Tag Archives: Bangalore news

CAIT calls for Bharat Bandh on 20th Sep to protest FDI in retail

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india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, india news, property news, real estate news, Bangalore Real Estate news, bangalore news, bangalore municipal corporation newsTo protest against the decision of the Union Government to allow FDI in multi-brand retail, the Confederation of All India Traders(CAIT) and Bharat Udyog Vyapar Mandal have called for a Bharat Trade Bandh on 20th September,2012 in which they claim that about 5 crore traders and more than 10 thousand trade associations across the Country will participate.The Traders have appealed all national and regional political parties to extend their support to Bharat Trade Bandh call.

All commercial activities across the Country have been claimed to remain standstill on the day. The National Hawkers Federation and other organisations have supported the Bandh call.

Praveen Khandelwal, Secretary General of CAIT and Shyam Behari Mishra, President of Bharat Udyog Vyapar Mandal at a Press Conference held on Saturday, Sep15, at New Delhi while making the joint announcement regretted that on such an important issue concerning the national economy, the government did not consult the traders and other stakeholders of the retail trade whereas in the last session of the Parliament the then Finance Minister Pranab Mukherjee categorically assured on the floor of the house that FDI in retail will be implemented only after attaining unanimity.

The government has not taken any cognisance of his solemn assurance, they regretted. According to them it is highly deplorable that not only the opposition parties but even the allies of the UPA remain vocal against FDI in Retail Trade which has been overlooked by the government. They further said that even the unanimous recommendations of the Parliamentary Standing Committee were brushed aside.

The trade leaders said that the decision of the government will adversely impact the national economy and retail trade of India. Not only the traders but even the farmers, labourers, hawkers,transporters and other sectors of the retail trade will be hit hard which will culminate into mass unemployment and steep inflation. It will provide ample opportunities to the MNC’s to control and dominate the retail trade .

They reminded that such situation has already developed in US, Australia and Europeon Countries where the global giants have virtual control on the retail trade. They said that nearly 5 crore traders engaged in retail trade and more than 22 crore people dependent upon retail sector for their livelihood will be badly affected.

The Trade Leaders said that trading community of the Country will oppose this decision tooth and nail across the Country. To finalise the future course of action, the CAIT has called an emergent meeting of its National Council on 21st September at Vrindavan. They categorically said that in order to protect our interest, if traders have to convert themselves into a Vote Bank, they will not leg behind.

Bangalore civic body hits back at Mantri group

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india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, india news, property news, real estate news, Bangalore Real Estate news, bangalore news, bangalore municipal corporation newsCorporators of the Bruhat Bangalore Mahanagara Palike (BBMP), cutting across party lines, have accused the Mantri group of encroaching government land and also private property belonging to a person called Huchamma. The corporators have demanded a Corps of Detectives (CoD) inquiry into the alleged irregularities.

The provocation for this seems to be Mantri owner’s lament at the Confederation of Real Estate Developers’ Associations of India (CREDAI) conference, where he had confessed that corporators had demanded bribes from him.

The repercussions of that statement were felt on Tuesday, June 28 in the BBMP council meeting when allegations flew thick and fast against the real estate giant.

Malleswaram MLA Ashwathanarayana said that Mantri Developers had purchased 14 acres and 5 guntas of land from the National Textile Corporation (NTC), but the land, he claimed, had been registered in the Rajajinagar sub-registrar office even though it came under the jurisdiction of the Gandhinagar sub-registrar office. “This is a daylight robbery; and now they are claiming the ownership of 19 acres,” said Ashwatha.

Both Ashwathanarayana and Deputy Mayor S Harish also accused Mantri of encroaching the road which passed through Mantri Square and which was also mentioned in the Comprehensive Development Plan (CDP) of 1995.

Former Opposition party leader M Nagaraj and JD(S) leader Padmanabha Reddy lambasted the real estate group for its mendacity.

Later, addressing the media, BBMP commissioner Siddaiah said a three-member committee of revenue experts will look into the allegation of encroachment by the Mantri Developers.

He said the report will be submitted in three days. When questioned about the allegations, the management of Mantri Developers, in a statement, said they were not aware about the meeting. “We will wait for the written communication from the BBMP,” the statement said.

Information technology and the Bangalore luxury homes market

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Bangalore real estate news, Bangalore property news, Bangalore news,CREDAI, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, india news, property news, real estate news, India PropertyI was recently asked about the role IT has played and will continue to play in the demand for high-end housing in Bangalore. What comes immediately to mind is the fact that the definition of premium housing itself has undergone a lot of changes in the past, and that it will continue to do so in accordance with changes in the economy.

For instance, the sizes of premium apartments in earlier times ranged between 1600-1800 sq.ft. in emerging corridors like Outer Ring Road and Whitefield. Villas were sized at 1800-2200 sq.ft. Then the definition of ‘premium’ changed – apartment sizes became 2000-2500 sq.ft and villas 3000-3500 sq.ft., with an accent on location. The most recent definition of premium houses in these corridors now calls for 3000-6000 sq.ft in apartments and 4000-11000 sq.ft in villa projects.

In any case, the movement of premium housing was always been good in Bangalore, with traditionally healthy sales in most projects. However, market movement has slowed down as the target audience for such projects has reduced. Nevertheless, developers with big brand names and sufficient capital can still launch such projects and wait until they are sold out. Examples of such projects in the current context would include Total Environment, Windmill Of Your Mind, Prestige White Meadows, Adharsh Palm Retreat Condominiums, etc. Interestingly, villas at similar or even higher ticket-sizes are getting sold faster than premium apartments.

Information Technology is, beyond doubt, the sole factor for the development of South Bangalore, Whitefield and ORR. The prime reason for end users or investors to invest in these corridors is IT, with all its promises and prospects. The high-end catchment in South Bangalore – Bannergatta Road up to Accenture, Koramangala and Outer Ring Road near Silk Board. Varthur Road, Whitefield Main Road and ITPL Road are ideal for premium projects. The complete stretch of the Outer Ring Road from Silk Board to Marathahalli can also accommodate high-end projects.

Meanwhile, the IT industry scenario in Bangalore looks buoyant once again. In fact, 2011 is expected to be a landmark year for technical personnel hiring as the market’s visibility improves. This, in turn, will boost the expansion plans of companies riding on the positive business sentiments. Overall, there are robust growth forecasts for the IT industry, with increased expansion and consolidation bound to translate into more absorption of commercial space.

And naturally, revival in the IT industry will drive the residential market, riding on greater buoyancy in consumer confidence and increased spending power owing to anticipated salary hikes.

The author, Karun Varma, is Managing Director – Bangalore & Kochi, Jones Lang LaSalle India