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The real-estate arm of Dubai-based ETA Ascon Star is launching an integrated township project near Chennai as it looks to tap strong demand for property in the country
Dubai-based developer ETA Star Property is set to launch the first phase of an integrated township project worth $250 million in India this year and is looking to tap the housing demand in the country, reports PTI.
The real-estate arm of ETA Ascon Star will launch an integrated township project near Chennai this year as it looks to tap strong demand for property in the country, the company's executive director Abid Junaid said.
The first phase of the project—one of three or four phases—is worth $250 million, he said.
"When it comes to property development itself, we are looking at India more aggressively and we believe there is potential," he said.
He, however, declined to give the total value for the project, which will take five years to complete. "There is demand for middle-income housing in India. There are plenty of home loans available and the interest rates are regulated by the government and the economy is growing," Mr Junaid said.
The project will be funded by local banks and pre-selling of property, he said.
The township will be in addition to similar smaller projects in Bengaluru coming up this year, he said, declining to give further details.
ETA Star will hand over four projects in Dubai worth more than two billion UAE dirhams ($544.5 million) to customers this year, but will not launch new projects, Mr Junaid said.
"Our focus is to deliver projects, which are under construction and have been launched earlier," he added.
The Tata-Gammon SEZ has failed to make any progress due to land-permission issues at the state level; uncertainty over the project continues
It has been more than two years and the special economic zone (SEZ) planned by the Tata Group and Gammon Infrastructure Pvt Ltd (GIPL) near Jamshedpur has not made any headway due to required permissions from the state government to acquire land.
“We have already announced this project to our markets as uncertain, because legally we are still not comfortable to proceed due to the land permissions that have (not) been obtained at the state government level,” said Parvez Umrigar, managing director, GIPL.
In 2008, the Tata Group joined hands with GIPL to develop the SEZ. The 100-acre SEZ was being planned as an auto-ancillary unit at Adityapur near Jamshedpur. The investment in the SEZ was estimated to be around Rs100 crore. Tata Group holds 51% in the proposed SEZ while GIPL and the Chhattisgarh state government hold 38% and 11% respectively. The SEZ was expected to be completed within two years from the announcement.
While most of the projects that GIPL has developed were either through 100% stake or a majority holding in subsidiary companies, this is a rare project where GIPL has a minority stake.
Commenting on the future of this project, Mr Umrigar said, “It is a small project; we will have to see whether we would be able to proceed further or not.”
Strong industrial growth numbers do indicate that the government may start thinking of withdrawing stimulus measures, says chief statistician Pronab Sen
Economic growth numbers for the current fiscal, to be released by May, will provide the actual picture to the government to decide if stimulus packages could be rolled back, chief statistician Pronab Sen said on Wednesday, reports PTI.
However, strong industrial growth numbers do indicate that the government may start thinking of withdrawing these measures, Mr Sen told reporters.
Industry growth has started picking up in recent months fuelling suggestions from the Reserve Bank of India (RBI) and other analysts for a partial rollback of stimulus measures taken to ward off the impact of the global economic slowdown last year.
Mr Sen, a secretary in the ministry of statistics and programme implementation, said that industrial growth figures give the supply-side picture and do not indicate whether demand is actually there to take that supply, or if inventories are only building up.
The gross domestic product (GDP) data provides demand-side figures also, Mr Sen said, adding that it was up to finance minister Pranab Mukherjee to take a call in the upcoming budget on stimulus measures, depending on industrial growth numbers or economic growth figures.
"It is up to the finance minister to either play safe (in the budget) and wait for actual economic figures to come out or play a gamble and take a decision depending on industrial growth numbers," Mr Sen said.
Industrial growth for November stood at 11.7% against just 2.5% a year back. For the first eight months, industrial production grew by 7.6% against 4.1% a year ago.