Starbucks, the world’s largest coffee chain, is still in talks with New Delhi-based Jubilant FoodWorks and some of the top real estate and retail chains to set up standalone stores in the country, said a person with direct knowledge of the development. Starbucks has signed a binding memorandum of understanding (MoU) with Tata Coffee to set up stores in Tata Group’s associated retail outlets and hotels besides sourcing and roasting coffee beans in Tata Coffee’s Kodagu facility in Karnataka.
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The buzz word among realty consultants at the beginning of the year seems to be price correction. After the real estate firms like Jones Lang LaSalle India and Cushman & Wakefield forecast of a correction in real estate prices in 2011, now Crisil also forecasts a price correction, though in select pockets.
After Gurgaon One, western part of the city might see rise of another multi-storey building in the same vicinity. Jawala Mills, decades-old defunct textile mill on Old Delhi Road is slated to be sold by mid-February. The 17 acres of land was first purchased by IT major Aricent Technologies in early 2000s as tech firm wanted to re-develop the area into an office space. However, the new Master Plan of Gurgaon has marked the area as a residential zone. Following this, Aricent Technologies have decided to put the land up for sale.
The Enforcement Directorate has asked the intelligence officers in different Indian Missions to check the money trail in the 2G spectrum scam. Special Director, ED has sent out communiqués to Cyprus, Mauritius, British Virgin Islands, Jersey, Isle of Man, Singapore, Dubai, and Tripoli (Libya, Norway).
In the immediate aftermath of the bribes for loan scam involving LIC Housing Finance, the Finance minister Pranab Mukherjee in conjunction with Dept of Financial Services asked for a complete monitoring of all the companies mentioned in the CBI case filed. All public sector banks, financial institutions and state owned insurance companies have been asked to examine their exposure to the 21 companies named by CBI in the housing loan scam, and give a subsequent compliance report.
Kumari Selja, Union Minister of Housing and Urban Poverty Alleviation & Minister of Tourism, has categorically blamed the banks for not facilitating the affordable housing. Inaugurating the 10th National Convention of National Real Estate Development Council (NAREDCO) at New Delhi the minister said the housing finance sector has witnessed a boom in the recent past due to favorable government policies.
The CBI investigation into the 2G spectrum scam is learnt to have zeroed on how lobbyist Nira Radia and former telecom minister A Raja circumvented all the norms to benefit the real estate company Unitech. The loss caused to the public exchequer and corresponding gain to the realty company is not confined to mere arbitrary granting of second-generation mobile telephony licenses.
The Chennai-based Shriram Group, is expanding its realty business Shriram Properties. As per the plans the Group will invest around Rs 1,500 crore over the next three years in developing various residential projects. The zero-debt company says 60 per cent of this investment, or around Rs 900 crore, would be funded through equity, from existing or new investors.
While many of the retailers are cribbing about the high cost of retail outlets, the retail empire with revenues of around Rs.10,000 crore, Future Group seems to believe in the conventional wisdom of joining if not beating the rivals. The Group is eyeing a piece of India’s booming real estate sector—putting finishing touches to new homes.