Thursday, May 28, 2009

Stir at Gole Mkt over eviction plan

Plans to conserve Gole Market as a heritage building means 27 

establishments located there will now have to shut shop. 

On Wednesday, shopkeepers of Gole Market protested the move to evict them. They claimed they had not been provided with alternative space to shift. The shop owners have demanded that alternative space be provided to them which were similar in size and of same rent as the ones leased out to them in Gole Market. Some of the well known establishments in the area are Galina Restaurant, Gujarat Fishery and Sagar Restaurant. 

"Gole market is a heritage building and we want to restore it. Hence no commercial activity can be allowed there. Even the traffic department has said a market there disturbs traffic circulation besides adding to nuisance value for local residents. We might build a small museum there in the future but giving the market back to the traders is out of question. The traders want a new site at the same rate which is not possible. We have already taken possession of eight shops,'' said a senior NDMC official. 

Said Narayan Shamnani, president of Gole Market Merchant Association: "NDMC had promised to rehabilitate us elsewhere. But now they are asking us to vacate without providing us with alternative space. We will not accept this. We have been functioning from Gole Market for over 60 years now. If need be we will organise a protest march at Jantar Mantar on Thursday.'' 

He added: "In reply to an RTI filed by us, NDMC in 2006 had said it was not dislocating us but proposing to shift each shopkeeper to a vacant plot available in the complex for a period of 54 weeks. Afterwards, we were given alternative spaces to shift out in. But the sizes of shops were so small and these shops were allocated in areas like a subway in Palika Bazaar or Sarojini Nagar, where it is impossible to open up restaurants or meat shops. When we did not accept their alternative, they sealed four shops.'' 

Traders in Gole Market pay anything between Rs 200 and Rs 2000 as rent for prime rental property. Said Raj Kishore Bansal, who owns Royal Store: "My family has been functioning from here since 1937. We can't just be expected to vacate and leave." 

Due to the dilapidated state of Gole Market, the building had been declared dangerous. One of Delhi's oldest surviving colonial markets, it was constructed in 1912 and unauthorised construction along with lack of proper maintenance had led to part of the heritage beauty of the building being destroyed, said NDMC officials. 

Apart from facade restoration, NDMC is also planning interior restoration and upgradation of the surrounding structure. The project cost which was initially estimated at about Rs. 6.31 crore has now escalated to about Rs 8.53 crore

Good NEWS Real estate recovery in next three months: Assocham

ndia's realtors believe the sector will see signs of recovery in the next three months, according to the Associated Chambers of Commerce and Industry of India (Assocham). 
A survey report by the industry lobby said 88 percent of chief executives of real estate firms see a quick revival within the next three months as developers shift towards affordable housing and property prices undergo significant correction. 

The Assocham Business Barometer report is based on a survey of 25 real estate firms conducted between May 15 and May 25. 

The survey report said a whopping 92 percent of chief executives considered affordable housing to kindle demand in the real estate sector, with about 84 percent saying this segment had been least impacted by falling demand. 

It said while the luxury housing segment witnessed a demand contraction of over 50 percent, special economic zones (SEZs) by about 40-50 percent, retail space between 30-40 percent and commercial space by 20-30 percent, affordable housing was the most resilient segment seeing a contraction of 10 percent or less. 

The chief executives called for sought single-window clearances for all schemes under affordable housing, as is done with SEZ proposals, to bridge the shortfall of about 2.6 crore dwelling units at the earliest. 

About 76 percent of the respondents said the stimulus given to the sector through fiscal and monetary measures was inadequate. 

Of all policy measures, 64 percent of respondents were of the view that the central bank's move to allow banks to restructure loans to developers has been the most successful in improving liquidity for the real estate sector. 

Additionally, 60 percent said a resurgent stock market would be the most prominent source of finance for the sector, while 28 percent thought bank credit was the most viable option. 

Hefty funds raised through the qualified institutional placement route in the stock market (exceeding Rs.8,000 crore) along with debt restructuring would allow the developers to address their liquidity concerns. 

Mumbai has been ranked as the most saturated in terms of real estate assets followed by Delhi, Bangalore, Chennai, Kolkata and Hyderabad.

The Nevert Tiring Tata co plans infrastructure, real estate project worth Rs 20k cr

Tata Realty and Infrastructure Ltd (TRIL) on Wednesday announced plans to 

develop real estate and infrastructure projects, worth Rs 
20,000 crore, over the next 
three years. 

In Mumbai, it is set to bid for the second phase of the 36-km Metro rail - Charkop to Mankhurd via Bandra - in partnership with Mitsubishi, the monorail project as well as the proposed Navi Mumbai airport, said TRIL managing director and CEO Sanjay Ubale. 

Ubale said at a news meet that TRIL would also submit bids for the Navi Mumbai railway redevelopment project, the trans-harbour link between Sewri and Nhava and invest Rs 11,000 crore in real estate, including SEZs and mixed development plans across the country. Other investments will include Rs 5,000-crore on roads and Rs 4,000 crore on other infrastructure projects. 

The infrastructure company also plans to redevelop bus terminals in tier-2 cities and set up warehousing facilities across the country. On the real estate front, TRIL is currently developing a state-of-the-art 25-acre IT/ITES SEZ in Chennai. The project, costing about Rs 3,800 crore, will also house an international convention centre, the first of its kind in that city. 

Two other IT SEZs are coming up in Ahmedabad and Hinjewadi in Pune. In Amritsar, the firm has started developing a 7 lakh sq-ft retail complex. In Gurgaon, it is evaluating a residential and mixed used development on a 35- acre plot for the middle income group. 

Ubale said land parcels of Tata group companies in and around Mumbai would be unlocked for development purposes.