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GN

Uttarakhand Allots Land At Industrial Estates, Many Beneficiary Companies In SME Sector Are From NCR


By ugesh sarkar, Section GN
Posted on Thu Jan 01, 2009 at 11:10:14 PM EST

The State Infrastructure and Industrial Development Corporation of Uttarakhand Ltd (SIDCUL) today said it has issued final allotment letters for new units and expansion programmes in the key industrial estates of the hill state. The major beneficiaries in the allotment of plots are companies from the National Capital Region (NCR), which includes Delhi, Gurgaon, Faridabad, Ghaziabad and Noida.

According to official sources, nearly 57 small companies from Delhi, Gurgaon, Faridabad and Ghaziabad have been allotted 1,000 sq metre plots each at Haridwar and Pantnagar industrial estates. The move follows the clearance of nearly 100 industrial plots by a high-powered committee in Uttarakhand on December 22, which include top companies like ITC, HUL and Sterlite.

The committee, under the chairmanship of Chief Minister BC Khanduri, cleared the proposals, which were invited by the SIDCUL in July this year.

All these companies were given land under the new allotment policy recently formulated by the government for Haridwar, Pantnagar, Kotdwar and Selaquie industrial areas, which are being developed by the SIDCUL. In the allotment process, the companies were kept in three broad categories.

In the first category, the small and medium enterprises (SMEs) were given preferences with 25 percent of land being reserved for them. The main rush for the proposals was for Haridwar integrated industrial estate. In view of the heavy rush, the committee tried its best to accommodate the maximum number of companies in the final allotment.

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Vishal Talks Down Rentals For 50 Stores


By ugesh sarkar, Section GN
Posted on Sun Dec 28, 2008 at 09:44:22 PM EST

Vishal Retail, a New Delhi-based supermarket chain, has successfully negotiated rentals of about a third of its stores across the country even as other retailers are bargaining for lower prices.

Vishal has been able to negotiate lower rentals for at least 50 stores across the country helping the retailer to bring down rentals by as much as 35 per cent. "We told the store owners that we will relocate our stores to other places if they don't bring the rentals down. We managed to get rentals down between 20 and 35 per cent," said Ambeek Khemka, president, Vishal Retail.

A decelerating economy, coupled with job cuts, has forced several retailers and companies to stall their expansion plans, leaving mall developers and other real estate companies with surplus stock. "Today the market situation is exactly the opposite of what it was a year ago. Supply of retail space far exceeds the demand and we have an upper hand," Khemka added. Vishal Retail has 178 stores across India and most of them are standalone.

According to Purunendu Kumar, associate vice-president, Tecknopak, "the current market situation is tilted towards retailers and they are having their say while negotiating with the store owners." The fall in rentals will also help retailers increase their bottom line.

"Fall in rentals in the range of 20-50 per cent will add up to 4 per cent up to the bottom line," said Kumar. Vishal Retail is working on different strategies to reduce rental costs. The company has decided to open all of its new stores under the franchisee model. Vishal is focusing on small-format stores and it also plans to re-size around 25 of its stores.

The company plans to increase number of stores from 178 to 200 in the next three months.

Source: Business-standardVishal Talks Down Rentals For 50 Stores

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Need To Overhaul SEZ Policy,Should Be Allowed Along The Coast Line


By Nikhil IAS, Section GN
Posted on Sun Dec 21, 2008 at 10:03:24 PM EST

The special economic zone (SEZ) policy was formed when we were in power. But the United Progressive Alliance (UPA) government messed it up completely. The original idea was to create one such zone in every state, and these should come up largely in coastal areas.

But the UPA government diluted the policy and converted it into a policy for real estate opportunities. Many less-than-honest real estate players ventured into SEZ development and got approval, and they will now be the first ones to exit those zones in the midst of the present economic meltdown.

This has been happening because of the wrong handling of a worthwhile concept. The government has talked about fantastic employment and investment numbers. But that's not going to happen. What has happened to Reliance's Haryana special economic zone?

My point is that we need to go back to the original idea on special economic zones. The policy needs to be changed. SEZs should be allowed along the coast line, and should come up in land-locked states as exceptions.

Many non-genuine investors and land sharks will now exit SEZs blaming the economic downturn. We need to restrict the number of SEZs in the country, say one in every state.

Though some states handled the SEZ quite effectively, others gave it a bad name as they tried to acquire prime agriculture land in the name of SEZ and industrialisation. The state of West Bengal is a classic case here, which created a mess around Salim SEZ.

Now, India is also hit by global recession. Money is fast vanishing from the system. So, many of the genuine special economic zone developers will also be hit hard. We may see many SEZ developers halting their investment plans.
Source: Economic Times'Need To Overhaul SEZ Policy'

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Finmin Rejects Tourism Pitch For Subsidies To Budget Hotel


By Nikhil IAS, Section GN
Posted on Wed Dec 17, 2008 at 09:54:17 PM EST

Union finance ministry has rejected a tourism ministry proposal to subsidize private companies building one-three-star category hotels.

"We have been asked to reformulate our package and send a fresh proposal to the expenditure finance committee (EFC). This is a major set back as the country lacks over 100,000 budget hotels," says a senior official at tourism ministry who declined to be named. "This is when we helped creation of 2,000 budget hotel rooms in 2007-08 by extending capital subsidy."

The committee, a part of the finance ministry, approves allocation of money for government projects.

The tourism ministry had proposed an incentive for a new one-star hotel at Rs2 lakh per room, subject to a cap of Rs30 lakh for the hotel, Rs3 lakh per room for a two-star facility subject to a cap of Rs75 lakh for the hotel and Rs3 lakh per room with an upper limit of Rs1 crore for a three-star hotel.

"The package was a combination of capital subsidy (or a grant) and loans from the bank, which ever will be lower, Now that our proposal has been turned down we are not expecting any money coming for this project in 2008-09", said the same official.

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Twin cities full of temples and forts... But all on paper


By Sumit Kumar, Section GN
Posted on Fri Nov 28, 2008 at 01:32:55 AM EST

Did you know that the people of Bisrakh Village, that lies on the banks of Hindon river in Greater Noida, don't celebrate Dussehra by burning an effigy of Ravana? In fact, Ravana is worshipped here. Reason: Bisrakh is the birthplace of Ravana. His father: Rishi Vishwashrawa, also constructed a Shiva temple here, the remains of which can be seen even today.

But this is not just a lone historical monument in the region. Both Noida and Greater Noida have a rich historical past and are replete with temples and forts of the era gone by Only, all this information is not documented. It would have died a natural death had the Indian National Trust for Art and Cultural Heritage (INTACH) not come to its rescue.

With a view to preserving the cultural heritage of the twin cities of Noida and Greater Noida, INTACH created a separate chapter for the region last week.  

"At present, we are in the process of locating various monuments of historical importance. For this, we are taking the help of the local popu- lace. says former Chairman of Nuida and Greater Noirla Authorities. Briiesh Ku- man who is the [N- TACH convenor for Noida-Greater Noida.

"But heritage doesn't lie in monuments alone. It also includes the natural resources, lifestyle, music and dance forms, the language and rituals, folklore and the type of jewellery and clothes worn by the locals. We aim to protect and nurture all this," he says.

For this, INTACH is also forming heritage clubs in different schools of the two cities. "Children are an important part of society They can act as an important tool to create awareness and encourage restoration of the region's culture and heritage. Hence their involvement," says Kumar

INTACH has already had its first meeting with rep- resentatives of 10 Greater Noida schools. The her itage clubs in these schools will be actiity based. Students lululfibe re< nirect toonlist sites and areas that give a unique flavour to the area. They will also be involved in documentation of natural, built and living heritage and research activities. "The objective is to instill a sense of pride and beloging among the people towards the heritage and sensitising the future generations towards preserving their rich legacy" says Ktunar

Source: Rajkumari Tankha, From Hindustan Times's live, Nov-28-2008

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Noida Authority (NA) to launch an Amnesty Scheme to allow city defaulters to make amends


By Riti, Section GN
Posted on Fri Nov 28, 2008 at 12:44:02 AM EST

Here is some good news for Noidaites. The Noida Authority (NA) has decided to launch an Amnesty Scheme to allow city defaulters to make amends. Starting on December 1, 2008, the Noida JAL board will launch an Amnesty Scheme for those property holders, who are using the NA water without paying tax. The scheme will be open for four months, till March 31, 2009.
Says Mohinder Singh, Chief Executive Officer, (CEO) NA, "Those who pay the dues during this Amnesty Scheme period will be given some relief in the amount, while those who fail to take up the offer will face the usual punitive measures, such as snapping of water connections and strict action." Explains Yadav Singh of the JAL department, "Currently, NA has handed out 45,000 water connections in the city of which 30 per cent of users have defaulted towards making payments. The result is that we are left with arrears amounting to Rs.16 crore."

The NA chief has appealed to the citizens to come forward on their accord to pay their dues. As per Singh, all those who pay up by December 31, 2008, will get a 40 per cent per cent rebate on the surcharge, if dues are paid between January 1, 2009, to January 31, 2009, then a rebate of 30 per cent will be granted and if arrears are cleared between February 1, 2009, and March 31, 2009, a discount of 20 per cent will be allowed. A 50 per cent rebate can be availed by citizens from the EWS, LIG, Shramik Kunj and rural areas. Moreover, unauthorized water connections will be charged for a period of five years i.e. from April 1, 2003, for making their water connections regular.

Source:Noida Plus November28th,2008.

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Own property in Gurgaon? Pay Rs 4 lakh extra in fees, Haryana Govt. hike external development charge


By sachiv, Section GN
Posted on Thu Nov 27, 2008 at 01:23:14 AM EST

If you've bought an apartment or plot in Gurgaon in the past three years, prepare to fork out lakhs in additional development charges.

The Haryana government has decided to hike the external development charge (EDC) by almost 100 per cent for all projects developed after 2005.

Developers say existing customers will have to pay between Rs 150-200 per sq feet extra for an apartment and Rs 1,500-1,750 sq yard for a plot. For a three-bedroom apartment of about 2,000 sq. ft for instance, the buyer would now have to pay between Rs 3 lakh to Rs 4 lakh extra.

Senior Town and Country Planning officials maintain the government had to introduce the hike because of the steep appreciation in infrastructure costs. "The costs of laying infrastructure have gone up," Town and Country Planning Director SS Dhillon told Hindustan Times. H R Bangia, who bought a 300 sq yard house in 2006 said he would move court if he was asked for more EDC. "I don't understand why developers don't include it in the total cost of the property initially." Real estate developers, too, would have to pay hundreds of crores in arrears to the government. "The charges developing civic infrastructure for developers have been hiked from Rs 1.04 crore per acre to Rs. 2.27 crore for all projects that got licences after 2005," said Raheja Group of companies CMD Navin Raheja.

Said N K Sehgal, senior vice president Ansal API: "Since 1991, the EDC has seen a dizzy rise of 1,300 per cent as against a 200 per cent increase in the CPWD wholesale price index in the same period." Some developers have even threatened to withdraw applications for future projects. Haryana Chief Minister BS Hooda met DLF vice chairman Rajiv Singh, Unitech MD Sanjay Chandra and Parsavnath Developers' Pradeep Goyal on November 19.

From: Ht, Nov-27-08

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Politics And Technology Make Familiar Bedfellows In The Era Of The Internet


By Nikhil IAS, Section GN
Posted on Tue Nov 25, 2008 at 12:54:27 AM EST


 During the US elections, Barack Obama's managers flooded YouTube, the popular video sharing website, with his speeches and profiles, giving a new impetus to political campaigns in the era of the internet. Indian leaders, too, have fast realised that ageold street corner meetings, rallies, and posters are not enough to catch votes in today's India.

Both the Congress and Bharatiya Janata Party, the main opponents in five out of six states going to polls in this round, are depending on the internet and other wireless technologies to campaign.

Vijay Kumar Malhotra, BJP's chief ministerial candidate in Delhi, was quick to launch his website, with help from his daughter and grand-daughter, to open anew route of communication with voters.

"Frankly speaking, we got the idea after Lalu Prasad's and Omar Abdullah's speeches during the Parliament Trust Vote received the most hits on YouTube," said a senior BJP functionary. Zealous supporters had uploaded news channel clippings of the two speeches, which received enormous applause in Parliament, on the site.

Malhotra's prime competitor in Delhi, Chief Minister Sheila Dixit still believes that traditional ways of campaigning are the best suited for her. While the twotime CM roams around her constituency in a car, her colleagues in Rajasthan have chosen the internet to reach out to voters.

Two video advertisements have been prepared by professional agencies and released on websites like Rediff, Yahoo! and MSN. "This medium is commendable in its versatility -- from blogging, commenting and debating on an array of topics related to the Rajasthan elections to uploading videos for the youth. It allows a one-on-one communication channel with the voter, which is very effective," says Atul Hegde, the CEO of Ignitee India, the agency behind this campaign.

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The Draft Policy: Govt To Focus On Those Sectors Which Generate Most Jobs


By ugesh sarkar, Section GN
Posted on Mon Nov 24, 2008 at 12:47:49 AM EST

With more and more companies announcing job cuts, the government is on the verge of finanlising a policy that calls for an employment intensive economic growth, with focus on those sectors which generate most jobs.

The draft policy, prepared for the first time since independence, proposes making agriculture the largest employment provider by making it more remunerative. It also calls for government investment in social sector to make it a great enabler for employability by building human capabilities and skills. The state has a major role in the development of these sectors and public investments in these should be stepped up, it adds.

The draft policy also seeks a revision of some existing policies. "Policies that are likely to hinder expansion of employment and encourage insecure and exploitative conditions of work need to be reviewed and changed," it says.

The draft policy, which is likely to go to the Cabinet in a month after receiving comments from various ministries, calls for an employment impact assessment for every policy decision.

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Retired colonel arrested for forging rent documents


By Dr arvind, Section GN
Posted on Sat Nov 22, 2008 at 01:48:13 AM EST

A retired colonel of the Indian Army was arrested here for allegedly forging lease agreement papers of a house he had rented from another retired army officer.

Station officer of Sector-39 police station Anil Samania said Col. (retd) R.S. Malhotra lodged a complaint with the police alleging that Col.(retd) Madhukar Sharma had forged the agreement to occupy the rented property for a period more than originally agreed.

Sharma and two of his associates, Brahm Prakash and Atul Kapoor, had rented his house in Sector-37.

On Wednesday when Malhotra notified the tenants to vacate the house they refused, forcing him to take a legal action.

"We have registered a criminal case under sections 420, 467, 468 and 120B of IPC and have arrested Col. Madhukar Sharma," said the police officer

Brahm Prakash and Atul Kapoor are absconding added the SO. IANS

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Insuring Against Job Loss: Govt So Far On Helping Employers To Deal With The Financial Crisis


By ugesh sarkar, Section GN
Posted on Thu Nov 20, 2008 at 12:10:36 AM EST

With lakhs of people losing their jobs, primarily in the country's labour-intensive exports sectors, and several lakh likely to follow them through the exit door, the subject of unemployment insurance has gained a new urgency. All the actions by the government so far have been focused on helping employers deal with the fall-out of the financial crisis, including easier terms of credit and higher tax rebates, but these are unlikely to achieve much in an environment where one major economy after the other has slipped into recession, and in which global demand has shrunk as a consequence--with a recovery still beyond the horizon. Higher duty drawbacks on exports of cotton shirts, for instance, may make it more profitable to export, but if no one is buying, little is achieved. Extending the National Rural Employment Guarantee Act (NREGA) is another obvious solution, but the job losses are primarily in urban areas, and many of the industrial unemployed will be unwilling to pick up a shovel and start moving earth, in return for Rs 60 per day. In short, there is no good substitute for unemployment insurance, which is neither expensive nor difficult to give effect to if there is determination to get the job done.

If those rendered unemployed are to be given the NREG equivalent of Rs 60 per day for, say, 300 days in a year, this works out to an annual payment of Rs 18,000. For every lakh persons rendered unemployed for the full year, this means an outflow of Rs 180 crore. Bring in the actuarial probability of this happening in each industry, divide the premium over the large work force, and the scheme could even be self-financing. If that proves to be a stretch, the government could offer to make a matching contribution, so that the sum available for distribution doubles. If one assumes 5 per cent frictional unemployment at any given point of time (the total figure, according to the official statistics, is about 7 per cent), a monthly contribution of Rs 15 by an employed person, matched by a similar contribution by the government, should be able to do the trick. And since Rs 60 will not be enough for all income categories, the unemployment dole can vary with the rate of contribution that a person has been making, with a cap designed to ensure that people do not lose the incentive to look for work. When it comes to operational issues, there will be large databases to deal with, but since agricultural workers will necessarily have to be kept out of the scheme's purview (they are supposed to benefit from the NREG programme), the total numbers should not be unmanageable. After all, companies like Tata Consultancy Services have shown that they have the ability to handle the task without difficulty.

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Noida traffic offenders get dose of Gandhigiri


By Dr arvind, Section GN
Posted on Thu Nov 13, 2008 at 02:59:10 AM EST

Motorists in Noida, who usually look at traffic policeman as a necessary evil, doling out challans to erring drivers, were on Wednesday given a rosy surprise by the city traffic police.

In a fragrant example of Gandhigiri, the constabulary presented a rose to each of 500 motorists, who violated traffic rules near the official residence of Noida police chief R K Chaturvedi.

As part of the measures being taken by the police, in observance of the Traffic Month which began on November 1, police coordinated with the local boys' college to have members of their National Cadet Corps (NCC) distribute roses to traffic offenders.

Noida traffic police chief Ajay Sahdev, whose idea the Gandhigiri was in the first place, said, "It was amazing. When a motorist jumped a traffic light, and was ordered to stop by strategically-stationed policemen, you could see the puzzled look on his face when a uniformed cadet handed him a rose, saying, "Uncle, please try and be more careful next time."

One even told Sahdev, who was standing by, that, "No challan could have done this. But your rose may have changed the way I look at traffic regulations."

Sahdev told this correspondent, "Some motorists felt sheepish and embarrassed. Some even thanked the cadets warmly and apologized for the traffic transgression. And some others were too ashamed to say anything, before they set off again. However, what we really wanted was that motorists should not forget that following traffic rules is not a nuisance, but a means to make the roads safer for all."

In another measure, the Noida traffic police have been taking school and college students to some crossings to get them to issue challans. A few dozen drivers have, indeed, been booked by students.

As a motorist put it, "When a child comes and tells you that you are violating rules, you do not easily forget it. It is as though he is asking you to make the roads safer for him. And, you are compelled to think of your own children." TNN

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Fate Of Twin Hi-Tech Cities On Both Sides of NH-24 In Ghaziabad Uncertain


By ugesh sarkar, Section GN
Posted on Tue Nov 04, 2008 at 12:50:27 AM EST

Those who had bought plots by investing crores of rupees during the pre-launch of Hi-Tech cities on both sides of NH-24 in Ghaziabad, appear destined for a long wait for their plots. The fate of all these projects hangs in the balance.

Builders are not buying land from the farmers. Three years have passed since hundreds of crores of people's money is lying locked with the builders while not a brick has been laid on the sites of the projected twin cities.

Initially builders had bought large chunks of land from farmers in village Bamhota for the twin-integrated cities. The builders sold a large number of plots in pre-launch for developing separate townships. They set up their offices, but of late these offices have also vanished.

One of the builders who had deposited Rs 176 crore with the GDA is understood to have taken his money back.

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Indian New Homes Builder Puts Plans On Hold Due To A Slowdown In The Sector


By ugesh sarkar, Section GN
Posted on Mon Nov 03, 2008 at 11:07:51 PM EST

A major Indian developer has suddenly put its real estate plans on hold due to a slowdown in the sector.

Nagarjuna Constructions made the announcement despite recently posting a 26 per cent rise in profits.

The company, which is involved in infrastructure and commercial and residential developments, becomes one of the biggest Indian firms to wind down activity.

Hindustan Construction Co and IRB Infrastructure have both already said they will be slowing down their real estate plans.

Subba Raju, Nagarjuna vice president for finance, said:

"We are not planning any investment in real estate projects. All our real estate projects are fully capitalised.

    "We have put all other projects on hold. We are not launching them because of adverse market conditions."

India's real estate market has been experiencing a slow down as high interest rates have created a major squeeze on lending which has hit both developers and mortgage applicants.

Back in September Nagarjuna announced a 26 per cent rise in profits to 423 million rupees.

Many Indian builders have recently begun slashing prices and offering add-ons to investment property units in a bid to shift unsold stock.

Source: OPPE News 04/Nov/2008

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Be Vigilant.. Stop Corruption 'Your Little initiative can make big diffrence'


By ugesh sarkar, Section GN
Posted on Mon Nov 03, 2008 at 03:08:12 AM EST


Image From :Indian Express

Contact
CVC or vist at http://www.cvc.nic.in

Public Interest Disclosure & Protection Of Interest Resolution to register complaints.

Source: Express News Service 03/Nov/2008

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Banking On Recession: Money Is Likely To Stay Less Powerful For Quite Sometime


By ugesh sarkar, Section GN
Posted on Sun Nov 02, 2008 at 11:52:52 PM EST

The whole world is under the grip of recession and the markets of all sorts are facing cash crunch, and banks of all sizes are going extra media and marketing miles to make their service takers and clientele confident of what they believe: it is not going to affect our bank in any way, and we have enough liquidity and assets to bank up the shares, deposits and assets of our customers.  

Now what came as a stock shock to the rest of the world in actual terms is an opportunity and it is a leveler? This recession, or I would call it `the fall in the confidence levels of people on the so-called banking supremacy held high by super powers'  is more and opportunity than a calamity. If at all it turns out to be a calamity, it is just for the few in the society who have always had enough not to worry about and to worry about with regard to their wealth. So they are going to the ones hit hard by this blessing in disguise. Wealth in whatever forms we find it in cannot be concentrated on a particular place or community for long. It has to go the deserving at times, and the mounting comfort levels, and the out of the world life being pursued by a select few of the community around the world gets an opportunity to understand the value of money and how volatile its ways are.

So what is this fall keeping in store for the fallen?

  • Inflation slumps
  • Prices may stabilize or fall
  • Money is likely to stay less powerful for quite sometime.
  • Supremacy of the rich over the poor will get a low.
  • Consumer market will promote: `consume what you want or a little less than what you want'.
  • Life, health and wares insurance as a cash cow will fall sick
  • Organizations like LIC will make headway
  • Real estate giants will go for buy one get one free.
  • The landed properties that had been sold in square inches, will be sold at least for square feet.
  • Bank loans will invite smaller interest rates.
  • Upcoming banking products and services will look more people friendly than bank friendly.
  • Share harvesting and Sensex manipulations will burn the fingers of those ones who have been doing the same for ages.
  • Automobile manufacturers and marketers will have more offers than products.
  • Consumerism will come to take a new name: consumsome.
  • Buying and selling whatever you have will be an opportunity to learn a thing or two with regard to the value of money and it needs to be in places of need.
  • Private education corporate managements will have to sell their seats for take one get one free or take it for much less that its tag price. Who is going to take medical seat spending a million dollars: 50 hundred thousand Indian rupees.
  • IT sector will face pay cuts, lay offs and down sizing.
  • Five figure salaries starting with three and four and five and above will come down to four figure salaries with the same beginning digits.
  • The loan payback the IT and engineering professionals had had for their education will teach Indian banks a lesson.
  • Those ones who had been leading five and six figure lifestyles may unleash anarchy in the society or make amends in their ways.
  • Those endangered small-scale businesses, like petty shops and provision stores, endangered by the corporate retail bulls, will have a comeback.
  • Small-scale agriculturists will come to get fair market for their produce. And more and more one-time farmers will go back to their back yards and farms to raise essentials either for themselves or for a living.
  • Hoardings, imaginary supply shortages and the resultant price manipulations will have a severe beating of sorts.
  • The sound and fury generated by the chimes of dollars and pounds and euros in our Indian market place will echo smaller decibels for quite sometime and this may lead the ordinary life of the majority back to their normal track.
  • The government employees, who had been vying hard to compete with the private sector executive salary giants, will be able to lead a fairly decent life as the government is not going to down size or lay off or pay cut.
  • Corporate costumer exhibitions will turn out to be condolence meets for sure. Who wants wares when there is no way to survive?
  • More domestic business will naturally add more to the treasury and the exchequer will have comfortable breathers in the coming days compared to the past.

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Indian Institute of Metals will host Metals Asia `08 during November 13-16 at Greater Noida


By Sumit Kumar, Section GN
Posted on Fri Oct 31, 2008 at 12:05:49 AM EST

The Indian Institute of Metals, the country's largest body of professional metallurgists, will host Metals Asia `08 during November 13-16 at Greater Noida, near Delhi.

The event will comprise an international conference, annual technical meeting, an international exhibition and celebration of National Metallurgists Day, in all of which about 1,000 delegates are likely to participate.

The theme of the conference is `Towards global leadership in minerals and metals'.

Experts will make presentations on diverse topics -- covering steel, non-ferrous metals, raw materials, infrastructure, energy, sustainable development, HRD and so on.

The National Metallurgists Day on November 14 will be an occasion to recognise outstanding contributions made by distinguished metallurgists.

Several awards instituted by the Ministry of Steel are expected to be given away by the Union Minster for Steel.

Source: Sify News, 30-October-2008

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Unitech denies reports of payment defaults in Noida


By Sumit Kumar, Section GN
Posted on Mon Oct 27, 2008 at 12:03:41 AM EST

Unitech stock fell 50% on Friday. The stock is down 94% from its record close of Rs 538.25 per share on January 2. The management has planned to file complaint to SEBI for probing share manipulation and has denied reports of default on payment to Greater Noida Development Authority. Management said rescheduled payments are not defaulted as full land was not handed over.

There are market talks of company facing severe cash crunch and is borrowing at over 30% interest rate. The management said borrowing costs are currently about 15.5-16.5%.

Sanjay Chandra, Managing Director of Unitech clarified there are no defaults in Noida as reported, the company didn't get one plot due to farmer agitation. There is a group spreading rumours and the company has decided to approach the regulators for the same.

Chandra said the company has met all debt servicing obligations. He expects significant cash inflows over the next few weeks from some private equity transactions. "All residential projects are totally funded and will be on time. The lower area apartments demand is high and larger apartments is not as much. We have witnessed some stress in shopping mall rentals."

The company has reduced gearing by 0.15x over the last quarter and hopes to cut gearing significantly post telecom divestment, PE deals.

Source: CNBC-TV18

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Govt Looks To Woo Foreign Investors,Mulls Easing Of Norms For FII,Individual Investment In Stock Mkt


By Nikhil IAS, Section GN
Posted on Wed Oct 22, 2008 at 02:05:22 AM EST

The government and financial sector authorities are discussing ways to ease norms governing investments by overseas investors - both individual and institutional - in Indian stock markets.

MEASURES ON THE ANVIL

  • Strengthen onshore market and enlarge position limits on derivatives market
  • Re-examine the rationale of levies such as STT, stamp duty
  • Ensure full range of currency and equity derivatives are traded on exchanges
  • Ease eligibility rules for FIIs and sub-accounts
  • Reduce one-time transaction costs for FIIs and sub-accounts
  • Bring in the Qualified Foreign Investor framework
  • Depository participants to open accounts for customers from all over the world
  • NSE, BSE broking firms should have global presence to book foreign orders

The intention is to simplify the existing regulatory regime for foreign investors in corporate securities.

Three alternative approaches under consideration envisage addressing flaws of the domestic market, broadening the foreign institutional investor (FII) framework and replacing the FII regime with a Qualified Foreign Investor (QFI) framework.

The discussion centres around enhancing the role of FIIs and their sub-accounts in the Indian capital market. By reducing the complexity of obtaining permits, foreign investors would be encouraged to utilise onshore Indian stock market platforms.

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NCR's Biggest Mall To Come Up At Vaishali Built By Mahagun Developers


By Sumit Kumar, Section GN
Posted on Sat Oct 18, 2008 at 12:42:35 AM EST

Designed by world renowned architect Hafeez Contractor, the Mahagun Metro Mall slated to come up near the proposed Vaishali metro railway station in suburban Ghaziabad will have many firsts including "travalators" which allow trolleys and prams access to all the floors including parking area, a world class hyper market, a state-of-the-art multiplex, food courts, entertainment zone and retail and office space under one roof.

The Metro Mall is being built by Mahagun Developers India Ltd. and covers a sprawling area of 680,000 square feet with eight levels of prime air-conditioned space and an investment of Rs.3, 25 crore. It will be completed by March 2009, according to Mahagun Group director Dhiraj Jain.The Hindu

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