Global realty hotspot

Cities like Chennai, Coimbatore, Trichy and Madurai have seen maximum investments in the State. In addition to these, hill stations like Ooty and Kodaikanal are also registering increased investments in the housing sector. Like any other State in India, Tamil Nadu too witnessed a decline in NRI investments during the global economic downturn. However, the reviving economic situation has brought back NRI investments to the State. N Hariharan, Office Director – Chennai, Cushman and Wakefield, says, “Over the past few months, NRI investors have expressed increased interest in real estate investments in the State due to the depreciating rupee value. The bulk of the investments, which are predominantly in the residential segment, are from NRIs looking at owning a property in their home town for use after their return to India.” Pointing out the major factors that drive NRI investments in the State, Rajesh Babu, Founder of RECS Group, a city-based real estate consultancy, says that the overall investments by NRIs in residential properties – apartments and plots – have significantly increased.

Read more:  The Times of India


Another Greater Noida realty project in legal tangle

It seems no realty projects in Greater Noida could get completed without troubles. Now, a township being developed by a private real estate firm in 100 acres of land in the city has come in the way of the Centre’s ambitious freight corridor project. The Greater Noida authority acquired the land in 2004 and handed it over to the Uttar Pradesh Industrial Development Corporation (UPSIDC), which, in turn, allotted it to Paramount Villas Pvt Ltd, a developer. The builder moved the Allahabad high court after freight corridor officials reached the site for measurement in May this year.

Read more:  Hindustan Times  

Real Estate Policy

No electricity without house completion certificates in Ghaziabad

 Hindustan Times  

The Ghaziabad Development Authority (GDA) is considering not to give permanent electricity connection to builders who allow possession in their group housing projects without obtaining completion certificates. Officials say that only a handful of completion certificates were obtained from the GDA in the past couple of years while most builders went ahead and allowed possession. “We have now asked the electricity department to disallow permanent electricity connection to projects where completion certificates are not obtained,” GDA secretary RK Singh said.

India Business News

Rupee gains; awaits Greece, RBI outcome

The rupee rallied against the dollar on Friday, tracking robust gains in domestic stocks and global risk assets on optimism major central banks will step in to counter any adverse impact from Sunday’s Greek elections.

Hopes the Reserve Bank of India will cut interest rates on Monday to kickstart domestic growth also supported the rupee, since waning confidence on the economy had been a major factor behind last month’s falls to a record low by the local unit.

The local unit rose 0.1 per cent against the dollar for the week, gaining for a second consecutive week, though the outlook for the currency still remains weak.

Read more: The Times of India

BSE Sensex rises 1.6 per cent ahead of RBI decision

The BSE Sensex rose on Friday to its highest close in six weeks as banks gained on hopes for aggressive monetary easing at home, and by hopes major central banks would work to contain any global turmoil from Greek elections.

Domestic stocks have rallied this month on hopes the Reserve Bank of India’s will cut interest rates by at least 25 basis points on Monday. Some investors also see a joint cut in the cash reserve ratio, or the amount of funds lenders must park with the central bank.

Greek elections are on Sunday, adding to the potential risk, though at least sentiment was boosted on reports that central banks of major economies are ready to provide liquidity if elections result dent global markets.

Read more: The Times of India

SBI cuts lending rates by 0.5-3.5%

Days ahead of the RBI reviewing the interest rate, State Bank of India (SBI) today announced cut in lending rates between 0.5-3.5 per cent, mainly for the small and medium enterprises (SME) and the agriculture sector. However, interest rate on home and retail loans will remain unchanged, the banking leader said, adding they are low and competitive.

Announcing the reduction in interest rate, SBI managing director and group executive (national banking) A Krishna Kumar said the base rate will also remain unchanged at 10 per cent.

The Reserve Bank of India is scheduled to come out with its mid-quarter review of the credit policy on Monday amidst expectations of a cut in the short-term lending rates.

Read more: The Times of India

RBI rate cuts would be ineffective: HSBC

A cut in the repo rate would be “ineffective” given the liquidity deficit in the country, and would be “the wrong medicine” to boost growth, HSBC says is a note on Friday.

“We think deeper structural reforms are needed instead, and soon,” HSBC writes. HSBC warns inflation pressures will continue “simmering” on the back of a weak rupee and “tight” capacity, despite the fall in oil prices and moderating growth.

Read more: The Times of India

Punjab government woos Ambanis, Tatas for investments

The Punjab government today wooed leading industrialists including Ratan Tata, Mukesh Ambani, Anil Ambani and Anand Mahindra to invest in the state, which has set a target of attracting Rs 1 lakh crore. The state’s Industry Minister Anil Joshi has written a letter to the heads of some leading industrial groups including Ratan Tata, Mukesh Ambani, Anil Ambani, Azim Premji and Anand Mahindra, inviting them to invest in Punjab and offered them full support to set up their ventures, according to an official statement. The state government has set a target of Rs 1 lakh crore investment in the state and would ensure all kind of cooperation to investors to achieve this target, he said. Joshi said the Akali Dal-BJP alliance government has established a world-class infrastructure in the state to attract industrial investments. Besides, Punjab is the only state to have distinction of four international airports, providing best air connectivity. Seeking investment in the state, Joshi said the state government has linked all its major cities with four or six lane roads.

Read more:  The Economic Times  

Infrastructure

GDA, Noida Authority draw plans to decongest NH-24, split costs

The Ghaziabad Development Authority and the Noida Authority have made an in-principle agreement to share costs of construction of underpasses and flyovers in an effort to decongest National Highway 24. The highway serves as the link between the Capital and residential areas in Ghaziabad such as Indirapuram and Vaishali, as well as several sectors in Noida.

Read more:  The Indian Express  

Ireo Fiveriver, located in Panchkula

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