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Parsvnath debt remains a worry, Ansal profit falls	Real Estate Developers
New Delhi: Realty firm Parsvnath Developers Ltd (PDL) said on Monday that its consolidated net profit fell 28% in the third quarter and it failed to reduce its Rs. 1,300 crore debt because of the rising cost of building material and high interest rates. New Delhi-based PDL’s net profit in the three months ended 31 December fell to Rs. 22.54 crore from Rs. 31.37 crore a year earlier. The firm’s revenue increased 6.8% to Rs. 239.62 crore. “Our profit has declined because of higher expenditure on construction and employees cost besides higher interest cost,” Parsvnath Developers chairman Pradeep Jain told reporters. The company’s net debt stood at around Rs. 1,300 [...]
To decongest Gurgaon expressway, toll plaza to have more lanes	Gurgaon
Under pressure from various quarters for not being able to ease traffic flow on the Delhi-Gurgaon Expressway, especially at Delhi border toll and Kherki Dhaula, DS Constructions has come out with a 12-point decongestion plan. The company said it will add three more lanes, and two additional reversible lanes, to the Delhi-Jaipur side for easing the traffic flow. Work on the project will start in March. Similarly, construction work on three more lanes at the Kherki Dhaula toll plaza has already been initiated. Of the three lanes, two would be towards Delhi, and one towards Jaipur. Work will be completed by April, the company said. A study conducted by the [...]
SALES SLUMP Unitech, HDIL post decline in profit	Real Estate Developers
Unitech Ltd and Housing Development and Infrastructure Ltd (HDIL), India’s second and third largest devel- opers, respectively, reported decline in third-quarter net in- come on Tuesday as sales fell and input costs rose in a slow- ing economy. Unitech’s consolidated net profit fell 50.4% in the three months ended December to `55.22 crore from `111.36 crore in the year-ago quarter. Revenue declined 22% to `514 crore from `659.79 crore in the same period. HDIL’s net profit fell 31% from a year earlier to `155.7 crore in the quarter. Revenue dropped 9% to `422.5 crore. Sales of houses and apart- ments have been declining as economic growth slows this fiscal to [...]
Adanis exit realty, to put Mumbai sites on the block	Real Estate Developers
AHMEDABAD: After making a grand foray into real estate and taking up several township projects, industrialist Gautam Adani’s flagship company Adani Enterprises (AEL) has decided to exit the real estate sector and focus on its core infrastructure business – mainly ports and power. The announcement surprised market watchers in Ahmedabad, Mumbai and Gurgaon, where the group has large land-holdings and ongoing projects, which are being executed by subsidiary Adani Infrastructure and Developers (AIDL) . “The board of directors has approved the proposal. The move will infuse additional liquidity in the company. We would be able to focus on our core businesses,” Devang Desai, executive director, AEL, said on Thursday. The [...]
Tata Camelot ‘benefitted’ from MLAs?	Real Estate Developers
Intensifying its scathing attack against the Punjab government for allowing Tata Camelot to come up in a “controlled area”, the Administration today accused Punjab of preparing the master plan of Nayagaon keeping the Tata Camelot project in mind. Senior standing counsel for UT Administration, Sanjay Kaushal alleged that the Punjab government buckled under the pressure of it’s MLAs to prepare the master plan of Nayagaon to benefit Tata housing corporation. “The master plan for Nayagaon was not made for its residents but was made keeping the project (Camelot) in mind,” Kaushal averred. The allegation was made during the resumed hearing of a public interest litigation (PIL) filed by Advocate Aalok [...]
Cabinet to clear eastern part of KMP Expressway next week	NCR
The Prime Minister’s Office on Tuesday stepped in to ensure that there is no further delay in implementing the ambitious project to complete a ring road around Delhi. The road will let nearly 2 lakh vehicles skip the Capital every day and help ease traffic congestion. Hindustan Times had on February 10 reported how the 135-km Eastern Peripheral Expressway (EPE) – half of the 270-km road around Delhi -had failed to take off because of bureaucratic indecisiveness. The road was first approved by the Public Private Partnership Appraisal Committee (PPPAC) way back in 2007. Along with the Western Peripheral Expressway (WPE), which is being implemented by the Haryana government and [...]
South Asian Real Estate homes aims to develop 40 mn sq ft in next 5 yrs	Real Estate Developers
NEW DELHI: Delhi-based South Asian Real Estate Homes (SARE) today said it plans to develop 40 million square feet of land across the country in the next five years. The company, which is promoted by UK-based Duet Group, said the most of the development would take place in the major cities in the country. “We are looking at developing an additional 40 million square feet over the next five years. We are focusing on seven major cities in the country,” SARE Homes Chief Operating Officer Vineet Relia told reporters here. He, however, did not elaborate any financial details. Currently, the company has invested in eight projects n Gurgaon, Ghaziabad, Navi [...]
‘Violations’ at Home Secy Anil Kumar’s house	Other City
Chandigarh: UT Home Secretary Anil Kumar’s, residence in Sector 24 is special. For, the front and back courtyards have been converted into plush rooms. The only problem is that this is not permissible as per the rules of the UT Estate Office. Yet the UT Estate Office entrusted with the responsibility of keeping the city free of building violations and encroachments, chooses to turn a blind eye. A letter in this regard was sent by the UT Engineering Department to the Estate Office in 2010 asking them to remove the unauthorised structures. The rules of the UT Estate Office say that if any government accommodation is found to have any [...]

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