Month: January 2014

40,000 Low Cost Flats to be Built for Urban Poor: Delhi Government

Delhi Government today approved a long-pending proposal to construct around 40,000 low cost flats in the city for distribution among people belonging to economically weaker sections.

The proposal was given a go ahead at a meeting of Delhi Urban Shelter Improvement Board (DUSIB) chaired by Chief Minister Sheila Dikshit.

The flats will be constructed at Savda Ghevra and Bhalswa area of Jahangirpuri. A 100 acre plot is lying vacant at Savda Ghevra while the size of the land at Bhalswa is around 102 acre.

“Around 40,000 flats for urban poor would be developed at these two sites,” said a senior DUSIB official. The DUSIB is the nodal agency for implementing the slum relocation policy.

The meeting also approved four more projects for construction of around 6,200 flats under Rajiv Awas Yojana and in-situ re-development scheme for Jhugi Jhopri clusters in various areas.

It also decided to distribute 14,000 low-cost flats to slum dwellers by September as their constructions have already been completed.

The flats were built by Delhi State Industrial Infrastructure Development Corporation ( DSIIDC) in Bawana, Narela and Bhorgah area with financial assistance from the Union Urban Development Ministry under the JNNURM scheme.

The meeting also gave its nod for construction of a working women hostel at Jhilmil Colony in East Delhi at an estimated cost of Rs 3.74 crore.

“The government is keen to accelerate the pace of allotment of already constructed flats at the earliest. The board has chalked out a schedule to organise camps for different Jhugi Jhopri clusters to determine eligibility of the beneficiaries,” said Dikshit.

In order to make the camps successful, the residents in selected clusters are being informed and educated well-in advance so that they can come prepared with necessary documents.

Officials said around 48,000 flats are under-construction at various sites.

A proposal to construct a commercial-cum-residential complex at Phool Mandi near Town Hall in Central Delhi was also discussed. The complex will come over a plot of around 3 acre which is under possession of the DUSIB.

Source: Real Estate India News

Godrej Properties buys back Red Fort

Realty firm Godrej Properties on Wednesday said the company has bought back private equity firm Red Fort Capital’s 49 per cent stake in a subsidiary that is developing an IT Park in Kolkata, for an undisclosed amount.

In 2008, Red Fort had picked up 49 per cent stake in the IT Park project ‘Godrej Genesis.’

“In terms of the agreement with Red Fort India Real Estate Babur (Red Fort) for Project Godrej Genesis at Kolkata, the company has given exit to Red Fort by purchasing its 49 per cent stake in the equity share capital of its subsidiary Godrej Developers Pvt Ltd (GDPL),” Godrej Properties said in a filing to the BSE.

GDPL has become wholly-owned subsidiary of the company with effect from December 4, 2013, it said, but did not disclose the amount it paid to Red Fort for the stake.

In July, Godrej had bought back HDFC Asset Management Company Ltd’s nearly 50 per cent stake each in the realty firm’s two projects at Chennai and Chandigarh.

HDFC PMS (Portfolio Management Services) had invested about Rs. 100 crore to pick up stakes in Godrej Properties two subsidiaries, which are developing realty projects in Chennai and Chandigarh.

Godrej Properties has presence in 12 cities across India with about 90 million sq ft of potential developable area.

The company reported 48 per cent rise in net profit during first half of this fiscal at Rs. 73.7 crore, while total income grew by 21 per cent to Rs. 564.6 crore during the period under review.

PE firm Red Fort Capital focuses on Indian real estate and has invested in several projects. Besides Godrej, it has made investment in projects of Parsvnath Developers, The 3C Company and Lotus Green among others.

Source: The Hindu