International cricket stadium to come up in Haryana

International cricket stadium to come up in Haryana

With the new stadium, the Haryana body hopes to bring
matches to the state.

International Cricket stadium to come up in Badsa Village, Jhajjar,Haryana , just 16 Kilometer from our project,ESTELLA at sector 103, Gurgaon
The Haryana Cricket Association (HCA) is planning an international stadium in Jhajjar district near the state border with Delhi. The last time that state hosted an international cricket match was in 2007 when India took on Australia in an ODI at Sector-16 in Chandigarh.

“We have already acquired the land near the Badsa village in the Jhajjar district and all the formalities will be completed in the next few months,” said Anirudh Chaudhary, president, HCA. “We have set a time frame of three years for the stadium. We want it as per international standards. We have visited some of the stadiums in England for this purpose. It will be 25,000-30,000 capacity stadium with modern infrastructure.”
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Sebi issues draft norms for real estate investment trust

Sebi issues draft norms for Real Estate Investment Trusts

Looking to attract more investments into the capital market, the Securities and Exchange Board of India (Sebi) has proposed listing of Real Estate Investment Trusts (REITs).
REITs are a popular instrument for raising funds in the realty sector.
Issuing draft norms for REITs on Thursday, the capital market watchdog said the evolution of such investment vehicles is “crucial” for the rapidly growing real estate industry.
“REITs would be allowed to list on stock exchanges through Initial Public Offer (IPO) and can raise funds further through Follow-On Offers (FPOs),” according to the consultation paper and draft norms issued by Sebi. “REIT shall be set up as a Trust under theprovisions of the Indian Trusts Act, 1882,” it said.
However, the trusts would not be allowed to launch any schemes.
The move is aimed at providing investment avenues for investors by way of trading units of REITs, similar to mutual fund and Exchange Traded Fund (ETF) structures for stocks, bonds and other securities.
The Trust needs to initially apply for registration with Sebi in the specified format. After being satisfied on the eligibility conditions, the regulator would grant registration to it.
“The REIT shall have parties such as trustee (registered with Sebi), sponsor, manager and principal valuer,” it added.
According to Sebi, REITs can issue units of their investment schemes through a public offer and list them thereafter on a stock exchange in a way similar to the issuance and listing of shares during an IPO. Thereafter, the units can be traded on the stock exchange platform just like shares.
Sebi further said that listing of units will be mandatory for all REITs.
The regulator said REIT may raise funds from any investors, resident or foreign. However, initially, till the market develops, it is proposed that the units of REITs may be offered only to HNIs/institutions.
Consequently, it is proposed that the minimum subscription size would be Rs 2 lakh and unit size shall be Rs 1 lakh. For coming out with an IPO, Sebi said the size of the assets under the REIT need to be at least Rs 1,000 crore, in a bid to ensure that initially only large assets and established players enter the market. Further, minimum initial offer size of Rs 250 crore and minimum public float of 25 per cent is specified to ensure adequate public participation and float in the units. The regulator has sought public comments on draft REIT Regulations by October 31, 2013.
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HSIIDC to hire consultant to study KMP project

The future of the KMP expressway now depends on what the private consultant – soon

GURGAON: The future of the KMP expressway now depends on what the private consultant – soon to be hired by the industrial authority to work on a viability report – makes of the project that has virtually hit a dead end after having missed multiple deadlines.

Recently, four consulting firms, willing to take up this study, submitted their proposals to the HSIIDC. The firm that is finally hired to conduct the study will, among other things, look into the legal nitty-gritties of the contract agreement that the HSIIDC signed with the present concessionaire.

This means that there remains a likelihood of the ‘substitution clauses’ of the contract being invoked, resulting in the scrapping of the current contract. Officials said the viability report will look into the ‘technical, commercial and legal due diligence of the various options available for the completion and implementation of the KMP project.

‘ For the moment, though, the HSIIDC officials are unwilling to speculate on possible measures that will determine the future course of the KMP e-way project.



Dwarka e-way clears hurdle

Dwarka e-way clears hurdle

A major hurdle in the way of Dwark a Expressway has been cleared by HUDA. The authority

GURGAON: A major hurdle in the way of Dwarka Expressway has been cleared by HUDA. The authority has decided to give alternative plots to over 200 house owners whose property was coming in the way of the speedway. The ambitious road project, which will cut short the travel time between Gurgaon and Dwarka in Delhi, was launched amid fanfare in 2011 but soon got stuck in litigation.

Property developers, who have dozens of housing and commercial projects on this stretch, have welcomed the HUDA move. Most big builders had launched projects here hoping it to be the next link between the Gurgaon and national capital. However, the projects got stuck when the negotiation between house owners and HUDA were stalled around a year back.

Housing prices here have jumped nearly three-fold ever since the launch of the Northern Periphery Road (NPR) project. “We welcome HUDA’s decision to allot alternate plots to the house owners of new Palam Vihar. Now, the government should expedite road construction. This project has the power to boost a sluggish realty market in NCR,” said Kushagra Ansal, president of Ansal Housing and Constructions.

Another builder, on request of anonymity said, “HUDA has been extremely slow in implementing the project. They have taken all sort of taxes from us but not cleared the way. We have invested hundreds of corers but there are few buyers. We hope, at least now the HUDA will complete the project soon.”



After 4 years and 12 deadlines

After 4 years and 12 deadlines, viability study on KMP expressway

The Kundli-Manesar-Pal wal (KMP) project has missed so many deadlines in the past few years that it has become difficult to keep count. Since

GURGAON: The Kundli-Manesar-Palwal (KMP) project has missed so many deadlines in the past few years that it has become difficult to keep count. Since its inception in January 2006, the work on the 135.6km road has proceeded at a snail’s pace. Even today, according to an official report, the physical progress of the project is around 69%. At this rate, there’s no telling whether this project will ever reach completion, and whether the much-touted KMP expressway will ever become a reality.

Posed with similar doubts about the project’s future, the industry authority is finally seeking ways to expedite the construction work here. An independent consultant will soon be working on a viability report that spells out the ‘various options available to HSIIDC’ in order to ensure speedier implementation of the KMP project.

“We have decided to procure services of a technical consultant. The progress on the KMP expressway project has been almost nil over the last one year,” said an HSIIDC official. The private consulting firm will provide pointers to the HSIIDC on some of the ‘technical, commercial and legal’ options available to the corporation since the current contractor – M/s KMP Expressways Ltd, of which DSC Ltd is the main partner – has proved incompetent.

“The main objective of this assignment is to evaluate the various options available to HSIIDC for completion and implementation of the project and to suggest the best option after carrying technical, commercial and legal due diligence of these. The consultant shall also propose amendments required in the concession agreement in case HSIIDC decides to go ahead with one particular viable option,” the official HSIIDC report, inviting bids from consultants, states.

The document also lists alternatives ‘to be considered’ by the consulting firm, working on the viability report on the future of KMP project including a possible scenario that entails substitution ‘of the concessionaire by any other HSIIDC nominee’. Voices clamouring for the removal of the concessionaire have multiplied over the last year. Due to the many delays, the KMP project is being tracked by the Supreme Court’s monitoring committee, which is submitting bi-monthly progress reports.

But HSIIDC officials are still reluctant to take a clear stand on whether the ‘substitution clauses’ of the agreement with the concessionaire will be invoked. Asked if the concessionaire might be on its way out, HSIIDC’s chief engineer, H R Raheja’s said, “I can’t say at the moment what options we are going to go with. For now, we have to see what the possibilities and options we can explore, and this is why we are hiring an independent consultant,” he said.



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