Anil on top of 100-storey tower - REL, Sobha win Rs 6,400cr project in Hyd
Hyderabad, July 6: Anil Ambani’s Reliance Energy has bagged the 100-storied trade tower-cum-business district project at Manchirevula on the city outskirts. Reliance Energy quoted Rs 6.57 crores per acre while its competitor Elbit Medical Imaging, an Israeli firm, quoted Rs 6.10 crores per acre. The upset price was Rs 6 crores per acre and the project is estimated to cost Rs 5,400 crores.

Noted architect Hafeez contractor also favoured the design for the tower submitted by Reliance Energy.
In all, the overall marks given to Reliance were 75.40 out of 100 while Elbit got 71.29. Reliance Energy will start construction by September and will engage the services of world renowned architect Norman Foster. Company officials expressed happiness at getting the contract since the opening of financial bids coincided with the death anniversary of founder Dirubhai Ambani.

The tower with 100 floors will be about 450 metres tall and will accommodate offices, hotels and malls. “The company will be given the confirmation letter in a few days,” said Mr B.P. Acharya, managing director of the Andhra Pradesh Industrial Infrastructure Corporation. “The trade tower has to be constructed in three years and the business district in five years.”

APIIC put a pre-bid condition that the company which bagged the contract should first construct the trade tower in 30 acres and would be given the remaining 50 acres after that. A special purpose vehicle will be set up to execute the project in which Reliance Energy will have 66 per cent equity, Bangalore-based Sobha Developers 23 per cent and APIIC 11 per cent.

REL, Sobha win Rs 6,400cr project in Hyd

BS Reporter / Hyderabad July 7, 2007

A consortium led by Reliance Energy has emerged as the successful bidder for the Rs 6,400 crore business district project proposed in Hyderabad by the state-owned Andhra Pradesh Industrial Infrastructure Corporation(APIIC).

The project will have three modules, including a 100-plus storied tower, and is scheduled to be completed in three years. The project is expected to be completed in five years.

According to an official of Reliance Energy, the business district project will have a built-up area of about 11 million square feet. This is the first major infrastructure project being taken up by the Anil Dhirubhai Ambani Group in Andhra Pradesh.

Reliance Energy will hold 66% equity in the project while its joint venture partner, Sobha Developers, will hold 23% stake. The remaining 11% equity is held by APIIC towards the land component of the project.

Centre relaxes rules to fund 25 State projects

Hyderabad, July 6: The Centre has agreed to fund 25 irrigation projects under the Accelerated Irrigation Benefit Programme and relaxed certain guidelines to accommodate them. The State will get a grant of Rs 13,254 crores and, much to its relief, the Centre relaxed the one-to-one-basis for these projects.

"Normally under the AIBP a new project can be included only on completion of the ongoing project. With relaxation of this rule we can propose all the 25 projects and get funds," a senior irrigation department official told this correspondent. Some of the important projects included in the AIBP are the flood flow canal from Sriramsagar, Gundlakamma, Sriramsagar gate II, Singur canal, Ali Sagar, Bhima, Devadula, Dummugudem and Dummugudem-Nagarjuna Sagar tail pond.

Sources said the funding with relaxation of rules was made possible because of the Centre’s decision to include the projects in the category of agrarian distress districts for which the Prime Minister’s relief package is extended. The Centre, however, said the projects should get all clearances for the release of funds and State should provide its matching grant within 15 days of release of grant by the Centre.

Another important condition is that the projects should be completed within the stipuated time and in the event of failure, the Centre will convert the grant as loan. The release of funds would be based on submission of utilisation certificate for the funds released previously.

State nod to bauxite for mining projects

Hyderabad, July 6: The State government has relented to the Centre’s directive to supply bauxite to all companies apart from Jindal South West Steel Limited which is setting up a mega Rs 9,000 crores aluminium project at Sringavarapukota in Vizianagaram.

Sources said the government in a bid to ensure clearance for the mega project has agreed to the conditions imposed by Centre. All mining projects above Rs 100 crore require clearances from the Centre.

Union ministry of mines has directed the State government not to limit supply of bauxite to the Jindal project alone. The State government had already signed an MoU with Jindal for setting up alumina and aluminium refinery and smelter to produce about 2.5 lakh metric tonnes per annum initially.

State to finalise port contract

Hyderabad, July 6: The State government is likely to finalise the Machilipatnam port project contract by end of July. Official sources told this newspaper that the Central agency Water and Power Consultancy Services finalised its report on the additional costs involved in shifting the port location from Gogileru to Gilakaladinne and submit the same to the government on Monday.

"A three-member high level committee will discuss the Wapcos report and finalise the modalities of pumping in the additional investment," a senior R&B official said. The government engaged Wapcos to verify the claims of the developer that an additional investment of Rs 300 crores would be required to construct the port at the new location.

Maytas Infra already quoted Rs 1,200 crores for the port at Gogileru which the government decided to shift to Gilakaladinne owning to pressure from all political parties including the Congress. The government was of the view that the developer should be given additional land to compensate the investment which is required mainly to overcome geographical disadvantages at Gilakaladinne. The developers claimed that additional dredging should be done and recurring cost would also be high every year because of siltation. A senior CMO official said the foundation stone will not be laid during the Prime Minister’s visit on July 31.

Retail outlets cause price rise

Hyderabad, July 6: The civil supplies department is blaming corporate supermarket chains for the steep hike of prices in the open market and government-owned Rythu Bazaars. The bulk purchase of dals, edible oils and vegetables by corporate supermarket chains is one of the reasons for the shortage of supplies, officials said. It is estimated that the 10 major supermarket chains operating here are stocking more than 20 per cent of the commodities.

According to officials and wholesale traders, the financial strength of the companies is enabling them to maintain huge stocks irrespective of the fluctuation of rates. The outlets are purchasing vegetables at the village level, because of which farmers are not coming to Rythu Bazaars. "We cannot take action on supermarket chains since there is no law to prevent corporate companies entering the retail business," said a senior officer of the civil supplies department. "We cannot force farmers to sell their products at Rythu Bazaars since they have liberty to sell vegetables wherever they want," he added.

Corporates take bus to transport employees

Hyderabad, July 6: Corporate and IT companies are increasingly replacing cars with buses for their shuttle services. According to the traffic police, more than 5,000 cabs operate as shuttles from Hitec City and other IT areas in Cyberabad. To bring down the vehicle density and congestion, the traffic police started the concept of Intra-city buses and allowed IT and corporate companies to ply buses for their staff last year.

Since then companies have introduced about 130 intra-city buses. Traffic police officials said that a bus could replace 10 to 15 cars. With the companies introducing buses, at least 1,000 cars were not added to the city roads. "As there is a ban on movement of private buses during day time, the companies need permission letters from the traffic department to operate the buses. Reduction in number of vehicles has meant the number of accidents have come down. It has also helped in regulation of traffic," additional deputy commissioner of police (traffic) G. Sampath Kumar Reddy told this correspondent on Friday.

Pollution levels have also come down. Replacement of cars with a single bus would result in 35 times less carbon monoxide, 30 times less hydrocarbon and two times less nitrous monoxide emission. The traffic police is asking private companies recommending change of drivers when more than three cases of traffic violations are booked against them.

GHMC schemes start today

Hyderabad, July 6: The Greater Hyderabad Municipal Corporation (GHMC) will launch a slew of programme including its Tatkal scheme on Saturday under which building permissions would be given within 48 hours in Huda and government approved layouts in Greater Hyderabad limits.

This facility will be confined to ground plus one floor buildings on plots of less than 300 sq metres. GHMC will also start issuing builders licences. Applicants should either be a graduate in architecture, civil engineering, construction management or equivalent or have five years experience as Class-I civil contractor or 10 years experience as Class-II civil contractor.

Other schemes include the best buildings awards with cash prizes of Rs 1 lakh, Rs 50,000 and Rs 25,000 for those who construct buildings as per sanctioned plan and give an aesthetic look to their building. The prizes will be awarded on August 15.

GHMC will felicitate owners and management committee members of religious structures including temples, mosques, graveyards and chillas who cooperated for relocation of religious structures for the purpose of road widening.

GHMC will start issuing occupancy certificates and no-objection certificates to buildings and its owners. The GHMC has issued only one OC and NOC in the last two years. The NOC will be given within 72 hours if there are no deviations. GHMC will conduct an open forum on the lines of Lok Adalat at its head office for citizens having grievances about permissions, town planning officials harassment and corruption.

GHMC additional commissioner (planning and projects) K. Dhanunjaya Reddy told mediapersons on Friday said that ministers Koneru Ranga Rao, Mohd Ali Shabbir and M. Mukesh Goud will launch the programmes.

PM to review State’s projects

Hyderabad, July 6: Prime Minister Manmohan Singh will review government schemes and infrastructure projects in the State here on July 31. The government proposed to the Prime Minister’s Office that Dr Singh should take up a full-fledged review so that impediments at the Central level could be cleared quickly.

"Some irrigation and infrastructure projects are held up because of delay in obtaining clearances from Central agencies. The objective of the review is to present the State’s case and explain to the Prime Minister the need for speeding up clearances," a senior CMO official told this correspondent.

Sources said irrigation, roads and buildings, energy and infrastructure departments would be asked to prepare backgrounders of their projects, their status and problems. The Chief Minister will make a presentation of the government’s argument that the Centre should regulate the price of gas. He will list the benefits of cheaper gas including smooth implementation of the free power scheme.

Babus reveal Gammon’s game

Hyderabad: “Issue a notice to them” declared a visibly incensed CM delivering those words as if he were saying “off with their heads.” And his more loyal than the king babus immediately rushed to the press announcing that a notice would be served on construction major Gammon India threatening to blacklist them. But a day later, those very same babus are asking mediamen to ignore the matter. What happened and why in the first place was a notice supposed to be issued to this old and well-known name in the construction business that had its debut in the 1920s with work related to the Gateway of India?
It transpires that Y S Rajasekhara Reddy government had lately been flooded with complaints about the traffic mess that is Punjagutta. The CM, fond of darting around the city roads at the head of a cavalcade has also seen for himself how the construction of the flyover has created confusion — what with earthmoving equipment being parked in the middle of the road and the road volume being reduced. Who is responsible for this mess, who is the contractor for the flyover, asked YSR at an official review meeting on Wednesday. “Gammon India,” said a babu. Another babu added that Gammon was responsible for delaying many irrigation projects as well. A discussion ensued, babus pointed out that the work of the Rs 28-crore Punjagutta flyover was started last year and was supposed to be completed by February this year. But now the time schedule has been extended to November. In the meanwhile, around Rs 14 crore had already been paid to Gammon. Other babus said Gammon India was also executing Rs 550 crore worth of works in Kalwakurthy lift irrigation project in Mahbubnagar and Galeru Nagari Sujala Sravanthi (drinking water project) in Kadapa. Though the due date of completion is still more than two years away, it was pointed out that work was not proceeding as per schedule. This is when the CM passed his blacklisting diktat.
But a day later, the government seems to be developing cold feet on the matter. Why? The story doing the rounds is that Gammon India is the contractor only in name. Flush with orders from across the country like all other civil engineering companies, the Rs 1,871-crore Gammon has subcontracted the work to local parties that have close connections in the corridors of power. Issuing a notice to Gammon India will be tantamount to a threat to these powerful local entities.
Gammon’s local representative and general manager, P T Venugopal when contacted by TOI for his response said that he has not been authorised to speak on behalf of the company. Sources aver that Gammon has only lent its name for bidding in the project and provided the designs.

Consultant slapped notice for inferior work

MUSLIM JUNG BRIDGE

Hyderabad: The Greater Hyderabad Municipal Corporation (GHMC) has slapped a show cause notice on Descon Associates, the consultant for the parallel Muslim Jung Bridge, for allegedly giving defective design and failing to supervise the construction work.
Cracks were detected in the piers of the bridge, which is scheduled to be completed in the second week of June. The GHMC subsequently suspended five engineers and constituted a committee to give suggestions for strengthening the structure.
In the show cause notice, the GHMC asked Descon Associates why a criminal case should not be registered against it for “grave deficiencies in thestructural design” of such an important project which cost the government Rs 7 crore; and why the GHMC should not make good the loss it suffered. The notice also wanted to know why the consultant should not be removed as structural consultant from the list of empanelled members for the gross defects. The corporation also sought an explanation for the cracks in the pier even before the bridge could be thrown open to public.
When contacted, chief engineer R Dhan Singh confirmed that the GHMC had slapped notices on the consultant. He, however, refused to give further details saying that a committee was looking into the matter. The parallel Muslim Jung Bridge was sanctioned in 1996. The original proposal was to construct a four-lane bridge with a carriageway of 18 metres, and was entrusted to the National Building Construction Company in 1997.
Subsequently, the proposal was modified based on the recommendation of the City Level Coordination Committee, which favoured a 25-metre six-lane bridge keeping in view the future needs.
As the NBCC failed to complete the project, the contract was cancelled and the remaining work was awarded to P Narasimha Rao & Company in May 2004.
Descon has submitted the final design for the unfinished work using NBCC design as the guide.
The P Narasimha Rao & Company completed the remaining three piers (P7 to P9) and five pier caps (P5 to P9) of the bridge. However, cracks were observed in pier caps P5 to P9. Managing partner of Descon Associates, S Hanumantha Rao, refused to comment on the show cause notice.

Building permissions in 48 hours from today

Hyderabad: Building permissions under the tatkal scheme for ground and first floor will be extended to all the circles of the city from Saturday.
The permission within 48 hours for G+1 buildings was started by the Greater Hyderabad Municipal Corporation (GHMC) a month ago in L B Nagar on an experimental basis.
The building permissions under the scheme are being given only in approved layouts of the erstwhile MCH and Huda, GHMC additional commissioner (planning) K Dhananjaya Reddy told reporters on Friday.
The corporation would also issue occupancy certificates to those buildings, which have been completed as per the sanctioned plan in the last few years, Dhananjaya Reddy said.
“Only such buildings as complying with norms will get occupancy certificate (OC), and their market value too will be higher,’’ he said. The builders who violate norms will have to forego the deposit collected by the corporation.
“Since most builders violate or deviate the plan approved by the civic body, applications for OCs are fewer. Only one builder has taken occupancy certificate in the last two years,’’ Reddy said highlighting the gravity of the situation.
The occupancy certificate is issued within 72 hours, according to him.
Since the occupancy certificate has been made compulsory for getting water and electricity connections to new buildings through a GO recently, the GHMC wrote letters to the HMWS&SB and the Central Power Distribution Company Limited (CPDCL) not to give connections without OC, Dhananjaya Reddy said.
Meanwhile, the corporation has announced cash prizes for builders who adhere to rules and implement the best practices in aesthetics and greenery.
The first, second and third prizes carrying cash rewards of Rs one lakh, Rs 50,000 and Rs 25,000 respectively would be given away on August 15 this year, he said.
It also decided to felicitate religious leaders and residents who voluntarily come forward to part with their properties for widening roads in the city, Reddy said

Hyd lab may do DNA test to check veracity of FCI official’s death

Guwahati: Assam Police have planned to send samples of P C Ram’s hair and skin to Hyderabad for a DNA test to clear doubts about the death of abducted FCI executive director.
Ram was whisked away by Ulfa militants while he was returning home from office here on April 17. His body was retrieved from a paddy field in Baska district along the Indo-Bhutan border on June 30. Though the body was identified by his son, Praveen, and adopted daughter, and taken to Ghaziabad for the last rites, Ulfa queered the pitch claiming that the corpse belonged to an army informer. Several FCI officials, too, had identified the body.
On July 3, Ulfa claimed that Ram was still alive and was in their custody. The banned outfit said it would prove its statement if needed.
Following Ulfa’s claims, police decided to go for a DNA test of his body parts kept in Baska.
The State Forensic Laboratory here said the samples were not properly kept and could not be used for the DNA test.
“One must collect either bone or tooth samples for the best DNA analysis. From the bone, we can take cells that remain intact in calcium for the DNA analysis. Pulp inside a tooth contains live cells for proper tests,” an official of the Rajkot lab said. “My team was ready to accompany police on June 30 when the body was found. However, they did not contact us,” the official alleged. When the laboratory here made its point clear, police decided to send the samples to the CFSL in Hyderabad.

US immigrants say yes to Gandhigiri

Washington: Hundreds of Indian high-skilled professionals in the US who have been on a roller coaster ride over the past month on the green card issue will draw attention next week to their frustration — with white flowers.
In a unique display of Gandhigiri — a demonstratively peaceful Gandhian protest popularised in a recent Hindi movie — scores of Indian H1-B visa holders who feel jilted by the abrupt changes in US immigration rules are planning to deluge US Citizenship and Immigration Services (USCIS) director Emilio Gonzalez with flowers on July 10.
Their peaceful venting stems from a June 12 USCIS notification that promised to fast track the green card process for tens of thousands of skilled foreign professionals and their spouses — only to disappoint later. The announcement led to a stampede in countries such as India and China for obtaining birth certificates and other related documents needed for the process. Applicants spent thousands of dollars to meet the requirements and the deadline.
But on Monday, USCIS rolled back its notification, turning, according to the lobby group Immigration Voice, ‘a glimmer of hope into despair’. The idea of overwhelming the USCIS office in Washington DC with flowers arose from a fervid discussion on the bulletin boards of Immigration Voice where many skilled workers vent their frustration over the long drawn green card process. Although there were some dissenting voices which said such gestures would be wasted, proponents of this form of Gandhigiri said up to 200 people had signed by for the flowery protest.
According to some estimates from Immigration Voice and its supporters, the Green Card flap affects more than 100,000 skilled workers and their spouses and family in India. Each applicant for the fast track process announced by USCIS last month is said to have spent upward of $ 2000 to submit documentation.
Except for the $ 325 filing fees which USCIS has said it will refund, the rest of the money, including towards attorney fees, medical exams, couriers etc is down the drain, several applicants said.
“I’d guess that with about 100,000 people filing along with at least one secondary applicant each, that’s $ 400 million down the drain. That’s not chump change,’’ Vikas Chaudhury, an applicant who has been closely tracking the process, told ToI.

wise investment

With the growth of organised real estate in farflung suburbs and smaller cities, investment in land would be a wise decision, says Shobhit Agarwal

 There is increasing interest in investing in land rather than constructed properties. This trend has merit, since land value appreciates while the value of a construction depreciates. In other words, buying land in a growth sector always makes sense. However, one should approach such land purchase with due caution and prior research.

Investment Horizon

Purchasing land as an investment usually pays off only as a long-term venture, with a minimum holding period of between 5-10 years.

Safe Purchase Parameters

In general terms, it is definitely not safe to buy land without thoroughly acquainting oneself with the local market, and the legislative dynamics of that area.

More specifically

Buying land situated near a housing scheme calls for extreme caution, since one may inherit the covenants and restrictions applicable to the housing scheme.
   While buying a plot as an investment, one should ensure reasonable proximity to key roads and access to water and electricity. One should also acquaint oneself with the development plan for the chosen area — this can be established from the local administrative body.
   You should be very clear about what taxes you would incur and whether the plot has a permit for the raising of residential/commercial structures. Raising large structures is not an option on agricultural plots, which are cheaper and have a lower tax burden. If the plot is the agricultural kind, its better to establish whether its status can be converted for construction purposes later on, or not.
   Before any land purchase, one needs to investigate into possible multiple ownership issues and zoning restrictions such as Special Economic Zone (SEZ), Coastal Regulation Zone (CRZ) and No-Discharge Zone (NDZ). The value of a plot of land in any particular location depends on what the government will permit to be done there.
   Also you cannot add to the value of land - a plot’s value will appreciate if there are developments in the vicinity. Sometimes, investors purchase land based on anticipated value - like a mall, multiplex or office block scheduled to come up nearby. If the anticipated development fails to materialise, or if the location does not receive water or electricity supply, the plot will not appreciate. Land will also fail to appreciate if it is in danger of being taken over by the government for its own purposes. Or the price may be low because certain legal complications during a previous ownership have rendered it a non-selling proposition. Other factors worth investigating are the availability of:

• Ground water

• Sound power supply

• For residential land - availability of schools, colleges, medical facilities, domestic markets and public transport, among others.

• For commercial land - proximity to retail outlets, post offices/ couriers, telephone connectivity, and other commercial activities.

Where are the best deals?    

The most sought-after land for sale in India is in the metros. However, due to the extreme supply crunch, the rates are invariably within reach for only corporate or institutional investors. The only ‘good deals’ in Delhi, Mumbai, Bangalore, Hyderabad and Kolkata comprise buying plots at exorbitant prices and then cashing in on their appreciation potential. For smaller investors, upcoming suburbs or a potential Tier-II or Tier-III town is a more feasible option.
   

Joint ownership of residential property

Ashish Gupta outlines some conditions where property is owned by more than one person

Co-owners mean all the owners of a property. If the property is owned by more than one person, it is called joint ownership. In case of coparcenary, the male members and daughters have a common and an equal interest in ancestral property. Any co-owner can transfer his own share in the property to a stranger or another co-owner, and the transferee steps in the shoes of the co-owner.The transferee becomes the co-owner.
You can have co-ownership changed into sole ownership through partition. The term coowner includes all kinds of ownership such as joint tenancy, tenancy in common, coparcenary, membership of Hindu undivided family (HUF) etc. If the parties have shares in the property, it indicates that they are co-owners. A co-owner has right to possession,right to use and right to dispose off the property.

Tenants-incommon

In case of tenant-in-common, the type of coownership is not specifically stated. Each tenant-in-common has a separate fractional interest in the entire property. Although each tenant-in-common has a separate interest in the property, each may possess and use the whole property. Tenants in-common may hold unequal interest in the property but the interests held by each are a fractional interest in the entire property. Each one may freely transfer his interest in the property. Tenants-in-common do not have the right of survivorship. Therefore, upon the death of one, his interest passes via Will or through the laws of intestacy to another person who then becomes a tenant-in-common with the co-owners.

Joint tenancy

In contrast to this, joint tenancy entails the right of survivorship.Upon the death of a joint tenant, his interests immediately pass on to the surviving joint tenants and not to the deceased's estate. Joint tenants hold a single unified interest in the entire property. Each joint tenant must have equal shares in the property. Each joint tenant may occupy the entire property subject only to the rights of the other joint tenants.
Joint tenancy has several requirements that must be met in order to be properly created. In order for a joint tenancy to be created, specific language must be included in the conveyance to clearly create an estate in joint tenancy. The interests of the joint tenants must vest at the same time.The joint tenants must have undivided interests and joint tenants must derive their interest by the same instrument.Also, each joint tenant must have estates of the same type and same
duration. A joint tenancy may be created by a Will or deed.

Tenancy by entirety

This type of co-ownership is exclusively for a husband and wife, because it provides the right of survivorship. To exist, it requires the two co-owners to be married. Tenancy by entirety does not allow one spouse to convey his interest to a third party. However, one spouse may convey his/her interest to the other spouse. A tenancy may only be terminated by divorce, death, or mutual agreement by both spouses.
Section 44 of the Transfer of Property Act 1882,deals with transfers by one co-owner. Where one co-owners of immovable property legally competent in that behalf, transfers his share of the property, the transferee acquires the transferor's right and can enforce a partition of the property.

YOUR BANKING WATCH

Here is a ‘step up’ EMI option to increase your home loan eligibility

Today, most home buyers are faced with a dilemma. With property prices reaching dizzy heights and interest rates on home loans touching skyhigh levels, most of them find their dream home beyond their reach.What would you do in this scenario? Compromise and settle for a smaller house, stretch your budget somehow or postpone the purchase of the home? You need not do either of these! You can go right ahead and buy that dream home by making use of the step up repayment facility offered by lenders.
TAKE THE RIGHT ‘STEP’
A step up loan is one where you can pay a lower Equated Monthly Installment (EMI) during the initial years of repayment and gradually increase the EMI as the tenure progresses. Put simply, it is a loan option where the lender takes into account your expected growth in income and provides you with a repayment schedule which is linked to this increase in income. In short, you can stagger your repayment on your home loan in a way that monthly payments are lower in the first few years. Depending upon the lender and the loan amount that you have taken, the EMI will be increased in pre-determined stages.

BENEFITS OF A STEP UP LOAN

A step up loan can prove to be an ideal alternative for those who cannot afford a high EMI in the initial years.There are various benefits of this option such as:
Increases your loan eligibility: Under a step up loan, lenders usually calculate the loan amount based on a lower EMI for the initial years. This lower EMI helps to increase your capacity to borrow and hence you can avail of a larger loan amount. In addition, your future earning potential is factored in to further increase your loan amount.
Reduces the initial repayment burden: Since your EMI contribution in the first few years of repayment will be lower under this option, it will help you manage your cash flows efficiently without bearing a financial burden.

You can maximize your tax benefits:

The interest component constitutes a larger part of the EMI during the first few years. Under this loan type, since the payment of principal is deferred, you can avail of tax benefits on the interest amount optimally in the initial repayment period.

EXPECTED FUTURE INCOME WILL DETERMINE ELIGIBILITY

The step up facility is generally available only to salaried individuals and professionals who are stable in their careers or jobs and who have better job prospects and definite chances of salary hikes in the future. While determining the expected increase in salary, lenders take a call based on various factors such as your present income, educational background, type of job, etc. Depending on these parameters, your loan eligibility can go up by as much as 30 per cent.

DRAWBACK OF THE OPTION

One drawback of this scheme is that the interest rate risk exposure is pretty high because in the initial years of repayment, the interest component is relatively larger whereas the principal is much lesser. Also, a lower EMI means that an even lower amount of principal is being repaid. In this scenario, if the interest rate increases, you will be required to cough up a greater interest cost since the principal outstanding on the loan will be higher.

IS THIS THE RIGHT OPTION?

This product suits young borrowers who do not have a large disposable income at present and who wish to buy a home at an early age. At the same time, borrowers who anticipate a regular annual rise in income are ideally suited for this.

Hyderabad's Genome Valley gets US certification

By IANS
Friday July 6, 08:23 PM
Hyderabad, July 6 (IANS) Genome Valley has been granted registration for the certification mark (intellectual property rights) by the United States Patent and Trademark Office (USPTO) from its headquarters in Alexandria, Virginia.

The Andhra Pradesh chapter of the Confederation of Indian Industry (CII) said in a statement that its technology development and promotion centre (APTDC) with the support of the state government had been working on the registration for the project since 2003.

'There was a huge need for registration of the Genome Valley symbol in the US and Europe so as to draw more foreign investments and to promote the cluster,' it said.

Genome Valley on the outskirts of Hyderabad is India's first state-of-the-art biotech cluster providing world-class infrastructure to over 100 biotech companies. Spread over 600 square kilometres, the Genome Valley is a natural cluster for biotech research, training, collaboration and manufacturing facilities.

It was also granted a community trademark (intellectual property rights) by the European Union in 2005. The Andhra industries and commerce department is the authorised user of the certification mark.

'This is a major milestone for the government of Andhra Pradesh to promote the brand name of Genome Valley in the US and Europe,' said the statement.

Certification marks are one form of intellectual property rights, usually given for compliance with definite standards. They may be used by anyone who can certify that the products involved meet certain established standards. An important requirement for certification marks is that the entity, which applies for registration is considered competent to certify the products concerned

UBS to increase capacity through second Hyderabad centre
by Karl Flinders
Friday 6 July 2007
Swiss bank UBS will increase its offshore capacity in Indian city Hyderabad through a second offshore IT centre, which will push total capacity to about 2300 people.

Last year the company announced its plan to build a centre to handle back-office functions with a capacity for 1,600 staff. It currently houses 850 people and the new building will increase capacity.

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