The Ireo Update

The silhouette of the Golf Course Extension Road will never look the same as Ireo projects rise to define the contours of Gurgaon. When complete, The Grand Arch, Ireo Victory Valley and Ireo Skyon will add iconic structures to the city’s skyline.

Take a moment to look through these emerging landmarks of the Gurgaon, including an overview of our other projects, with construction updates and photos.

View: The Ireo Update

The Ireo Update

The Ireo Update

NRI

Goa working on allowing NRIs and PIOs to pay taxes in advance

Goa government is working on a facility which will save the Non Resident Indians and Persons of Indian origin from paying their state taxes annually by offering them a depository.

The NRI commissionerate can act as a depository for the NRIs and PIOs, who can deposit their taxes for next three years, Chief Minister Manohar Parrikar told the Legislative Assembly here today.

“The NRI commissionerate can levy some fees and act as a depository,” Parrikar told the House.

He said he was fully aware of the difficulties faced by the NRIs who have to spend their entire stay in Goa running around to pay the annual taxes.

“I agree in principle to set up mechanism to collect advance tax from NRIs. The people who live abroad have a headache in paying the taxes,” he said, adding that various mechanisms can be worked out to solve their problem.

Read more: The Economic Times

Economy

Breakthrough on Land Bill; will be tabled in Budget session
The Government today managed a broad all-party consensus on the Land Acquisition, Rehabilitation and Resettlement Bill, 2011. The Bill will be considered in the second half of the Budget session of Parliament scheduled to start on Monday.

The Bharatiya Janata Party and the Left parties agreed to the Government’s view that all amendments and suggestions be taken up and debated in Parliament, rather than sending the Bill again to the Standing Committee.

The BJP and the Left parties have been demanding that since the Government had brought in 180 amendments to the Bill, it should ideally go to the Rural Development Standing Committee or a joint select committee. The parties had also wanted more time to study the Bill.

The consensus that Parliament can discuss the crucial Bill was reached at an all-party meet, the second in a week.

After the 90-minute meeting, Parliamentary Affairs Minister Kamal Nath and Leader of Opposition in Lok Sabha Sushma Swaraj told newspersons that the Government and the Opposition have reached a broad consensus on the Land Acquisition Bill. Sushma Swaraj claimed that the Government has agreed to her suggestion that 50 per cent of the compensation should be given to the original farmer. She said the Government is also willing to accept the suggestion that the land could be leased to developers so that its ownership will remain with the farmers, who will get a regular annual income.

Read more: Business Line

Banking

With RBI nod, country’s first mortgage guarantee company to get going soon

R. V. Verma, Chairman and Managing Director of National Housing Bank

R. V. Verma, Chairman and Managing Director of National Housing Bank

The first mortgage guarantee company in the country is all set to take off with the Reserve Bank of India giving its green signal for the venture to commence operations.

The RBI has given a certificate of registration for India Mortgage Guarantee Corporation (IMGC), the first mortgage guarantee company to be registered with the regulator.

In February 2008, the central bank had come out with a separate regulatory framework for mortgage guarantee companies, spelling out the minimum capital requirement and stipulating that they cannot accept public deposits or raise funds abroad.

“Now that the certificate of registration has been received from RBI, this new venture will soon commence operations and start entering into MoUs with banks and housing finance companies,” R. V. Verma, Chairman and Managing Director of National Housing Bank, told Business Line here.

Stake-holding

NHB is the majority shareholder with 38 per cent stake in IMGC, followed by US-based Genworth Financial (technical partner) with 36 per cent stake.

Asian Development Bank and International Finance Corporation have 13 per cent stake each in this commercial venture, which is now capitalised at Rs 120 crore.

Read more: Business Line

Infrastructure

Govt to infuse Rs 400 cr in IIFCL this fiscal

India Infrastructure Finance Company Ltd (IIFCL) is likely to get capital support of Rs 400 crore from the government during the current fiscal to fund business growth.

“The government has made a provision of Rs 400 crore keeping in view the business programme and capital requirement of the company,” IIFCL Chairman and Managing Director S K Goel said.

The company, wholly owned by the Government of India, provides funds — especially debt of longer-term maturity — directly to eligible projects to supplement other loans from banks and financial institutions.

Currently, the paid-up capital of the company stands at Rs 2,900 crore, following the capital infusion that will go up to Rs 3,300 crore.

For the financial year ended March 2013, IIFCL clocked 47.4 per cent jump in net profit at Rs 1,000 crore.

The state-owned infrastructure finance company had earned a net profit of Rs 678 crore in the previous fiscal.

Read more: Business Line

New EPFO norms could boost infra funds’ inflows

The Employees Provident Fund Organisation’s (EPFO’s) recent relaxation of investment norms for public sector bonds is likely to trigger a flow of funds into the infrastructure segment, through the Infrastructure Debt Funds (IDFs).

This is in tune with the recommendations of the working sub-group on infrastructure for the 12th five-year Plan.

In the new guidelines, any AAA-rated public sector unit will qualify for investments for a tenure up to 25 years. Any AA-rated PSU will qualify for investments for a tenure up to 15 years. An IDF is available as a mutual fund as well as a bond, issued by PSUs to fund infrastructure projects of companies other than themselves.

According to the sub-group headed by the State Bank of India’s Santosh Nayar, the infra sector needs investment of Rs 50,000 lakh crore in the five-year plan period to achieve annual GDP growth of nine per cent. While half of this is seen as coming from budgetary support, there is a funding gap of Rs 14 lakh crore. The panel says this can be filled by easing of investment rules in bonds and by regulatory reforms to enable pension funds to invest in infrastructure.

Read more: Business Standard

Employment

Microsoft Most Attractive Employer In India: Survey

MicrosoftIT and software major Microsoft has emerged as India’s most attractive employer for the third straight year in 2013, according to a survey by HR service firm Randstad.

The company was followed by Hewlett Packard and Google in the second and third positions, respectively.

Others in the top 10 most attractive employer list included — IBM (4th), ONGC (5th), Sony (6th), Larsen & Toubro (7th), Steel Authority of India (8th), SBI (9th) and Tata Consultancy Services (10th).

Special recognition awards were also given to Oil and Natural Gas Corporation (ONGC) in the energy sector, Steel Authority of India Ltd (SAIL) in the manufacturing sector and Larsen & Toubro in the infrastructure sector.

The survey further noted that in a market like India, where there is high attrition levels, employer branding is very important as it provides an advantage to attract and retain top talent.

Read more: Silicon India

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