Property prices may jump 69% in Delhi in next five yrs

Elevated Walkway at the Grand Arch, Gurgaon

Buying a house in Delhi is becoming a very expensive proposition and would be out of most people’s reach in the next five years, a recent survey has predicted.
The survey conducted by real estate portal 99acres.com, along with UK-based market research firm YouGov, says the current

average price of a house in Delhi is Rs. 1.93 crore. In the next five years, the average prices are projected to hit Rs. 3.27 crore – an increase of 69%. The findings are based on the sample size of 2,734 respondents, most of who were male and in the age bracket of 30-39 years.

Delhi is one of the most expensive cities to live in India, ahead of other metros such as Chennai, Bengaluru, Hyderabad and Kolkata. Also, Delhi is expected to witness even more appreciation of property prices in the next five years than these cities, the survey said. Property prices in Mumbai, however, are higher.

Read more: Hindustan Times

Housing societies to soon have more say over their properties

The Maharashtra Government is launching a special drive to provide deemed conveyance (which is basically the transfer of legal rights of land and building by the builder) to the cooperative housing societies from December 1. It aims to provide the conveyance to all such societies by June 30, 2013.

On Tuesday, Chief Minister Prithviraj Chavan directed the Revenue Department to undertake the drive and hold a monthly meeting to review its progress .

The State Government hopes the new drive will give some relief to the housing societies. Across the State, thousands of housing societies don’t have the conveyance, due to reluctance on the part of real estate developers in providing it to the societies. To overcome this hurdle, the State Government had in 2010 amended the Maharashtra Ownership Flats (Amendment) Rules, 2009.

Read more: The Hindu Business Line

Water

NCR channel will help meet Gurgaon’s water needs

The availability of water in Gurgaon will be enhanced by almost four times with completion of the NCR channel, which has a capacity of 800 cusecs.

This would help in supplying adequate quantity of water for the growing population of the town, an official spokesman said here on Wednesday.

He said that the State Government had spent Rs 322 crore on construction of the channel.

“At present, Gurgaon is getting 175 cusecs through Gurgaon Water Supply Channel (GWC). The residents of Gurgaon can hope to have more water to use during summer as compared to the last season,” he said.

The 71-km-long NCR channel originates from village Kakroi in district Sonepat culminating at village Chandu Budhera of district Gurgaon after passing through Sonepat, Rohtak and Jhajjar districts.

Haryana Chief Minister Bhupinder Singh Hooda had announced construction of the channel on September 13, 2006, to meet the growing water needs of the Gurgaon residents, the spokesman said, adding that work had started in September 2008.

At present, the drinking water needs of Gurgaon are met by the lone Gurgaon water supply channel and partly from the tube wells, he added.

Read more: Business Line

Gurgaon News

Clean Gurgaon Dahiya’s top priority

The new commissioner of Municipal Corporation of Gurgaon, Vijay Singh Dahiya, took charge on Tuesday afternoon. He met deputy commissioner P C Meena, various department heads and councillors. Soon after that, Dahiya visited MDI Chowk and Mahaveer Chowk – sites of proposed flyovers. On Wednesday, he is likely to visit the solid waste management plant in Bandhwari. In an interview with Joel Joseph, he emphasizes the need for better sanitation and promises speedy development and effective governance:

How do you view this city?

It is the fastest-growing urban district of the country. I have a fair idea about the challenges ahead.

What are these challenges?

For an emerging city like Gurgaon, we have to plan for the future. This city has various stakeholders and agencies and the need of the hour is to have coordination and synergy so that there is no conflict of interest. The whole city should grow and we will try to ensure holistic development of every area.

Read more: The Times of India

Economy

India’s July-Sept GDP growth seen at 5.4 percent

A worker works next to the assembly line of the Hyundai Motor India Ltd. plant at Kancheepuram district in Tamil Nadu October 4, 2012. REUTERS/Babu

Gross domestic product rose 5.4 percent year-on-year in the July-September period, slightly lower than the 5.5 percent increase in the previous quarter, and only just above the three-year low of 5.3 percent in the quarter to end-March, the median consensus of 39 consensus showed.

Forecasts ranged from 5.0 percent to 6.2 percent.

Asia’s third-largest economy is growing faster than many other countries, but the pace is way below the 9 percent growth that the government has targeted to provide jobs for a booming young population.

Read more: Reuters

IT

IT spending of Indian telecom vertical grew 14.3% in FY12

The Indian telecommunication companies which are feeling the heat due to the drop in there average revenue per user (ARPU) is exploring new ways to increase the wallet share. The companies are adopting new avenues like mobile Value Added Services (mVAS), cloud and datacenter services which in turn are providing ample opportunities to IT companies.

The Indian telecom sector has witnessed a significant growth in the last three years and the wireless subscriber market stands at 933.7 million subscribers while the wireline stands at 31.4 million said a study by Bangalore-based Zinnov. The company also said that the wireless segment is dominated by Bharti while wireline is dominated by BSNL

The report titled ‘Indian Telecom Market Overview 2012’ covers the overall industry growth, key technology trends and government regulations that have shaped the growth of the Indian telecom sector.

Read more: Business Standard

Infrastructure

Focus On Ongoing Projects: PM

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Prime Minister Manmohan Singh on Tuesday told key infrastructure ministries to focus on completing ongoing projects instead of just awarding new contracts. Anxious to ensure that the economic benefits of the UPA’s infrastructure projects were felt and not just heard about, Singh nudged the implementing agencies to tackle all issues standing in theway of projects, and get them back on track.

The Prime Minister gave this piece of advice at a meeting of ministers in charge of infrastructure sectors, after it was hinted by some that they would not be able to meet targets for awarding projects too. For instance, the road ministry has awarded just 10% of its targeted 9,000-km stretches this year, and would be barely able to lay 3,000 km of highways this fiscal. Though this accounts for a 25% hike from last year, it is still a far cry from the projected target of achieving 20 km per day.

Read more: Hindustan Times

Tired of traffic jams? Hop into a carpool

For those who hate driving on Gurgaon’s roads because of the traffic jams, carpooling could be the best option. It would not only lead you to office and back home in lesser time but also help in reducing carbon footprint in the city.

And to promote carpooling in a big way, three young minds left their corporate jobs and launched a community car-share service – FolksVagn – to fight traffic chaos and check environmental degradation.

Sameer Khanna, the founder of FolksVagn, says “We were terribly frustrated with the traffic in Gurgaon and then in February this year we decided to do something about it. My two other friends, who were worried about the impact of the polluted environment on our children, also joined me.”

Khanna, a former senior manager at Ericsson, said FolksVagn is a community car-share service that enables people to share their daily home-office travel with friends, colleagues and other like-minded people. In Gurgaon, carpooling was being discussed on various platforms but we decided to promote it in more serious manner by not only telling them about the benefits but also making it user-friendly.

With help of his friends and co-founders Swati Sahai, a telecommunications postgrad from Aston University and Promila Bhat from Hewitt, he has made it more than just carpooling. “It is a non-restrictive system that allows flexi-timing, choice of travel mates, mobile alerts, cashless payments, pre-verified users, corporate-only members with separate women-only groups, zero fee, no usage-compulsion and up to 100% fuel cost savings” he said.

Read more: The Times of India

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