7200 kms State Roads became National Highways

New Delhi: The Union Cabinet today gave approval for declaration of about 7,200 kms of State Roads as new National Highways (NHs). The government’s move came as part of its effort to improve the infrastructure across various regions in India.

Keeping in view the estimated allocations likely to be made available for development of non-National Highways Development Project NHs based on the previous years` trends, it is anticipated that there would be adequate funds available for taking up improvement works on these new NHs, a Press Information Bureau release said.  

However, the release did not give details of the state highways or corridors being named as NHs.

There would also be adequate funds available for taking up improvement of the remaining existing NH Network of 21,271 kms, not covered under any programmes / schemes so far, the press note said.

Expansion of the NH network is a continuous process and declaration of a new NH is taken up from time to time, depending upon requirement of connectivity, inter-se priority and availability of funds.

National Highways are the main artery and serve as a backbone of the road network. District Headquarters being an important origination/destination for people as well as goods are expected to have good accessibility.  All District Headquarters now will have better connectivity to the NH network and this will bring overall development to the entire nation.

Dubai to host Indian Properties Spring Expo 2014 from tomorrow

DUBAI:  The Indian Properties Spring Expo is back here with more than 30 Grade A developers from several Indian cities showcasing their multiple options to the Non-Resident Indians (NRIs) in the UAE.

The two-day expo beginning on February 21 is being organised by the Dubai-based Yard Real Estate in association with Indian Properties - a leading realtor from Mumbai would bring Indian real estate brands closer to the NRIs across the globe.

The Indian Properties Spring Expo 2014, which would be held at Le Meridian Airport Hotel, would have reputed property developers from Mumbai, Pune, Delhi and the National Capital Region (NCR), Bangalore, Hyderabad, Chennai, Kochi and Coimbatore displaying finest projects with varying options ranging from the apartments, plots, villas and commercial properties. Pre-launch offers and spot home loans with attractive interest rates will be on the offer, according to a release.

Commenting on the second edition of the realty exhibition, Prasanna Thakkar, founder and managing director of Indian Properties, said, "The Indian Properties Spring Expo 2014 presents the new phase of the realty sector in India with a myriad of innovative housing and commercial products which are integrated with new technology and top-notch services. We have brought in the nation's A-grade developers to Dubai, wherein the NRIs will get a chance to interact and transact good deals with a lot of choice right across India."

"This year, the property fair is poised to register big number of transactions and queries from prospective buyers. There is a positive outlook amongst the homebuyers due to the softening of property rates coupled with lowered home loan rates. The emerging real estate market of India is very encouraging, as there is a rapid growth in the commercial, residential and retail sectors in all metro cities. We deal only with the best in the industry and do not compromise to the quality and credibility as far as brands are concerned," he added.

"Owning a property in India is one of the greatest assets and the most profitable investments. There are very less chances of a loss as the real estate growth graph is escalating day by day. The NRIs are looking for real estate investment opportunities back home always. For the right products, the budget has never been a constraint for the NRIs. The most important criteria are the justification for their investment along with credibility to ensure that the offered projects are delivered on time," Thakkar further said.

Among the developers showcasing their properties at the Spring Property Expo in Dubai are Rustomjee, Godrej Properties, Tata Realty, Raja Bahadur, Raheja Universal, Ajmera, Atul. Mahindra Lifespaces, Goel Ganga Group, Mantri, Lodha Group, Kanakia, Jaypee, Shanders, Viijcon, Salarpuria Sattva, Right Choice, Puraniks, Radiance, Addis, ICICI Home Loans, Goel Ganga Developments, UKN, A&A, Kanchal and Vinsons.

Indian properties

Indian properties is a real estate marketing consultancy firm based in Mumbai spearheaded by Prasan Thakkar, who is a veteran in the Indian real estate market having 23 years of industry exposure. The company, a part of the Vinsons Group, is backed up by a team which boasts of more than 75 years of combined experience in handling Indian Real Estate sector and NRI investments in various capacities.

Yard Real Estate

Yard Real Estate is a Dubai-based real estate firm registered with the Real Estate Regulatory Authority (RERA). Established by Nishanth Mandody in 1994, the company is active in Dubai's local real estate and now marketing Indian properties to Non-Resident Indians based in the GCC region.

Ireo begins handover of keys in Ludhiana township project

LUDHIANA: Ireo, India's first and one of the largest FDI investors on Indian real estate sector, commenced handover of plots and villas in Phase 1 and Phase 2 at Ireo Waterfront, the 500-acre planned township situated on the Sidhwan Canal Road in Ludhiana.

Villa Handover - Madhukar Tulsi, President Ireo handing over a completed waterfront villa to an Ireo Home owner

Ireo Waterfront Villa Neighborhood

Arrival and Road Infrastructure at Ireo Waterfront

The world-class township comprises high-end villas, apartments, business parks, schools, healthcare facilities and a 5-star clubhouse backed by state-of-the-art infrastructure.

Speaking on the occasion, Madhukar Tulsi, President at Ireo, commented, "We are extremely delighted to announce that a significant milestone has been crossed with the commencement of handover of the first villas and plots in Phase 1 and 2 at this world class 500-acre township. We are thrilled that Ireo's proud owners will soon possess their new homes that are backed not just by top grade township infrastructure but also a lively and comfortable residential environment."

Basic township infrastructure including electricity, roads and security as well as recreational facilities are already in place for the residents who will start moving in to their brand new homes. The entire township receives direct PSPCL grid electrical supply and there is provision for 24-hour power back-up facility in villa neighborhoods that are being handed over.

For easy vehicular and pedestrian connectivity, over 12-km length of internal roads and inter-connecting pedestrian walkways have already been laid out. A 3-tier township security network backed by day and night mobile patrolling, regulated township entry/exit and a 'Suvidha' helpline for all residents, ensure a safe and secure residential environment.

Residents can also indulge in various sports and fitness activities that have been operational since November 2013. Recreational facilities that are fully functional include two lawn tennis courts, two badminton courts, a 5-acre cricket ground and a yoga room. Professional coaching is available and these facilities are open to all the property owners of Ireo Waterfront.

Key Features of villas:

• 12 km of internal road network

• Direct PSPCL grid supply for the entire township

• 24-hour power backup

• Round-the-clock township security

• 15000 sq. mts. of landscaped linear parks

• Fully functional sports facilities - 2 tennis courts, 2 outdoor badminton courts, yoga room and 5-acre cricket ground

About Ireo:
Ireo is private equity fund dedicated to the Indian real estate sector with nearly US$2 bn of funds committed to India. The group has a pan India footprint with a land bank of more than 4500 acres and 23 projects in prime locations across NCR, Haryana, Punjab, Tamil Nadu and Maharashtra under various stages of development and implementation. Recent successful project launches from Ireo have been Ireo Skyon, Ireo Uptown, The Grand Arch, Ireo Victory Valley and Ireo Gurgaon Hills  in Gurgaon and Ireo Rise in Mohali. It is also developing integrated township projects with residential, commercial and retail developments accompanied with amenities such as schools and hospitals in Ludhiana, Gurgaon and Panchkula named Ireo Waterfront, Ireo City and Ireo Fiveriver, respectively.

Ireo has been present in India since 2004 and has evolved as a fully integrated real estate organization. Ireo's team consists of internationally experienced and accomplished Indian and expatriate professionals from diverse backgrounds to lead initiatives and to deliver best in class products and services to their customers.

Chennai localities witness moderate to static realty growth: NHB

Chennai: According to a National Housing Board (NHB)’s report, Chennai real estate market has seen a moderate growth in key areas during the months of October-December 2013 and has clocked an overall 3.77 per cent growth during the period.

NHB’s Residex for the quarter ended December 2013 has indicated that the southern metropolis has scored 330 points compared to 318 during the previous quarter in the 100-scale index.

While Perambur; Choolai, Edapalayam, which comes under Zone 2 and Ashok Nagar; Thyagaraya Nagar; Saligramam, which comes under Zone 8 have recorded more than 10 per cent growth in property prices in one singe quarter, Ayanavaram; Purasawalkam; Kolathur of Zone 4, Chetpet; Egmore (Zone 7), Dr Radhakrishnan Nagar (Zone 1) and Kodambakkam, Guindy and  Chromepet (Zone 9) did not show any appreciation in capital value during the record period, says the report.

To assess the growth of property value in various parts of Chennai, NHB has divided the city into ten zones.

Mylapore,  Adyar,  Velachery and Thriuvanmiyur, which form several posh localities, have recorded moderate growth during the period.

Chennai builders urge single window for fast approvals

The inordinate delay in getting government approvals to build residential apartments in Tamil Nadu has resulted in cost overruns and increase in property prices, blame leading builders and bodies, in Chennai, who have appealed to the state government to introduce a ‘single window clearance system’ to issue permissions for building apartments in the state.

Citing the presence of such system in other southern states and its successful implementation, they urged the state to have such facility, which they said, would benefit the sector immensely.

Recently, a few builders from Chennai affiliated to Confederation of Real Estate Developers’ Association of India (CREDAI) and Builders Association of India (BAI) have met state housing minister R Vaithilingam and submitted their grievances. They wanted the government to scrap the mandatory NOC from multiple government departments, and instead suggested setting up a single location or agency.

Builders were vocal about the delay in receiving planning permission and said that the delays along with red-tapism and high cost of construction material are affecting the industry’s growth.

Referring to the successful implementation of such system in Pune, Bangalore and Hyderabad, Sandeep Mehta, MD of Jain Housing and President, CREDAI Chennai, said, certain approvals have become outdated today.  “The practice of getting NOC from traffic police should be done away with as builders include provisions of Development Control Rules relating to parking,” he said.

Ram Prabhu of BAI said in some states like Bangalore and Pune, the time taken to issue approval is not more than two months. This facilitates to complete the project in time and also builders can pass on the benefits to end-users.

He blamed the inordinate delay in issuing approvals for high construction cost. “For exaple, the Chennai Metropolitan Development Authority (CMDA) would take as long as two years in certain cases,” he pointed out.

Emphasising the need for faster approval of building plans, which ultimately benefit the end users, director of Doshi Housing, Mehul Doshi, said, “The biggest stumbling block is the time-consuming and complex approval process. Even if one applies with necessary papers, it would take 6 to 24 months to get all approvals depending upon the size and type of the project. Also, we will be kicked around from one department to another for NOC and other clearances. A single window model is what we are looking for faster approvals, which will create adequate supply in the market and keep a check on the spiraling prices.”

T Chitty Babu, Managing Director of Akshaya Homes, said, “Due to inordinate delays construction cost goes up between Rs 400-500 per sq ft, which has to be passed on to end users.”

Denying any laxity from their part, CMDA officials said they had issued planning permissions to 549 special buildings in 2012, 528 in 2013, 88 multi-storey buildings in 2012 and 75 in 2013.

“Some of the approvals were issued in less than two months and CMDA’s transparency was for all to see,” an official added.

CII organises green infrastructure seminar in Chennai

The Confederation of Indian Industry (CII) Chennai Zone in association with Indian Green Building Council (IGBC), Chennai Chapter is organising a seminar on "Green Infrastructure" on 21 February at Hotel ITC Grand Chola in Chennai.

The session, to be attended by eminent personalities and builders, will discuss among other things, “ingredients” necessary for solving urban and climatic challenges by building with nature, storm water management, climate adaptation, less heat stress, more biodiversity, better air quality, sustainable energy production, clean water and healthy soils, as well as the more anthropocentric functions such as increased quality of life through recreation and providing shade and shelter in and around towns and cities.

This session, to begin at 12.30 pm, is also supported by Indian Institute of Architecture, Tamil Nadu Chapter, Chennai.

The objective of the seminar is to create awareness on the need for green buildings and communities – planning, policies and implementation. The half-day session will have panel discussion on regulatory aspects, Case study & experience sharing session.

Eminent speakers at the session are: Dr K Karthikeyan, Joint Chief Environmental Engineer, TN Pollution Control Board, Pankaj Kumar Bansal, IAS., Managing Director, Chennai Metrol Rail Ltd, P Chandramohan, IAS., Managing Director, Chennai Metropolitan Water Supply and Sewerage Board, C N Raghavendran, Chairman, IGBC, Chennai Chapter & Architect, C R Narayana Rao, Architects & Engineers, Sheila Sriprakash, Chief Architect, Shilpa Architects Planners & Designers, Ajit Kumar Chordia, Vice Chairman, IGBC, Chennai Chapter & CEO, Olympia Tech Park Limited, T Chitty Babu, Chairman & CEO, Akshaya Pvt Ltd, R Kumar, Founder & Managing Director, Navin Housing & Properties Pvt Ltd and S Chandru, Chief Operating Officer, Mahindra World City Developers Ltd.

Construction equipment sector welcomes duty cut

New Delhi: Facing a severe drop in demand due to slow execution of infrastructure projects, construction equipment industry has hailed the two per cent cut in excise duty announced by Finance Minister P Chidambaram in the

interim budget announced on Monday.

However, the industry said a four per cent reduction in the duty would have been more apt given the size and importance of the segment, a PTI report said quoting industry sources.

"We as the construction equipment industry are happy with the cuts announced... However, given the importance of the industry, the capacities already created and its ability to generate more employment and entrepreneurs, excise duty

reduction should have been higher, to the tune of four per cent," Indian Construction equipment Manufacturers Association (ICEMA) President Amit Gossain said.

Reacting to the Interim Budget announcement by finance minister P Chidambaram, ICEMA said the move "will certainly help this important industry that helps build infrastructure and is down by over 30 per cent in the last couple of years."

Excise duty on capital goods, which includes bulldozers, graders, road rollers and consumer 

durable goods has been proposed to be lowered to 10 per cent from 12 per cent. The rates are effective up to June 30, 2014.

Finance Minister P Chidambaram has also said in his budget speech, "To encourage domestic production of specified road construction machinery, I propose to withdraw the exemption from CVD on similar imported machinery."

The ICEMA has asked the government to implement relief measures saying the "industry has already witnessed a negative growth of over 30 per cent during the past two years and is recording new lows every month in sale of equipments."

It had demanded excise duty cut on earthmovers and construction equipment in order to help survive the adverse scenario, saying the severe slowdown in demand has led to glut of inventory of equipments with the manufacturers and its

authorised dealers.

It said the situation has reached a stage that is forcing industry players to resort to periodic shutdown at their manufacturing facilities.

Meanwhile, leading construction firm L&T said the excise duty reduction is for a limited period and sustained initiatives were needed to boost the sector.

"Excise duty reduction for capital goods while being a positive, has a limited shelf life till perhaps June 14," Larsen & Toubro (L&T) said in a statement.

Measures to boost the health of manufacturing sector in general and capital goods in particular would require sustained initiatives over the next several years, it said.

"Thrust to skill development, infrastructure and likely increase in capex spends of PSUs will aid recovery of capital goods industry," it added.