Many developers are increasing prices by 15 to 30 per cent the moment they became sure of demand returning.
However, the ministry of law opined that though there is no specific provision in the SEZ Act and Rules, the power to notify includes power to de-notify also, sources said. Industry experts said that the SEZs which are finding it difficult to continue should be allowed to quit.
The board of approval, headed by commerce secretary G K Pillai, will also consider requests from realty major DLF for de-notification of its IT-ITeS SEZs in Gujarat, Haryana, West Bengal and Orissa. Larsen and Toubro has proposed to set up an IT SEZ in Mumbai, while Gulf Oil Corporation has moved application for a similar tax-free zone in Bangalore.
Real estate development major DLF Universal Limited, part of the Rs 1000 crore (Rs 10 billion) DLF group, would set up the country's largest information technology park in West Bengal, which would be ready within 24 months.
After a long hiatus, home sales are finally back on track. Sales of major real estate developers have more than trebled in the June quarter compared to the preceding three months, amid growing expectations that the good times will continue to roll.
Robert Vadra's land deals in a village in Haryana have returned to haunt the Congress party, with whistleblower IAS officer Ashok Khemka alleging that Vadra "falsified documents" for 3.53 acres of land in Gurgaon and "pocketed" a large premium on a commercial colony license.
Over the last weekend, the central bank has tried to address the biggest near-term concern for property companies --bankruptcy -- says a CLSA report. The one-time move, which will allow banks not to classify commercial real estate loans as non-performing loans, will reduce the near-term risks for some property firms.
The Central Bureau of Investigation on Thursday night arrested a Mumbai-based chartered accountant and two government officials for allegedly selling confidential documents related to foreign investment policy to corporate groups after it carried out searches in offices of Finance and Commerce Ministries in New Delhi and in Mumbai.
US hedge fund makes 40% profit; KP Singh family to go for DLF Assets IPO in the first quarter of 2010.
The woman's mother said the hearing of rape case was scheduled on Friday and hence she came from Karnal to Gurgaon to record her statement along with of her daughter in court.
An advisory issued by the Delhi development commissioner said that residents can distract the locusts by making high-decibel sound through beating of drums, utensils; playing high-volume music, bursting crackers, and burning neem leaves.
However, the board of approval in the commerce ministry asked the DLF to return all the tax sops it had taken from the Centre before its SEZs in Gujarat, West Bengal, Orissa and Haryana could be denotified. The BoA, headed by commerce secretary G K Pillai, also allowed more time to the K Raheja group to build its tax-free zones in Goa, Hyderabad and Navi Mumbai, an official said.
Real estate firms like DLF, Prestige, Phoenix Mills to benefit.
The cut comes as part of their plans to launch affordable housing project to lure buyers. Referring to slowing sales, Rajiv Singh, VC, DLF, said the cut in prices will be visible in the next three months. DLF indicated on Monday that it will launch two-, three-bedroom apartment projects in select cities in the coming months.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Adani, Reliance Industries, DLF, Omaxe and Singapore-based Ascendas Group had plans to set up mega multi-product SEZs, with some of them having infrastructure like ports and air-cargo complexes.
According to TAM Media Research, Shah Rukh Khan's Kolkata Knight Riders took on Vijay Mallya's Royal Challengers during DLF's debut match in Bangalore on Friday, the official television broadcaster Sony Max delivered a television viewership rating (TVR) of 8.21 across six metros Delhi, Mumbai, Kolkata, Chennai, Hyderabad and Bangalore. The elite viewership rating (Mumbai and Delhi) was 9.82.
Reader Amit Agarwal has sent us a photograph with a star.
Khemka who held the charge of principal secretary, social justice and empowerment department, was transferred and posted as principal secretary, sports and youth affairs.
Amid the Bharatiya Janata Party governments at the Centre and in Haryana beginning to turn the heat on him, businessman Robert Vadra, also the son-in-law of Congress President Sonia Gandhi, recently ensured his companies filed their pending balance sheets.
eGOM is likely to reconsider the 5000 hectre SEZ land ceiling limit in the coming month.
Reader Ayush Kumar has sent us this photograph with the star.
The runner-up of the inaugural tournament, which is offering Rs 12 crore prize-money, will be richer by Rs 2.4 crore, while even the team finishing last gets Rs 40 lakh.
The Board of Approvals on Wednesday gave final clearance to 15 Special Economic Zones but deferred a decision on the Navi Mumbai zone promoted by Reliance Industries chief Mukesh Ambani and Anand Jain.
The buyback will open on October 15 and would close on July 9, 2009, that is 12 months from the date the board of directors approve the offer, the company said in a filing to the Bombay Stock Exchange. In July, the company had announced its plan to buy back shares from existing shareholders at a price not exceeding Rs 600 a share. The company plans to buy a maximum of 22 million equity shares, or 11 per cent, of the 202 million shares held by the public.
DLF says it has started the process of giving possession of housing units at New Town Heights project according to its commitment
Raghavendra Kamath and Ashutosh Joshi spoke to Kushal Pal Singh on the growth of Indian realty story and issues surrounding it.
GIC entered Indian real estate in 2005, when it did a deal with residential developer XS Real, a Chennai-based developer
Tightening the noose around whistleblower Indian Administrative Service officer Ashok Khemka, the Haryana government has chargesheeted him in connection with cancellation of the mutation of a land deal between Robert Vadra and real estate major DLF in Gurgaon in October last year and accusing him of causing damage to the reputation of Sonia Gandhi's son-in-law.
At a meeting held earlier on Thursday, the company's board has approved the buyback plan for purchasing shares worth up to Rs 1,100 crore (Rs 11 billion) that would come through internal resources. About a year ago, the company had sold its shares to the public for Rs 525 each in its IPO and the shares had soared to a life-time high of Rs 1,225 on January 15 this year.
Raghavendra Kamath reports on what ails India's real estate sector.
Prime Minister Manmohan Singh launched real estate developer DLF Universal's Special Economic Zone project here, as part of initiatives to revive the state's industrial sector.
Reader Balaji Rao Jallipalli sent us a picture of Shiv Kapur from Delhi.
Delhi and neighbouring Noida in Uttar Pradesh, too, are studying Gurgaon's no-car Tuesday model.
This is the third consecutive day when COVID-19 cases increased by more than 45,000.
The JV will plough the funds into its property development biz in India.
The solution lies in asking the private sector to get its own land; indeed, some of the firms planning large retail footprints across the country are tying up with specialised realty firms for precisely this reason.
Shapoorji, Kalpataru, Godrej pursuing Rs 60,000 crore opportunity in the region
Zee had made a bid of US $219.15 million for five years, during which they will telecast India's overseas cricket series.
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