The national capital region has undoubtedly bagged the crown for India’s best performing real estate market when it comes to residential property. From Noida to Gurgaon and Dwarka, and even Delhi with recent changes in the land pooling policy and a master plan waiting to unfold, our experts, Varun Khanna, director of Ireo, Prashan Agarwal, co-founder of PropTiger, Tarun Mehrotra, COO of Puri Constructions Pvt Ltd, and Nayan Raheja, executive director of Raheja Builders, and Samir Jasuja, founder and CEO of PropEquity, dissect the market for you.
Read more: NDTV
Property index rises by 3 per cent in Q4
Indicating a resurgence of the real estate market, the MagicBricks.com National Property Index (NPI) rose by three per cent in the January to March 2013 quarter. The NPI is a weighted average of city indices. The growth was tracked by PropIndex, a quarterly report which is based on dynamic data mined from the portal, to show the levels of supply and the type of property listed in each locality, in 11 cities across the country. These are cleaned with complex algorithms to remove outliers and arrive at the index values at locality, city and national levels.
Among the 11 cities tracked in the apartment index, eight have seen a rise but others registered a marginal drop in the city index. While Bangalore, Gurgaon, Noida, Mumbai, Kolkata, Delhi, Pune and Ghaziabad witnessed a rise in city index values, Chennai, Hyderabad and Ahmedabad recorded a 2-6 per cent drop during the quarter.
Bangalore topped the chart of the 11 city index with a 7 per cent increase followed by Gurgaon and Noida at 5 per cent rise each. Mumbai and Kolkata registered a rise of 4 per cent each while Delhi, Pune and Ghaziabad saw a rise of 3 per cent each in the city index values. Developers attribute the growth in Bangalore to increasing buyer confidence due to improved scenario in the IT sector. Upward price trends in 75 per cent localities of the city too pushed up the price monitor.
Read more: The Times of India
Indian economy to grow at 6.1% in FY14: World Bank
World Bank today scaled down India’s growth forecast to 6.1% for the current fiscal from 7% projected six months ago.
The decline in the growth forecast is largely due to the decline in agriculture sector which is expected to grow at 2% during 2013-14 against the previous estimate of 2.7% despite normal monsoon projection.
However, the multi-lateral funding agency said that India is regaining economic momentum and growth is expected to recover gradually to its high long-term potential.
As per the latest India Development Update of the World Bank, Indian economy would grow by 6.1% in 2013-14 on account of robust domestic demand, strong savings and investment rate.
Growth projections for 2013-14 has been arrived at by taking into account present internal and external factors.
“Economic growth is likely to accelerate to over 6% during the current financial year (April 2013-March 2014). Growth is expected to increase further to 6.7% in 2014-2015,” said Denis Medvedev, Senior Country Economist, World Bank, India
Read more: Business Standard
Technology and economy will boost India-US ties: Nirupama Rao
With the cooperation between India and the US bilateral issues remaining on track, aspects like technology and energy have become new driving forces in the ties between two countries, Indian Ambassador to the US Nirupama Rao has said.
Rao, while addressing an audience, here, expressed hope that the Obama Administration would soon give approval for the export of US natural gas to India.
“Technology is very much a driver in this relationship, especially high technology. I’m talking of strategic trade, trade concerning such areas as civil aviation, biotechnology, space sciences, nanotechnology,” Rao said
“And all this I would argue should, ifI have a wish list for the future, become infused with much greater dynamism than they have been in past. So we have to focus our efforts and intensify the work we need to do in these areas,” she said.
Read more: First Post
Pvt sector’s $500-bn infra funding must for 8% growth: Montek
Planning Commission Deputy Chairman, Montek Singh Ahluwalia today said a target of eight per cent average annual growth rate for the 12th Plan (2012-13 to 2016-17) was not possible if the private sector did not contribute half of a trillion dollars required for infrastructure funding during the period.
“In the 12th Plan period, no less than 50 per cent of the estimated investment would have to necessarily come from the private sector, as there are zero prospects of the government being able to finance such projects. If it can’t be done, we better lower the growth projection,” Ahluwalia said at a summit organised by the Federation of Indian Chambers of Commerce and Industry here.
He said private-sector participation in infrastructure public-private partnership (PPP) projects had grown substantially, from 10 per cent of the required investment in the 10th Plan period to 37 per cent during the 11th.
In the first two years of the 12th Plan — 2012-13 and 2013-14 — India would grow by an average 5.8 per cent annually, even if the upper band of growth projections for the current financial year — 6.1-6.7 per cent — pegged by the Economic Survey is assumed to be true. Even then, it would require the economy to grow over nine per cent in the last three years of the Plan.
Read more: Business Standard
Parliament to clear roads regulator with punitive powers
Parliament will clear the setting upof the highways regulator in case the government decides to grant punitive powers to the body.
“In order to set up a regulator with punitive powers, you have to go to Parliament,” Roads Secretary Vijay Chibber told reporters on the sidelines of a Ficci event on Monday.
However, if the government decides to do away with the idea of giving punitive powers to the regulator, the nod from other top panels would suffice.
On whether the government is looking at granting punitive powers to the proposed road regulator, Chibber said: “The discussions are on… Already had two workshops on the subject and we are hopeful that we would achieve some progress in the next 2-3 months.”
Finance Minister P Chidambaram announced in Budget 2013-14 the setting up of a road regulatory authority to address the challenges including financial stress, enhanced construction risk and contract management.
Read more: The Economic Times
Latest mega nods for energy sector will help boost growth: Govt
This includes project proposals of Rs 33,000 crore in power and Rs 14,700 crore in the petroleum sector apart from working out a mechanism to soothe coal availability for power projects commissioned post 2009.
The clearances were accorded earlier this month by the Union cabinet earlier this month and have been summed up again by the Prime Minister’s Office (PMO) today.
A high level committee has been to work out details of power projects where Power Purchase Agreements (PPAs) have been signed, tapering linkages have been granted but lacking coal supply, the PMO said in a statement issued today.
The Cabinet Committee on Economic Affairs (CCEA) had, in a meeting on 22 April, decided against implementation of coal price pooling proposal.
Read more: Business Standard