Haryana presents zero tax Budget
The Financial Express
Haryana finance minister Ajay Yadav on Wedenesday has presented zero tax budget for 2011-12, making higher allocations for social and infrastructure sectors. A sum of Rs 3,200 crore has been allocated to the annual plan for 2011-12. Giving out sectoral allocations, Yadav said that public health engineering have been allocated Rs 1,900.31 crore; urban development Rs 1695.01 crore and education, including IT and technical education Rs 7,401 crore.
Property rates touch a new high
Akash Ghai, Chandigarh
A couple of days after the Chandigarh Housing Board (CHB) fixed Rs 90 lakh as the price for two BHK flats under the assured allotment scheme, property rates across the tricity have touched a new high. Real estate agents confirmed a hike ranging between 10 and 15 percent already. The prices have had a direct bearing on the property in the city’s periphery as well.
NHAI to get MCD land for widening of MG Road
The Mehrauli-Gurgaon (MG) Road will soon become wide enough to ease problems of traffic chaos. The Municipal Corporation of Delhi’s (MCD) Standing Committee on Wednesday gave its nod to the transfer of its land to the National Highways Authority of India (NHAI) to help widen the current four-lane road into a six-lane one.
New plan a hit with Cyber City commuters
Times of India
GURGAON: After a few initial hiccups, the initiative to allow one-way traffic on Cyber City road seems to have paid off.
Traffic congestion at Shankar Chowk during peak hours — a common sight earlier — has now become a thing of the past.
Commuters have appreciated the efforts of the administrators and say the best thing is that they do not have to wait endlessly at traffic signals anymore.
US firms may invest heavily in infrastructure sector in India
Companies in the US foresee tremendous investment opportunities in infrastructure in India with an investment of one trillion dollars planned for the sector during the 12th Plan period, US Assistant Secretary of State for Economic, Energy and Business Affairs Jose W. Fernandez said here on Wednesday.
“India’s Five Year Plans envision an investment of one trillion dollars in infrastructure and half of that amount – 500 billion dollars – will be invested by the private sector….This is an opportunity for U.S. companies. So I came to India to help identify the opportunities and challenges for U.S. companies as they look to participate in Indian infrastructure,” Fernandez told journalists.
Transfer of 24 HUDA sectors to MCG approved
Sanjeev K Ahuja, Gurgaon
Haryana chief minister Bhupinder Singh Hooda has given a formal nod to transfer 24 HUDA sectors to the Municipal Corporation of Gurgaon (MCG) for maintenance. These sectors, which have been maintained by HUDA for decades, are Sector 3 extension, 4, 5, 6 (part), 7, 7 Extension, 9, 9A, 10, 10A, 12, 14, 15 (part 1&2), 17, 21, 22, 23, 23A, industrial estate 18, 47 and two urban estates. According to HUDA administrator Nitin K Yadav, the MCG would require to take care of the water supply, roads and sewerage lines network.
Enquires for commercial real estate property have picked up in the last couple of months following decent growth in the IT industry. “This year there are more number of enquiries for commercial space …compared to last year. The trend has picked up because the IT and BPO industries are witnessing decent growth,” the Confederation of Real Estate Developers’ Association Tamil Nadu unit President, T. Chitty Babu, told reporters here today.
CREDAI officials said the response for commercial space had decreased considerably in the last year, with many places in the state lying untapped. Residential units, however, saw a decent growth. While the trend was bent more towards affordable housing segment, luxury houses too were sold in no time.
Real Estate Sector
Prices soar in city’s periphery too
Arun Sharma, Panchkula
The boom in the realty market has also swept this satellite town of Chandigarh where the prices in the residential property have increased between 20 and 40 percent in a short span of six months. A three bedroom flat, which was available between Rs 45 and 50 lakh in August 2010 according to location and features in Sector 20, Panchkula, is being sold at 70 lakh. And still, there seems to be no end to this constant increase in the prices, said RD Bhalla, a property consultant in Sector 20. While the flats are in demand in every nook and corner of the sector, people are ready to pay even more for such flats equipped with luxuries, including air-conditioners and fancy lights.
Real estate developers demand single-window clearance
The Confederation of Real Estate Developers’ Associations of India (CREDAI), apex industry body for real estate developers, on Wednesday sought single-window clearance to prevent project delays and to bring down housing prices.
Speaking to reporters after being elected as the new chairman of CREDAI, Parsvnath Developers chairman Pradeep Jain said the association would take up with the government issues like single-window clearance, tax sops and priority lending to buyers as well as builders in the affordable housing segment.
Realtors’ body wants to change perceptions
Real estate developers are trying to change perceptions. A new team of office bearers which took charge at the Confederation of Real Estate Developers’ Associations of India (Credai) will work on a set of measures that will help builders deliver projects on time, redress customer grievances and improve governance to change image and perception of the industry.
Credai, with 6,000 developers as members, will like to work with the government to create a complete checklist for all clearances required, and facilitate a single-window clearance for projects. ‘‘If this happens, we can save 20 per cent cost in metros and 8-10 per cent in tier II and III cities,’’ said Credai National President Lalit Kumar Jain.
India’s exports up by 50% to $23.6 bn in Feb
India’s exports went up by 49.8% year-on-year to $23.6 billion in February on the back of increased demand from markets like North America, Asia and Africa.
During April-February, 2011, the country’s merchandise shipments grew by 31.4% to $208.2 billion, surpassing the export target of $200 billion for the entire 2010-11 fiscal.
“We have crossed the $200 billion mark… The current forecast for the year is $230-235 billion,” Commerce Secretary Rahul Khullar told reporters here.
Ferrari to make India debut, price to start from Rs 2.2cr
Times of India
NEW DELHI: Italian luxury sports car Ferrari will make its official debut in India soon with popular models such as California, 458 Italia, 599GTB Fiorano and the latest FF, with prices starting from Rs 2.2 crore onward.
The company has appointed the Shreyans Group as its official importer in India.
The Ferrari range which will be sold in India includes the California, priced at Rs 2.2 crore, the 458 Italia at Rs 2.56 crore and the 599GTB Fiorano, tagged at Rs 3.37 crore. All prices will be ex-showroom Delhi.
Food inflation in single digit at 9.52%
Times of India
NEW DELHI: After a gap of nearly three months, food inflation fell to a single digit at 9.52 per cent for the week ended February 26 on account of a decline in prices of potatoes, pulses and wheat.
Food inflation stood at 10.39 per cent in the previous week. The rate of price rise of food items has fallen to a single-digit figure for the first time since the week ended December 4, 2010, when it was 9.46 per cent.
The latest figures are expected to give a breather to the government, which has been under increasing pressure to rein in the inflationary pressure caused by high food and crude oil prices.
India to stay on rapid growth path – Chief Economic Adviser
(Reuters) – India was here to stay on a rapid growth path, the country’s Chief Economic Adviser Kaushik Basu said on Thursday.
India’s Finance Minister forecast the country’s economy to grow at 9 percent in 2012, plus or minus 0.25 percent, when he presented his budget for fiscal 2011/12 last week.
Commercial Real Estate
Commercial space enquiries picking up in real estate
Enquires for commercial real estate property has picked up in the last couple of months following decent growth in the IT industry.
“This year there are more number of enquiries for commercial space …Compared to last year. The trend has picked up because the IT and BPO industries are witnessing decent growth,” Confederation of Real Estate Developers’ Associations Tamil Nadu unit President T Chitty Babu told reporters here.
CREDAI officials said the response for commercial space had decreased considerably in the last year, with many places in the state lying untapped.