The Competition Commission of India has found cement manufacturers in violation of the provisions of the Competition Act, 2002 which deals with anticompetitive agreements including Cartels. The order was passed pursuant to investigation carried out by the Director General upon information filed by Builders Association of India.
The commercial rentals in the country have not seen vibrancy this quarter as some localities have witnessed rental price correction in Q1-12 when compared to Q1-11. However, the southern part of the country, and some localities in Delhi and Mumbai did see per square feet growth figures over a period of one year. Overall commercial rentals in Mumbai saw 2% increase in commercial rentals, Bangalore saw 3% growth and Delhi de-grew by 7% over the last one year. These are the findings of a study by property portal 99acres.com.
Jones Lang LaSalle India has appointed Anurag Mathur as CEO – Project & Development Services and Head – Emerging Businesses. He was formerly Managing Director at Cushman & Wakefield, where he led pan-India operations. Anurag Mathur brings with him eighteen years of hands-on experience in diverse real estate services.
Puravankara Projects Limited has ventured into the Kingdom of Saudi Arabia to cater to the Indian housing needs of NRIs residing there. With the increasing interest among Indians in the Kingdom of Saudi Arabia to invest in luxury and affordable luxury homes back home in India, Puravankara is now well poised to tap this potential market with a permanent presence in the Kingdom of Saudi Arabia through its new branch office in Al Khobar, Dammam.
The market regulator Securities & Exchange Board of India (SEBI) on Tuesday told the Supreme Court that the real estate arm of the Sahara group of companies had no right to mobilise Rs.27,000 crore from 30 million investors through debentures without complying with the regulatory regime.
The new concept of integrated townships is now more about a single developer taking over a large tract of land. There are benefits too. “The infrastructure is under the developers’ control,” explains Anuj Puri, Chairman and Country Head, JLLI, adding that the developer can plan and use the FSI better, and long-term maintenance is a possibility.
Cushman & Wakefield has appointed Sanjay Dutt as Executive Managing Director, South Asia, Cushman & Wakefield.
In this new position, Sanjay will be responsible for leading Cushman & Wakefield’s India operations along with spearheading the growth strategy for other South Asian markets including Sri Lanka, Bangladesh, Pakistan and Nepal. Sanjay’s key focus would be to manage and augment Cushman & Wakefield’s highly successful India operations and to enhance the firm’s service delivery capabilities to clients.
DLF has said its March quarter consolidated net profit fell 39 per cent on higher interest outgo and it had received an additional tax demand of Rs 457.4 crore from the Income Tax (I-T) Department for the 2009-10 assessment year (AY).
Omaxe has reported a more than two-fold jump in its consolidated net profit at Rs 23.73 crore for the quarter ended March 31, 2012 as against Rs 11.67 crore in the year-ago period.
The income from operations increased by six per cent to Rs 603.58 crore in the fourth quarter of 2011-12 as compared with Rs 568.60 crore in the corresponding period of previous year.
Integrated townships can reduce the burden on infrastructure and provide a fulfilling lifestyle for buyers, at a much reduced cost all round. Gulam Zia, National Director – Research & Advisory Services, Knight Frank India points out, “Of late, the planning authorities and Government bodies have realised the importance of integrated townships and are giving special concessions for creation of such townships.