Real estate developer Ansal Properties & Infrastructure (Ansal API) said it would further dilute the promoters' stake in the company from the current level of 74 per cent to fund expansion. The promoters could also off-load their stake in the company by offering equity to private entities or to Qualified Institutional Bidders .
Ansal said the company is currently working on property worth Rs 26,000 crore and its land bank position stood at 6,000 acres.
The company has recently approved setting up two Special Economic Zones (SEZs) one in Rajasthan at an investment of Rs 6,533 crore and another one in Haryana at an investment of Rs 800 crore.
Ansal API is also planning to set up it parks at Lucknow, Chandigarh, Panipat, Meerut, Jaipur, Jodhpur and Patiala.

Source:http://www.zeenews.com/

The Baddi high rent life

HIMACHAL PRADESH’S industrial hub, Baddi, is finding it hard to provide affordable accommodation to its ever increasing workforce.
Thousands of members of the workforce travel daily from neighbouring Chandigarh and Panchkula to Baddi as they are unable to find affordable accommodation in the industrial township.
At present the average rent in Baddi stands around Rs 8 per square foot while in Panchkula it is between Rs 4 to Rs 5.‘‘There is large demand for the rented accommodations by the mainly blue collar workforce. They generally do not opt for spending money to travel to Pinjore or Panchkula for living in rented accommodation there. "
‘‘Recently, a local resident constructed 50 rooms and offered it for rental accommodation for Rs 3,500 per room."

Source:http://www.expressindia.com/

IT raids at real estate dealers’ premises

The Income Tax department today conducted raids at the premises of a number of real estate dealers in the tri-city and recovered crores of “unaccounted money”. In the raids conducted across Chandigarh, Panchkula, Mohali and Zirakpur, I-T officials, till the filing of this report, had recovered around Rs 50 lakh from 20 premises belonging to six to seven real estate dealers.
A senior I-T official said, “The real estate dealers made crores in the property boom last year and did not disclose the same to the department. They did not account for all the transactions they made.”
According to reports, more than 100 I-T personnel led by the Director (Investigations) were carrying out the raids. The raids, which started simultaneously at 8 am cross the tricity, are expected to continue throughout the night.

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