The Municipal Corporation of Gurgaon (MCG) has extended the deadline for payment of property tax, big players like DLF and other private builder area residents have denied paying. Residents say they will not move till the civic body takes over these areas from private players.

The civil writ plea filed by the Gurgaon Citizens Council (GCC) on the issue will be heard in the Punjab and Haryana high court on December 2.

According GCC, which is an umbrella body of various resident welfare associations in the new Gurgaon area, the MCG should first start providing them basic facilities like water, roads, and streetlights, among others, before they start paying property tax. They also said they have to pay twice – first the maintenance charges to the private builder and then to the MCG.

The residents have decided not to pay the property tax as the case in this regard is still pending in the court. The residents are hoping to get a respite from the court.

The residents re ready to pay maintenance to the private builder as because it is providing them services, but why should they pay tax to the MCG when it is not providing us even a single service enquired a resident.

The civic body staff, on the other hand, insists that all private builder area residents should pay property tax like the rest.

The municipal act says that the even they have to pay tax because the civic body provides them other services like the construction and demolition waste plant that we are planning to set up. Even these residents can send the C&D waste to this plant and avail the benefit.Moreover, the civic body is gearing up to take over these private builder areas.

After many hotels started offering child-friendly features to attract customers, now the real estate sector is also following the trend to use that index to get buyers and tenants. Apart from child friendliness index, these days real estate portals are trying to include a silver lining to the sluggish market by providing reliable info on interior decoration, movers and packers, legal services, and even pest control services in the property.

The new portals have been started by young entrepreneurs. This is giving tough competition to other established players in the market, according to experts.

The new sites offer various services which a potential customer would like to have beforehand on his table. It makes house hunting task easier, which is why these sites are growing rapidly and more new sites will keep coming in, according to an survey.

The ‘Child Friendliness Index’, will provide users all the information related to schools, parks and hospitals around the neighborhood as well its proximity to the area with a rating attached to them – most child friendly, least child friendly and intermediate.

The index measures the vicinity on three different criteria — the number of schools, hospitals and parks in an area, as well as the proximity of these facilities to the areas.

On several portals which offers apartments/societies management software, also provides services related to home décor, health, education, home appliances amongst others for owners for the flats. And for RWAs (resident welfare associations), it offers a different set of services ranging from car dealers, rain water harvesting, interior design and others.

Some are also planning to provide 3D rendering for selling apartments in new projects by developers, which will allow buyers to have a whole picture of the area with zoom option and the vicinity as well through the site.

It already offers virtual tour of the apartments up for rent/sale on its site, where users can see the pictures of every room/kitchen/balcony in the house before making a decision. The portal is already live in 10 cities and plans to expand further across India.

With the new upcoming metro services into the city of nawabs, Lucknow’s real estate market is all set to get a new glorious look. Since, well-built connectivity is the key factor of development, and hence the real estate values, the property values have already started surging in many parts of the UP capital.

Falling along the North-South Corridor, areas such as Indiranagar, Krishnanagar, Hazratganj have already started witnessing a price rise.

Also, Alambagh, a commercial hub, where the market has become festered due to piling inventories is expected to bounce back with the upcoming metro connectivity in the city.

Jaipur is likely to be the first Tier-II city to get the metro rail on the track, but the speed with which the Lucknow has jumped on the movement is nothing short of amazing.

The Metro Railway project is designed to reduce the traffic cramming on the roads.  It will also make the Lucknow Airport easily accessible from any part of the city, thus making the connectivity more time efficient for the residents.

The work on the first phase of the ambitious metro project will commence in December this year and is expected to get over by December 2016. It would cover a distance of 24 kms from the airport to Munshi Pulia and is expected to cost around Rs 17,000 crore.

The two extensive corridors envisioned include, the North-South Corridor and East-West Corridor. The former 27 km corridor, starts at a station near Amausi Airport and ends at Indiranagar. The latter 13 km stretch starts at Gautam Buddha Marg and terminates at Vasant Kunj on Hardoi Road.

According to a survey, low absorption and rising inventories in the residential market in Mumbai may lead to price correction in the early part of 2014.

Nearly 3.2 lakh residential apartments are under development in the city while unsold units stood at 1.8 lakh during the first half of the current fiscal.

The fading real estate prices suggest that long- standing stalemate between buyers and developers is finally turning in the buyers’ favor in recent times. The increase in inventories coupled with weakening absorption levels would put further pressure on prices of the apartments.

Mumbai’s unsold inventory level is almost 46 pc in comparison to Delhi-NCR region’s which stands at 28 pc even with twice the number of units under development in the country.

Owing to low demand, new launches in the city plunged over 45 pc compared to peak levels in 2010 as developers shift focus on settling current inventories.

The residential market has been witnessing a steep downfall in new launches as well as the unsold inventory pressure in Mumbai is the highest among all other cities in the country. We expect a more marked price correction which may drive the market to a better stability.

The current scenario will put pressure on prices in the medium term and the bad phase is expected to last till the forthcoming general polls.

Further, the rise in interest cost and drop in net profit in 2013 will compel developers to lighten load and de-leverage their balance sheets.

 At this condition developers are now trying to recover the situation by limiting fresh launches and boost sales by promotional activities to avoid reducing the base price.

After fighting a long-tussle with the Securities and Exchange Board of India (Sebi), the Sahara Group finally said it would submit new title deeds for properties worth Rs 20,000 crore.

The new offer came after the Supreme Court of India last week restricted the group from selling any of their assets and restrained Sahara chief Subrata Roy and three other top directors from leaving the country.

While conflicting with Sebi’s view that the assets offered earlier as security for Rs 20,000 crore were overvalued, the group declared it would submit title deeds relating to other properties of Sahara combining Rs 20,000 crore, instead of debating any further on the issue raised.

The group has submitted Rs 5,120 crore so far to Sebi, while earlier it had claimed to have refunded more than Rs 20,000 crore directly to the investors through field officers.

The top court has asked the group to hand over title deeds of properties worth Rs 20,000 crore to the market regulator, which was last year tasked with the job of refunding over Rs 24,000 crore to investors from whom two Sahara arms had raised money through issue of certain debentures.

The group had submitted papers for two plots of land, a 106-acre land in Versova, a western suburb of Mumbai, which it estimated at Rs 19,000 crore, and a 200-acre land in Vasai, which it estimated to be worth about Rs 1,000 crore.

The case related to Sahara Housing Investment and Sahara India Real Estate raising more than Rs 24,000 from an estimated three crore investors through issuance of certain bonds between 2008-2009.

The group has been making genuine efforts over the last few months to obey the order of the apex Court relating to the ongoing lawsuit with the Sebi and assured its depositors and business associates that it will successfully overcome these challenges very soon.

India’s one of the top realty firm Omaxe declared that its promoters have raised Rs 250 crore by selling shares through the Offer for Sale (OFS) route and the funds would be infused into the organization to lift growth.

The promoters have brought down their stake in the company from 89 pc to 75 pc through the OFS device and a bonus issuance to comply with SEBI’s Minimum Public Shareholding Regulations.

In recent past, the reality major announced issue of 10 bonus shares to public shareholders for every 39 shares held by them in order to meet market regulator SEBI’s norm on minimum 25 pc public shareholding.

The realtor has decided to take permission of shareholders through postal ballot for issue of inclination shares.

The net worth of the company would be Rs 2,250 crore posts the allotment of preference shares.

Gross Debt in this current fiscal is stood at Rs 1,072 crore.

With the more capital investment, the Gross debt equity ratio of the realtor will be 0.55, while the net debt equity ratio stands at 0.42, which is by far the lowest in the industry.

The firm has been regularly paring its debt from Rs 1,989 crore in FY’2009 to the current levels.

The realty major has presence in 9 states across 30 cities. The company is currently undertaking 42 real estate projects – 14 group housing, 19 townships, 9 commercial projects.

The state Coastal Zone Management Authority has given green signal to floor space index (FSI) of 2.8 for the redevelopment of Worli’s Shivshahi housing society, part of a Maharashtra Housing and Area Development Authority (Mhada) layout.

Based on thi index, the civic body authorized as much as 1.53 lakh sq m of total building area on the 12,452 sq mt plots, which is 9.9 times the plot size. The society currently houses 198 families in 12 buildings developed by Mhada in 1950.

This FSI-a ratio that determines how much can be constructed on a plot, allowed the developer, Wonder Value Realty, to build three towers. These include a 42 storey skyscraper to redevelop the families living in the society free of cost, and two towers, each 38 floors, to be sold in the open market.

The civic body, which controls the land, will earn just Rs 172 crore as premium from the developer. Mhada has skipped its share of built-up area-an estimated 650 tenements for economically weaker sections-as stipulated in its own September 2010 policy.

The developer’s should submit their proposal a month before its new policy came into force. The housing authority’s earlier policy was based mainly on premium payment scheme.

The premium which Mhada will receive would be shared with the BMC. The land was leased by the BMC to Mhada for 999 years.

Mhada has so far granted FSI of 1.65 with premium. But the society will approach environment ministry for CRZ clearance at their own risk and cost to procure FSI 2.8.

The 2.8 FSI is only for buildings declared decrepit and which fall under CRZ II. The construction authority declared the 12 buildings of Shivshahi dangerous and dilapidated in 2009, but the buildings were repaired and painted by the society barely three years ago.

The Ahmedabad Municipal Corporation (AMC) has announced to develop 9,980 residential apartments   for the weaker sections of the city. These apartments will be developed at 29 places in various parts of the city in near future.

The AMC will construct 5092 houses for Economic Weaker Sections (EWS) and 4887 houses for Low-Income Group (LIG) segment.  These housing schemes will launched in different places including Vejalpur, Nikol, Chandkheda, Chandlodia, Thaltej, Kali, Kankaria and Shahibag among other areas. Land reserved for this housing project in approved town planning proposals, the civic body will also use 20 pc from the closed mills for these housing projects.

To qualify for a EWS house which is spread over 28 sq meters, the annual income of the family should be less than Rs one lakh. These residential projects will be given to the beneficiary for Rs three lakh a piece. The applicant will be required to pay Rs 8500 at the time of applying.

For the LIG scheme houses which have a total area of 45 sq mt, the income of the family should be between Rs one lakh and Rs 2.5 lakh. The LIG houses will be cost Rs 10.50 lakh and Rs 11.50 lakh. The applicant will be required to pay Rs 20,000 with the application for the attotmnet.

A recipient of the house under the proposal will not be allowed to sell or give his unit on rent for seven years. The person who is allotted the house will be required to pay a minimum 20 pc of the cost and the rest will be payable in 10 installments.

According to a survey, Delhi’s Khan Market has emerged as the most expensive retail outlet locality in India, with monthly rentals touching Rs 1,480 a sq ft, in recent times.

While the posh area witnessed high demand from retailers, rental values have seen only a minimal increase of three pc, year-on-year (y-o-y), owing to limited availability and less number of transactions in the market.

At Rs 780 a sq ft a month, Mumbai’s Linking Road is the second most expensive retail location, which is   followed by Connaught Place and South Extension in Delhi.

India is amongst the top global markets to record the highest y-o-y rental hike, the survey showed.

During the first half of 2013, prime lease in most cities remained constant thanks due to the firm demand from retailers, particularly from the fashion houses and food & beverages sectors.

Steady demand from fashion and F&B brands was also the reagent behind rental surge in the country at 2.5 pc.

Most investors, with the exception of a few, are showing limited interest in shopping malls. India’s main streets continue their appeal as new retailers are trying to create brand presence in key main streets markets. Large formats are selectively willing to go for stand-alone or built to suit options as well in India.

In the global ranking, Khan Market stood at 28th position, retaining its position as the most expensive retail location in India.

Meanwhile India dropped in the global ranking from 26th to 28th position due to the weakening of the Indian rupee against the US dollar and largely stable rentals with limited increase in rental values in retailing sectors.

According to experts, prime properties in Mumbai are fetching good value even as the rentals are falling, going by the recent trend of landmark buildings changing hands in Mumbai.

The landmark Cadbury House in the posh south Mumbai has already changed hands. The one which is believed to be on the block is the past HQ of the Citigroup India at the Badra-Kurla Complex area. According to sources, the 8-storeyed Citi Centre up for sale.

Private equity firm Blackstone and Pune-based Panchshil Realty are in talks to buys majority of stakes in the iconic Express Towers in Mumbai in a huge deal.

Some of the deeds are in process where there is land parcel. These land parcels are mainly used for redevelopment purposes. In Cadbury case, the buyer planned a mixed-used development which will have two residential towers in it. There are many plans in pipeline.

At the same time, Air India Towers, has been also trying to rent out most of its 22 floors. TCS, SBI and Mahila Bank area the only tenants there.

Rentals in Nariman Point have been lowered constantly as new CBDsBKC, Lower Parel and other place are coming up with lower rentals. In the last two years the rental value has gone down by 20pc.

The Cadbury House was occupied by a diamond merchant, who beat top developers to bid highest. With an office of over 36,000 sq ft the Cadbury House has been the headquarters for over 50 years in the city.

These days investors are more interested in properties which are leased out and have good track record, giving these properties are generally iconic status.

This trend is not witnessed in the south Mumbai but even suburbs like Powai, Thane where the sellers want to make money from their non-core assets.

Real estate firm Omaxe Ltd had sold off its properties worth Rs 1,123 cr during the first six months of this fiscal, up by 26 pc form the year-ago period.

The Delhi-based realty firm had achieved a booking of Rs 908 ce during April-September of last fiscal.

Sales booking have rose on the back of 75 pc jump in the average realization at Rs 3,368 per sq ft. In terms of volume, sales booking dipped by 30 pc at 3.45 million sq ft in the first six months of current fiscal against 4.89 million sq ft in the year ago period.

Plots and floors in Chandigarh and group housing in Noida, Faridabad and Bahadurgarh and commercial developments at Chandigarh, Ludhiana and Greater Noida added majorly towards the revenues for H1 FY14 to the firm’s books.

Its gross debt has lowered to Rs 1,025 cr as on September 30 from Rs 1,095 cr at the end of the first quarter. The firm has to repay Rs 130 cr in this quarter.

Combined income from operation for the half year is Rs 770 cr against Rs 835 cr in the corresponding period last year, dip by 8 pc.

The profit after tax for H1 of this fiscal is at Rs 38 cr compared to Rs 42 cr last year, lowered by 9.8 pc.

Omaxe has its presence in 30 odd cities across 9 states and it is developing 45 projects 15 group housing and 20 integrated townships and 10 commercial hubs in the country.

In recent past the property firm declared issue of 10 bonus shares to public holders for every 41  shares in order to fulfill the Sebi’s norm on minimum 25 pc public share holding.

 India’s major  infra companies have collectively paid out more than $1 billion towards finance and interest costs during the first half of the current fiscal, resulting in huge dents in the margins.

Jaypee  one of the bigger players in the market paid Rs 6,794 cr towards finance costs during the April-September, as L&T, Reliance Infra, HCC, GMR, Lanco, IVRCL, per their respective financial reports in the H1.

The increase is observed as 31 pc compared to the same period last fiscal when they paid Rs 5,375 cr.

According to experts if the trend would continue in their second half of the financial year and the costs may even go high if Reserve Bank of India decides to increase rates further.

The overall economic slowdown is leading to high debt and interest burden on the property sector claimed experts.

Debt burden is a consistent woo for the infra firms in India as most players taken up more projects than they can handle in a span of time period.

It may take considerable time for these debt ridden firms to come out of the bad situation.

Since 2007, private firms have pumped $235 billion into India infra market, but the results are somewhat disappointing. Some public-listed infra companies have experience severe stock-price dip in recent times.

In this process the interest burden is hampering the operative performance. In some cases the debt is five times more than the market capitalisation of the company.

The largest bank in the country SBI has called for a need to add new products to finance the long-gestation projects to refinance the loans every five years after the lenders experience pressure on their housing loan plans.

SBI is planning to fund infra projects in a larger way. The PSU is also looking into various options which include more focus on takeout finance, getting pension funds and investors who can invest for a longer period with low risk in the infra sector.

A majority of the infra financing is done by banks, which cannot access long-term money and hence, developers are forced to repay with a short period, even though the asset is created for the long term.

Assets developed for 40 years are being funded by 10-year money, which is that entire Banks have. It is required to pay back in an average of seven years which is apathy.

As a result there is a front loading of repayments by infra projects and the repayment for the projects is possible only on the notion of the economic growth and timely deliverance of projects.

Economic growth is at around half the prospective while the projects are not coming on steam due to a various issues.

It can be seen that major banks blame infra and allied sectors for the falling of their asset quality.

Gross NPAs stood at 3.9 pc as of March 2013 as against 3.5 pc pervious fiscal while net NPAs rose to 1.9 pc in FY13 from 1.6 pc a year ago.

Housing prices hiked in 12 cities by up to 6 per cent, while it dipped in 10 cities, including the national capital, by up to 9 per cent during the second quarter in the current fiscal.

Housing prices in Delhi-NCR region witnessed a dip of 5 per cent during July-September period compared with the previous quarter. However, it surged by 7 per cent on annual basis, as per the survey by National Housing Bank (NHB).

On an annual basis, the prices in Delhi-NCR region rose by 6.9 per cent.

According to the survey, maximum price fall was seen in Meerut by 7 per cent while, highest rise in rate was observed in Kolkata by 6 percent.

The movement in prices of residential properties for the July-September quarter has shown increasing trend in 12 cities ranging from 0.75 per cent in Mumbai to 6 per cent in Kolkata, and fall in 10 cities ranging from 1 per cent in Bengaluru to 7 per cent in Meerut, the survey confirmed.

Prices in other cities like Ludhiana moderated by 5 per cent, Vijayawada 4.50 per cent, Nagpur 3.85 per cent, Bhopal 3.90 per cent, Indore 2.81 per cent, Jaipur 2 per cent, Bhubaneshwar 1.30 per cent and Bengaluru 1 per cent.

Residential prices in Chennai rose by 5 per cent, Hyderabad 4.88 per cent, Ahmedabad 3 per cent, Lucknow 2.50 per cent, and Patna 2.40 per cent respectively.

Price index for 4 cities namely Pune, Kochi, Coimbatore and Dehradun has remained same through out the quarter. The survey covers 26 cities in the country.

In a serious jolt to Sahara group in the OFCD refund case, the Supreme Court of India observed that Sahara’s assets are not worth Rs 19,000 cr, as claimed by the group. The apex court has restricted Sahara owner Subrata Roy to fly abroad and from selling any property.

The top court has passed the verdict against the Sahara owner and a few directors of Sahara real estate firms. The top court is dissatisfied with the estimation of the properties whose title deeds were submitted by the group to Sebi.

The SC had asked to submit property papers worth Rs 20,000 cr in order to protect the investors. The court is satisfied with one set of property worth Rs 1,000 cr but it is not happy with the valuation of lpot that is located in Versova in Mumbai.

The court found the funds were collected irregularly from the investors, and the group is trying to avoid compliance. The Sahara firms had paid Rs 5,120 cr and said the total outstanding Rs 2,000-odd crores have already bee paid back through the field officers.

The SC has also asked Subrata Roy and the directors of Sahara real estate firms need not travel outside India and in next two days they must submit original papers for additional Rs 19,000 cr to the market regulator.

The top court posted the matter for further hearing on December 11 and said Sahara could seek vacation of the interim order once they complied with the October 28 order in letter and spirit.

Bangalore, the most positive city in real estate sector in the country, posted a eye raising 19 pc hike in this quarter.

Bangalore’s property markets were largely driven by east and north Bangalore, due to high demand from IT professionals. With east Bangalore areas, such as Whitefield, Electronics City and ITPL with huge residential housing for sale and rental purposes, north Bangalore area are evolving after the international airport started here.

The main driver of the Garden city’s housing preferences was close to work place. The accessibility to workplace was a major issue.  In addition, infra elevations, safety and security and gated communities scored for the city. Social structures like educational institutions, hospitals, shopping hubs in the close place gave the city added advantage.

Infra upgrades played a huge part in the rise in value for the IT driven north Bangalore areas. Access to IT SEZs and other commercial spaces are in demand.

Supply and demand remained the same across the city with a preferred price of Rs 40-60 lakhs budget for the properties. In south and east Bangalore, there was marked choices for properties in the Rs 20-40 lakh range.

The true strength of any property market is when the rental market keeps pace with capital values. About 95 pc of locals tracked posted a rise in lease values. This indicates that the city is driven by end-users, not by investors.

IT-driven localities like Electronic city, Whitefield and Sarjapur has are well maintained localities with good transportation and community interaction, which surged the rental demand in these areas.

There are all facilities including water, power and all the basic amenities driven to rise the rental activities.

DLF’s sales bookings had stood at Rs 1,356 cr in the first six months of 2012-13 and at Rs 3940 cr in the full financial year, according to experts. It sold 2.80 million sq ft of space during the first half and launched few projects in the northern part of India.

DLF has been showing smartness in launching new projects and is going for premium projects, which offer high margins, according to experts.

In recent times DLF is jumping the trend, the first half was very good when the market was down and out. In the coming quarters it will be difficult for the country’s largest developer to maintain its sales numbers.

For 2014, the realty major is expecting Rs 6,000 cr sales, compared to Rs 3,800 cr last year.

In recent past, the property market has been struggling with low sales and high inventory. Discounts and other freebies offered by developers to boost sales are at an all-time high. Due to such fragile market conditions, many are expecting a major price modification soon in some key markets in the country.

A major player like Unitech, dipped 55 pc to Rs 750 cr in the first half, while Godrej properties observed a drop of 39 pc to Rs 950 cr. During the first half, Unitech and Godrej launched some projects in Gurgaon and Mumbai respectively.

After a eight months of prolonged exercise on government land, the Hyderabad district administration has found out 66 acres of litigation- free government land, worth hundred of crores. Based on the directions of Andhra Pradesh Land Management Authority (APLMA), which was set up to review status of government land in the state, the Hyderabad district officials had taken up the survey on government land located in 16 areas in the districts.

The civic officials provided Tablet phone to tahsiladrs to capture the images of the litigation-free government lands and collect all the details about the land.

Based on the feedback given by the surveying officials, 66-acre land found with Shaikpet has the largest extend of litigation free land in the district.

However, the district officials have completed the construction of compound walls around 30 of 119 land parcels and wanting approvals to complete the rest. All the constructions is expected to completed by March next year.

The district administration has asked departments of  and child welfare, social welfare, BC, SC, ST welfare, education, women and minority welfare to send plans for development of schools, hostels and other structures on the 66-acre government land.

The administration has a plan to develop group housing on government land. Nearly, 2.60 lakh applications asking government lands are pending with the authorities for past five years.

Zydex Technologies are planning to build up 20,000 km of moisture- resistance green road in India by 2016. The IT giant ill be using nanotechnology to construct, after laying such highways earlier in US, Europe and Africa.

The firm is looking to lay roads using innovative technique in the next three years to provide moisture-resistance and pothole-free roads, which require no maintenance for about next 15 years. They have already laid 500km.

The Gujarat-based firm has patented its nanotechnology which reduces water percolation into roads. Using this technology the government can save Rs 7,200 crore per annum on tar only.

Tar consumption in India is about 5 million tonnes per annum, which costs Rs 18,000 crore, of which 85 pc is used to repair roads. The technology would double the life of roads in India. The firm also claimed that using this technology the government can save Rs 21,000 annually in rural roads.

The firm is also planning to hike the capacity four-fold to 6,000 tonnes a year at Vadodara plant with an expense of Rs 30 crore.

The new technology is getting wider gratitude globally, including in Texas, where he claimed 45 pc of roads were built using it. The firm has also got orders from Canada, US, Germany, Sweden, Nigeria, Mexico, Russia, Turkey, Indonesia, Japan and many other countries which are rapidly using the technology but in India they are facing huge roadblocks.

The firm has laid roads in Leh-Ladakh recently, and they are pursing some states to work under Pradhan Mantri Gram Sadak Yojana.

The Bihrainmumbai Municipality Corporation (BMC) has resolved to start the demise of the illegal flats in Campa Cola premises after May 31 next year irrespective of the monsoon arrival in the country. However, the residents are trying to grasp any legal option before the dooms day arrives.

The Supreme Court of India allowed the civic body to demolish the illegal structures in the south Mumbai after the expiry of the May 2014 deadline. The top court asked the residents to submit their undertakings within six weeks that they would vacate the flats before the cut-off date.

According to the civic body, they will start razing buildings from January 1 those who failed to submit the undertaking and the remaining flats will be demolished after June 1.

Due to the monsoon arrival the residents are hoping that the demolitions will be not applicable. But BMC is ready to raze the flats from June 1 as the action is based on the apex court order.

With the top court delivering its order, pressure is mounting on the state government to pass an ordinance to protect the illegal flats. Some politicians urged the CM to give a fresh view on the whole issue but he ruled out the contention of any ordinance.

When the residents of the Campa Cola approached the CM they received no assurance. The society members are gearing up to move to the court. The residents will ask how the civic body will demolish the top 12-15 floors without harming the legal floors below.

The members are also thinking of filling a remedial petition in the apex court.

In a drastic move that will assist buyers in choosing legal projects, the Noida, The Greater Noida and Yamuna officials are planning to upload details of all the developers’ housing projects on their official website.

The decision was taken by the state government and it has also directed the officials to ensure shield for buyers and design a route to shrink property cheatings in the state.

The top official of the civic bodies operating in the region directed to commence the process to buy server space for website to upload property details.

The buyers in the region have been demanding the details of all the developers from a long time should be available online. After the process checking legality and developers projects would be a just a click away. Apart from the details lease deal norms, status of building layout plans and other NOCs and notices will be also uploaded on the website.

The developers were asked to upload layout plan copies and other approvals on their respective websites. The authority is hoping to finish the process by the year end.

The region has become a den for property cheaters and even there are several frauds been committed, they have hardly been reported.

Developers have hailed this decision and hope this would be a great step towards developing transparency. This move will be a significant tool for all buyers to understand the nature of the projects in better manner.

The association of developers, CREDAI, now hopes to attract the NRIs to infuse money in their projects. An investor sitting miles away from Noida would able to check the legality and status though the government website, added the association.

Asian Development fund a Manila-based firm is planning to set up Asia Pacific Infrastructure fund aimed on financing projects in the entire region.

The firm is basically looking to form an Infra Fund for more infusion on the infra sector, which they are working out.

One formed the fund would pick up debt in infra projects.  There will be no fund limit to it. The basic idea of the fund is to make fund attractive enough for countries in the region to join and the developed countries in the region to make equity input in the fund.

Over a time period this Infra fund could issue dollar denominated bond in its own name. However, the World Bank Group member IFC has raised Rs 1,000 cr from the US through offshore sale of rupee bonds.

The offering, is over subscribed by two times, as the part of the lender’s $1-billion bond program.

The monitory policy in India is encouraging, while on the fiscal front infusions are hiking with Cabinet approving stalled projects in recent times.

The 4.5 pc reasonable fiscal deficit target and the CAD estimate of $56 billion is real achievable with exports picking up and gold demand coming down.

ADB is ready to provide loan of $2 billion per annum for next five year to India to create and built new infrastructures.