financial

Land mafia grabs 2,500 acres of Noida riverfront for township : North News – India Today

by Paul Joseph February 6, 2012 Uncategorized

Thousands of acres of fertile land in the floodplains of the Hindon River – an ecologically sensitive zone – has been usurped by the land mafia in Noida and illegally sold to buyers for constructing houses. Already, hundreds of concrete structures have mushroomed on these plots, some houses sitting only metres away from the river’s course. The district administration is aware of the plunder of

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GMR Infrastructure’s airport unit increases on $131 mn

by Paul Joseph July 7, 2011 Uncategorized

Bangalore-based ] remarked on Wednesday its unit GMR Airports Holding has hoisted $131 million by means of a matter of compulsorily adaptable preference shares, which can be changed at the time of public offer. Standard Chartered Private Equity (Mauritius) III Ltd., JM Financial-OLD Lane India Corporate Opportunities Fund I Ltd., JM Financial Trustee Co and Build India Capital Advisors LLP have assured to the preferred shares, GMR remarked in a narrow filing. The company didn’t make out how much stake the investors will hold in the unit upon alteration of the preference shares, and when the shares will be changed. “This is the second tranche of funding for the airport division,” announced A Subbarao CFO GMR Infrastructure. In March, the company remarked Macquarie SBI Infrastructure Investments had invested $200 million in its unit, GMR Airports Holding Ltd, which goes the Delhi real estate and property in Hyderabad airports. The airport business accounts for 46% of the company’s revenue. The company had previously uttered that fresh fund raising is piece of the company’s earlier plan to grow Rs 1500 crore. “The currency would come to GMR Infrastructure and would be used as expansion capital crossways diverse business verticals ,” Subbarao. GMR’s net debt as on December 31, 2010, stood at Rs 14,628 crore, while its airport business itself has a debt of approximately Rs 9,200 crore. The clean equity infusion may as well assist the company to pay back short term loan., analysts tracking the GMR group declared.

Tagged as: airport, airport division, airports, financial, gmr airports, gmr infrastructure, infrastructure, investors, preference, preferred, real estate

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India Trying to Build Consensus on Liberalising FDI in Retail

by Paul Joseph June 29, 2011

India is trying to build a consensus on liberalising foreign direct investment (FDI) in retail and defence, finance minister Pranab Mukherjee today told a gathering of business leaders and policy makers in Washington. “Discussions are under way to build a consensus on further liberalisation of the FDI policy in retail and defence,” Mukherjee said. Differences exist within the Indian government on the appropriate policies for foreign direct investments in the two sectors. The commerce ministry has proposed majority FDI in defence and retail, but the defence ministry wants a maximum of 49 per cent FDI in its field. Some other ministries are opposed to the freeing up of retail and have asked foreigners to invest heavily in cold chains and retail logistics. Mukherjee will be holding talks on bilateral economic partnership with US treasury secretary Timothy Geithner from tomorrow. The US wish list includes the opening up of Indian industry and the financial sector. “We are just at the very beginning of unlocking the enormous potential of this relationship,” Geithner told the same gathering. “India is at the point now where future growth will depend on the success of the next wave of reforms,” Geithner added. Washington is keenly awaiting New Delhi’s moves on retail. The Indian government allows 51 per cent FDI in single-brand retail and 100 per cent in wholesale cash-and-carry. However, multi-brand retailers such as Walmart and Tesco are barred. An inter-ministry group on inflation under Mukherjee’s chief economic adviser Kaushik Basu has recommended the opening up of the sector. However, the government has sought time to bring on board its allies as well as the Opposition parties, who fear for the future of small retail stores. Research shows a well developed retail chain can eliminate middlemen in the food business — who pocket 60-80 per cent of the price paid by a consumer. Organised retail comprises just 4 per cent of the business. Limits on defence FDI, now at 26 per cent, have become a bone of contention between not only the defence and commerce ministries, but also between foreign investors and Indian corporate houses. Foreign aerospace firms backed by European embassies have been making a case for 74-100 per cent stake; only then can they bring proprietory technology into India, the companies said. Indian corporate houses engaged in defence such as the Tatas, Mahindra and L&T are, however, bitterly opposed to such a blanket relaxation and have instead argued in favour of relaxing FDI to 49 per cent, with Indians remaining in majority control. Assocham in a note to the government has also sought FDI cap to be kept at 49 per cent. Ficci has even said that 49 per cent FDI should be allowed as a special case.

Tagged as: business, companies, defence, european, fdi, financial, food, india, indian, moves-on-retail, opposition, per-cent, real estate, real estate developers, walmart

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Big Realters Moving Towards Small Cities.

by Paul Joseph June 23, 2011 Uncategorized

NEW DELHI: Growing demand for homes in smaller cities of the country is attracting real estate biggies. Cities like Bhopal, Bhubaneswar, Coimbatore, Indore, Jaipur, Lucknow , Nagpur, Surat , Vadodara and Visakhapatnam are estimated to add 354 million sq ft of residential development in the coming 03 years. According to a research, large builders like DLF , Unitech , Parsvnath , Omaxe , Ansals and Emaar MGF have already diversified into these cities. These cities today show huge potential for growth. These cities are attracting the big developers because of their considerable price stability and growth prospects. With economic activity picking up in these cities, there is a growing migration from smaller areas, which has created a shift towards an apartment culture . This shift will foster volumes for larger developers in the future. Looking at this new demand, banks and financial institutions are also looking towards these cities to bridge the financial saturation gap.The growth prospects in the smaller cities are fascinating huge developers with multi-city existance.

Tagged as: bhubaneswar, big-developers, coimbatore, considerable, country, financial, foster-volumes, large-builders, looking-towards, price-stability, real estate, shift-towards, smaller-cities, these-cities, visakhapatnam

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Regions Where the Property bazaar Is About to Rise

by Paul Joseph June 20, 2011 Uncategorized

One of the chief motives that could make you purchase a home is the first-class position of property bazaar . When we utter the residential bazaar is good, it is actually remarking that the projection of the value of the real estate commodity is progressively growing. Therefore, one can obtain a lot in making business in the residential market for the subsequently couple of years. It is as banking an investment for potential increase. There are lots of motives why the real estate market in a firm place goes up. The well-liked reason would be the attendance of monetary expansion in the place. As a property specialist remarked, the financial system is the superstructure of the society that concerns all foundations like society and politics. This is presently a theory, but is rather correct for the bazaar. The financial development in a confident place could harness development in population, employment opportunities, and some requirement. One of the essential requirements that arise out of financial opportunity is the housing want. Some property experts in the India real estate listed some territories that exhibits the symbols of property market uprising. This could be caring and motivating for investor. If we talk about Noida Property in India, having a low population, Noida is place for fast and impressive developments, since it is calmly condensed still. If you paying attention on construction, you can see that Noida is the top most city in the rank of construction, industry and impressiveness.

Tagged as: accent, colorful-shading, employment opportunities, financial, light-list, light-shading, medium-grid, noida property, reference, society

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Untech Chairman Benefited from 2G Scam: Enforcement Directorate Claims

by Paul Joseph June 16, 2011

Enforcement Directorate has named chairman of realty company Unitech, Ramesh Chandra along with his son as beneficiary to the tune of Rs 1,749 crore in equity sale to Telenor Asia in 2008. Ramesh Chandra’s son, Sanjay Chandra who is also chairman, Unitech Wireless is already in judicial custody for the transaction that is being probed by both CBI and ED. In his deposition to Joint Parliamentary Committee (JPC) probing the 2G-spectrum scam, enforcement director Arun Mathur said that Unitech that issued shares to Telenor Asia at a price of Rs 179 per share, had 100 per cent equity holding of Rs 138 crore in eight licencee companies. After issue of fresh equity of 67.25 percent for Rs 6,135 crore to Telenor, ED said the notional value of these shares went up to Rs 2,480 crore, netting the company a gain of Rs 2,342 crore, reports Financial Chronicle. “Since before the tie-up with Telenor, Sanjay Chandra and his father had acquired 75 per cent of Unitech equity holding in the 8 licencee companies at face value cost of Rs 103.5 crore, the father and son duo cornered net gain of Rs 1749 crore,” Arun Mathur had told JPC in his presentation on June 8. Unitech spokesperson said, “There is a misconception that Unitech and its promoters made a huge profit by selling their stake in Unitech Wireless (Uninor) to Telenor.” “We reiterate that Unitech Wireless (Uninor) has only issued fresh shares to Telenor and neither Unitech nor its promoters have sold their shares to Telenor. In case of fresh issue of shares, entire investment from Telenor was received in Unitech Wireless (Uninor) and remains in Unitech and there was no gain to Unitech or its promoters on this account” Unitech said. Ramesh Chandra and Sanjay Chandra are not holding any shares of Unitech Wireless (Uninor) and the entire economic interest in respect of Unitech Wireless (Uninor) remains with Unitech, the spokesperson added. Mathur said that father-son duo’s equity stake was spread across three companies that were fully owned by Chandras. “On October 25, 2008, Unitech passed a board resolution to transfer majority stake of its equity holdings at face value in eight licencee companies to three other companies by the name Acorus, Cestos and Simpson that are fully owned by Sanjay Chandra and his father Ramesh Chandra,” Mathur said in his deposition to JPC. A joint team of officials from ED and CBI is currently visiting tax havens like Isle of Mann, Jersey and Cyprus to probe the financial dealings of Unitech’s overseas subsidiaries registered there.

Tagged as: father, financial, mathur, presentation, real estate, real estate developers, real estate india, sanjay, sanjay-chandra, telenor, telenor-asia, transaction, unitech, unitech-wireless

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Real Estate Sector Loans Poses Concerns: RBI

by Paul Joseph June 15, 2011

The real estate sector has posed “some concerns” given the large and growing share of these loans in the credit portfolio of banks, its non-performing assets (NPAs) witnessing higher-than system level NPAs growth, and potential of greater slippages into NPAs, the Reserve Bank of India said in its Financial Stability Report. “Going forward, the asset quality in this segment may come under further pressure given the increasing interest rate environment. There is also some anecdotal evidence of increasing inventory levels in the sector even as prices continued to remain elevated,” the RBI said.

Tagged as: even-as-prices, financial, given-the-large, gurgaon, increasing, pressure, real estate india, reserve, reserve-bank, the-increasing, under-further

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Real Estate Sector Loans Poses Concerns: RBI

by Paul Joseph June 15, 2011

The real estate sector has posed “some concerns” given the large and growing share of these loans in the credit portfolio of banks, its non-performing assets (NPAs) witnessing higher-than system level NPAs growth, and potential of greater slippages into NPAs, the Reserve Bank of India said in its Financial Stability Report. “Going forward, the asset quality in this segment may come under further pressure given the increasing interest rate environment. There is also some anecdotal evidence of increasing inventory levels in the sector even as prices continued to remain elevated,” the RBI said.

Tagged as: financial, india, property prices, real estate, reserve, sector

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Property flourish-ment in India

by Paul Joseph June 10, 2011 Uncategorized

India real estate has appeared as solitary of the profitable destinations to reap assured returns on property investment. The enjoyment of different residential and commercial Properties in India has been fairly good in the middle of the other Asian countries. Terra-firma of a property whether a housing or commercial space, is one of the chief consideration before purchasing. The tactical terra-firma of Indian continent and its guiding cities has inserted hugely to the growing significance of India as an industrial and commercial hub. Its capital Delhi real estate present outstanding connectivity of metro trains has impressed quite a few investors as of the globe. The system of metro train in most of the metropolitan is offering a quick and tranquil commutation. The beginning of metro has considerably included to the property development in Indian cities. Realizing the real estate development, many property giants have covered superb residential architecture in Indian cities. The Indian cities in the current past have observed a massive incursion of multinational firms. This influx can be payable to the financial development of the nation. Some of the flourishing India real estate markets are Mumbai, Bangalore, Gurgaon, Hyderabad et cetera. Gurgaon property market presents lots of commercial and residential gaps that are leap to get huge approval in coming future.

Tagged as: financial, flourishing, gurgaon property market, india, indian cities, medium-grid, metropolitan, shading

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250 Indian Projects to feature at Dubai Expo

by Paul Joseph June 6, 2011 Uncategorized

Dubai: More than 250 projects worth $2200 million will feature at an upcoming Indian real estate show in Dubai. The eighth edition of the Indian Property show is scheduled from June 16 to 18 at Dubai World Trade Centre. Organised by Sumansa Exhibitions, the show is expected to generate business worth $58 million, a statement said. Seventy per cent of the projects at the exhibition are residential while 30 per cent offer commercial and retail space, it added. Visitors will be able to look at a spectrum of properties available, different investment options, financing sources, Vaastu consultations and sorting out legal queries. “The Indian property show connects buyers and developers at an opportune time, with the Rupee slated to be strong against the dollar and demand for property at a high, we will again witness rise in property prices in India in near future and hence this is a right time for the investors to buy the property,” said Sunil Jaiswal, CEO Sumansa Exhibitions. “Also those keen to expand their financial portfolios with real estate as a hedge against rising inflation and those looking to maximize their ROI should definitely visit Indian Property Show.” “Buoyant with the response we received last time, we decided of making this show biannual this year. Investors, buyers and Developers all have encouraged us to hold the show again after 6 months. The last show saw more than 17000 visitors; we expect a similar response this time as well,” he added. The exhibition also features property and investment seminars by property industry gurus, international fund managers, and legal advisers. This year the seminars aim to guide the buyers on the booming real estate markets within India along with the benefits of investing now. Anuj Malik, sales head, GCC for Unitech , one of the prime exhibitors at Indian Property Show, said: “ The global meltdown, unrest in few parts and job uncertainty may have also prompted the NRI’s in UAE to buy property in India. Catching up on these trends Indian realtors is going that extra mile to make homes that fulfill individual’s aspirations and are still affordable.” “We are participating in the upcoming Indian Property Show with aggressive pricing of INR17 lacs ($38,000) onwards and providing all options such as first time buy, second home, investment option, budget homes & holiday homes.” Ajay Sachdewa, regional head-Dubai & GCC, HDFC, a leading India-based bank, said: “Through this exhibition we plan to meet potential customers and we foresee a strong demand as Indian property market has revived very quickly as compared to other markets in the world.” “This is due to strong RBI policies, Government planning and healthy credit history. HDFC has made it easier for the Gulf based NRI’s to apply for a loan to HDFC – India.” “HDFC through its office in Dubai and all the GCC countries through Service Associates, now offers advisory services in real estate finance to the Middle East based Non-Resident Indians who wish to acquire homes in India. These offices will coordinate the entire loan process in India,” he added.

Tagged as: dubai, financial, government, india-catching, indian, markets, middle-east, real estate, real estate india, time, uae, year

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