DLF & UNITECh launches most prime commercial project in Sector 74 & Sector 71 respectively on National Highway 8 in Gurgaon......

The heliport will help to ease traffic congestion at Palam Airport. It will come up near the proposed Jewar Airport. The whirring sound of a chopper is soon going to be familiar for citizens of Greater Noida, as the city is all set to join the ranks of several countries that boast state-of-the-art heliports. Even as the green signal has been given by the Union Civil Aviation Ministry for an international airport at Jewar, the setting up of a commercial heliport in the NCR (National Capital Region) may soon be a reality in Greater Noida.......... Source: Noida Plus, 6 June, 2008, Page 6 - local vocal.

RISING PROSPECTS OF REALTY & STOCKS, PLUS BETTER INTEREST RATES PROMPT OVERSEAS INDIANS TO KEEP MONEY IN NRO ACCOUNTS. NRIS are still buying the India story. Instead of parking funds in repatriable schemes like FCNR (B) and NRE (RA), more money is flowing to nonrepatriable NRO accounts. Even though returns are repatriable, they are tax deducted. Lured by the rising investment options both in real estate and stocks, the Indian diaspora is shunning the repatriable deposits. Instead, they are choosing to keep back and reinvest the capital by investing in NRO accounts. Here, the NRI can choose to take back home the income from his deposits back home. The Reserve Bank of India figures on NRO deposits, which it has recently started publishing shows that the inflows under non-resident ordinary (NRO) have more than doubled in FY08 to $1,080 million. While the foreign currency non-resident (banks) or FCNR (B) scheme has seen a net outflow of $1,048 million during the year. Net inflows under non-resident (external) rupee account or NR (E) RA were a paltry $149 million. Though the remittances sent by the Indian diaspora to their relatives back home which is akin to NRO deposits is soaring by the day, the NRO money is largely money in the concerned NRI’s custody. ......... Source: ET, 23 May 2008, Page 21.

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In a recent meeting green signal was given to extend the metro rail track up to Jewar. Working on a target of completing the project by 1015, the project is all set to roll. ........Source: Noida Plus, 16 May 2008

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The Greater Noida Authority has cleared the proposal to start fresh work on clearance of the Metro. When cleared the new stretch of Metro will go upto Jewar International Airport, the officials affirm. "It will be a boon for the International Airport. People will be able to travel to Delhi and Noida on the Metro," says Lalit Srivsatava chairman of Noida, Greater Noida and CEO of Greater Noida Authority and Taj Expressway Authority. Funds amounting to Rs 150 crore have been cleared for the Metro project in Noida and as the officials say the allocation could be increased if talks with Delhi Metro Rail Corporation (DMRC) to push the Metro into Greater Noida are successful. Initial plans are to construct the Metro along the Noida-Greater Noida Expressway, they point out. Greater Noida Phase II Greater Noida is fast emerging as a world-class city. This can be ascertained from the fact that the annual budget of the Greater Noida Industrial Development Authority (GNIDA) provides for acquiring land in Dadri teshil of Gautam Budh Nagar and Sikenrabad and Sadar tehsils of Bulandshar district to develop Greater Noida Phase-II. Together, this will push the city limits to the banks of the Ganga and the upcoming Ganga Expressway, say the authority officials. A whooping amount of Rs.2,400 crore has been earmarked for land acquisition to complete the process of expansion, it is reliably learnt. Source: Noida Plus, 18th Friday, 2008

To improve connectivity as well as develop Western Uttar Pradesh, the state government is planning one more expressway. This will connect Noida to Saharanpur and will be over the left bank of the Hindon. It is going to be a 271 km long eight-lane expressway and will connect Noida to Ballia-Ganga Expressway and Dehradun Road as well near Kalasia in Saharanpur. The expressway would be built on build-operate-transfer model. The 100-meter wide road will have 33 flyover, 45 underpasses, and 46 bridges along the route, officials said. It will be two to three meters above ground level and the boundaries will be marked by metal beam crash barriers to keep pedestrians and stray animals at bay; average speed for vehicles has been estimated at 120 kmph. The expressway will have multiple benefits. This will lead to fast and safe traffic movement which will save time and fuel. It will lead to greater business opportunities for villagers on the route besides boosting local industries. It will also develop tourism and pilgrimage sites besides faster and viable opportunity to transport agricultural produce across the state and to Delhi. The only hitch is the opposition from environmentalists and NGOs have opposed the move saying pollution levels in the region would shoot up affecting the ecological balance. The group, with representatives from Ghaziabad, Meerut and Noida, has proposed widening and renovation of the already existing road from Muradnagar in Ghaziabad to Mangalore near Saharanpur along the Ganga Canal. They have demanded that the existing infrastructure be utilized. Source: Noida Plus, 18th Friday, 2008

City Residence development world's reputed construction in Bucharest, Romania, is set to secure rise in price by 10% growth within six weeks. Have a property just @ 60,679 pounds starting. For more details please contact info@kargilrealtors.com, (91+9818664442)

Check the land use of the property you are purchasing. This can be done at the respective cities' Town and Country Planning Office. In Delhi, contact the land owning agency, like the Municipal Corporation of Delhi or the Delhi Development Authority. Check whether the project has been approved by the government. Check that the property is free of any encum brance - mortgage, lease or sold to someone else. Check the title of the property or its registered owner. This can be done at the Revenue Office. Keep your eyes and ears open. Be rational. Don't buy property being offered at unreasonably low prices...... "The increase in such frauds is mind-boggling. People need to be careful while buying a house or investing in real estate," ..... " NCR AND NEIGHBOURING STATES With a property boom in the NCR and cities in the neighbouring states, the police have been flooded with complaints about builders who operate from swanky offices in Delhi and offer bogus deals of apartments in lavish townships in the neighbouring states. The police are probing cases against nine such builders but the actual number of victims runs into hundreds. The Economic Offences Wing has, in fact, exposed three such rackets recently. ...... SOURCE: HT, 8 April '08

The Total Notified Area: 36,000 hectares Already urbanized in Phase I: 5,000 hectares Urbanizable area: 12,000 hectares (by 2011) City planned for a population of: 0.7 million (by 2011) & 1.2 million (by 2021) Industry led development: 3000 hectares (to be developed by 2011) Strategic Location within NCR * Well linked to domestic & international markets via: * Delhi Railway Station 45 min International Airport 1 hour * ISBT 30 min Connected to Delhi, Noida by 8-lane Expressway Impeccably planned, greenfield city in India Wide roads of 130m, open spaces, lush roadside and central verge grass and tree plantations Basic infrastructure provisioned ahead of demand: Proposed International Airport, Aviation Hub, Railway Station in PPP Corridor earmarked for future expansion of Metro Abundant sweet, potable water supply 24x7 100% area served by sewer line State-of-theart telecom linkages a wired city Modern outlook in urban management The Authority - One stop shop for all approvals Leveraging the expertise of specialized service providers for reducing overall costs through technology and higher efficiency Well-defined, quantitative service standards Strict penalties for violation of rules and regulations Egovernance in routine operations First city in North India to privatize power distribution since 1994 Excellent social infrastructure Well planed schools, colleges and hospitals, along with shopping malls is buzz word Land allotted to 10 hospitals; Kailash Hospital is operational. SOURCE: ET, Friday, 4 April 2008.

Taj-Express Industrial Development Authority will now be setting up a new township as part of special development zone (SDZ), along Taj Expressway. Taj-Express Industrial Development Authority (TIDA) is all set to develop a new township as special development zone (SDZ), along the non-stop 165 km long Taj Expressway. TIDA has invited applications for SDZ under open scheme. Land will be allotted in SDZ for core activities that include IT, industries, biotechnology, service sectors, commercial, residential and sports, according to the allocation policy. Explaining more about the on-going scheme, P K Agarwal, deputy chief executive officer, TIDA, says an application can be taken from the authority office by depositing a bank draft for Rs 1 lakh. And, additionally, the applicant has to pay Rs 1 crore, as security money, when submitting the duly filled in form. An applicant will be called for interview on the basis of merit. In the first phase of this project, from Greater Noida to Jewer, 35,000 hectare of land will be developed as special development zone. According to allocation policy, SDZ is split into morethan-1000 hectare, and the less-than-1000 hectare category..... SOURCE: ET, Friday, 4 April 2008.

SOURCE: Times of India, Page 4, Friday, April 4, 2008 - TIPS FOR PURCHASERS/SELLERS - NRIs - HNIs & Honoured Clients. PLEASE AVOID purchasing through shady dealers. Go through established & reputed people only.

NON-RESIDENT INDIAN (NRI) executives are preferring cutting chai over Starbucks and never-ending workdays back home to cushy 9-to-5 jobs abroad. Headhunters say the booming economy has triggered a flood of inquiries from NRIs, looking for high-growth jobs in India. Sectors like infrastructure, retail, capital markets and insurance are sought after Last year, headhunters estimate, about 4,000 NRIs returned to India. This year, they expect at least double that number NRIs are keenly following the India story "The UK press is full of India," said Ashwin Assomull (31), the London-based director of Deloitte (M&A strategy), returning to Mumbai after living in London for 26 years. Assomull isn't the only one. Chennai-based Head Hunters India (HHI) gets 10 inquiries a day from NRIs who want to return. Says HHI founder Kris Lakshmikanth, "With bad market conditions in the US and a slowdown in Europe, the Indian economy is red hot." With companies looking to fill senior positions, most applicants have upto 7 years' experience overseas. At Ma Foi Management Consultants, the nafrastructure segment gets 20 to 25 inquiries a month from NRIs and upto 10 in the consumer retail and services gment, besides 10 to 15 in- QU}T1PS 10Y 11. Director of business clevel- opment for Asia-Pacific at Sat -am Computers in Tokyo since 2000, Pravin Buddhev is returning to Bangalore. Specialising in insurance for 10 years, the opening up of the sector helped make up his mind. "Specialised insurance is growing in India," he said. snehal.rebello@hindustantimes.com BRAIN GAIN Why NRI business executives want to return: mSlowdown in US and Europe n Appreciating rupoo a More top management openings and higher salaries mA nood to be part of the India growth story.. Source: Hindustan Times, ET, 30 March 2008

In the country's largest land deal so far, real estate developer BPTP Group has won the right to develop 94 acres of commercial land in Noida for Rs.5,006 Crore.

Assotech Limited, a real estate solution provider, is planning to develop a media city in Noida with built up area of 2,50,000 square feet.

IBM has significantly expanded its operations in the state of Uttar Pradesh with the inauguration of a new Global Deliver Center in Noida. This is IBM Global Business Services' first such center in Noida.....

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INDIA’s IT industry will feel the heat of the US economy in recession, but the outlook to the current situation should be one of cautious optimism, according to offshore advisory firm Tholons. “Unlike the last US recession, the industry today is more robust to sail through expected turbulence,” the advisory firm said in its recent paper on the Indian IT industry, which generates over 50% of revenues from US. The industry players should mix optimism with caution and put in place differentiated strategies, based on evolving market dynamics, to ride through the turbulence, it said. Tholons said that the current industry consists of players who are multi-billion dollar organisations with presence in multiple geographies support by robust business systems which has the capability to undertake strains in the short and medium term. At the same time, the industry which had come under severe pressure of an appreciating rupee is expected to use the same strategies in negating any impact of the US slowdown. “We will definitely witness a “tightening of the belt” to bring in further operational economics.” The turbulence in the US economy is expected to make it a difficult market for IT companies resulting in higher SG&A costs. At the same time, there are certain supply challenges in terms of higher costs of real estate, constraint in skill availability and an uncertain situation of taxation. Tholons said some of the strategies which the Indian IT companies are likely to implement to mitigate this risk are, increasing the utilisation of employees, optimising the onshore to offshore mix. “Most companies now leverage a pyramid where in excess of 50% delivery staff is in the 0-2 years bracket, thus significantly reducing cost of delivery and improving margins. Also, the average experience profile at various levels of the pyramid are being progressively reduced,” it said. It is expected that lower spending on IT by clients and limited volumes growth (of IT) could impact one or two quarters. But at the same time there are several large opportunities in the applications, development maintenance space and package implementation across all industry verticals, which are potential growth areas. Source: ET, 20 March, 2008, Page 6

THE GLOBAL meltdown is putting severe strains on India's booming back-office industry US . investment banks have stopped recruitment and expansion in their Indian back-office operations. JP Morgan, Lehman Brothers and Citigroup, which are bearing the brunt of the global financial turmoil, have put a freeze on fresh recruitments in Indian back-office units. "There were no fresh recruitments during the last 4-5 months," said an executive working with a leading US bank's Mumbai-based back-office operations for equity derivatives. Lehman has decided to drop its plans for a back-office unit in Delhi. The proposed unit, designed as a support centre for market-related investment services, was scheduled to open in the last week of March. Lehman is also shutting down its mortgage capital division in India, where it employs over 100 people. JP Morgan has closed its equity research operation in India. Now research is being coordinated from Hong Kong, according to sources close to JP Morgan. The US bank has also not been recruiting people for the last three-four months. Citigroup is in the process of selling its Indian back-office operations, where it employs over 5,000 people. Spokespersons from Lehman Brothers, JP Morgan and Citigroup did not reply to emails sent on the subject. UBS may soon stop its recruitment at its India service centre, according to sources close to UBS. The Swiss bank employs 1,750 people at its India office in Hyderabad that provides financial research, business analytics, core investment, banking operations, finance, IT Infrastructure and risk operations. A UBS spokesperson said they have not stopped recruitment in the country "Employee re . cruitment continues as planned," said a UBS spokesperson. UBS had reported $18 billion in losses while trading in mortgage securities. Panic is spreading among the employees of back-office units. US banks are holding assurance meetings for these employees. After the news of Bear Stearns sale to JP Morgan broke out on Monday the , US office of Lehman Brothers had organised a video-conference with employees of a third-party back-office unit in Mumbai. SUB-PRIME SHADOW LEHMAN has decided to drop its plans for a back-office unit in New Delhi JP MORGAN has closed its equity research operation in India CITIGROUP is in the process of selling its Indian back office operations UBS may soon stop its recruitments at the India service centre. Source: HT, 20 March, 2008, Business

AS HOME sales continue to dip, real estate developers are tapping the luxury home segment by targeting non-resident Indians and high net worth individuals keen on buying that exclusive villa in India. The move also seems to be backed by pure market play as demand in the luxury home segment is growing sharply, bucking the trend seen in other parts of the industry where exposure to high-risk borrowers has tightened loan flow from banks. Real estate players that ET spoke to said that these noveau rich were now moving up the chain and extending their possessions of luxury homes with ultra-sophisticated amenities such as personal swimming pools, jogging tracks, health clubs and personal gardens. Leading developers such as Sobha Developers, DLF, Kalpataru, Nitesh Estates, Unitech, Omaxe, Royal Palms, Lodha Developers and Marvell Realtors are developing projects in cities such as Mumbai, Delhi Pune, Goa, Bangalore and Kerala, with the price tags of average luxury homes varying between Rs 3 crore and Rs 50 crore. The price of the luxury home depends on the city it is built in and the range of amenities it offers. “Our customers typically belong to the top management in various corporate firms while some are overseas Indians,” says Nitesh Shetty, chairman of Nitesh Estates, which has priced its luxury home products in Goa, Bangalore and Chennai in the range between Rs 5 crore and Rs 8 crore. The Bangalore-based firm is marketing its projects in the overseas market by hiring sales executives and participating in property exhibitions. While it has been there for some time now, the luxury home segment in India is estimated at around Rs 2,000 crore with around 30 million potential buyers. Like Nitesh Estates, many real estate firms have started marketing their projects in the overseas market by organising property exhibitions and floating sales offices in the countries like the UK and US and UAE. These high-end homes are typically located on private roads that are fenced off with an exclusive private gate and state-of-the-art security systems including cameras. The amenities could also include a spa, multi purpose court, climate controlled swimming pool, gymnasium and a business lounge. Mumbai-based real estate firm Lodha Developers has priced its luxury home project in Worli at Rs 40 crore while the company’s other projects in Mumbai cost over Rs 10 crore. Similarly, Royal Palms has started selling exclusive villas in Goregaon East, inside the Aarey Colony area of suburban Mumbai at Rs 4.5 crore each. A typical luxury home is spread over about 4,430 square feet in Mumbai, where the comparable size of a home for an average family of four is about 800 square feet. Out of 16 villas, Lodha Developers claim to have finalised sale of four homes to non-resident Indians and businessmen. Source: ET, 17.03.08 page 17 Rajesh Unnikrishnan MUMBAI