Ireo offers Gurgaon Hills on Gurgaon-Faridabad Road

Ireo Gurgaon Hills

Ireo, a private equity fund de­dicated to the Indian real estate sector, with footprint in prime locations across NCR, Ha­ryana, Punjab, Tamil Nadu and Mah­arashtra, is coming up with a new residential project, Gurgaon Hills, on the Gurgaon-Faridabad road.

Built with an investment of Rs 600 crore, with Aravalli forests on one side and backdrop of the non-buildable Delhi Ridge on the other, this low-density project spread over 15 acres will house about 250 apartments. The six tower blocks will have three, four and five-BHK apartments ranging from 4,700 sq ft to 10,000 sq ft. The market price for each ap­artment starts from Rs 5.5 crore. The project is expected to be complete by 2015.

Read more: MyDigitalFC

Economy/Markets

India confident of meeting $5.4 billion privatisation target

NEW DELHI: Government said on Wednesday it was confident of meeting its privatisation target of $5.4 billion to plug a yawning budget gap.

“Meeting of the divestment target should not be a problem because we have enough (companies) in the pipeline,” Department of Disinvestment Secretary Mohammad Haleem Khan told reporters in New Delhi.

The Congress-led government has proposed raising 300 billion rupees ($5.4 billion) from selling stakes in state-run companies in the current fiscal year to March 2013.

However, it is yet to make any public offering in the first four months of the financial year.

Read more:  The Economic Times

Indian market valuations are pretty attractive currently: Dhiraj Sachdev, HSBC Global AMC

In an interview with ET Now, Dhiraj Sachdev, VP & Sr. Fund Manager,HSBC Global AMC,talks about the markets and shares his views on various sectors. Excerpts:

ET Now: Earnings are sub par, monsoons are bad and most of the local and global brokerages have slashed their GDP forecast. The market is still holding on. What do you have to say about that?

Dhiraj Sachdev: That is the irony of the market. However, all the issues that you have discussed are at a time when the market valuations are pretty attractive. If we see during the last two years, the Indian markets have been reeling under tough macro economic conditions which included high interest rates and high global commodity prices, including oil. These are showing early signs of reversal.

The quantum and pace of interest rates could be debated, but directionally it is headed down. For the first time in four years we have seen China talking about lower-than-expected growth rates. This means the trend on the global commodity prices is expected to be lower. Therefore, it means margin expansion for the Indian corporate sector.

Secondly, the valuations are pretty much attractive and a lot of negativity has already in the price at 12 to 13 times forward earnings on the large caps and pretty attractive valuations on the midcaps. Thirdly, it will be aided by expectations of stimulus in the global markets from ECB and US Fed. So, the markets are pretty much holding against the backdrop of these two or three reasons.

Read more: The Economic Times

Sensex up 99 points in early trade ahead of IIP data

MUMBAI: The BSE benchmark sensex on Thursday recovered by nearly 99 points in early trade on fresh buying by funds and retailers ahead of industrial output data, amid a firming trend in other Asian bourses.

The 30-share barometer, which shed 1.22 points on Wednesday, rose by 98.96 points, or 0.56 per cent, to 17,699.52.

All the sectoral indices, led by interest-sensitive auto and realty, were trading with gains up to 1.19 per cent.

Read more: Times of India

Infrastructure

Yamuna Expressway opening is Jaypee’s free ride to Lucknow

So is this the turning point for the Jaypee group, which built the 165-km Yamuna Expressway at a cost of Rs 13,300 crore?

The group certainly has huge stakes riding on the successful launch of the expressway, as its success will have a bearing on the future of its real estate projects along the expressway. In lieu of building the Yamuna Expressway, the company got 6,175 acres of land across five locations (1,235 acres each) on the expressway, which will be used to develop close to 530 million sq ft of real estate.

“The company has successfully launched its real estate township in Noida but other land parcels become relevant only when the expressway is operational. The fact that the expressway reduces travel time will become clear to people only when they use it and that will help Jaypee sell other townships as well,” Nitin Agarwal, analyst at IDFC Securities, who tracks Jaypee Infratech told ET sometime ago.

Read more: The Economic Times

Yamuna Expressway: Interesting facts & pictures

Gateway of 6 lane 165 Km Yamuna Expressway, Greater Noida to Agra

The swanky new Yamuna Expressway connecting Delhi with Agra, the city of the Taj, was on Thursday inaugurated by the Uttar Pradesh Chief Minister, Akhilesh Yadav.

Akhilesh Yadav inaugurated the Expressway through a video link from his residence in Lucknow. The Yamuna Expressway, will reduce time between Delhi and Agra to two and a half hours.

The new expressway, which took around 47 months and Rs 13,300 crores to build, runs from Greater Noida to Agra, crossing Aligarh and Mathura with several new projects such as Jaypee’s Sports City in Greater Noida and the Forumla One track and new real estate projects coming up along the way.

Read more: The Economic Times

Sonipat hails Rs 205.7 crore Nabard aid for road project in nine districts of Haryana

SONIPAT: In a bid to strengthen infrastructure support to the local industries, National Bank for Agriculture and Rural Development (Nabard) has sanctioned Rs 205.7 crore for 25 road projects in nine districts of Haryana, including Sonipat and Karnal. Small and medium enterprises (SMEs) and micro, small and medium enterprises (MSMEs) falling in the area of these 25 road projects have welcomed the initiative and reverberated in unison that it would help the industries grow once the proposed roads become operational.

Read more: The Economic Times

Real Estate

NRI real estate investment norms simplified

The purchase and sale of immovable properties in India by a Non Resident Indian (NRI) or by a Person of Indian Origin (PIO) is really a very simple and easy affair with not much hassles and problems. For a detailed and authentic answer one should always refer to the Foreign Exchange Management (Acquisition and Transfer of Immovable Properties in India) Regulations, 2000 as amended from time to time.

The above regulations have been notified by the Reserve Bank of India vide Notification No. FEMA/21/200-RB dated 3rd May, 2000. Likewise, to get a latest update on the subject the readers may also very carefully go through the latest Master Circular on Acquisition and Transfer of Immoveable Property in India by Non Resident Indians/Persons of Indian Origin which has been issued by the Reserve Bank of India vide Master Circular No.4/2012-13 dated 2/7/2012.

Before going further to analyse the different provisions of the law relating to acquisition and transfer of immovable properties in India by Non Resident Indians as well as by Persons of Indian Origin it would be worthwhile to know and understand the legal definition of these two entities as per the Foreign Exchange Management Act.

Read more: The Economic Times

Property buyers may get access to central registry

As a buyer of immovable property, you may soon be able to electronically check whether the property concerned is free of encumbrances.

This information is crucial in real-estate transactions, as any encumbrance (outstanding mortgage or unpaid taxes) on the title affects the property’s transferability. It also imposes liabilities unforeseen at the time of purchase.

CERSAI, a Government company, plans to soon allow individuals to access the information recorded with the central registry, its Chief Executive Officer, R. V. Verma, said.

“We are working on infrastructure to provide gateway to members of the public,” he told Business Line here.

Read more: Business Line

Business

BPOs a silver lining in technology cloud

BANGALORE: The IT sector is slowing down, but the business process outsourcing (BPO) segment — which has always played second fiddle to IT — has emerged as a silver lining in the cloud.

In the quarter ended June, the BPO segment, which had been growing relatively slowly, showed a clear revival for many companies, especially the integrated IT-BPO companies whose.

For every one of the big IT-BPO companies, the sequential rise in growth rate of their BPO businesses was the highest in the last four quarters.

Read more: Times of India

Airlines offer monsoon discounts

MUMBAI: With the peak travel season behind, airlines have come up with discounts, though not very attractive, in a bid to boost the off-season domestic traffic on routes that are expected to see a fall in demand.

Among the airlines offering these discounts are Jet Airways, Air India, Kingfisher Airlines and Spice Jet. Last week, Jet Airways launched packages for corporate travellers underwhich one could avail two night group packages within India to Goa, Kochi, Hyderabad, Bengaluru, Delhi, Mumbai, Jaipur and Udaipur starting from Rs.12,000. On the international front, Jet has three night’s packages to Dubai, Bangkok, Singapore and Hong Kong starting from Rs.32,737. JetEscapes has monsoon packages to Goa, Kerala, Mumbai and the Golden Triangle starting from Rs.13,330, which includes air tickets , airport transfers, three star accommodation, sightseeing and insurance, the Jet Airways release said.

Read more: Times of India

Retail Trade

Retail FDI: Only 2 States, 2 UTs give written commitment

Till date, the Centre has received written commitments only from two States and two Union Territories, indicating their support for allowing foreign direct investment (FDI) in multi-brand retail.

The Centre also disclosed that it had not prepared any roadmap for allowing 100 per cent FDI in multi-brand retail sector.

On June 19, the Department of Industrial Policy and Promotion (the nodal body for FDI policy) had written to all the States and Union Territories seeking their response to the proposal.

Giving this information to the Rajya Sabha on Wednesday, Minister of State for Commerce and Industry Jyotiraditya M. Scindia said, “Till date, written communications indicating support for FDI in multi-brand retail trade have been received from the Governments of Delhi, Manipur, and from the Union Territories of Daman and Diu as well as Dadra and Nagar Haveli.”

The Centre has been trying to evolve a consensus on the issue by holding consultations with all stakeholders, including the States. This is because though the Centre can create an enabling environment to open up multi-brand retail trade, finally it is up to the State Governments to take a call on granting trade licences to companies for opening stores.

Read more: Business Line

Rural penetration, sustainability & infrastructure development, key to FMCG sector’s growth

NEW DELHI: Rural penetration, sustainability and infrastructure development are key to the FMCG sector’s growth, top industry officials representing the sector said on Wednesday. “Huge investments in developing rural infrastructure and efficient utilisation of resources like our coast line, solar energy and vast human resources is imperative for India’s overall growth as a large market base,” Sangeeta Talwar, MD of NDDB Dairy Services said.

She was speaking at the CII FMCG conference on new opportunities, wider markets, sustainable businesses. “Sustainability should not be restricted to one or two brands. The industry should also give back to society so that a future pool of resources is available for them”, Talwar added.

According to CII, the FMCG sector is one of the key drivers for the country’s economic development, with a total market size of Rs 130,000 crore in 2010. The sector is expected to expand to Rs 1,80,000 crore by 2015.

Read more: The Economic Times

Domestic car sales up 6.7%, bikes by 4.97% in July

NEW DELHI: Domestic passenger car sales jumped by 6.7 per cent to 1,43,496 units in July 2012 compared to 1,34,473 units in the same month in 2011.

According to the data released by the Society of Indian Automobile Manufacturers (SIAM) motorcycle sales in last month grew by 4.97 per cent to 8,21,821 units from 7,82,852 units in the same month previous year.

Total two-wheeler sales in July 2012 increased by 7.45 per cent to 11,32,696 units from 10,54,120 units in the same period of previous year.

Total sales of commercial vehicles rose by 1.2 per cent to 65,008 units from 64,234 units in the year-ago period, SIAM said.

Total sale of vehicles across categories registered a growth of 7.52 per cent to 14,46,959 units in July 2012 as against 13,45,644 units in the same month of 2011, it added.

View article: Times of India

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