Having burnt its fingers in Nandigram and Singur, the state government appears to be taking a different, more generous, approach to compensation for land-losers in future projects.

This was made clear today as state municipal affairs and urban development minister Mr Ashok Bhattacharya announced a rehabilitation package that includes a number of new facilities for those due to be evicted to make way for a township project in Siliguri. The minister also announced they would follow the same rehabilitation package for the DLF project at Dankuni.

According to the new package, announced at Writers Buildings, those who give up their land for the township project will be given alternative plots or flats in addition to financial compensation for the land itself. They will only have to pay the cost of acquisition for the alternative plots.

More : thestatesman.net

Taking realty major DLF head-on, Emaar MGF is planning to build Indias largest mall, the announcement for which will be made in the next six months. Currently on the drawing boards, the mall will ape the worlds largest mall (spread over 5.8 million sq. ft.) being built by the compans partner (Emaar) in Dubai. Till date, the largest mall to be announced in India is DLFs Mall of India along NH-8 in Gurgaon that will be spread over 3.6 million sq. ft.

The mall will have the same flavour as the Dubai Mall that has 3.77 million sq. ft. of retail space as well as the largest walk through aquarium in the world. The mall in India is in the planning stages and we will be making it public in the next couple of months, says Shravan Gupta, executive vice-chairman and managing director, Emaar MGF. With 65-70% of Emaar MGFs land bank in the north, the upcoming mall is likely to be built in the Delhi NCR.

Inspired by the scale of projects that its UAE-based partner Emaar is engaged in executing (like the Dubai Mall and the tallest tower in the world, called the Burj Dubai), Emaar MGF is also planning to come up with similar such real estate projects in India in the coming years. The first such project is Boulder Hills, a residential-cum-leisure complex at Hyderabad, which will have the largest golf course in India.

More : financialexpress.com

India Inc is expected to raise over Rs 1 lakh crore through share issues by the end of this calendar, the biggest ever in a year.

A back-of-the-envelope calculation suggests that the total mobilisation through share issues (including rights, initial and follow-on issues) will be at least Rs 1.04 lakh crore.

Among sectors, banking and real-estate companies are expected to hit the domestic markets more frequently than companies from other sectors.

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Gillette India has sold off its entire commercial property in Gurgaons Global Business Park for Rs 72.75 crore. The property has been acquired by Evershine Merchants, an industrial group with multiple business interests including real estate development and construction.

A P&G-spokesperson confirmed to ET, The company has sold its immovable property, namely its general offices at Global Business Park, Gurgaon, for Rs 72.75 crore. Sources say Gillette had released an advertisement seeking sale of its commercial property around November last year.

Post its global acquisition by P&G in January 2005, most Gillette employees were relocated to P&Gs Mumbai-based headquarters P&G Plaza, while some employees were relocated to Singapore. Gillette had also managed to end its relationships with its 700-plus distributors (most of who were multi-brand distributors), by offering them exit options.

More : economictimes.indiatimes.com

DLFs initial public offering (IPO) having met with better-than-anticipated response, has prompted several real estate, construction and infrastructure companies to tap the primary market.

At least seven more real estate, construction and infrastructure companies have lined up offers to collectively raise over Rs 6,000 crore from the market. Real estate and construction stocks had taken a hit amid concerns over hardening interest rates and easing property prices.

Sentiments, however, have shown some improvement of late, especially after the DLFs mega issue received positive response from investors, say merchant banking sources. Fund-seeking real estate developers now prefer IPO over private equity as, according to merchant bankers, recent negative developments relating to the sector have reduced the scope for negotiation with private investors.

More : economictimes.indiatimes.com

Gillette India Ltd has announced that the Company has sold its immovable property, namely its General Offices at 5 to 9 floors at Global Business Park, Tower A, Mehrauli Gurgaon Road, Gurgaon for a total sum of Rs 72.75 crores.

The full and final payment has been received by the Company on June 19, 2007. Further the Company has informed that, the Book Value of the said immovable property is Rs 30.54 crores as on May 31, 2007.

The stock closed the day at Rs.913.35, down by Rs.21.55 or 2.31%. The stock hit an intraday high of Rs.936 and low of Rs.910. The total traded quantity was 1104 compared to 2 week average of 1185.

Source : equitybulls.com

Procter and Gamble (P&G) on Wednesday said it has sold personal care products maker Gillette Indias immovable assets in India for Rs 72.75 crore.

The company has sold its (Gillette) immovable property, namely its general offices at 5 to 9 floors at Global Business Park, Tower A, Mehrauli Gurgaon Road, Gurgaon for a total sum of Rs 72.75 crore, a P&G spokesperson said.

The company said the book value of the property was Rs 30.54 crore as on May 31.
P&G had in 2005 acquired global operations of Gillette for 57 billion dollars. After the acquisition P&G had become the second largest consumer goods company in the world. Gillette India shares declined 2.31 per cent or Rs 21.55 at the close of trading on the Bombay Stock Exchange today at Rs 913.35.

Source : economictimes.indiatimes.com

JAIPUR, India - A 73-year-old man who failed his 10th grade high school exams for the 39th time vowed Friday to try again next year in the hopes that an education will improve his job and marriage prospects.

Shivcharan Jatav, a farmer from the desert state of Rajasthan in western India, had no formal education as a child. He has been trying to pass the exams since 1969, when an army recruiter told him it would improve his chances of being accepted into the military.

Since then I have been trying to pass this examination, but without any success, Jatav said, days after receiving the bitter news that he had failed again.

More : philly.com

Indias largest share sale, to mop up Rs 9,625 crore, for DLF Ltd, a real estate developer, was at least 3.47 times subscribed, according to the data available on the National Stock Exchange website as of 9pm on Thursday.

Of the 607 million bids the company got for the 175 million shares on offer, about 482 million appear to be at the higher end of the campanys price band of Rs550 per share. The lower end of the price band was set at Rs500.

DLF, promoted by billionaire Kushal Pal Singh, 74, has been attempting to raise money for almost a year, with a series of disputes with minority shareholders delaying the share sale. With this offer, the company will become Indias largest listed real estate developer and Singh and his family could be worth nearly Rs82,000 crore, at the higher price of Rs550 a share.

More : livemint.com

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