Hyderabad is now becoming the new investment destination for the commercial property developers already based in Bengaluru. This is the time when the city’s real estate market is on a revival mode after almost five years of political ups and downs in the city.
Well developed companies such as DivyaSree Developers, Embassy, Salarpuria Sattva, and RMZ Corp have successfully built or still are in the process of building a noticeable commercial portfolio in the city. This, along with Bengaluru, which is also a home to some of the largest IT companies in the world, including Microsoft, Oracle, and Uber. However, the rentals of these cities are still not as high as other cities and therefore the companies are keenly looking at this as a growth trajectory.
As it is mostly seen, the existing customers of the city will be now looking in other cities as it provides them with more options and a higher scale for a better business. This However will result in the same rental prices of Hyderabad commercial property as it is for Bengaluru. Mike Holland, the CEO of Embassy Office Parks said that it can be strongly seen that the Hyderabad infrastructure will grow immensely after the political turmoils in Bengaluru.
Tag Archives: Politics
India loses $210 billion in Coal Scandal.
The Indian Parliament erupted in hoots and jeers Thursday after a draft report by government auditors estimated that the national treasury lost $210 billion by selling coal fields to private excavation companies in sweetheart deals.
According to the report, leaked to the Times of India newspaper, the primary beneficiaries were about 100 private and state companies that were handed contracts for 155 coal fields between 2004 and 2009 without going through a competitive bidding process. The report said that $210 billion — five times India’s annual defence budget — was a conservative estimate given that it relied on prices for low-grade rather than medium-grade coal.
The report represents the latest in a string of corruption scandals to hit the ruling Congress Party — others have involved the telecommunications, real estate and sports industries — that has left India’s leadership weak and bereft of policy initiatives. Opposition leaders called the latest revelation the “mother of all scams,” accusing the government of looting the country.
But auditors with the comptroller/auditor general’s office countered that the leaked draft is misleading, adding in a letter to the prime minister’s office that the figures publicized were the product of discussions held at a “very preliminary stage.
“We are examining the news report and I have called for records,” Coal Minister Sriprakash Jaiswal told journalists, adding that he wasn’t in office at the time of the suspect deals. “After that I will reply.”
The government said it has not received the report yet from comptroller/auditor general’s office.
India, the world’s third-largest coal producer after China and the United States, has seen a series of mining scandals. In August, the top elected official in south western Karnataka state resigned after being implicated in a mining scandal that a watchdog said involved $400 million. Three months later, a report claimed that almost 50% of the iron ore exported from western Goa state was illegally mined.
India is hungry for energy to fuel its fast-growing economy, and coal accounts for 70% of the mix, a percentage expected to grow, given limitations on the further development of power from nuclear reactors and renewable sources. Environmentalists, however, say increased production is ecologically unsustainable.
Affordable Housing Policy to be implemented by the State Government from 15th April.
From April 15, the state government’s affordable housing policy is set to be implemented. With a preliminary notification already out, the policy will be implemented after the final notification in a month’s time.
This decision took place at a recent meeting between Additional Chief Secretary (Urban Development Department) TC Benjamin and representatives of Confederation of Real Estate Developers’ Associations of India (CREDAI) from Pune, Nagpur, Kolhapur, Nashik and Aurangabad.
The government in the notification has made it mandatory for all projects on more than 2,000 sq m land to reserve 20 per cent of the land or constructed space for small-sized housing.
Benjamin said that, “The state has a dearth of such housing and this initiative will help bring about more such houses in residential projects. It will have to be implemented by the builders after April.”
Builders expressed reservations about whether the 20 per cent of the land should be reserved in the same area. However, it was decided that they could have a little farther but in the same zone. To this Benjamin added that, “They have to provide the housing with almost the same kind of infrastructure.”
However, most of the builders had reservations about having the economical housing on the same campus but agreed to have it a little farther away from their projects.
Pune CREDAI representative Satish Magar, who attended the meeting, said, “We are open to the policy but had some issues, which we discussed.”
Farmers should be Given Right to Sell 100% of their Land – BJP
The BJP has said that the draft Land Acquisition and Resettlement and Rehabilitation Bill 2011, which is now in public domain, is good but cannot be accepted in its existing format.
Sangh Priya Gautam, the former Union minister said, farmer should be given the right to sell 100% of their land. In Greater Noida, the Formula 1 racetrack required only 1000 acres of land but 2500 acres were acquired and allotted to a private builder by the government.
Land should be taken on lease from farmers. The ownership should remain with farmers, said a BJP leader. Another major aspect of the centre’s draft is that the urgency clause can be imposed only at the time of natural calamity or can be imposed in case of national security.
Gurgaon Farmers Plan to Move Court for Trust Land.
Gurgaon: Farmers of Ullawas village decided to move to High court of Punjab and Haryana to reclaim land leased for 33 years to the Rajiv Gandhi Charitable trust in 2009. The land was leased for setting up a charitable eye hospital on 5 acres of Panchayat land. They have also decided to move court to reclaim an acre of land leased to another social organization, the Church Gate Medical Society, for setting up a dental facility.
We will also file a petition against government officials who were instrumental in pressuring the panchayat head and members to pass the resolution and sign lease deeds in favor of these societies. The deputy commissioner on the direction of Harayana Government threatened to dissolve the panchayat and dismissed sarpanch, forcing them to pass the resolution and sign the leads.
However, Prakash the Sarpanch, refused the allegations of pressure on the Panchayat by the deputy commissioner. A bunch of politically ambitious farmers are trying to flare up the issue to gain political mileage.
Maharashtra Govt. Launches E-Portal for Building Plans
THANE : In a step that could lift the curtain of secrecy surrounding the process of construction projects, chief minister Prithviraj Chavan on Monday inaugurated a web-based portal for issuing clearances for new building plans.
The software of the portal is designed to issue timebound clearances.The commencement certificates has been the preferred project of Thane municipal commissioner R A Rajeev , who faced criticism from members of the standing committee at the time he was introducing the domain to the CM. The domain, “tmc.tp”, will improve clarity by permitting proposals for building projects to be sanctioned online in a specified time-frame.
A member of Shiv Sena opposed the manner in which the civic chief chose to “ignore” the elected council. Designed by software professional Prashant Ugemuge, Nagpur based, the portal will give the commissioner daily updates on the status of each proposal and can question any delay by the subordinate officials . In the beginning, proposals would now be examined by a surveyor or an assistant director online who will then put his seal of approval.