In a change of stance, the state home department has decided to look into its own move to shift out the Yerawada police station on the Pune-Ahmednagar road and allow commercial exploitation of the three-acre plot on which it stands.
The cash strapped realty companies can have a breather in budget for 2011-12 as the Finance Minister is expected to make announcement of a guarantee corpus for banks on realty lending. Track2Realty has learnt that the banks will get this guarantee corpus of Rs. 1000 crore to lend for housing projects.
Within a week of launching the super-luxury Nitesh Logos, Bangalore-based premium property developer Nitesh Estates Ltd., now announces the launch of Nitesh Mall, in the up-market Indiranagar. This mall built with world-class amenities is going to offer great shopping and entertainment experience, making it the most sought after mall in the Central Business District of Bangalore.
Nearly all the real estate developers, a whopping 96 per cent, across the country are cribbing for the sectors’ continued under representation in the Union Budget over the years.
Noting that real estate prices in Bihar had touched the level of Gurgaon in Haryana, Chief Minister Nitish Kumar today said the state government was keeping a close surveillance on the price spiral.
Public sector banks including State Bank of India, Bank of Baroda, Bank of India, Indian Overseas Bank have served notices to dozens of real estate companies to recover around Rs 20,000 crore of their exposure by March.
Nitesh Estates has announced the launch of a Rs-100 crore luxury residential project in Bengaluru. The project, Nitesh Logos, would be located in the central business area MG Road and provide all modern amenities, company officials said. The project is expected to be completed in two years.
The Confederation of Real Estate Developers’ Association of India (CREDAI) has forecasted Kochi to emerge as the next realty hot spot in the wake of the commissioning of the International Container Transshipment Terminal (ICTT ) at Vallarpadam. CREDAI believes the prices of land and buildings are all set to skyrocket as it will generate more direct and indirect employment opportunities.
Nitesh Estates Limited has announced impressive performance for the third quarter ended on December 31, 2010 with a Consolidated Total Income of Rs. 31.8 Crore; EBIDTA of Rs 4.03 Crore & PAT of Rs. 2.58 Crore.
THE CBI interrogation of DB Realty’s MD, Shahid Balwa, in connection with the 2G spectrum scam has thrown up the possibility of the real estate magnate having links with India’s most wanted man, Dawood Ibrahim. According to senior CBI officials, Dawood invested large sums of money in Balwa’s firm, which was used by him to finance many of his business deals.