The final quarter of 2009 has seen a broad improvement in interest shown for emergent property markets in Morocco and India. With the United Kingdom and India having enjoyed a historic relationship over the past 150 years, including a British Indian population settled in many parts of the UK, it comes as welcome news for the one of the world’s new economic powerhouses to receive increased investment interest from UK property investors.
The cities of Delhi, Mumbai, Goa and Chandighar have recently generated notable interest at international property development events, from those hoping to capitalise on the economic growth that these cities have experienced.
UK property investors are also turning their attention to profitable real estate markets in California and Cape Town, with the key interest being holiday homes and apartments.
More : themovechannel.com
DLF scraps mall project, to construct 300 flats
In tune with the changing times, realty major DLF has redesigned a proposed shopping mall project in the heart of the city on Commander In Chief Road (Ethiraj Salai) to construct 300 luxury residential apartments.
The icing on the cake is the 175 apartments the builder proposes to construct for the economically weaker sections (EWS) on the same premises to accommodate the drivers and servants, engaged by those who buy the high-end flats. As per the revised master plan for the Chennai Metropolitan Area (CMDA), any residential development on plots exceeding one hectare (2.5 acres) should have 10% area reserved for the EWS. Though the master plan permits builders to construct the EWS units within a radius of two km, DLF has chosen to bring together the high-end and low-end units.
The EWS apartments will be 350 sq ft each and would be sold at a concessional price. Even then, not all drivers and maids would be able to afford the EWS flats. Hence, we will lease out the unsold EWS apartments to such people on a nominal rent. If the husband is a driver and wife a maid, the family will have double income and can lead a comfortable life in our rented home. We have already done it at Gurgaon in Delhi, said DLF executive vice-president K K Raman.
More : timesofindia.indiatimes.com
Lotika Sarkar gets her house back after all
Former Delhi University Professor Lotika Sarkar has finally got back her house in the Capital’s posh Hauz Khas Enclave area.
Priti Dhoundial and her husband, Indian Police Service officer Nirmal Dhoundial, informed the Delhi High Court on Thursday that they were ready to hand over the property to Ms. Sarkar immediately. Following their submission, Justice S. N. Dhingra directed the Delhi Police to ensure that the sealed property was handed over to the 87-year-old retired Law Faculty professor, widow of the late ICS officer and prolific writer-columnist Chanchal Sarkar.
The High Court had earlier this month ordered sealing of the disputed property on a petition by Ms. Dhoundial and her family challenging an order of the New Delhi Tribunal set up under the Maintenance and Welfare of Parents and Senior Citizens Act, 2007, for restoration of the property to Ms. Sarkar.
More : hindu.com
From lingerie to cereals, Future Group pushes private labels
From lingerie to breakfast cereals, the Kishore Biyani-promoted Future Group is pushing private labels aggressively to expand their share to 30% in the its total sales within two years.
We will increase the average contribution of private labels from 25% to 30% in the next two years, Future Group head (Private Label) Devendra Chawla said.
The group’s subsidiary, Future Brands, is entering new private label segments that offer higher profit margins.
More : dnaindia.com
Legislation on registration of land titles up for public comment
In a bid to create a foolproof property titling system to prevent fraudulent registry and takeover of property, the draft of a proposed legislation for registration of land titles in the capital is now up for public comment on the Delhi government’s website. To discuss the draft legislation, a two-day meet of stakeholders, namely lawyers, architects, professionals and RWAs, began in the capital on Thursday.
Under the proposal, a central titling authority will be set up. This Delhi Urban Property Registration & Titling Authority will maintain complete records of all properties and scrutinise the details provided to identify and decide on the real owner.
Each property will be issued a digitised unique identification number. A tribunal will be set up for resolution of all disputes relating to immovable property in Delhi.
More : timesofindia.indiatimes.com
Delhi govt finalises draft of new legislation on property
Delhi Government has finalised the draft of a new legislation under which people will be issued title for their properties, a move aimed checking fraudulent transactions.
Delhi Chief Secretary Rakesh Mehta said the draft of the Delhi Urban Property Registration and Titling Act 2009, which will provide a legal framework for granting property titles to all owners, is ready and will be introduced in Delhi Assembly soon.
Addressing the 10th annual Chief Secretaries summit organised by PHD Chamber here, he said cases involving property disputes are major source of litigation in the city and the proposed legislation seeks to address the problem of duplicate claims to property.
Mehta, who is the brain behind the scheme, said a dispute resolution mechanism will be set up to ensure speedy disposal of the cases which will also bring down the pressure on city courts.
Source : expressindia.com
Gas is not a private property of Ambani brothers: Govt in SC
Government on Tuesday opened its arguments in the high-voltage gas row between the Ambani brothers in the Supreme Court asserting that any understanding reached between them was not binding on it as gas was not their private property.
It (gas) is not the private property of RIL or RNRL. It is a national asset, Additional Solicitor General Mohan Parasaran said while presenting the Government’s case before a Bench headed by Chief Justice K G Balakrishnan.
No sooner the government commenced its arguments after RIL completed its submissions, RNRL’s counsel Ram Jethmalani raised objections to the Petroleum ministry being allowed to be heard as a party to the dispute.
More : economictimes.indiatimes.com
Delhi’s new B&Bs are a real home away from home
There’s much to be said for the creature comforts of an Indian home. The beds are large, often covered with hand-loomed paisley-patterned cotton spreads. From the kitchen wafts a blended mix of delicate teas and pungent herbs.
Compared to the blaring mass of humanity outside, which eats, kisses, shouts and sometimes sleeps on the roads of the Indian capital, Delhi homes – especially those of wealthier residents – have a well-deserved reputation as havens of peace and tranquillity.
So much so that, in 2006, the Indian government allowed homeowners to register their abodes as bed-and-breakfasts. Prospective guesthouses were first vetted by the government and then given a rank depending on the size and number of rooms offered.
More : guardian.co.uk
India, UN body discuss sharing patent database
Officials of the Intellectual Property Office (IPO) here on Monday discussed sharing the nation’s database of over 2.30 lakh patent documents with the Geneva-based World Intellectual Property Organisation (WIPO).
We have discussed about the posting of 2.33 lakh records of the patent documents on the (IPO) website and this data will be shared with World Intellectual Property Organisation (WIPO), the Controller General of Patents, Designs & Trade Marks P H Kurian said.
The Geneva-based WIPO is a specialised United Nations agency for developing a balanced and accessible international system in the field of intellectual property.
More : zeenews.com
Phoenix Hospitality signs pact with Mariott to set up hotels
Ruia family-promoted Phoenix Hospitality today said it has entered into an agreement with Mariott International to set up hotels in Agra and Mumbai, with a total project cost of Rs 320 crore.
At a cumulative project cost of Rs 320 crore, the hotels will be located at Agra and Mumbai as a part of mixed-use retail-led developments, Phoenix Hospitality said in a statement.
The 300-room property in Mumbai will be developed by Graceworks Realty & Leisure, a company promoted by Phoenix Hospitality and HBS Realtors, it added.
More : ptinews.com
IHC to raise Rs 1,000 cr for expansion
London-listed hospitality and leisure company India Hospitality Corporation (IHC) will set up a new hotel in Bangalore next year, and is close to raising funds worth Rs 1,000 crore for expansion of its hotel business.
In the next 12-18 months, we will be focusing on expanding our hotel business in tier II cities. We will be opening a new hotel in Bangalore by July 2010, IHC Managing Director Ravi Deol said.
The company is also readying a Rs 1,000-crore property fund for expanding its hotel business in the country. The firm has already invested Rs 200 crore in the hotel business through its wholly-owned subsidiary Gordon House Estates.
More : business-standard.com
MCD property tax amnesty scheme has few takers
The property tax amnesty scheme launched by the Municipal Corporation of Delhi (MCD) to encourage tax defaulters to pay up their dues has failed to people. Only 27,000 property owners came forward to pay their dues even as the civic agency was expecting at least 20 lakh people to turn up.
Meanwhile, looking at the dismal response, the civic agency decided to extend the date for the amnesty scheme to December 31 the last date before this was October 31. According to MCD officials, all those who fail to pay their property tax by December 31 will be issued showcause notices. Defaulters will have to face harsh penalties like sealing of bank accounts, attachment or auctioning of property and even prison terms, the officials said.
We were expecting more people to file their property tax as there are approximately 30 lakh properties in the city while only 7.5-9 lakh people pay their tax. We have data on property owners and will issue showcause notices to them. Their properties can be auctioned if they failed to pay up by December 31,’ said MCD commissioner K S Mehra.
More : timesofindia.indiatimes.com
DLF Plans to Construct 1 Lakh Affordable Houses
DLF Plans to Construct 1 Lakh Affordable Houses – Embarking new marks, DLF one of the India’s largest reality company has plans to construct 1 lakh affordable houses in some major cities all across the country.
The costing of each house would be under Rs 20 lakh. As per reports and sources, now the company is just devoting its final efforts to work out its strategy effectively and efficiently. According to the plans, one lakh housing units will be constructed in next 3 years under a new
brand and costing will be inclusive of all charges.
In the mid of this year, one of the competitor of DLF named Unitech declared its entry into this segment as part of its attempts to recreate demand in this sector effected by the global downturn. Last week, in the presentation given to analysts, DLF management said, The launch of new value house segment with a distinct brand is under planning, but did not divulge further details.
More : ub-news.com
Raging fire kills 10 persons, destroys property worth $ 200 mln
At least ten persons have been killed and around 200 injured in a major fire in India that broke out in an oil storage facility of the Indian Oil Corporation (IOC) in the countrys northern state of Rajasthan.
Property worth 200 million USD, including 100 million worth of oil, has been destroyed, whereas livelihood of thousands of people has been affected due to the fire.
According to latest media reports reaching New Delhi , the fire was extinguished in six of the 11 storage tanks, but it spread to the roof of a nearby private building.
More : khabrein.info
DLF to build one lakh houses costing under Rs 20 lakh each
Venturing where few private players have gone before, India’s largest realty firm DLF is is planning to build one lakh affordable houses that would cost less than Rs 20 lakh in major cities across the country.
According to sources, the company is giving final touches to its strategy for development of these one lakh housing units in the next three years under a new brand and the sub-Rs 20 lakh price is expected to be inclusive of all charges.
Earlier this year, DLF’s rival Unitech had announced entry into this segment as part of efforts to revive demand in the sector hit hard by the impact of the global downturn.
More : timesofindia.indiatimes.com
Good development in Lotika Sarkar’s property case: SC told
The Supreme Court was today informed that the Delhi Police has been entrusted with the investigations into dispossesion of an 87-year-old academician, Lotika Sarkar, of her property here allegedly by a senior IPS officer who has been held guilty by a tribunal of grabbing her house by deceit.
Solicitor general Gopal Subramanium told a Bench comprising chief justice KG Balakrishnan and Justices P Sathasivan and BS Chauhan that there have been good development in the case which is being probed by the crime branch and the tribunal to address grievances of senior citizens yesterday gave its findings against the officer.
He said since things have come on track, the police should be given an opportunity of a fortnight to place the report on the investigations into the case.
More : dnaindia.com
DLF net decreases 77%, in line with market projections
DLF Ltd, India’s largest developer by market value, said second quarter profit fell 77% to Rs440 crore from Rs1,935.35 crore a year ago as property prices are yet to recover after the boom that ended last year, when the credit markets were gripped by a liquidity freeze.
While there has been a revival in home sales recently at the lower end of the market, residential prices are still 25-30% down from their peak, while commercial and retail are down 40-45%, said Rajiv Talwar, group executive director, DLF. Demand for commercial and retail space is still low, he added.
Revenue fell 51.66% to Rs1,810 crore from Rs3,744.39 crore. A Mint poll of five analysts had projected an average profit estimate of Rs442.98 crore on sales of Rs1,727.62 crore. DLF’s net profit is up 11% from the preceding quarter’s Rs396 crore and revenue is up by 4% from Rs1,746 crore.
More : livemint.com
Choice Hotels India Expands Hotel Presence in Delhi NCR
Choice Hotels India has recently launched two additional properties in Delhi NCR as part of its rapidly expanding portfolio. They are Quality Inn Bliss in Gurgaon and Quality Hotel Sewa Grand in Faridabad.
Quality Inn Bliss is conveniently located in the heart of Gurgaon amidst multinational companies and premier establishments. The hotel offers 39 well appointed guestrooms with modern facilities in an ambience of unmatched comfort. “Fusion” the Multicuisine Restaurant with a show kitchen is perfect for a working lunch or an exuberant dinner. “Celsius” the Lounge Bar offers imaginative quaint cocktails and housing some of the best wines & malt whiskeys of the world. Viceroy state-of-the-art Board room is ideal for small meetings and �‘Ritz I & II’ are the fully equipped banquet & conference halls.
Quality Hotel Sewa Grand Faridabad is ideally situated at Mathura Road on the highway leading from Delhi to Agra. 82 spacious rooms and suites are elegantly and tastefully decorated to suit all modern needs. Cafe Pacific the all day dining Multicuisine Restaurant offers an extensive selection of mouth watering delicacies to tingle your taste buds. ‘Atlantis Bar’ is a great relaxing place to unwind and choose from a fine selection of spirits and cocktails. Fully equipped banquet & conference halls ‘Royal Ball Room’ and ‘Senate’ can accommodate upto 350 guests.
More : indiaprwire.com
Another arrest in DDA housing scam
The Economic Offences Wing of the Delhi PoliceCrime Branch claimed to have arrested another accused in connection with the infamous DDA housing scam. Till now, eight persons had been arrested; accused Rakesh Boyet is the ninth. Boyet is a resident of Uttam Nagar area in West Delhi.
The Deputy Commissioner of Police (Economic Offences Wing) K K Vyas said Boyet used to run a property dealer’s office at Vikas Surya Tower, Aashirwad Chowk, Dwarka, and had allegedly financed Rs 4 lakh for one of the accused, M L Gautam. He had also given Rs 9 lakh through his partner Raju Ram (another accused in the case). Till now, eight persons — Laxmi Narain Meena, Deepak Kumar, Mithan Lal Gautam, Raju Ram, Vijay Pal, Surender Singh alias Suresh, Jeet Ram and Vijay Kumar Verma have been arrested and are in judicial custody.
Absconding property dealer held in DDA scam
A property dealer who financed retired Delhi Development Authority (DDA) employee M L Gautam in the civic agency’s multi-million
housing scam was arrested on Saturday, police said.
Sleuths of Delhi Police’s Economic Offences Wing (EOW) arrested Rakesh Boyet, a resident of Uttam Nagar in west Delhi.
According to police, Boyet who runs a property dealing business in Dwarka, had provided Rs.400,000 to Gautam and had also given Rs.900,000 through his partner Raju Ram, who was arrested earlier.
More : timesofindia.indiatimes.com