In a major revamp of existing property registration system, Delhi Government will put in place a transparent mechanism by end of the year under which people will be able to access hassle-free services in all 13 sub-registrar offices without any jurisdictional issue.
The aim of the ambitious project – first of its kind in the country – is to offer people a tout-free and seamless property registration experience through a highly secured online platform, which will replace the six-decade-old current system.
Under the new mechanism, people from any area of the city will be able to get their properties registered in any one of the 13 sub-registrar offices and they will even be able to check genuineness of the properties as well as ownership details and past transactions.
Admitting that there was corruption in the existing system, Urban Development and Revenue Minister Arvinder Singh Lovely said the government is determined to rid it of lacunae and the new mechanism will offer “great relief” to people who often faced lot of hardships in getting their properties registered.
As per existing system, people can get their properties registered based on jurisdiction of the sub-registrar office.
Read more: Financial Express
SBI’s Pratip Chaudhuri wants single regulator for home loans
SBI Chairman Pratip Chaudhuri on Saturday pitched for a single regulator for all housing loans.
Currently, the RBI regulates the housing loans provided by banks, while the National Housing Bank is the regulator for home loans disbursed by housing finance companies such as HDFC Ltd and LIC Housing Finance Co Ltd.
According to Chaudhuri, a single regulator would help remove the “regulatory arbitrage” currently existing between banks and housing finance companies.
“I see no justification for having separate regulators for home loans. Perhaps, the objective would be better served with RBI itself becoming the sole regulator for all loans, including home loans. In no other country do we have different regulators for different verticals such as industrial loans, home loans and vehicle loans,” he told newspersons on the sidelines of a banking summit, organised by the Indian Chamber of Commerce here on Saturday. According to Akeel Master, Head of Financial Services, KPMG in India, bringing all lending activities under the purview of a single regulator seems to be the way forward.
“Having more than one regulator for similar activities sometimes leads to conflict of interest and gives rise to certain regulatory arbitrage,” Master told Business Line.
Read more: Business Line
High street rent up 12% at Delhi’s CP, down 12% at Mumbai’s Linking Road
Prime main streets across big cities showed robust rent appreciation in the first quarter of 2013, as prominent brands, including international ones, triggered demand, even as quality space supply was running low. Mumbai’s high street Linking Road was, however, a rare exception.
Retail rentals in New Delhi’s Connaught Place in the quarter rose as much as 12 per cent, both sequentially and year-on-year, according to Cushman & Wakefield. In contrast, Mumbai’s Linking Road saw a drop of a sharp 12 per cent in rentals. Jaideep Wahi, director retail services at Cushman, linked the Linking Road phenomenon with the exit of some retailers that were not profitable. “Retailers these days focus not only on top lines but bottom lines, too,” he said.
Among other cities, rentals were up 8-10 per cent at Hyderabad’s SP Road and Banjara Hills, nine per cent at Chennai’s Usman Road and three-five per cent at Pune’s Aundh.
Read more: Business Standard
Rapid metro to boost realty fortunes in Gurgaon
With the Rapid Metro Rail becoming operational in Gurgaon soon, the realty sector here is likely to get a further boost. The first phase loop of 5 km will connect Cyber City with Sikanderpur Metro Station. The second phase will connect the Sikanderpur Metro Station and the densely populated sectors 55 and 56 as well as the Golf Course Road, which is one of the major hubs of commercial and residential real estate development in Gurgaon.
Since the already functional Metro line being operated by Delhi Metro did not connect all areas in Gurgaon, the Rapid Metro is poised to save the day for the sectors it will soon connect.
While the Delhi-Gurgaon corridor saw a steep increase in property prices, the private Metro will impact commercial real estate in the area. Better connectivity after the Delhi Metro line became operational in Gurgaon had lead to increase in property prices in the nearby areas. The prices in Heritage City project were around Rs 4,400 per sq ft when the Metro was launched around 2006, these increased to Rs 4,800 per sq ft in 2007 and Rs 5,200 per sq ft in 2008 when construction was in full swing, the same project commanded a price of Rs 8,000 per sq ft when the Metro between Delhi and HUDA City Centre became operational.
Read more: Indian Realty News
IKEA to face land acquisition challenge for stores in India: experts
Land acquisition will be a major hurdle for Swedish furniture retailer IKEA to set up its stores in India and it may have to even depend on public auction by government, according to real estate consultants.
The company, which has received nod from the government for its plans to invest Rs. 10,500 crore earlier this month, may also have to tweak their business model for India considering the constraints for right space, consultants added.
“Land acquisition is a difficult and challenging proposition in India… The company may acquire land in two ways – through public auction by the government or directly purchasing it from owners,” said Pankaj Renjhen, managing director of retail services at Jones Lang LaSalle India, told PTI.
IKEA India CEO Juvencio Maeztu is reported to have said that company will acquire land for opening stores, which will be spread across 3 lakh square feet and well-connected by highway and metro train.
Mr Renjhen said acquisition from owners directly may take longer for IKEA “as they don’t know India very well compared to a domestic player who has been in the country for years”.
Read more: NDTV
Salary hikes to be at 12% this year: TeamLease Study
With companies emphasizing more on skills, there seems to be greater synchrony between skills and salaries, states TeamLease’s Salary Primer for 2013. According to a TeamLease report, salaries will see a 12% increase, whereas hiring will register 11% growth across industries and functions. Salaries and hiring, both will see an upward movement going forward.
With companies striking a balance between skills and increment, attrition rate also has been brought under control, making room for a buoyant and mature job market. Most sectors register a healthy growth in increments.
Sangeeta Lala, Sr. V-P & Co-founder TeamLease Services, said, “Salaries continue to rise and employers are aggressively acquiring and rewarding the right skills and capabilities.”
The Banking & Finance sector which had a relatively poor increment last year seems to be on a course correction and will be rewarding skilled talent. Additionally, the gap between permanent salaries and temporary salaries is now negligible.
Read more: Business Standard