Tamil Nadu Launches Portal For e-Processing Of Land

The Tamil Nadu government today launched a website for online processing of land documents, including registration.
State minister for Revenue and Housing I Periasami unveiled the website at regional review conference organised jointy by the Land Resources department and Union Ministry of Rural Development.
He said, “The website ‘www.Eservices.Tn.Gov.In’ will have all details such as patta pertaining to lands of individuals”.
Further he said, “So far, 3.2 crores of land resources having full details of the owner/enterprise across the state have been registered on this website”.
The website which is to be launched in interior districts of Tamil Nadu in a phased manner will be covering the entire state soon.
Mr. Periasami further said, “Initially, it has been launched in Dindigul, Vellore and Coimbatore”. Elaborating about the project, Union Rural Development Secretary Rita Sinha said that e-processing would prevent tampering of documents and every individual registering on the website would have a unique identity number.
Already this kind of e-processing of land resources had been implemented in various states and also in other countries, including England, Australia, Thailand and Kenya.
Rita Sinha said, “Initially, we have planned to launch it in 11 states across the country and as of now, it has been completed in Karnataka, Haryana, Andhra Pradesh and now Tamil Nadu. We want to cover the entire country by the end of 12th Five Year Plan”. Further she said that with this kind of development, accuracy and time reduction could be achieved.

The Tamil Nadu government today launched a website for online processing of land documents, including registration.
State minister for Revenue and Housing I Periasami unveiled the website at regional review conference organised jointy by the Land Resources department and Union Ministry of Rural Development.
He said, “The website ‘www.Eservices.Tn.Gov.In’ will have all details such as patta pertaining to lands of individuals”.
Further he said, “So far, 3.2 crores of land resources having full details of the owner/enterprise across the state have been registered on this website”.
The website which is to be launched in interior districts of Tamil Nadu in a phased manner will be covering the entire state soon.
Mr. Periasami further said, “Initially, it has been launched in Dindigul, Vellore and Coimbatore”. Elaborating about the project, Union Rural Development Secretary Rita Sinha said that e-processing would prevent tampering of documents and every individual registering on the website would have a unique identity number.
Already this kind of e-processing of land resources had been implemented in various states and also in other countries, including England, Australia, Thailand and Kenya.
Rita Sinha said, “Initially, we have planned to launch it in 11 states across the country and as of now, it has been completed in Karnataka, Haryana, Andhra Pradesh and now Tamil Nadu. We want to cover the entire country by the end of 12th Five Year Plan”. Further she said that with this kind of development, accuracy and time reduction could be achieved.

Chandigarh, May 14:- The Chandigarh Housing Board, an autonomous body whose mandate is to provide housing to the middle class and economically weaker sections of the society, has indeed appeared as a money-making agent for the real estate developers.

Had the Chandigarh Administration or Chandigarh Housing Board (CHB) levied the same conversion charges to the real estate giant Parsvnath Developers Limited, which they are charging from the city industrialists, it would have earned the exchequer hundreds of crores more as compared to what they have earned now.

The prime commercial land, measuring 123.79 acres, which was earmarked to provide housing to Information Technology professionals, has been allotted by the Chandigarh Administration to Parsvnath for raising a huge housing complex next to the Rajiv Gandhi Technology Park.

The Chandigarh Administration allotted the land to Chandigarh Housing Board at the rate of Rs 308.77 for every square yard, i.e. Rs 18.5 crore for 123.79 acres.

The land was further sold to Parsvnath at Rs 829 crore. The actual value of the land, on the same formula, which the Chandigarh Administration is using in case of conversion charges of industrial land, would indicate that the Administration has lost approximately Rs 1.43 lakh per square yard.

According to information procured under the Right to Information Act, the ‘dubious’ role played by Chandigarh Housing Board has become quite evident.

When the CHB had to make houses for the middle class and economically weaker section, it got the land from the UT Administration at the rate of Rs 3,200 to Rs 5,900 per square yard.

The cost is bound to be automatically passed on to the consumer. The Income Tax department has already issued a notice to the CHB for the payment of tax on the amount already received from the developer.

Dewan Housing Finance Corporation reported a 11.78% rise in net profit to Rs 29.44 crore compared with Rs 13.51 crore during the corresponding period last year.The company’s income went up 45.4% to Rs 148.02 crore during January-March 2008 as against Rs 101.80 crore during the same period last year.

The Dewan Housing board recommended a 10% final dividend in addition to a 15% interim dividend paid during previous FY. Profit before depreciation and tax rose 10.7% to Rs 36.74 crore in the fourth quarter. Provisions for taxes rose 98% to Rs 6.95 crore in the fourth quarter of previous financial year.

Mr. Kapil Wadhawan, Vice-Chairman and Managing Director, said that the money is a part of the $250 million the company plans to raise for the private equity fund by March of next year .

He further said that initial investors for the fund would be from West Asia and the UK and more than half the corpus would be allocated towards real estate projects in emerging real estate cities. It had earlier raised a hundred crore rupees for another private equity fund and the entire corpus has been invested in various real estate projects.

The number of major global investors in the GCC property market is expected to more than double this year, according to research by Jones Lang LaSalle, a property consultancy.

Until this year, few of the “global 100″ property investors had ventured into the Gulf, despite a decade of strong growth in several countries.

The arrival of the biggest names in the business – such as American International Group (AIG), the American insurance group, and Singapore,s Capita Land, which signed a joint venture deal with Abu Dhabi’s Mubadala ­Development Company last year – is a sign that global investors are gaining confidence in the legal and regulatory framework in the region.

But the newcomers will still be dwarfed by existing investors – mostly from the Middle East and other nearby countries such as Pakistan and India – so their arrival will have a limited impact on prices.

In Dubai, for example, investors have enthusiastically greeted the creation of the Real Estate Regulatory Authority, which weeded out many sub-standard developers.

The international investors are expected to come from a range of sectors, including banking, insurance and real estate development, and from all major economic zones including America, South Korea, Singapore and ­Europe.

German investment bank SachsenFonds (SF) has bought stake in four realty projects of London Stock Exchange listed, India-focussed realty fund Trikona Trinity Capital for Rs 607 crore ($150 million). Trikona has made returns of 115% in the transaction.

In the Delhi-based Uppal IT park, SF raised its stake from 8% to 33%. In the Hyderabad-based residential and retail project Manjira, SF picked up 41%, thereby completely owning the project.
In the MK Mall being developed by DB Realty in Mumbai, SF picked up 40% and now owns 100% of the mall. SF also took 15% stake in Delhi’s Luxor Cybercity, owned by Trikona.
In another instance, Trikona and SF acquired 49 per cent in a redevelopment project in Bandra in Mumbai. The Mumbai-based Rustomjee Developers will undertake the development work, while SF and Trikona will contribute funds in the ratio of 55:45, Trikona said. Since SF is yet to set up its base in the country, Trikona is expected to manage all the assets.
Mr. Aashish Kalra, managing director of Trikona Trinity’s fund manager, Trikona Capital, said, “This transaction supports the company’s business plan and stated net asset value, and confirms our ability to deliver results. We have a solid, scalable investment and development platform and are confident that this transaction reinforces our leading position at the forefront of the Indian real estate and infrastructure markets.”
Trikona Trinity Capital (TC), a fund created for investing in Indian real estate and infrastructure, has entered into a binding agreement with SachsenFonds Holdings, a subsidiary of leading German public sector bank Sachsen, to divest a part of its portfolio and co-invest in new projects, at a transaction value of £74.15 million.
The transaction, which was first outlined in a memorandum of understanding (MoU) on April 1 this year, follows the partial divestment of Trikona TC’s asset portfolio to SF in December for an aggregate sale price of £32.11 million for a cash-on-cash return of 108%.
The current transaction has enabled Trikona TC to further divest a part of its portfolio for an aggregate sale price of €68.5 million (£54.10 million), realizing a gain of 115%.

The National Consumer Commission has held that a builder cannot deny compensation to a buyer on its failure to deliver a flat within a stipulated time.

The Commission rejected a contention of the builder, pleading that it should not be directed to pay any compensation for delay in delivery of flat as the prices of property had gone up.

The Commission said,”Such contention of any builder is unjustified and unreasonable because after sale of a property all the benefits accrue to the purchaser and not to the vendor. In any case, if it is accepted, the builders would earn crores of rupees by delaying the delivery”.

The Commission Bench headed by Justice M B Shah directed Ansal Properties and Industries Ltd to pay a compensation of Rs 50,000 for “high-handed and rough behaviour” of its manager while dealing with a complainant Kunj Bihari Mehta.

Allowing a complaint of Mehta, the Commission also asked the real estate major to pay interest at 12% rate for 9 years on a sum of Rs 25.29 lakh deposited by him in 1997.

Mehta was delivered with the flat here in December 2007, 9 years after the promised date of the company.

The company, on the other hand, contended that it had sent a letter offering possession of flat to the complainant in 2003.

To this, Mehta submitted that the letter was received back by the company as he had shifted his residence.

DUBAI:, A leading Indian public sector bank Bank of Baroda, has signed a memorandum of understanding with Dubai-based real estate company Dubai Properties for funding buyers of the latter’s products in the United Arab Emirates (UAE).

In a statement Dubai Properties declared that the contract has been signed between Bank of Baroda chief executive for Gulf operations A. K. Gupta and Dubai Properties chief executive M. S. Binbrek.

Bank of Baroda is the lone Indian bank providing complete banking services in the UAE.

It has 6 branches, in Dubai, Deira, Sharjah, Abu Dhabi, Al Ain and Ras Al Khaimah and an electronic banking service Unit at Jebel Ali near here. In Oman, the bank has three branches and in Bahrain one.

Phoenix Mills is in the final stage of acquiring three thirty acre plots in Ahmedabad, Hyderabad and Nashik for around eight billion rupees. The company plans to develop malls and entertainment zones on these lands.

It is learnt that the deal is likely to be sealed in the next few weeks.
The Mumbai-based real estate developer is developing Market City Projects, spread across 21.4 million square feet, in Mumbai, Bangalore, Chennai, Pune, Raipur, Agra and Indore.
The company is seeking to establish long-term relationships with developers in its bid to achieve a pan-India footprint in three years.

According to an estimate, the country is all set to have over 500 malls by 2010 from just three malls in 2000. Roughly 300 million sq ft of quality retail space will be accumulated by 2011.

Indiabulls group, a rising company with interests spanning from financial services to retail, on 12th may said it is in talks with some foremost global single-product retailers seeking a pan-India presence.

“The company is in early stages of discussions with some foremost international single-product retailers who desire to set up a pan India presence,” Indiabulls Real Estate (IBREL) on 12th may said while pronouncing its quarterly results.

In addition its real estate business that also caters to retail players with malls and other store-formats, Indiabulls also has its own retail venture, which has department stores, hypermarket stores and neighborhood stores.

The IBREL is currently building seventeen malls across sixteen cities with a shared leasable area of about fourteen million square feet. Indiabulls hyper-market stores and department stores are likely to be the anchor tenants in these malls.

The company said it expects majority of malls to be finished and leased out by late 2009. Full payment for the land of thirteen malls has already been made and these are in company’s control.

The proposed malls are coming up in cities like Hyderabad, Ahmedabad, Mumbai, Gurgaon, Chandigarh and Visakhapattnam. The company is expecting a monthly rental in the range of Rs 60-300 per sq feet in these seventeen malls.

The name of the company’s retail business subsidiary, Piramyd Retail Ltd, has been changed to Indiabulls Retail Services Ltd. The Piramyd stores has been accordingly rebranded as Indiabulls Megastore and Indiabulls Mart.

Dubai-based luxury real estate developer DAMAC Properties has appointed local agents in Gujarat to harness the investment opportunities in the region. The company has signed up around 60 agents across India, mostly in metros.

These include two Ahmedabad-based and one from Baroda. The initiative has been taken by the company to market and sell its international properties to Indian buyers.

“We are proud to have appointed agents in India. Apart from three in Gujarat, we have signed agents in important cities like Mumbai, Delhi, Chennai, Bangalore and Gurgaon. As the potential is high here, we wanted to touch each corner of of the country through a network of experienced agents,” said founder & chairman, DAMAC Holding, Hussain Sajwani. “We will provide our agents all the necessary information and training to sell our properties.”

The company is also considering investment options in the subcontinent along with marketing its current projects. “We are looking at all the major cities in India and we will earmark investments as soon as the feasibility study is over,” said the CEO of DAMAC Properties.

Foreign fund house CLSA Ltd on Monday sold shares worth about Rs 35 crore in Indiabulls Securities Limited on NSE.

Further, MindTree Consulting bought shares worth nearly Rs 2.2 crore in AztecSoft today on the NSE.

In a bulk deal, CLSA sold 31.8 lakh shares in Indiabulls Securities for an average price of Rs 110.15 per share. MindTree Consulting in another bulk deal acquired about three lakh shares in AztecSoft for an average price of Rs 73.55 per piece.

Property is a lifetime investment. When a person makes decision to buy a house, he/she thinks for the market price of that locality and the existing rate trend. If we talk about the scenario these days, sales of real estate have crashed but prices have not come down considerably. Further downside is projected which will be healthy for the sector.

If prices rise, they must come down. It happened in equity and now it is real estate. After giving huge returns for more than two or three years the market has entered a slowdown period.

The slowdown today is result of prices having risen too fast and low interest rates further boosting demand. However, not only have home prices peaked, interest rates have also soared. This has weakened sentiment and buyers have turned more careful. Property is a long-term investment and you can expect 25 – 35% IR returns.

One reason why real estate sector has not crashed is because on an average, the sector has grown twice the GDP growth rate. So, if the economy continues to grow at 9%, real estate will grow at 15- 20%.High interest rates have been another bane. Homeowners who took floating loans have been hit the hardest

Hyper City Retail, part of Mumbai-based K Raheja Corp, which also owns the Shoppers Stop chain of department stores, has called off plans to launch convenience formats, ExpressCity, announced last year. The retailer is instead shifting its growth plans to focus on the big box format and multi-channel retailing.
Officials said it made better business sense to focus on larger formats since the profit margins in convenience formats were too low. The current crop of convenience formats, including Subhiksha, Reliance Fresh and Spencers, are struggling with the challenges of operating a low-margin grocery business in the face of spiraling real estate costs, high supply-chain costs and tough competition from the traditional formats.
Hyper City CEO Andrew Levermore said: “The experiment with the convenience format has been put on the back burner for now. It is clear that the Hyper City format delivers greater returns than the small formats in the retail space, so we have decided to expand Hyper City. We may revisit the small convenience format experiment at some point in the future.” Sources said huge rentals charged by property developers made low-margin businesses unviable.
As a result, retailers are grappling with the issue of delayed property developments and challenges of seizing the right locations at the right price. Industry players say the retail business has been impacted by spiraling real estate costs and a weak back-end and supply-chain.
Currently, the company is accelerating the roll-out of seven additional big format stores this year. Its maiden Hyper City store at Malad in Mumbai has completed two years and the company recently launched a multi-channel, catalogue and internet retailing format, Hyper City Argos. It had set up its first convenience format ExpressCity in Jaipur as a market tester.
In mid-2007, Hyper City Retail had announced plans to roll out as many as 300 smaller grocery stores in the next four years. ExpressCity was to sell vegetables, fruit and food items and the stores were estimated to be spread over 3,500-5,000 square feet.
The company had announced plans to stock pre-cut and refrigerated fruits and vegetables, apart from refrigerated ready-to-cook food products and 12 meal options as well. After the test-launch in Jaipur, the original plan was to launch four additional stores and then work on a pan-India presence.

KOLKATA: Rising retail industry in India would see a phase of consolidation in the medium term while ill-planned malls were likely to go out of business, an official of real estate management company Jones Lang LaSalle Meghraj (JLLM) said.

“There is a enormous potential for the retail sector in the country since India is a large economy and 97 % of the country’s retail trade is still in the unorganized sector,” JLLM Managing Director (Kolkata market) A. Das told reporters.
With the country’s economy estimated to grow at a rate of 9% per year, there would be steady shift of the retail business from unorganized to organized sector, he said.
Despite of this, retail sector would see a stage of consolidation in the medium term. According to Das, malls which are ill-planned and of below average standards would be under severe pressure.
Companies like Reliance Retail, Future Group’s Big Bazaar are expanding their network in the country while new players are entering the market, he said.
He said a small player with an terrific mall in terms of design, positioning, tenant mix and value proposition would always do better than a big player with a below average mall, ill-designed and poor value proposition.
The sector would continue to magnetize investments in the subsequent 5 years, he said, adding that there was no scope for deceleration in the development of the industry in the country.

Township Rush Has Begun In PunePune:- By the 2020 Pune will be nothing like what the city is these days. The small city’s boundaries are being stretched in all directions. Now, the city is gaining suburbia around itself. Adding another totally new dimension to the city is the rush of integrated townships into Pune.

The city is set to reap a rich harvest for those having the capacity to invest and develop large tracts of land and put in the physical and social infrastructure. This is what the new Special Township Policy Act of the Maharashtra government stipulates. A minimum area of 100 acre, investment in public infrastructure, such as roads, water, sewage—an integrated approach to development of townships to decongest municipal corporation areas and encourage new settlements in the periphery though higher FSI (floor space index) than what is normally allowed in the municipal limits.
There is a rush to develop all these in Pune. Three of these townships have already started taking shape. City Development Corporation’s Amanora Park Town took off first with its four hundred acre for ten thousand crore rupees township, followed by Paranjape Schemes Construction’s One hundred thirty eight acres for three thousand two hundred crore rupees Blue Ridge and Megapolis, a Rs 1,500-crore 150-acre project by Pegasus Properties Pvt Ltd, a joint venture between Kumar Properties and the Avinash Bhosale Group.
More are waiting to take off. HCC Real Estate, the 100% subsidiary of Hindustan Construction Co Ltd has announced plans to get into a township project in Pune. The company is in the process of acquiring land and is planning a five hundred acre township. It has indicated to analysts that it is in the process of acquiring two hundred thirty acre to create five million square feet of development.
Lalit Kumar Jain, promoter of Kumar Builders, said his company had received clearance from the state government for three townships in Pune. The first one coming up at Hinjewadi phase II will be spread over One hundred twenty four acre and will be launched in August 2008. Another Kumar township coming up spreads across One hundred twenty acre. The third township of One hundred ten acre is slated to come up in Kharadi in September 2008.
The recently listed Kolte Patil Developers has a four hundred fifty acre township at Hinjewadi with ICICI Ventures investing in this venture with a fifty per cent share in this project.

The transaction level has gone down drastically in various markets. It has resulted in price fall in realty market. This is also because residential capital values in some micro markets in the metros have shown a negative growth in the last 3 months. After tracking capital values in metros such as Mumbai, Chennai, Bangalore as well as Pune and the National Capital Region (NCR), the result was that either there has been a fall in prices of residential values or they have not increased in the last three months. In fact, places like Gurgaon have seen a down of 15 percent, while the plot rates have come down by 20 percent in Noida. In Greater Noida, the plots which were selling at Rs 55000 to 60000 are now available for Rs 40,000 to Rs 45,000. In Indirapuram, rates of flats have come down to Rs 2500 to Rs 2700 per square feet from Rs 3000 to Rs 3200 per square feet.

Even prime areas in Delhi such as Friends Colony, Maharani Bagh, GK I & II, Prithviraj Road and Hauz Khas have witnessed a 5-10 percent fall in the prices.

A lot of township development projects and designs of residential complexes in Kerala were displayed at a property show in Qatar which aimed at attracting investments from NRIs.

Kerala Property Expo in Doha is featuring about 50 builders. The show organized by the Kerala Builders Forum (KBF), is sponsored by HDFC bank and State Bank of India.

Mr. V Raveendran,Executive Director, KBF, said, “Kerala gives good investment opportunities now. Earlier stress was given to the tourism industry. But now it has shifted more or less to the IT sector. A number of IT parks are coming up in major cities of Kerala, resulting in increase in population density here”.

The real estate industry in Kerala has off late witnessed an upward trend with about 70% of properties being sold to buyers in the Gulf region.

KBF is the organization of 75 builders and real estate companies of Kerala. It is affiliated to the CREDAI.

Deepika Padukone is now a brand ambassador of a foreign real estate company. Dubai-based realty development cum brokerage firm, Aspire Real Estate, has announced Deepika Padukone to be their brand ambassador and new face of their company. Aspire is highlighting its Dh5.5 billion portfolio of real estate developments at prestigious locations within Dubai.

Mr. Harshit Kantaria, Chairman, Aspire Real Estate, said that dubai has good investment opportunity for all kind of investors. He gave example of deepika and said that Deepika and Aspire both are rising stars of their respective era. He said that he is looking forward for giving aspiring service to real estate industry.

Past projects of Aspire Real Estate are Jehaan Residences in Jumeirah Village South, Sobha Ivory and The Sanctuary at Business Bay and Al Dua’ Marina at Dubai Marina.

New Delhi:- Smarting under a correcting realty market and sluggish buying sentiments, real-estate players are scrambling to raise end-user demand through offers that promise to ease Equated Monthly Instalments burden until possession. So, while realty companies together with Parsvnath Developers are broadcasting ‘No Equated Monthly Instalments until possession’, others such as BPTP and Gaursons are offering 2-yrs Equated Monthly Instalments holiday on specific projects. “For those who are presently living on rent, the scheme makes logic as the Equated Monthly Instalments load kicks-off only after possession,” says Mr Amit Raj Jain. BPTP’s group housing project, ‘Resort’, in Faridabad offers a 2-yr ‘Pre-Equated Monthly Instalments interest’ to the bank on behalf of buyers. Dr B.P. Dhaka, COO told that Parsvnath’s Sonepat project, ‘Parsvnath Preston’, reimburses the Monthly Instalments paid prior to possession. “Such value-addition is gaining popularity as the customer is motivated to make the down payment and can then relax till possession. From the point of view of the developer, it ensures timely completion of the project as the fund flow is assured. KDP Infrastructure has announced that ‘No pre- Equated Monthly Instalments for 18 months’ upon payment of fifteen per cent of the booking amount on its ‘Grand Savanna’ project in Ghaziabad; Gaursons India makes a ‘No Equated Monthly Instalments till 24 months’ offer to buyers of ‘Gaur Grandeur’ at Noida; and JMD Gardens’ project in Gurgaon promises that Equated Monthly Instalments payment would start ‘only after house entry.

PBEL PROPERTY Development (India) Pvt Ltd, a joint venture of Israel based Property and Building Corporation (PBC), Electra Real Estate (ERE) and INCOR infrastructure, has invested twenty crore rupees in Mysore to build a residential township.

Announcing this progress, PBEL, executive director Anand Reddy said, “The Company has invested twenty crore rupees on a ten acre plot of land at Devanoor village along the ring road in Mysore to build a residential township. This is in tune with our strategy to build a land bank in secondary cities across south India. The company, in addition to Mysore, has short-listed Coimbatore in Tamilnadu  and Vizag in Andhra Pradesh for sizeable investments.”

PBEL has invested five hundred crore rupees so far and is actively pursuing more investment opportunities in the real estate sector across south India. It intends to develop and build high quality high-rise apartment buildings with modern amenities in environment friendly surroundings. PBEL will be bringing internationally known high quality products and consultants from abroad who have worked on renowned projects world wide to ensure that international standards are met. The investment has seen the company acquire ten acres of residential land  in Mysore. This is in addition to fifty eight acres in two land parcels in Hyderabad and forty two acres in Chennai for a mixed township project.

PBC, a subsidiary of the IDB group, is active in the realty space in three continents: North America, Europe and Asia. The IDB Group is Israel’s largest business conglomerate with global assets in excess of twenty seven billion dollar. PBC is a major participant in the development of the new plaza Las Vegas hotel. ERE is one of the leading real estate companies in Israel, owning over one hundred nine properties and fifty eight hotels in Europe and North America and is a subsidiary of Elco holdings, one of the main business groups in Israel.

Fearing a supply glut in the housing and commercial property markets, real estate companies are pinning hopes on the booming hospitality sector.

It’s not that the trend has just set in. It has certainly gained momentum of late, with practically every developer announcing hospitality projects.

All major players in the real estate sector, such as DLF, Parsvnath Developers Ltd, Purvankara Projects and others, are looking to grab a piece of the action in the hotel industry. Builders undertaking sprawling township are also including hospitality in their project.

Mr. Ashok Narayan, L Lachmandas & Co, said, “Of all segments in the property market, hospitality seems to be the best bet, with average room rates (of hotels) still shooting up and supply remaining subdued. It also offers permanent income as against one-off earning in other realty projects”.

Indiabulls Real Estate  Ltd plans to invest 10 billion rupees to expand its retail business in the next 2-½ years. Mr. Gagan Banga, Group spokeman said that the real estate firm, which also houses the group’s retail and power businesses, expects lease rentals of 10 billion rupees from two of its properties under development in Mumbai by the end of the next financial year.

Mr. Banga, also the Chief Executive Officer of Indiabulls Financials Services Ltd, said that the finance firm plans to launch its first mutual fund scheme by October. Mr. Banga further said that the Indiabulls group plans to focus on agri-based spot trading for its proposed commodity exchange, which is awaiting approval from the commodities market regulator.

Brigade Enterprises, a Bangalore-based real estate developer, has bagged 5 acres in Kochi to build up IT office space. The company acquired the land in the processing area of Kochi’s Info Park Special Economic Zone (SEZ).
Government of Kerala will develop IT Park in Kochi which will be known as Info park. For the project, the government has transferred hundred acres of land which is at present under the ownership of Info parks Kerala, an independent society owned by the state government.
“We have just got the bid and it is under the planning junctures to establish the price of the project. The built-up area is likely to be just about 4-5 lakh sq feet of IT office space and Brigade will co-develop the space along with Info Park, Kochi,” a senior Brigade company official said.
IT office project investment in Kochi is part of the company’s expansion plans in South India. The company all these years had been focusing only in Bangalore and Mysore, catering to IT and BPO sectors.
“This is for the first time we are increasing our base after having gained enough knowledge and expertise in managing a large number of domestic and global firms as our clients,” the official said.

DUBAI: Dubai’s third-largest traded real estate company Deyaar Development Co said 7th may that a deal to develop projects with India’s Ansal Properties & Infrastructure has been canceled.
“The memorandum of understanding between Deyaar and Ansal Properties to develop a project in India has been terminated by mutual consent,” Nasser al-Sheikh said in a statement on the Dubai bourse website.
The announcement comes amid a financial investigation into alleged embezzlement at the company, which has already led to the detention of it’s former chief executive Zack Shahin and three other people in connection with the probe. Deyaar shares closed flat at 2.37 UAE dirhams ($0.64), after falling intraday to 2.31 dirhams. The stock is down almost twenty per cent this year.
Ansal shares ended down 0.7 per cent to Rs172.95 on the Bombay Stock Exchange. Termination of the agreement came into effect from 7th may, Deyaar said in the statement.
Deyaar had granted to take up to forty per cent stake in a project to develop a township comprising of residential and commercial real estate in India, as par an Ansal disclosure previous year posted on the Bombay Stock Exchange website.
The company, which said in November it was thinking over a five billion dollar real estate project in India, added that it still plans enter the market and is in discussions with other prospective associates.

Indiabulls Real Estate said the Justice of High Court of the Isle of Man in England has sanctioned the proposal to acquire 100% shares of Dev Development Property (DPD).
Finalization of the acquisition shall be competed by issue of fresh 13.8 crore shares of DPD and by canceling the old shares, it informed the stock exchanges.
Dev Property is listed entity at the Alternative Investment Market (AIM) of the London Stock Exchange.
It focuses on investment in commercial real estate developments for IT and ITes companies, and residential complexes in tier-1 cities in India. The firm has stake in some of Indiabulls’ projects in India.
The acquisition, announced a few months ago, is valued about $270 million.