Tier-II cities record higher job creation

R. Ramabhadran Pillai, Kochi, April 25, 2011
 The Hindu |

As tier-I cities get congested and cost ly, tier- II and III cities have recorded over 60 percent share in total job creation in the country during the last fiscal, according to a study conducted by the Associated Chambers of Commerce and Industry of India (Assocham) on placement patterns. Tier II and III cities are likely to generate 40 percent more jobs in the near future, according to the study.

The IT/ITeS sector which commands 30 percent share in total employment generation during 2010-11 registered 27.6 percent growth. Real estate and engineering sectors which constitute 7.95 percent and 6.7 percent share respectively in total employment generation, witnessed a growth of 42.2 percent and 29 percent respectively. Manufacturing and pharmaceutical sectors with 3.16 percent and 3 percent share registered 21 percent and 16 percent growth during 2010-11as compared to 2009-10, according to the study.

India PM Says Aiming for 9%-9.5% Economic Growth
Wall Street Journal

NEW DELHI – India’s federal government aims to achieve 9%-9.5% annual economic growth in 2012-2017, Prime Minister Manmohan Singh said Thursday.

Related Articles: Plan panel pitches for further liberalization of FDI policy

Record export growth: The bustling new foreign markets for Indian products
Economic Times

When 52-year-old Ravi K Passi began his export business in 1993, his only client was an art gallery in Brussels. For the next 12 years, he broadened the range of goods he exported to include items like artificial jewellery and recycled garments. But he did not leave his core market-Europe.

“I developed so many friends in European countries that it was quite a challenge to leave my comfort zone and explore new markets,” he says. Now, 25% of his revenue comes from Brazil alone. And he wants to add Chile and Argentina to the list of countries he does business in.

Real Estate

Book flats in initial stages of construction
Devesh Chandra Srivastava, April 25, 2011
 Mint |

Edited excerpts from an interview with R.K. Arora, chairman and managing director, Supertech Ltd:

There is oversupply in some key markets, including Mumbai, Noida and Gurgaon. Will there be a price correction in these cities because of the glut?

I agree that there is an oversupply in key markets. But this will not put any significant pressure on property prices since land is scarce in these regions. Authorities have already allotted the available land to developers for residential and commercial projects. Scarcity of land will make under-construction projects important from the aspect of fulfilling housing demand. In the next six months, there will not be any price correction. But as interest rates will rise, we may see some kind of pressure on developers after 6-8 months to bring down rates slightly.

Invest in property that suits you
Economic Times

ET Realty helps you choose a property to suit your needs

Investing in property is a dream everyone nurtures from the day they start getting an income. When this dream gradually starts translating into a reality, and the time finally comes to start looking for property, the questions that arise are many. Apartment or plot, renting out the property or staying in your own home – these are some of the questions that many investors have in mind. To get a fair idea of what you are looking at, and the type of property you are seeking, you need to ask the right questions.

Will you be able to repay your home loan while you stay in the new home, or would you rather rent out the premises and let the rent help you pay for your EMIs. If you are looking at buying an apartment, or a plot, you will have to consider how you will manage your finances and sustain your present lifestyle.

Hospitality Sector

Sarovar looks east
Pinak Ghosh, Kolkata, April 25, 2011
 The Telegraph |

Sarovar Hotels and Resort is planning to bolster its presence in eastern India with four new hotels.

The hotels are slated to come up in Guwahati, Tezpur (Assam), Bhubaneswar, and Raniganj (Bengal). These will take the group’s total hotel count in the region to eight. The others are located in Durgapur, Gangtok, Calcutta and Siliguri.

The Mumbai-based hotel management company franchises and markets more than 50 hotels both in India and abroad and operates under the brands — Premiere and Park Plaza (upscale), Portico and Park Inn (mid-market), and Hometel (economy). Park Plaza and Park Inn are operated in India under the master franchise of Carlson Hotels.


Regulator pulls up Delhi airport for high cost of makeover
Tarun Shukla, New Delhi, April 25, 2011
 Mint |

Delhi airport’s $3 billion makeover has resulted in great acclaim for Terminal 3 as a world-class facility. But the newfangled modernity has come at a steep price, which may be paid for by travellers for several more years. After an audit of the project, the regulator has criticized Delhi International Airport Pvt. Ltd (DIAL) for overshooting the budget to more than twice the initial estimate, not doing enough to keep a curb on surging costs, keeping the civil aviation ministry out of the loop and exceeding its mandate on the amount of work it was supposed to do.

DIAL, comprising a GMR Infrastructure Ltd-led consortium, completed the development of the airport in a record 37 months that ended March 2010. The government in 2006 privatised the airport. The modernization cost shot up from Rs 5,900 crore to Rs 12,700 crore in the same period. The Aera report includes the audits by KPMG and EIL.

Soon, shop till you hop on to a Metro at HUDA City Centre
Yogesh Kumar, Gurgaon, April 25, 2011
 The Times of India |

If you’re a regular at the HUDA City Centre Metro station, you can expect a pleasant change within the next two months. If the Delhi Metro Rail Corporation (DMRC) has its way, you’ll soon be making a beeline, not just to catch a train to reach the capital city, but also to hang out at the swanky rooftop cafeteria or to grab a bite at one of the many food joints that will soon be set up at the station.

The DMRC has floated a tender for the development of commercial properties at the Metro station. The three floors of the station will have different options for developers like malls, office space, an entertainment section and shops, among others. For this purpose, the DMRC has offered retail space of over 9,600 sq metres spreading across the three floors. The rooftop will be utilised to set up a cafeteria.

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