India Inc to give 11 pc salary hike to employees in FY13

Employees across corporate India are expected to get a slightly lower average salary hike of 11 per cent in the current fiscal compared to 12-13 per cent last year as firms grapple with sluggish economic activity, experts have said.

As per a survey conducted by recruitment tendering platform, companies are expected to dole out an average pay hike of 11 for the year ended March 2013 lower than 12-13 per cent in the preceding fiscal.

While sectors like aviation could see average salary hike of seven per cent, the increments could be higher at 13 per cent for employees employed by retail companies. 17449647.cms

“Current appraisal season salaries in India are expected to be in double digit. Increments have been conservative at 11 per cent attributable to the prevalent market sentiment.

“The increment percentages have dropped by 1-2 per cent across levels compared to last year,” CEO Rajesh Kumar said.

Echoing a similar view, Apex HR Solution MD Vishnu Shankar said: “Around 11 per cent salary increment is expected in current fiscal. When making recommendations on salary increments, organisations take into account factors such as the uncertainty in the economical conditions.”

Read more: The Economic Times

Real Estate

Huge scope for realtors in higher education sector: Survey

Lack of physical infrastructure in the education sector, which has become a key focus area for the government, provides huge opportunities for real estate players, says a survey.

“The quantum of physical infrastructure and real estate development required to address the aspiration of GER ( gross enrolment ratio) enrolment is a Herculean task and cannot be achieved by government or education institute operators alone.

“This provides significant opportunities for real estate developers for creating physical infrastructure in the education landscape,” DTZ India co-head for investment advisory Anuj Nangpal said in a survey.

With a population of around 1.2 billion and over 144 million potential customers for higher education, the country is now ranked amongst the largest markets globally, the report says, adding, there are around 25,000 colleges and 460 universities.

According to the survey, nearly 5,550 million sq ft of real estate demand would arise from the higher education sector to achieve a GER ratio of 30 per cent by 2020. This includes development of educational institutes and support services like hostels, retail space, etc.

At present, the GER in the country is at a low 12 per cent, which is less than half global average of 26 per cent. “In addition to education institutes, the education landscape also provides significant opportunities for developing ancillary support services and thereby providing additional revenue generations avenues for a realty players,” he said.

Read more: The Economic Times

Charges for transferring property to heirs opposed

Residents have demanded that the state government refrain from implementing a proposal, currently under consideration by the Noida Authority, which would require property allottees to pay ‘transfer charges’ even in cases when they transfer it to their blood relations.

As per the proposal made by the UP department of stamps and registration to Noida Authority, any change in allotment of properties should be allowed only after execution of lease deeds. As per the stamp department, the practice in vogue now allows for allottees of properties to transfer their allotments to blood relatives before the execution of lease deeds.

“At present, allottees are free to transfer properties to blood relations by paying a marginal sum of Rs 1,000 as processing fees during the time period between allotment and signing of lease deeds,” said DIG (Stamps), VD Sharma. “The proposal has been made to make registration of all immovable properties compulsory once it has been allotted. Any further transfers would require fresh registration and payment of stamp duties,” he added.

Read more: The Times of India

DDA to focus on housing for the poor

In order to tackle the shortage of houses in the city, the Delhi Development Authority (DDA) has begun a survey to identify land for low-income group (LIG) and middle-income group (MIG) housing in the Capital.

According to senior officials, DDA would concentrate on LIG and MIG housing wherever land is available. The land agency has not come up with new housing schemes since 2010.

“The process of identifying land available for constructing LIG and MIG houses has begun. We are planning to construct such housing projects on smaller plots where 500 to 700 flats can be made. This is necessary to meet the housing requirements of the city,” a senior DDA official said.

Under DDA’s 2010 housing scheme, buyers were supposed to get possession of most of the

16,000-odd flats by end of 2011, but the land agency is still completing the process of handing over flats to successful allottees.

“The emphasis is on constructing houses for the economically weaker sections to prevent more unauthorised colonies from cropping up in the city. Urban Development Minister Kamal Nath said 1 lakh EWS houses should be built every year. We are trying to achieve this target,” the official said.

Read more: Indian Express

Documents to check before buying a house

property-deedBuying your own home may be a cherished dream, but it doesn’t take much for it to turn into a nightmare. Given that real estate is among our most expensive purchases, landing a lemon can prove to be a financial disaster. The only way to avoid such a situation is to take time out to conduct due diligence before finalising any property deal. Of course, a reliable shortcut is to buy into a project that is backed by financial intermediaries like banks. “Seldom would they hand out loans to projects where due diligence throws up pending mandatory clearances,” explains Shveta Jain, executive director, residential services, Cushman & Wakefield, India.

You can also engage a lawyer to carry out due diligence, but as a smart buyer, it’s best to pore through the documents yourself. Here is a checklist of documents that you should peruse before signing on the dotted line.

Read more: The Times of India

Price appreciation in housing segment slowed in 2012

The price appreciation in the housing segment slowed significantly during 2012 in the top seven cities of the country with average capital value rising by only 1-3 per cent, property consultant Jones Lang LaSalle (JLL) India said today.

In its review of the realty sector during the current calendar year, JLL India Chairman and Country Head Anuj Puri said: “2012 was a sluggish year in terms of economic growth, largely because of high interest rates and poor industrial production. Inflation remained high, impacting sentiments and investor interest across businesses – including real estate”.

The consultant said a total of 1,60,622 residential units were launched in 2012 in the seven top cities of the country compared with 1,54,701 units for the corresponding period of 2011. These cities are Delhi-NCR, Mumbai, Kolkata, Chennai, Hyderabad, Bangalore and Pune.

“From the pricing perspective, the average residential capital values in 2012 appreciated in the range of 1-3 per cent year-on-year,” Puri said.

Among the top seven cities, the capital value growth in Pune and NCR-Delhi was the highest, while Hyderabad and Bangalore saw a slower rate of capital value growth.

“There is still no price correction on the cards, but the quantum of appreciation definitely reduced significantly in all the top seven cities of India in 2012,” Puri said.

JLL said although demand showed signs of improvement with the approach of the festive season, developers are still struggling with rising inventories.

The builders have attempted to sell off their existing stock via out-of-the-box marketing techniques and pricing mechanisms to attract end users and investors, it added.

See article: The Economic Times


Not Much in Store

India’s retail sector is poised to get big money with the government allowing foreign direct investment (FDI) in multi- brand retailing. Some upbeat developers have already started marketing their mall properties. While there is no doubt that the demand for mall space will rise when foreign players enter the market, does it make sense for a small investor to buy a shop in a mall? India’s retail industry is worth more than Rs 20 lakh crore, according to the Confederation of Indian Industry. Consultancy firm AT Kearney expects it to grow at 15- 20 percent per annum. Global retail giants are busy planning their India entry. “An influx of new retailers will increase the demand for investment-grade retail space and the bargaining power of developers, which will reflect in higher rentals and capital values. Vacancy levels, too, will fall,” says Anuj Nangpal, director, investment advisory, DTZ India, a real estate consultancy. The changes in rules for the retail sector are likely to bring in $3 billion (around Rs 16,000 crore) over the next five years, says Crisil, a research firm. However, most do not expect any immediate impact.

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DDA plans makeover for local markets

Delhi Development Authority (DDA) seems to have woken up to the condition of dilapidated, neglected local markets. As a one-time measure to spruce up all local shopping centres it has built, DDA has conducted a survey to assess the conditions of the local markets and is planning to give them a facelift. Sources said a south Delhi market will be refurbished first.

The makeover includes maintenance of building facade, checking leakages in buildings, repair of broken pavements etc. Nearly Rs 10 lakh has been allotted for work on each market, which will begin this month.

DDA had constructed these shopping complexes to meet the daily needs of colony residents. In all, the authority constructed 11 district centres, 44 community centres, 138 local shopping centres and 449 convenient shopping centres. After construction, the markets were handed over to the local civic agencies. But maintenance became an issue and the markets became riddled with problems of all sorts such as encroachments, lack of parking space, poor lighting etc.

Read more: The Times of India


Gurgaon mayor meets new MCG chief

The mayor and his deputy met the newly appointed municipal commissioner on Saturday to discuss ways to expedite the infrastructure projects that seem to be getting delayed because of pending approvals from the state government.

The funds sanctioned for the planned flyovers and underpass is yet to be approved by the state government. Also some landowning agencies are refusing to part with the land that is needed for the construction purpose.

“The meeting was centered on the road projects like the two flyovers that are to come up at MDI Chowk and Mahavir Chowk. During the conversation we also felt the need to have one more flyover at Sohna Chowk so that free traffic movement would continue and will not get clogged at the next big crossing. Also the matter of building underpass at IFFCO Chowk Signature Tower crossing and Rajeev Chowk came up for discussion and we feel that the underpass would be helpful for the traffic going towards Delhi on the national highway” said Vimal Yadav mayor MCG.

Read more: The Times of India

Govt to earmark emergency lanes on key roads next year

Almost all major roads in the city will soon have a dedicated emergency lane and driving on them during any disaster will be a punishable offence.

The Delhi Government has identified 162 roads in which emergency lanes will be reserved on the extreme right for plying of ambulances, fire-tenders and other emergency services vehicles.

Though the amount of fine for straying on to the emergency lanes has not been finalised yet, officials said the penalty will be “heavy”. Separate lanes on arterial roads were kept during Commonwealth Games in 2010 for transporting players and officials. The 3.5-meter-wide lanes, to be painted blue, will be on the extreme right side of the road. On routine days, the lanes will be open for traffic; however, in case of any disaster, a siren will be used to alert people.

The Government will put in place an emergency public warning system under which sirens will be installed across the city and restrictions on movement of vehicles in emergency lanes will come into effect once the sirens are sounded.

“In case of a disaster, sirens will be blown and immediately, the dedicated lanes will have to be left for vehicles under the emergency response system,” the officials said. The emergency lanes will be painted blue and during normal days there will be no restrictions on plying of vehicles in them.

Read more: Daily Pioneer


Haryana State AIDS Control Society to open more centres to expand treatment facilities

The Haryana State AIDS Control Society has decided to open two new Anti-Retrovial Treatment Centres, one in Karnal and other in the NCR region in the next financial year with a view to expanding the treatment facilities throughout the state.

Haryana has already established one Anti-Retrovial Treatment Centre at PGIMS, Rohtak, and 16 Link Anti-Retrovial Treatment Centres in the districts for treatment of HIV and AIDS patients free of charge.

Dr Vijay Kumar, in charge of district AIDS control department, said, “The link ART centre will be opened in Delhi within two-three months. Doctors have already been trained for this purpose and HIV positive patients will be given medicines from here.”

On the eve of World AIDS Day, Haryana Chief Minister, Bhupinder Singh Hooda said that the theme of World AIDS Day was “Getting to zero: Zero new HIV infections, Zero Discrimination, Zero AIDS-related deaths” and the state government was committed to provide better treatment facilities to people living with HIV and AIDS and to keep a check on deaths caused by it.

Read more: The Times of India

Eye-Q to invest Rs 160 cr investment to open 80 more hospitals

Super-speciality eye-care chain Eye-Q will invest Rs 160 crore to open 80 new hospitals by the end of December 2015 as it looks to expand its presence across India.

Eye-Q, which currently operates 20 super speciality eye hospitals, is planning to open the new hospitals in tier II and tier III towns such as Meerut, Kanpur, Unnao, Jhansi, Dehradun and Sonepat.

“We will be investing Rs 160 crore to open 80 hospitals by the end of 2015 across towns in Northern and Western India,” Eye-Q CEO and Managing Director Rajat Goel told PTI.

The company said it will incur an average cost of about Rs 2-3 crore to set up a super-speciality eye hospital. On being asked how the eye care provider plans to raise the finances for the expansion Goel said: “The money would be raised through banks, private equity and internal accruals.”

The company has already had funding from private equity players, he added. “As part of growth strategy, our focus is on the district headquarters towns. We plan to open the hospitals there as our focus is to provide advanced eye care medical services at affordable prices,” Goel said.

Read more: The Economic Times


Pool at The Grand Arch, Gurgaon

Pool at The Grand Arch, Gurgaon

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