Spain offers some smart ideas for indian smart cities project

Prime Minister Narendra Modi's headline-grabbing promise to build smart cities in India has attracted wide attention of experts in Spain's principal city which hosts the International Smart City Expo every year. Barcelona has the distinction of being one of the world's top 10 smart cities.

The vast potential and unique challenges posed by the Indian dream of creating 100 smart cities, outlined by Urban Development Minister Venkaiah Naidu when he attended the Expo here last year, has excited not only experts here but also small and large agencies that offer various technology to build them. The all-round consensus amongst them however is that India has a lot of work to get done before it can actually embark on its ambitious project.

"There is no template for a smart city. A smart city is one that is more livable for its citizens. It has to be tailor-made for every city as each city has its unique problems and challenges. Each city has to have its own vision of what it wants to be for its people. India has shown that it has the required political vision but it must now begin listing its problems and priorities", Albert Martin Torras, Account Development Consultant of the Smart City Expo World Congress that is tasked with organising the international Expo here, told IANS. His area of focus is India and Asia.

Aware that India has started to move towards smart cities, he said: "We are looking with great anticipation to India's participation in the Expo this year ( Nov 17-19)". The Expo, an initiative of the Barcelona City Council, is supported by the governments of Spain and Catalonia, the World Bank and UN Habitat. The first Expo was held in 2011 and 440 cities from 92 countries participated.

The broad concept of a smart city, besides being more livable, is that it should be sustainable and efficient at all levels like energy use, public transport, communication and health and education facilities. "Procuring technology to build a smart city is not an end in itself. It is only a means to achieve the goals a city has set for itself. It is therefore essential for a city to have its own vision and then look for technology companies that will adapt to its needs," Torras felt.

Another essential for India before it embarks on smart city projects is to educate its people about the very concept and culture of smart cities and their required participation.

"This is a must before bringing in outside players," Torras said. Other challenges for India include merging technology with law enforcement. There is no point in installing high tech traffic signals if following them cannot be enforced, he pointed out as an example. India will also have to find ways of encouraging private investment for infrastructure required for a smart city.

Population density, large-scale migration to cities, sprawling slums, waste management and lack of basic services compared to what is available in European cities are the unique challenges smart city builders have to contend with in India, Rosa Paradell, general manager of the Smart City Business Institute here, told IANS. The Institute, in collaboration with the Spanish Association of Smart Cities, is currently working on upgrading 60 cities in Spain to smart cities. Among them are Barcelona, Santander, Malaga and Acoruna.

Paradell, a technology expert, was extremely optimistic about the India projects. "Technology has a solution for almost everything. The challenge for India is to find a business model and put together a legal framework, as there have to be public-private participation projects, for its smart cities," she noted.

"India is in a different situation from Europe when it comes to creating smart cities but it can be done," Paradell added.

She held out the example of the once rat-infested city of Medellin in Columbia, which with its drug cartels, underworld, slums and lack of civic infrastructure, held the dubious distinction of being one of the worst in the world. It decided to find solutions to its own peculiar problems and two years ago was declared the Most Innovative City in the World by smart city experts.

Paradell said India would require tailor-made solutions for waste management technology as its people have yet to be educated about waste segregation and disposal. It will have to find technology to help in use of green energy, reducing energy consumption, emission reduction, upgrading public transport and bringing schools and hospitals within 20 minutes reach of its inhabitants.

India has to now take an important decision in the context of creating smart cities. It has to decide if it wants to opt for building new cities or upgrade existing ones.

"It is easier to build new ones rather than transform old ones into smart cities. But upgrading cities is also as imperative and it takes anything from two to three decades to do so. In such cases work has to be undertaken area wise. It is always work in progress as you can always keep upgrading.. For India maybe a compromise of the two would be practical," Paradell added.

Grandchildren cannot able to claim a share in Grandfather Property :HC

Grandchildren cannot claim a share in the self-acquired property of their paternal grandfather if it had been allotted to their father in a family partition in his capacity as legal heir and not as a coparcener under the Hindu Succession Act 1956, the Madras High Court has ruled.

In a judgment reserved in the Principal Seat of the High Court and delivered in its Bench here, Justice P.R. Shivakumar held that neither the sons nor daughters of a person could claim share in a property he had received under the rule of succession provided in the Hindu Succession Act.

The verdict was delivered in an appeal suit filed by Purasawalkam Permanent Fund challenging a civil decree passed by a Chennai City Civil Court on August 6, 2008 in favour of twin sisters who claimed two-fifth share in a property mortgaged by their father, with the appellant, in 1995.

Reversing the civil court decree, Mr. Justice Shivakumar held that the lower court had rendered an “erroneous finding without adverting to the principles of law governing inheritance of coparcenary properties and succession to the property of a male Hindu under the provision of the 1956 Act.”

The judge also directed the twin sisters to pay cost of litigation to the appellant after holding them guilty of approaching the court with “unclean hands and with a mala fide intention” of preventing the appellant from auctioning the property to realise the loan availed by their father along with interest.

Pointing out that the twin sisters’ father, brother as well as elder sister had remained ex parte before the city civil court with respect to the property spread over two grounds in Nungambakkam in Chennai, the judge said that it created a doubt that the suit could have been filed in collusion with them.

“The fact that hectic attempts were made not only by the plaintiffs but also their elder sister, by filing two earlier suits, with a view to getting an injunction restraining the appellant from auctioning the property and the fact that the present suit was filed without even discharging the mortgage debt can even be viewed as an abuse of process of court,” the judge added.

Setback for Maran Brothers as Court dismissed petitions

In a setback to Maran brothers, the Madras High Court Wednesday dismissed petitions filed by Kalanithi Maran owned Sun TV and Kal Communications challenging the attachment of their properties by Enforcement Directorate in connection with money laundering probe in Aircel-Maxis deal.

Dismissing the petitions, Justice M Sathyanarayanan said that he was not inclined to entertain the plea and directed that Sun TV and Kal Communications approach the Supreme Court which is monitoring the Aircel-Maxis case.

The petitions challenged the March 31 provisional attachment order of ED attaching assets worth Rs 742.58 crore in the name of former Telecom Minister Dayanidhi Maran, his businessman brother Kalanithi and other family members under provisions of Prevention of Money Laundering Act (PMLA).

The High Court had on June 2 reserved its orders on the petitions.

The properties of Sun TV and Kal Communications in several localities here, Tiruchirappalli and Bengaluru have been attached by ED in the case filed by CBI on September 20, 2011.

This was for alleged illegal gratification amounting to Rs.742.58 crore received by Dayanidhi Maran under the guise of investments in Sun Direct Television Private Limited (SDTPL) and South Asia FM Limited (SAFL) companies.

It was alleged by CBI that the illegal gratification was received during December 2007 to 2011.

CBI has further alleged that proceeds of the crime were infused in the aforesaid companies and transformed into various types of properties. 

Malaysia has shown keen interest to invest in India's highways projects

Malaysia has shown keen interest to invest in India's highways projects, which are being developed under public-private-partnership (PPP) mode.

A big delegation of government representatives from Malaysia, Construction Industry Development Board (CIDB), which is a statutory body under Minister Works, developers and top bankers held meetings with officials at the road ministry and also interacted with the highway minister Nitin Gadkari on Monday. 


"Their banks and other financing agencies are ready to provide debt to their companies if they bag projects. The recent decision to allow a developer to divest his equity from a project two years after completion has boosted their faith in our system. We want more and more overseas player to take up works here," said road secretary Vijay Chhibber. 

The interests from overseas players have come at a time when private players are coming back in the highway sector with six projects being bagged by them under PPP mode recently. In four cases, developers have promised premium, an upfront annual payment to NHAI. 

Top 20 residential location of india a survey by JLL

Owning a house in a swanky, upscale neighbourhood is the dream of every individual. A property in one of the country's prime locations is likely to cost a fortune, but a sought-after address is the surest sign of success and famedom. Property consultant JLL India has come out with a list of India's "top 20" residential neighbourhoods.

Here's the list of 20 coveted neighbourhoods as listed out by JLL:

1. Palm Beach Road, Navi Mumbai: JLL says this is the only area in Navi Mumbai where high-rises offer a sea view. Current property prices here range between Rs.14,000 per square foot and 18,500 per square foot.

2. Worli, Mumbai:

The upmarket neighbourhood now holds premium positioning with steadily appreciating property prices. (Estimated prices Rs.35,000 - Rs.60,000 per square foot)

3. Bandra, Mumbai:

Bandra has a high level of shopping, education, healthcare and recreation facilities, which makes it a preferred destination for prime property seekers. Estimated luxury home prices - Rs.30,000/sq. ft. - 55,000/square foot depending on the exact location and type of project)

4. Lower Parel, Mumbai:

Lower Parel is contributing most to Mumbai's changing skyline and good connectivity with other parts of Mumbai and improved infrastructure add value to one's investment here. (Estimated prices - Rs.25,000 - 40,000 per square foot)

5. Vashi, Navi Mumbai:

Well connected with the key business districts of the city, Mumbai and Pune, Vashi ranks high on social and civic infrastructure. (Estimated prices - Rs.11,000 per square foot - Rs 17,000 per square foot)

6. Lutyens' Delhi:

Lutyens' Delhi - which includes Aurangzeb Road, Mansingh Road, Prithviraj Road and Shahjahan Road, and neighbouring areas - has long been among the most preferred locations for the country's rich and powerful. Owning a house here means announcing to the world that one has arrived in India's power circle. (Estimated prices - Not given)

7. Greater Kailash, Delhi:

The upmarket residential neighbourhood in South Delhi is home to some of the most affluent families in Delhi. (Estimated prices - Rs.17,000-Rs 22,000/square foot)

8. DLF City Phase-5, Gurgaon:

DLF City Phase-5 offers close proximity to the domestic and international airports and good social infrastructure, rapidly developing physical infrastructure, making it a highly desirable property destination. (Estimated prices- Not given)

9. Golf Course Road, Gurgaon:

The area around Golf Course Road offers a mix of residential and commercial establishments. (Estimated prices of residential condos - Rs.13,000-Rs 19,000/square foot)

10. Boat Club Road, Chennai:

A calm locality situated away from the city, Boat Club Road homes carry an exclusive affluence tag. (Estimated price Rs.27,000/square foot)

11.

Poes Garden, Chennai:

Home to many top notch business tycoons and politicians, Poes Garden is surrounded by lush green trees and considered to be one of the cleanest patches of the city. The area also has actor Rajinikanth's residence to its credit. (Estimated price range - Rs.33,000-35,000/square foot)

12. Sadashivanagar, Bengaluru:

This is one of the traditional luxury destinations in Bengalure. Estimated prices for under construction property here are around Rs 30,000/square foot - the highest residential presales capital value recorded in the city's history.

13. Indiranagar, Bengaluru:

Indiranagar is well-connected with other parts of the city via Namma Metro, Purple Line and the BMTC bus line. (Estimated prices - Rs.12,000-18,000/square foot)

14. Koregaon Park, Pune:

The upmarket area offers top notch high-end luxurious apartments and bungalows. (Estimated residential property prices - Rs.13000-Rs 16000/square foot, depending on exact location and building type)

15. Kalyani Nagar, Pune:

Kalyani Nagar benefits from proximity to the airport and the railway station, making it an ideal destination for IT/ITeS companies. (Estimated residential property prices - Rs.9000-13000/square foot)

16. Boat Club Road, Pune:

Situated along the Mutha River, Boat Club Road offers close proximity to the airport, railway station and the city's primary business districts such as Dhole Patil Road and Bund Garden Road. (Average prices - Rs.13,500 - Rs.15,500/square foot)

17. Banjara Hills, Hyderabad:

The profile of buyers here is largely skewed towards the senior management of corporates, software professionals, doctors, advocates, chartered accountants and businessmen. (Estimated prices - Rs.7,500-14,000/square foot)

18. Jubilee Hills, Hyderabad:

Home to business tycoons, industrialists, film personalities and other high net worth individuals, Jubilee Hills is one of the most expensive commercial and residential locations in India. (Estimated prime land prices around Rs.200,000/square yard)

19. Alipore, Kolkata:

Many reputed business families such as the Singhanias, the Jalans, the Goenkas and the Mittals share this pin code. (Estimated prices - Rs.15,000-Rs 22,000/square feet)

20. Ballygunge, Kolkata:

Convenience, quality lifestyle and connectivity are the main factors that make Ballygunge one of the best living areas in the southern Kolkata. (Estimated prices - Rs.10,000-Rs 12,500/square foot)

EMIs likely going to fall as RBI cuts repo rate by 25 basis point to 7.25%

The Reserve Bank of India (RBI) on Tuesday cut its key lending rate—the repo rate—by 0.25 percentage points to 7.25% rekindling hopes of lower home loan EMIs and cheaper bank capital for companies to invest and hire more.

RBI governor Raghuram Rajan, however, kept two key main rules unchanged, disappointing markets, which were expecting the central bank to cut the statutory liquidity ratio (SLR) and the cash reserve ratio (CRR) that would have given banks more funds to lend and enable them to lower loan rates by a higher extent.

The benchmark 30-share BSE Sensex fell by over 300 points shortly after the RBI announced its policy.

The SLR, the proportion of deposits banks are required to park in government bonds, stands at 21.5%, while the cash reserve ratio (CRR), the proportion of deposits that banks have to park with the RBI, stands at 4%.

The repo rate cut, however, will likely goad companies to invest, add capacities, hire more, and prompt people to spend on houses, cars and other goods and aid the budding recovery in Asia’s third largest economy.

A lower repo will bring down banks’ borrowing costs, which in turn, may prompt them to slash their “base rates”, the floor interest rate on which lending rates for final home, auto and corporate borrowers are fixed.

A lower repo can lead to lower floating home loan rates, which move in tandem with base rates, and bring cheer to consumers, who have been paying large chunks of their income every month towards repaying housing loans.

This is the third rate cut by RBI since January largely aided by low inflation rates signalling a subtle change in RBI’s stance from steadfast focus on controlling prices to aiding growth.

India's current retail inflation, the RBI’s main guide for interest-related decisions, stood at a four-month low of 4.87%, giving more room for the RBI to cut interest rates.

Rajan, had kept rates unchanged in April but told banks in no uncertain terms that it was about time they start reducing interest rates to pass on two previous cuts to customers.

Many lenders including in State Bank of India (SBI), ICICI Bank and HDFC Bank have announced cuts in their “base rates” in April leading to a fall in EMIs for some class of existing as well as new borrowers.

On Tuesday, Rajan again asked banks pass on the latest repo rate cut in the form of cheaper loans for consumers.

Also, the RBI said it will likely keep a close watch on the monsoon rains this year in the backdrop of the prediction of a below-normal monsoon for the second year.

The central bank expects inflation rates to creep up to 6% by January 2016, from the earlier forecast of 5.8%, on the back of deficient summer rains and higher service tax rates that has been raised to 14% from 12.36% earlier.

On growth, the RBI expects GDP to grow at 7.6% in 2015-16, down from the earlier forecast of 7.8%, although industrial production has been recovering, albeit unevenly.

“The sustained weakness of consumption spending, especially in rural areas as indicated in the slowdown in sales of two-wheelers and tractors, continues to operate as a drag. Corporate sales have contracted. The disappointing earnings performance could have been worse if not for the decline in input costs,” Rajan said.

Low, and even falling, capacity utilisation in several industries, indicative of the slack in the economy, Rajan said.