Office rentals shoot up in Mumbai

With Nariman Point and Bandra-Kurla Complex reportedly commanding the highest office rentals, Mumbai is giving competition to Manhattan, but this surge has come after a decade-long slump, reports Shiv Kumar After more than a decade of sluggishness, rentals of commercial property in Mumbai’s main business districts have begun to rise again. Nariman Point, India’s golden mile, had lost its lustre throughout the late 1990s and well into the new millennium. Is correction in the offing?

Resurgent city Badarpur flyover is likely to remove a major roadblock in the growth of real estate in Faridabad, reports Ravi S. Singh The announcement made by the Chief Minister Bhupinder Singh Hooda that the work on flyover at Badarpur border (from Delhi side) would start by middle of this year has sent the property prices soaring in the city. Although the construction of the flyover, which will serve as a lifeline for Faridabad, has been hanging fire for a long time, the Chief Minister’s assurance has cleared air on the issue. The Badarpur flyover will make traffic jams like these a thing of past for those commuting to Faridabad from Delhi. — Tribune photo by Mukesh Aggarwal

India among top three global realty markets
India’s booming realty sector has attracted foreign investors and figures in the top three property markets, offering the best opportunity for capital appreciation after the US and China. In the league of the most preferred property market among foreign investors globally, USA has retained its top position, while China was ranked second followed by India, a survey conducted by the Association of Foreign Investors in Real Estate said.

Credai NCR, IP varsity tie up to offer realty courses

Credai NCR has entered into a strategic tie-up with Guru Gobind Singh Indraprastha University to offer professional courses and research opportunities to students interested in taking up a career in the booming real estate sector. (From left to right) G.P Savlani, resident director, CREDAI, Pradeep Jain, president, CREDAI-NCR and chairman, Parsvnath Group, Prof K.K Aggarwal, Vice-Chancellor and V.K Jain, Registrar of Guru Gobind Singh Indraprastha University, after the signing of MoU to start real estate courses.

GROUND REALTY KICK CLUTTER out of kitchen The choice of right accessories goes a long way in getting a smart kitchen, says Jagvir Goyal Here are some more tips on kitchen accessories to make it a really effective, clutter and smoke-free, time saving and hygienic: Materials: Use phenol-bonded waterproof plywood for kitchen cabinets. Block board is often used but it swells up due to moisture. The best option is to use powder-coated aluminium framework and wooden laminate panels in shutters.

Asian REITs may touch market cap of $100 b by 2010
Asian Real Estate Investment Trusts are expected to touch a market capitalisation of $100 billion by 2010, industry body Assocham said. REITs, which currently account for 10.6 per cent of the global share, would further grow to $500 billion in another 8-10 years, the chamber said in a paper “REIT Proposition”.

Realty Bytes
Parsvnath-Royal Orchid tie-up
Mumbai: Bangalore-based Royal Orchid Hotels Ltd will set up a Rs 50-million joint venture firm with Parvsnath Hotels to develop new properties. The company informed the Bombay Stock Exchange that Parvsnath Hotels, which is a wholly owned subsidiary of realty firm Parvsnath Developers, will hold majority stakes in the venture named Parvsnath Royal Orchid Hotels Pvt Ltd. 

TAX TIPS
Get a will made to avoid disputes in future
By S.C. Vasudeva
Q. My father who has no income of his own has made some investment in property out of the money taken from me and my sister as a gift. Now my father wants that this property should get transferred in my name after his death.