www.arundevelopers.com

2012/02/15

KfW earmarks 800 mn euros for India renewable energy projects


MUMBAI: German government-owned development bank KfW plans to lend 800 million euros in the 2011-12 calender year to finance various renewable energy projects in India.

"We have already financed around 1.5 billion euros in the energy secto
r in India. In addition to this, we plan to earmark another 800 million euros to fund the green initiatives of India this year (CY"11)," KfW Director Oskar von Maltzan told PTI on the sidelines of the "Renewtech India Summit" here.

The German government is keen to promote investment in energy-efficiency and renewable energy projects in India by providing sustainable financing through various agencies, he said.

"We finance those government agencies which either implement renewable energy projects or lend funds to private or public investors," he said.

KfW has provided funds to state-run power online casino reviews generating companies such as North Eastern Electric Power Corporation (NEEPCO) and NTPC for undertaking hydro and solar-based projects.

Power Finance Corp, SIDBI, the Indian Renewable Energy Development Agency (IREDA), REC and India Infrastructure Finance Company (IIFCL) are some of the entities being funded by the German bank.

KfW recently signed a loan agreement of around 52 million euros with National Housing Bank (NHB) to promote energy efficiency projects in the residential space, Maltzan said.

The foreign lender has also funded Energy Efficiency Services Ltd (EESL), which provides consultancy services on energy-saving appliances, buildings and turnkey projects.

KfW Bank is in the process of signing a 200 million euro line of credit with IREDA next month, Maltzan said, adding that so far, it has provided 140 million euros to the state-run lender.

KfW will also sign a loan agreement worth 100 million euros with NTPC for a 15-MW solar plant in Rajasthan in the next few months, he said.
In addition, it plans to lend 100 million euros to REC to enable the company to invest in various energy-efficiency and renewable energy projects, Maltzan said.

Furthermore, the bank is looking at funding different programmes that are being implemented by NABARD and the Maharashtra State Electricity Generation Company (MAHAGENCO), he added.

2012/02/14

NDTV Profit launches a new real estate show


http://www.afaqs.com/media/media_newslets/?id=53009_NDTV+Profit+launches+a+new+real+estate+show

NDTV Profit launches a new real estate show

View other Media Briefs

Section: TV Briefs Category: Media

Media News
New Delhi, February 14, 2012

NDTV Profit will broadcast a new real estate show called The Property Show, which will offer expert advice to viewers on all property related matters. The show will explain the intricacies of buying, selling and investing in property through live call-ins, debates and discussion.
Anchored by Manisha Natarajan, the show will also have a segment featuring legal, financial and construction advice from architects and designers on how to upgrade homes and offices.

For the first time in India, NDTV Profit and PropEquity, a premier Business Intelligence product, will guide viewers where to buy, when to sell and how to invest in property.

Backed by a scientifically researched database, NDTV Profit, together with their Knowledge Partner, PropEquity, will provide research transparency and intelligence in the opaque and fragmented real estate market to the consumer, casino spiele online to make the most informed decisions on their investments in property. This data and analytics platform was earlier only available through PropEquity to large institutions and banks to make multi-million dollar decisions. PropEquity, has a real estate data and analytics platform covering over 39,000 projects of 7,500 developers in over 40 cities in India.

Tune-in to NDTV Profit Monday to Friday at 7:00pm for everything you need to know about your property.

For further information, please contact:
PR Pundit
Parul Suri
Mobile: 919899973280
E-mail: parul.b@prpundit.com
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Arun Gupta

India’s Housing Loan Tax Ceiling May Go Up


http://www.loansafe.org/indias-housing-loan-tax-ceiling-may-go-up

India’s Housing Loan Tax Ceiling May Go Up

(Source: The Statesman/ANN) - In a bid to boost housing sector credit, the Indian government is contemplating to enhance t
he income-tax exemption for up to Rs 3 lakh(US$6,071) paid as interest on housing loans in a year, from the existing limit of Rs 1.5 lakh.

The government is considering to raise the tax deduction limit for housing loan in the coming Budget, sources said.
The Budget is scheduled to be tabled on March 16.

At present, a deduction of up to Rs 1.5 lakh is available from taxable income towards interest on loan taken for house. Besides, borrowers can enjoy exemption on payment of principal amount. However, it is part of exemption to savings capped at Rs 1 lakh per annum.

With the property prices and interest rates rising with each passing year, there is need to revise the limit, sources said.

In order to arrest the declining growth rate, the industry associations have demanded raising the tax limit ceiling for the housing loan. According to Ficci Secretary General Rajiv Kumar the exemption should be harmonised with the rising interest rates and increased to at least Rs 2.5 lakh. “We recommended that the existing tax deduction limit on income tax of an individual should be increased from the current level of Rs 2.5 lakh to at least Rs 5 lakh,” said CII Director General Chandrajit Banerjee. Of this, Rs 3 lakh should be towards interest payment to offset the impact of high interest rates, he said, adding the remaining Rs 2 lakh should be exclusively towards principal loan repayment as the present limit of Rs 1 lakh is already overcrowded with several other items.

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Echoing views, Assocham and PHD chamber said that exemption limit need to be raised both for interest and principal.
As per the Direct Taxes Code, which would replace the decades old Income Tax Act, there is income tax exemption for up to Rs 1.5 lakh paid as interest on housing loans in a year.
___
©2012 the Asia News Network (Hamburg, Germany)
Visit the Asia News Network (Hamburg, Germany) at www.asianewsnet.net/home/
Distributed by MCT Information Services
Arun Gupta

2012/02/13

Global real-estate markets continue promising trend


Global real-estate markets continue promising trend

The Nation February 13, 2012 1:00 am

While economic uncertainty still affects the main commercial real-estate centres around the world, global real-estate

markets are showing steady improvements, according to Jones Lang LaSalle"s new suite of global forecasting reports.

The firm"s Global Office Index reveals the fourth quarter of 2011 marked the eighth consecutive quarter where prime office rents have risen, up a further 0.8 per cent over the previous quarter and representing 6-per-cent growth over the fourth quarter of 2010. Global vacancy is edging down to the lowest point for the past two years at 13.6 per cent.

"The majority of global leasing markets are holding firm, and many are showing remarkable resilience, especially among the BRIC countries [Brazil, Russia, India and China], as well as robust showings from Canada, Australia, Germany and the Nordics," said Jeremy Kelly, director of Jones Lang LaSalle"s Global Research team and author of the firm"s Global Market Perspective. "While leasing markets in the major financial centres are softening, the limited supply pipeline should ensure that they do not move significantly out of balance."

Jones Lang LaSalle"s Global Office Index tracks the rental performance of prime office space across 81 major markets in the Americas, Asia Pacific and Europe. Key findings of the Jones Lang LaSalle"s Fourth Quarter 2011 Global Office Index include:

_ Rental growth rose the most in the Americas at 1.2 per cent in the fourth quarter over the third quarter of 2011, as landlord leverage gradually increased in the majority of markets.

_ Asia-Pacific markets saw rental growth decelerate from 2.5 per cent in the third quarter to just 0.9 per cent in the fourth quarter as corporate demand began to slow.

_ Despite the negative economic backdrop, Europe"s office markets showed some improvement over the fourth quarter with growth picking up to 0.4 per cent from a virtual halt in third quarter 2011.

_ Leasing volumes will be steady in 2012 with positive rental growth expected in most major office markets. Beijing, Toronto and San Francisco are expected to top the charts with potential double-digit increases.

Investors, already wise to the resilient fundamentals in the commercial real-estate sector,

continue to choose real estate given its attractive investment status compared with alternative investments.

The Global Market Perspective shows robust capital market investment volumes in the fourth quarter 2011. A total of US$411 billion (Bt12.68 trillion) was transacted in full-year 2011, up 28 per cent on 2010. 2012 transaction levels are set to match 2011, with upside potential in the Americas.

Arthur de Haast, lead director of the International Capital Group at Jones Lang LaSalle, added that the markets are witnessing a "flight-to-quality", traditional in times of uncertainty, as investors pivot towards core assets in those major cities with strong economic fundamentals and/or with "safe-haven" characteristics. While there is capital available for commercial real estate, debt financing around the global will be more constrained in 2012. We"re seeing capital appreciation slowing as yields flatten, and spreads between core and secondary assets widen.
While commercial real-estate expectations for 2012 have been tempered, barring significant financial system shocks, commercial real estate investment and leasing volumes are likely to be maintained at 2011 levels.

2012/02/08

High Street back with a vengeance


http://www.dnaindia.com/money/report_high-street-back-with-a-vengeance_1647217

High Street back with a vengeance

As consumers grab shopping carts and fill store aisles after a long recession, mall building is back.
About 15 million square feet (msf) of retail space was added last year, which, according to some estimates, is 130% of what was added in 2009 and 2010 put together.

Of these, about nine msf were added in the last six months. And more than 90% came up in bigger cities like Mumbai, Pune, Bangalore and Chennai, finds a study by real estate consultant CB Richards Ellis (CBRE).

Anshuman Magazine, chairman and managing director, CBRE South Asia, said, “On the back of growing urbanisation and an increase in the acceptance of organised retail, retailers have been expanding their operations across the country.”

All is, however, not hunky dory. While rentals are stable in most top cities, they have fallen at a few developments in Pune, Chennai and Hyderabad. Analysts say a huge supply pipeline is depressing rentals.

The recently launched Phoenix Market City at Kurla faced challenges in leasing out multiplex space. Sources said that film exhibitor PVR which turned down the offer citing high rentals, later settled for lower rentals.

With pressure on, the industry feels rental renegotiations are inevitable from the first quarter of the next fiscal. Pankaj Ahuja, proprietor, Rapid Deals, a real estate consultancy, said rate negotiations are not happening in the roulette established malls of Mumbai. “But some developments that are not fully operational are facing challenges. I wouldn’t be surprised if some of them cut rentals.”

The quality of malls is another concern worrying retailers. A recent report by Jones Lang LaSalle India said half of the upcoming malls are not worth a second glance as they are built in wrong locations and would not draw enough footfalls and high spenders.
Ashutosh Limaye, head-research and real estate intelligence service, Jones Lang LaSalle India, said, “We are stuck with the mistakes we made 3-4 years ago — creating too many malls. Few understood that building and running malls is a science, and that factors like catchment viability, location, supply benchmarking and mall management matter in their success.”

Also, retailers have started scouting standalone properties like old mansions, mixed-use buildings and small office blocks in established and emerging locations. “Big-format chains are mandating realty firms to broker deals for them,” said Limaye.

2012/02/07

Expats flock to India !


http://india.blogs.nytimes.com/2012/02/08/expats-flock-to-india-seeking-jobs-opportunity/

Expats Flock to India Seeking Jobs, Excitement

Sruthi Gottipati/The New York TimesA L’Opéra’s outlet in Khan Market, Delhi, one of the prefer
red hangout spots for expatriates living in the capital.

It’s movie night at Thomas Mehwald’s house in the Indian capital of Delhi and he’s showing a Rainer Werner Fassbinder flick to his eclectic group of friends. The film is perhaps the only German import at his Gulmohar Park house – besides Mr. Mehwald and his family. The 33-year-old economist, who’s been living in India for the last two years with his wife and son, has embraced the country since he first set eyes on it.


‘‘You discover in this chaos there’s order, which I still haven’t understood,’’ said Mr. Mehwald, 33, with a laugh and a swig of his Kingfisher beer, a ubiquitous brand in India. Although the chaos contrasts starkly to his life in Germany, he’s been able to find his footing here; he recently negotiated with wily brokers to rent a new apartment without getting ripped off — a surefire sign he’s acclimatized.
Mr. Mehwald is an advisor at Sa-Dhan, a nonprofit that works to build community development finance, which is at a critical stage in India. He said his job is a terrific learning opportunity he didn’t want to miss.

‘‘The future is here,’’ said Mr. Mehwald, who talks with a strong Indian cadence in his voice when he speaks in English. ‘‘I know they’ll be many innovations coming out of this country.’’

Mr. Mehwald is part of a growing number of expats flocking to India in the last few years eager to tap into the opportunities the country has to offer, witness its rich transformation and sample a way of life often very different from their native countries. Foreigners, of course, have flocked to India for centuries, as colonizers, missionaries, volunteers and escapees from persecution in other countries. This new wave is made up mostly of well-educated migrants from wealthier, more developed countries, leaving behind slow economies in search of job prospects and opportunities they can’t find at home.

‘‘I thought it would be a good adventure,’’ said Shannon Lee Zirkle-Prabhakar, 27, an American photojournalist who moved to Chennai last April with her husband. She said she had visited India once before, in 2005, but doesn’t remember seeing as many expats then. ‘‘I notice more now.’’
Although government agencies weren’t able to provide figures for the total number of foreigners in India, the Ministry of Home Affairs offered numbers that paint a stark portrait.

At the Indian consulate in San Francisco alone, the number of visas granted to Americans to work in India almost doubled, from 23,085 in 2009 to 47,929 in 2010. And those numbers don’t include Americans of Indian origin who have applied for special visas. In the same period in Beijing, there was a 51 percent jump to 32,932 Indian work visas granted. In the southern Chinese city of Guangzhou, that increase was 27 percent to 20,550; in Shanghai, a 30 percent rise to 24,382.

Other countries across the globe reflected the same trend. The number of Indian work visas issued in Singapore soared by 33 percent from 21588 in 2009 to 28650 in 2010. In Europe, the Indian visa office in Paris doled out 41 percent more work authorizations in the same period, while Berlin saw 48 percent more Germans clamor to work in India, granting 49,104 visas.

Analysts attribute the relative strength of India’s economy and foreign companies continued interest in India, for some of this rise.
‘‘There’s been a lot of development in the last three years. India was one of the very few countries insulated from the economic crisis,’’ said Dr. Soumya Kanti Ghosh, director, economics and research, at the Federation of Indian Chambers of Commerce and Industry, the nation’s premier business lobbying group. He credits strong external demand and robust growth for investors to see potential in the market.
Not all who come to India intend to stay for long periods of time. For instance, in Seoul, where the number of visas granted to South Koreans to work in India tripled from 10,030 in 2009 to 31,440 in 2010, officials say that many only make short trips just to manage their business interests.

Still, most expats are here to stay – at least for a while.

Those who plan to live in India for more than six months need to register themselves in the country with the Foreigners Regional Registration Officers. While 35,973 U.S. citizens (not including those eligible for special visas available for Americans of Indian origin) registered in 2008, 41,938 did so the following year, according to the latest figures available with the Ministry of Home Affairs. Expats from Britain, France, Germany and Korea contributed to a similar rise.

‘‘There’s a definite change,’’ said Francis Wacziarg, 69, a Frenchman who moved to India in 1970 and has been living here since, and who’s seen a surge of foreigners over the last few years who aren’t all tourists. ‘‘Now it’s more people who want to settle down and work either for a company or set up their own business.’’

When Mr. Wacziarg first came to India as the commercial attaché of the French embassy, he said there were hardly any foreigners living here. When he tried to set up a consultancy firm advising foreign companies on buying exports from India in 1978, he approached government officials in Mumbai and Delhi to make a case for himself because foreigners weren’t allowed to work in many fields or set up business in the country at that time. That changed with the liberalization of the Indian economy in 1991 and India gradually warmed up to foreigners.

Mr. Wacziarg today owns an export agency, a nonprofit music foundation and is co-chairman of the Neemrana hotel chain.

One of the other areas that has seen an influx of expats is the media world. In journalism schools in the US, graduates are encouraged to come to India because of mushrooming media organizations, vigorous newspaper circulations and a relatively free press. Many professionals with a nose for adventure looking to leave saturated Western markets are attracted to India.

‘‘There’s really been a sense of limitless horizons. There’s very little to restrain you. People’s ambitions are set very high and rightly so,’’ said Rodrigo Davies, 29, who moved to Mumbai two years ago to work as GQ’s online editor after seven years as a journalist in London.
‘‘In terms of opportunities, London is always innovating. But the number of businesses, publications opening there is a fraction of what’s opening here. A lot of companies here are going digital straight away.’’

With the soaring number of foreigners, Mr. Davies describes what seems almost like a thriving expat subculture in India. He said there’s a new restaurant or high-end boutique opening every other week in Mumbai and once a group of expats start talking about it, word spreads through the community quickly.

Belgian chain Le Pain Quotidien, The Table, which serves international cuisine, and French crêperie Suzette, are some of the eateries in Mumbai that are familiar to expats, said Mr. Davies.

‘‘You would see a disproportionate number of expats in these places.’’
Last year, French Tuesdays, an international club, reportedly drew scores of expats when it held its first event in Mumbai.
Meanwhile in Delhi, a moderated Yahoo group used by expats called Yuni-Net is rife with postings on topics ranging from available apartments to pleas to figure out India’s notorious bureaucracy.

It has yet to be seen whether the number of expats pouring into India will continue. The slowing economic expansion in the country this year, as well as new rules introduced by the government could serve as dampeners.
Foreigners must now earn the equivalent of $25,000 per year in order to be considered for employment visas, which they say is often an unrealistic figure, particularly if they don’t have much work experience or have a job in low-paying fields like India’s huge non-profit “industry.” Some, as a result, have to work for free, which limits their ability to stay in India.

The earning requirement is perhaps also a reason why recent immigration to the country has been mostly from the educated, higher economic bracket. India also has poorer immigrants, mostly undocumented, from countries that border it such as Bangladesh and Myanmar.
Expats might stick on though, irrespective of the new regulations. Real estate prices have shot up in Delhi neighborhoods widely considered magnets for expats. In Defence Colony, a South Delhi locality, multi-storey apartments cost 26,884 rupees per square foot in 2010, compared to 19,222 rupees in the same period in 2009, according to the property Web site magicbricks.com.

In the more exclusive area of Jor Bagh, that number rose from 37,541 rupees to 48,561. And apartments which cost 22,978 rupees per square foot commanded a 20 percent higher price tag in Vasant Vihar in just the span of a year.

This may be because there are still many factors that keep India an attractive destination including the prevalence of English and a culture where most people on the streets are willing to be helpful to the bumbling expat.

Mr. Mehwald, the German economist, said he’s even found himself becoming more gregarious than he was back in Berlin.
The trick to live in India, he said, is to ‘‘take things as they are.’’ That and not to trust brokers too quickly.

2012/01/05

The year of Zaha


http://www.architizer.com/en_us/blog/dyn/36659/the-year-of-zaha/

Architizer News

Zaha Hadid at the opening of the Sterling Prize-Winning Maxxi in Rome, last year

Simply put, it was very much Zaha Hadid’s year, one which saw the realization of some of her most important projects. It also proved vindicating, with the completion and opening of the Guangzhou Opera House after the architect’s much publicized canceled-Cardiff Bay Opera House from 1995 and the long overdue recognition from her adopted homeland, with the openings of much hailed works such as the Evelyn Grace Academy in Brixton, the Riverside Museum in Glasgow, and the Olympic Aquatics Center in London. The year was also a turning point for Hadid’s work and firm, when the last of Zaha’s pre-digital projects, like last year’s MAXXI in Rome and the Evelyn Grace Academy, fully gave way to all-digital projects, such as the Aquatics Center, Guangzhou, and Riverside.


Emerging from a formalist generation weighed down by murky theory bastardized from Continental philosophy and coming of age in another under the influence of a resurgent Gauloises-smoking brand of nihilism, Zaha now commands a cultural influence, both populist in reach and aspirational in message, and an overwhelmingly large practice (with some 300 staff members from 55 countries) that are the envy of all ego-damaged architects. Nevermind that the buildings are exorbitantly expensive to build (poorly built, at that) and that all those sweeping, meaningless forms were ostensibly designed for the inevitable coffee table monograph rather than for real space. It’s Zaha’s world, and we’re just living in it. Here are the top ten Zaha posts of the year, plus a recent interview below.

Photo: Luke Hayes

1) Winning the Sterling Prize

“Hadid’s victory illustrates the commitment of the Royal Institute of British Architects to the kind of no-expense-spared capital-A architecture that’s been called into question this year by the country’s architecture students. Some critics argue that a victory for the Velodrome — a model for a more thoughtful, sustainable practice — would have been more appropriate. From political standpoint, the Evelyn Grace Academy is the exception to the rule for British educational facilities, with many nearby institutions closing down due to budget cuts. . . . Presumably, many were hoping that this year RIBA would take a stand against the kind of “design-for-design’s sake” excessivity of the early 00s. Maybe next year!”

2) 2012 London Olympic Games Aquatic Center Opens

Photos: hufton + crow

“Zaha Hadid Architects have completed work on the massive aquatic center that will be home base for all water events in the 2012 games in London. Most of the images show the double-curved surface that covers the main pool, imprinted with nodes of spotlights. The two flanking wings are roofed in a sculptural concrete pattern not unlike the formwork in Hadid’s Phaeno Science Center. The technique used in that building — self-compacting concrete — was still developing back in 2006, and much of the facade had to be re-poured soon after completion due to cracking. We’re not sure they used SCC in the Aquatic Center, but hopefully re-pouring won’t be necessary.”

Photo: Iwan Baan

3) Guangzhou Opera House Opens

Photo: Iwan Baan

“Zaha Hadid’s riverfront opera house “sings” in her architectural language: folds, tessellation, ripples, and diamonds abound. But somehow, if reports are to be believed, the formalism makes sense here: most of the press coverage of the opening compare the two main volumes to “water-smoothed pebbles,” citing geological and topographic context as a central player in design development.”
Photos: Zaha Hadid Architects

4) Riverside Museum of Tranport Opens in Glasgow

“At first glance, the Riverside Museum may seem like an understatement for Hadid. It’s one giant moment frame, a nod to the harborside warehouse. Unfortunately, a glimpse at the roof (not an easy-to-come-by view) indicates that the gross excesses of the early 2000s lurk just out of view. Think of the museum like a crackhead that claims to be rehabilitated, but is in reality just a pro hiding his habit. The structure appears as a big metal shed, but that’s because Hadid has hidden the extreme expense and extraneous ornamental flourishes on the roof.”
Photo: Zaha Hadid Architects

5) Pierres Vivres Complex Nearing Completion

“Hadid began designing Pierres Vives, which translates to “living stones,” nearly a decade ago, yet her vision has been maintained. In her designs, she placed the giant ship of the building at the center of an eponymous new urban district. The 28, 500-square-meter stone monolith houses various regional departments and facilities, including archives, a library, a sports center, and offices.”

Photo: Zaha Hadid Architects

6) “The Capital of Zaha Country”

“The villa is concrete, steel, and glass structure comprised of two seemingly disparate volumes: the first, a ground condition that follows the contours of the site’s topography, and the second, a stout tower rising from this fluid base. . . . The striations of the natural topography are articulated in a layered space, where the ground volume consists of three tiered levels.”

Photo: Zaha Hadid Architects

7) Roca London Gallery Opens

“Zaha’s most recent completed project in London, the Roca London Gallery, it seemed as if Zaha’s signature curving forms had truly found their calling. Inspired by the elemental power of water, Hadid and her team have carved out another fiercely dynamic space for a flagship store showcasing high-end bathroom products.”

Image: Zaha Hadid Architects

8) Designs for Zaha’s Personal Residence Are Approved

“The La Jolla planning commission finally gave the go-ahead for Zaha Hadid Architects and San Diego-based firm Public to commence construction of the 12,700 square-foot-house. Designed in 2003, the project has been in deadlock with the community planning association which sought to bar its realization citing zoning and ordinance violations. . . . Hadid’s website describes the house as an “introverted sculptural structure” characterized by sweeping curves and a gestural roofline, which marks the divide between the interior and exterior.”

Image: Zaha Hadid Architects

9) First Images of Zaha’s Bespoke Miami Beach Garage

“New renderings for Zaha Hadid’s proposed $12.5 million car park at Collins Park in Miami Beach have been released. The design is a 5-storey tall body of shifting curvilinear plates that from some angles appears as the resultant formal scenario wherein an earthquake has breached the taut envelope of FLW’s Guggenheim rotunda and set the constituent floors askew. Hadid’s garage, which lies in proximity of Frank Gehry’s New World Symphony complex, follows the formula of its successful predecessors, Herzog & de Meuron’s car park/event venue at 1111 Lincoln Road and Enrique Norten‘s recently completed garage at 420 Lincoln Road, which combines branded form making with hybrid programs including retail space for shops and nightclubs.”

Image: Zaha Hadid Architects

10) Zaha Plans (Another) Beijing Commercial Complex

“Despite concerns about China’s inflated real estate market, building continues unabated. Today Zaha Hadid unveiled images of the half-million-square-feet Wangjing Soho complex, which will sit near Foster + Partners new Beijing Airport. The architecture seems to be standard Hadid fare (mountainous blobs, interior looks like the set of The Fast and the Furious 4).”