DIPP moves to sell salt lands to states, PSUs at market rates

As per latest news, the Commerce and Industry Ministry is planning to sell the vast chunk of idle salt land to public sector enterprises or state governments at market rates so that it can be utilised for productive purposes.

The Department of Industrial Policy and Promotion (DIPP) has floated a draft Cabinet note on the matter seeking views of different ministries. “About 60,000 acres of salt land are in different states. Some land has been encroached, some are into litigations. The idea is to distribute the land to government departments or to sell it to PSUs or states at market rates,” an official said.

Source: The Economic Times

Noida-Greater Noida to construct 4 additional bridges across River Hindon

As per latest news, in an attempt to enhance connectivity between the cities of Noida and Greater Noida, the twin authorities have in principal approved the construction of four new bridges across the River Hindon. These facilities will not only bring the two cities closer but also provide connectivity to Faridabad, Ghaziabad and Delhi. A joint meeting was held between senior officials of Noida ad Greater Noida last month and the project was to seek an approval from the joint Board meeting to have been held on Monday, Oct 3, which has now been postponed, officials said.

Source: The Times of India

Manesar land scam blew lid off govt nexus with private builders

As per the latest news, the CBI raids at the residences of former Haryana CM Bhupinder Singh Hooda and several bureaucrats on Saturday point to what an official described as the “brazen way” in which government officials and builders colluded to enable the latter to buy land from farmers at dirt-cheap rates.

“The then government followed a devious modus operandi of first issuing notifications with the intent to acquire land for public purpose, creating a sense of fear among the farmers that they would end up getting low compensation. The builders used this to trap farmers to sell their land at much less than the market prices. The notifications were cancelled soon after the land was acquired,” an official said on the condition of anonymity.

On October 3, 2007, TOI had first exposed the episode with a report describing how the decision had put paid to a plan of Haryana Industrial and Infrastructure Development Corporation (HSIIDC) to provide housing facilities for poor industrial workers. Even HSIIDC officials had suggested foul play in the case.

Source: The Times of India , The India Post , ET Realty

CMDA seals three buildings that violated rules in George Town

As per latest news, cracking the whip on illegal constructions, the Chennai Metropolitan Development Authority (CMDA) on Friday sealed three multi-storey buildings in George Town area.

While two of the the ground-plus-two-floor buildings that faced the axe are at Anna Pillai Street, the third is at Coral Merchant Street in Mannady. “These buildings got approvals for certain number of floors, but violated it during construction,” a CMDA official said. The sealing procedure was completed around 8.30am. While the two buildings at Anna Pillai Street were under construction the one in Mannady houses at least four offices that deal with shipping business. It is a five-storey structure with each floor having 3,000 sqft of built-up area. Employees who visited their offices were in for a shock as the building was shut for access.

Source: The Times of India , The Indian Express

Four extra work hours leave Mumbai builders happier

As per the latest news, new hours have speeded up work by over 10%, with developers also gaining on account of lower interest cost as projects are likely to be completed faster. Home buyers in Mumbai can now expect delivery of their homes faster owing to a recent government directive that has allowed construction work on building projects between 6 am and 10 pm, an effective extension of four hours every day.

These extended construction work hours, permitted as part of the state’s ‘ease of doing business’ initiative, from earlier stipulated timings of 7 am to 7 pm, has expedited construction activity by over 10% in the city. In addition to this, developers are also expected to gain on account of lower interest cost as the project is likely to be completed faster.

“The decision to increase work hours by the civic authority is directed towards faster delivery of projects and will provide momentum to the construction activities. This will drive deliveries of the projects and help develo pers avoid consumer issues that may arise with delays. Timely delivery of the project will also help in reducing the cost of servicing debt over the project’s life cycle,” said Harleen Oberoi, managing director, project management, India, Cushman & Wakefield.

Source: The Economic Times

Parsvnath Developers tells SC it hand over flats despite financial issues

As per the latest news, Parsvnath Developers Limited today told the Supreme Court that they were in a serious “financial difficulty” as they have suffered loss of around Rs 400 crore last year but they would hand over possession of flats to buyers within a year in its delayed project at Ghaziabad near here.

The firm, which was asked by the apex cousumer commission in May this year to refund money to 70 buyers who had booked flats in Parsvnath Exotica project, told a bench of Justices Dipak Misra and C Nagappan that they would make sure the flats are delivered to the customers. “The company is in a serious financial difficulty. We have suffered a loss of Rs 400 crore last year. We will make sure that possession of flats are delivered to the consumers,” the counsel appearing for the real estate firm, said. The counsel said the order, like the one passed by the commission, would “amount to a mad rush and everybody will come to get the money back.”

Source: The Economic Times

Gayatri Proj Q1 profit up 51% at Rs 16.14 cr

As per latest news, infrastructure company Gayatri Projects saw a rise of 51 per cent in net profit to Rs 16.14 crore for the first quarter ended June 30, on the back of increased income. The company had reported a net profit of Rs 10.69 crore in the corresponding quarter of the previous fiscal, it said in a BSE filing.

Total income from operations during the quarter rose to Rs 432.44 crore as against Rs 405.09 crore a year ago. Total expenses also increased to Rs 381.13 crore during the quarter, while expenses during April-June 2015-16 stood at Rs 356.61 crore. Gayatri Projects is the flagship company of diversified Gayatri group that has interests in infrastructure, power, hospitality and real estate.

Source: Business Standard , Money Control, India Today

NITI Aayog for releasing funds to revive construction projects

As per latest news, the NITI Aayog is looking to revive the construction sector by working out a plan to remove hurdles for projects where contractors are locked in arbitration with government agencies.

The government think-tank is readying a proposal through which funds would be released to banks in cases where there is unanimous award in favour of a contractor. In these cases the plan is to release 75% of the funds to the banks, which can be used for reducing the loans extended to the companies. Alternatively, it can be released to the contractor for use in projects. “We do not want to wait for the appeal to be settled because it often takes time. This will help release funds and revive stalled projects,” said an officer, who did not wish to be identified. Close to Rs 3.6 lakh crore is locked up in such cases and banks will see their performance improve even if a part of the funds are released.

Source: The Times of India

Supertech enters healthcare, spending Rs 100 crore on setting up 100-bed hospital in Noida

As per latest news, Noida-based real estate firm Supertech has said it will set up hospitals in its integrated township projects and in the first phase it will spend Rs 100 crore to open a 100-bed super specialty hospital in their residential project Cape Town in Sector 74, Noida.

“This will be followed by the launch of three more Hospitals over the next three to four years with an investment of Rs 200 crore,” the company said in a statement.The company has already started construction for its first hospital and it is likely to be completed by May 2017. “With the primary objective of providing world class healthcare services, the company will install top quality healthcare facilities in the hospital. The first hospital by Supertech will be well-equipped with state-of-the-art technology, best infrastructure and a team of specialists to address the needs of patients,” the company said.

Source: Live Mint

Aadhar Housing Finance’s merger with DHFL Vysya gets CCI nod

As per latest news,Fair trade regulator CCI has approved the proposed merger of Dewan HousingBSE -1.25 % group companies — Aadhar Housing Finance and DHFL Vysya Housing Finance. Under the deal, Aadhar Housing Finance would be merged with DHFL Vysya and the latter would be the surviving entity.

Competition Commission of India (CCI), which keeps a tab on unfair business practices, has given its nod to the proposed merger, as per the regulator’s website.

Both Aadhar and Vysya are subsidiaries of Wadhawan Global Capital (WGC). Post merger, WGC would hold more than 50 per cent stake in the resultant entity, according to the submission made by the companies to CCI. Both the companies are primarily engaged in the business of providing housing finance to customers for construction and purchase of residential property and loans against property.

Source: The Economic Times, Moneycontrol.com