Monthly Archives: December 2012

Sahara’s Bid to Lease Air India- HQ Rejected: Reveal AI

December 21, 2012 – 7:35 pm

Air India slapped Sahara India by casting away its bid. Air India rejected the bid of Sahara on the basis that the real estate firm placed its bid for longer period.

Sahara India had placed its bid for Air India’s landmark headquarters at Nariman Point, Mumbai. Though debt- ridden Air India has plans to lease or monetize its real estate assets to cut off its debts, the national carriers do not wish to lease out the property for longer periods. Air India plans to lease out nearly 20 floors of HQ building at Nariman Point. The national carries will keep the top three floors for its office purposes. Read More »

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ORR Bangalore Termed Most Fertile Commercial Area

December 19, 2012 – 6:55 pm

Outer Ring Road (ORR Bangalore) gives better odds to real estate market Bangalore. A Jones Lang LaSalle India report said that Outer ring road is one of the best performing commercial areas of the city.

According to the latest report of JLL, ORR Bangalore is the best performing commercial area. JLL report also highlighted the rising importance of K. R. Puram – Marathahalli – Sarjapur Road stretch.

JLL’s recent studies show that ORR Bangalore offers better chances for commercial growth. Growth- wise it has become the best performing commercial area in Bangalore. Whitefield is also included in the list yet it stands far behind to the ORR Bangalore. Read More »

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Noida Authority Released Govt.’s 90 Acres from Intruders

December 15, 2012 – 7:09 pm
The Noida Authority, in its furious action against land intruders, recaptured nearly 90 acres of government land.

In a highly furious action against the land intruders, Noida Authority finally recaptured its land worth Rs.10,000 Cr. Nearly 90 acres of land was freed from the land intruders.

The growing importance of Noida real estate market has attracted many real estate builders to this area. With the aim to make a windfall, many ambitious people have started up constructions without completing any legal formalities. The Noida Authority has warned all such builders and developers who have illegal constructions in Noida. Read More »

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CCI Fine Real Estate Firm for Anti-Competitive Practices

December 13, 2012 – 7:12 pm
CCI has initiated probe against a major real estate firm which is alleged of conducting anti-competitive practices. Five other major real estate firms are included in the list.

The Competition Commission of India (CCI) has received many complaints against some major real estate dealers being anti-competitive. Nearly five real estate firms are alleged of anti-competitive practices. All of them have to face CCI- probe now.

The five alleged real estate firms are DLF, Omaxe, Tulip Infratech, JP Associates and Larsen & Toubro. They are alleged of conducting anti-competitive practices.

Sachin Pilot, the Corporate Affairs Minister, informed in the RS- Rajya Sabha that these real estate builders are facing the CCI- probe. He disclosed their names and stated that the CCI has already started its probe against these alleged.

Nearly 15 anti-competitive cases are filed against DLF, Mr. Pilot informed in the RS. The same real estate builder is ordered to pay a fine of Rs.630 Cr. Besides the fine, CCI has also passed a “Cease & Desist” order against DLF.

Competition Appellate Tribunal- COMPAT heard the plea of DLF Ltd on last Sunday. The case against DLF has been unsolved for a longer time. CCI had passed the “Cease and Desist” order on August 12 -2011.

The fine of Rs.630 Cr was imposed on DLF Ltd. only after finding them guilty of conducting anti-competitive practices. The real estate builder was found guilty of violating the codes of abuse of the dominant position in the market. CCI gave the order only when it conducted proper probe in to the matters. The probe convinced the CCI that the DLF Ltd. is guilty.

CCI initiated the probe basing on some complaints filed by two DLF flat buyers’ associations. These flat buyers’ associations complained against the real estate firm which had delayed the project unreasonably.

The real estate firm was alleged of constructing more number of floors than the prior plan. These flat buyers of Gurgaon had been shown an entirely different plan of the projects. CCI has received another petition from the flat buyers of one DLF’s Chennai Project. DLF is accused of abusing “dominant position” in DLF Tower Jasola, their commercial project at Jasola in the NCR too.

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Real Estate Builders Announce Rs.8000 Cr Worth Projects

December 12, 2012 – 7:23 pm

Real estate sector is set to bounce back after its sluggish momentum which the sector has been undergoing for a while.

Real estate majors – Supertech and Ansal API have recently announced their fresh launches. These projects are to be completed with an amount of Rs.8,000 Cr. The real estate majors plan to complete the projects within 4 years.

At the same time some real estate builders are cutting their debts off by divesting their properties. Yet this will not be the case in the coming years. Real estate experts opine that real estate will boom in the coming years. Read More »

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Nokia Head Office Sold to Real Estate Investment Firm

December 11, 2012 – 7:38 pm

Real estate investment firm- Exilion is said to purchase the headquarters building of Nokia. The deal is expected to be fixed for a price of Rs.1218 Cr.

The financial crises of Nokia prompted the leading handset makers to sell their head building at Espoo, in Finland. Nokia faced severe setback from its opponents like Samsung and Apple. The latest reports show that the handset giant has lost its handset market to Samsung. Read More »

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Retail FDI Will Help Mall Owners Fill Vacant Space

December 10, 2012 – 6:12 pm

Retail FDI is expected to help the mall owners to find takers. With the government’s decision to have more Foreign Direct Investment, India has opened the gates to the foreigners. As a result foreigners are now free to run shops in India. This created hopes in the minds of mall owners. Read More »

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Sahara Groups Fail Again to Refund; SC Condemns

December 6, 2012 – 7:13 pm

The Apex Court of India harshly condemned Sahara Groups for their failure. Sahara Groups failed to refund its investors Rs.27000-Crore. Sahara Groups was further ordered to refund the amount within a week by SC.

Sahara India Real Estate Corporation Ltd and Sahara Housing Investment Corporation Ltd (SIRECL and SHICL respectively) had been fined Rs.27000-Crore. These groups were given deadline to recompense 3-Crore investors. SC found out that the SC order is so far not accomplished. Read More »

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Real Estate Builders Exploit Migrant Laborers in Noida

December 5, 2012 – 7:23 pm

Real estate builders raise higher demand for laborers. The shortage of real estate laborers forced Real estate builders to appoint migrant laborers for accomplishing their projects.

Real estate developers point to the shortage of real estate laborers as the main reason for their delayed projects. Real estate sector is the second best employment -provider in India. It stands very close to Information Technology, the top employer sector. Read More »

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Online Media to Cover Reputation of Real Estate Firms

December 4, 2012 – 4:03 pm

Real estate builders now use social media to preserve their reputation. Their reputation is tainted by hostile home buyers who express their negative comments.

Real estate builders expect to shield their reputation by appointing online reputation managers. Many real estate companies have hurriedly appointed online reputation managers. Read More »

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PMO Brands Robert Vadra DLF- Real Estate Scam Clean

December 3, 2012 – 6:44 pm

On another controversial move, Prime Minister’s Office gave clean certificate to Robert Vadra against the Real Estate Scam between Him and DLF.

PMO in its affidavit submitted to the Allahabad High Court stated that the real estate dealings between the real estate developer firm DLF and Robert Vadra are entirely a personal matter. Read More »

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