Indian Property News on 'September, 2006'

The great Indian opportunity

Dubai: For many decades, Indian entrepreneurs seeking to make their fortune looked to the UAE, eager to take advantage of its potential as a global trading hub.But in the past 12 months, a steady stream of investment has been flowing in the opposite direction. UAE-based property developers and retailers are keen to exploit India’s 8.1 per cent economic growth (2005-06), a booming real estate sector, and a wealthy middle class expected to constitute 30 per cent of the population by 2010.

Now companies in the UAE with Indian roots, including property developers ETA Star and luxury goods retailer Rivoli, are directing a considerable amount of their investment towards India. Read More »

Govt green light for 14 more SEZs

The Board of Approvals (BOA) under the stewardship of Union Commerce Minister Kamal Nath On Thursday approved 14 new proposals to set up Special Economic Zones (SEZs).

With this, the total number of SEZs approved by the Union government has gone up to 164.

A month back, the empowered group of ministers (e-GOM) headed by Defence Minister Pranab Mukherjee had lifted the cap on allowing SEZs that was earlier set at 150. Read More »

Amendment to SEZ Act on the cards

The commerce ministry is considering nominating the directors of software technology parks of India (STPIs) as development commissioners of information technology special economic zones. An amendment to the SEZ Act 2005 is being planned accordingly.

The information technology department has been pushing a proposal to treat STPIs on a par with SEZs. The department’s concern is that since the tax benefits of STPIs are in place only till 2009, there might be a migration of the existing units from the parks. Read More »

DLF issue on hold till Nov

Company has withdrawn its prospectus on problems with minority shareholders.DLF Ltd, which planned India’s largest initial public offering (IPO) of Rs 13,600 crore, today withdrew its draft red herring prospectus in the backdrop of a dispute between the promoters and minority shareholders.

Bankers to the issue said the company could not get the “final observation” from the Securities and Exchange Board of India (Sebi) within three months of filing the prospectus. Consequently, the company withdrew the issue. Read More »

Real estate scam: Uproar in Punjab Assembly

CHANDIGARH: The alleged real estate scandal in Ludhiana on Friday rocked the Punjab Assembly with main opposition Shiromani Akali Dal demanding a CBI probe into the issue after moving an adjournment motion in the House.

The house witnessed pandemonious scenes on the issue and Speaker Kewal Krishan had to adjourn the House twice after an uproar on the “scandal” from Akali legislators. Read More »

Township For NRIs

Noida-based Shourya Towers Private Ltd, a unit of the Nitishree Group, is coming up with Shourya NRI City, spread over 150 acres in Amritsar with an initial investment of Rs 500 crore. The project is targeted at Non-Resident Indians, and is likely to be completed in two years from the date of commencement.

The township, comprising of both residential and commercial complexes, is just 8 km from the Golden Temple. The project has been conceptualized by world-renowned architects, SAA, Singapore. Read More »

World’s Largest Mall

Unfazed by a decrease in footfalls at Gurgaon malls and virtual halving of rental rates, DLF Universal has drawn up an ambitious plan. It is going to build what could be the biggest mall in the world, as far as the claim goes.

The location will still be Gurgaon. Called the Mall of India, this is set to be a humungous 40-lakh sq. ft. sprawling property spread over 32 acres of land. The average size of malls here is 2.5 lakh sq. ft. This one will be 16 times bigger. Parking space will be available for 10,000 cars. DLF believes that Gurgaon, where so many malls have sprung up, has the potential to become a mega shopping district in the NCR region. Read More »

In Tune With Nature

Spacious, open, airy and cheerful is an apt way to describe the picturesque Raheja Willows at Kandivli (East), a premium residential project of three, 21-storeyed towers offering 2 and 3 BHK apartments by the reputed K Raheja Universal group. An estate, which boldly attempts to recreate the beauty of nature in concrete, every apartment here overlooks the surrounding lush green hills, bringing indoors a feeling of freshness all through the day.

From its plush green views outside to its imposing new-age architecture inside, every home at Raheja Willows has been thoughtfully planned and offers the finest amenities and facilities. These include vitreous tile floorings and fancy bathroom fittings that add an extra touch of glamour to hi-tech security systems that make your home absolutely secure. Also on offer are a range of other top-notch facilities like a well-equipped health club, gym, games room, swimming pool, 3 high-speed elevators, intercom facility, children’s play area, a super store and a multi-purpose hall.

Mall In Delhi with ‘Winter Sports’ Complex

Suncity Projects (P) Ltd., a real estate company, has launched a Rs 150-crore destination mall named Vasant Square Mall (VSM) in Vasant Kunj in south Delhi. Earlier, it created CrossRiver Mall in east Delhi and North Square Mall in north Delhi.

A collaborative infrastructure development venture of Essel Group, Action Group and Odeon Builders, Suncity Projects assures the future customers of a truly ultimate shopping and entertainment experience. Strategically located on Mehrauli-Mahipalpur road, VSM is sure to attract the crowd from all over south Delhi and surrounding areas. It will be thrown open to the public in 2006. Read More »

GR Tech Park In Bangalore Beckons IT Firms

Something is taking shape on the main Whitefield Road in Bangalore. It is the GR Tech Park, Salarpuria Group’s latest gift to the IT industry and a new site for those infotech companies willing to base themselves in this city.

With clients such as SAPLABS and Sapient Technologies having already reserved their space here at the Phase I, the park is hoping to attract more clients as it offers the same infrastructure as ITPL but at 75 percent of the cost. Read More »