ministry officials to the site to look into reports

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Mumbai: Stating that banks have been found overstating value of houses they finance by adopting practices like including stamp duty and other charges in the cost, the RBI today directed lenders to refrain from such practices. “It has been brought to our notice that banks adopt different practices for deciding the value of the house property while sanctioning housing loans. “Some banks include stamp duty, registration and other documentation charges in the cost of the house property,” the Reserve Bank said in a circular. It said this leads to overstating of the realisable value of the property as stamp duty, registration and other documentation charges are not realisable and consequently

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The year 2011 was a bad one for equity as an asset class. Investors not only lost a part of their portfolio due to the decline in the market prices of shares but also their confidence in that asset class. The price erosion in equity was sharp and swift, and left many investors shaken enough to think twice before venturing into equity again. For such investors, property is one of the safest and most usable avenue, and an investment with reasonable yield. Property has consistently out-performed traditional investment options such as bonds and with no correlation to the volatility in the stock markets. Today, property is the only physical asset

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Hong Kong’s new government headquarters costing $670 million was effected by a fatal bacterial disease causing many people to fall ill. The bacteria spread through tiny water droplets circulating in buildings, and was found in 11 locations in the complex, including the offices of the chief executive and the chiefs of seven departments, in addition to three food facilities. The US Environmental Protection Agency has reported that sick buildings cause an estimated loss of $61 billion a year in employee absenteeism, medical costs, reduced productivity, and lower earnings. BUILDING SICKNESS The term “sick building syndrome” is used to describe the occurrence of acute health and comfort effects experienced by the

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Eleven bank lockers of liquor baron Ponty Chadha were sealed today by the Income Tax department which claimed to have seized cash and jewellery worth Rs 15 crore during searches carried out at his premises in U P and Delhi. “Cash worth about Rs five crore and jewellery valued at about Rs 10 crore have been seized after operations were conducted at various places in U P and Delhi,” I-T sources said after raids at the premises of Chadha and his associates. Eleven bank lockers have been sealed. However, the premises, including a mall owned by Chadha in Noida near Delhi, covered during the searches are free for operation by

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India has a dynamic and rapidly evolving real estate industry catering to the housing needs of a growing urban population. The choices available to buyers today range from plotted developments to apartments to group housing complexes. An increasing number of real estate developers have graduated from selling not just a home, but one with a lifestyle attached. Most projects are marketed that way, and most home buyers are attracted to the spin. Given today’s hectic lifestyles buyers are keen to look for developments that offer stress-free living. In addition to key features like environment-friendliness, security, recreational facilities, convenience stores, proximity to hospitals, schools, workplace etc., the major factor that one

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