IIM-A Gets a New Dean from Harvard

As a sign of change, Harvard professor Ashish Nanda will take over as director of IIM Ahmedabad. He is the first academician from an overseas institute to head any of the 13 IIMs.

Nanda, an IIM-A alumnus himself, is the Robert Braucher Professor of Practice at Harvard Law School. Rakesh Basant and G Raghuram, both part of the IIM-A faculty, were shortlisted too.

Nanda has been teaching at Harvard for 13 years. An electrical engineer from IIT Delhi, he earned a postgraduate diploma in management at IIM-A in 1983, followed by a Masters degree and a PhD in economics from Harvard. He started his academic career with Harvard in 2000 as an assistant professor. Another potential change is in the salary: An IIM director currently gets around Rs 20 lakh a year, while top jobs in Ivy League colleges pay between Rs 1.5 crore and Rs 3 crore.


Read more: http://forbesindia.com/article/checkin/iima-gets-a-new-dean-from-harvard/35951/1

Unitech group company UCP in talks with Blackstone, GIC to sell SEZ

NEW DELHI: Unitech Corporate Parks, a Unitech group firm listed in London, is negotiating with the private equity firm Blackstone and Singapore's sovereign wealth fund GIC to sell its IT special economic zone (SEZ) in Gurgaon for about Rs 2,700 crore.

Unitech Corporate Park (UCP), which is listed on the AIM of the London Stock Exchange, is developing an IT SEZ 'IST Infospace Gurgaon' with leasable area of 3.6 million sq ft.

UCP holds 60 per cent in this project, while realty firm Unitech has the remaining 40 per cent stake.

"Our most advanced development G2 (IST Infospace Gurgaon) has been marketed by Jones Lang LaSalle. We have received strong interest and following a first round of offers are now engaged in negotiations with the two leading parties," UCP said in a statement while declaring its annual result.

Sources said that the two leading parties are Blackstone and GIC and the deal could be finalised by end of next month.

A Unitech spokesperson declined to comment on the development.

Apart from these two firms, investment firm Xander group, Canada's pension fund CPPIB, Kotak Group and Maple Tree had also participated in the bidding process.

UCP raised about 360 million pounds by issuing and placing its Ordinary Shares on the AIM of the London Stock Exchange in December, 2006. It had invested in six commercial projects in India in partnership with Unitech, of which five are in the national capital region and one in Kolkata.

UCP has 60 per cent stake in these 6 properties while Unitech has 40 per cent. That apart, Unitech holds 12-13 per cent stake in UCP directly.

Unitech is expected to garner Rs 1,100-1,200 crore from this deal and the amount will be used to retire debt and fund construction of projects.

"Our most advanced project G2 is approaching physical completion and has been marketed to major international investors, and we are in detailed negotiation with two. We hope this will be the first and substantial realisation of value from UCP's development programme," UCP Chairman Donald Lake said.

UCP continued to make good progress in letting space in the second half of year to 31 March 2013. The total office area leased, or subject to binding pre-lease commitments, has increased from 6 million sq ft in March 2012 to 6.61 million sq ft till July, 2013.

UCP's NAV has increased by 11 per cent to £207.9 million (58 pence per share) at 31 March 2013 compared to £187.1 million (52 pence per share) at 31 March 2012.

source:- http://economictimes.indiatimes.com/markets/real-estate/news/unitech-group-company-ucp-in-talks-with-blackstone-gic-to-sell-sez/articleshow/21937787.cms

MCD waives penalty, interest to recover property tax dues

NEW DELHI: With MCD property tax worth crores of rupees due against various government and private organisations, the civic body has now offered immunity till November 30, waiving penalty and interest on payments under a new settlement scheme to benefit thousands of residents.

"The long-awaited scheme of settling property tax arrears with immunity of penalty and waiver of interest has started from August 19 and the scheme will continue till November 30 this year," chairman of the high-powered property tax committee, North Delhi Municipal Corporation, Rajesh Bhatia said.

He said property tax worth crores of rupees is due against various government and private organisations and the department is making efforts to collect it

The chairman said that necessary directions have been issued to all property tax offices for effective implementation of this scheme and advertisements have been published in all major newspapers to inform property owners about the same.

"This scheme will benefit four types of property owners - ex-parte assessment under old rateable value system; rateable value already determined on merit; unit area method and those whose cases are pending in courts and are willing to resolve them out of court," North Delhi corporation public relations officer Yogendra Singh Mann said.

Bhatia also informed that under this scheme, property tax will be accepted only through pay-order or demand draft. Besides, if any property owner feels that his case is being dragged deliberately or is being harassed, complaint can be made directly to him, he said.

He said "a property tax settlement scheme has been brought for the first time for Unit Area System cases after its implementation in 2004. Pending property tax under unit area system can also be disposed off under this new scheme".

Mann said the scheme has been started following a feedback from citizens.

"On the basis of the feedback received from citizens, it has been found out that property owners want to pay their property tax but are not satisfied with the assessment orders passed against their properties.

"Property owners also believe that much higher amount of tax is levied on their properties and hence they choose not to pay the property tax," Mann said.

source:- 

Property prices up by 15 per cent in Delhi-NCR: Report

NEW DELHI: Property prices have increased by an average 15 per cent in the Delhi-NCR during Apri-June quarter of this fiscal against the year-ago period, according to a report.

In Delhi-NCR, Gurgaon Sector-54 saw the highest appreciation in property prices of about 87 per cent during April-June 2013 over April-June 2012, the company said in a statement.

"Delhi-NCR region continues to witness an increase in property prices with 15 per cent year-on-year property appreciation seen in Q2-13 when compared to Q2-12," it said.

The appreciation is however lower than the previous quarter, which saw 20 per cent rise in property prices.

Housing rentals in the Delhi-NCR region have also gone up by an average of 5 per cent in April-June period of 2013 when compared to the same period a year ago.

The property prices and rental rates have been progressing in Delhi-NCR over the year with Gurgaon specifically keeping up with the momentum. Noida and Faridabad are also realising the benefit in price and rentals owing to increased connectivity with Delhi and affordable housing projects.

In Delhi, the portal said that Narela & Mahavir Enclave have emerged with strong price appreciation by 44 per cent and 39 per cent, respectively.

A few localities in South Delhi continue to see a price correction in property price.

Saket in particular has seen a dip of 14 per cent in this quarter from 6 per cent decline in last quarter, followed by Defence colony and C R Park also witnessing the decline by 9 per cent and 6 per cent, respectively.

source:- http://economictimes.indiatimes.com/markets/real-estate/news/property-prices-up-by-15-per-cent-in-delhi-ncr-report/articleshow/21919142.cms

Puravankara set to launch Rs 350 crore property in Bangalore

BANGALORE: Realty major Puravankara ProjectsBSE -4.01 % today said it is set to launch Rs 350 crore property 'Purva Skydale' near Sarjapur main road, a hub for Bangalore's IT industry.

Purva Skydale is spread across 4.26 acres, and entails 314 'Maravilloso' homes, Puravankara said in a statement.

2 BHK apartments are sized between 1341 to 1371 sqft and 3 BHK between 1700 to 1929 sqft. The property is priced between Rs 4491 to 4995 per square foot, it added.

City-based Puravankara, a BSE listed company has significant presence in Bangalore, Kochi, Chennai, Coimbatore, Hyderabad, Mysore and overseas in the United Arab Emirates, Kingdom of Saudi Arabia and Sri Lanka.

The company has successfully completed 41 residential and two commercial projects encompassing 16.52 million sq ft.

Currently, it said, it has 28.04 million sq ft of projects under development with an additional 81.57 million sq ft in projected development over the next 7-10 years.

source:- http://economictimes.indiatimes.com/markets/real-estate/news/puravankara-set-to-launch-rs-350-crore-property-in-bangalore/articleshow/21938058.cms

Cyber city of Gurgaon rules the realty roost

Delhi/NCR

Gurgaon and Manesar continue to be the hub of real estate activities in the NCR region. Despite the slowdown in the economy, demand for residential and commercial real estate in these sub-cities has not been affected appreciably.

Now, developments in these parts are extending all the way till Dharuhera along NH-8, Sohna along Sohna Road, and Pataudi along Pataudi Road.

However, the total distance from Delhi to these new developing zones is prohibitive, from the perspective of a daily commuter. But what is happening in these towns and cities is that these destinations are no more a residential cluster for those working in Delhi — with a number of large corporates opening offices in these areas because of the availability of qualified personnel and high-quality real estate space, these areas have turned into self-sustained urban agglomerations.

In fact, Gurgaon and Manesar, which are together known as Greater Gurgaon under the new master plan, have acquired the critical mass for self-sustainable development. These areas have world-class residential units, schools, hospitals, malls, and all the other lifestyle amenities for modern, urban life.

A number of large players like Godrej, Tata Housing, Mahindra Realtors, and Sobha Developers have entered the market here. Apart from them, a number of realty majors like DLF, Unitech, Emaar, Raheja, Ireo, Vipul, Vatika, M3M, Puri Construction, ATS, Supertech, Assotech, Orris, Ramprastha, etc, have already launched projects in the area.

A large number of Fortune 500 companies, BPO and ITeS companies, too, have opened offices in the millennium city. Because of this, Gurgaon offers both an opportunity to have a good job as well as a good residential accommodation to people looking for challenging jobs and quality life. Thus, the demand for commercial real estate space and the demand for residential units feed upon each other.

Interestingly, despite the slowdown in the economy in the last couple of year, there is no visible slowdown in the demand for commercial space in the sub-city, which has further kept the demand for residential units alive.

RICS India says in a report: “Sentiments towards commercial real estate investment remains favourable, as India’s economy shows itself to be less vulnerable to the overall slowdown as compared to other Asian economies.”

An independent organization, RICS acts in the public interest, upholding standards of competence and integrity among its members and provides impartial, authoritative advice on issues affecting business and society.

According to the report, the capital value of commercial real estate in Gurgaon region is likely to move up. While investment enquiries remained stable since the previous (Jan-March) quarter, it is expected that capital values and transactions will continue to edge upwards as the year progresses, the RICS report said. And investments and prices are both likely to remain in the positive territory in the coming quarters across retail, office, and industrial segments.

However, along with signs of sluggishness in the economy, the commercial sector is facing challenges like lack of funding for building more projects, inflated prices, excess inventory across large cities, and delays in obtaining building approvals.

Despite these hurdles and the slowdown in the economy, the mood of investors is positive as there is a sense of stability due to the recent policy measures like the opening of retail sector for foreign direct investment. The retail sector is forecast to grow because of this announcement. On the rental side, values appear to be moving higher despite some oversupply resulting from the completion of a series of projects sanctioned before the downturn in the economy.

These clearly suggest that the number of new offices that are going to come up in the area is not seeing any slowdown in the region. However, there is some problem for the occupier side. “The occupier side of the market is a little more challenging with the flatter trend in occupier demand reflective of the more mixed macro picture. However, for the time being, rent expectations remain positive, which may be partly linked to the subdued trend in development over the past few years,” Simon Rubinsohn, chief economist of RICS, said on the findings of the report.

However, there is expectation that as soon as the economy is back on a high growth trajectory of over 6%, demand from the occupier side will pick up. There is an expectation that the Indian economy will be back on high growth by the next fiscal year. This will also drive the demand for residential real estate. As most of the projects launched take around three years to complete, an investor today can reap handsome benefits when he gets the possession of his property after three years.

A number of corridors are being developed in the area, where developers are selling their p ro j – ects at around Rs 4,000 per sq feet to Rs 6,000 per sq feet. However, these areas are at a considerable distance from the Delhi border, but that is not going to affect the price appreciation if there are enough commercial activities coming up there.

In the previous slowdown, in 1999-2003, property prices continued to remain sluggish. But as soon as the economy turned around and grew at around 7% in 2003-04, property prices started looking up. And after that, as the economy continued to grow at around 8% over the next five years, property prices in the NCR jumped up tenfold.

Therefore, economic slowdown, when property prices remain subdued and developers are open to hard negotiation on the prices of their products, provides a good opportunity to invest in the real estate. But, before investing in a project of a developer, one must check their credentials. One should also find out, whether the developer owns the land for the development or not. It is also advisable to check beforehand all the approvals that the developer required to start a project.

In fact, it is better to take a loan from a bank to buy a property. Before lending on a property, banks check all the necessary approvals and permissions from various authorities necessary to start that project. This saves you from a good deal of hard work!

Source: Times Property, The Times of India, Delhi/NCR

source:- http://content.magicbricks.com/cyber-city-of-gurgaon-rules-the-realty-roost/

Dwarka-Gurgaon Expressway on its way to hottest realty market

Delhi/NCR

Construction of the Dwarka-Gurgaon Expressway project is on full swing and it is expected to be completed in the next six months. More than 33,000 houses, with an approximate sale value of Rs 8,000 crore are under construction along different sectors of Dwarka-Gurgaon Expressway; of this, around 30,000 houses will be ready for possession in the next one and half years.

With its close proximity to the IGI airport, the Delhi Aerocity Metro station, and the forthcoming Diplomatic Enclave in Dwarka the Dwarka-Gurgaon Expressway area is expected to follow the same growth curve as premium Gurgaon locations like Golf Course Extension Road and NH-8. With the increasing number of corporates operating out of Gurgaon, coupled with the limited availability of mid-segment residences in Gurgaon and Delhi, Dwarka-Gurgaon Expressway is emerging as an attractive alternative for investors and end users.

Dwarka-Gurgaon Expressway is now registering huge real estate development with developers taking advantage of the planned infrastructural development in and around the developing sectors along this stretch.

A number of top realty players like Chintels Group, ATS, Vatika, Puri Construction, Assotech Ltd, Godrej Properties, Adani, Tata Housing, Sobha Developers, Raheja Developers, CHD Developers, Micortek Infrasturctures Pvt Ltd, BPTP, Satya Group, Spaze, Paras, Ansal Housing, etc, are already developing projects along this stretch.

Progress of construction of NPR

Dwarka-Gurgaon Expressway, also known as NPR (Northern Peripheral Road), is a project of the Huda (Haryana Urban Development Authority); this is expected to ease the traffic rush on the operational Delhi-Gurgaon Expressway (Delhi-Jaipur Highway). Out of the total 18km length, black-top work of nearly 13km-length has already been completed.

Dwarka-Gurgaon Expressway is the state government’s widest ever (150 metres) expressway project – it connects NH-8 at Kherki Daula to Dwarka. It is expected that the project will be completed speedily, as 600 acres from a total of 630 acres earmarked for the project have already been acquired.

The problem of high-tension power lines has also been sorted out between Huda and the power company with all the high-tension power lines having been shifted underground. Now Huda is concentrating on legal issues and most of these have been resolved and the work of removal of illegal structures is going on at different sites.

Sanjeev Srivastva, MD of Assotech Limited, says: “Traditionally, major road projects were the prerogative of the government; however, the developers (under the umbrella of Credai, NCR) working on NPR have joined hands with the state government, and the results are telling. There has been tremendous progress on this road from Delhi till NH-8. People who have invested in realty projects on this stretch can now rest easy, as the road is now a certainty, and it will change the market scenario of this region to a great extent.”

Development authorities have already started feasibility reports for four new flyovers, which have been planned at the intersections of the Pataudi Road near Sector 88, Farrukhnagar Road near Sectors 100 and 101, Daulatabad Road near Sectors 104 and 105, and another road crossing NPR near Sectors 110A and 111 at Bazgera. Huda will get this report within a month, sources said.

Why Dwarka Gurgaon Expressway

The completion of Dwarka-Gurgaon Expressway will give a huge boost to the prospects of the real estate sector in this area, as properties that come up near highways or expressways get a tremendous response from investors. Prashant Solomon, MD of Chintels India Ltd and member of Credai NCR’s governing council, says: “We sincerely hope that the Dwarka Expressway will be completed on time as we developers plan our projects according to a specified time schedule and delivering them to our customers is our priority. Also, wherever possible, we put in tremendous effort in developing infrastructure in and around our complexes and townships.”

Nikhil Jain, CEO of Ramprastha Group, says: “Dwarka-Gurgaon Expressway is one of the most important roads in the region. Work on the project is on at a good pace in the last one year. The completion has been delayed due to court hearings on some parcels of land. Other than those land parcels, a six-eight lane black-top road has been built. It is also true that delay in completion has caused problems for customers and developers, as the promised connectivity is yet to come up.”

Ajay Aggarwal, MD of Microtek Infrastructure Pvt Ltd, says: “Work on and near Dwarka Expressway is moving in the right direction. Like any other big-ticket infrastructure project, it also faced some delays, but thanks to the combined efforts of all the stakeholders, it has picked up momentum lately. In the near future, property market around Dwarka Expressway or New Gurgaon will become premium destinations.”

Realty projects & future growth

Chintels Group has 500 acres of land bank on Dwarka-Gurgaon Expressway. The group plans to systematically develop the area by building townships, group-housing projects, IT park, commercial, retail, and hospitality projects, and a professional campus. They have named this Chintels Metropolis; this 153 acre umbrella development has projects like International City by Sobha Developers and Chintels Paradiso, a group-housing project on 12.3 acres in Sector 106, 108, and 109. Puri Construction is developing two high-end luxurious projects, Diplomatic Greens and Emerald Bay, in Sector 104 and Sectors 110-111, respectively. Diplomatic Greens is a 20 acre residential, gated property that’s part of an 82 acre master plan of mixed development inclusive of hospitality, retail, and commercial spaces. The property‘s upscale units comprise 15% ground coverage with up to 85% being green landscaped area.

Arjun Puri, director of Puri Constructions, says: “Diplomatic Greens is an iconic property on Dwarka-Gurgaon Expressway. This stretch at a width of 150 metres is double the width of NH-8. This will make commuting between South Delhi and Gurgaon a whole lot easier. The Northern Peripheral Road starts from Dwarka connecting the new growth centers of Delhi, Gurgaon, and Palam Vihar, while joining NH-8 near Kherki Dhaula; it is developing as a new realty hub and will offer luxurious high-end as well as middle-range housing.”

ATS Group has ATS Kocoon and ATS Tourmaline in Sector 109. The group launched ATS Marigold in Sector 89A, which offers 2-, 3- and 4BHK luxury
apartments with a floor area of nearly 1,700-2,500 sq ft. ATS Tourmaline offers 3-and 4BHK apartments of 1,800-2600 sq ft.

Getamber Anand, CMD of ATS Group, says: “The new residential projects are highly affordable and have been meticulously designed in well-planned developing sectors along Dwarka-Gurgaon Expressway. NPR has become one of the hottest realty spot for real estate development.”

Raheja Group has three group housing projects, Raheja Shilas, Raheja Vedaanta, and Atharva in Sector 109; these offer 3- and 4BHK luxury units in different sizes. Assotech Ltd is developing an ultra-luxurious villas and group-housing project, Assotech Blith, in Sector 99 on Dwarka-Gurgaon Expressway. Satya Group has The Hermitage, a residential group-housing project, located in Sector 103 on Dwarka Expressway. Hermitage is over 10.2 acres and caters to the luxury segment; its USP is connectivity.

Residential property of Dwarka-Gurgaon Expressway, especially in areas like Sectors 103-106, 109 to 113, is estimated to appreciate by 108% over the next five years. Nearly 18,649 residential units were launched along here since 2007.

Fast connectivity and proximity to the proposed Diplomatic Enclave in Dwarka will significantly benefit Dwarka Expressway, placing it high on the investment-return scale. Projects that were quoting at Rs 2,500 per sq ft in 2010 are quoting at Rs 5,000-7,500 per sq ft now, for multistory residential units.

NRIs, too, are showing interest in this area owing to the handsome appreciation of property here, especially in realty projects in developing areas like Sectors 99, 99A, 104, 106, 108, 109, 110, 111, etc, along Dwarka-Gurgaon Expressway. This area has also emerged as a prominent destinations for IT-ITeS outsourcing and off-shoring hubs with 22.3 million sq ft of new office supply expected by 2017 and about 48 million sq ft of office space stock to be added during 2012-2017.

Source: Times Property, The Times of India, Delhi/NCR

http://content.magicbricks.com/dwarka-gurgaon-expressway-on-its-way-to-hottest-realty-market/

Height of houses on DDA’s agenda

Delhi/NCR

Delhi Development Authority is expected to review its proposal for an increase in height by 2.5 metres of residential houses to allow for stilt parking in its meeting on August 12.

Sources said the proposal has been presented for objections and suggestions and will come up in August 12th’s meeting. Officials said that the Master Plan of Delhi 2021 allows a maximum height of 15 metres for buildings at present. However, there are plans to amend the rules and raise the cap to 17.5 metres which will be applicable to those buildings that go for stilt parking on the ground floor.

The proposal is part of an amendment to the Master Plan for mid-term review. It was first raised during the tenure of former Lieutenant Governor Tejendra Khanna, who recommended that buildings that have a provision for stilt parking be allowed a height of 17.5m, and will be taken forward by the new LG, Najeeb Jung. The amendment would be particularly beneficial in case of four-storey buildings where it is hard to accommodate stilt parking under the current 15m limit. By relaxing the cap, people would be encouraged to build stilt parking, which would help tackle the lack of parking space in most residential colonies, a source said.

Other items on the agenda include allotment of EWS houses and redefining zone O in order to facilitate regularization of a number of unauthorized colonies located there. The proposal has been widely criticized by environmentalists and river experts who say it would have a devastating effect on the Yamuna.

Source: The Times of India, Delhi/NCR

Owners of Gujarat Housing Board houses rush to apply

Ahmedabad

Residents of thousands of Gujarat Housing Board (GHB) houses across the state that have constructed extra rooms are also making a beeline outside various zonal offices of municipal corporations in the state.

It was only 25 days ago that GHB had come out with a circular stating that the impact fee calculated for the extra construction in GHB houses will factor in the prevailing Jantri rates in the area. For almost one and a half years there was no clear direction from the GHB over calculation of impact fees for GHB made houses.

“GHB is not giving any NOC to any of the occupants. The AMC denies to accept our applications. We’ve just attached documents pertaining to the property and the building plan and the extra construction made as part of our declaration,” said Narendra Munshi, a resident of Naranpura area.

Senior AMC town planning officials advice that one should file the applications right away as the process of the impact fee will take one and half years. “One can make additions and submissions during this time. For now the applications are necessary,” said an official.

Source: The Times of India, Ahmedabad

source:- http://content.magicbricks.com/owners-of-gujarat-housing-board-houses-rush-to-apply/

Three reasons to invest in Majiwada

Mumbai

Located off the Thane-Ghodbunder Road, Majiwada is one of those locations where residential real estate market is riding high on connectivity. Experts say that the area is expected to drive significant residential demand in the coming years. Apart from enhanced connectivity, social infrastructure and comparatively lower prices has gradually rendered Majiwada a prospective residential option for home seekers.

Connectivity

Majiwada is surrounded by three important roads namely Ghodbunder Road, Eastern Expressway and Thane-Bhiwandi Road. “There are three flyovers under construction at present in Majiwada. One of these would reduce travel time to Mira-Ghodbunder Road while the second one leads to Eastern Expressway which in turn connects to Mulund. The third one connects Majiwada to Thane-Bhiwandi Road,” informs Wasim Akhtar, co-founder, Property Fete.com.

At present, people working in areas such as Borivili, Malad and Kandivili are wary of residing in Majiwada. Travelling to Borivili from Majiwada takes about an hour and above. Since one of the under-construction flyovers ensure connectivity to Mira Road within 10-15 minutes, it would become easier and faster to reach locations such as Borivili and Malad for work. Similarly, the flyover connecting Majiwada to Eastern Expressway would make travelling to Mulund less cumbersome.

Capital Values

Apart from improved connectivity, Majiwada also offers comparatively lower capital values. For instance, buying a house in Majiwada would cost you about Rs 1,000-2,000 per sq ft lesser as compared to neighbouring areas such as Borivili, Malad and Kandivili. “At present, buyers do not prefer Majiwada as it is not easily accessible from other parts of the city. However, once the flyovers are ready, travel time to locations such as Borivili and Kandivili would be reduced drastically. Hence, it would not be a bad option to invest in Majiwada,” says Surendra Yadav, owner, Platinum Properties.

“Capital values vary from Rs 8,000-11,000 per sq ft in Majiwada,” informs Akhtar. On the other hand, values in Borivili, Kandivili and Malad vary from approximately
Rs 11,000-16,000 per sq ft, as per MagicBricks.com.

Social Infrastructure

Another reason that may compel a home buyer to consider Majiwada as a potential residential destination is the availability of social amenities. The locality is popular for malls such Viva City Mall and R Mall, that attract shopping buffs from various neighbouring localities. Moreover, the locality has several educational institutes, hospitals and neighbourhood markets.

source:- http://content.magicbricks.com/three-reasons-to-invest-in-majiwada/