Pune-based real estate developer Hasan Ali Khan, who was arrested on late Monday night by the Enforcement Directorate, was remanded by the sessions court to ED’s custody on Tuesday. Khan was kept at JJ Hospital for most part of the day, as he complained of high blood pressure.
Shahid Balwa, a key figure in the telecom scandal that has shaken the government, has resigned as the head of his flagship real estate company, DB Realty. Balwa is vice-chairman of Gulf group Etisalat’s joint venture in the country and at 36 was the youngest billionaire on last year’s Forbes India rich list.
Shares in developer DB Realty hit a record low on Monday after its Managing Director Shahid Balwa, embroiled in a widening telecom corruption investigation, resigned from his position.
Even as we continue to discuss the acute shortage of industrial land in Mumbai, the fact remains that there are rather significant land parcels held by the MIDC along Mumbai’s Thane-Belapur Highway.
Global companies said their real estate portfolios will grow most in Asia by 2013, boosted by the powerhouse economies of China and India, with those in more mature markets trading sideways, a survey said.
With only $400-500 million of foreign funds flowed into the Indian real estate sector in 2009-10, the outlook ahead seems to be far from being rosy.
At least four firms, Ansal Properties and Infrastructure Ltd (Ansal API), Emaar MGF Land Ltd, Kumar Urban Development Ltd and Paranjape Schemes Constructions Ltd, have received fresh sanctions from banks, although overall lending to the sector remains subdued.
The Finance Minister seems to be getting more appreciation than brickbats for renewing focus on the housing needs of Aam Aadmi. Even the real estate sector is divided and while the long awaited demands have not been fulfilled, a section of the realtors with affordable housing projects have appreciated the efforts.
Maharashtra Chambers of Housing Industry (MCHI), most prominent body of the real estate developers today described the Union Budget presented by the Finance Minister Pranab Mukherjee as “Budget with few positive steps focused on the common man who is interested in buying a house in rural and urban areas”.
Jones Lang LaSalle has been named as one of the world’s top 100 outsourcing providers as part of the 2011 Global Outsourcing 100, the annual ranking of high-quality service providers across all industries as determined by the International Association of Outsourcing Professionals (IAOP).