City Lights: Developers defer construction of shopping malls: Study

Maken writes to UP CM to look into issues of Noida extension buyers

Minister for Housing and Urban Poverty and Alleviation Ajay Maken has raised the issue of problems being faced by flat buyers of Noida extension area with Uttar Pradesh Chief Minister Akhilesh Yadav. In a letter to the UP chief minister, Maken has requested him to instruct builders not to harass old buyers. Maken wrote the letter after a meeting with Noida Extension Flat Owners Welfare Association on Monday.

Supertech awards Rs 650-cr contract to UAE's ACC

Realty firm Supertech has awarded Rs 650 contract to UAE's Arabian Construction Company (ACC) for building a 80 floors iconic tower in Noida. The 300 meter-tall mixed-use building 'Spira' would have luxury flats, two 5-star hotels and commercial space. The tower is part of 17-acre project Supernova, being developed at an investment of Rs 2,700 crore. "We have awarded the contract to ACC as they have the expertise to create iconic buildings. ACC has constructed many high-rise towers in middle east," Supertech CMD RK Arora told reporters here.

Developers defer construction of shopping malls: Study

More than half of the expected supply of retail space in shopping malls during 2012 has been deferred in the country's top seven cities as builders feel it would take at least 12-18 months for FDI in multi-brand retail to have a positive impact on demand, a study said. According to a latest report by global property consultant Cushman & Wakefield, top seven cities witnessed a total mall supply of 3.44 million sq ft in 2012. The seven cities which saw deferments are Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, NCR and Pune.

NHB to raise up to $200 mn next quarter via ECB route

National Housing Bank (NHB) has said it will raise up to $200 million in next quarter under the new ECB window allowed by the RBI. "We are looking at raising up to $200 million under the new external commercial borrowing (ECB) window opened by RBI for low-cost housing. We will soon approach RBI for its permission. The money will be used to fund retail housing," NHB CMD RV Verma told reporters. The housing finance regulator will also try to raise funds on behalf of developers who are into low-cost housing, he said here.

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