Resale & Rental

"Requests for de-notification by the developers have been received from 13 SEZs located in the states/Union territories of Delhi, Orissa, Gujarat etc, of which 12 have been approved by the Board of Approval," Minister of State for Commerce and Industry Jyotiraditya Scindia said in a written reply.

Board of Approval (BoA), a 19-member inter-ministerial group headed by Commerce Secretary Rahul Khullar, approves the SEZ projects.

Scindia said that the final de-notification is allowed only on refund of duties or benefits, "if any, availed by the developer."

The SEZs, which have been denotified by the BoA includes four IT-ITeS zones of realty major DLF in Haryana, Gujarat, and Orissa.

On the de-notification of three SEZs in Goa, the minister said that the state government "may have compensate the developers". However, he said that the developers have approached the judiciary and the matter is sub-judice.

"The Goa government had recommended 15 proposals for setting up of SEZs. Out of these, 7 proposals were accorded formal approval by the BoA and notifications were issued in respect of three cases," he said.

• Approx 45-acre, G+7 mid-rise group housing development, part of the larger master-planned gated community of Palm Hills in Sector 77 Gurgaon.

Apartment project in area of approx 40 acres

• Size 1450 sq.ft. 3 BR + Servant Quarters Rs.50 lakhs

• Size 1955 sq.ft. 3 BR Servant Quarters
  

Qubrex - Emaar MGF PALM HILLS Sector 77 - Brochure

Qubrex -Emaar MGF Palm Hills Sector 77 - Payment Plan

"Click here to download Emaar MGF Palm Hills Application Form"

Prices :

• Total: Approx Rs 50 to 65 lakhs

  
  

• EDC/IDC Charges : 337/34 per sq ft Aprox

• Car Parking : 2 Lac

• Club Membership : 50,000

Location - Palm Hills,

• Sector 77, Gurgaon

• Easy access from NH8, right next to Tilda Rice Mill

• Designed by leading international architects - ARCOP

• Efficient floor plans

"Currently, we are developing 12 residential and three commercial projects across various locations in North India. We have planned to invest Rs 4,000 crore to develop these properties over the next three years," Supertech Chairman and Managing Director R K Arora told PTI.

The residential projects are located across Noida, Meerut, Haridwar and Rudrapur, while the commercial properties will be developed at Haridwar, Rudrapur and Meerut, he added.

When asked if the company would consider raising fund via an initial public offer (IPO), Arora said: "We have started to prepare for an IPO, but the market has not completely come out (from the fall during downturn)."

The company would consider launching the IPO in the next one and half years, he added.

Source: Business-standardSupertech to invest Rs 4,000 cr in 15 projects; plans IPO

The construction work will start in a few months and the project is expected to be completed by next year, the Economic Times has reported, citing a person close to the matter.

The company's managing director Vinod Juneja said that the company is "exploring many options including a joint venture". He did not divulge any more details.

The I-T sector, which occupies the most in the commercial office space, had slowed down its demand after the collapse of Lehman Brothers in 2008. It is now scaling up its demand for office space. In the outlook for 2010, Fitch Ratings said the demand for commercial space in India will improve from second half of next fiscal.

HCC, through its group company Lavasa Corporation, has already invested around Rs 2,500 crore in the project, Lavasa Corporation president Rajgopal Nogja told reporters.

"We have done an investment of around Rs 2,500 crore in the company so far. Our investment over the next 10-12 years is likely to be around Rs 50,000 crore," Nogja added.

On the possibility of hitting the primary markets, he said the company may look at that option if the need arises.

The company has entered into an agreement with renowned biologist Janine Benyus to incorporate an 'international model for architecture inspired by nature' in the project.

"Lavasa City's second town, Mugaon, will become the world's first region to draw inspiration from the concepts of biomimicry in design and architecture," HCC Chairman and Managing Director Ajit Gulabchand said.

Lavasa is the country's first 'hill city' being developed by Lavasa Corporation.

"A National Rural Housing and Habitat Policy has been drafted by the ministry after wide consultation with the stakeholders including state governments, bankers etc... The draft policy is at consultation stage with the Planning Commission," minister of state for rural development Pradeep Jain Aditya said in written reply to a question in the Lower House.

"The goal of the proposed policy is to ensure adequate and affordable housing for all in the rural areas," said Aditya.

The draft policy also aims to facilitate development of sustainable and inclusive habitats in rural areas by expanding government support, Aditya added.

It seeks to promote community participation, self help and public private partnership within the framework of Panchayati Raj, he said.

The minister, however, replied in negative to a question whether the government has formulated or proposes to formulate a national rural housing policy and housing guarantee scheme on the lines of Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA).

"If the signal from the bank and government is to raise the price, then why prices will not go up? That means the economy is ready to take a price hike. It will be wrong to assume that developers should not raise prices. How can you have two contradictory signals?" DLF group executive director Rajeev Talwar said on the sidelines of a CII seminar.

While a few private sector lenders, including ICICI Bank and HDFC Bank, recently increased home loan rates by up to 100 basis points, the Budget proposed to impose service tax on the realty sector both on commercial rentals as well as on sale of under-construction housing units.

The service tax would come to be about 3.5 per cent of the cost of the apartment that includes the value of the land and also the cost of construction, realty body Credai said.

"Which tax has been absorbed in our country? It has only been passed through. Somewhere the new levy must be adjusted, how can you hope that the new levy will be adjusted and yet there will be no increase?" Talwar asked.

However, Talwar did not quantify the likely jump in the prices, saying, "It will vary from location to location, project to project."

The civil aviation ministry has okayed the plan to set up the facility whose phase I would cost under Rs 500 crore. It will come up 60 km off Jaipur and 12 km from the national highway that connects Delhi to Jaipur. Promoters Rajasthan Aviation Infrastructure (India) have tied up with Fraport AG of Germany for technical consultancy and are planning to get the airport up and running by 2014.

The cost structure of the new airport stacks up against the Rs 10,000 crore provisioned for first phase expansion of the Delhi airport and the Rs 2,000 crore that each of the Bangalore and the Hyderabad airports cost.

The project will also be India's second private-run airport, after the one in Kochi. Ajay Dua, chairman of Rajasthan Aviation Infrastructure, said they had requested the Rajasthan government to provide road connectivity to the site in lieu of sweat equity.

Source: Economic Times By G Ganapathy Subramaniam First No-Frills Airport To Come Up Near Jaipur

Bangalore-based developers, such as Nitesh Estates, Prestige, Puravankara, Brigade and Mumbai-based Godrej Properties are adopting this route to develop properties, aware of the keen need to save cash in a market that is becoming increasingly tight-fisted for real estate firms.

"Developers no longer want put cash upfront and invest inland. The JV works both for developers as well as landlords," said Amit Mookim, director, transaction advisory service (real estate), KPMG.

Under the arrangement being discussed by some firms, landowners team up with developers through a special purpose vehicle (SPV). The owner comes on board as an equity partner in lieu of the land he puts on the table. When the project gives returns, the landowner gets a fixed percentage of the revenue in proportion to his equity holding.

The developer invests in the construction and marketing costs, but avoids tying up his funds in land. Bangalore-based Nitesh Estates will use this model to undertake new projects. "This is expected to allow us to deploy our capital towards development expenses and the expansion of our operations," a company official said.

Source: Economic Times By Sobia Khan Realty companies opt for joint play to save on costs

The JDA has decided a reserve price of Rs 6,200 per sq mt for the new scheme; the low income group applicants will be provided a relaxation while those in the upper income group will have to pay additional percentage over the reserved price. As JDA raises the real estate price band, land in the city too expected to become a more expensive commodity, JDA officials expectedly defend the costing.

"This residential scheme is closer to the urbanised areas of Mansarovar and is better connected to the rest of the city as compared to the previously announced projects. Then there will also be relaxation in prices for the weaker sections," said Hridesh Kumar, deputy commissioner Zone 8.

The JDA expects to raise nearly Rs 70 crore from the new residential scheme which will have projects developed over 40,650 sq mt for the economically weaker and low income group housing. There will also be 317 residential plots and 1,461 sq mt of commercial space in addition four major parks of more than 15,000 sq mt.

Source: Realty Plus JDA launches its most expensive scheme housing scheme

"At present, there is no house left in Vijay Nagar's Babu Colony. You have to wait till May to see whether there's any cancellation, but chances are less because who's going to get rid of this mega offer. Give us your contact details, there are similar new schemes coming up and we will be in touch with you," a local property broker said when Property Pulse visited his office to learn more about the developments.

When asked about the details of location and project, he added, "Earlier, this 6-7 acre land was being occupied by poor slum-dwellers. Mayawati government freed this area by pulling them out. Since her government is sloganeering for poor, they had later come up with this scheme to re-settle those who lost their land and house here. However, nobody knows who has left and who's going to buy, so we are in the business."

When contacted by Property Pulse, Narendra Kumar Chaudhary, vice chairman, GDA said he is unaware of any such illegal activity happening there. "If we receive any complaints, we will take stringent action against the culprits." Chaudhary declined to comment, when asked about their criterion for allotting flats to EWS. Also, an e-mail sent to GDA elicited no response at the time of filing this report.

Source: Realty Plus By Vishnu Rageev R GDA illegally selling homes made for EWS

The government had last week clarified through the Budget that transactions such as leasing vacant land and commercial spaces, payment made to developers before the grant of completion certificate and imposing preferred location charges, among others, would come under the service tax net.

Developers said the proposal could push home prices up by 10 per cent in Tier-II and Tier-III towns and 0.5-4 per cent in big cities such as Mumbai and Delhi which have higher land prices. However, a senior finance ministry official here said the net impact of the service tax would be only 3.3 per cent, since there is an abatement of 67 per cent.

"There is a false impression being created that prices will go up by 10 per cent but the fact is that 10 per cent service tax is levied only on 33 per cent of the value," said the official.

The budgetary clarification has been issued with retrospective effect from 2007, when real estate transactions were brought under service tax. Abatement scheme, under notification number 1/2006 dated March 1, 2006, says that the contractor is entitled to claim abatement to the extent of 67 per cent of the value of services rendered by him. In effect, the contractor would have to pay service tax only on 33 per cent of the value.

Stung by new service tax proposals on property transactions, real estate bodies such as the Confederation of Real Estate Developers Associations of India and Maharashtra Chamber of Housing and Industry plan to approach the finance ministry to seek rollback of some proposals.

Developers have already increased prices by 15-20 per cent in the last nine months as demand for homes picked up. This resulted in demand tapering in January and February.

Dilip Kawathkar, joint project director and spokesman for the Mumbai Metropolitan Region Development Authority, said a continued "recession in the real estate market" may have led to the absence of bidders today. The reclaimed marshland was valued at a minimum of 4.35 billion rupees ($95 million) after being offered for a reserve price of 300,000 rupees a square meter, unchanged from similar sales two years ago.

The failed sale in the city's Bandra-Kurla Complex area may force the government to revise rates or defer sales of land in the area, which it wants to develop into an alternative to the congested Nariman Point business district in India's financial hub. Rents in Bandra-Kurla had dropped 36 percent by December from a June 2008 high, according to data from CB Richard Ellis.

"The land price seemed to be on the higher side," Pujit Aggarwal, chief executive officer and managing director of developer Orbit Corp., said by telephone today. Orbit was one of the companies that had attended the preliminary bidding meeting last month. "It would have been tough to make money."

Source: www.businessweek.com By Sumit Sharma Mumbai's First Land Sale in 18 Months Gets No Bids

The Andhra Pradesh government has slapped notices on the developers of special economic zones (SEZs), asking them to explain delays in project execution and seeking details on the use of land allocated to them, after opposition parties alleged that many SEZs were misusing land acquired with government support.

A body representing SEZ developers, however, blames the delays on the global economic downturn and the government's failure to provide assured infrastructural support.

Andhra Pradesh has 73 notified SEZs--the highest in the country. Another 30 SEZs are awaiting notification, giving the state 103 of the 346 SEZs approved by the Union commerce ministry nationwide.

"Of the 73 notified SEZs so far in the state, with a projected investment of some Rs70,000 crore, only 19 SEZs have become operational, attracting an investment of some Rs10,000 crore," said Kanna Lakshminarayana, Andhra Pradesh's minister for major industries and commerce.

"The government would take back the land allotted to the developers of SEZs if they failed to convince the authorities on delays in setting up industrial units or (have been) found using the lands for other purposes," Lakshminarayana warned.

Source; Live Mint By C.R. Sukumar Andhra govt issues notices to SEZ developers over land use

Finance minister Pranab Mukherjee in his Budget, has not announced extension of STPI beyond March 2011, under which the IT companies get tax incentives.

For new investment, the IT firms may now shift to the SEZs where the incentives are available for new investment.

"End to this scheme (STPI) could mean a direct demand filip to SEZs which would then be the only tax haven for IT/ITeS companies," real estate consultant DTZ Research said in a report.

"The SEZ option is always there," commerce and industry minister Anand Sharma said.

SEZs, which provide tax sops for 15 years, are already popular among the software industry. More than 325 of the 574 formally approved SEZs are in the IT/ITeS sector.

Prodding the IT and ITeS firms to invest in the SEZs, Director General of Export Promotion Council for SEZs and EOUs L B Singhal said: "In the next decade, the SEZ scheme is going to play important role in the country's exports and employment generation for all the sectors, including software industry."

Besides, development of real estate complexes will also attract service tax, unless the entire consideration for the property is paid after the completion of construction.

"This step will add to the cost and it will be a huge burden on owners. Rentals of commercial property will go up by 10 per cent and it will lead to inflationary pressure," apex realty body Credai resident director GP Savlani told PTI.

Global realty consultant Jones Lang LaSalle Meghraj (JLLM ) country head Anuj Puri also said rentals of office and retail space are likely to increase by 10 per cent.

The Finance Minister said all commercial agreements or contracts between lessor and lessee for rent and lease would come under the service tax net with retrospective effect from June 2007. It will also apply to all agreements for undertaking construction of building or structures on any vacant land for commercial use.

There is, however, no clarity on whether residential properties will be considered as 'complexes' for inclusion under the ambit of service tax.

While Puri of JLLM said it should not be valid on housing properties, another global property consultant CBRE said service tax is likely to be charged on first time home buyers.

दिल्ली से सटे गाजियाबाद में मेट्रो अभी वैशाली तक पहुंचने वाली है। मगर जिस तरह से शासन और जीडीए इस प्रोजेक्ट में रुचि ले रहे है इससे साफ है कि जल्दी ही सिटी में मेट्रो को पंख लगने वाले हैं। मेट्रो के किसी भी प्रोजेक्ट का सीधा असर प्रॉपर्टी पर पड़ेगा। वैशाली तक के मेट्रो प्रोजेक्ट के फाइनल होने के कारण वैशाली, वसुंधरा, इंदिरापुरम और कौशांबी और साहिबाबाद साइट चार इंडस्ट्री एरिया में प्रॉपर्टी की कीमत बढ़ रही हैं।

अब नया बस अड्डे तक मेट्रो के प्रोजेक्ट को जीडीए और शासन से हरी झंडी मिल गई है। अभी तक मेन सिटी में प्रॉपर्टी का रेट दिल्ली से सटी गाजियाबाद की कॉलोनियों से कम थे। मगर मेट्रो के नया बस अड्डे तक के मेट्रो प्रोजेक्ट की हरी झंडी मिलने के साथ ही प्रॉपर्टी के रेट मेन सिटी में भी और तेजी के साथ बढ़ेंगे।

मेट्रो का एक नया रूट राज नगर एक्सटेंशन से मेरठ रोड के एएलटी कट तक करने की योजना भर से डिस्ट्रिक्ट के कस्बा मुरादनगर और मोदीनगर तक ही नहीं प्रॉपर्टी के रेट मेरठ तक बढ़ेंगे। मेरठ में अभी तक गाजियाबाद सिटी से प्रॉपर्टी का रेट कई गुना कम चल रहा है। मगर अब यहां भी प्रॉपर्टी का रेट और बढ़ने की उम्मीद है। इसका कारण एक तो गाजियाबाद तक मेट्रो का विस्तार होना और दूसरा मेरठ में इंटरनैशनल एयरपोर्ट का प्रस्ताव। राज्य सरकार की योजना है कि मेरठ में इंटरनैशनल एयरपोर्ट बनाया जाए। अगर ऐसा हुआ तो रियल स्टेट के लिए गाजियाबाद और मेरठ ऐसा इलाका काफी महंगा हो जाएगा, जहां काफी तेजी के साथ प्रॉपर्टी का रेट बढ़ेगा।

It's at the cusp of a recovery, but India's usually aggressive real estate sector is being cautious about expansions this time.

Excesses by large realty firms--such as aggressive land buying, massive projects with long gestation periods, and venturing into new territories such as power and logistics--as well as the downturn had pushed the sector into a deep slump in 2009.

Now, as growth returns, developers are ordering feasibility studies before launching projects, entering into strategic tie-ups for raw material and labour, appointing project management consultants, and outsourcing construction work for quicker delivery, say property consultants.

Such measures are fairly new for a sector dominated by family-run businesses.

"Builders are back with a bang," said Aditi Vijaykar, executive director (residential) at Cushman and Wakefield India, a property advisory. "They want to try out new locations for projects and are trying to test market a product before launching it."

DLF Ltd, India's largest developer by market value, said it will not buy land in 2010-11 or launch projects until it has regulatory approvals. Its working capital model will depend on cash flow from pre-sales, customer advances and bank debt.

"It is difficult to stop speculative buying, but a system like one home per family is required," DLF executive director Rajeev Talwar said. "The chances of end users exiting projects are less because property investments are usually a lifelong affair for them."

Source: Live Mint By Madhurima Nandy Realty companies take steps to cut risks in expansion plans

In a public notice, Ravindra Singh, UP's principal secretary for civil aviation, has invited bids for appointment of consultants for setting up an international airport at Meerut, to be implemented in the public-private partnership mode on design, build, finance, operate and transfer basis. These consultants will later work as project management consultants. Singh was not available for comment.

Though an international airport at Meerut may attract some travellers heading to Delhi, the project mainly seeks to cater to western UP and Uttarakhand.

Said Shravan Kumar Sharma, Meerut divisional commissioner, ``We already have an airstrip at Partapur in Meerut. It is a small strip which will be lengthened to make it suitable for large jets. The facilities will be upgraded and made fit for use as an international airport.''

Sharma refused to confirm reports that the UP government had released Rs 73 crore to compensate those whose lands may be acquired for the airport.

The Uttar Pradesh government has decided to shift its proposal for an international airport from Greater Noida to Meerut, Shravan Kumar Sharma, Meerut divisional commissioner, said. Sharma is ex-officio chairman of the Meerut Development Authority which has been appointed the nodal authority for the project.

Source: Times Of India By Lalit Kumar UP for Meerut airport, G Noida realty may skid

The focus of Godrej Properties is "affordable housing" with a price range from as low as Rs 5 lakh to Rs 20 lakh and "we see a lot of potential in this", the chairman of the Godrej Group, Adi Godrej, told reporters.

The company is developing a 40-million sq ft township in Ahmedabad municipal limits which will be mainly residential with a mix of commercial.

About Bangalore projects, Godrej said the first one is Woodsman Estate Project, a two million sq ft project near Hebbal on way to Bengaluru International Airport; Gold County Project, a joint venture inked with late actor Feroz Khan and his son Fardeen Khan for gated villas.

The third is a joint venture with "SkyStar" owned by actor-director Sanjay Khan, owner of Golden Palm Resort, for a residential project.

The biggest project in Bangalore, the chairman said would be "Godrej Agrovet", a poultry breeding farm on 100 acres of land. However, for biosafety reasons, this project has been shifted to 90 km away from the city and the land earmarked for this would be utilised for housing spread over 10 million sq ft.

The government is also planning to offer free FSI to housing projects who will manage to get Zero Energy Certification, Chavan said.

"The need of the hour is to take note of the climate changes recorded, which unfortunately is not encouraging. Hence, the State Government is inclined to introduce legal provisions by April 1 for stricter adherence to eco-friendly projects, more so in the housing sector. At the same time, we also intend to incentivise such initiatives. The incentives will not only be offered to upcoming projects, but also to constructed buildings that initiate eco-housing," Chavan added.

Chavan said that the Maharashtra Government will soon sign a memorandum of understanding with The Energy and Resources Institute (TERI) which will guide the State in conservation of water, electricity, solid waste management and keeping the right balance of industrial growth and environment.

Skeletal buildings: One of the many incomplete realty projects in Hyderabad's Gachibowli area. Bangalore is gaining from Hyderabad's loss. Many real estate investors consider the Karnataka capital a safer bet. Madhurima Nandy / Mint

Dotted with the sprawling campuses of information technology (IT) firms such as Microsoft Corp.
and Wipro Ltd, Hyderabad's fast-moving growth corridor the Gachibowli area looks skeletal with half done buildings, yellow construction cranes and giant bill boards that promise delivery of homes on time.

Hyderabad was hailed some years ago as one of India's hottest property destinations, with firms such as US-based Tishman Speyer Properties and Malaysia's Sunway City Bhd coming in to launch their maiden projects in the country.

In its present condition, Andhra Pradesh's capital city remains the lone realty victim of the slowdown.

"Other cities are already on the recovery route. But Hyderabad has been in the news for all the wrong reasons," said George Johnson, city head (firm management), Jones Lang LaSalle Meghraj, a property advisory.

The downturn perhaps shook Hyderabad more than it did other large cities due to certain disturbing events.

The first was the unravelling of a multi-crore accounting fraud at Hyderabad-headquartered Satyam Computer Services Ltd last January, followed by the death of chief minister Y.S. Rajasekhara Reddy in a helicopter crash in September.

And just as the sector was beginning to recover, the struggle for a separate Telangana state that includes Hyderabad, intensified.

"Whether the market bounces back depends on if they can control the Telangana agitation," said N.R. Aluri, managing director, NCC Urban Infrastructure Ltd. "The residential segment particularly looks uncertain though we are expecting some demand in the budget category."

madhurima.n@livemint.com

Source: Livemint By Madhurima Nandy Telangana stir worsens outlook for realty sector in Hyderabad

Christened as the "millennium city", "cyber city" and so on, this cosmopolitan urban settlement located in the vicinity of the national capital has 57 residential, industrial and institutional sectors so far.

However, these sectors have started proving insufficient for the increasing population of Gurgaon. In view of this, the Haryana Urban Development Authority (HUDA) and the state department of Town and Country Planning are now in the process of acquiring land for developing as many as 58 new sectors in the city.

This is being done in accordance with the Gurgaon-Manesar Masterplan-2021, which has a provision for the development of as many as 115 sectors in the city. The plan also envisages a multi-utility corridor and a commercial belt to be developed in the upcoming sectors.

In the first phase, the development of Sectors 58 to 67 is under way. Land has already been acquired for master roads and other essential services in these sectors and construction of roads is in full swing.

Source: The Tribune By Sunit Dhawan New Gurgaon : With 58 New Sectors In The Offing, Gurgaon Gears Up To House Its Growing Numbers

According to sources, Ansal API is in talks with Kiran Mazumdar Shaw-led Biocon Ltd, besides a few other overseas companies, to set up the central processing zone. The realty firm is also keen on an exclusive tie up with a single company to set up this zone, which is proposed to function as a common resource pool for all other firms in the park.

Biotech Consortium of India Ltd (BCIL), a consultancy firm jointly promoted by department of biotech, financial institutions like ICICI, IDBI among others and corporate firms including Ranbaxy Labs, Lupin Labs, has been commissioned to draw up a detailed business plan for the project.

This venture would be located amidst the sprawling Sushant Golf City, a mega township project of Ansal API spread across around 3,500 acre in Lucknow.

Source: Financial Express Ansal API to pump Rs 1,000 crore into UP biotech park

"We have chosen these 64 cities and towns keeping in mind the preference of our security personnel who prefer big cities for their education and medical facilities besides re-employment opportunities. We did location demand surveys (LDSs) among security personnel before finalising these locations. Nine of our projects are already in full swing, while the rest are in different stages of development. For Phase II, SWO-I has identified 34 new locations," said Lt. Col. Rakesh Rana, chairman of the NGO working for the welfare of soldiers and their families.

He said all their projects are open to all eligible beneficiaries. SWO-I has also decided to give free plots at its projects to the families of Ashok Chakra winners, while those getting Kirti and Shourya Chakras will get plots at 50 per cent discount. The organisation is also planning a multi-utility "Sanik Welfare Card", he added.

In another interesting development, the Intergovernmental Institution for use of Micro Algae Spirulina Against Malnutrition (IIMSAM) has joined hands with SWO-I to eradicate malnutrition and secure the United Nations Millennium Development Goals through Spirulina (a dietary supplement). Considering the growing reach of SWO-I, IIMSAM has chosen to partner with the NGO.

"Our national presence would play a pivotal role to spread public awareness and initiate programmes that utilise Spirulina to eradicate malnutrition. We are looking to the forthcoming visit of IIMSAM Director-General Remigio Maradona to harness the potential of Spirulina to eradicate malnutrition," added Col. Rana.

The department of environment, science and technology had invited Expressions of Interest (EoI) from developers on January 18. The last date for submitting the request for quotation (RFQ) is February 15.

As per a senior official of the biotechnology department, enquiries are pouring in over phone and emails but not many letters have been received so far from major real estate players.

"We are waiting for the responses and a decision pertaining to extend the last date for submitting the RFQ may be taken within two-three days. However, this week being the last week, a better response is expected from the developers," said the official.

The park will be developed over 35 acre under the public-private partnership mode, and UK-based consultant Matt MacDonald will assist the department in selecting the promoter, as well as signing the final agreement with the company.

Once fully developed, it is likely to attract Rs 500-crore investment including capital from private companies setting up base in the industrial cluster of the park.

The project with a concession period of 35 years eyes attractive traffic figures, which are expected to rise as it will provide the shortest possible route for travelling from the national capital to Uttarakhand. Also, the project envisages seven hydropower plants, which the developer can build or lease out, said a state government official.

Assured about the viability of the project, the UP government has decided to ask builders to pay back the state from its revenue stream. "The state government will give first preference to bids offering negative grant," said an official, adding the government hopes to hand over the letter of authority (LOA) for the project to the developer.

The Upper Ganga Canal Expressway will start from Sanauta Bridge in Greater Noida and end at Purkazi, on the Uttarakhand border. The Greater Noida Authority has been roped in to connect the incoming traffic from the Yamuna Expressway to this expressway and also the Delhi traffic from Parichowk, in Greater Noida to the UGC Expressway through link roads. With this, traffic from Agra can have direct access till Haridwar and the Delhi traffic, too, can have an express corridor to ease its burgeoning traffic.

Most private players such as Jaypee Infratech, IRB Builders, Reliance Infrastructure, Tata Realty and Infrastructure, GVK, Punj Lloyd, Lanco Infratech, Nagarjuna and many others have shown a keen interest in the project. The companies agree that the project has a high degree of possibility of breaking even in the first couple of years or so.

Source: Financial Express By Deepa Jainani UP govt woos builders with land rights for U'khand expressway

"There is an expectation of further reduction is property prices by 30% in Dubai. Prices are already one-third of their original levels," said Pranay Vakil, chairman, Knight Frank India Pvt Ltd.

He said, "A villa on Palm Island which was selling for 12 million dirhams about two years back is now available for 4 million dirhams and we expect it to go down to 3 million dirhams."

The peak price for the blocks surrounding the Khalifa Tower reached $20,505 per square metre in 2008, while the current price has dropped by nearly 70%.

Dubai's relentless pursuit of growth received an unprecedented jolt in November, when its heavily indebted flagship holding company, Dubai World, announced plans to restructure loans worth $60 billion. Dubai World's real-estate arm Nakheel was in the doldrums, after a 50% drop in real-estate prices forced it to ask for a trading suspension of its Islamic bonds. Dubai World has sought a moratorium on its debt obligations for a period of six months.

Source: www.moneylife.in By Pallabika Ganguly Properties rates in Dubai on a downward spiral

To make matters worse, real estate companies are getting the land acquired, the permission for which has already been denied to them by the villagers.

Haryana has already come under criticism for its policy of releasing the acquired land.

In a petition filed against DLF Universal Limited and other respondents, two residents of Nathupur village in Gurgaon district, Mir Singh and Birju have alleged that the area is developing at a rapid pace.

"In the recent times, the modus operandi of the real estate companies is that if they are unable to purchase land, they collude with the government officials and get the same acquired for their own purpose. One such piece of land was owned by the Nathupur gram panchayat.

Source: The Tribune By Saurabh Malik Villagers file plea against DLF

The Member Secretary of the NCRPB, Mr Noor Mohammad, who held discussions with Haryana Chief Secretary, Mrs Urvashi Gulati in second meeting of the Steering Committee here today, said that  a corridor would also be developed  the counter-magnet towns of Ambala and Hisar in Haryana.
As Financial Commissioner and Principal Secretaries of various Departments were also present in the meeting, in addition to the participation of Deputy Commissioners of the districts falling in NCR through video conferencing, Mr Noor Mohammad stressed the need for further accelerating the pace of developmental projects in the NCR. He said that Rs. 584 crore were sanctioned  for  developmental works during this financial year.

The Haryana Chief Secretary, Mrs Urvashi Gulati said, "Haryana is as important to the NCR as is the NCR to Haryana" as 40 per cent the NCR falls in the State. She said that the State Government was implementing a number of development projects in the NCR. She directed all Deputy Commissioners and Administrative Secretaries to send by March 4 the completion reports of all developmental projects, which have been completed recently or nearing completion.

It was informed that social infrastructure projects, especially in the areas of education and health were being given utmost priority in the NCR. While four private universities have already been set up in this area, applications of five more universities were in pipeline. A Central University has already started functioning in district Mahendergarh. In case of health, it was revealed that while the State Government was setting up a Medical College exclusively for women at Khanpur Kala which has north India's first Women University, a Dental College and a Nursing College too would be set up at Khanpur Kalan. For these two colleges, the State Government sought financial assistance of the NCRPB. A Medical College was already being set up in Mewat wioth assistance from NCR and ESI hospitals were being built at Faridabad and Gurgaon.

Source: haryananews.org By rachnasaini Government is preparing a comprehensive Sub-Regional Plan of The NCR with perspective year 2031

In the absence of any law on compulsory disclosure norms, real estate developers are taking innocent home buyers for a ride with misleading advertisements. There's an urgent need for making disclosure norms mandatory so that buyers protect their most important investment in life

In an age of growing consumer consciousness, backed by teething laws, real estate continues to thrive as one of the most unorganised sectors taking the gullible consumers for a ride. It is not the case with just small-time developers duping home buyers with misleading advertisements and tall claims, but even the listed companies continue to operate as if their mandatory disclosure clause is applicable only with the financials of the company to the SEBI. The absence of any clear guidelines and disclosure norms leaves enough room for tall promises and dicey deals, and hence calls for a mandatory disclosure norms for the average property buyer and putting an end to misleading advertisements.

The number of pending cases against such misleading property deals has skyrocketed of late, even though many of the duped customers that The Indian Express spoke to, have not approached any court of law. Ramesh Chopra, a non-resident Indian, is one of them. He booked his apartment in Omaxe's The Forest Spa, situated in Sector 93B, Noida. The developer claimed that the project spread over an area of approx 8 acres, is strategically located in front of 325 acres of green forest.

However, according to the Noida Authority, the area marked as green belt is fixed as so for a limited period and thereafter the use of the land can change. When contacted, Rohtas Goel, CMD of Omaxe said "As per our understanding, if the government wants to deforest the land earmarked as city forest then the master plan has to be amended in consonance of that. The forest is as per the master plan of Noida."

Chopra's apartment actually fell far short of the dream home promised in the advertisement. Unfortunately, his is not the only such case. In the absence of any regulation for misleading advertisements, buyers are routinely promised the moon and then delivered sub-standard houses.

Buyers should also do a small market survey of the area before finalising the deal for purchase which would give them a better idea of the prices along with the facilities provided by the developer. Sanjay Sharma, MD of Qubrex, a real-estate brokerage firm, says, "While purchasing a property, buyers should also keep in mind the additional hidden costs involved in facilities like parking, maintenance, electricity, power back-up, membership of the club and pool, security, insurance, preferential location charges, super area versus carpet area etc. Such costs are usually not a part of the offer made by the developer and when added to the cost of the property, one may find oneself not benefiting from the scheme at all."

"In cases where genuine buyers are involved in a re-invented project, and they are unable to obtain a refund, legal recourse on the basis of the issued allotment letter is the only option," says Sharma.

praveen.singh @expressindia.com

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They could also face cancellation of land allotted by the Andhra Pradesh Industrial Infrastructure Corporation if they are using land for purposes other than the clearance secured, the Business Line has reported.

A recent meeting to review the progress of SEZs in the State chaired by the chief minister, K Rosaiah, has called upon various departments to closely monitor the progress of the SEZs and back up with support infrastructure to ensure that they create additional employment, the report added.

However, in a State which has garnered a lion's share of the SEZs allotted by the Centre, many developers are yet to commence work citing slowdown as one of the reasons for delay in implementation of the project. The Government is also likely to issue notices to those who have taken up projects other than the reason for allotment, it said.

Andhra Pradesh accounts for the highest number of SEZs notified in the country. Of the 107 proposals given in principle clearance for AP, 73 of them have been notified. Maharashtra with 58 SEZs, Tamil Nadu (52), Haryana (31) and other States follow on. Of this IT and IT ES sectors have been allocated 43 SEZs, followed by pharma and multi-product SEZs.

Singh said this could be done by converting 888.865 km road length as national highway. He also demanded the Centre to sanction funds for construction of by-passes at Manali, Theog, Sundernagar and Jogindernagar to ease traffic congestion in these tourist resorts.

The worry for these companies, however, is the declining operating profit margin, the Business Standard has reported, citing analysts.

Real estate companies witnessed a decline of up to 42 per cent in these margins during the quarter, mainly due to a shift towards middle-income housing and adjustment for cost increases, analysts said.

To beat the slowdown in the property market, companies such as DLF, Unitech and HDIL, among others, shifted their focus from premium housing and commercial projects -- which carry margins of over 50 per cent -- to mid-income housing, where the margins are 20-30 per cent, the report added.

"In the third quarter of last fiscal, commercial sales were happening, as it was just the start of the slowdown. After that, developers have started focusing on mid-income housing which carried lower margins," said Param Desai, an analyst with Angel Broking.

Source: Realty Plus Recovery takes hold in realty sector

The Commerce and Industry Ministry, in-charge of SEZs, has plugged this loophole through a recent notification that says the acts or omissions punishable under the notified offences for the purposes of the SEZ Act also, the Business Line has reported.

According to an official, "While most SEZ units and developers comply with the laws, a few clever ones could have cited the absence of notification of these penal provisions in the SEZ Act to escape punishment. This loophole has been addressed through the recent notification."

The FTDR Act is the parent legislation that sets out punitive actions for violating foreign trade rules. The Act automatically applies to all the products of the Foreign Trade Policy, like the export-oriented units, while the SEZ is the product of a separate legislation, the SEZ Act, the official said.

Source: Realty Plus Ministry puts SEZ units, developers on notice with law change