India's GDP growth rate to overtake China's between 2016 and 2018: Goldman Sachs

Goldman Sachs also said that it expects crude oil to climb up to $85 in 2015, while giving a positive outlook to India's prospects


The Indian economy will grow at 6.3% in 2015, said Tushar Poddar, India economist, Goldman Sachs. He expects India to become the fastest growing emerging market over 2016-18, overtaking China.


Poddar believes that balance sheets of the corporate sector and banks were a concern, but risks had peaked and would come down as macros improve.


Goldman Sachs expects crude oil to climb to $85 in 2015. Poddar said that GDP in the external environment will remain benign, and India's GDP should grow at 6.5% in FY16 and 7% in FY17.


Goldman Sachs feels that improvement in governance and micro-conditions – especially, the cost of doing business, rapid urbanisation and higher capital spending could lead to higher growth rates in the Indian economy.


Sahara sells 185-acre Gurgaon land to M3M India

With the latest deal, Sahara has come a step closer to raising the Rs10,000 crore that the SC had stipulated in order to secure bail for its chief, Subroto Roy


Sahara sold a big land parcel at the outskirts of the national capital for Rs1,211 crore to Gurgaon-based developer M3M India Ltd. Sahara Group has been trying to raise Rs10,000 crore in order to secure the release of its chief, Subroto Roy.


Earlier, Sahara was allowed by the Supreme Court, to sell four properties in order to raise about Rs2,710 crore out of the total of Rs10,000 crore. Besides this Chauma land, the court has also allowed the group to sell properties in Jodhpur, Pune and Vasai in Mumbai after it was satisfied that the transactions were in accordance with its June 4, 2014 order.


The 185-acre land in Gurgaon, with 12 million square feet built-up area, would be used for ‘mix-use development’ and has sales revenue potential of Rs12,000 crore, M3M India Ltd said today while announcing the deal.


The court had clearly directed Sahara that the sale could not happen at prices below a specified level. M3M India Director Pankaj Bansal also asserted that it was not a ‘distress sale’ by Sahara and the deal has been inked on the basis of market price.


The apex court bench was informed that the group has already generated Rs184.5 crore as part payment for its assets in Jodhpur, Chauma and Vasai, following which it was allowed to hand over three demand drafts and one cheque to SEBI’s counsel.


Out of a list of nine domestic properties submitted earlier to the court, Sahara has already sold its Ahmedabad property and has raised Rs411.82 crore.


Roy, who was sent to jail on March 4 this year in a case involving alleged non-refund of over Rs20,000 crore with interest to depositors, was asked by the court to pay Rs10,000 crore to get bail, out of which Rs5,000 crore should be paid in cash and rest of the amount in bank guarantee.


Sahara, which had earlier raised Rs3,117 crore and deposited with SEBI, told the court that out of nine domestic assets, it has now sold an Ahmedabad property and raised Rs411.82 crore, which has also gone into the account of the market regulator.




2 years ago

That's the only question coming in each and every person's mind. Its a very big deal of collecting money for his own bail.

Ananth Malik

2 years ago

Being in jail how anyone can collect such a big amount for his own bail?

Now, all change in land use is public information under RTI Act

Delhi HC has upheld the CIC decision on DLF subsidiary’s change of land use near Rashtrapati Bhavan. Now, all such land use changes will be available in public domain


Sonia Gandhi’s son-in-law, Robert Vadra’s cosy relationship with DLF has come under scanner once again with the Delhi High Court, on 3rd December, dismissing a petition of DLF’s subsidiary, Edward Keventer (Successors) Pvt Ltd. This company had challenged the Central Information Commission (CIC)’s ruling on making public, documents pertaining to 22-acre prime dairy farm land, behind Rashtrapati Bhavan estate, under the Right to Information (RTI) Act.

The controversy over the land, where DLF’s subsidiary was all set to construct high-rise residential buildings, reached a boiling point with national security agencies objecting to construction in this VVIP area of Lutyen’s Delhi. Thereafter, the Delhi High Court had given a stay on construction.

Delhi based RTI Activist Subhash Chandra Agrawal had filed an RTI with the Ministry of Urban Development (MoUD) and Delhi Development Authority (DDA) and asked for the following information:

1. Is it true that change of land-use has been sought from Dairy Farm to Residential Group Housing for property situated at Block No. 48, Diplomatic Enclave, Sardar Patel Marg, New Delhi-110021

2. If yes, copy of application seeking the said change in land-use as in query (1) above mentioning also complete details of the person/ firm/ company etc owning the said land including partners/directors of the land-owning firm/ company etc

3. Complete information on action taken on any such application for change in land-use in respect of property situated at Block No.48, Diplomatic Enclave, Sardar Patel Marg, New Delhi-110021 together with related correspondence/documents/file-notings mentioning also present status of the said land and also of the application filed for land use

4. Complete information on amount of money deposited as application-money towards change of land-use as in queries above

5. Complete information on referring matter of change in land-use of the said property as in queries above to other concerned ministries/ agencies/ departments/ persons etc together with all related correspondence/ file-notings/ documents etc

6. Complete information on objections against change in land-use either by MoUD and/ or by any other ministries/ agencies/ departments/ persons etc together by copies of any such objections

7. Is it true that security-agencies and/or others concerned have registered objections against any such sought permission for construction to be done at Block No.48, Diplomatic Enclave, Sardar Patel Marg, New Delhi-110021, especially because of proximity of the plot with Rashtrapati Bhavan?

8. If yes, please provide details together with related file-notings/ documents/correspondence etc on abjections raised in regard with security-aspects

9. Is the property situated at Block No.48, Diplomatic Enclave, Sardar Patel Marg, New Delhi-110021 in the Lutyen Bungalow Zone (LBZ)?


10. Complete information on areas and postal-zones covered by LBZ and about restrictions applicable for new constructions in LBZ mentioning also maximum height permissible for constructing any building, residential or commercial, in the LBZ?

11. Height of the building/ apartment-complex etc mentioned in the submitted plan for the property situated at Block No.48, Diplomatic Enclave, Sardar Patel Marg, New Delhi-110021 while seeking change in land-use

12. Complete information about buildings in LBZ constructed in violation of norms including about height of such buildings mentioning separately norm violated by each of such building and year of construction of such buildings

13. Complete information on action taken on buildings having constructed in LBZ violating norms set for constructions in LBZ area mentioning also responsibility fixed and action taken against concerned ones for violation in construction-rules for LBZ area

14. Has any responsibility been fixed as far as illegal constructions are concerned? Their details?

15. Any other related information

The CPIOs thwarted Agrawal’s request and forwarded his application to the Municipal Corporation, Delhi, which in turn sent it to the MoUD once again. Agrawal said, “The CPIO at MoUD (Delhi Division) declined information on all the queries of the RTI petition even though many of the queries did not refer to property situated at Block No.48, Diplomatic Enclave, Sardar Patel Marg, New Delhi-110021. Even in respect of queries relating to this property, larger public-interest is involved because of high stake of money due to commercial aspects is involved.”

Agrawal felt that the CPIO should have invoked the `Third party’ clause.

The RTI activist, then filed a petition with the Central Information Commissioner Vijai Sharma, who directed the Ministry-MoUD to provide complete and detailed information on land-use change allowed from Dairy Farm to Residential Group Housing for property situated at Block No.48, Diplomatic Enclave, Sardar Patel Marg, New Delhi­110021. Rashtrapati Bhavan, Intelligence Bureau (IB) and Prime Minister’s Office (PMO) raised serious security concerns.

Agrawal said, “The MoUD is amongst the most notorious public-authorities in complying with CIC-verdicts and properly responding to RTI petitions. RTI petitions with uncomfortable queries are unnecessarily transferred to hundreds of offices of Central Public Works Department (CPWD) misusing section 6(3) of RTI Act where RTI responses pour from these CPWD offices providing information relating to them as 'NIL'.”

DLF subsidiary, Edward Keventer (Successors) filed a petition in the Delhi High Court, arguing that the ‘third party’ clause was not used by the CIC. The CIC’s counsel in turn proved to the Court that indeed the petitioner was informed about this request and had replied that it had no stake in the property. Thus, the Judge dismissed the petition.

Agrawal said, “It is noteworthy that Dr Subramanian Swamy, in his letters addressed to President of India alleged involvement of UPA Chairperson Sonia Gandhi’s son-in-law Robert Vadra in the dubious land-deal highlighted in the RTI queries, said to have been the biggest ever land-scam in the country. With the petition of DLF subsidiary (Edward Keventors Successors) now dismissed, MoUD and any other concerned government-agency should review decision of allowing land-use change in the earlier UPA-regime in the controversial matter where even intelligence-authorities and President Secretariat are learnt to have raised objections from the security-aspects with the land-project being in close vicinity of Rashtrapati Bhavan.

Conclusion: All land use changes, particularly in urban areas, most of them notorious changes, comes under public information under the RTI Act, as it involves larger public interest.

(Vinita Deshmukh is consulting editor of Moneylife, an RTI activist and convener of the Pune Metro Jagruti Abhiyaan. She is the recipient of prestigious awards like the Statesman Award for Rural Reporting which she won twice in 1998 and 2005 and the Chameli Devi Jain award for outstanding media person for her investigation series on Dow Chemicals. She co-authored the book “To The Last Bullet - The Inspiring Story of A Braveheart - Ashok Kamte” with Vinita Kamte and is the author of “The Mighty Fall”.)




2 years ago

RTI: Change in land use: The nasty smell of rancid milk and rotting protein from Keventer's at Connaught Place has erupted into the real estate business care of the Nehru-Gandhi-Vadra Parivar. Information on this will now be available. But to what purpose? Approaching an Indian Court is like buying a lottery ticket forty to sixty years in advance!:

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