With 903 registered property dealers, Gurgaon has topped the list of districts in Haryana since the state started the registration of real estate agents. The registration of the dealers was started to make such intermediaries in the property business more accountable and responsible. Responding to a review meeting by the revenue secretary Naresh Gulati through video conferencing, Gurgaon deputy commissioner P C Meena said that the district administration has started a survey for identifying property dealers operating without a valid license.

Sources in the district revenue department said that the number of agents registered falls far below the actual number of real estate consultants operating in the city. Gurgaon has a growing number of property dealers because of the booming real estate market. The city offers several options for housing and commercial space for those who are shifting here for employment or business. Gulati has asked all the DCs to keep a watch on the property dealers and get them enrolled with the state authority. He said that individuals have to pay a licence fee of Rs 25,000 for registration while in case of any organization, company or society the fee is Rs 50,000. The licence is valid for five years and thereafter it has to be renewed. For individuals, the renewal fee is Rs 5,000 while for any organizations, company or society it is Rs 10,000.

Infrastructure

Haryana orders parking policy to free Gurgaon
Tuhin Dutta, Gurgaon
 The Indian Express 

The Haryana government has finally woken up to the need for a parking policy in the state, especially in the Gurgaon division, which is suffering from parking issues and traffic congestion. Haryana Chief Secretary Urvashi Gulati on Tuesday directed the Haryana Urban Development Authority (HUDA) to prepare the draft of a parking policy for the state.

Secure Airport Metro link for free or subsidise: Reliance Infra
Sweta Dutta, New Delhi
 The Indian Express 

Grappling with high expenses incurred on security personnel deployed at the Airport Metro Express Line, the Reliance Infrastructure-led concessionaire now wants the government to foot the bill. The company has written to the Urban Development Ministry, which has a 50 percent stake in the Metro rail network, requesting that the security be provided for free or at a subsidy. It is at present unclear if the government will concede, as according to the concession agreement signed between the Delhi Metro Rail Corporation (DMRC) and the company, the expenses for security are to be borne by the latter. However, considering the huge expenditure incurred by the company for the project — which is yet to completely take off, with two stations on the line yet to open and the ridership still to touch the estimated figures — the government might make certain provisions for the company, sources said.

Morgan Stanley-Isolux to invest up to $400mn in highways
New Delhi
 The Hindu Business Line | The Financial Express |

Morgan Stanley Infrastructure (MSI) and Spanish Group Isolux Corsan have decided to jointly invest $200 million each in the Indian infrastructure sector, preferably highways. The $400 million investment will be routed through a holding company Isolux Corsan Concesiones.

New parking lot projects nearing completion
New Delhi
 The Hindu 

Perennial traffic congestion owing to car parking on roadsides near the crowded Sarojini Nagar market could soon be a thing of the past with the automatic multi-level parking lot being constructed by the New Delhi Municipal Council expected to be completed by June 30.

Helipad soon in Greater Noida
Parmindar Singh, Greater Noida
 The Tribune 

Knowledge Park- 4 is being developed as the nucleus of important activities in Greater Noida. According to sources, the park has been selected for developing the first helipad in the hi-tech city, a 20-storey office complex of Greater Noida Authority, offices of a number of multinational corporations, a Metro station and 130-metre-wide express way will also pass touching it.

Hospitality

Temple towns hotspots for global hotel chains
Bangalore/Kolkata
 The Economic Times  

For many a well-heeled, a pilgrimage is no longer about an arduous journey to meet God, it is nirvana luxe. And sensing a growing opportunity, international hotel chains are leaving no stone unturned to rake in the moolah. Several hotels including Golden Tulip Hospitality, Hyatt, Marriott, Carlson Hospitality, Starwood and Best Western, among others, are lining up properties at leading temple towns as the number of the deeply devout having even deeper pockets grows by the day.

Small temple towns such as Shirdi, Amritsar, Haridwar, Tirupati, Ajmer , Katra-Vaishnodevi, Madurai and Mathura, are quickly turning into goldmines for the hospitality trade.

Information Technology

New IT park to provide 2.7 lakh jobs: Minister
New Delhi
 The Hindu | The Pioneer 

In keeping with its growing status as a service sector-oriented city, Delhi is soon going to take huge strides in developing its information technology infrastructure. A knowledge-based IT Park is now being set up at Bapraula village and would boast of Delhi Metro connectivity, Delhi Labour and Industry Minister Ramakant Goswami said on Tuesday. Delivering the valedictory address at the two-day regional consultation on approach to the 12th Five Year Plan at Delhi Secretariat, the Minister said the IT Park would come up on an area of over 71 acres at a cost of Rs.1,500 crore. It would provide direct employment to about one lakh people and indirect employment to another 1.7 lakh.

ll be towards equity to highway development projects, being implemented by Isolux Corsan in India. Remaining investment will be routed for new and brownfield projects.

Now Indian IT cos begin outsourcing jobs to US
Business Today

US President Barack Obama rode to power on the promise of stopping American jobs from being outsourced to India.

Ironically, the Indian IT and IT services companies targeted by him may actually be bailing out unemployed Americans by hiring thousands in BPO jobs, in a US economy still struggling to cope with the aftermath of the worst recession since World War II. Outsourcing has come full circle.

Internet contributed 3.2% to India’s economy in 2009: study
Mint

The Internet contributed 3.2% of India’s gross domestic product (GDP) in 2009, according to a study conducted by the McKinsey Global Institute (MGI), the economics research arm of consultant McKinsey and Co.

It accounted for 5% of the country’s GDP growth in the five years ended 2009, 2 percentage points more than the average of Bric (Brazil, Russia, India, China) nations, said the study titled “Internet matters: The Net’s sweeping impact on growth, jobs, and prosperity.”

They might reside outside India, but the financial connectivity of non-resident Indians (NRIs) with their homeland is as strong as perceived. From regular remittances to investments in real estate and gold, and from using major Indian banking and financial brands and institutions, to turning to the Internet for facilitating money transfers back home, they are very much a part of India’s growth story. All this and more are the findings of an online survey of NRIs across the globe, conducted recently by market research firm Juxt with a sample size of 1,770 NRIs. The study, titled, ‘NRI Online 2011’, throws light on the Indian connectivity of NRIs.

Mumbai floor space index up; city due for realty boom
The Economic Times

MUMBAI: Maharashtra Chief Minister Prithviraj Chavan has increased floor space index to 3 from 1.7-2 for redevelopment of old buildings in Mumbai. This paves the way for builders to construct three times the area of the size of a plot. The rest of the area can be commercialized, an incentive for builders to purchase the buildings.

Real estate adds over Rs 1 lakh crore to Delhi’s GDP
New Delhi, May 23, 2011
 Financial Chronicle  | The Economic Times 

Real estate services added over Rs one lakh crore to Delhi’s GDP of Rs 2.58 lakh crore in 2010-11, emerging as top contributors to the city’s economy and reflecting the rapid growth and buoyancy in the sector. The real estate sector, which includes property brokers, home buyers, land owners, property owners and housing finance institutions, contributed 39.69 percent to the gross state domestic product (GSDP) of the city at current prices, according to latest Delhi Government statistics. The contribution of the sector has gone up to Rs 1.02 lakh crore in 2010-11 compared to Rs 35,885 crore in 2004-05, registering annual compound growth of 19.16 percent in the last six years.

According to global real estate consultant Jones Lang LaSalle, the sector will witness further growth with most companies operating in the city firming up expansion plans or executing real estate growth plans with upswing in the economy.

Realty rates begin to rise
Aarthi R, Bangalore, May 23, 2011
 The Times of India 

Though a revision in land guidance values is yet to take effect, property prices have already started moving up in some areas. According to real estate dealers, many areas in Mahadevpura, RR Nagar and Sarjapur are already seeing an abnormal increase. “What was Rs 200-300 per sqft in Sarjapur area in 2000, is now Rs 4,000 per sqft. Even in 2007, it was only Rs 1,000-1,500 per sqft,” said one agent. Many areas of North Bangalore have also seen an abnormal spike in prices since 2007, when the guidance value revision triggered a 100-400 percent rise in upmarket areas, though the outskirts were barely developed.

Infrastructure

Yamuna e-way to open soon
Purusharth Aradhak, Greater Noida, May 23, 2011
 The Times of India 

The much-awaited Yamuna expressway will be open to the public soon. The interchange work has been completed and finishing touches are being given to the project, which is likely to be ready by the end of this month. The farmers’ agitation over land acquisition had delayed work on the project. The 165-km-long expressway is being constructed from Greater Noida to Agra. Before the Bhatta Parsaul agitation started, the Yamuna Expressway Authority had said that the first phase, from Greater Noida to Jevar, would be completed by the end of June. The clash between farmers and police on May 7 in Bhatta-Parsaul disrupted the project work and later, the farmers in Agra and Aligarh also joined the fray and tried to halt the project between Greater Noida and Jevar.

Efforts on to strengthen energy, infrastructure: PM
New Delhi
 Financial Chronicle  

The government today said it has continued its efforts to strengthen the country’s energy and infrastructure sectors, which have been identified as key areas for India’s economic growth momentum going forward. “We continued our efforts at strengthening the energy and infrastructure sector during 2010-11,” Prime Minister Manmohan Singh said in the UPA government’s ‘Report to the People’. In the infrastructure sector, the government seems to be completing the road projects at a good pace. During the last fiscal, 50 road projects of 5,060 km were awarded, while around 15,450 kms of national highways have been completed under the National Highways Development Project until March 31, 2011.

Infosys is a giant in infrastructure creation too
T.E. Raja Simhan, Chennai, May 23, 2011
 The Hindu Business Line 

A company started by seven people 30 years ago from a small house bought on loan is today sitting on 2,085 acres of land across the globe. That’s the enviable journey of Infosys Technologies Ltd in creating such a huge infrastructure for its employees. The company has so far invested Rs 9,450 crore in infrastructure with a commitment of another Rs 2,500 crore in the next phase. As of March 31, Infosys has 28 m.sq ft of built-up space – equivalent to over 350 soccer fields – with a capacity to accommodate 1,23,000 seats. The 2010-11 Infosys annual report provides some fascinating data on the kind of infrastructure it has created over the years for its 1,30,820 employees across the world.

Cash in on the highways
Vandana Ramnani
 Hindustan Times (Delhi edition) 

According to the new Gurgaon Master Plan, about 50 new sectors are to come up along the NPR stretch, which will include residential, commercial and institutional development. These are likely to comprise of almost 10,000 residential units.

Some of the residential sectors that face the expressway include 113, 111, 110A, 110, 105, 104, 102, 99 and 37 D, among others.

According to Narendra Gehlaut, MD, Indiabulls Real Estate Ltd, that has projects in sectors 103 and 110 ­ both in the advanced stages of construction ­ “the location is close to the airport and under the new MPD 2021, the stretch is directly connected to the 100 m road. Going forward, prices in this area are bound to go up.” The QVC Realty Company also has two projects in the area. Both are joint ventures, one with Sobha Developers and Chintels and the other with Uppals. If the rates in DLF Phase I and II are Rs 1,50,000 per sq yard, prices in the new sectors.

NCR plans $55-million facility
Hyderabad
 The Hindu Business Line | Financial Chronicle 

NCR, the US-based provider of self-service technology and products such as ATMs, is planning to set up its second global headquarter in India by investing $55 million. The facility could house 4,800 employees. The company might hire space in a special economic zone for 10-12 years. Hyderabad is among the destinations it is considering to locate the headquarters.

Haryana’s land revenue records to be linked through satellite
Chandigarh
 The Pioneer |

Haryana’s entire land revenue record would be linked through satellite under the National Land Record Modernisation Programme (NLRMP) as a pilot project for the same was launched in the Sirsa district of Haryana on Tuesday. This ambitious programme has been implemented by the Union Ministry of Rural Development.

Japanese team, Delhi Metro discuss Phase-III
New Delhi
 The Economic Times (Delhi edition)  |

Amid hints that Japan would not halt funding of infrastructure projects in India despite the devastation by tsunami there, a high-level Japanese team on Tuesday held discussions with Delhi Metro officials on the Phase-III project. The team from Japan International Cooperation Agency (JICA) met officials of the Delhi Metro and discussed the project, which has been approved by the Delhi government. The Phase-III envisages adding another 107 km to the Metro network. Currently, Delhi Metro has a network of over 180 km. The Detailed Project Report of the Phase-III is currently being examined by the Planning Commission and Group of Ministers of the Union government.

Metro Phase-III plan clears funding hurdle
New Delhi
 The Pioneer |

The first hurdle in funding of Delhi Metro Phase-III project was removed on Tuesday. The Delhi Metro on Tuesday detailed a high-level team of Japan International Cooperation Agency (JICA) on the technical and financial aspects of the upcoming projects. According to Delhi Metro Rail Corporation (DMRC), the JICA, which appreciated the financial requirements for the estimated Rs 32,000-crore project, will take up the matter further ahead with the authorities in Japan and the Urban Development Ministry in India. The latest development is likely to clear the doubts over the funding issue due to the tragedy that struck Japan recently.

Economy

Our efforts are bearing results: Vineet Nayyar, Mahindra Satyam
The Economic Times

ET Now caught up with CP Gurnani, CEO, Mahindra Satyam; Vineet Nayyar , Chairman, Mahindra Satyam; and Vasant Krishnan, CFO, Mahindra Satyam for their views on Q4 earnings and the company’s performance .

Excerpts:How did you manage to do it? Put the quarter into perspective.

Vineet Nayyar: Lot of hard work by the entire team, but I had always indicated that we were on the right trajectory and I think all the efforts panned out. We were lucky, but even better in my mind is the fact that we have been able to do way with all the uncertainties which surrounded the company in terms of legal actions. Whether it was class-section suit, whether it was you paid, whether it was SEC , I think they have all been put to bed, all their costs are reflected in the extraordinary cost which came out this quarter or major part of it which came out this quarter and which gave a bit of a trauma to the market, but these numbers were always in the public domain. The only thing is we have paid them out now and taken a charge for it. The road is more or less cleared. Our efforts are bearing results. Our trajectory is right and with the grace of god, we will be able to join the big boys very soon.

Mahindra Satyam to hire nearly 17,000 this fiscal
The Economic Times

HYDERABAD: In an indication of its turnaround process, IT firm Mahindra Satyam today said it will hire nearly 17,000 people this fiscal as business sentiment improves for the country’s IT industry.

“We will hire more than 12,000 people this fiscal and another 5,000 will be hired from campuses, either from engineering or management colleges,” Mahindra Satyam, Head of recruitment, M V Sridhar told PTI.

Currently, Satyam has a total headcount of around 30,000. This year’s hiring would take the company’s headcount to about 50,000, about 3,000 less than its pre-crisis staff strength of 53,000.

Indian companies hiring workers in North America: Report
The Economic Times

WASHINGTON: Faced with rising wages at home, India’s outsourcing giants have looked for growth opportunities in the US with many of them hiring workers in North America, according to a media report.

With Washington crimping visas for visiting Indian workers, some companies such as Mumbai-based Aegis Communications are slowly hiring workers locally as their largest corporate customers are based in North America, the Washington Post reported Sunday.

Apollo ties up with London varsity for diploma courses
Sangeetha G., Chennai, May 23, 2011
 Financial Chronicle  | The Economic Times | The Financial Express  | The Hindu Business Line 

Apollo Hospitals has signed an MoU with University College London (UCL) for collaboration in educational and research initiatives in health sciences. With medical college projects on the anvil, Apollo is also likely to take the collaboration with the university to that level in future. The MoU was signed in London early this month by Shobana Kamineni, executive director (new initiatives) on behalf of Apollo Hospitals Enterprise and by Michael Worton, vice-provost (academic and international) on behalf of UCL.

Initially, joint diploma programmes in areas like diabetology will be conducted by the entities. Further, doctors of Apollo Hospital will receive specialised training from the university. According to Preeta Reddy, managing director of Apollo Hospitals, the company proposes to have medical colleges in Chennai, Hyderabad, Chittoor and Madurai.

Information Technology

Phase I of IT park almost ready
Gulbarga (Karnataka), May 23, 2011
 The Hindu 

The much-awaited information technology (IT) park that will provide employment opportunities for trained professionals in Gulbarga is in its final stages of completion. The first phase of the building, which will house offices, is coming up fast on the outskirts of Gulbarga on the ring road. The Karnataka State Electronics Development Corporation Ltd. (KEONICS), which was entrusted with the responsibility of establishing the IT park, decided to take up the work in three phases.

Housing Finance

BoI offers cheapest home loan rate
Mumbai
 The Financial Express 

Despite rate hike by other banks, Bank of India is offering home loans at base rate (at present 10 percent) till June end up to loan of Rs 25 lakh for repayment period up to 10 years. BoI’s home loans have grown up from Rs 6622 crore to Rs 7057 crore during last one year.

RBI ups priority cap on housing loan
Mumbai
 The Times of India 

The RBI on Friday raised the maximum limit of housing loans that will qualify as a priority sector loan from Rs 20 lakh to Rs 25 lakh. RBI said all loans sanctioned on April 1, 2011 or later will qualify under the enhanced limit. Under the changed rules, loans up to Rs 25 lakh, irrespective of location, to individuals for purchase and construction of dwelling unit per family, excluding loans granted by banks to their own employees, will be eligible for classification under priority sector.

Hospitality

Starwood will have 100 hotels in India by 2015
Business Standard

Starwood Hotels & Resorts Worldwide Inc plans to have 100 hotels in India by 2015 and aims to make the country its third-largest revenue contributor after the US and China by 2013-14, its chief financial officer said.

The company will expand in India and China via management contracts, chief financial officer Vasant Prabhu told Reuters.

Zinc Hospitality to bring its own brands to India
Business Standard

Real estate company Zinc Hospitality, which holds equity in properties like Taj Safaris, Taj Asia, Hilton in New York and India Safaris, is getting its own brands to India. The company has partnered hotel management company, Bangkok-based InVision, to launch its brands – Glow Studios and Zinc City — for the mid-market segment.

It plans to invest $40 million in four properties to be developed in India by 2013 — in Greater Noida, Surat and Cochin. “We have been a sleeping giant. Seven years ago, we wanted to create our own brand, it took us some time to accumulate assets and projects,” said Rahul Chaudhary, executive director, Indian sub-continent, Zinc InVision Hospitality. The company plans to develop another 15 hotels in the same category through a mix of ownership and management contracts. It is also on the look out for existing properties which can be renovated into hotels. “Initially we want to have equity stake in our projects and build our brands. Later on, we would like to have a strategic investor at the property level,” said Kevin Beauvais, chief executive officer and co-founder, Zinc InVision Hospitality.

Policy

Govt may allow education bodies to float bonds
Business Standard

The move will require modifications in Companies Act.

The ministry of human resource development (MHRD) is considering allowing educational institutions to float bond issues for fund generation.

“At present, we are working on some of these ideas. We are also thinking of a national education finance corporation, which can tap into a lot of such resources. We will try to put it all together and work it out as a strategy in the new scheme in the 12th Five-year Plan,” a senior MHRD official told Business Standard. A widely-accepted concept in the West, a bond issue allows institutions to tap into the vast pool of not only their alumni network, but also people who wish to do their bit for the education sector.

Govt to Take Decision on FDI in Multi-Brand Retail Soon: Confirms Scindia
Indian Realty News

The government is expected to take a decision in the next three months on allowing foreign direct investment in multi-brand retail, a long pending issue, a new National Manufacturing Policy creating an investor friendly environment is also likely, Minister of State for Commerce and Industry Jyotiraditya Scindia said today. “We are committed to the issue on FDI in retail…I think over the next quarter you will see a decision and an announcement on both the issues,” Scindia said at Export Promotion Council for EOUs and SEZs award function here.

A cabinet note on FDI in multi-brand retail has already been circulated by the Department of Industrial Policy and Promotion (DIPP), which had earlier come out with a discussion paper on the politically sensitive issue. According to sources, the government would allow the foreign retail giants with riders which include a minimum investment of USD 100 million, half of which must go to the back-end infrastructure like cold storage, soil testing labs and seed farming. At present, India allows FDI only in single brand retail chains like Nike , Louis Vuitton with a cap of 51 per cent. It also permits 100 per cent overseas investment in wholesale cash-and-carry format.

 West Delhi all Set to Give Stiff Competition to South Delhi
Indian Realty News

From a dreary corner to a happening hub, west Delhi is all set to emerge as a hotspot on the Capital’s shopping and cultural map. With several new recreational and tourism projects coming up almost simultaneously, it is ready to give a stiff competition to south Delhi. While new shopping malls sell ing prominent brands at Rajouri Garden and Subhash Nagar attract people even from south and central Delhi, an upcoming camping site and water sports facility at Kanganheri near Chhawla, a soft adventure park along the national highway 8, a replica of INA’s Dilli Haat at Janakpuri, a football stadium and a Habitat Centre at Dwarka besides a cultural centre right in the heart of west Delhi at Raja Garden are going to change the way people entertain themselves in this part of the city.

Property Registration Cost May Go up in Chandigarh
Indian Realty News

Cost of property registration is set to go up in Chandigarh. The UT estate office has begun finalizing a plan to hike collector’s rate. A 20 per cent rise in the rate is being contemplated. With the collector’s rate a benchmark for sale and purchase of property, the hike would boost property rates, besides resulting in more revenue for the UT by way of stamp duty.

Spadework has been undertaken by a committee constituted in this connection. A final report will be submitted in the last week of May before it is forwarded to the finance department for approval. ‘Real estate prices in Chandigarh are already very high and a break in annual revision of the index leads to revenue loss to the state exchequer,’ said an official. An unrealistic collector’s rate results in the administration losing out on several lakhs of rupees every day by way of stamp duty. The value of property is fixed by the administration for various types and sizes of properties.

Delhi Based Research Firm PE Analytics to Launch Real Estate Price index
Indian Realty News

New Delhi-based research firm PE Analytics has drawn up plans to launch a real estate price index in partnership with a leading commodity exchange. P E Analytics owns and operates PropEquity, an online subscription-based real estate data and analytics portal covering over 27,000 projects of 5,100 developers across 40 cities in India. The data and analytics enable clients to spot market trends and maximise risk-adjusted returns.

Economic Growth will Benefit Indian Real Estate and Retail sector in Years to come
Indian Realty News

Despite the continuing turbulence and uncertainty in other parts of the globe, two economies – India and China – will continue to grow at an annual rate of 8-10%. In fact, by 2020 India will become the 3rd largest economy after China and the US. What will give India’s economy such an edge over the next decade? Actually, it enjoys many advantages that encompass an ever-increasing per capita income and a concurrent domestic consumption pace, which nevertheless leave in their wake a substantial rate of annual savings. Moreover, India’s infrastructure investments will have increased massively by 2020, significantly enhancing its attractiveness for investment.

The implications of such growth potential on the Indian real estate industry are fairly obvious. There is, beyond any doubt, a staggering opportunity in the Indian property sector over the next decade. The writing is on the wall even now – consider the fact that the value of investment-grade real estate under construction in the country crossed $100 billion at the end of June, 2010. Only China can compare with India on this count.

Real estate gets highest investment in Haryana
The Economic Times

NEW DELHI: With Gurgaon, Sonepat , Faridabad and Panchkula humming with commercial and residential building activities, the real estate emerged as the most favourite sector for investors in Haryana in 2010, an Assocham study said.

Of the total investment of Rs 4.3 lakh crore under implementation, real estate accounted for Rs 2.4 lakh crore, it said.

CHENNAI: The cadre and supporters of AIADMK were not the only ones cheering when J Jayalalithaa took her oath as chief minister of Tamil Nadu on Monday. Ripples of her victory over rival DMK were also felt in the corporate world where laptop manufacturers, sensing an opportunity in her triumph, were proposing a toast to the mercurial actor-turned-politician.

The reason for their broad grins was Jayalalithaa’s campaign pledge to dole out free laptops to students of class XI and XII.

Liberalization hasn’t led to education for deprived sections – Apex court
India Edu News

New Delhi: The Supreme Court has said the notion that liberalization and free-market economy in India would generate wealth which the government would use for providing higher education to deprived sections of the society has turned out to be “false and a mirage”.

Bosch to invest $33 mn in India’s edu sector
The Indian Express

German auto component maker Bosch today said it will invest 22.8 million Euro (about Rs 150 crore) over the next 10 years to set up a research centre at Bangalore in association with the Indian Institute of Science.

The amount is under a programme to celebrate the firm’s 125th anniversary and is a part of a total global investment of 50 million euro in the field of higher education in Germany, China, India and the US over the next 10 years.

Infrastructure

Delhi Metro to Vaishali in Gaziabad by July: Delhi Metro Rail Corporation (DMRC)
The Economic Times

NEW DELHI: This summer, the Delhi Metro will cross another border. With trial runs starting in June, the extension of the Yamuna Bank- Anand Vihar line to Vaishali in Ghaziabad is expected to be up and running from July, Delhi Metro Rail Corporation sources said.

For residents of Vaishali, Vasundhara, Indirapuram and Kaushambi – all across the UP border – the opening of the extension line is a much-awaited event. The 2.57km stretch, which will have only two extra stations at Kaushambi and Vaishali, will cater to a large catchment area, say officials. The daily ridership on the Yamuna Bank-Anand Vihar line is expected to jump by 40,000, easily crossing the one lakh figure from the current 90,000.

Related Articles: Metro to Vaishali by July: DMRC

Metro kicks off land acquisition, first TDR issued
The Times of India

CHENNAI: Metro rail has kicked off acquisition of private land as work on building the elevated corridor and stations has begun. A private property owner was given a compensation package for 264 square metres of land that will be acquired for the project at Little Mount on Tuesday.

Chennai Metropolitan Development Agency (CMDA) issued a certificate for transferable development rights (TDR) to Aruna Timbers, one among the four private property owners who applied for this type of compensation soon after their properties were notified for acquisition.

Link DND flyway to Barapullah road, operator tells Delhi govt
Indian Express

Operators of the Delhi-Noida-Direct (DND) flyway have proposed to the Delhi government to connect the Barapullah elevated road to the flyway for better linkage between South and East Delhi.

The offer comes just weeks after Chief Minister Sheila Dikshit asked the Public Works Department (PWD), which manages the Barapullah road, to begin work on extending the flyover over the Yamuna till Mayur Vihar.

Soon, major treatment plant on Gurgaon canal
The Times of India

GURGAON: The Haryana government on Tuesday announced it would set up a major treatment plant on Gurgaon Canal, which supplies water to four districts in the region — Gurgaon, Faridabad, Mewat and Palwal. The water treatment plant will use Israeli technique to ensure optimum use of available water.

This was announced by chief parliamentary secretary (CPS) Dharambir at Nunhera village in Sohna after he laid a foundation stone of the boundary wall of a graveyard.

Real Estate Sector

Builder upbeat about investor confidence in India
Gulf News

Muscat: Investor confidence in India is very high at the moment, according to Niranjan Hiranandani, Founder of Hiranandani Constructions.

Addressing the Indian diaspora here last night at the Crowne Plaza Hotel, the managing director of the Mumbai-based real estate giant painted a rosy picture for those looking for long-time investment in real estate in India.

In reply to a question, the soft-spoken businessman said that opportunities, especially in the West, were disappearing and the trend was definitely towards looking at avenues in India.

Fire cap to mop up $100 million for housing projects
Paramita Chatterjee, New Delhi
 The Economic Times  

Fire Capital, the first private equity fund focused on the Indian real estate sector, plans to raise $100 million to invest in housing projects, as banks turn away from the debt-ridden sector leaving builders to fall back on PEs. The firm will raise the capital primarily from its existing investors in the US to invest in tier-II and -III cities in states like Haryana, Punjab, Rajasthan, it’s chief executive officer Om Chaudhry said.

Fire Capital, established in 2004, raised its first fund worth $121 million in 2006, with an ability to invest around $250 million through the co-investment commitments of its investor base. The fund is almost exhausted. It is raising the additional amount to built 25-50 acres with each builder in small towns this fiscal year. The PE fund typically works with local developers rather than large realty firms in tier-II and -III cities and takes majority equity holdings in residential projects. It selects builders to primarily get the land and then forms joint ventures where it acquires majority stake. The fund receives its return on investment once the project is sold. So far, it has invested in cities like Indore, Nagpur and Jaipur, besides outskirts of Bangalore.

Property developers are increasingly approaching private equity firms to complete both existing and new projects besides repaying a part of their debt.

Economy

Wipro leader among global R&D service providers
The Economic Times

BANGALORE: Wipro has emerged as the leader followed by HCL , Patni, Infosys , Mahindra Satyam and  MindTree in the rating of global R&D service providers across various countries like India, China, Russia and Eastern Europe, according to a study.

The top six players, of the 44 companies that were assessed constitute 58 per cent of the total R&D service provider market, a study conducted by Zinnov Management Consulting , a global advisory firm said.

Indian immigrants in Canada turning into millionaires
The Economic Times

TORONTO: The Indus Entrepreneurs (TiE) in Canada is making its mark by turning struggling Indian immigrants into successful entrepreneurs.

Under its mentorship programme, TiE Toronto has turned million-dollar dreams of many budding entrepreneurs into reality. “Many of the entrepreneurs we have mentored for the past 10 have created multi-million-dollar companies in a matter of years,” TiE Toronto president Suresh Madan told media .

IT majors expand operations in Bengal SEZs as STPI sops go
The Hindu Business Line

Taking a cue from the withdrawal of tax benefits under the STPI (Software Technology Parks of India) scheme, large IT companies having STPI notified units in West Bengal have started expanding operations into special economic zones (SEZs). The trend, however, is not so apparent among the IT SMEs (small and medium enterprises).

Information available with the STPI, Kolkata, shows that IT majors such as Genpact, Tata Consultancy Services (TCS), HCL Technologies and Cognizant have set up facilities in SEZs during the last one year parallel to their STPI operations.

Foreign Direct Investment

FIIs raise their India Inc stake to 20% in FY11
Business Standard

Foreign institutional investors (FIIs) increased ownership in India Inc by 170 basis points to 20.4 per cent in 2010-11, purchasing depository receipts and through market operations.

Indian promoters issued shares worth Rs 61,300 crore, offering shares to overseas investors’ via depository receipts (ADR/GDR), placement to qualified institutional bidders (QIB), preferential allotments, public offerings and conversion of foreign currency convertible bonds (FCCBs).

Malls must factor in alternative revenue streams at the design stage as they can contribute up to 20 per cent of revenues, contended speakers on Day 2 of the India Shopping Centre Forum 2011 in Mumbai. Alternative revenue streams such as kiosks, advertising spaces and in-mall events are currently treated as after-thoughts at the operations level, it was noted.

Companies start factoring in non-leasing income in markets abroad at the stage of feasibility planning, noted Mr Dheeraj Dogra, National Director – Retail, BNP Paribas Real Estate.

Economy

Private lenders make most of realty cash crunch, earn hefty interest
The Economic Times

BANGALORE/NEW DELHI: Rajesh Mehta, India’s biggest gems and jewellery exporter, has now turned the realty sector into his pot of gold. Since the middle of 2010, he has lent 380 crores to several medium and big builders at interest rates of 24% and more. So lucrative are these deals that Mehta has set aside a corpus of 500 crore for the sector.

“Nearly a quarter of my profits are coming from real estate,” said Mehta, chairman of Bangalore-based Rajesh Exports, who has made a killing out of the gold business in the last few years. But now his focus is on real estate project financing, returns on which are as good as investing in his favourite metal.

Land and Real Estate

Tishman to buy land in Gurgaon project from Emaar MGF for Rs 220 cr
The Economic Times

NEW DELHI: Delhi-based builder Emaar MGF is selling five acres in its 104-acre Emerald Hills Township in Gurgaon to global property developer Tishman Speyer for $50 million ( Rs 220 crore). Tishman is best known for its iconic Rockefeller Center building in Manhattan.

The 5-acre plot already has all approvals required for a 600,000 sq ft commercial office building. The deal is in its final stages of closure, said a person familiar with the development. In response to an email query, Emaar MGF said, “No comments.”

Delhi property registration fee hiked
The Financial Express

New Delhi: Owning a house in the city is now going to be costlier with Delhi Government today deciding increasing the registration fee for properties valued above Rs 50 lakh.

The Delhi Cabinet, presided over by Chief Minister Sheila Dikshit, decided to lift a cap of Rs 50,000 as maximum registration fee which will result in increase in registration fees for high-value properties.

Land prices skyrocket in capital
Telegraph India

Bhubaneswar, May 16: Real estate prices are skyrocketing in the city. In certain areas of Bhubaneswar, real estate prices have gone beyond Rs 3,000 per square foot, which is as high as that of Noida, in the vicinity of Delhi.

“People belonging to middle class suffers the most because of this,” said Ashok Sahu, a trader of Ganganagar area. According to Niladri Bihari Panda, a banker, the rise in land price in Bhubaneswar is mainly attributed to the fact that this is perhaps the only city in the state with facilities such as educational institutions, hospitals, entertainment centres and shopping malls.

Infrastructure

Centre to consider demand for Delhi-Chandigarh expressway
The Hindu Business Line

The government today said it would consider the demand of the Haryana Government to build an express highway between Delhi and Chandigarh at an estimated cost of Rs 8,000 crore.

“The Union Government would earnestly consider the ambitious Rs 8,000-crore project of Express Highway from Delhi to Chandigarh along the Yamuna river,” an official statement quoting the Union Surface Transport Minister, Mr C.P. Joshi, said.

The government is believed to be giving final touches to the proposal for allowing foreign direct investment (FDI) in multibrand retail, in a decision to go ahead with its reform agenda. However, in order to not incite large-scale protest and opposition, it has decided to open the sector in a “calibrated manner”. The final report, being prepared by the Department of Industrial Policy and Promotion (DIPP) under the Ministry of Commerce and Industry, has got the much-needed approval from all other ministries concerned. However, DIPP is still fine-tuning the proposal, to avoid public ire.

According to senior officials, the UPA government would now pursue its reform agenda more aggressively, since its alliance gained considerable foothold in the state elections. Opening multibrand retail to FDI is one such item. “It will not be done all of a sudden but in a calibrated manner. We have zeroed on some preconditions that would be made mandatory for the foreign retailers to follow. Some of them are already operating in the country (in single brand and wholesale cash and carry) for some years now and they have no issues with the conditions,” a top government official, told Business Standard.

Jobs

Jammu and Kashmir Government hopeful IT park in Budgam will create 10,000 job opportunities for IT professionals
Economic Times

SRINAGAR: Jammu and Kashmir government is hopeful that the upcoming Information Technology (IT) Park in central Kashmir’s Budgam district will create job opportunity for 10,000 IT professionals in the state.

The proposed IT Park , coming up at Ompora in Budgam – 12 kms from here, would create jobs for 10,000 IT professionals, Minister for Information and Science Technology Aga Syed Ruhullah said at a function here yesterday.

PSU banks on hiring spree, to recruit 45,000 personnel in FY’12
Economic Times

NEW DELHI: Faced with human resource crunch public sector banks are planning to hire about 45,000 personnel during 2011-12 to meet workforce requirement.

“Approximately 45,000 officers and staff would be recruited by (nationalised) banks this year,” Institute of Banking Personnel Selection (IBPS) director, M Balachandran told media.

Coal India to hire around 1,100
Economic Times

NEW DELHI: State-run Coal India (CIL) will induct around 1,100 management trainees by October this year, in keeping with its massive expansion plans.

The Maharatna firm, which already has a staggering 3.97 lakh workforce, had hired around 1,000 personnel in the last two years following a decade-long freeze on recruitment drive.

Infrastructure

E-way linking Chandigarh, Delhi in works
The Times of India

NEW DELHI: A week after the Planning Commission and highways ministry fast-tracked a new Delhi-Jaipur expressway, highways minister C P Joshi on Sunday said his ministry was considering a similar expressway connecting Delhi with Chandigarh. He said this project along the Yamuna could cost Rs 8,000 crore.

Joshi was responding to Haryana CM Bhupinder Singh Hooda’s request for conversion of six state highways to national highways at a foundation stone laying function of four-laning of Rohtak-Panipat section of NH-71A at Gohana.

Finance

April inflation at 8.66%, seen higher in months ahead
Times of India

The country’ widely watched wholesale prive index rose 8.66% in April, lower than the 9.04% in March but economists say inflation will creep up higher in the months ahead given the expected increase in diesel prices.

The worrying aspect of the data released on Monday was that the government revised the February inflation number to 9.54% from the previously reported 8.31%. Economists say this highlights the inflationary pressures in the economy and the impending increase in diesel prices will further add to the pressure.

No vertical limits: BPOs widen sectoral reach
Economic Times

BANGALORE: Large BPO firms are widening their vertical or sectoral expertise to cater to the changing demands of the outsourcing industry.

Historically BPOs have been horizontal focused. They offered services like customer interaction and support , finance and accounting, and human resources that are applied across different industry verticals. Industry body Nasscom estimates that horizontal services account for more than 70% of the Indian BPO industry.

Intel Capital invests $18 mn in five Indian companies
Economic Times

NEW DELHI: Chipmaker Intel’s venture capital arm Intel Capital Friday announced an investment of $18 million in five Indian companies as part of its ongoing commitment to support technology in India.

The company signed two new agreements to invest in Policybazaar.com, an online insurance-comparison site, and Sudhir Srivastava Robotics Surgery Center (SSARSC), which provides advanced robotic surgery procedures in the country.

25% Rise in Home Loan Rates; SBI’s now at 10.25%
Indian Realty News

A large number of home loan customers with floating rates are in for some tough times ahead, with major banks and housing finance companies (HFCs) raising mortgage rates. Over the last two years, interest on home loans has gone up by at least 200 basis points (100 basis points = 1%), from about 8% to above 10% for even the best-rated customers. That is a hike of about 25%. In some cases, industry experts said, such hikes could well have taken the tenure of home loans to beyond 20 years. This in turn raises the possibility of banks and HFCs now asking some customers to partpay the principal amount of home loans.

On Tuesday, State Bank of India, the country’s largest bank, raised both its deposit and lending rates, taking its effective home loan rate to 10.25%. Last week, ICICI Bank, the second largest bank, raised its rates. HDFC Bank and HDFC are both expected to follow soon. After the latest round of rate hikes, SBI’s home loan customers would pay 100 basis points (bps) above its base rate of 9.25%; thus the effective rate becomes 10.25%. “With the banking leader in double digits, others will have to be above this level,” an official with an HFC said.

The population in India’s big cities is exploding and in the next five years, the housing boom will reach the smaller urban centres to target new segments of customers, says realty finance expert and author Sitaraman.

“The real estate sector will go to the tier 4, 5, 6, 7 cities – the small towns – in the next five years. The industry intends to target government servants, small businessmen and small companies in the small towns. The big cities are bursting at the seams,” Sitaraman told IANS.

The sector wants the “infrastructure heads to develop parallely across India and people to go to the smaller cities “.

Law to regulate housing sector on the cards
The Hindu Business Line

Mumbai, May 12: A law to regulate the housing sector in the country is being formulated.

The Union Ministry for Housing has prepared a draft Bill, which has been referred to the Law Ministry for its opinion, Mr S.K. Singh, Joint Secretary, Union Ministry of Housing, said on Thursday.

He was interacting with mediapersons on the sidelines of a real estate and housing investment conclave organised by the Confederation of Indian Industry.

Professionals in state prefer real estate for investment: Associated Chamber of Commerce and Industry of India (ASSOCHAM)
Business Standard

Unlike young professionals in other states who prefer a blend of investment portfolios, their counterparts in Gujarat prefer to park their hard earned funds in the real estate sector, stated a survey by the Associated Chamber of Commerce and Industry of India (ASSOCHAM).

The random survey conducted by ASSOCHAM under the aegis of ASSOCHAM Social Development Foundation (ASDF) on ‘Current investment trends amongst young professionals’ covered over 7,000 young professionals in non-metro cities like Ahmedabad, Jaipur, Lucknow, Surat, Patna, Ranchi, and Bhopal. Figures in Gujarat were in complete contrast of those in rest of cities as majority of respondents in other cities approved of investing in real estate, considering realty has huge prospects in sectors like commercial, housing, hospitality, retail, manufacturing and healthcare.

Real estate rating systems expected to bring in transparency
The Economic Times

The credit ratings agency Crisil recently launched real estate ratings in India, which will help end users make informed purchases.It is expected to bring in more transparency in real estate sector and will work on a project-specific basis. Rating will be assigned on a scale of one to seven stars after comparing units with alternatives available in the same city. Roopa Kudva, Crisil’s MD and CEO, says: “A developer commissions the agency and gives us access to various details needed for assessment.

Commercial Space

Demand for office market expected to continue to grow 
Economic Times

A recent report says that the Indian office market is expected to continue to grow with new opportunities offered by corporate expansion plans across most industry sectors.

Infrastructure

Prime Minister to review road development
The Times of India

NEW DELHI: Prime Minister Manmohan Singh, who heads the Cabinet Committee on Infrastructure (CCI), is scheduled to review the progress of highway development on May 19, a fortnight after the new highways minister C P Joshi announced initiatives to push award of contracts.

Economy

Singapore likely to hire 60k Indian professionals in 2011
Economic Times

Singapore has emerged as one of the worlds largest hiring markets this year, and this offers opportunities for Indians.
The country expects to hire over 3 lakh mid-to-senior level professionals in 2011.Hiring firms say over 20% of this talentaround 60,000 people-will be from India ,50% from within Singapore and the rest from other parts of the world.
Zubin Shroff,partner in executive search firm Braithwaite Steiner Pretty, said Singaporean firms requirement for talent had multiplied this year,with all markets in the region growing.This is creating opportunities for many Indian professionals from across industries.

Ericsson plans to hire over 1,500 in India by year-end
Economic Times

Telecom equipment maker Ericsson is planning to hire more than 1,500 people at its global delivery centre in Gurgaon, which has close to 3,500 people at present.

US health insurance major Cigna Corporation plans to form JV with Indian co
The Economic Times

NEW DELHI: American health insurance major Cigna Corporation plans to form a joint venture with an Indian company in the next three months to foray into the country’s fast-growing health insurance sector, David M Cordani , president and CEO of the firm, told ET.

The firm has shortlisted three local players. “We are looking for a partner who has local knowledge of the market, vast distribution network and the right values,” he said, but declined to name the potential partners.

Exports grow 34% to $23.9 billion in April
The Hindu Business Line

India’s exports grew by 34.4 per cent in April to $23.9 billion. Releasing the trade data, Dr Rahul Khullar, Commerce Secretary, said imports for the opening month of fiscal 2011-12 were up 14.1 per cent to $32.8 billion, leaving a trade gap of $8.9 billion.

Fear looms large about the financial viability of the Yamuna Expressway connecting Greater Noida with Agra due to the ongoing series of farmers’ protests in the state. Sources in the UP government said that with the project getting delayed, the cost has increased almost four fold since its inception and the revised cost is around Rs 10,000 crore. The UP model of this expressway was earlier considered as the best option to develop other such stretches on new alignments in the country.

Improving roads is a priority for many partie
Sweta Dutta, New Delhi
 The Indian Express 

The Delhi Metro, in Phase-III, will provide commuters to Janpath easy access to various key landmarks in the area. The DMRC has planned six entry-exit points for its Janpath station, providing a direct link to MTNL building, Imperial Hotel, Janpath mini-market and Eastern and Western courts. The Janpath station is the station after Central Secretariat on the Badarpur corridor.

Delhi Metro phase III construction to start on a green note
The Economic Times

NEW DELHI: Delhi Metro’s going green. After bringing down the number of vehicles on the road, the Metro is hoping to keep pollution levels down with stringent monitoring of air, water and noise levels during the construction of phase III.

A Delhi Metro Rail Corporation (DMRC) spokesperson said: “The monitoring will start a year before the construction kicks off and go on till phase III is completed. It will be continued three years thereafter.” The spokesperson added that the monitoring would be done from 15 designated locations and would be as frequent as once a week for some of the parameters.

Real estate policy

Real estate draft Bill revised to make it a central legislation
Business Standard

The contour of the Real Estate Draft Bill has been changed to make it a central legislation, a shift from it being a state matter earlier. With the focus of the revised Bill now on consumer protection and contractual obligations of developers, the Ministry of Housing and Urban Poverty Alleviation has sought the approval of the Ministry of Law on the proposed legislation, it is learnt.

The law ministry is expected to give its opinion by the end of this month. The concept of a real estate Bill has been around in the government for almost 10 years now, and a draft Bill has been in the making for well over two years.

Economy

Singapore out to beckon Indian talent
Mini Joseph Tejaswi, Bangalore
 The Times of India 

Singapore has emerged as one of the world’s largest hiring markets this year, and this offers opportunities for Indians. The country expects to hire over 3 lakh mid to senior professionals in 2011. Hiring firms say over 20 percent of this talent will be from India, 50 percent from within Singapore and the rest from other parts of the world. Singapore is the regional headquarter for many American and European banks, financial institutions, manufacturing giants, oil & gas companies, large IT corporations, mining firms, healthcare and hospitality brands. Hiring firms say some 40 percent of the 3-lakh recruits will be placed in Singapore while the rest will go into other Asia Pacific regions.

India-US trade may reach $100 bn in three years
The Economic Times

NEW DELHI: Trade between India and the US is expected to grow to $100 billion within two to three years while Indian companies are strengthening their presence in the US across various sectors, a senior Indo-American Chamber of Commerce (IACC) official said Tuesday.

“I expect the trade between both the sides to reach around $100 billion within two-three years time,” IACC president Gautam Mahajan told IANS, adding that the trade volumes would increase due to the growth of several sectors like food processing, education and infrastructure.

NEW DELHI: A week after the killing of al-Qaida chief Osama bin Laden, Prime Minister Manmohan Singh tonight spoke to US President Barack Obama over phone and discussed the situation in the region.

Sources, however, did not say whether the two leaders discussed the bin Laden issue.

A PMO spokesman said Singh and Obama discussed further growth and development of of Indo-US relations and the situation in the region.

Real Estate Sector

Boom in real estate helps financial corpn recover dues
Jasneet Bindra, Chandigarh
 The Indian Express 

Boom in the real estate sector has helped the Punjab Financial Corporation — which has been in the red for more than a decade now — recover outstanding loans with ease. Of the four one-time settlement schemes (OTS) initiated by the government in the last 10 years, the one that was announced in 2009 and extended till February this year has seen the maximum recovery. Notably, the corporation had stopped giving loans in 2000, and since then it has been only recovering dues.

Interest rate hikes won’t affect momentum of housing demand
Mint

Godrej Properties announced a special purpose vehicle (SPV) in order to get into the redevelopment market in Mumbai. Adi Godrej, chairman, Godrej Properties Ltd, spoke in an interview about this and plans for the company going forward. Edited excerpts:

What have the sales and bookings figures been like?

Our sales and bookings have been very good, across the board. In most of our projects, our sales and bookings in Q4 were as good as the first three quarters combined, and was more than double of the entire last year. So, sales and demand momentum is very strong across the board and across many projects. That will translate into strong profit growth in the future as we complete construction.

Energy and Infrastructure Development

Companies see a realistic chance of bringing down cost of solar power
The Economic Times

It’s an old idea whose time has finally come. Converting the sun’s energy into electricity, or solar power, is a compelling proposition. It’s clean and green, with an endless supply of fuel (from the sun). It’s also faster to set up: a farm of solar cells to trap the sun’s energy can be installed in six months; by comparison , a nuclear plant would take a decade, and thermal and hydro projects four to six years. Making the case for solar power stronger are the growing risks associated with conventional power – from pollution and galloping costs to natural and manmade disasters. The ongoing nuclear crisis in Japan has made power generation from reactors a less popular alternative. The only barrier to harnessing solar energy on a large scale has been the high costs involved. Solar power costs 14-16 a unit, against 4-6 for conventional generation.

Essar to invest Rs 5,000 crore in road projects
Parul Chhaparia, New Delhi
 Financial Chronicle  

The Ruias promoted Essar group company Essar Projects will invest Rs 5,000 crore in road projects next year. The company that has stayed away from the roads sector for a long time has now started submitting bids for the roads and highway projects across states.

“We have submitted about 30 pre-qualifications (PQs) in last six months. We shall be submitting bids as and when the RFPs (request for proposal) are announced. We are confident of winning say three to four projects that entail total investment of Rs 5,000 crore in roads sector. Most of the bids are with NHAI but we have bid for some state PWD projects as well,” said Essar Infrastructure senior vice-president Neeraj Sannghi in an e-mail response.

Essar group is tying up with international and Indians companies to qualify for bidding of roads and highway projects. “Essar has high technical score based on its power and ports experience. We will tie up with Indian and international partners for meeting highways score requirement,” Sanghi said. Essar Projects will opt for BOT (build, operate and transfer) based projects. “We are mainly targeting BOT toll projects but are willing to consider EPC (engineering, procurement and construction) projects as well. Our endeavour is to be in more and more infrastructure sectors. We feel that the roads programme is so huge that it will become a normal profit business in due course,” it said.

India to have network of strategic roads by 2013
Economic Times

NEW DELHI: Against the backdrop of Chinese infrastructure build-up along the Sino-Indian border, a senior military official today said India would develop a network of strategic roads in the North-East and Ladakh region by 2013.

“By 2013 we would be able to complete work on bulk of the roads. There can not be a deadline for the last road as there are some very tough nuts to crack and we are trying to find the solution,” Border Roads Organization (BRO) Director General Lt Gen S Ravi Shankar told reporters here.

Economy

Exports from SEZs up 43 percent in 2010-11
New Delhi
 The Indian Express 

Exports from special economic zones (SEZs) grew 43.11 percent to Rs 3.15 lakh crore in 2010-11, according to the data of the Export Promotion Council for EOUs. During 2009-10, exports from these special enclaves stood at Rs 2.20 lakh crore. The total investments in Special Economic Zones (SEZs) as on March, 2011 are about Rs 2 lakh crore, EPCEs Chairman Jatin R Mehta said in a statement. The sector has provided employment to 6 lakh people as on March 31, this year. The council said that of the 584 formally approved SEZs, 377 have been notified and 133 are in operation.

Hiring activities continue to improve in April
Business Standard

Hiring activities in the country picked up last month on the back of increased demand for professionals across various sectors, including IT, according to job portal Monster.Com.

The Monster Employment Index — an indicator of online job demand — rose to 124 in April from 118 in March.

Lt Col HS Bedi Chairman, MD, Tulip Telecom
Innovation breeds Success. This phrase holds more meaning when I see Noida developing and moving ahead as a high tech ultra modern city. Until recently, Mumbai was the financial and corporate capital of India. However, with the growth of infrastructure in Noida along with other the NCR region is beginning to play a much larger ole in the country’s economy. Besides this, if Noida can be mined as a hub for the data center business, that would be a feather in the cap of the government.

In fast-track mode
 The Times of India (Mumbai edition) 

In recent years, the realty sector in Pune has seen a fast-track growth to keep pace with the increasing demand in the city. From an educational, cultural hub to a cosmopolitan tier II city, Pune today has become a preferred investment destination. With numerous opportunities provided by the expanding IT and ITeS sector, manufacturing industries and the close connectivity to the satellite city of Mumbai, Pune has made a mark in the market due to its peculiar advantages. Strong presence of the engineering and automobile sectors with names such as Bajaj Auto, Tata Motors, Bharat Forge, General Motors, Volkswagen, JCB and Hyundai selecting Pune for expansion plans has given a boost to the economic activity in the city. Besides, business houses like Infosys, Wipro, TCS, IBM, Sungard, Zensar, and Syntel setting their base in the city have accelerated the growth of the IT/ITeS sector.

What’s new in real estate investments?
Kamlesh Pandya, Mumbai
 The Economic Times 

Buying real estate on the auspicious day of Akshaya Trittiya is not just about ‘first homes’, from open plots of land to bungalows, this Akshaya Tritiya, we expect bulk of real estate transactions be in the domain of a ‘second home’ or a ‘weekend home’, says Santosh Naik, CMD, Disha Direct.

IT sector drives growth in commercial real estate
Ashok Kumar
 Mail Today 

After a phase of consolidation, residential property prices are seen moderating on account of a combination of escalating borrowing costs and asset prices. Policy delays and delayed execution of projects have also caused a slow but steady decline in market value and therefore will discourage residential home buyers from buying new properties. But this expected decline in demand for residential housing is likely to be offset by the emerging recovery in commercial realty. The overall revival in the economy and improvement in business sentiment is prompting companies to expand their operations and set up new branches thus, leading to an increase in demand for commercial property.

The recent growth of the commercial real estate sector in India has been fuelled by increased revenues of companies in the services business, particularly in the information technology (IT) and IT enabled service (ITeS) sectors.

Developing real estate projects is our top priority
Noor Mohammad, May 9, 2011
 The Financial Express 

National Buildings Construction Corporation (NBCC), the largest public sector construction company, is expanding into the real estate space and also looking for an opportunity to foray into power generation. The company is implementing housing projects in cities like Kolkata and Patna and has lined up similar projects in Gurgaon, Khekra (West UP) and Cochin. NBCC chairman and managing director Vishnu P Das discusses his company’s activities. Excerpts:

NBCC is expanding its presence in the real estate sector. How is this business doing?

We have housing projects lined up in various cities, including Gurgaon, Baghpat and Cochin. We also have ongoing housing projects in Kolkata and Patna. We are developing a commercial complex in Okhla. We have also issued expressions of interest for the acquisition of land across the country. As regards our ongoing projects, we are building eight residential towers in Kolkata, four of which have already been handed over to residents. We are also building 98 flats in Patna under the first phase. The second phase will be launched by the end of this year.

P E Analytics plans to launch Real Estate Index
Mumbai, May 9, 2011
 The Financial Express | The Economic Times | Business Standard | The Indian Express 

New Delhi-based research firm P E Analytics has drawn up plans to launch Real Estate Price Index in partnership with a leading commodity exchange. P E Analytics owns and operates PropEquity, an online subscription-based real estate data and analytics portal covering over 27,000 projects of 5,100 developers across 40 cities in India. The data and analytics enable clients to spot market trends and maximise risk-adjusted returns.

“We are launching the First Residential and Commercial Indices based on transaction prices in partnership with the leading commodity exchange shortly after a nod from the Government,” P E Analytics CEO Samir Jasuja said.

Godrej realty arm’s national foray pays off
Lalatendu Mishra, Mumbai, May 9, 2011
 Mail Today 

At a time when many so- called pan- India real estate players pulled out of national expansion plans due unfavourable business climate, the move by Godrej Properties Ltd (GPL) to foray into key markets outside Mumbai has paid off. Godrej Properties, the real estate arm of the Godrej Group, has done well in the markets of Gurgaon, Ahmedabad and Kolkata where it recently launched premium residential projects.

“ Our projects continue to have sustained sales momentum with Godrej Garden City, Ahmedabad, Godrej Frontier, Gurgaon and Godrej Prakriti, Kolkata registering strong bookings during the year,” said Adi Godrej, chairman, Godrej Properties at the announcement of the firm’s results.

Home price indices hit a speed-breaker
R. Balaji, May 8, 2011
 The Hindu Business Line 

The National Housing Bank’s housing price index for the October-December, 2010, quarter indicates a slowing down of housing price increases witnessed through the year in most major cities. Another report, Economy and Realty, by international property consultant Knight Frank expresses similar sentiments as it forecast a possible pressure on residential prices and developers’ margins as urban markets resist steep increases. Developers are bound to come under pressure in 2011 as costs increase on the back of rising costs of inputs such as cement and steel.

However, developers and real estate consultants while conceding that price increases would be conservative, demand continues unabated particularly in the south, like Chennai and Bangalore and other cities where prices had not increased on the scale seen in Mumbai and the National Capital Region.

IT revs up residential demand in Coimbatore
R. Yegya Narayanan, May 8, 2011
 The Hindu Business Line 

What the information technology and IT-enabled sector did for the southern suburbs of Chennai in driving demand for real estate, it seems to be doing for Coimbatore. The establishment of IT infrastructure facilities by prominent players including Bosch, Cognizant Technology Solutions (CTS), Spheris, Perot Systems, KGISL (SEZ) to name a few, has fuelled the demand for apartment complexes in the Saravanampatti-belt a few kilometres from Gandhipuram, a major commercial hub. What has given an impetus to organised real estate development now is the entry of major IT/ITES players in the area.

Office spaces are a rewarding bet
Pritam P. Hans, May 9, 2011
 Mail Today 

The country’s economic growth and increased business activities have made realty consultants optimistic about the outlook of the commercial real estate sector.

“ The strengthening real estate market in terms of demand and prices has made investment in commercial real estate a very lucrative option,” says Tanuja Pradhan, head, research services, Cushman and Wakefield India. Jones Lang LaSalle India’s research head Abhishek Kiran Gupta voices similar opinion. “ It is the right time to invest in commercial real estate as the capital costs are still low. The segment can witness significant capital appreciation,” he says.

Godrej Properties Q4 net slightly up
Mumbai, May 8, 2011
 The Hindu Business Line | The Economic Times  | The Financial Express |  Hindustan Times 

Godrej Properties Limited (GPL), posted a net profit of Rs 59-crore, a marginal increase of 3 percent, in the quarter ended March 31 on the back of new bookings and new projects. The overall sales of the company grew to Rs 334—crore, in Q4 (Jan—Mar), up 9 percent, from Rs 306—crore in the year—ago period. The consolidated net profit stood at Rs 130—crore in FY 11, up 6 percent, as against Rs 122—crore in the previous fiscal.

Even as the total bookings grew 132 percent to 3.2— million sq ft in the fiscal from 1.38—million sq ft in FY 10, GPL’s consolidated sales also grew substantially at Rs 558—crore, up 55 percent, from Rs 360—crore.

Driven by transparency
Rajiv Dogra
 The Times of India (Mumbai edition) 

With a need to buttress its image, the realty sector looks towards adopting methods that highlight more transparency in its dealings. This, in turn, spells good tidings for homebuyers who look forward to forging a deal with developers aiming towards scrupulous transactions. In this regard, Lalit Kumar Jain, chairman and MD, Kumar Urban Development Limited and President, CREDAI, says that the organisation has embarked on a “mission transparency”. According to him, the mission envisages action at two fronts: one, the approval process and two, the practices of real estate developers. According to Jain, the approval process involves connecting with more than 150 people in about 40 departments of central, state government and municipal corporations.

Niranjan Hiranandani, MD, Hiranandani Group, says, “In the last decade or so, the quality of work offered by various developers has improved. Most developers have started treating it as a service industry and adhere to norms as per the contract deal. For example, developers now consider the carpet area while calculating the price. Though not at a fast pace, change is definitely happening.” In addition to this, realty experts observe that the practice of sharing details about a project can help in building trust among customers. Pranab Datta, vice-chairman and MD, Knight Frank India, says: “Sharing simple details with customers like specifications about a project – whether it’s a single building or a township development – will go a long way in developing a transparent relationship. Besides, ‘walking the talk’ by taking pains to explain to a customer the various terms and conditions would help in building the bridge of trust. This would prove beneficial for any developer towards building a brand. And once a brand is created, a developer wouldn’t want to jeopardise the efforts taken.”

Information Technology

Techies pick Gurgaon, startups bet on Noida
Hansimran Singh, Noida
 The Times of India (Delhi edition) 

Even though large IT corporations prefer to set up their operation in Gurgaon instead of Noida, technology startups have put their penny on Noida when it comes to choose the location for testing their entrepreneurial genes. Industry sources say Noida has almost 25 percent lower rentals, and 20 percent cheaper wage costs then Gurgaon. Real estate rates are also not placed at astronomical heights. No wonder, small IT companies and startups like GeoVision, Giza, EmbLogic, Redcell Technologies, Kimba Info Technologies, Innowar Technologies and SoftDreamz Technologies have chosen Noida as their start up hub.

Cognizant to invest $285 mn in 2011
T E Narasimhan, Chennai
 Business Standard  

Cognizant is to invest $285 million in 2011, the bulk of it in India, said Coburn.

Infrastructure

Rs 15,133-crore annual Plan for Delhi
New Delhi
 The Hindu Business Line 

The annual Plan outlay for Delhi has been fixed at Rs 15,133 crore at a meeting between the Deputy Chairman, Planning Commission, Montek Singh Ahluwalia, and the Chief Minister of Delhi, Sheila Dixit. Ahluwalia said the State needed to continue to be a role model in developing infrastructure both physical and social, which is comparable to the best in the world. He said achievements in education, health and service sectors are commendable but the pace has to be maintained in view of continuing migration into the State.

Metro from Anand Vihar to Vaishali by June
Ghaziabad, May 9, 2011
 The Tribune 

Over 40,000 commuters from Ghaziabad will be able to travel to Noida and Delhi by the Metro from next month when the Anand Vihar-Vaishali section link is expected to open. The 2.57-km route that will have two stations at Vaishali and Kaushambi will directly connect Anand Vihar to Ghaziabad.

Airport Metro to Gurgaon
Subhendu Ray, New Delhi
 Hindustan Times 

Come 2013, the swanky high-speed airport express line metro will cross the boundaries of Delhi and reach Millennium City Gurgaon. Once this extended corridor is in place, you can travel between New Delhi and IFFCO Chowk in Gurgaon in just 25 minutes. Reliance Infrastructure (R Infra), the concessionaire company of the 22.7 km airport expressline, said if invited to take up the project it would complete it in two years at a cost of Rs 800 to Rs 1,000 crore, said sources.

Sreedharan thanks DDA for Metro’s success
 The Financial Express  

Delhi Metro Rail Corporation (DMRC) managing director E Sreedharan has thanked urban development minister Kamal Nath for Delhi Development Authority’s (DDA) contribution to the Phase III and Phase IV of the Delhi Metro and for clearing the project in a “short span of time”. “This is for the first time that DDA will be funding for the Metro. No other minister has succeeded in making DDA agree to pay for the project. This is a big achievement”, Sreedharan said.

Healthcare Sector

Apollo revives Mumbai projects
Sangeetha G, Chennai, May 09, 2011
 Financial Chronicle  

Apollo Hospitals’ much delayed Mumbai projects are back on track. As the company is closing the joint venture formed for the Mumbai expansion, two of the proposed projects will now be funded by the flagship company Apollo Hospitals Enterprise (AHEL). For the third one it is restructuring the JV with Birla Wellness and Healthcare. Apollo has acquired three acres of land in Navi Mumbai and in south Mumbai the hospital will be coming up in a leased property. The layout planning on the projects has started.

The Navi Mumbai project will be developed in two phases. Apart from these two projects, the third Mumbai project at Thane is coming up in a two-and-half acre land owned by Birla Wellness and Healthcare. Western Hospitals Corporation had formed a JV with Birla Wellness and Healthcare — Ashok Birla Apollo Hospital — for the 250-bed hospital at Thane.