Rentals in the Delhi and NCR region have witnessed a 15% appreciation if one were to take into account rentals of a 3BHK residential apartment in the second quarter of 2012 (AprMay- June 2012) and compare them with rental values in the same quarter last year, says a new study by 99acres.com, a real estate portal.
Residential areas such as Defence Colony and Saket witnessed the maximum appreciation. Both these areas have witnessed 29% and 28% rise in rentals in the second quarter this year over the second quarter last year. Mayur Vihar-1 and IP Extension in East Delhi saw rentals appreciate by 23% and 12% respectively, while Vikaspuri and Janakpuri in West Delhi saw rental values moving up by 18% and 13% respectively in the second quarter this year over last year.
According to Vineet Singh, business head, 99acres.com, “Residential rentals in Delhi/NCR have seen about a 10-15% jump in the past one year. With more people moving into the city for jobs, the residential hotspots have been in high demand for rentals, directly resulting in an increase over the last 12 months, especially in the NCR region where there is lot of supply in this market. Rentals in Noida will increase at a rate of 10-15% yearly. However, Gurgaon will see about 15% to 25% increase in the coming months. This trend will continue in the coming years as well because there are very few projects at the completion stage in Gurgaon, while in Noida there is huge inventory in the pipeline to be delivered over the next few years.”
Read more: Hindustan Times
Engineering R&D to reach $45 bn, create 1 million jobs by 2020: Nasscom
Indian offshore engineering research and development (ER&D) services market is expected to reach USD 37-45 billion by 2020 and create over one million jobs, software industry body Nasscom said today.
This exponential growth is a result of flexible business models, short product life cycles and decreasing time to market, Nasscom President Som Mittal said at the two-day Engineering Summit 2012 at Pune.
“Indian ER&D service has played a pivotal role in accelerating innovation and is establishing India as a design and innovation hub,” Mittal said, adding that incremental growth will be driven by newer verticals and markets.
Read morel The Economic Times
Economy and realty at glance for the month of Sept 2012
With the Government’s recent announcement of FDI in Retail, Knight Frank today has released its Economy and Realty @ Glance for the month of September 2012 which gives its impact on the Retail and the Real Estate Sector along with the performance of top 5 Retail players.
With an overall FDI inflow of USD 16.74bn – FDI in single brand retail fell from 0.03% in December 2011 to 0.02% in June 2012
As per the FDI policy “It is the intent and objective of the Government of India to attract and promote foreign direct investment in order to supplement domestic capital, technology and skills, for accelerated economic growth.” The analysis indicates that the retail industry has tremendous potential for growth and its operations remain healthy even during this slump.
Read more: Money Control
Boost domestic growth to counter weak global signals
The global economic condition is still bleak, and according to most researchers the recovery is not going to happen any time soon.
In this backdrop, appropriate domestic policies to develop the large domestic market and stimulate domestic growth would help offset the negative forces emanating from the global economy, said Subir Gokarn, Deputy Governor, Reserve Bank of India.
Gokarn said this while delivering the 33rd Frank Moraes Memorial Lecture on ‘Driving the economy in an era of global recovery: Unleashing growth strategies for sustainable development’, under the auspices of the United Writers’ Association, here today.
Highlighting the importance of the right macro economic environment for rapid growth, he said development of infrastructure is a key factor for this. Lack of infrastructure would impact investment, which in turn affects job creation and overall growth.
Read more: Business Line
Property tax defaulters face criminal charges
Owners of 20,000 properties in posh south Delhi colonies such as Green Park, Lajpat Nagar and Hauz Khas are set to face criminal charges not paying property tax, especially of the basement area. The property tax department of south Corporation has already sent notices to 1000 properties and more are on their way. According to sources, there are 30,000 properties in three of the four zones of the south Corporation that have been converted from residential to commercial status. These include restaurants, banks, spas and stationery shops. Despite the change in status, however, at the time of assessment, about 20000 properties are still calculating the tax at residential rates which is several times lower than that imposed on commercial properties. Some properties have been paying taxes for the ground floor and above but have been avoiding the tax payment on the basement.
Read more: Hindustan Times
Study zooms in on Delhi soil to make city tremor-ready
High damage risk zone — technically termed as Zone IV— is what Delhi has been defined as. In simple words, this means Delhi has the structural make to be the epicentre for an earthquake. Keeping this in mind, a pilot project for further microzoning of the city is being carried out by the Ministry of Earth Sciences. Officials said the study will help assess the damage, which might be caused to life or property in case of an earthquake. This will help disaster management authorities to understand area-specific vulnerability and formulate building codes for the city. Character of soil structure in Delhi is not uniform and the impact of an earthquake would vary, officials said. The Earthquake Risk Evaluation Center (EREC) of the India Meteorological Department (IMD), which is carrying out the study, is upgrading the earlier microzonation map to a 1:10,000 scale. According to experts, Delhi presents a number of unique challenges, primarily because of its proximity of the Himalayas, which have a number of fault lines.
Read more: The Indian Express
Rapid Metro builder plans to run it by March 2013
Rapid Metro Rail will be completely operational by March 2013, said Infrastructure Leasing and Financial Services Ltd (IL&FS), the company that built this system in Gurgaon. The firm also laid the foundation for the Rs 2,100 crore project under its second phase for expansion of the Rapid Metro Rail by a further 6.5 km towards southern parts of the city. It is likely to be completed in three years.
The Haryana government will give land for the proposed extension and to set up the depot. The new route will be between DLF Phase 3 and Gurgaon Sector 56.
“The government is committed towards giving equal contribution to Metro projects in Gurgaon and Faridabad,” said Krishna. “There is also a need to ensure integrated mobility of Gurgaon with the help of buses and feeder buses, which will help people commute within city premises and even to the Metro. The government is willing to share 50 per cent of the cost for this system,” he added.
Read more: Deccan Herald
Project That Could Free Gurgaon E- Way Delayed
With the Delhi- Gurgaon Expressway perennially choked at peak hours, a citizen group protesting against the toll at Sirhaul believes that a possible solution lies in the alternate route — the Kundli- Maneser- Palwal ( KMP) Expressway.
The ‘ Toll Hatao Sangrash Samiti’ says that when developed, this e- way could ease pressure of the inter- state heavy vehicle traffic and smoothen vehicular movement on the Gurgaon Expressway.
But the Delhi Gurgaon Super Connectivity Ltd ( DGSCL) is deliberately delaying the project because the Delhi Gurgaon e- way is its huge source of earning, the group alleges. The 135.6- km- long KMP project of the Haryana government has also been awarded to DGSCL. For the traffic coming from western states and headed towards northern and eastern states, both the expressways will meet at Manesar. The KMP e- way will diverts traffic towards Kundli for north India — Punjab, Haryana and Jammu and Kashmir — and towards Palwal for central and eastern states – western UP, Madhya Pradesh and Bihar.
Source: Mail Today
E-way colonies to get link road
To provide hassle-free connectivity for residential sectors coming up along the Yamuna Expressway, the Authority has sped up work on the toll free 120m-wide service road parallel to the speedway. The Yamuna Expressway Industrial Development Authority (YEIDA) claims to have already completed over 50% of the construction work and the service road will be ready for use within a year.
The 36km long service road running parallel to the e-way is being constructed between the zero point near Galgotia College (where the Noida-Greater Noida Expressway meets Yamuna Expressway) and Jewar. YEIDA has already completed work on 20km of the link road and it would be opened to traffic by middle of next year. The road will benefit thousands of people expected to move in to the sectors along the expressway by providing them a toll free link road. Currently, the 165km long expressway is the only link road for these areas.
Read more: Times of India
Over 50 cos to attend Indian American job fair in Chicago
Over 50 major companies, including IBM, Infosys and Abbot Labs, will participate in a job fair being organized in Chicago by an Indian-American organization.
The day-long job fair to be held on October 17 is being organized by Indo-American Community Services (IACS) and will see participation from companies like IBM, Abbot Labs, WW, New York Life Insurance, Caterpillar, Walgreens, Infosys, Grainger, Mass Mutual, HCL Global Systems and Bourntec, a media release said.
Participating companies are expected to have open positions for entry-level, mid-career and senior level positions in varied career fields, including financial and accounting services, information technology, engineering, healthcare, marketing and sales, it added.
Read more: The Economic Times