Godrej Properties has entered into the NCR through a resident joint venture project for 1 million square feet in Gurgaon
Real estate firm Godrej Properties said it has earmarked Rs138.7 crore to be utilised in land acquisition, construction of projects and loan repayment during this fiscal.
In a filing to the Bombay Stock Exchange (BSE), the Godrej group firm said while Rs75 crore will be utilised in acquiring land, Rs12.70 crore will be spent on construction of its forthcoming projects. The balance Rs51 crore will be utilised on repayment of loans.
The company also said it is in advanced stages of several new joint venture projects and has already lined up new projects to be launched in Mumbai, Bangalore, Hyderabad, Chennai and Kochi during the year.
"We are in advanced discussions for several new joint venture projects and are planning new launches in Mumbai, Bangalore, Hyderabad, Chennai and Kochi," Godrej Group chairman Adi Godrej said at the company's annual general meeting.
During the year, the company has also entered into the National Capital Region (NCR) through a resident joint venture project for 1 million square feet in Gurgaon.
"This year also saw extremely strong progress in attracting new customers with Godrej Properties selling 3.2 million square feet sold in the previous year," he said.
Apart from the NCR, the company has also launched projects in Chennai and Mangalore and increased its area under construction. Besides, it has signed up three new joint venture projects in Mumbai and Hyderabad.
"We have also launched our first project in Vikhroli, 2.8 million sq ft mixed use development named 'The Tress' that will house the headquarters for many Godrej Group companies and will also have residential, retail, office and hospitality spaces," Godrej said.
On Tuesday, Godrej Properties ended flat at Rs689.05 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.96% to 16,498.47.
The properties will be attached under the provisions of the Prevention of Money Laundering Act (PMLA) and will be termed as 'proceeds of crime' under the Act, ED sources said
New Delhi: The Enforcement Directorate (ED) will soon attach more than Rs230 crore worth of properties in connection with the alleged bribe money which the Central Bureau of Investigation (CBI) has said was paid illegally to Kalaignar TV in the second generation (2G) spectrum scam, reports PTI.
The directorate has identified various properties in this regard and formal orders will be issued soon. The properties are in the names of various entities, ED sources said.
The properties will be attached under the provisions of the Prevention of Money Laundering Act (PMLA) and will be termed as 'proceeds of crime' under the Act, they said.
This would be the first attachment order in the 2G case, and the action is expected to be followed by the properties of various telecom firms involved in the case.
The CBI charge-sheet had alleged that bribe money of Rs200 crore had been channelised from Shahid Balwa's DB Realty to DMK-run Kalaignar TV through a 'circuitous route' via Cineyug Films and Kusegaon Fruits and Vegetables Pvt Ltd for grant of licence to Mr Balwa's Swan Telecom promoter.
The CBI, in its first charge-sheet, has alleged that Mr Balwa along with other co-accused in the case entered into a conspiracy for manipulating the procedure for allocation of spectrum with the aim of favouring companies like Swan Telecom and Unitech Group.
DMK MP Kanimozhi and Kalaignar TV MD Sharad Kumar are already in Tihar Jail in the 2G case.
The survey also revealed that 58% are unhappy with their current service provider and a majority of users have a common complaint against all providers for not having a proper redressal mechanism in place and not acknowledging the issues faced by subscribers
Highlights of the survey
So you thought that 3G was the best thing to happen to mankind since sliced bread? Think again. A Moneylife survey on telecom services has thrown up some shockers—58% out of 518 respondents are unhappy with their mobile service provider. A majority of the respondents were Vodafone users, followed by Airtel and BSNL.
What's more, 3G users who have availed of roaming services are being inundated with unsubscribed charges, call drops... and a whole host of complaints. And 3G has been touted as technology that will change the face of mobile telephony and ensure high-speed Internet connectivity over a cell-phone. Forget hi-tech facilities, 3G service providers have been found lacking even in providing basic facilities.
The survey also proved that there is a sudden spurt in the number of promotional calls—and charges levied for receiving such calls—while roaming. A total of 35% of the respondents have agreed that this is a major problem; 42% have not faced this problem so far. In some cases, users complain that a balance is deducted even if they have not receiving, or rejected incoming calls. "Roaming charge of Rs90 was deducted for answering a promotional call," said one respondent.
The survey also indicated that 18% of respondents are being charged for rejecting or not picking promotional calls, while 37% denied this was happening and 44% were unaware if they are being charged while roaming across different telecom circles. Around 30% also agreed that they were charged for receiving promotional SMS messages.
Telecom companies are also charging users under the pretext of offering some kind of value-added service—such as GPRS facility—which the user has not subscribed for. "Without demanding, they charge under different heads like ringtones, MMS live, messages and calls made to the customer care service centre," said a respondent. Another reply says, "They (service providers) ignore the Do Not Disturb registry and charge money by sending various types of SMS (messages) as per their wish."
Many users complain that charges applied on roaming are non-transparent, and telecom providers refuse to acknowledge these complaints. "Roaming rates are substantially higher and non-transparent," said one reply. Another respondent suggested, "(I) don't know what Reliance charged me for. It deducted the whole balance from my account and when I enquired, it said I had made a call and refused to give full details regarding the call."
It is also learnt that while the users are on roaming, the service provider automatically changes according to the telecom circle, without giving the user the option of manually selecting the network of their choice. According to our survey, 340 out of 518 respondents (around 66%) have agreed to this.
Call drop rates and poor network reception are other major issues faced while the roaming facility is activated. A total of 74% users agreed that they have faced this problem—only 20% said they haven't faced this issue. "Call drops take place not only while roaming, but even between Mumbai and Navi Mumbai (on the home network)."
When asked about other issues faced during roaming, numerous replies suggest that poor 3G network and call drops were the major issue. On an average, users have a common complaint against service providers for not having a proper redressal mechanism in place and acknowledging the issues faced by subscribers.
According to the survey result, only 10% of the 518 respondents have used mobile number portability. A majority of them have shifted to Vodafone and Airtel, from their current service provider. 44% replied that they are satisfied with the new service.