NEW DELHI: Delhi and National Capital Region has generated maximum jobs across different sectors in the country during the last two quarters, Assocham said today.
Out of 2.7 lakh jobs generated during the two quarters (January-March 2012 and April-June 2012) in the country, the chamber said, over 64,500 jobs were created in the NCR only.
The region was followed by Mumbai, Bangalore, Pune and Chennai, it said.
“In the tier II category, Lucknow has topped the list with 1,698 jobs. Chandigarh, Vadodra, Jaipur and Surat are other tier II centres that have generated maximum jobs,” it said.
It said Dehradun has topped the chart in the tier III category and generated over 650 jobs.
Gwalior, Ludhiana, Bhubaneshwar and Raipur are other leading tier III centres that have generated maximum employment, it added.
Read more: The Economic Times
India can go back to 9% growth rate: PM Manmohan Singh
Prime Minister Manmohan Singh on Saturday said the present slowdown was not “inevitable or irreversible”.
Addressing convocation ceremony at IIT Bombay here, the Prime Minister said after half a century of zero rate of economic growth, from 1900 to 1950, India managed to register 3.5 per cent growth for three decades after Independence, from 1950 to 1980. But from 1980 to now, over the subsequent three decades, the country nearly doubled that rate of growth.
“In 2003-08, we showed that we can march forward at an even higher rate of growth of 9 per cent,” he said.
Read more: The Times of India
Mend land policy to push realty, infrastructure
The relaxation of rules by the Prime Minister’s Office (PMO) on transfer of government land in a bid to speed up public-private partnership (PPP) projects in infrastructure sector is, indeed, significant. Especially so when economic growth has dipped to a 9-year low, amid infrastructure and realty projects hanging fire due to delayed approvals.
Last year, the government had put a condition to make cabinet nod a must for transfer of government land to any entity. The recent waiver of such cabinet approval will cut delays, putting infra projects on fast track.
Land availability has been a major hurdle in infrastructure development. But for this bottleneck, India’s economic growth can jump two percentage points. It is hoped the recent policy move will help free up hundreds of thousands of hectares of government land, putting it to productive use.
Read more: TwoCircles
New Gurgaon: Rich Yields On Investment
Developing sectors of New Gurgaon are getting a tremendous response owing to their proximity to the Dwarka-Gurgaon Link Expressway, which will help the residents here bypass the traffic at Gurgaon toll near Delhi during peak hours.
Gurgaon has caught the fancy of most of the developers. The multi-directional developments, in terms of infrastructural and commercial activities, have promoted the residential segment that range from affordable to high-end, lowrise to highrise houses, tall condominiums and huge penthouses to villas. The BPO and IT revolution in the area supports a new breed of corporate employees who have high purchasing power.
The area along the NPR (Northern Peripheral Road), or the Dwarka Expressway, holds a great potential in terms of investment owing to its proximity to the airport and Delhi. This place is being projected as an upmarket area due to a proposed second diplomatic enclave in Dwarka Phase II, bordering Gurgaon, which would a hub for all the major embassies. Thus, investing in this region makes a lot of sense.
Read more: The Times of India
Urban residential property prices up
The price movement of residential properties has shown an increasing trend in 16 cities, ranging from 1.1 per cent in Kochi to 10.5 per cent in Pune.
According to the National Housing Board Residex, the prices have shown a marginal decline in three cities while one city has shown stable prices in April-June 2012 quarter.
The index for the current quarter witnessed marginal increase/decrease in property prices in most cities over the previous quarter, except in Pune, Patna and Bangalore which have witnessed significant increases.
Hyderabad, Jaipur and Indore witnessed corrections in property prices compared to last quarter.
Faridabad has remained stagnant in this quarter. NHB Residex has been tracking the movement in prices of residential properties on a quarterly basis since 2007. The index now covers 20 cities.
Read Article: Business Line
Homes no bigger than a bus
Affordable, but how liveable?
In order to reduce costs and improve affordability for the buyers, reducing the saleable area is one of the several measures adopted by real-estate developers (in the National Capital Region, Mumbai, Ahmedabad, Kolkata, Pune, Bangalore and Chennai) selling affordable houses. As a result, affordable houses have shrunk by at least 40 per cent of the sizes that existed a decade ago, say real-estate experts.
“According to our estimates, the sizes of affordable houses in Gujarat has shrunk by at least 40 per cent in the last decade,” says Nirav Kothary, head of industrial real-estate division at Jones Lang LaSalle (JLL), a global property consultant.
Read more: Express India
Govt asks bankers to form committee to advise it on housing
New Delhi: Finance Minister P Chidambaram on Saturday said he has asked Indian Bankers Association (IBA) to form a committee to advise the government on tackling the slowdown in the housing demand.
He listed various issues facing the real estate sector but expressed confidence that these can be solved.
“I have requested IBA to appoint a small group to tell me how to resolve the problems of demand for housing one side, incomplete housing projects on other side and completed housing segment which are lying vacant on the third side. Its a conundrum, but I think it can be solved,” Chidambaram told reporters after a meeting with chiefs of state-owned banks.
He said the housing segment posed “complex issues”, and cited an example: “I was told 5 lakh housing units remained vacant in Mumbai, I don’t know its right or wrong, it may be wrong by factor of 10 percent or so. But you know that is capital which is blocked, cement, steel, labour…”
Read more: Zee News
Amid rising costs, realty firms spend less
Real estate firms claim rising input costs have hit them hard. However, this doesn’t reflect in their expenditure. In the results for the quarter ended June, realty companies recorded a significant drop in employee expenses, cost of construction and materials consumed, etc. Much of this can be attributed to the slowdown in construction.
In the past one year, inflation in input costs has been 10-15 per cent, realty firms say. However, their overall costs fell, owing to fiscal consolidation by firms, limited new launches, downsizing staff, the slowdown in construction and a delay in deliveries.
India’s largest real estate company, DLF, saw its total expenditure fall 34 per cent to Rs 1,309 crore in the quarter ended June from Rs 1,982 crore in the year-ago period. The sequential fall in total expenditure stood at 13 per cent. The cost of land, plots and constructed properties dropped 50 per cent— from Rs 1,268 crore in the year-ago period to Rs 644 crore in the quarter ended June.
Read more: Business Standard
HC ORDER: Toll system revamped to end Gurgaon e-way chaos
Following the Punjab and Haryana high court order on decongesting the Delhi-Gurgaon expressway toll plaza from daily traffic jams, the private concessionaire, DSC Ltd, has now introduced split toll gate system for the purpose.
In the new system two toll lanes on the extreme left side of the toll plaza during peak hours have been made free with the boom barriers lifted. Fifty metres from that point, there are six-seven temporary toll windows that have been installed for toll collection. The idea is to reduce the jam at the plaza and ease the traffic flow. This new system has been in place since Thursday evening and according to the concessionaire, it is yielding positive results and helping in reducing the jam.
Read more: The Times of India
India Opens a Door to Private Education
Like many 6-year-olds, Pankaj Disht clams up when speaking to a stranger. But since switching to a private school, he has become more open and says he enjoys school and has many friends.
Under normal circumstances, Pankaj’s father, Madan Singh Disht, a household cook, could have only afforded to send his son to a government-run school here, where, as in the rest of India, public schools suffer from teacher absences, poor infrastructure and a lack of facilities.
But through a law upheld by the Indian Supreme Court this past spring, and the tenacity of Mr. Disht’s employer, Seema Talreja, who organized the boy’s application, Pankaj is attending a private academy, the Mother’s International School, where he receives individual attention from motivated teachers.
Mrs. Talreja, who has employed Mr. Disht for five years, wanted to help with his family’s education. She took advantage of the recent legislation, which requires Indian private schools to admit 25 percent of their student body from ages 6 to 14 from families making less than 100,000 rupees, or $1,800, a year.
Since Pankaj started attending his new school, “I see a total change in his self-confidence and self-esteem,” Mrs. Talreja said by telephone.
Read more: The New York Times