Gurgaon: Extensions for empty plots now 7 years

The Haryana Urban Development Authority has revised its extension policy for construction of houses in Gurgaon with effect from January 1, 2006.

Allotted vacant plots in the city will now have to be constructed and completed within 7 years from the date of offer of possession, said SP Gupta, Administrator HUDA.

An initial period of two years plus five years later on is the total time the allottees will now get to complete their houses in Gurgaon. Failure to complete construction of plots will lead to confiscation of these plots by HUDA, gupta said. The policy was earlier revised to 15 years from 20 years in September 2006. The new revised policy is expected to affect more than 5,000 vacant plots that will come under the 7 years extension policy.

More : cities.expressindia.com

Toyota Kirloskar to open Pune warehouse

With Pune supplying a major chunk of automotive components for Toyota Kirloskar Motors (TKM), the company has decided to establish a warehouse in the city to cater to the needs of its suppliers. A team is currently in Pune scouting for possible locations. The warehouse is likely to come up at Chakan which is also home to factories of Volkswagen and General Motors.

A memorandum of understanding or MoU is likely to be signed with the state government sometime next week. We are looking at 15 acres to 20 acres in Pune and have approached the industries department for this purpose, the spokesperson said. The company has similar warehouses in Manesar and Bangalore and the Pune warehouse would cater to the needs of the western region. Toyota Kirloskar Motors has around 70 suppliers across India.

More : financialexpress.com

Haryana clears Metro train extension up to Gurgaon

The Haryana Cabinet, which met under the chairmanship of Chief Minister, Bhupinder Singh Hooda here Tuesday, approved the draft resolutions to be tabled in the State Assembly regarding the Metro Extension to Sushant Lok, Gurgaon.

These resolutions would be adopted by the State Assembly in respect of Delhi Metro Rail (Operation and Maintenance) Act, 2002 and Metro Railway (Construction of Works) Act, 1978 to enable the Parliament to legislate for extension of these Acts to Haryana State so as to provide necessary legal cover during construction and operation of Delhi Metro in Haryana.

More : punjabnewsline.com

Increasing FAR will lower apartment prices

What will happen if the floor area ratio (FAR) in Delhi is increased beyond 400 from the present 200? The city grow vertically and realty rates will remain under check! Property experts feel that such a step would not only transform Delhi into a skyscraper city, but will also bring down the prices of apartments by as much as 35%. However, the prices of land - which can now sport upto 40 floors—can go up by 15%.

Such a measure can make an extra 2.2 million apartments available, which will house around 10 million people. Says Deepak Bhavsar of Trammel Crow Meghraj Property Consultants, The first effect of such huge space that will be available for development will be on the property prices. They will get stabilized and the exodus that had taken place to Gurgaon, might stop. In fact, some of them might even return, for Delhi is always the first choice for many.

More : financialexpress.com

HDFC likely to hike interest rates by up to 1%

HDFC Ltd, a key home loan lender, on Monday said it is likely to increase interest rates by up to one percentage point later this week.

We will be taking a call on our interest rates this week, taking into account the impact of a higher cost of borrowing, HDFC Chairman Deepak Parekh told reporters on the sidelines of a CII-organised conference here.

There could possibly be a hike of 50 to 100 basis points, he said.

More : economictimes.indiatimes.com

On the move

On the face of it, the building boom along the 250-odd km Gurgaon-Jaipur highway is fairly nondescript for now. There is nothing yet except barren agricultural land or some industries scattered along the stretch. The only things youd probably notice driving down the tarmac could be the signboards, the quirky headgear so typical among villagers in the area, or stray cattle crossing the road.

Not for long though. If the unprecedented rise in real estate prices in the area is anything to go by, experts suggest this is just the beginning of the euphoria. Wait for another half-a-decade and youll see the difference, they say.

More : financialexpress.com

Peoples verdict on Axe the Tax

In the countdown to Budget 2007, CNN-IBN along with all the viewers, through the campaign called Axe the Tax, decided to focus on some taxes that are unreasonable and unjustified.

The focus of the show was on top five taxes, which people believe should be done away with or should be changed in some way of form.

Eminent tax guru Subhash Lakhotia joined the show that was held in Mega City Mall in Gurgaon.

More : ibnlive.com

British national claims illegal detention

The Punjab and Haryana High Court has directed the Haryana government to appraise the court of the status of investigation into the allegation of a British national, Christina Siwek, regarding her illegal detention and threatening calls made by the owner of a Gurgaon-based company.

Christina, working for an Italian company, has prayed for a CBI probe into the incident as the police has failed to do anything on the complaint lodged by her with Udyog Vihar police station, Gurgaon.

It has been alleged by the petitioner that her company Concercia Priante Spa, Italy had placed an order with Kabir Leathers of Gurgaon and had advanced heavy amount along with samples. As the supplies did not come through, she came to India to find out the position and the reason behind the delay in executing the order.

More : indlawnews.com

Big city blueprints burst at the seams

Some of Indias largest cities are doubling, trebling, even quadrupling in land area to accommodate heightened industrial activity and large-scale labour migration from villages and small towns to industrial centres—a reflection of the countrys economic boom.

While the nations capital is set to grow from 1,483 sq km to 2,300 sq km by 2021 under the Delhi Master Plan, Bangalore will expand more than three-fold, from 226 sq km to 696.17 sq km by 2015. Gurgaon, Indias ITeS hub, will grow 275% in area from 98.81 sq km to 370.69 sq km by 2021; Greater Noida from 50 sq km to 120 sq km by 2021; and Kochi from 264 sq km to 731 sq km by 2026.

An unprecedented business, industrial and residential demand for land has urban development authorities scrambling to revise their blueprints, engulfing towns as far as 20-60 km away into the new city plans. The Gurgaon Master Plan 2007, for instance, has already incorporated Manesar—20 kms from Gurgaon—into the new city limits.

More : financialexpress.com

32 illegal commercial units sealed in Gurgaon

Thirty-two illegal commercial units in residential areas were today sealed amidst tight police security by the Enforcement Wing of the District Town planning Department of Gurgaon.

The shops sealed were being run in residential areas of Ansal groups Sushant Lok and Unitech groupw South City private developed areas, said Enforcement officials.

Those sealed included five guesthouses, eight real estate dealers offices, five private computer centres, 14 upholstery, interior decoration, modular kitchen showrooms apart from six houses in Sushant Lok which were sealed for encroachment, officials added.

More : cities.expressindia.com