Property prices in Delhi-NCR up 20% over 2012

The ultra-luxurious Ireo Gurgaon Hills

The ultra-luxurious Ireo Gurgaon Hills

Delhi and the adjoining National Capital Region (NCR) has seen a 20 per cent rise in property prices over the past year, the highest among all metropolitan regions in the country, according to a report.

The highest growth was seen in Sector 112 of Gurgaon, where capital values rose 72 per cent in the first quarter of 2013 over the same quarter in 2012, said the report by 99acres.com, which has taken into account seven major cities across India.

In Delhi, the localities to see the highest rise were Vasundara Enclave and Sector 13, Dwarka, with around 28 per cent and 25 per cent appreciation, respectively, in the first quarter of 2013 when compared to 2012.

The seven cities covered in the report are Delhi-NCR, Mumbai, Kolkata, Chennai, Bangalore, Hyderabad and Pune.

After Delhi-NCR, Kolkata saw the highest appreciation in prices, at 17 per cent in the same period. The other metros seeing double-digit percentage growth in property prices were Mumbai, Bangalore, Pune and Hyderabad, with 12-15 per cent more in the first quarter, compared to last year.

Read more: Business Standard

Economy

7-8% growth level in next 2-3 years: Pranab

President Pranab Mukherjee has expressed confidence that the country would be able to return to the 7 to 8 per cent growth level in the next two to three years.

“I am confident that with the measures being taken, we would return to 7 to 8 per cent growth level in the next two to three years,” Mukherjee said in his address at the 45th convocation of Utkal University here today.

Stating that India’s strategy of inclusive economic growth has shown positive results, he pointed out that the average annual economic growth during the last 10 years was 7.9 per cent though it has decelerated to 5.0 per cent in 2012-13.

“We have to make economic growth work for the betterment of our people, especially those at the bottom of the socio-economic pyramid,” he said.

Source: Business Line

Infrastructure

Road Project Likely To Get Final Approval Today

Almost 11 months after the Delhi Cabinet approved a major Rs. 3,015 crore road project, covering a total distance of 24.60 km from Vikaspuri in West Delhi to Wazirabad in North Delhi, for providing intersection-free travel along the corridor, the Public Works Department board is all set to take up final sanction for the project from Mukarba Chowk to Wazirabad. PWD Minister Raj Kumar Chauhan said on Wednesday that this project from Mukarba Chowk to Wazirabad envisages widening of National Highway-1, construction of three flyovers at Bhalswa Chowk, Mukundpur Chowk and Burari Chowk, two loops at Mukundpur Chowk, construction of a six-lane parallel road along the drain on the other side from Sanjay Gandhi Transport Nagar to Wazirabad Chowk, and flyovers to cross the drain and NH-1 near Wazirabad.

The Hindu (Page 3)

India eyes infrastructure programmes with Asean

India is seeking to have stronger ties with the Asean bloc through joint development programmes in infrastructure and human resource development, said minister of state for external affairs Praneet Kaur.

“The coming into effect of the India-Asean trade in goods agreement has improved trade interactions between the two parties. Trade in goods has been robust, doubling in 2007-2008 despite the global economic crisis,” Kaur said while addressing the India- Asean Project Partnership Conference.

The trade balance has been in Asean’s favour, with Singapore becoming the largest FDI contributor after the bilateral agreements came into force, she said.

“Our strategic partnership with Asean stands out, besides sharing common land and sea boundaries Asean too is on a higher growth path and is an important partner to India,” she added. The minister noted that India’s development program focuses on infrastructure growth and human resource development.

“The potential for exploration of new projects in Asean is extensive and extends to all domains of co-operation in sectors like rail roads, ports and airports and in the energy sector, agricultural cooperation and commodities,” Kaur said.

Read more: Financial Express

Healthcare

Health department to improve emergency services at govt hospitals

The state health department is looking into measures to improve emergency services at the government hospitals. A meeting in this regard was held earlier in this month and the department is working on preparing a blue print in this direction.

The department is presently collecting the information regarding the gaps in manpower, infrastructure and other facilities in hospitals, said a source.

It’s on the line of National Accreditation Board for Hospitals and Healthcare (NABH), which aims at improving the facility in Gurgaon Civil hospital, said Dr Asruddin, principal medical officer, Civil Hospital.

Emergency services are provided 24X7 and see all types of cases, including road victims, cardiac arrest among others and require the presence of specialists. In Gurgaon Civil Hospital, the specialist doctors are available on call duty, besides doctors and interns.

Read more: The Times of India

NRIs

How NRIs can sell inherited property in India

Many non-resident Indians (NRIs) inherit property in India. But few know how to get it transferred in their names and how to sell it, if they desire so. Selling inherited property can be quite challenging, especially if you have left India many years ago and are not familiar with the procedure.

We outline the entire process, beginning from the time you inherit the property. We will look at what documents you need, how you can arrive at the sale value and how to complete the sale transaction.

Transferring in your name

When you inherit property, the first thing you must do is to transfer the title of the property in your name. One can do this by a process called “mutation of revenue records”. You would need either a copy of the will; in the absence of a will, you will need a succession certificate issued by the local court.

Once you have transferred the title of the inherited property, you need to put together all the papers that are needed in order to sell the property. Here’s a list:

Read more: Mint

What NRIs looking to invest in India should know

My doctor niece Neeta, married to a US resident, wanted to invest some of her earnings in India, which she discussed with me on her recent trip to India.  Though she has retained her Indian Passport for the purpose of foreign exchange, she is treated as NRI.

India being constantly viewed as an emerging economy, the interest of many Indians like my niece has gone up considerably in India story for the purpose of investment.  From direct investments in Equity to real estate to deposit with banks, India offers a bouquet of investments for NRIs. For the people who are risk averse and do not want to take either the risk of investing in equity or risk of fluctuation in exchange rate between two currencies, banks offer a novel product to such people. This is called Foreign Currency Non-Resident (FCNR) account.

Let us now understand various features and benefits of opening an FCNR account.

Read more: Money Control

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