Move over, Mumbai – here comes Delhi

Boon for flat buyers: Apartment deed possible without builders

NEW DELHI: Easing the process of giving exclusive rights of ownership to flat buyers, the Delhi high court has held that land owning agencies, DDA and L&DO, can execute the deed of apartment in case builders fail to execute the deed. This will enable flat buyers to get exclusive right over their houses and they need not be dependent on the promoter to transfer and mortgage the property.

Allowing a PIL that sought a directive for enforcement of the Delhi Apartment Ownership Act, a bench of acting Chief Justice A K Sikri and Justice Rajiv Sahai Endlaw said, “We are of the opinion that the dispute, whether the promoter or the builder has failed in executing and registering the deed of apartment, would be within the scope of Section 13 (4) of the Act and the competent authority would be entitled to pass an order directing the promoter or builder to execute the deed of apartment.”

Read more: The Economic Times

Under 1-year lease to get legal cover?

NEW DELHI: The government may make it compulsory to register “lease” documents even for a period of less than one year, a move aimed at putting property owners and tenants on a stronger legal footing in case of disputes.

An amendment proposed to the Registration Act, 1908, seeks to redefine “lease” to remove the provision which says that those for a period under one year need not be registered .
The amendment would, however, exempt “lease” agreements pertaining to an amount which is below the “floor price” . The move is aimed at giving a stronger legal standing to sections like property owners and buyers or tenants who don’t have their lease documents registered, largely because the period they deal with is under one year.

Read more: The Economic Times

HDFC Bank is now one of the most valuable in the world, beats biggies like BofA, BNP Paribas

For most banks across the globe, the past five years have been a battle for survival with many falling by the wayside and others becoming wards of the state. In late 2008, India was also not immune with ICICI Bank, the nation’s second largest, experiencing some jitters. But one lender which has remained immune to the troubles swirling around the sector is HDFC Bank.

With a market capitalization of Rs 1,38,469 crore (or $24.88 billion) on Tuesday, HDFC Bank has surpassed the biggest lender in the nation – State Bank of India – which has deposits that are almost six times that of the private lender.

Read more: The Economic Times

Expect India to account 5% of global sales in 3 years: Nikon

NEW DELHI: Japanese imaging firm Nikon today said it is aiming for the Indian market to contribute up to five per cent of its global revenue within next three years on the back of robust growth here. However, the company’s wholly-owned subsidiary, Nikon India, has lowered its turnover projection for 2012-13 by 8.33 per cent to Rs 1,100 crore due to slowdown in Indian economy and rupee depreciation.

“The Indian market has a huge potential and Nikon India is growing at a robust rate of 30 per cent every year. We expect to continue this and are aiming to contribute five per cent of our global revenue in the next three years,” Nikon India Managing Director Hiroshi Takashina told PTI.

Read more: The Economic Times

Moody’s: India Rating Is Safe for Now

NEW DELHI — The Indian economy is likely to miss the central bank’s new reduced growth forecast, but the South Asian nation still remains better placed than similarly rated countries and doesn’t face an immediate threat of a rating downgrade, Moody’s Investors Service said.

The Reserve Bank of India Tuesday slashed India’s growth forecast to 6.5% from 7.3%, underscoring the worst economic slowdown in nearly a decade driven by high interest rates and weak global demand. The government’s failure to implement key economic reforms has aggravated the slowdown, while the country is facing a likely drop in farm output due to scanty monsoon rains.

Read more: The Wall Street Journal – Business

Fortis Healthcare opens super-specialty hospital in Singapore

SINGAPORE: Fortis Healthcare today said it has opened a super-specialty hospital ‘Fortis Colorectal Hospital (FCH)’ in Singapore to treat colorectal disorders.

The facility is dedicated to the management of colorectal conditions including colorectal cancer which is amongst the highest in cancer affected patients in Singapore.  FCH will also focus on education and research to improve the quality of colorectal disease treatment in the region, Fortis Healthcare said.

Read more: The Economic Times

Retail expansion up, says CBRE report

Mumbai: Leading brands and retailers are pursuing expansion plans aggressively to increase their presence across key retail hubs.

A report from global property consultant, CB Richard Ellis, said retail mall rentals saw growth in prime city micro-markets of Delhi, while values in high streets increased in Mumbai, Bangalore and Pune.

This can be attributed to the heightened interest by retailers coupled with a low base of supply addition as developers continue to focus on attracting tenants in completed projects and reducing current vacancy rather than launching new projects.

Read more: Business Line

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