25Feb
2013

Metro-III will explore new depth station at 29 mts, below another line

The Delhi Metro is set to bag itself a new record — its deepest tunnel, which will pass under an existing line. The 37-km-long corridor from Janapuri West to Botanical Garden in Noida, part of Metro-III, will pass below the existing Hauz Khas station and have a station at a depth of 29 metres. The average depth of existing Metro stations is 17 metres. To prepare for the engineering feat, the Delhi Metro officials have begun a massive upgrade of [...]

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25Feb
2013

Realtors, Brokers To Get Reserve Bank of India Lifeline

The Reserve Bank of India (RBI) has softened its stance on allowing real estate firms and brokerages to apply for banking licences. Sources familiar with the developments said the final guidelines, to be announced by the end of the month, would set aside its earlier reservations about these entities. In its draft guidelines released in August 2011, RBI had said entities having significant (10 per cent or more) income or assets or both from real estate construction and/or broking activities [...]

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February 25, 2013

Policy Paralysis, Land Acquisition Issues Need To Be Addressed

Order inflows in the construction sector have been subdued for the last 2-3 years. Policy paralysis and land acquisition have been the key problems so far. This Budget is expected to usher in solutions – be it higher allocation across segments such as roads, irrigation, urban infra, ports, airports and power. To improve viability of infrastructure projects, industry expects MAT (minimum alternative tax) to be abolished for the tax holiday period. According to Sumit Mazumder, Vice-Chairman and MD, TIL Ltd, [...]

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February 25, 2013

Bangalore, Mumbai realty firms steal the show in Oct-Dec 2012

Performance of most listed real estate developers (barring DLF) in the National Capital Region lagged compared to their peers in Mumbai and Bangalore market in the quarter ended December 31, 2012. The lacklustre performance was a result of moderation in sales triggered by lack of new launches. A research report from Motilal Oswal states that Bangalore-based developers outperformed other markets while developers in Mumbai showed signs of recovery. “Bangalore developers such as Sobha, Prestige, Puravankara continued to out performe, backed [...]

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February 25, 2013

Errant Developers Could Land In Jail for Repeat Violations

Real estate firms are set to come under regulatory purview and their liberty to divert funds curtailed under the Real Estate Regulation Bill, which is ready for Cabinet approval. Housing and poverty alleviation minister Ajay Maken told FE that under the new law, builders will have to register their projects with the regulator before launching or advertising them. Those who repeatedly disobey could be imprisoned for up to three years. Builders must also follow specific rules while soliciting customers. Many [...]

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February 25, 2013

3 women estate agents held for filming client in nude, blackmailing

Three women estate agents have been arrested by Mira Road Police for allegedly drugging and filming a prospective client in the nude and threatening to upload the video on the internet if she did not pay Rs 3 lakh. Police said the victim, a 40-year-old mother of two living in Mira Road, was looking for a house to rent and contacted Yasmin Shakih (32), Mahi Singh (34) and Husna Shaikh (35). She met them on February 14 and was taken [...]

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February 25, 2013

GCDA budget focuses on basic infrastructure development

KOCHI: After a gap of almost two years, Greater Cochin Development Authority (GCDA) has presented a people-friendly budget, taking into account many of the suggestions made during the pre-budget meeting. Giving focus to basic infrastructure development requirements of the city, the authority has given prominence to road development works in the 2013-14 budget by earmarking Rs 23.85 crore for the same. GCDA has made specific allocations for phase I of Chatiyath -Varapuzha Ring Road, Chilavannoor Bund Road, widening of Kaloor [...]

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February 25, 2013

Trees cut without sanction on Thane plot

THANE: Citizen activist Chandrahas Tawde has put the spotlight on goings-on in the Thane Municipal Corporation-controlled Tree Authority which awarded a sanction for chopping down 1,823 trees from 2010-12 to facilitate construction or infrastructure projects in the city. Tawde has alleged that there a massive mismatch in the records of sanctions given by the Tree Authority and the actual number of trees cut down by builders. “The last two years’ Tree Authority records reveal that permission was given to cut [...]

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February 23, 2013

HC asks DDA to inquire into illegal sale, purchase of land

Delhi High Court today asked the Delhi Development Authority (DDA) to expeditiously inquire into the matter relating to “illegal” sale and purchase of land or residential plots allotted here under the scheme of large-scale acquisition, development and disposal of land. A bench headed by Chief Justice D Murugesan disposed of the PIL filed in this regard and directed the Vice-Chairman of the DDA to look into it. “Petition is disposed off with a direction to the Vice Chairman, DDA, to [...]

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February 23, 2013

Global PEs bullish on India property market

NEW DELHI: Global private equity investors are still bullish on the India property market, but after many of them burnt their fingers in the rush of 2006-2008, they might be more discreet this time when it comes to taking the development and execution risk in India, says Alastair Hughes, chief executive officer, Asia-Pacific at property consultancy Jones Lang LaSalle. In 2005-06, investors simply fell for the Incredible India story — its fantastic demographics, reforms, opening up of the economy, the prospect of economic growth — despite knowing the risks [...]

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Metro-III will explore new depth station at 29 mts, below another line

February 25, 2013 0 Comments

The Delhi Metro is set to bag itself a new record — its deepest tunnel, which will pass under an existing line. The 37-km-long corridor from Janapuri West to Botanical Garden in Noida, part of Metro-III, will pass below the existing Hauz Khas station and have a station at a depth of 29 metres. The average depth of existing Metro stations is 17 metres. To prepare for the engineering feat, the Delhi Metro officials have begun a massive upgrade of [...]

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Why property prices rarely crash

August 1, 2012 0 Comments

When do you put your home on the block and move to an inexpensive destination? When do you look for a buyer for your second home? Only when you fear losing your job; only when you sense you may take a long time to wriggle out of the mess your business has run into. Luckily, not too many have suffered such dramatic reversal of fortune. It certainly hasn’t reached a staggering number – and possibly will not in the near [...]

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NOC on resale: Crucial issues unresolved

November 3, 2012 0 Comments

The Maharashtra government’s decision to abolish the requirement of ‘no objection certificate’ (NOC) from a developer at the time of resale of a flat is a long overdue step that would reduce the time taken for resale transaction and also eliminate the harassment that buyers routinely undergo. It is also a major relief coming at a time when the cost of property is reaching stratospheric levels. The practice is prevalent in other states too, and the Maharashtra example would hopefully [...]

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