Indian Property News on 'October, 2006'

Govt weighs FDI risks in reversing judicial verdict on sealing

The government is faced with concerns that a constitutional amendment to end the sealing crisis could send out a wrong message to foreign investors if it places the law suspending court-ordered municipal sealing drive for a year beyond judicial review.

With the country being billed as rule-based democracy to attract foreign direct investment, the Centre is weighing the risks of such a move could entail at a time when Indian is fast emerging as a major FDI destination. Read More »

Stone of new housing project laid

A leading real estate company Amariss has started to develop 180 flats in three acres of land in Sunny Enclave (Desu Majra) Kharar. Minister for Local Bodies and Parliamentary Affairs Chaudhary Jagjit Singh laid the foundation stone of the project and also participated in its bhumi pujan today evening.

Director of the company, Tejinder Bhatia, while addressing mediapersons said that these flats have been named Vrindavan Apartments. Read More »

Global Infocomm to open 600 real estate showrooms

New Delhi-based Global Infocomm is planning to open 600 real estate showrooms at a cost of Rs 120 crore. Of the 600 real estate showrooms, 70 will be set up in Uttar Pradesh with an investment of Rs 15 crore.

SK Jain, managing director, Global Infocomm Ltd, said the property shops were places where people could buy, sell or rent properties instantly. Read More »

4.7 lakh employment opportunities in SEZs for AP

An estimated 4.5 lakh employment opportunities would be created through the 48 Special Economic Zones (SEZs) coming up in Andhra Pradesh in the next two years.

The SEZs will create a conducive environment for investment and exports and rope in foreign and domestic firms, according to an official statement here today.

The Centre has approved 48 SEZs of which IT/ITES will have 27 SEZs, pharma 6, multi product 4, footwear 3, and one each for biotech, apparel, building products, services sector, paper, textile, gems and jewellery and semiconductor SEZ (Fab), it said. Read More »

Goldmans to invest Rs 10 bn in DLF

MUMBAI, OCTOBER 19: US investment bank Goldman Sachs is likely to invest Rs 10 billion ($221 million) in unlisted Indian real estate firm DLF, a business newspaper reported on Thursday, citing unnamed sources.”Goldman Sachs is bullish on investing in some of the company’s ongoing projects, including the one being developed in Delhi,” the report said.

DLF’s Chief Financial Officer, Ramesh Sanka, said the report was ‘absolutely baseless and speculative’. Read More »

SC provides breather to Delhi traders

New Delhi: Out of three lakh traders in Delhi, only 46000 have filed affidavits so far. This is the status of the undertakings which were meant to be filed by traders running commercial establishments in residential areas, declaring that they will close down their businesses voluntarily.

Inspite of the October 31 deadline set by the Supreme Court, traders have not filed any new affidavits with the MCD. Read More »

DLF plans to invest Rs 8000cr in Madhya Pradesh

DLF Ltd., one of the leading national real estate players in the country, announced plans to invest Rs 8,000 crore in the state of Madhya Pradesh. DLF top management led by Managing Director Mr. T. C. Goyal met ministers and top officials of the Madhya Pradesh State Government to finalise investment plans. The team met the Minister of Industries and Commerce, Mr Babulal Gaur.

The investments are to cover Housing, Industrial SEZs, IT parks and the state’s first international class Convention Centre with a Hotel in Bhopal. Also planned are similar projects in other important cities across the state i.e. Gwalior, Indore and Jabalpur. Read More »

Government okays 22 FDI proposals

New Delhi: The Centre has approved 22 foreign direct investment (FDI) proposals worth Rs 896.25 crore ($198 million), including a Rs 511-crore investment plan of Singapore-based Solitaire Capital Investments Pte and Solitaire Ventures Pte in India’s booming real estate sector.

The Finance Ministry also cleared Mauritius-based power producer Bijlee Bharat Holdings’ plan to set up a subsidiary in India with an initial investment of Rs 308 crore, which will invest in multiple power plants. Read More »

Reserve Bank likely to ease SEZ lending norms

The Reserve Bank of India (RBI) may review its decision to club lending to special economic zones (SEZs) with commercial real estate after the government unveils a revised policy.

An indication to this effect was provided by the RBI at recent meetings with bankers, who had sought clarifications on how should they treat lending to genuine infrastructure projects in SEZs, banking sources said.

The RBI is likely to prescribe a graded structure of risk weights for bank finance to SEZs. It may lower the risk weights for lending to infrastructure projects in SEZs to 75 or 100 per cent from 150 per cent applicable for commercial real estate exposures. Read More »

Indian realty lures global investments

In the corridors of international investment, what’s really grabbing all the eyeballs towards India right now is the hot property market.

Experts are predicting high returns of 15-30% from the burgeoning Indian real estate market, which has already seen a fund flow of $1.5 bn and slated to grow at 30% annually. Foreign investors are hoping that they will be able to reap the harvest.

Leading international player Calpers has invested $100 mn into an Indian realty fund. US investment bank Morgan Stanley may invest $1 bn in Indian Construction companies. US developer Tishman Speyer has tied up with India’s ICICI Bank to pour $1 bn into the market. Read More »