The real estate bomm which started in 2004 is fast spreding to smaller cities. B and C grade cities like Chandigarh, Noida, Gurgaon, Ghaziabad, Jaipur, Agra, and Ahmedabad are now hot destination to where money is flowing in billions. And it is for this same reason that many analysts fear a bust in waiting.
With the real estate prices of both residential and industrial properties in major cities have sky-rocketed in the last two years and with housing still remaining a major bottleneck for urban planners and developers, the bullish outlook on the real estate market is justified. And many are projecting a 15-25% growth for the sector in the next 5 years.
But there are many predictions that are bearish and that point towards a danger in waiting. The major point among doomsday predictions is that the entry of short-term players or speculators into the real estate market has skewed the demand-supply equation in many cities.
Residential property maintains buoyancy: C&W
Residential property maintains buoyancy: C&W
Prices of residential property continues to be a reflection of last year level while prices of commercial property is expected to remain stable, said a realty consulting firm.
Residential property maintained market trends of the last year with robust activity and mounting capital values, Cushman & Wakefield, in its latest market updates, said.
The suburban locations such as Noida, Gurgaon, Ghaziabad are reflecting the same buoyancy as last year with consistent new supply being added to meet the fresh demand.
Expecting the commerical prices to remain stable, it said “demand for ready to move in, incubation space is likely to increase”.
Rental values for prime grade a building, however, within the city centre, are likely to remain plateau.
Office rentals posted the maximum 7% rise for micro-markets located at South Delhi during last six months as against 2% increase witnessed for prime locations at South Delhi.
However, capital values for office space at South Delhi’s micro markets stood at 6.8% during last six months.
Interestingly, office rental values declined by 4% while the capital values for office space rose by 6.6% during last six months in gurgaon.
More: financialexpress.com
Sales tax lawyer convicted in case of fraud in Sonepat
Sales tax lawyer convicted in case of fraud in Sonepat
A local court in Sonepat has sentenced a sales tax lawyer to one-year imprisonment with a fine of Rs 1,000 in a case of fraud.
Additional Chief Judicial Magistrate A D Gaur on Thursday also ordered the payment of Rs three lakh to the complainant as compensation.
Radha Kishan, owner of Messrs Mukesh and Company and a resident of Ghaziabad, had filed a complaint on December 13, 1993 against S M Bansal alleging withdrawal of Rs 21,76,650 from the company’s account without his consent. After the case came to notice, the lawyer deposited Rs 14,28,820 in the account of the company.
Sybly Industries expansion to include setting up of fibre dyeing plant
Sybly Industries expansion to include setting up of fibre dyeing plant
Embarking on major expansion and modernization, textiles manufacturer Sybly Industries Ltd on Wednesday announced setting up of a fibre dyeing plant as part of the Rs 250 million expansion cum modernization plan for its textile unit established at Muradnagar, Ghaziabad which will ultimately enhance the company’s top and bottom lines.
In the first phase costing Rs43.5 million, new automated machines like Auto Cone Winders, Balancing Equipments & Machines along with Quality Control Testing Equipments, are being installed to improve its product quality and produce auto coned polyester yarn of the export quality. Also, a Fibre Dyeing Plant with an installed capacity of 3000 MT pa will be set up as a part of modernization plan.
Orders for machinery have been placed with Lakshmi Machine Works Ltd., Coimbatore while a Rs108 million order for an US based company for the supply of dyed and grey polyester/PV yarn over a period of two years has been tied up. Negotiations are also on with Schlaforst. The company expects to complete it by the end of current financial year.
Greater Noida land scam kingpin nabbed
Greater Noida land scam kingpin nabbed
The police arrested a land mafioso, Moti Goel (50), allegedly involved in land scams totalling almost Rs 2,500 crore, on Wednesday night.
The police have also confirmed that names of about 80 IAS, Provincial Civil Service (PCS) and other officials also figure in connection with these scams in Noida, Ghaziabad and Bulandshahr. Some of these names include those of officers of the rank of principal secretary to the state government, said Meerut police range DIG R K Vishwakarma.
Denying reports that Goel had actually surrendered in Lucknow after an informal agreement with police officers, Vishwakarma said: “Goel will be booked under the Gangster Act, apart from IPC sections for cheating, forgery, criminal conspiracy, corruption and others.
Taj petitioner gets 2 plots for family from Mulayam govt
Taj petitioner gets 2 plots for family from Mulayam govt
One day before the Mulayam Singh Yadav Government in Uttar Pradesh hiked the prices of prime land in Ghaziabad and Noida, it allotted two plots on an out-of-turn basis to the mother and sister of Ajay Agarwal. Agarwal is a Supreme Court lawyer who had filed the PIL in the Taj Corridor case in the apex court.
On March 31, Housing Commissioner Neeraj Kumar Gupta issued the allotment letters of two HIG plots measuring 160 square metres each, one in the name of Ajay Agarwal’s mother Uma Agarwal, and the other, in the name of his sister Anamika Agarwal. Both plots are in Sector 10 A, Vasundhara Enclave, in Ghaziabad.
Both allottees were not registered with the Housing Board which had advertised and invited applications from buyers last December.
When contacted by The Indian Express, Additional Commissioner (Housing) Chob Singh Verma confirmed this: ‘‘About 3,500 people have registered for the 175 plots in Sector 10 A. They are yet to be allotted the plots as we are still negotiating with Tata Consultancy Service to hold a computerised draw of lots to select the allottees.’’
Ajay Agarwal’s mother and sister had not even applied for the plots through the advertisements. But they were allotted two Sector 10 A plots on an out-of-turn basis. The allotments were made under Section 48 of the UP Housing Development Board Act, 1965, which entitles the Housing Commissioner to allot plots, keeping the ‘‘interest’’ of the Housing Board and the allottee in mind.
Source: indianexpress
Sybly to spend Rs 25 cr on expansion
Sybly to spend Rs 25 cr on expansion
Sybly Industries Ltd today said that it would spend Rs 25 crore to expand and modernise its textile plant in Ghaziabad, Uttar Pradesh.
The company said it had also finalised an order worth Rs 10.8 crore for supplying a US-based company with polyester yarns over two years. After the expansion, its production capacity will nearly double to 5,900 tonnes, helping it realise revenues of Rs 60 crore in the business year to March 2006, and Rs 100 crore in the following fiscal, it added.
In the first phase of modernisation, new automated machines such as auto cone winders, balancing equipment and machines along with quality control testing equipment are being installed.
This will help the company improve its product quality and produce auto coned polyester yarn of the export quality. Besides, it will install a fibre dyeing plant with a capacity of 3,000 tonnes per annum.
In the second phase, the company will double its number of spindles to strengthen the production capacity of the unit and will also concentrate on the launch of its brand in the retail segment.
Source: thehindubusinessline
Summer Placements Get Resounding Success at IMT Ghaziabad
Summer Placements Get Resounding Success at IMT Ghaziabad
Summer placements at IMT Ghaziabad this year have been a resounding success with this year’s placement process attracting new recruiters including Reebok, Novartis, Reckitt & Benkieser, NSE, Maruti Udyog, PNB Gilts, Shaw Wallace to name a few - a confirmation of IMT Ghaziabad’s growing repute in industry and it’s emergence as the leading Indian Private Business School. Regular recruiters like GE, Gillette, Dabur, Seagrams, ITC, American Express, L’Oreal, Godrej, Tata Motors, BPCL, Becton Dickinson, Amex, Standard Chartered, Power Finance Corporation and the Aditya Birla Group also returned to THE campus to draw from the IMT’s talent pool.
The Class of 2006 has an exciting variety of students from diverse academic and professional backgrounds including engineers, commerce and economics graduates, chartered accountants, a Navy submarine Commander, and two medical doctors. Following the trend, there are a number of software engineers and also people with prior work experience in a gamut of organizations ranging from KPMG, World Tankers Management, Asian Paints, Godrej and Zensar to L & T Infotech.
Ghaziabad’s booming enclaves
By : MANEESH PANDEY
GHAZIABAD: This isn’t yet as booming as the fringes of Gurgaon, but it’s happening. Call it the spiral effect of real estate boom in east Delhi, the near-doom prognosis for property in Ghaziabad - in areas like Indirapuram, Vasundhara, Kaushambi and Vaishali - has changed dramatically in the last six months.
“I sold off my flat in Gurgaon and bought a four-bedroom flat in Vasundhara for Rs 14.5 lakh last year. The current price is Rs 22 lakh and it is soaring every day,” said Vipul Singh, a lecturer in DU who lives in Patrakar Parisar housing society in Vasundhara.
It’s not only flats; rates of plots and commercial properties are also booming. “Compared with last year, the prices are almost 30 to 50 per cent more, depending on the location and proximity to Delhi,” said Sunit Sachar of Parsvanath Developers.
Property prices in east Delhi and Gurgaon have shot through the roof, making most of it out of reach for the middle class. So, they have found a refuge in adjoining areas like Indirapuram, Vaishali and Vasundhara, he said. There’s an element of speculation too (actually, without that prices don’t jump up like this).
Source : TIMES NEWS NETWORK
Reliance power plant in Ghaziabad to start in 2-3 years
[World News] Lucknow, Mar 11 : Uttar Pradesh Government today said the gas-based Reliance power plant in Ghaziabad will start generation within two to three years.
Replying to a question by Nawab Singh Nagar in the state assembly during question hour, the state transport minister Naresh Agarwal said the process for taking clearance from the pollution control board had been initiated.
As per the commitment, 40 per cent power generated by the plant will be provided to the state, Agarwal said. PTI
Source : www.newkerala.com