NHAI earned R110 cr from e-way but refuses to spend on facilities
Wednesday, 22 February 2012 12:12 AM
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| The National Highway Authority of India (NHAI) has failed to improve infrastructure on the Gurgaon expressway even after it got its share of R50 crore from the total toll collection of R640 crore till December 2011. Besides, the NHAI also has in its kitty the negative grant of R61 crore from the concessionaire firm at the time of issuing the tender in 2005. In total, the NHAI earned R111 crore from the Gurgaon expressway project. But the authority continues to be at loggerheads with the Haryana government over sharing project costs of proposed underpasses and pedestrian bridges. More than 300 people, mainly pedestrians, have died in accidents on the expressway [...] |
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Supply of new realty projects dipped by half in last quarter: JLL
Wednesday, 22 February 2012 12:11 AM
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| Supply of new residential property in Mumbai was reduced by half in the last quarter of 2011 compared to the supply in the same period the year before. According to a recent residential market report by property consultants Jones Lang LaSalle (JLL), between October and December 2011, new residential launches in Mumbai accounted for 15 per cent of the total launches across seven cities in the country. In the same quarter of 2010, new launches in Mumbai were 27 per cent of the total. The other cities surveyed include National Capital Region, Pune, Bangalore, Chennai, Hyderabad and Kolkata. Compared to the dwindling supply in Mumbai, Gurgaon and Noida saw a [...] |
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Mixed-use realty development in vogue now
Wednesday, 22 February 2012 12:08 AM
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| Experts say mixed use will be the future of buildings as retail is becoming more organised, and FDI in multi-brand retail may be allowed As real estate in India goes vertical, developers are focusing in a big way on mixed-use development. Experts call it the need and future of real estate in the country with land being a scarce resource. Internationally, mixed use development has been quite popular for long. Back home, Supertech has Supernova in Noida, a mixed-use development building, and is planning to come up with more. The first three floors will be commercial and thereafter residential. Multiplex major PVR has acquired space already. Talks are on with [...] |
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Gujarat govt sells 2,736 hectares in Dholera SIR
Wednesday, 22 February 2012 12:07 AM
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| Gandhinagar: Infrastructure major, Hindustan Construction Company (HCC) and two other private firms have agreed to accept the Gujarat government’s offer to buy large tracts of land within the Dholera Special Investment Region (SIR), located at a distance of 140 kilometres from Ahmedabad, in the Gulf of Khambat area. The two other companies are Greater Dholera Infracon (an arm of Singapore based USEL Group) and Hotmail founder Sabeer Bhatia’s Nano Works Developer Gujarat. This sale, involving about 2,736 hectares of government land, is perhaps the biggest bulk deal to happen in Gujarat, in the last 10 years. The cumulative cost of the land was estimated to be Rs 927 crore. The [...] |
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Court foils man’s bid to dispossess son from ancestral home
Wednesday, 22 February 2012 12:06 AM
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| New Delhi: A Delhi court has thwarted an elderly man’s bid to dispossess his son from their ancestral home here, rejecting his claim that he was its exclusive owner on account of a will executed by his father. “Dharampal (father) has failed to prove his exclusive ownership of the property… Therefore, he is not entitled to the relief claimed by him because his son (Sanjay) also has interest in the suit property, being the legal heir of Kalo Devi as she is the grand mother of the defendant (Sanjay). “Hence, suit of Dharampal is dismissed,” Civil Judge Gagandeep Jindal said. Dharampal had moved the court seeking its direction to declare [...] |
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Mumbai no longer one of the top ten most expensive office markets in the world: Cushman & Wakefield
Tuesday, 21 February 2012 11:53 PM
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| NEW DELHI: Mumbai’s central business district Nariman Point has fallen off from the list of the top ten rent rankings globally for the first time in six years. The city, which was at the eighth position in last years Office Space Across the World 2012 by Cushman & Wakefield, is now at the fifteenth spot, because of declining rentals in Nariman Point. “Nariman Point has seen a steady and perhaps planned decline in the last few years as other micro markets like BKC and Lower Parel recorded a corresponding rise. BKC was consciously planned to decongest the CBD over a period of time and we see this phenomenon setting in,” [...] |
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Soaring rents worry retail chains
Tuesday, 21 February 2012 11:49 PM
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| Both Indian and international retailers find the challenge of locating suitable commercial space daunting. Now, such space is also one of the most expensive internationally. So much so retailers say the ‘shocking’ and ‘unbelievably high’ property prices savage their rent-to-revenue ratio, making their business unviable. On an aggregated basis, Indian retail rentals are considered cheap as some pockets command prices comparable to cities in the US, to Tokyo in Japan and to London in the UK, says Nimisha Jain, principal at The Boston Consulting Group India. Still, most international retailers are willing to stretch their budgets for a highly lucrative retail market as India. Retail analysts say rentals have climbed [...] |
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Financial commissioner pulls up MCG chief engineer
Tuesday, 21 February 2012 11:46 PM
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| GURGAON: After cancelling his trips on a couple of occasions earlier, the financial commissioner and principal secretary of the Urban Local Bodies department, Ram Niwas, finally met senior officials of the Municipal Corporation of Gurgaon (MCG) on Tuesday to take stock of various development projects in the city. Although the councillors were not informed about his visit, a few of them arrived uninvited and apprised the financial commissioner of the indifference being shown by the municipal commissioner and other officials towards them. According to sources, Niwas pulled up the chief engineer in the meeting for failing to bring unauthorized construction going on in various parts of the city to a [...] |
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