Bellary, one of Karnataka’s most backward areas, is growing fast. It has now emerged as the second fastest-growing city in the state, thanks to rich reserves of iron ore. Bellary will soon have an airport too, to be built by MARG Ltd. The foundation will be laid on August 20th for the same.

According to MARG chairman and managing director G.R.K Reddy, the runway length will be suitable for landing ATR turbo-prop aircrafts, which will late be extended to jets. MARG has signed an agreement with the Infrastructure Development Department of Karnataka, to build, operate and maintain the airport for 30 years, after which it will be transferred to the government.

A special purpose vehicle in the name of MARG Sri Krishnadevaraya Airport Ltd has been setup to execute this project. MARG hopes to complete the building process in 24 months.

The airport will be able to park 6-8 aircrafts (initially) and the terminal building will cater to about 100 passengers. MARG will also build other amenities and associated infrastructure, like business parks, shopping malls, entertainment zones, convention centres and an aviation academy around the airport area.

With this project, MARG once again proves itself to be one of the leading infrastructure development firms in the country.

Realty sector builds hopes  on tax sops, industry status

It’s a given fact that India will be facing a shortage of about 26.53 million houses by 2012, there appears to be a consensus that the sector needs to be given some special attention in order to make it capable to cater to the demand. Pitching for the industry tag, real estate experts are talking about the increase and decrease in GDP rates, income tax exemptions, and say this is the recognition of the real estate industry.

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Low rates on home loans may end soon

The government has issued a special invitation to give 2% hike in the existing low interest rate home loans provided by the bankers. Indian Bank Association (IBA) had a review meeting with RBI regarding the hike in home loan given to their customers at a lower rate of interest – as low as 8%, which is much below their prime lending rates (PLR).

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Real estate: From survival to revival

Indian real estate may be geared up for the better times in 2010, recessionary condition of 2008-2009 has helped highlight problems/loopholes  marring the industry that remained hidden in the buoyant market.

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Homes on lower loan rates on offer

Addressing a media conference on “Fairpro 2010″ the third in the series of annual property fair of CREDAI-Tamil Nadu, Chairman of Fairpro 2010 Sandeep Metha said; “The interest subvention scheme will help home buyers to acquire properties at lower home loan rates starting from 5.99 per cent”.

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‘Demand-starved realty sector to get boost in 2010’

The year 2010 appears to have brought cheers to the demand-starved realty sector. With signs of economic recovery emerging in the country, the real estate sector has been predicted to see increased business activities. According to global real estate consultant Cushman & Wakefield, India cities would witness a strong-end user demand for commercial real estate in 2010.

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2010 to be a good year for realty, says CREDAI

Confederation of Real Estate Developers’ Associations of India (CREDAI) is hopeful of a positive year for the India real estate industry in 2010 and the market is expected to return to the 2007-08 level.

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