Rupee weakens 8 paise vs dollar in early trade, over 2-year low

MUMBAI: The rupee depreciated 8 paise to quote at fresh over two-year low of 66.84 against the dollar in early trade on Monday on month-end demand for the American currency from importers and banks. 

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The dollar was firm against major global currencies which dampened rupee sentiment, dealers said. 

Besides, persistent foreign capital outflows affected the market sentiment, but a higher opening of the domestic equity market, capped the losses, they added. The rupee had tumbled by 19 paise to end at more than two-year low of 66.76 against the US dollar in Friday's trade on month-end demand for the American currency from importers and some banks. 

Meanwhile, the benchmark BSE Sensex rose 44.52 points, or 0.17 per cent, to 26,172.72 in early trade.

Source - TOI

Sensex up 44 points in early trade ahead of GDP data

MUMBAI: The benchmark BSE Sensex rose over 44 points to 26,172.72 in early trade on Monday, extending gains for the third straight session as investors indulged in widening their positions ahead of GDP data for the September quarter. 
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However, caution prevailed ahead of RBI's fifth bi-monthly monetary policy review tomorrow and continuing fund outflows by foreign investors amid weakness at other Asian markets. 

The 30-share index, which had gained 352.46 points in the previous two sessions, rose 44.52 points, or 0.17 per cent, at 26,172.72 with auto, capital goods, power, banking, realty and consumer durables sector stocks trading in the positive zone.
The NSE Nifty was also trading higher by 13.90 points, or 0.17 per cent, at 7,956.60. 

Brokers said pick up in buying by participants ahead of GDP data for the September quarter, to be released later in the day and hopes that the government will push for a compromise on the GST Bill in the ongoing winter session of Parliament, influenced sentiments. 

They said, however, a weak trend at other Asian markets as investors await key US jobs figures and a European Central Bank meeting later this week, limited the gains. 

Among other Asian markets, Japan's Nikkei lost 0.79 per cent while Shanghai's Composite index shed 1.19 per cent in early trade. Hong Kong's Hang Seng index was down 0.31 per cent. 

The US Dow Jones Industrial Average ended 0.08 per cent down in Friday's trade.

Source - TOI

JP Infra triumphs the title of ‘Best sustainable design of the year’

Mumbai, 26^th November, 2015: CISCO,delightedly presented‘India Sustainability Leadership Summit Awards’ for the first time in Mumbai today. The award celebrates the highest level of achievement by companies and individuals operating in real estate and infrastructure industry. During the award ceremony, JP Decks, a recent luxuriousresidential project by JP Infra, was recognized and applauded as the best sustainable design of the year by CISCO.

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While receiving the award Mr. Vijay Jain, who heads the group, extended his gratitude towards CISCO adding that, “We are running this industry since 10 year and we would like to accept such kind of awards again and again in future”.  Further when asked about his idea on smart city, he adds, “smart city concept is important in all the countries, because it has all facilities which every layman needs. The way people live in abroad, we want Indians also to live such life”.

When enquired their VP,Mr. Manoj Asrani, what is itthat makes JP Decks sustainable? He elaborated;“The specialty of this project is, having minimum water wastage in form of boring, use of gyproe than traditional form of plastering.  JP decks have incorporated e glass maximum lights and minimum use of AC Power. Our 30% land area is under construction, while 70% is that of landscape fostering greenery with specialized soiled terrace and solar powered common area lights.”

He further said that company’s ethical behavior depends on nurturing the trust of its customers and the use of environmental upgradation and renewable energy in contributing to the mankind.JP Decks is a well-planned tower comprising of 38+ storeys with luxurious lifestyle units ranging from 2, 3, 4 and 5BHK. Innovative amenities and classy facilities in the project beautifully integrate with the whole complex and promise to offer the best ambience to the consumers. Moreover, complementing the project’s title, each residence in the complex offers grand deck to give a breathtaking view of the city.

About JP Infra: Since its inception, JP infra (Mumbai) Pvt. Ltd. has come a long way. Today, they are a multi-faceted real estate development organization with a pedigree of creating high-end developments in Maharashtra and other states. Over the years, the organization has cemented for itself an unshakablereputation for quality, efficiency, trust, meticulous planning, top quality amenities, superlative designs, timely completion, guaranteed possessions and handing over of projects.

Having an extensive portfolio in commercial, retail, residential complexes, and SRA projects- JP Infra has established benchmarks, and set new standards in the real estate industry. The company has already completedprojects with total saleable area of 3,89,000 sq. ft. Currently they have 12 ongoing and future projects located at Worli, Juhu, Andheri, Goregaon, and Mira Road in Mumbai with total saleable area of about 56 lakh sq. ft.

Source - TOI

Housing for All may boost economy by 3.5% by 2022: Ind Ra

MUMBAI: Prime Minister Narendra Modi's ambitious project Housing For All has the potential to push up the country's economy by 3.5 per cent by 2022 with sectors supplying crucial inputs to the construction industry being the biggest beneficiaries, says India Ratings.

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 According to the report, sectors like cement, iron and steel, which supply crucial inputs to the construction industry, are expected to be the biggest beneficiaries of the Housing for All (HFA) programme. 

The agency estimates the cost of constructing 20 million houses during FY16-FY22 will be around Rs 2,14,286 crore per annum. 

"This indicates an increase in the construction sector's gross value added (GVA) by Rs 2,14,286 crore which will increase the size of the Indian economy by 3.5 per cent in FY16. The direct impact is estimated to be 1.52 per cent and indirect impact 1.98 per cent," India Ratings's Chief Economist and Head Public Finance Devendra Pant said. 

The central government will provide a grant for slum households to the states, central assistance directly to households and interest subvention. Therefore, the overall fiscal impact is estimated to be 0.16 per cent of GDP in FY16, the reprt added. 

"The construction sector has the highest employment multiplier, and HFA has the potential to increase employment by 1.6 lakh man years annually. The impact will be felt across all states. However, Uttar Pradesh, Maharashtra and West Bengal are likely to be the major beneficiaries," he said. 

While the cement and steel sectors will get a boost from the project, these sectors may also act as a constraint in realising HFA by 2022 if we assume that there are no other impediments. 

Additional annual steel demand, mainly bars and rods, for HFA is estimated to be 24.6 per cent of FY14 production levels. 

Similarly, additional cement demand is estimated to be 13.2 per cent of FY15 cement production. Clearly, the incremental steel and cement demand is huge. 

Pant, however, noted that there are other execution challenges. "While the programme has been announced, not much has happened on the ground. We expect time overruns in HFA programme to lead to cost overruns," he said. 

Besides, the project would also increase the demand for municipal services such as sewage, drinking water, sanitation, solid waste and city transport, among others. 

"As such, urban civic infrastructure services are under stress. The burden added by HFA will accentuate the stress as municipal authorities are mostly cash strapped. The way out is to allow municipal authorities to tap the bond market as support from upper tier government in the form of grants will not be enough to bridge their revenue expenditure gap," Pant added.

SOurce - ET

Lodha Group sells super luxury duplex apartment in Mumbai for Rs 160 crore

MUMBAI: In a record-setting transaction, realty developer Lodha Group has sold a super-luxury duplex apartment in South Mumbai's tony Altamount Road locality at Rs 1.60 lakh per sq ft or Rs 160 crore, said two persons familiar with the development.

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The apartment spread over 10,000 sq ft has been sold at the highest price per sq ft surpassing all earlier benchmarks. Earlier record for highest per sq ft price paid anywhere in the country was Rs 1.35 per sq ft.

 A promoter of a pharmaceutical company is believed to be the buyer of this luxury apartment. Lodha Group, in its email response, confirmed the transaction. The group, however, declined to comment on the buyer's identity.

In 2013, a sea-facing duplex apartment in a building on Mount Pleasant Road in south Mumbai's Malabar Hill locality was sold for Rs 57 crore, or around Rs 1.35 lakh a sq ft, making it the most expensive residential property transaction on a per sq ft basis until now.

The apartment sold by Lodha is spread over 33rd and 34th floor of the developer's under-construction project One Altamount. The project is being built on the site of Washington House, formerly the US Consulate in Mumbai. Lodha had bought this land parcel from US consulate for Rs 342 crore in 2012.

The record-setting deal has taken many in property market circles by surprise given the current sluggish trend in residential sales. However, they also added that the price attracted by the project needs to be seen in line with the fact of limited supply of luxury houses in South Mumbai and almost no new project with better amenities being executed in this locality. The project site is not just the highest point of the island city but also considered the most powerful given the influential residents here.

In August, in the biggest deal ever for a residential apartment in the country, Runwal Group sold a sprawling sea-facing triplex penthouse in south Mumbai's Nepean Sea Road locality for more than Rs 202 crore. However, the deal for this luxury pad with 17,000 sq ft carpet area at The Residence worked out to Rs 1.20 lakh per sq ft. The deal also included 21 car parking slots.

 In October, Lodha Group had sold a five-bedroom luxury apartment at One Altamount project for Rs 40 crore. The project under Lodha's The Luxury Collection will have a limited number of 3 and 4 bedroom residences and 5-bedroom villas. These will be managed by the hospitality service provider - St. Amand. 
 

Source - TOI

ASK invests Rs 125 cr more in ATS group’s project, takes total investment to Rs 252 cr

NEW DELHI: Financial services group ASK has invested Rs 125 crore more in Noida-based builder ATS Group's 20-acre Le-Grandiose project in Sector 150, Noida, taking its total investment in the project to Rs 252 crore. 

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ASK group's offshore fund had invested Rs 127 crore in July 2014 in the project that has a total saleable area of 1.7 million sq ft. This is the third project where ASK has partnered with ATS through the real estate private equity route. ATS is selling mid-income housing in this project that will be completed in 2018. 

This latest fund infusion in the ATS project is the eighth investment from ASK's second real estate fund, ASK Real Estate Special Opportunity Fund. 

"Noida has emerged as a preferred destination in the past few years due its strategic location and proximity to important centres of the city. We have also focused on Noida expressway due to excellent infrastructure and proximity to job market. This investment also fits perfectly in our strategy to invest in top five cities and in mid-segment residential housing projects," said Amit Bhagat, CEO and MD, ASK Property Investment Advisors. 

Sunil Rohokale, CEO and MD, ASK Group said that ASK's constant endeavour is to partner with prudent and reputed developers having a good track record. 

"We are strengthening our partnership with ATS Group with this investment and are confident of deriving superior value for our investors. Our confidence in ATS Group stems from the fact that ATS is able to fetch premium due to its reputation, superior execution capabilities, its delivery track record and post-delivery maintenance. We will continue with similar prudence and risk management framework while selecting investments for our other funds to provide superior risk adjusted returns to our investors," he said.

Getamber Anand, managing director of ATS group said that his company is aggressive on housing and will raise more funding for its different projects. 

"There is a big opportunity in the mid-income housing segment. Even if 90% of the 6 crore homes that are required are in the low income category, there is still 10%, which is 60 lakh homes, required in the mid-income segment," Anand said. 

In this calendar year, ASK group said it has invested Rs 112 crore in Purvankara's Bengaluru project and has exited from three investments while garnering an impressive multiple. The group exited an investment with Mumbai's Rajesh Lifespaces with a multiple of 2.26 in over three years and its investments in Pune with Amit Enterprises and Paranjape with a multiple of 2.53 (over 3 years) and 1.80 times (in less than 3 years) respectively.
 

Source - ET

Rupee down 9 paise vs dollar in early trade

MUMBAI: The rupee lost 9 paise to 66.41 against the US dollarin early trade on Thursday at the Interbank Foreign Exchange due to appreciation in the US currency overseas. 

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Besides, a fresh demand for the US currency from importers and banks also weighed on the domestic currency, forex dealers said. 

However, early gains in domestic stock markets capped the rupee losses to some extent, they said.The rupee had ended 15 paise higher at 66.32 against the US dollar on Tuesday amid lower greenback in overseas markets. 

Forex market remained closed yesterday on account of "Gurunanak Jayanti". 

Meanwhile, the benchmark BSE Sensex advanced by 103.98 points, or 0.40 per cent, to 25,879.72 in early trade on Thursday.

Source - TOI

Sensex recovers 104 pts on F&O expiry, positive global cues

MUMBAI: The benchmark BSE Sensex recovered 104 points to 25,879.72 in early trade on Thursday on short-covering by participants on November series expiry in the derivatives contracts and positive global cues. 

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The 30-share index was trading higher by 103.98 points, or 0.40 per cent, to 25,879.72. The gauge had lost 92.75 points in the previous two sessions. 

Markets remained closed on Wednesday on account of "Gurunanak Jayanti". Besides, value-buying in consumer durables, realty, FMCG, IT and metal stocks positively impacted trading sentiment. 

The NSE Nifty rose by 26.75 points, or 0.34 per cent, to 7,858.35 in early trade. 

Brokers said short-covering by participants as Thursday being the last trading session of November contracts in the derivatives segment supported the market. 

A firming trend at other Asian bourses on easing tensions over Turkey's shooting down of a Russian warplane and broadly upbeat US economic data also sparked buying on domestic markets, they said. 

Among other Asian markets, Hong Kong's Hang Seng firmed up 0.92 per cent while Japan's Nikkei moved higher by 0.56 per cent in early trade on Thursday. Shanghai composite Index was up 0.11 per cent. 

The US Dow Jones Industrial Average ended 0.01 per cent higher in Wednesday's trade

Source - TOI

Government wants passage of 'amended' real estate bill this session

NEW DELHI: The government is gearing up to ensure the passage of the crucial real estate bill, which is aimed at curbing malpractices in the sector and bringing transparency through regulatory mechanism, in the forthcoming Winter session of Parliament. 

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The Housing and Urban Poverty Alleviation (HUPA) Ministry has accepted all the amendments proposed by the Rajya Sabha Select Committee in the Real Estate (Development and Regulation) Bill, 2013, and is readying to move the amended legislation for the cabinet's approval. 

The amended bill will be tabled in Parliament after the cabinet approval, said a senior HUPA Ministry official. 

The bill seeks to set up a regulatory framework that will govern contracts between home buyers and sellers. A regulator to curb malpractices in the real estate sector, which is one of the biggest sinks of black money, was long overdue. 

As per the amendments proposed by the Select Committee, there will be parity in the interest payable by consumer and developer in case of any default by either. At present the scales are tilted heavily against the consumers. 

The developers pay only 2 to 3 per cent interest in case of default on their part but the consumer pays 16-18 per cent interest for his/her default. The Rajya Sabha panel said in its report that "the interest rate payable by the promoters as well as by allottees shall be same in eventuality of any default by either of them." 

The Select Committee has also recommended that 50 per cent of payments made by home buyers for a real estate project be kept in a separate account and used for that specific project only. 

In addition to penalty provisions of up to three years' imprisonment proposed by the government, the committee introduced imprisonment clause for a realtor failing to abide by the orders of the appellate tribunal. 

The real estate bill was introduced by the UPA government in 2013. It was then referred to the Parliamentary Standing Committee in September 2013. The committee submitted it report in February 2014, following which the cabinet considered the amendments in December 2014. 

The government tried to push the bill in the budget session in April but the opposition forced it to refer the bill to a Rajya Sabha Select Committee in May. The Select Committee submitted its report in July. 
 

Source - ET

City industrialists want e commerce portal for land deals

KOLKATA: City industrialists are pushing the West Bengal government to come up with an e-commerce site that would allow entrepreneurs to buy and sell land parcels. The portal will not only bring in transparency in land deals, but also encourage industrialists to monetise land tracts of factories which have downed shutters.

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 The idea was recently floated before WB commerce & industries minister Amit Mitra during an interactive session with industrialists and Ficci (Federation of Indian Chambers of Commerce & Industry) members.

 Elaborating, Keventer Group chairman MK Jalan said land acquisition is a sensitive issue which requires transparency. "Land transactions on a state government online platform will address the issue and enable entrepreneurs to get a fair deal with demand-supply determining the price of the land parcel," he said. 

"Our proposal is in line with the state government's move to implement e-governance system in various government departments," Jalan added. During the interaction, the finance minister claimed that the state has some 1,00,000 acres lying with its different departments which was readily available for setting up industries and another 22,000 acres of land tracts of factories which have downed shutters. He requested the apex chamber to help the state government in its effort to unlock these land tracts.

"Ficci can set up a core committee which will not only identify these lands and industrialists but will also act as a mediator between state government and owners of these units to free the locked lands spread across the state. We will have to work together on this as it involves both business and government," the finance minister said. Highlighting the progress of the state in various fields during the last four years of Trinamool Congress rule, Mitra said all macro-parameters like per capita income, plan expenditure as well as capital expenditure has improved while e-governance measures has pushed the state's domes tic product growth. Mitra also said that the state had bagged the "highest award" for e-governance among other states this year.

 Seamless implementation of egovernance across departments had helped in reducing time, decreasing rent seeking and increased transparency, he said. Through the successful implementation of e-governance system in the various government departments, especially digitized signature system, file tracking and commercial taxation through online has helped in morphing the state's tax mobilization process to a new high. The successful implementation of e-governance has spurred the growth rate as the state's GDP now stands at 10.48 per cent. 
 

SOurce - ET

ASK invests Rs 125 cr more in ATS group’s project, takes total investment to Rs 252 cr

NEW DELHI: Financial services group ASK has invested Rs 125 crore more in Noida-based builder ATS Group's 20-acre Le-Grandiose project in Sector 150, Noida, taking its total investment in the project to Rs 252 crore. 
ASK group's offshore fund had invested Rs 127 crore in July 2014 in the project that has a total saleable area of 1.7 million sq ft. This is the third project where ASK has partnered with ATS through the real estate private equity route. ATS is selling mid-income housing in this project that will be completed in 2018. 

www.sevagiri.com

This latest fund infusion in the ATS project is the eighth investment from ASK's second real estate fund, ASK Real Estate Special Opportunity Fund. 

"Noida has emerged as a preferred destination in the past few years due its strategic location and proximity to important centres of the city. We have also focused on Noida expressway due to excellent infrastructure and proximity to job market. This investment also fits perfectly in our strategy to invest in top five cities and in mid-segment residential housing projects," said Amit Bhagat, CEO and MD, ASK Property Investment Advisors. 

Sunil Rohokale, CEO and MD, ASK Group said that ASK's constant endeavour is to partner with prudent and reputed developers having a good track record. 

"We are strengthening our partnership with ATS Group with this investment and are confident of deriving superior value for our investors. Our confidence in ATS Group stems from the fact that ATS is able to fetch premium due to its reputation, superior execution capabilities, its delivery track record and post-delivery maintenance. We will continue with similar prudence and risk management framework while selecting investments for our other funds to provide superior risk adjusted returns to our investors," he said.

Getamber Anand, managing director of ATS group said that his company is aggressive on housing and will raise more funding for its different projects. 

"There is a big opportunity in the mid-income housing segment. Even if 90% of the 6 crore homes that are required are in the low income category, there is still 10%, which is 60 lakh homes, required in the mid-income segment," Anand said. 

In this calendar year, ASK group said it has invested Rs 112 crore in Purvankara's Bengaluru project and has exited from three investments while garnering an impressive multiple. The group exited an investment with Mumbai's Rajesh Lifespaces with a multiple of 2.26 in over three years and its investments in Pune with Amit Enterprises and Paranjape with a multiple of 2.53 (over 3 years) and 1.80 times (in less than 3 years) respectively.

SOurce - ET

Sensex falls for 2nd day, closes 44 points down

MUMBAI: Markets ended in the red for the second straight day as the benchmark BSE Sensex slipped by about 44 points to end at 25,775.74 on offloading of positions by participants amid a mixed trend in Asia and a lower opening in Europe. 

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Besides, caution before the expiry of November series contracts in the derivatives segment on Thursday had a bearing on mood.

Stock exchanges will remain closed on Wednesday on account of 'Guru Nanak Jayanthi'
Now, the Sensex has lost 92.75 points in two straight sessions. 

Market sentiment, which was already subdued on disappointing second quarter earnings of some blue-chip companies, took a hit further from churning of positions by investors in view of the monthly derivatives expiry slated for Thursday. 

Brokers said the rolled-overs to the next month expiry would come in below recent month's expiries. 

Sustained foreign fund outflows too made the mood gloomy, they said. 

The 30-share BSE Sensex after opening in the negative zone recovered briefly mainly due to buying in realty, oil and gas, and PSU stocks. 

The index finally settled down by 43.60 points, or 0.17 per cent, at 25,775.74. 

The broader 50-share NSE Nifty in two-way movements, ended lower by 17.65 points, or 0.22 per cent, at 7,831.60. During the session, it shuttled between 7,812.65 and 7,870.35. 

Among prominent Sensex losers was Maruti Suzuki (down 2.05 per cent) while L&T fell 1.94 per cent. 

Bajaj Auto, Sun Pharma, NTPC and Wipro too registered losses. 

Out of the 30-Sensex constituents, 22 ended lower. 

Hindustan Unilever, HDFC Ltd, RIL, Lupin and Bharti Airtel ended higher by up to 2.42 per cent and averted any major slide in the key indices. 

Sector-wise, the BSE capital goods index suffered the most by falling 1.20 per cent, followed by auto, IT, healthcare and consumer durables. 

The broader markets, however, showed a better trend as the BSE small-cap index ended 0.33 per higher and the mid-cap gained 0.08 per cent. 

Shares of Reliance Communication soared 9.29 per cent to Rs 71.15 on speculation of positive corporate reports. 

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 35.37 crore yesterday, provisional data from stock exchanges showed. 

Source - TOI

Siddha Group to introduce longest jogging track

KOLKATA: Alongside introducing one of the first few skywalks to Kolkata's skyline, Siddha Group is claiming to throw in world's longest jogging track to thir Galaxia's Terrace Skywalk project in Rajarhat. The Rs 200 crore project that is being developed in four phases is launching their second phase that would have close to 500 apartments. 

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The apartments all in the affordable luxury segment measure between 910 sq ft and 1200 sq ft priced between Rs40 lakhs and Rs70 lakhs. 

"With Siddha Galaxia, we aim to redefine modern living in eastern India. The major draw there is Starwalk, a terrace skywalk at the 14th floor, 140 feet above the ground level, connecting eight towers with a 1.1 kilometre long terrace jogger's track. There would also be open landscaped greens, waterbodies with fountains, sit-outs and a deck for telescope viewing. It will be the city's longest terrace skywalk, offering a whole range of outdoor," said Sanjay Jain, managing director, Siddha Group.

 
The skywalk alone would cost Siddha more than Rs20 crores. The entire project would comprise of over 2500 apartments. 

Source - ET

HDFC Realty, iBidmyHome.com’s online home auction gets bids worth Rs 155 crore

MUMBAI: Property advisory firm HDFC Realty has received bids worth Rs 155 crore under its multi-property online auction of ready-to-move in apartments in 8 residential projects across Bengaluru, Chennai and Kochi. 
These properties by three realty developers were offered by HDFC's subsidiary in association with portal www.iBidmyHome.com in India's first online home auction a fortnight ago. 

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The final cut-off price and the actual number of apartments that the participating developers choose to sell through this process is expected to be announced on December 7, HDFC Realty said in a release. 

Interestingly, the reserve price for each of the properties is 10% to 20% lower than the prevailing market prices. The attractive reserve price has drawn several hundreds of prospective buyers to participate in this bidding process, HDFC Realty said. 

"We are extremely glad to see such level of interests from customers for the first ever sale of new homes from builders through an online bidding process. The visitors, registrations & bids are steadily gaining momentum which reiterates the belief, that there is a strong appetite for homes in major cities, as long as the pricing are pegged at attractive levels and if a transparent sale process is followed," said HDFC Realty's CEO, Vikram Goel. 

According to him, the response indicates the presence of a strong demand for homes albeit the sentiment around pricing continues to be conservative. The key reason for the encouraging response is the opportunity for home buyers to be able to bid and buy homes below market prices. 

While the initial launch was targeted towards the southern markets of Bengaluru, Chennai & Kochi, 72% of the visitors to the website have been from other cities, indicating a widespread interest for homes in the south India realty market. 

IBidmyHome.com has received enquiries from builders from across major cities and is putting together a plan to announce the next series of auctions in the coming months. The portal will, however, host only new properties from pre-screened Grade A Developers to ensure that customers get to choose the finest of properties, at below market prices, , the release added. 

Source - ET

MCHI CREDAI members apprise Prakash Javadekar of issues faced by builders

MUMBAI: Members of realty developers' body MCHI-CREDAI met State Minister for Environment, Prakash Javadekar on Sunday to discuss issues related to Environment Ministry faced by builders, particularly delays in environmental clearances for real estate projects.

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 Ajoy Mehta, Municipal Commissioner of Municipal Corporation of Greater Mumbai, Shreekant Singh, Principal Secretary, Housing Department, Government of Maharashtra and Nitin Kareer Principal Secretary of Urban Development Department, Government of Maharashtra were also part of the meeting. 

At the meeting, builders discussed various issues including environmental conditions to be incorporated in the Intimation of Disapproval/ Building Permits issued by planning authority, clearance to be given on concept plan of the project and the Built-Up Area (BUA) of the same submitted by the project proponent. Approval for Buffer Zone from boundary of Sanjay Gandhi National Park (SGNP) Borivali was also requested by the members of developers' body, MCHI-CREDAI said in a statement. 

According to the MCHI-CREDAI, minister assured them of speedier expedition of matter as per the norms to the delegation of member developers of MCHI - CREDAI represented by Dharmesh Jain, President, Vice-Presidents Boman Irani, Deepak Goradia, Nayan Shah and Secretary, Nainesh Shah. 

"I request Hon'ble Minister for the speedier clearances as some places in MMR (Mumbai Metropolitan Region) jurisdiction are earmarked for Smart Cities and these should be up to the mark on all parameters," said Prakash Mehta, Housing Minister, Government of Maharashtra while addressing the MCHI - CREDAI member developers. 

Nearly 40 members discussed various issues with Environment Minister and Housing Minister on a one-on-one basis. Members also interacted with Municipal Commissioner, Principal Secretaries - Urban Development and Housing and Additional Municipal Commissioner, the statement said. 

Source - ET

SBI Life Insurance Company buys Rs 140 crore office space in Navi Mumbai

MUMBAI:In the largest commercial space transaction in Navi Mumbai, SBI Life Insurance Company has bought 1 lakh sq ft office space from L&T Realty at its mixed-use project L&T Seawoods Grand Central for Rs 140 crore, said three persons familiar with the matter. 
The insurance arm of State Bank of India is expected to use the space for setting up its IT centre and back office. L&T Seawoods Grand Central is India's first and largest Transit-Oriented-Development (TODs). 

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"The deal has been finalized with the occupier SBI Life Insurance which has already paid token for the same. The space will be ready for fit-outs in January," said one of the persons mentioned above. "Seawoods commercial has three wings and SBI Life will occupy an entire floor across these wings and an additional half floor." 

SBI Life Insurance's transaction is the largest office deal in Navi Mumbai as the company is buying the space on an outright basis. 

In 2013, American multinational information technology services major Cognizant Technology Solutions had picked up 230,000 sq ft of office space at K Raheja Corp's IT SEZ in Navi Mumbai's Airoli. This was one of the largest occupier transactions in the leasing segment then. 

SBI Life Insurance Company confirmed the transaction without elaborating on size of the deal. 

The company will be relocating its Central Processing Centre (CPC) to the new office from its existing leased office in Navi Mumbai, said AJ Bose, ED, Operations & IT, in an email response. 

The company expects this office, housing around 700 employees including outsourced staff, to be operational by April next. The company's total current employee strength stands at around 11,000 across India. 

L&T Realty and transaction advisor property consultant CBRE declined to comment on the story. 

The office complex, which is part of the nearly 4-millon sq ft transit oriented development, is ready and undergoing finishing touches. The entire project is spread across 40 acres with the first phase entailing development of 2.6 million sq ft, including 1.6 million sq ft of commercial space. 

The deal reinforces a revival of interest in the commercial realty market across the country, with several large transactions taking place over the past few months. In September, Tata Consultancy Services entered into an agreement to lease over 2 million sq ft of built-to-suit space at Hiranandani Estate in Thane for 15 years in what's been billed as the largest single office space transaction in India in terms of area. TCS will also hold a soft option to extend the lease by 2 million sq ft. In May, Flipkart leased a 2 million sq ft custom-built office campus in Bengaluru. 

For the quarter ended September, India's top seven property markets saw a 20% year-on-year jump in commercial office absorption with over 9 million sq ft being taken up by demand for corporate office space, according to a recent CBRE report. 

For some time, big institutional investors such as Blackstone and GIC have been investing in commercial property, and now big companies are returning to the market, hinting at improved business demand and the need for expansion.

Reviving momentum in commercial realty is an indicator of the economy's health and the ongoing uptake in commercial realty also augurs well for job creation, going ahead. Deals by both investors and occupiers indicate that the sentiment is improving for office property market. 
 

Source - ET

Rupee down 11 paise vs dollar in early trade

MUMBAI: The rupee depreciated by 11 paise to 66.30 against the US dollar in early trade on Monday due to appreciation in the US currency overseas. 

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Dealers attributed the rupee's fall to fresh demand for the US currency from importers and banks. 

However, early gains in domestic stock markets capped the rupee losses, they said. The rupee ended steady at 66.19 per dollar on Friday against the American currency at the interbank Foreign Exchange in view of steady dollar in the overseas market. 

Meanwhile, the benchmark BSE Sensex advanced by 89.55 points, or 0.34 per cent, to 25,958.04 in early trade on Monday.

Source - TOI

Sensex slides 115 pts in early trade on weak Asian cues

MUMBAI: The benchmark BSE Sensex tanked over 115 points in early trade on Tuesday due to increased selling by participants amid weak Asian cues.

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Caution ahead of expiry of November monthly contracts in the derivatives segment on Thursday influenced sentiment.

The 30-share barometer was down by 115.48 points, or 0.44 per cent, at 25,703.86 in early trade.The index had lost 49.15 points in the previous volatile session.

Sectoral indices led by FMCG, IT, auto and capital goods were trading in the negative zone, falling up to 0.56 per cent.

The NSE Nifty was trading down by 36.60 points, or 0.46 per cent, at 7,812.65 in early trade.

Brokers said continued selling by investors, taking cues from weak Asian markets following overnight losses at the US market amid caution ahead of November futures and options expiry on Thursday dampened mood here.

Markets will remain closed tomorrow on account of 'Guru Nanak Jayanthi.

In Asia, Shanghai composite was quoting 0.71 per cent lower, Hong Kong's Hang Seng shed 0.64 per cent while Japan's Nikkei was down by 0.08 per cent in early trade today.

The Dow Jones Industrial Average ended 0.17 per cent lower in Monday's trade.

Source - TOI

Piramal Realty launches Vivaan in Thane for Dubai NRIs

MUMBAI: Piramal Realty, the real estate arm of Piramal Group, today launched a premium residential project Vivaan in Balkum, Thane, for NRIs in Dubai.

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 "After its successful launch in India, Piramal Realty, launched a premium residential tower Vivaan exclusively for NRIs in Dubai," the company said in a statement. 

The project is a part of its residential complex Piramal Vaikunth at Balkum in Thane. Piramal Vaikunth is spread over 32 acres with 14 towers and Vivaan is the central tower of the complex. 

Vivaan will house 60 2-BHK apartments that range from a carpet area of 949 sq ft to 1,027 sq ft and the bookings for the same will start tomorrow with 30 select residences available at a special offer price. 

"We aspire to be the most high-quality and the customer- centric real estate company in India. This is our first formal launch in Dubai and we are excited at the prospect," Piramal Group Executive Director Anand Piramal said. 

He further said the company hopes to see a healthy response for Vivaan as Mumbai is the first choice for NRIs in Dubai and buyers have higher appreciation for high-quality real estate. 
 

Source - ET

Shapoorji Pallonji Launches Residential Project in Bengaluru

Realty player Shapoorji Pallonji Real Estate today launched a premium residential project in Bengaluru, marking its foray into the IT hub of the country.

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Spread across 47 acres, the project ParkWest will have 18 storey tower scaling a height of 60 metres and will have two and three bedroom apartments, garden duplexes and penthouses ranging from 1,245 sq ft to 2,921 sq ft, the company said in a statement.

"This project marks our foray into the Bengaluru market," company's Chief Executive Officer Kekoo Colah said.

He further said the luxury residential project will offer Bengaluru residents gracious and exclusive living with the best of modern amenities, right in the heart of the city.

"With a stable and growing residential market, and improved infrastructure, Bengaluru is poised for sustained growth," he added.

Source - NDTV