Indian realty growing big

The real estate industry is expected to reach US $180 billion by 2020, said analysts and industry experts at a seminar organized in the city.

As part of the Management Development program, the students of the Acharya Bangalore B School attended a three-day seminar on Real Estate Management that started on Thursday.

Realtors and analysts from the field also attended the seminar to provide the students with future prospects and various professional options.

Presenting a paper on ‘Internet and Real Estate’, Business Head of 99Acres.com, Vineet Singh said, “As per reports by real estate intelligence firms, India is ranked as the fifth most attractive destination for future real estate investments in a list topped by China. The Indian real estate industry is expected to reach US $180 billion by 2020. This is a good platform to involve both academia and industry to facilitate dual growth and understanding. We get to know what the emerging new talent holds and they learn about the industry perspective.”

Read more: IBN Live

Housing Bill will aid corrupt practices

The Maharashtra Housing Regulatory Bill could bring in ‘corrupt’ practices and ‘unnecessary’ interference in real estate business, said Lalit Kumar Jain, National President, Confederation of Real Estate Developers’ Associations of India (CREDAI). The Maharashtra Government presented the Bill in the Assembly on Wednesday. The proposed housing regulator should have comprehensive powers to direct planning authorities and approving authorities to ensure that approvals are given in time. CREDAI has been pointing out that most delays in executing various real estate projects in Maharashtra, particularly in Mumbai, were due to delays in issuing various no objection certificates and clearances even after sanctioning the projects, he said. Sachin Sandhir, Managing Director, RICS-South Asia, said the draft Bill aptly translates the intent to make the industry more organized, transparent and accountable. The Bill is a step in the right direction as it lays down the liabilities of the promoters and builders and provides for suitable action for not fulfilling these liabilities, and for violation.

Read more”  The Hindu Business Line 

Who cares for water harvesting?

The sweltering summer is back and, now, one can feel the heat, quite literally. Also, it is a truism that people in big cities and metros suffer due to water scarcity. All this, when it has been drilled into our collective consciousness that we can fight water shortage if necessary arrangements for rainwater harvesting are in place. “Of course! You cannot ignore the fact that water is not inexhaustible, hence we need to save it. All the developers make arrangements for rainwater harvesting in their complexes,” Sunil Jindal, the chief executive of SVP developers, says. “Our customers can always find out from us how to maintain the water harvesting system, ensure water supply and replenish groundwater. It goes without saying that a success story of water conservation in an apartment complex will spread the word around and will be looked upon as a major achievement, especially in times when the word scarcity is so closely associated with water,” Gaurav Mittal, the managing director of CHD Developers, says.

Read more: The Economic Times

Hospitality/Entertainment

DDA likely to raise FSI for hotels

The Delhi Development Authority (DDA) is considering a proposal to increase the floor space index for hotels in Delhi to three, which would help many hotels to add a number of rooms to their existing capacity. DDA had earlier increased the FSI for hotels in Delhi from 1.5 to 2.25 in 2008 to help add more rooms in anticipation of the rush of tourists for the Commonwealth Games. “FSI should be applied to all hotels equally to help increase the room supply,” said Rajindera Kumar, member executive at Federation of Hotel & Restaurant Associations of India, the apex body of the four regional associations representing the hospitality industry. Delhi has around 14,000 approved hotel rooms. “If the FSI goes up, an additional 5,000-6,000 rooms could be added in Delhi,” he said.

Read more:  The Economic Times  

5-star hotels on Expressway

Noida-Greater Noida Expressway will soon gain the distinction of hosting a slew of luxury hotel projects, apart from the innumerable residential, institutional and IT-ITeS projects already in place. The success of Formula 1 event, held for the first time in India in Greater Noida, has brought attention to Noida-Greater Noida Expressway, which is set to gain a chain of top-end hotels. Recently, Starwood, a US-based hotel chain, which was looking for a site for its ultra-luxury brand, St Regis, has ended its search in Noida.

Read more:  The Economic Times

Jobs

Infosys to hire 35,000 in FY 13

Country’s second largest IT firm Infosys on Friday said it will hire 35,000 people this fiscal, including 13,000 for its BPO operations.

“We are going to add 35,000 more people next year, which includes 13,000 people for the BPO operations,” Infosys Member of the Board and Chief Financial Officer V Balakrishnan said.

Infosys and its subsidiaries added 10,676 employees in the fourth quarter of FY’12, while the net addition during the period stood at 4,906 people.

Read more: The Economic Times

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