Top Real Estate News

Chennai

BUILDERS OPTING FOR HOMES OVER MALLS
Jayaraj Sivan, Chennai
The Times of India (Chennai edition)

Close on the heels of DLF redrawing its proposed mall project into a residential one on Binny Road in Egmore, yet another proposed mall on Nungambakkam High Road is getting converted into a residential complex.

Several other builders – Arihant, Akshaya and KGS Developers – launched residential projects in prime commercial space on Poonamallee High Road recently.

Hospitality Sector

CARLSON TO EXPAND INDIA OPERATIONS
New Delhi
The Hindu

Carlson, a global hospitality and travel company, has plans to have more than 100 hotels in operation in India by 2015. This was announced by Hubert Joly, President and CEO, Carlson, during a signing ceremony for two new hotel agreements in India. It would set up a 275-room Radisson Blu Hotel in Mumbai Malad and a 110-room Park Plaza in Coimbatore.

Infrastructure: Metro Projects

PLANNING BEGINS FOR METRO PHASE 3
New Delhi
The Tribune

With the Delhi Metro Rail Corporation (DMRC) nearing completion of its Phase II corridor– the last link of the Badarpur corridor will be ready by month-end– the corporation has started planning for Phase III.

After the ambitious Phase II project that connected Noida and Gurgaon with Delhi, adding another 125 km to the Metro network, groundwork has already begun for Phase III. The DMRC is keen on finishing the Rs 21,468-crore project by 2015. DMRC expects the official approval for the phase by Dec end.

METRO RAIL PROJECT TO BE COMPLETED BY 2015: STALIN
Chennai
The Hindu Business Line

The Rs 14,600 crore metro Rail project being constructed across the city would be completed by 2015, the Tamil Nadu Deputy Chief Minister, M K Stalin said here on Tuesday.

“The work for providing a metro rail for Chennai is under implementation. The first phase of the project will cover a distance of 45.1 kms, of which 24 km will be underground…”, he said after inaugurating the CII Seminar — “Chennai 2020”.

Personal Finance

SBI RAISES LENDING RATES
Indian Express

MUMBAI: Country’s largest lender State Bank of India (SBI) today increased base rate or the minimum lending rate for the new borrower by 10 basis points to 7.6 per cent, a move that would make all kinds of advances, including corporate loans, costlier.

The bank has revised the base rate below which bank cannot offer loans, upwards by 10 basis points from 7.5 per cent to 7.6 per cent, effective from October 21, 2010, SBI informed the Bombay Stock Exchange.

VISA GETS RBI PERMISSION FOR FUND REMITTANCE
Economic Times

NEW DELHI: Visa, a leading electronic payments technology firm, on Tuesday said it has received the RBI’s approval to offer inbound cross-border remittance to eligible Visa Debit or prepaid cards issued in India.

Hiring Stablizing…yet still MARGINAL GROWTH

HIRING STABILIZING ACROSS INDIA
Priyanka Pulla
Mint

For the past year, companies across India were in a hiring frenzy as they took on people to help them cope with a sharper-than-expected revival in business. Now, they are slowing, and looking at training their people. So says a study by a Bangalore-based staffing services firm. According to the TeamLease employment outlook survey, growth in hiring, though high, has been slowing over the past three quarters, with only a marginal increase expected in the October-December quarter.

Hiring expectation is measured by the net employment outlook index, which shows the difference between companies expecting a growth in hiring and those expecting a decline. This stood at 68 for October-December period, up 4 points from the September quarter. In the June quarter, this figure was at 58. Companies in the back office services business have seen the steepest drop in projected hiring needs, while those in sectors such as information technology (IT) and telecom have seen marginal growth.

Information Technology Sector

KNOWLEDGE HUB COMING UP AT ROPAR
Monika, Chandigarh
The Pioneer

Fast emerging as the next ‘investment destination’ choice, the Punjab Government is developing Ropar into another ‘knowledge hub’. It has logged on to a program of setting up a ‘TechKnow Park’ for promoting the growth of IT (information technology) and the knowledge industry in the State.

“Within a months-time, we have received a good response, and we have zeroed in on 15 investors till now. IT kingpins like Infosys Technologies and Tech Mahindra have proposed to set up their facilities here. And with the deadline to submit applications being October 30, we are expecting more big names to come,” a Punjab Infotech official said.

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