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CHENNAI.....Good investment opportunities in all the segment of the city. Commercial rentals is on fast trek. Residential segment also having very good demand from rural areas. Outskirts of the city is now more costly then CBD residential areas.   AHMEDABAD..... ..... Huge NRI funds were recently invested in residential segment of the city. Commercial too is feeling the heat. Residential rates are marginally up by 20% since last quarter. The trend is likely to continue.   BANGALORE...... ...IT and ITES are again in the buying spree. Residential complexes are getting good demand. NRIs investments are up again. Service apartment concept is catching up in the city. Commercial lease rentals are rising.   PUNE.... ... Pune is poised as IT centre by the developers. In fact many leading IT brands are in the city. It has enhanced the residential rates. Outskirts like Viman Nagar, Pimpari and Chinchwad also now having great demand. Good time ahead.   DELHI .... ...The market is slow for residential units. Noida and Gurgaon also have touched historic level. New zones are in the competition. Faridabad and Merut along with Rohtak are busy catering for demand in Delhi and NCR    MUMBAI.. ..... ..Realty Fund and investors of large real estate holdings are still maintaining the price level. Developing zones are feeling heat. Small pocket developers are also panic in the market. Residential prices stagnated as of now.

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Sick Textile land up for sale

A committee headed by textile minister, Shri Ranjit Deshmukh is to work out modulation for the sale of the excess land around the sick textile mills. The committee will also comprise three ministers connected to textile and industry. The convenor will be the secretary from the textile industry.

This much awaited sale (in principle) is welcomed by the owners of these sick mills. Revival of these 54 mills has proven futile. 54 mills together comprise of 180 hectares of land around them and its sale was earlier opposed by the unions and political parties alike.

During the Shiv Sena-BJP regime, 15 sick Mills were allowed to sell excess land. Development Control (DC) Rules 91 will enable the sale of land as non-industrial use. There are two provisions for this kind of sale, Under section 58 (1) (a) of the DC rules sale can be allowed if 15% of the land is surplus. And under section 58 (1) (b) the surplus land is to be divided into three equal parts. One part goes to Municipal corporation, one to MHADA, and the third part to the owner for either commercial sale or development.

Chief Minister Vilasrao Deshmukh true to his words on an earlier promise to absolve this (sick) matter, has come through with this solution. The committee he said will put forth their report written 15 days of formation.

The VRS (Voluntary Retirement Scheme) has been accepted by the unions who so long opposed it. In view of the huge amount of money required to meet VRS, sale of this land is eminent.

By leasing route 30 lakh sq.feet of the mills land has already come to market through the back door. The unions too welcome this scheme.

The Gujarat formula is to be excepted here in the mode of compensation payment of 35 days of salary for every year of service put in.

30% of the land to be sold will be utilised for Software Industry. The government has committed itself to this task.