Reforms in the real estate sector is the need of the hour for tackling issues like high stamp duty which often results in otherwise honest people having to deal in black money, according to the Economic Survey 2010-11 tabled by Finance Minister Pranab Mukherjee in the Lok Sabha on Friday.
Real Estate and Finance Minister seem to be at logger heads over the wants and needs of the sector. Interestingly when one proposes and the other disposes, both of them justify their stand in the name of “Aaam Aadmi”, the common man who is the consumer and the end-user. But in this cacophony of confusion the “Aaam Aadmi” is often found wondering as to who will ask for his wish list with Union Budget.
Realty firm Ansal API is looking at a fund infusion of about Rs 500 crore from a host of private equity investors, including IL&FS Investment Managers and Red Fort Capital, for its ongoing construction work in north India.
The building which has come up in place of the open air stadium has 8 giant halls in petal shape on the ground level and an equal number on the first floor ringed by a corridor that can house small shops. What’s left of central playing area is a circle with a diameter of 60 meters, built like an amphitheatre. The floor has been cemented so the entire structure on the erstwhile stadium doesn’t have an inch of grass left.
Omaxe Infrastructure & Construction Ltd (OICL), a wholly owned subsidiary of Omaxe Ltd, has bagged a contract from Director General Married Accommodation Project (DGMAP), Ministry of Defence, to construct residential accommodation including allied services for Officers, JCO / ORs at Deolali (Army) and Nasik (Air Force), Maharashtra.
Omkar Realtors & Developers Pvt Ltd has launched its second project in Andheri East ‘The Summit – Business Bay’. This business centre offers small, flexible & self-contained office spaces starting at 994 sq. ft. The grand single tower infrastructure soaring high on connectivity and accessibility is characterized by 13 floors of office space spread over 5 lakh sq ft.
Residential sales in Hyderabad remained modest in 4Q10. Although the city witnessed many launches, sales did not pick up. Market sentiment, especially among investors, stayed low as political uncertainty persisted.
Apart from the clear CRZ, lease agreement, FSI and Green Zone violations, the Vallabhbhai Patel Indoor Stadium also goes against ULCRA rules. JR Jondhale, the then additional collector with Urban Land Ceiling Department had even written to the BMC in 2007 demanding that the construction of the indoor stadium be stopped.
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).
The lease agreement between the NSCI and the BMC, accessed through RTI, show that the Olympic stadium and an adjoining club house had been let out to the former for 99-years in 1951 for an annual rent. The deal was that they could use the club house for their leisure activities while they would maintain the size Olympic stadium, which was suitable to host national and international sports including athletics, cycling, football and hockey.