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The opening of the three new corridors will benefit more than 3 lakh commuters - primarily from densely populated east Delhi pockets such as Preet Vihar, Shakarpur, Laxmi Nagar and Mayur Vihar.

It will also ease the traffic on the perpetually congested Vikas Marg and the ITO and Nizamuddin bridges across the Yamuna.

Other beneficiaries will include the residents of industrial areas in outer Delhi as an extra 37.77 km will be added to the existing network of 80 km. Another 31 new Metro stations will also be opened.

YAMUNA BANK- NOIDA CORRIDOR
The much- awaited 13.1- km corridor will open by the end of August. Another 10 Metro stations have been added to the current Dwarka- Yamuna Bank line, stretching it through Mayur Vihar, deep into the sectors of Noida.

The line will cater to more than 60,000 people who commute daily between the Capital and Noida.

" The civil work is almost over.

We are giving the final touches to the stations," says Delhi Metro Rail Corporation ( DMRC) spokesman Anuj Dayal.

Source: Mail Today Metro all set to roll into NCR & Nangloi

• YAMUNA BANK- ANAND VIHAR CORRIDOR

• INDERLOK- MUNDKA CORRIDOR

Job loss is one of the worst fallout of any economic slowdown. What began as a housing mortgage crisis in the US last year quickly sipralled into a global economic meltdown and from September 2008 companies across the world began downsizing their workforce to cut losses.

India too felt the tremors with close to 50,000 laid off in a span of two months, according to executive search firm Redileon Search Partners.

Sectors that have witnessed the axe include real estate and construction whic saw 79 per cent cut in its workforce. Job is export and trade, too, are down by 79 per cent while IT and hospitality sectors have witnessed a dip of 50 per cent. Banking and financial sector saw job cuts by 22 per cent.

But numbers alone don't explain the full story.

''One afternoon when I went to office… I was suddenly called by the editor and all of a sudden he said that you have to go,'' says Barid Baran, who worked as corporate communication manager.

Source: ibnlive.in.comIndian job market better off than western countries

Some six months after they fled the real estate sector, investors are gradually making their way back. This time around, high networth individuals (HNIs) and domestic funds are putting money mainly into office and retail spaces.

As the economic meltdown unfolded in late 2008, commercial realty became the worst hit segment in the sector and lease rental and property rates fell by 30-40% in the metros and the bigger cities. The lower prices, in turn, have triggered some big ticket sales in recent months.

In May, Unitech Ltd, India's second biggest listed developer, sold a 200,000 sq. ft office property in Saket, New Delhi, to an investor for Rs450 crore, nearly Rs200 crore cheaper than in 2007-08. Unitech didn't disclose the identity of the buyer.

Big catch: The DLF tower in Gurgaon. The cash-strapped realty firm sold its 66% stake in a private mill property in central Mumbai to an undisclosed Chennai-based investor for Rs310 crore in May

In April, three investors from Kolkata bought 50,000 sq. ft of an office property near Bangalore's Outer Ring Road for Rs35 crore, about 20% lower than the asking price till mid-2008, said a property consultant who brokered the deal. He didn't want to name anyone involved in the deal. The developer had earlier leased the property to companies.

"Many HNIs and funds are now returning, looking at only commercial properties...to take advantage of the falling rates. The returns for such properties are as high as 12-13% compared to 3-4% in residential projects," said Farook Mahmood, chairman of Bangalore-based advisory Silverline Group Inc.

For example, a Hyderabad investor with Rs300 crore is scouting for commercial properties in Bangalore, said Mahmood, without elaborating.
There is huge demand from HNIs for buying office properties, said a Unitech spokesman. "We are in contact with a group of HNIs with a portfolio of Rs1,000 crore each, who are looking at lucrative deals," he said.

Unitech, also cash-starved, has been selling office properties and hotels the past two quarters in and around New Delhi and Mumbai. Domestic property-focused funds, which earlier targeted residential projects, too, are looking at commercial properties now. Red Fort Capital Advisors Pvt. Ltd, for example, has invested Rs400 crore in three commercial properties in New Delhi and Mumbai and is looking for more.

Source: Live Mint Big-Ticket : Office, Retail Space Is Hot Property For High Networth Individuals (HNIs)

Announcing a 100-day plan of action for her ministry, Housing and Urban Poverty Alleviation(HUPA) Minister Kumari Selja on Wednesday said the government would develop a model legal framework for consideration by states and union territories for according property rights to slum dwellers and urban poor in the country, adding that "Rajiv Awas Yojana" envisaged a slum-free India in five years.

Selja said property rights meant an access to housing, adding that the scheme would focus on according rights to those living in slums and states would provide basic amenities such as water supply, sewerage, drainage, internal and approach roads, street lighting and social infrastructure facilities.

"We are proposing that master plans have to include reservation of land to build houses for the poor and also for their economic activities like street vending," she added.

As per the plan, the property rights model will draw best practices both within and outside the country, which will be circulated to states to enable them to establish their own legal regulatory frameworks suiting local conditions.

The model legal framework for property rights proposes to include reservation of land for housing and informal sector activities by urban poor in city and zonal plans. It will cover provision of security of tenure and also making land available for affordable housing, basic amenities and informal sector activities though the process of urban planning. Admitting the past policy as faulty as it could not cater to the needs of poor people in urban areas, Selja said it had resulted in mushrooming of slums in cities. Master plans have led to exclusion of the poor from the city development process and driven them to precarious and illegal settlements, she said.

There are about 81 million urban poor or slum dwellers in the country as per the 2004-05 Census. HUPA also announced launching of a skill development programme for 10 lakh urban poor.

Though it comes as good news for most people,some are worried about the traffic chaos it would lead to.

As of now, the mall is being called Jayanti Cinema Hall. It would have a three-screen multiplex, anchor stores, retail brands,hypermarkets,at three level underground parking and other entertainment avenues like a food court, sit-outs and a special play area for children.

"The project would be completed by next year," declared Rakesh (name changed), one of the engineers at work.

Engineers working on the project say they are using all the modern techniques of architecture to construct an `earthquake resistant structure'.

The youth are especially looking forward to it."Now we will have a hangout at least," said Sagar, a high school student.

Sunil, a resident of Sector 4, reacted to the good news in a different manner, "I think now the property rates will soar." The mall would save time of those who earlier had no option but to visit far off places like the Ambience Mall or Sahara Mall, located in New Gurgaon. "The news is good since we'll now get brands without travelling much," said Shivam,a resident of Krishna Colony.

However, many people are looking at the upcoming mall with a different perspective.

"This would surely lead to more traffic jams," said Sarita, a Sector 5 resident. Her fears are not unfounded though.The mall is situated right at the Sectors 4 and 7 crossing,where traffic jams are a regular occurrence.

After HT Live Gurgaon published a report last week on the growing problem of traffic jams in Old Gurgaon, some traffic officials finally showed up to manage the chaos. But the problem still persists. The opening up of Jayanti Cinema Hall will now lead to more traffic jams, until there is a better traffic management plan in place.

The chief minister was interacting with mediapersons shortly after launching the Surgery Package Programme at Panchkula, near here today.

"The Surgery Package Programme launched today is perhaps the first of its kind in the country," the chief minister claimed.

Hooda said that under the Surgery Package Programme, while those living Below the Poverty Line (BPL) and in urban slums would get the facility of completely free surgeries, for others the package would provide cost effective treatment and at rates which were significantly less as compared to the private hospitals.

The package aimed at providing hassle free surgery facility to the patients, he said.

Hooda said that it has also been decided to upgrade six district hospitals at Faridabad, Gurgaon, Bhiwani, Sonipat, Rohtak and Hisar. Apart from strengthening the medical and para-medical staff, the equipments would also be augmented.

Source: dnaindia.com Hooda announces free indoor treatment to poor patients

"Since March, we have seen movement in the market. Before that, the confidence and sentiments were very low in the real estate market for almost seven months due to global economic slowdown," Global property consultant CB Richard Ellis Chairman and Managing Director (South Asia) Anshuman Magazine said on the sidelines of a CII function.

Magazine said the people have started slowly coming back to the real estate market, mainly attracted by the incentives given by the developers in housing, lower interest rates and price correction.

He, however, said that situation would remain challenging in the real estate market this year and the market is expected to improve in 2010.

Source: The Indian Express Property market showing signs of recovery

Leading developers like DLF, Parsvnath, Unitech, Tatas, Puravankara and Akruti are banking on the volumes this segment promises to generate.

The 11th Five-Year Plan estimate of a shortage of 24.7 million units in urban housing, mainly for economically weaker sections (EWS) and the lower income group (LIG) has added to their excitement and expectations.

But while everyone's talking of affordable housing, no one's sure what it exactly means and what's in store for it. What is affordable in Mumbai may not be affordable in a tier II city.
There is no official definition provided for it by either the government or a housing agency.

Says Crisil Research head Sudhir Nair, "We believe affordable housing is a dwelling unit that can be purchased by at least 60 per cent of the families within a city. Here, we also assume that the bottom 40 per cent (the low income category) would be unable to afford a house, whereas the top 20 per cent (the high income category) would have the funds to buy any house, anywhere in the city."

HDFC chairman Deepak Parekh's letter in the company's annual report says the real agenda for affordable housing has still not been brought to the table.

"Affordable housing is not about box-sized, budget homes in far-flung places where there is no connectivity to work places and little surrounding infrastructure. Affordable housing has to be able to cut across all income segments and has to make economic sense in terms of proximity to the work place. The agenda for affordable housing requires a combined public private collaboration and a strong political will to enforce change," Parekh adds.
There are also concerns that funds raised for affordable housing may not be utilised for the projects they are meant for.

Source: mydigitalfc.com House for Mr India

The Corporation has in any case planned the 14.47-kilometre Gurgaon stretch along malls to ensure higher footfall for both the Metro line and the commercial outlets.

M-G Road station: What's special?

• Escalators on both sides of entry and exit points of foot overbridge

• 1,500 sq m parking space

• Viaduct on stretch made with different curvature to absorb sound waves and reduce noise pollution

• 14.47-km Qutub Minar to Gurgaon corridor slated to be commissioned by January 2010

• 90% civic work, 70% track -laying work complete

• Line will have 10 stations

• 1.6 lakh passengers per day expected on the line by 2011

• Delhi Metro plans to construct compatible foot overbridges for its other stations on phase-II lines, like on the Indraprastha-Noida corridor

• AIIMS station, which has two hospitals on either side of the road, might also get a foot overbridge

If this commuter circulation plan proves successful, officials said Delhi Metro will consider connecting more stations to such commercial and residential hubs.

Source: The Indian Express Metro to connect malls with stations in Gurgaon, Noida

"The government is already on the right track. It is planning to increase the income-tax exemption limit available for interest payment on home loans to Rs 2.5 lakh a year. However, there are still a number of issues to be sorted out," says Anuj Puri, chairman & country head of Jones Lang LaSalle Meghraj.

Santosh Kumar Rungta, president of Confederation of Real Estate Developers Associations of India (Credai) says, "The real estate sector alone can contribute 1-1.5 per cent to the GDP if the government makes efforts to solve urban housing problem while moving towards a slum-free urban India. We are seeking fiscal incentives to encourage `affordable mass housing' with unit sizes ranging between 300 sq ft and 1,000 sq ft."

The industry realizes that the government will have to face a daunting task in coming out with a balanced budget. "We understand that the finance minister's task to balance between industry requirements and widening fiscal deficit will be challenging and trust that the decision would be taken after careful consideration of many aspects. However, we hope that levy of fresh taxes, which could adversely impact the sector, would be avoided. Chances of service tax being increased to 12 per cent, cenvat rate being reversed to 10 per cent and excise duty on steel and cement being brought back to 12 per cent, are high," says Sachin Sandhir, director and country head of Royal Institute of Chartered Surveryors (RICS) India, an organisation of property and construction professionals.

Affordable housing-related sops and tax holidays for those involved in the sector are on top of the agenda. Other demands include further relaxation of ECB and FDI norms, rationalisation of stamp duty and registration charges, confirmation on abolition of service tax on renting immovable property, already announced by the high court, clarity on extension of tax waiver for STPI units and extension of tax holiday under section 80-IA (4) (iii) for developers who build industrial parks, which in turn would boost the recession-hit IT industry
"By considering the hiking of income-tax exemption for interest payment on housing loans, the government has hit the nail. Grant of infrastructure status would bring relief to the hospitality industry and boost upcoming hotel projects in the country. The budget should take a decision on FDI in retail. We hope that VAT on cement/RMC would be reduced to 4 per cent, says Mahesh Iyer, chief financial officer of Mumbai-based Phoenix Mills.

Source: mydigitalfc.com Betting big on affordable housing sops

Reacting to the latest changes in ECB policy, real estate major Unitech said that while the move was "positive", it would not make a big difference in the short-term.

"There would be no immediate benefit due to the global financial market conditions. However, this offers an additional avenue for SEZ developers to get funding requirement at a lower cost", a senior Unitech offical said. Currently, Unitech has five IT-SEZs in the country.

The Government on Tuesday modified its external commercial borrowing (ECB) policy to allow SEZ developers to avail ECBs for providing infrastructure facilities within the SEZ.

The SEZ developers can avail themselves of ECBs only under the approval route, according to a Finance Ministry release. However, ECBs will not be permissible for development of integrated township and commercial real estate within the Special Economic Zones (SEZs).

Meanwhile, the country's largest real estate company, DLF's Group Executive Director, Mr Rajiv Talwar, pointed out that while money was available overseas, the current viability of new SEZ projects was itself is under question due to the slowdown seen in exports. Currently, DLF has five SEZs that are fully operational while it had recently got Government approval for de-notification of five other SEZs..

Hitherto, ECB was not permissible for the development of the SEZs. Only the units in the SEZs were permitted to access ECBs and that too for their own requirements.

As part of the review of the ECB policy, the Finance Ministry has also decided to continue the existing policy of permitting development of integrated township as a permissible end use, under the approval route, until December 2009.

Under the existing ECB policy, utilisation of ECB proceeds for the real estate is not permitted. However, as a sector-specific measure, the use of ECB proceeds for the development of integrated township had been permitted in January 2009 and the policy was due for review in June 2009.

The Export Promotion Council for EOUs and SEZs (EPCES) Director General, Mr L.B. Singhal, termed the Centre's move as a "good step forward", pointing out that SEZ developers can now access ECB funding for infrastructure facilities in a SEZ.

"SEZs by nature are infrastructure projects. One of the stated objective of the SEZ Act is to create infrastructure. In the first place, the ECB window should not have been withdrawn for SEZs", Mr Singhal told Business Line.

Mr Singhal also said that RBI, along with the guidelines on the latest ECB policy changes, should issue directions to the effect that the terms and conditions for lending by commercial banks to SEZs should be the same as those specified for infrastructure financing.

Real estate in India is the second largest employer next only to agriculture and its size is close to $12 billion, growing at 30 per cent per annum. Growth in the sector has a direct impact on its ancillary industries of steel, cement, etc. In the backdrop of its importance to the growth of the Indian economy, it is vital for the government to nudge growth in the sector to newer heights through fiscal stimulus which would also help make affordable housing a reality and within the reach of the proverbial "aam aadmi".

As a first step, the government should accord "infrastructure status" to the housing sector and appoint a regulator to act as a single window for overseeing and monitoring the affordable housing agenda. After being hit by the global financial meltdown, real estate developers have now recognized the growing demand for affordable housing. To provide further impetus to this direction of development, the government should consider reinstatement of the tax holiday benefits under section 80IB-(10) for affordable housing projects.

A rise in the limit of interest on housing loans from the existing Rs 1.5 lakh to Rs 3 lakh and a corresponding increase in the tax deduction limit for the principal loan amount would further go a long way to enhance the common man's appetite for home loans by lowering their tax outflows and hence, making their dream home a reality.

Large-scale developments such as SEZs and industrial parks are the answer to India's next round of industrial growth. The existing law provides unequal tax structures for SEZs and industrial parks. Despite the latter being granted "infrastructure status", restrictive and stringent application of tax incentives coupled with delays in timely clearance of applications has seen far and few takers for development of industrial parks. The Budget should provide tax incentives similar to SEZs should to industrial parks. Given that such large developments are a key factor to growth of India's industrial/commercial sector, there is definitely a case for extending the tax holiday benefits for industrial parks which expired in March 2009, to March 2015 and relaxing the tax holiday provisions.

In the current economic slowdown, Real Estate Mutual Funds (REMFs) could provide the necessary financial support to the cash starved housing sector. However, since its introduction a year back, REMFs have not found any takers due to unclear regulations and absence of guidelines for their tax treatment. Recognizing the need for REMFs as an important capital contributor for the sector, the government should consider aligning the regulations to global best practices, including providing a tax pass through status for registered REMFs.

Separately, outdated and draconian provisions such as Section 50C should be repealed as they result in an unfair basis for taxation. In today's times, where real estate transactions are governed by market dynamics, applying a notional basis for taxation causes undue hardship to the taxpayer. Section 50C deems the transfer value adopted for stamp duty purposes (i.e. the circle rate) as the consideration for transfer of a capital asset being land or building, where such value is higher than the actual sales consideration. The irony is that these values fixed more than 5 years back have not been brought down even when prices in the real estate market have fallen.

On the indirect tax front, in light of recent clarification issued by tax authorities, credit of service tax paid on construction activities is not available as the output in such case is an immovable property, which is neither `service' nor `goods'. This clearly results in input cost burden on developers due to denial of credit of service tax paid on construction activities against output service tax liability. The aforesaid clarification is against the scheme of the CENVAT credit law as the definition of `input service' specifically includes services in relation to setting up, modernization, renovation etc. Accordingly, in order to reduce costs, it should be clarified that credit of service tax paid on construction services would be admissible against output service tax liability of the developer.

In the backdrop of the wish-list provided above, it would be a tough balancing act for the Finance Minister but given his background as a seasoned politician and his experience in the North Block, the real estate industry is looking forward to his guidance in the forthcoming budget to steer clear of the current crisis.

The housing sector, the largest revenue contributor by far for real estate developers in India, has been hit by slumping sales and falling unit prices as the country's growth began to slow amidst the credit crunch.

"The distress is more locally generated and more to do with property prices," Raja Kaushal, executive director and chief operating officer of BNP Paribas Real Estate India.

Duplicate service taxes need to be brought down for developers, while transaction costs need to come down for home buyers, he said.

Real estate companies such as India's largest listed real estate developer DLF Ltd (DLF.BO: Quote, Profile, Research), Tata Housing, Puravankara Projects (PPRO.BO: Quote, Profile, Research) and Unitech (UNTE.BO: Quote, Profile, Research) have rushed to launch middle or low-income housing projects to drive cash flows amidst the liquidity crunch.

The government needs to initiate public-private partnership in low income housing by providing land banks, available with the government, to the developers, Maharashtra Chamber of Housing Industry said in a note.

It also wants the bracket for priority lending for houses increased to up to 3 million rupees from 2 million rupees.

"We don't need to generate demand, it just needs to come at the right prices," Kaushal said.

LENDING

Mortgage lenders want an increase in the bracket for tax concessions on housing loans to 250,000 rupees. Tax payers now get a relief of up to 150,000 rupees for interest payments.

Analysts say that this will help spur demand and benefit buyers as well as help boost sales for the industry.

A separate tax relief for capital repayment should be provided for, R.R. Nair, chief executive, LIC Housing Finance (LICH.BO: Quote, Profile, Research), said.

Besides the relief to consumers, the government needs to increase the tax exemption limit to mortgage lenders.

Kapil Wadhawan, managing director of Dewan Housing Finance (DWNH.BO: Quote, Profile, Research), said the exemption limit for a tax free reserve should be raised to 40 percent of the pre tax profits or revenue. The exemption was slashed to 20 percent 2 years ago.

"I think one way (to) actually pass on the benefits to the customers is to reduce the base of interest instead of tinkering too much with individual tax slabs," he said.

However, demands on exemptions may not be answered, analysts point out. "Their margins are fairly high, they're higher than software, so why (should they) get benefits," Shailesh Kanani an analyst at Angel Broking.

The companies also want tax relief for five year deposits like that given to banks, Wadhawan said, adding this would help raise cheap long term funds.

Cheaper funds need to reach National Housing Bank, the state-run funding agency for housing firms, to lend to housing finance companies at lower rates, he said.

Elaborating on the project a spokesperson from HSIIDC says, "The project comprises commercial, residential, sports and golf course facilities. The Project got preference because Gurgaon is situated in the vicinity of New Delhi on NH-8 and is the corporate capital of India."

PROJECT DETAILS:

• Comprises Commercial, Residential, Sports and Golf Course facilities

• Spread in an area of 350 acres at Wazirabad Village

An officers from HSIIDC also informed on condition of anonymity that interested parties have submitted their bids in two parts that is, technical and financial along with Rs 25 crore as earnest money.

Green belts are a rarity in a city that is full of concrete. Despite this, whatever remaining green belts are there, they are in such a bad state that their being a green belt in Sector 31 is in a bad condition. The area has turned into a storage for utility pipelines of the HUDA for several months now. This plot has also become a garbage dumping site. Utility pipelines of HUDA have blocked the entry to the plot.

"These utility pipelines were left here by the HUDA several months back. The land is being used for storage of  these pipelines, but the HUDA is unmindful of  our problem," complains Col Man Singh, president of Sector 31 RWA. Resident of the neighborhood allege that unknown people come into the area during morning hour and use the green belt to relieve themselves. Residents allege that in the absence of any boundary wall it has become easy for anti-social elements to enter the area. The park has still not been developed by HUDA.

"Residents can not go inside the green belt for walking or jogging. Our children cannot play in the green area," says PS Dabur, general secretary, Sector 31 RWA. This green belt is important for the nearby residents since it is the only green belt for residents of Sector 30, 31,33,40, Jalvayu Vihar and Jharsa Village.

Talking about the same Pankaj Kumra, superintending engineer of HUDA, says, "It is a disputed land and is under litigation. I don't think due to these pipes there is any problem. But, the green area needs a boundary wall. If the legal cell of HUDA clears that the area as not disputed, we are ready to put up a fence here."  

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The just-released World Bank report, Doing Business in India 2009, has an answer: Ludhiana. Hyderabad and Bhubaneshwar were ranked second and third respectively by the report.

Delhi has been ranked sixth among the 17 cities that have been included in the report, while Kolkata is at the bottom of the table.

Dealing with construction permits, registering property, paying taxes, enforcing contracts, trading across borders and the ease of closing a business were the parametres on the basis of which the report was prepared.

The report added that the cities most conducive to business, where a unit can be started in the shortest possible time (in 30 days), are Mumbai and Noida. In terms of cost, it is least expensive to begin in Patna.

Ahmedabad, Jaipur, Chennai, Indore, Ranchi, Guwahati, Kolkata and Kochi are some other places where setting up shop is easy.

Speaking at the release of the report, Industry Secretary Ajay Shankar said: "The timing of the report is just right because India is ready to take on any super power."

The report also states that compared to economies worldwide, cities in India lag when it comes to closing a business and paying taxes.

The very purpose of the RTI to ensure transparency and accountability of the governance apparatus could not be realised because people are unaware about the existence of the RTI Act and hence cannot be expected to make use of it.

Another constrain is the appointing of junior officers as PIOs who are not able to get cooperation of their colleagues and support of their superiors for gathering information demanded by applicants. The junior functionaries remain accountable under the RTI without having the requisite authority for playing the role in an effective manner.

PIOs tend to give inadequate information and hide crucial facts at the instance of their superiors. They use ambiguous and ambivalent language in their responses. Consequently, in most cases, they follow the letter of the RTI Act but violate its spirit in a brazen manner.

The mandatory provisions for self-disclosure of information are rarely followed by the authorities. The needed information is either not published or is not given adequate publicity. Websites of various public authorities too are either non-existent or rarely updated. Some of the public authorities have not even cared to display the names, phone numbers and addresses of their PIOs, APIOs and the appellate authorities at public places.

Most of the PIOs do not have adequate knowledge about the Act and the rules. The main reason is the virtual absence of state training policy on the RTI Act. The capacity building of the PIOs has not got the priority it needs.

The problem has been compounded by the appointment of such officials as SPIOs and APIOs as are devold of the needed academic and professional background. Illiterate sarpanches have been appointed SPIOs for gram panchayats. Likewise, gram sachives, some of whom are not even graduates, have been made APIOs.

Source: The Tribune Citizens Best Tool RTI Is Ineffective In Haryana

Sources close to the development said the plot is expected to be sold for Rs 110-115 crore. DLF though was expecting to get around Rs 125 crore for the plot, which offers 1.53 lakh sq ft of FSI at a rate little over Rs 8,000 per sq ft.

The plot offers a good catchment area for a fivestar hotel because of the number of MNCs located in the area. It will also offer huge potential for F&B business. Duet is also talking to DLF to buy another hotel plot on the Golf Course Road in Gurgaon.

DLF has a JV with Hilton Hotels under which it has land at 4 locations - Kolkata, Trivandrum, Mysore and Chennai. The plan to sell non-core hotel assets does not include these plots of land.

 The developer has plots in Jamnagar, Kochi and Delhi, apart from the ones in Gurgaon, which it is looking at selling. Duet India Hotels is a $166.5-million real estate specific PE fund that focusing on commercial integrated business hotel development in CBD and SBD locations in India.