In a move to curb rampant corruption in revenue offices, the registration of property is Gurgaon will soon come under a policy under which one can get his or her property registered in any district irrespective of its location. The move will also make registrations much easier.
The policy, to be introduced by Haryana in any two of the tree districts of Gurgaon, Kurukshetra and Yamuna Nagar, was announced on Sunday.
Additional chief secretary Krishan Mohan, Haryana told reporters in Chandigarh that within a month the government will launch the policy.
“The policy will be implemented in two phases. In the first phase, the policy will be implemented at the tehsil level in a particular district. An individual will be able to get his property registered in any tehsil of that particular district irrespective of the location of his property. In the second phase, the policy will be applied in any two of the given three districts. And if it receives positive responses from the people, we will consider implementing it across the state,” said Mohan.
Long queues and rampant corruption at revenue office across the state has made registration of property a hindrance. In Gurgaon alone, more than a hundred registries take place on a single working day.
Read more: DNA India
Land pooling policy to usher in development in Delhi
DDA’s new land pooling policy can go a long way in ensuring that real estate development is integrated with economic activity for sustained growth, Urban Development Secretary Sudhir Krishna said today.
“Land pooling policy has ushered in a new development paradigm whereby land owners will get back their land dues with development around and people will benefit from the development plan. Besides infrastructure development will also takes place as part of the policy,” Krishna said at the National Real Estate Summit organised by the PHDCCI here.
The land pooling policy, which has been passed by the DDA, allows land-owners to pool their land for development by the city’s land owning agency.
But now instead of compensation, they would get back 40-60 per cent of land after development of infrastructure by DDA, which they can keep for themselves or give to private developers.
Describing the new policy as a “win-all” situation, Krishna said, “real estate development must be integrated with economic activity to sustain the growth.”
Faced with procedural difficulties, the real estate sector is seeking government’s attention to address the issues.
Admitting challenges in sustaining growth in the sector, Krishna said “there is a need for balanced approach and the Real Estate Bill 2013 aims towards transparency in contractual obligations to ensure consumer protection.”
Read more: The Economic Times
Gurgaon’s prices up, Ambani to rebuild 100-storey tower
On this week’s edition of Prime Property we take a look at trending issues in the property market. Gurgaon is plagued with project delays running into years, yet prices keep moving up.
Also read: Find out: Costs of 2BHK areas acorss all metros
We take stock of the situation at the city’s futuristic hub, the Golf Course Extension Road. Anil Ambani is taking one more crack at rebuilding Hyderabad’s skyline with a 100-storey business tower. Reliance Infrastructure has decided to revive the Rs 8000 crore project that was shelved in 2008. All this at a time when Hyderabad’s commercial market is subdued.
New Delhi’s property market may have slowed down with builders struggling to sell flats, but Gurgaon is still going strong. Cushman & Wakefield say prices in Gurgaon’s luxury residential market have risen 29 percent year-on-year (YoY). So what used to cost around Rs 17,000-25,000 a square foot has appreciated to Rs 22,000-32,000 a square foot.
In the more affordable mid-end category, Cushman & Wakefield estimates an 18 percent price appreciation. So, apartments that a year ago cost Rs 6,500-9,000 a square foot now carry a price tag of Rs 6,800-11,500 a square foot.
Gurgaon’s Golf Course Road saw frenzied real estate activity over the last decade.
Read more: Money Control
Rupee inches towards record low: These factors can help stabilise it
The outlook for the INR does appear better than what it was a few months back when the markets turned volatile by the talk of Fed withdrawing stimulus. Global equities and currencies have regained poise since then with US indices trading at record highs and the Euro strengthening against the USD while markets are switching from low yield safe haven US treasuries to higher risk assets. On the domestic front the expectations are that the current account deficit (CAD) will come off while inflation expectations are down. The government on its part is not damaging deficits though the food security bill is raising concerns.
INR influencing markets and policy makers
The Indian Rupee (INR) is the focus of both the markets and policy makers. The INR touched all time lows of Rs 61.21 against the USD in the first week of July 2013 and is closing the month at levels of around Rs 60.
The fall in the value of the INR that is down over 10% since April 2013 has had markets and policy makers in a tizzy. The Sensex and Nifty are down by 4% from highs while the ten year benchmark government bond yield is up 100bps from lows seen over the last three months. The government is focused on bringing in capital flows through the FII and FDI route while the RBI has curbed speculation in currency markets and has made liquidity expensive to give strength to the INR.
Read more: First Post
Ludhiana-Delhi Shatabdi to run seven days a week
The bi-weekly Shatabdi train between Ludhiana and Delhi will run seven days a week, Railway minister Mallikarjun Kharge said here today.
The express train will also have a stoppage at Jind in Haryana, the Union minister told reporters here.
Kharge was here to lay foundation for Rs 181 crore Rohtak Railway bypass line.
The bypass would replace the old Rohtak-Gohana rail track starting from the railway station upto Makrauli Kalan village in the district.
The bypass would ease the traffic jams in the city. The minister said that with the shifting of this line, a third Rohtak-Samargopalpur line will be available which will facilitate straight route to Panipat.
“This will help the development of Rohtak city, because the earlier Rohtak-Makrauli line will be eliminated,” Kharge said.
He appreciated the progress made by Haryana and said the state is producing sufficient foodgrains and “adequate railway network is required for its transporting.”
He also thanked UPA chairperson Sonia Gandhi and Prime Minister Manmohan Singh for entrusting him with the responsibility of Railway ministry and said that efforts are being made to improve the facilities for commuters.
Read more: The Times of India
L&T to step up hiring in Saudi for metro rail project
Larsen & Toubro won its biggest ever overseas order in Saudi yesterday, and says that it will hire more hands in that country.
The infrastructure major will also shift some of its best employees from India to the country, to execute Rs 8,250 crore ($1.4 billion) contract for building a metro rail in Riyadh. “We have reasonable resources in Riyadh but because it is a big project, we will send some of our important resources and hire more people locally,” said S N Subrahmanyan, whole-time director and senior executive vice-president, (infrastructure and construction) of L&T.
The total value of the project which was won in a consortium is Rs 35,000 crore. The other companies in the consortium for this global tender are Ansaldo STS of Italy, Bombardier Transportation of the UK, Impregilo of Italy, Nesma & Partners of Saudi Arabia.
“All the companies will spare their resources and also hire internationally,” Subrahmanyan told Business Standard. He however did not specify the number of people to be hired as the project which is to be executed over four years after eight months of design, site preparation and other enabling works, is currently in the planning stage.
L&T’s portion of the massive contract involves design, construction and commissioning of Line 3 of the metro project. Line 3 is 41 kilometers long and involves a driver-less train operation. It is expected to carry around 5,000 passengers per hour, per direction.
Read more: Business Standard
Building a Case for India’s Infrastructure Companies
India’s investment cycle turns slowly. But there are promising signs of late for the country’s major infrastructure companies.
Decrepit roads and ports and an overstretched energy grid are major drags on India’s economic growth, which slowed to a decade low last year. New Delhi says the country needs to invest at least $1 trillion in new highways, power plants and the like in the next five years. Yet spending’s actually slowing—investment in infrastructure last fiscal year was up just 7.8%, about half the average annual rise since 1991.
There are signs, though, that activity could pick up. In December, the government set up a high-level committee to speed up approvals for large infrastructure projects, and already the committee has given the green light to several multibillion-dollar jobs previously held up in red tape. In recent weeks, the government has also raised prices for natural gas, diesel and electricity, which should encourage more investment in the power and energy sectors. It has cut limits on foreign investment in some capital-intensive industries like telecom and defense.
Credit Suisse says infrastructure spending could now grow by 14% in the year ending March 2014.
Read more: Wall Street Journal
Emergency Care Initiatives Launched on Gurgaon-Jaipur Stretch of NH-8
Oscar Farnandes, the Union Minister of Road Transport & Highways launched emergency care initiatives today on Gurgaon – Jaipur stretch of NH-8. In order to give a boost to emergency care of the accident victims, the Union Minister launched a pilot project for cashless treatment of accident victims on Gurgaon – Jaipur stretch of NH-8, in presence of Shri Ashok Gehlot, Chief Minister of Rajasthan, and Shri Bhupinder Singh Hooda, Chief Minister of Haryana, Dr. Tushar A. Chaudhary, Minister of State for Road Transport & Highways, Shri Sarvey Sathyanarayana, Minister of State for Road Transport & Highways.
Fernandes flagged off six new Advance Life Support ambulances, for urgently transporting accident victims to the nearby hospitals. The ambulances have been supplied by the Union Ministry of Road Transport & Highways. Shri Fernandes also flagged off a crash investigation vehicle deployed by National Automotive Testing research and Development Infrastructure Project(NATRIP) for scientific investigation of serious accidents on this stretch by a team headed by Professor Anoop Chawla of IIT, Delhi. Shri Fernandes also released on this occasion the National Ambulance Code developed by Ministry of Road Transport & Highways by utilising the expertise of All India Institute of Medical Sciences, New Delhi, with the active participation of the automobile industry, the vehicle testing agencies and other stakeholders.
Read more: India Education Diary