Today’s India Real Estate Round-Up

Real Estate Headlines

Residential realty rates rise despite slackening sales

Despite the slackening sales in Mumbai’s property market, data shows a steady hike in residential prices throughout the city. Data from various sources, including private property consultants as well as the National Housing Bank (NHB), shows that Mumbai’s realty continues to defy the laws of demand and supply as far as pricing is concerned. The NHB’s recently released residential index for January to March 2012 shows that barring the ultra-premium markets of Cuffe Parade, Malabar Hill and nearby places in South Mumbai, where rates have fallen marginally, prices continue to rise across all micro-markets. The highest hike is visible in the Central Mumbai belt of Lower Parel-Worli where prices had slumped slightly towards the end of 2011 only to spiral upwards once again. According to data available with real estate consultant Mumbai Property Exchange, even those projects that are still in the pre-launch or just-launched stage have increased their rates recently. For instance, Lodha Dioro, which is part of the New Cuffe parade project at Wadala, Oberoi Exquisite and Esquire in Goregaon east, Indiabulls Bleu at Worli, Omkar developers’ Alta Monte in Malad East have increased their rates by at least Rs 1,500-2,000 since March this year.

Read more:  The Indian Express  

India among top 10 land grabbers, sellers: Report

India is among the top 10 nations to acquire land in both domestic and transnational deals, according to a report released this month by the Washington-based World Watch Institute (WWI). It lists India as a big investor in land globally and among the top ‘land grabbers’ because what is acquired is agricultural land. The data has been sourced from an international coalition of NGOs and research groups called the Land Matrix project who has published the world’s largest database of land deals struck since 2000. Around 70.2 million hectares of agricultural land worldwide have been sold or leased to private and public investors since 2000.

Read more:  The Times of India  

Ireo Waterfront, located in Ludhiana, Punjab

Infrastructure

Multi-storeyed remedy for Gurgaon bottleneck

A multi-storeyed building on the clogged Hero Honda crossing in Gurgaon with a stretch of the Delhi-Jaipur national highway (NH-8) passing through it. Sounds too futuristic? The road transport & highways ministry says such an engineering marvel is possible and is a smart way of freeing up the Hero Honda intersection that bears a daily brunt of 5 lakh vehicles. The concept was presented before roads minister CP Joshi on Monday by C Kandaswamy, director general (roads). It proposes that the NH-8 branch out into three or four elevated stretches inside the building, segregating local and interstate traffic and eventually joining the rest of the highway through cloverleaf roads.

Read more:  Hindustan Times  

South Ex to get two more subways

There is good news for pedestrians using the busy Ring Road near South Extension. The Delhi Metro plans to build two pedestrian subways on the killer stretch between Kotla and AIIMS in the next three years during the construction of its station at South Extension under phase 3. The subways will provide better connectivity between the two major markets of South Extension — part I and II. Currently, there is only one subway at South Extension.

Read more:  Hindustan Times  

Centre may buy back Delhi-Gurgaon expressway

The Centre is considering the option of buying back the Delhi-Gurgaon expressway project in case there are no solutions to commuters’ woes at toll plazas on this stretch. Once that happens, National Highway Authority of India (NHAI) could make this stretch toll free and find a permanent solution to congestions at toll plazas. Highways minister CP Joshi mentioned this while chairing a meeting of senior officials of Centre and Haryana government and a few private developers on Monday evening.

Read more:  The Times of India 

Plan to ease Gurgaon toll plaza woes

If the road, transport and highways ministry has its say, the frustrating wait at the Delhi- Gurgaon toll gate will be over. The ministry is considering a proposal to shift the toll plaza from its current spot, where it has earned public ire, to some place near or beyond the Hero Honda Chowk so as to decongest the entry point between the Capital and the Millennium City. Avoiding specific details on the proposal, Union road and highways minister C. P. Joshi said: “ It is just a proposal and we need to clear many bottlenecks before turning it into a concrete plan… But we think the move can work in a dual manner — it will not only decongest the current toll gate at the mouth of the Delhi- Gurgaon border but also save the nearby residents from paying toll when using just a small stretch of National Highway- 8.”

From  Mail Today  , Page 2, 27 June 2012

Ireo Waterfront, Ludhiana, Punjab

Economy

Indian economy hoping for a fresh lease of life; Manmohan Singh takes over finance portfolio

Prime Minister Manmohan Singh, who took charge of the finance portfolio on Tuesday following the resignation of Pranab Mukherjee, may ring in changes at the ministry as he seeks to revive economic growth, arrest the rupee’s fall and deal with the fallout of a possible breakup of the euro zone. Some bureaucrats who played a key role during the tenure of Mukherjee, widely considered the front-runner to become India’s next President, may have to move to new assignments.

Expenditure Secretary Sumit Bose may become the seniormost bureaucrat at the ministry succeeding RS Gujral, the revenue and finance secretary, say people familiar with the matter. Gujral had been vocal in defending a controversial retrospective amendment taxing overseas deals involving Indian assets.

Read more: The Economic Times

IT Sector

India Plans $3.5 Billion National Optical Fiber Network

India has decided to set up a national optical fiber network at a cost of about 200 billion rupees ($3.5 billion) to provide high-speed broadband connectivity in rural areas.

Read more: The Wall Street Journal

IT problems not linked to India outsourcing: RBS

Under intense pressure from customers and others for an IT failure that affected the transactions of millions of customers, the Royal Bank of Scotland (RBS) has said there was no link to its outsourcing programme to India.

Outsourcing IT and other jobs to India by banks and other institutions has often been in public focus, since they invariably lead to job losses in Britain.

Read more: The Economic Times

Indian outsourcing of IT jobs gets massive backlash in UK

Indian outsourcing of IT jobs is once again in the limelight, after a week-long IT debacle at Royal Bank of Scotland and Natwest, that left customers locked out of their accounts for a week, is estimated to cost the bank a large chunk of cash in fees.

Shares slumped 9.1 %, meaning over £1.7billion was wiped off taxpayers’ 82% stake in the bank since the problem started last Thursday.

RBS has cancelled its plush corporate hospitality expenses at Wimbledon, chief executive Stephen Hester has announced senior management will face the music, and the bank, which was bailed out by the UK government and is part taxpayer-owned, faces an FSA investigation.

Read more: The Economic Times

Ireo Waterfront, Ludhiana, Punjab

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