Companies & Sectors
Mumbai needs to review FSI policy for encouraging affordable housing: Maken

According to the minister, there is a need to review the FSI policy and make appropriate changes to boost the affordable housing in Mumbai

Union minister for housing and poverty alleviation Ajay Maken said that megacities like Mumbai need to review their floor space index (FSI) policy for encouraging affordable housing.

 

He was speaking at an international meet on “Governance of Mega City Regions” organised by the Confederation of Indian Industry (CII) in partnership with Centre for Policy Research (CPR) in Mumbai.

 

Mr Maken said, “About 50% of population in Mumbai stays in slums. In cities like Delhi also about 84% of homeless people are self-employed and contribute towards the economic growth. Since they live close to their workplaces and are an integral part of the India’s urbanisation story, irrespective of the location categories we need to create affordable housing even in the premium locations of mega cities. It is required to bring these service providers nearer to the service consumers.”

 

The minister said, the state government is the responsible authority (to decide on FSI) and it should consider this option. The Union government is planning to provide infrastructure status to affordable housing schemes to improve urban housing scenario, Mr Maken said.

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REC income shoots up 32% to Rs3533.68 crore in Dec quarter

REC’s net profit was up 33% at Rs1026.65 in the December 2012 quarter

Rural Electrification Corporation (REC), a government-owned company, has posted total income from operations of Rs3533.68 crore in the December 2012 quarter. Its income was 32% up from Rs2682.26 crore in the same quarter of the previous year, according to the company’s filing with the Bombay Stock Exchange (BSE).

 

Its net profit was up 33% at Rs1026.65 in the December quarter against Rs769.51 crore in the same quarter of the previous year.

 

On the BSE, the closing price of the REC scrip was Rs247.95, up 4.69% from the previous close.

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J&K Bank net profit up 36% at Rs289.40 crore in Dec quarter

Jammu and Kashmir Bank’s total income from operations for the December quarter was Rs1623.77 crore

 

Jammu and Kashmir Bank posted net profit of Rs289.40 crore in the December 2012 quarter, up 36% against Rs213.19 crore in the same quarter of the previous year, according to the bank’s filing with the Bombay Stock Exchange (BSE).

 

The bank’s total income from operations for the December quarter was Rs1623.77 crore against Rs1340.16 crore in the same quarter of the previous year, a rise of 21%.

 

On the BSE, the closing price of the bank’s share was Rs1394.45, up 1.27% from its previous close.

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