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2/7/2011 Neha Jain

India being one of the fastest growing economies in the world needs to pay a lot of attention towards developing Infrastructure in order to maintain its fast pace of growth. Presently Real Estate Sector’s contribution is 5% in the India’s GDP with a total economic value of US$ 40-45 billion making it the top real estate investment market in Asia. The phenomenon of Globalization has led to an increase in demand in the Real Estate Sector in India. Currently estimated to be a US $ 16 billion industry, it is expected to reach the size of US $ 180 billion by 2020 with a CAGR of 30%. Real Estate Sector Received $2.8 Billion FDI this Fiscal Year Until 2001, the Real Estate Sector was open only to the NRIs and corporate bodies overseas with a limited contribution. But after opening up of the sector to foreign investors with allowed FDI of 100% , It has become one of the major FDI attracting sectors in India with the total FDI Flow of more than 2.8 billion 2000 and 2009 and is expected to increase by US$ 21 billion over the span of next ten years. The main segments of the sector can be classified as Residential, Commercial, Retail and Hospitality Assets and SEZs .

Regardless of the nature and extent of the economic slowdown, growth in construction spending in the longer term is likely to be enormous, driven by a rising population and a growing middle class. The economy grew strongly in the past decade, with a 10% fall in poverty. India’s middle classes have expanded on the back of global outsourcing trends and local strengths of high education and excellent IT skills and resources. The scale of real estate demand can be seen in the substantial number of totally new townships planned, often associated with the development of special economic zones. 100% foreign direct investment (FDI) is now allowed in construction. When global conditions recover, this will allow significant inflows of capital to meet growing demand from the increasing middle class. Population growth rates remain well above replacement level. The number of people living in urban areas is likely to grow

As a result of the global financial weakness, cash flow management and debt levels will affect real estate development. This constraint was not evident prior to the crisis, and should ease in time. Poor working conditions, especially low pay and abysmal safety pre-requisites, are thenorm for millions of construction labourers. Bureaucracy is excessive by Western standards, and general infrastructure is weak. Lack of structured regulatory and policy framework, or well defined operating andfinancing regulations.

significantly. No evidence that funding is a constraint for the developers, or at least the larger ones, in normal economic times. Cheap labour. More than half the population estimated to be younger than 25.

The government has pledged to build 2mn units of low-cost housing a year toovercome housing shortages. This will do much to offset any employment downturn. India’s very large cities are predicted to grow over the next 10-15 years, with Mumbaimoving from fifth to second largest city in the world, Delhi from sixth to third andKolkata remaining in eighth place, but seeing its population increase from around14mn to around 20mn. Banking sector reform has long been a priority for Prime Minister Manmohan Singh.

Global financial malaise has led to an increase in interest rates for project financing from 9-11% to 14-16%. India may be unable to cope with its burgeoning population, which has passed the 1bn mark, posing a major threat to the economy as a whole. Hindu nationalism is a growing threat to India's constitutionally enshrined secularism. Communal tensions between Hindus and minority Muslims, Christians, Sikhs and Buddhists can lead to violence. Tensions in Kashmir are a source of instability. India has experienced a series ofserious terrorist attacks, with militant groups bombing public places.

2. General Trends in the sector
1. Steady expansion and development in the IT sector of India: In India there has been a constant expansion in the IT sector. Various MNC’s and corporate houses have come up that have given way to the growth in the real-estate sector especially in the commercial property sector. This has also provided better employment opportunities to the people of India and thus helping in the overall growth of the Indian economy and subsequently in the growth of the real estate. 2. Adoption of Foreign Direct Investment (FDI) policy: The growth in the real estate sector of India largely depends on its government policies. Currently, the government of India has adopted Foreign Direct Investment (FDI) policy, which has allowed the coming in of the foreign investors in the Indian real estate market. Some of the world’s famous builders are taking keen interest in investing in the Indian real-estate market. Coming in of foreign builders’ promises better prospects in the Indian real estate industry in terms of regulatory policy, efficient management, and the use of more advanced technology.

3. Easy access to bank loans: Today, various national and multinational banks are present in India that has made the home/property loans easily accessible. So, buying a property is not difficult

even for those belonging to middle-class. Thus, it has enabled the overall growth of the Indian real estate. 4. Growth in Indian economy: Indian economy is one of the fastest growing economies of the world. It has a direct influence on the real-estate sector of India. Some of the major areas which have been greatly affected by the growth in Indian economy are Delhi NCR, Mumbai, Hyderabad, Chennai, Bangalore, Pune and Kolkata. This growth is observed in all forms of property such as commercial, residential and industrial.

Current Indian Perspective
Financing & Capital:

Source: CII white paper, 2010

Key Issues
For India’s real estate developers, 2009 was a difficult year. Rents fell, projects were put on hold andcompanies feared, not necessarily with good reason, a major recession. At the beginning of the year, mostof our sources were optimistic about the next 12-24 months. This was in spite of the clear oversupply ofcommercial real estate in all three sub-sectors and most of the cities from which we gathered data. Somesources noted that changing or inconsistent government policies had posed challenges – although theoverall economic environment was undoubtedly favorable. The staging of the Commonwealth Games in New Delhi in early October 2010 has led to a major realestate market upgrade. Residential property prices in thevicinity have risen steadily for at least a year at levels of 10-15% pa. The Games Village is a premiumdevelopment in a prime location. The surrounding area of East Delhi has benefitted notably fromimproved infrastructure and connectivity. India’s economy is booming again on the back of a successful policy stimulus, an increase in commercialcredit and the general improvement in global conditions. While cyclical drivers will inevitably fade overthe fiscal year to March 31 2011, robust domestic demand will continue to underpin the economy. Real GDP growth is forecasted to accelerate from 7.8% in 2009/10 to 7.8% in 2010/11. An expansion in lending by India’s commercial banks, following a year of restraint, which shouldunderpin increased consumer spending and capital investment.

A substantial improvement in rural consumption, as agricultural production recovers in the wake of apoor monsoon last year. Continuing large-scale infrastructure development, which should promote investment in commercial real estate 1. Mumbai Asia's 4th costliest place for office space in Oct-Dec Mumbai has become the fourth costliest city in Asia Pacific for renting a office in the last quarter of 2010 with cost higher than even places like Shanghai, Seoul and Sydney, according to Jones Lang LaSalle. The top three costliest cities are Hong Kong , Tokyo and Singapore , where average annual rents at the most expensive locations stood at USD 1,511, USD 752 and USD 747 per sq mt during the quarter. While the average annual rentals of Mumbai during the quarter has been estimated at USD 705 per sq mt, the same has been found to be USD 503 per sq mt for Delhi. 2. Housing prices may dip in Mumbai; rise in NCR this yr: Crisil Mumbai and NCR would together account for more than half the 1.5 billion sq ft housing supply planned in India's 10 leading cities up to 2013. Prices in Mumbai expected to decline by 8-10 per cent in 2011 because of rising interest rates and falling demand and in NCR, prices will move up marginally because of relatively better affordability.

3. Position of the Industry life cycle
Since the last four months, software stocks have emerged as the safest bet, safer than even traditional sectors like FMCG and pharma, while real estate stocks were the worst performers. The data on the performance of sectoral and other indices shows that BSE’s real estate index has lost 40.4%. Even when compared on a monthly basis, the realty index is down nearly 22%, while the IT index has lost 6.7%%, and the sensex 10.6%. A number of headwinds that the real estate sector is facing are the reasons for the current investor apathy towards realty stocks, the low level of institutional holding in this sector compared to sectors like IT and banking, also affected the sector’s performance. A recent sector report by Edelweiss Securities said that although the demand for housing in India continues to be robust, rising interest rates, increase is residential prices in some cities crossing the peak levels seen is 2008, and rising construction costs will continue to be dampeners for the sector.

4. Top 5 companies in the sector

DOMESTIC Unitech Established in 1972 as United Technical Consultants, the company carries on construction of industrial projects on a turnkey basis and execution of housing projects and export orders. It is known for the quality of its products and is the first real estate developer to have been certified ISO 9001:2000 certificate in North India. The brand was conferred with the title of “Superbrand” by Superbrand India in 2010. Unitech has the most diversified product mix comprising Residential, Commercial/Information Technology (IT) Parks, Retail, Hotel, Amusement Parks and Special Economic Zones (SEZ). The best feature of Unitech is that it has long partnered with Internationally acclaimed architects and design consultants including SOM(USA), BDP(UK), Maunsell AECOM(HK), MEA Systra(France), Callison Inc.(USA), FORREC(Canada), SWA and HOK(USA) for various projects. Unitech scrip is one of the most liquid stocks in the Indian stock markets and was the first real estate company to be part of the NIFTY 50 Index. The Company is also the recipient of the CW Architect and Builders Award, 2008 for being one of India's Top Ten Builders. Unitech's clientele for commercial projects includes global leaders such as Fidelity, McKinsey, Bank of America, Ford Motors, Nike, EDS, Hewitt, Amdocs, Ernst & Young, Reebok, Keane, Seagrams, Perfetti, Exxon Mobile and AT Kearney. DLF It is India's largest real estate company in terms of revenues, earnings, market capitalization and developable area. It is based in New Delhi but has a pan India presence across 30 cities all across India with major presence in Gurgaon and Kolkata. Founded in 1946, by Raghuvendra Singh, it has been a pioneer in development of residential, commercial and retail properties all across the country. The Group has been accredited of developing some of the first residential colonies in Delhi such as Krishna Nagar in East Delhi and many other urban colonies like South Extension, Greater Kailash, Kailash Colony and Hauz Khas. The passage of Delhi Development Act in 1957 gave the state authority the control of real estate developments in Delhi which led to acquisition of land in areas nearby Delhi and this led to the development of Asia’s largest private ownership DLF City at Gurgaon, Haryana which has spread over 3000 acres. DLF City is spread over 3,000 acres in Gurgaon and is an integrated township, which includes residential, commercial and retail properties in a modern city infrastructure with schools, hospitals, hotels and

shopping malls. It also boasts of the prestigious DLF Golf and Country Club with night golfing facilities. o Primary business - Development of residential, commercial and retail properties. It also involves in urban development and housing, and offers super luxury, luxury, and mid-income homes. o It develops commercial projects and IT parks, as well as leases office space. DLF Limited develops retail real estate in various formats, including luxury malls, shopping malls, and neighborhood malls, as well as commercial complexes. It also involves in the power generation, provision of maintenance services, hospitality and recreational activities, life insurance, and operation of retail chain outlets. o It has developed more than 220 million sq.ft. of BUA and specializes in planning Hotels, Infrastructure and SEZs 574 million sq. ft. of BUA under planned Projects Parsvnath Developers The Company is engaged in the business of promotion, construction and development of integrated townships, residential and commercial complex, multi-storied buildings, flats, houses, apartments, shopping malls, information technology (IT) parks, hotels and special economic zones (SEZs). The Company is developing 16 integrated townships with 69.85 million square feet saleable area spread across 15 cities. The subsidiaries of the Company include Parsvnath SEZ Limited, Parsvnath Hotels Limited, Parsvnath Retail Limited and Parsvnath Landmark-Developers Private Limited. At present, Parsvnath Developer's ongoing 100 projects include integrated townships, group housing, shopping malls, it parks, commercial complexes, hotels and SEZ projects across all industry verticals in India. The projects are estimated to cover over 200 million square feet across all real estate verticals of India. It has become the first real estate company to achieve a NAREDCO-ICRA DR 2- rating. Parsvnath Developers Limited is also the first real estate developer to be certified to Integrated Management Systems (IMS) comprising of ISO 9001:2000, ISO 14001:2004 and OHSAS 18001:1999 certification by the Italy-based, Global Certification Organization, RINA group. Currently, it has marked its presence in 50 cities and 17 states in India. It boasts of being one of the most widespread real estate developers in India. Besides strengthening its position in core operations of real estate, the company is striving to expand its product offerings, by catering to emerging markets and segments. As per the expansion drive, Parsvnath Group is planning to foray into info tech, departmental stores, amusement parks, exports and imports.

Operational Developments: o Sold an area of 0.70 mn. sq. ft. in Q1FY11. o During the quarter, company offered possession comprising an area of 1.39 mn. sq. ft. o Licenses, Approvals & Certifications o Building plans approved for constructing a commercial complex at Seelampur DMRC Metro Station, Delhi. o Building plans approved for constructing a Group Housing at Subhash Nagar, Delhi. Delhi Metro Rail Corporation Ltd. (DMRC) has awarded Safety Certificate to PDL for completing “one million man hours worked without reportable incident”. This is with regard to the construction of Dhaula Kuan Metro Station at the Airport Metro Express line. Ansal Properties K Raheja Corporation Sobha Developers INTERNATIONAL Ascendas, Singapore Emaar, Dubai

5. The Top Three Players
1. DLF
Strengths - Established developer, particularly mid- to high-end; substantial landbank. Weaknesses -Net debt relatively high, although an aggressive de-leveragingprogramme is well under way. Opportunities- DLF appears poised to take advantage of the upturn in India’s economy; Retail shopping centre development appears to be a big opportunity. Threats -Any stalling of India’s growth curve would affect DLF’s key customer base– the middle class. Company Overview DLF claims to be the largest real estate company in India and operates in allsegments of the real estate sector (commercial, residential, retail, hotels,infrastructure and leisure). On July 5 2007 it listed on the national and Mumbai stockexchanges.

The company’s homes business unit has a wide range of products, includingcondominiums, duplexes, row houses and apartments of varying sizes, with a focuson the higher end of the market. DLF has 214mn sq ft of developed area under homesand residential plots and more than 477mn sq ft of land resource targeted towardsresidential business. DLF's office segment has almost 40mn sq ft of ongoing projects and current landresource owned by DLF for development of offices across the country of 164mn sq ft.DLF has begun to focus heavily on retail and is creating new shopping andentertainment spaces across India. It has 12mn sq ft of retail projects underconstruction and a landbank of another 92mn ft2 for development in urban centresacross India. DLF is reorganising, with a focus on two business segments: development ofcommercial complexes for sale, and so-called annuity projects of offices and retailshopping centres. It also plans to launch strategic ‘city centric’ housing projects anddevelop the luxury segment. Financial Highlights In January 2010 DLF reported that it will only be able to raise half of the targetedINR55bn that fiscal year, by selling assets not central to its business of developingproperty. The company’s net debt for the quarter ended December 31 2009 grew byINR6.95bn to INR128.3bn, compared with INR121.35bn in the previous quarter. In July, the company announced Q110 results (ending June 2008) of INR17.46bn inrevenue and INR3.96bn in net profit. EBIDTA was INR8.4bn, up 119% y-o-y.DLF has been focusing on reducing debt and announced cuts of INR5bn in Q110through the sale of non-core assets. Key Personnel Executive chairman: K P Singh Managing director: T C Goyal 2. PARSVNATH DEVELOPERS Strengths - Wide geographic and sectoral exposure;Good government contacts and pipeline of infrastructure opportunities. Weaknesses -Relatively high leverage, although this is being addressed through a seriesof investments and capital injections. Opportunities -Well placed to benefit from national and regional stimulus packages. Threats -Any stalling of India’s growth would affect Parsvnath, although diversity insectors and geography would leave it in a better position than some rivals. Company Overview Parsvnath operates in 50 cities and 17 states and is a major Indian real estatecompany. It operates across all real estate sectors, including residential, commercial,retail and leisure. It listed on the Bombay Stock Exchange on November 30 2006, andhas been operating for 20 years. Parsvnath has completed 37 projects so far, comprising 11.23mn sq ft in total.It claims to be ‘one of the most diversified and widespread real estate developers inIndia, with 114 ongoing projects

spread over a developable area of over 211.32mn sqft across all real estate verticals.’ On March 5 2009 it launched an INR100 croreaffordable housing project in Lucknow comprising 510 units. Financial Highlights In 2009, Parsvnath entered into an investment agreement with Red Fort Capital thatsaw an injection of INR90mn in exchange for an 18% equity interest in Parsvnath LaTropicana. The company received approval from the Municipal Corporation of Delhi forParsvnath La Tropicana, a premium luxury project in the heart of Delhi worth INR13bn.In July 2009, the company said it was in talks with investors to raise US$100-150mn infresh equity through qualified institutional placement (QIP). The company sees thingsimproving from now in the property market. It cites better sentiment and newgovernment measures as reasons for the real estate market to bounce back soon.In January 2010, media reports indicated that Parsvnath was in the process of raisingINR1bn in refunds from various state governments due to cancelled or stalled projects. In 2009 Parsvnath was able to get refunds of over INR2bn from a group housingproject at Sector 16 in Noida.While data for FY2008 data showed a healthy growth in revenue and net profit, likeother real estate companies, Parsvnath was affected by the worsening economicconditions, leading to a slump in Q409 (Q109 of the calendar year). However, similarlyto other Indian property companies, Parsvnath showed a distinct improvement in itsresults for the three months to June 2009. Revenues were INR1.19bn, up from justINR240.1mn in the previous quarter. EBITDA was INR464.8mn, up from INR343.3mn. Key Points Total revenue INR17,922.44mn (fiscal year ending March 31 2008) Net profit INR4,087.37mn (fiscal year ending March 31 2008)

Key Personnel Chairman: Shri Pradeep Kumar Jain Managing director: Shri Sanjeev Kumar Jain 3. SOBHA DEVELOPERS Strengths -Substantial regional development operations based in Bangalore. Weaknesses -Relatively high debt levels, although it has taken steps to address this;High exposure to regional downturns that have been severe in parts. Opportunities -Ideally placed to benefit from renewed growth in India. It can be expectedto benefit from various stimulus spending measures. Threats -Bangalore in particular subject to foreign economic trends, which could puta dampener on economic growth there. Company Overview Sobha is one of India’s largest construction companies. Its initial public offering (IPO) in 2006 was oversubscribed by 126 times.It is an industry leader in Bangalore, where it is based, but also operates in Kerala,Andhra Pradesh, Orissa, Tamil Nadu, Punjab, Harayana and Maharashtra.

Itundertakes both commercial and residential projects.The company reports that it believes that there have been clear signs of a revival indemand in the real estate industry. With the economy growing at 6-7% a year, andexpected to achieve a higher growth rate in the next couple of years, real estateindustries are poised to play a significant role. It will be a domestic-driven industry,growing at a much faster pace.

Projects By June 30 2009 Sobha Developers has completed 50 residential/commercial in-houseprojects and 146 contractual projects covering 31.9mn sq ft of built-up space. It had 31residential/commercial ongoing projects totalling 9.2mn sq ft. Financial Highlights Developers has reorganised debt, bringing on board a private equity partnerand successfully completed a qualified institutional placement (QIP) raising INR5bn. In January 2010, the company announced discussions were being held to raiseINR3bn at project levels. This would be the second major fund raising SobhaDevelopers has undertaken, after it raised INR2.25bn in H209 from a fund sponsoredby Infosys co-founder NS Raghavan. It seems that the company, which has a landbank of 3,000 acres, has been taking these steps to reduce its leverage on debt and ithas managed to bring down the ratio to 0.8 from a peak of 1.6 on a debt of close toINR19bn. The company’s financial year ends on March 31. Sobha was badly affected by the aftershocks of the global financial crisis and reporteda dip in profit in Q110 to INR127mn, compared with INR505mn in Q109. Q1 net profitrose by 76.4% quarter-onquarter to INR127mn, while total income was up 15.6%.

Key Points Total revenue: INR14,226mn (fiscal year ending March 31 2008); Net profit: INR2,283mn (fiscal year ending March 31 2008). Key Personnel Chairman: PNC Menon Managing director: JC Sharma

6. New Developments in sector
According to data from the Department of Industrial Policy and Promotion, foreign direct investment(FDI) inflows were US$100.33bn between 2000 and July 2009. This reflects India’s status as a safeinvestment destination during the global financial crisis. Over the past decade India has become anincreasingly attractive destination for FDI. Its large size, positive cost structure and favourablemacroeconomic climate are proving to be major draws for foreign investors, who are also attracted by ahighly educated workforce and strong management talent.

7. Recent Mergers and Acquisitions
GMR Infra plans to acquire coal mine in Indonesia - GMR Infrastructure Ltd is planning to acquire a coal mine in Indonesia for US$150 m, according to a report.The report stated that the mine has reserves of about 200 million tonnes of coal. Blackstone to Invest Rs. 2bn in Bangalore realty project - Embassy Property Development is raising private equity even as it is awaiting Securities & Exchange Board of India (SEBI) clearance for a planned public offer of Rs. 2.4bn which is expected during this calendar, said a financial daily. Blackstone is reportedly said to be in talks with Bangalore-based Embassy Property Development to invest around Rs. 2bn in one of its projects. Embassy Property Development is raising private equity even as it is awaiting Securities & Exchange Board of India (SEBI) clearance for a planned public offer of Rs. 2.4bn which is expected during this calendar, said a financial daily.

8. Recent major IPOs and FPOs

9. Major Govt policies (entry/exit barriers also)
BUDGET ANALYSIS AND IMPACT ON THE SECTOR o Threshold slabs for individual taxation were broadened which is expected to result in more disposable income in the hands of the consumers. o Corporate tax rates remain unchanged. However, surcharge in the case of a domestic company having income above INR 10 million reduced from 10per centto 7.5per cent. o Minimum alternate tax (MAT) hiked from 15per cent to 18per cent. o Turnover threshold limit for getting accounts audited (under section 44AB) has been relaxed to US$ 12,500 (INR 6 million) from the existing limit of US$ 83,333 (INR 4 million). o Allocation for urban development was increased by more than 75 per cent from US$ 660.3 million to US$ 1.17 billion in 2010-11 o Allocation for housing and urban poverty alleviation was raised from US$ 183.4 million to US$ 215.8 million in 2010-11 o Scheme of 1 per cent interest subvention on housing loan up to US$ 21,576 where the cost of the house does not exceed US$ 43,153 announced in the last budget has been extended up to March 31, 2011 and US$ 151 million has been earmarked for this scheme for 2010-11 o US$ 274 million has been allocated for Rajiv Awas Yojna, as compared to US$ 32.4 million earlier


Meanwhile, the Reserve Bank of India (RBI) has revised the norms for urban cooperative banks for giving loans to the housing and real estate (RE) segment. Now, urban banks can use up to 15 per cent of deposits to provide housing, real estate and CRE loans. Earlier, the RBI norm permitted them to use up to 15 per cent of deposits for giving advances to housing loans and other block capital loans.

10. Key drivers of the sector
The sector is on the path of rapid evolution. From being highly unorganized and fragmented during last many decades it is soon becoming more and more semi-organized with the entry of private players and foreign players for investment. The key driving factors for the sector have been: High rate of growth in the services sector like Telecom, Financial Services and IT-ITes High rate of urbanization and movement of the population from rural areas to sub-urban and metropolitan cities. Increase in demand of – o Office spaces - due to increase in presence of global companies in India, o Residential space and affordable Houses - due to increase in population and increase in per capita income o Retail Space – due to increase in investment in infrastructure for commercial usage like malls etc. The other key drivers of the sector can be categorized as o SUPPLY PUSH FACTORS–  Policy reforms by government like allowing 100 % FDI in the sector  Fiscal incentives to the developers  Infrastructure support and development initiatives by the government o DEMAND PULL FACTORS –  Robust and Sustained Macro economic growth  Growth in industrial and business activities in industrial sectors in India  Increase in consumerism and urbanization  Availability of easy financing options at affordable interest rates

11. Recent News/Headlines – The present and the future
NATIONAL Adarsh Society Scam

The CBI has registered a first information report (FIR) in the Adarsh Housing Society case naming 13 people, including former Maharashtra chief minister Ashok Chavan and some retired senior Army officials, according to a report. The Adarsh society building was meant to be a six-storeyed structure to house Kargil war heroes but was later extended to 31 floors allegedly without mandatory permission. The report stated that RC Thakur, Wanchoo and Gidwani were allegedly the prime movers in building the society. There are reports that the FIR also names retired Lt General PK Rampal, Major Generals AR Kumar and TK Kaul, the then principal secretary (urban development) Ramanand Tiwari, who was suspended by Maharashtra government as information commissioner, Subash Lala, the then principal secretary to the chief minister and Brig (retd) RC Sharma. The FIR has been filed under various sections of IPC including cheating, forgery and showing forged document,adds report 2G Sector Scam and DB Realty Investigating agencies which are probing the alleged irregularity in allocation of 2G licences are examining a transaction in which over Rs 200 crore was transferred from Mumbai-based DB group to Kalaignar TV, a broadcaster majority-owned by family members of DMK party chief M Karunanidhi. Officers from investigating agencies are interested in the deal because the telecom arm of DB Realty figures among the companies that bagged 2G licences in 2008. A Raja, the controversial former telecom minister and a leading light of the DMK who was arrested by the Central Bureau of Investigation (CBI) on Wednesday, was in charge when the licences were handed out, allegedly at below-market prices. The DB group's telecom arm had sold 45% to UAE-based Etisalat for $900 million in 2009. The company, earlier known as Swan Telecom, is now known as Etisalat-DB. INTERNATIONAL Chicago-based Vestian Global Workplace Services, an integrated real estate services provider, on Tuesday said it would invest `1,500 crore in India and China over the next 18 months. The company, which raised the fund from global investors, said about 70 per cent of the proposed investment was earmarked for the Indian market. Within India, the company will focus on three key southern markets including Bangalore, Chennai and Hyderabad. Globally, it is looking at development of commercial space in India, China and the MiddleEast. The need for increasing need for office workspace in Hyderabad arises from the fact that within the last three quarters, about five million sq.ft office space has been absorbed by corporate creating about 50,000 jobs in Hyderabad.

Reference 1. 2. 3. 4. 5. Ibef.org Kpmg reports Pwc reports Economic times Business standard

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