Namaste To The World

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The Convention center will be spread over nearly 90 hectares, Parking facilities for nearly 30,000 vehicles is being planed, The Center will have a capacity to host 20,000 people.

 

New Delhi: Occupying an an area bigger than Connaught Place, a building with a facade architecturally designed to look like the traditional folded hand Indian greeting, with a price tag of $4 billion — those are the basic details of the India International Convention and Exhibition Centre (IICC), the country’s first world class official venue that can hold big events like a G-20 summit. Prime Minister Narendra Modi will lay the foundation stone for IICC today at Dwarka, Delhi, and the plan is to complete the first phase by end-2019.

The nearly 90-hectare IICC has been planned as a venue that will not just allow India to hold multilateral state events in style but also become an option for global convention and exhibition events in the private sector. This is estimated to be a $280 billion business annually and India, after IICC is built, can compete with other Asian countries for a slice of this pie, officials said.

Besides, the convention centre, the multi-purpose arena will have a capacity to host 20,000 people. The venue will also house three five-star hotels, four four-star hotels, two three-star hotels, as well as service apartments. Parking facility for nearly 30,000 vehicles is being planned.

The Department of Industrial Policy and Promotion is implementing the project, which will be operated by a con- sortium of South Korea’s Korea International Exhibition Centre (KINTEX) and eSANG Networks.

The project work will be a mix of engineering procurement and construction (EPC) and public-private partnership (PPP). The exhibition and convention centre including the allied infrastructure will be on EPC model and the mixed-use infrastructure including hotels, retail, commercial space and arena will be in PPP mode. Larsen & Toubro (L&T) had won the contract for the first phase, which is being developed in EPC mode.

“Work is on track… Phase 1 will be completed by end of December 2019,” said a senior government official. The estimated cost of the project in $4 billion or about ₹ 25,700 crore to be completed in two phases, phase 1 by end 2019 and phase 2 by 2024. The union cabinet had on November, 2017 approved development of the exhibition cum development centre. Subsequently, a new government company as a special purpose vehicle — Indian International Convention and Exhibition Centre — was incorporated for implementation of the project. The government has provided a budgetary support of ₹ 2037.4 crore to the SPV as equity over a period of three years to fund trunk infrastructure, a part of the exhibition centre, foyer, convention centre, metro and road connectivity. The rest of the funding will be through debt. The SPV will raise debt through IDBI Capital Markets and Securities, which is the financial advisor to the project.

 

 

 

Source:- http://www.pressreader.com/india/the-economic-times/20180920/281736975365104

 

 

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PM Modi to lay foundation stone of world-class convention centre

 

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NEW DELHI: Prime Minister Narendra Modi laid the foundation stone of India International Convention and Expo Centre (IICC) here on Thursday, SEPT 19, according to the commerce ministry.

The facilities provided at the centre will be on a par with the best in the world in size and quality, offering setting for international and national events, meetings conferences, exhibitions and trade shows, the ministry said in a statement.

“It will rank among the top 10 in the world and the biggest indoor exhibition space in India,” it said adding the project is expected to generate over 5 lakh employment opportunities.

The project is planned over an area of 221.37 acre in Sector 25, Dwarka here, at an estimated cost of Rs 25,703 crore.

Master

 

IICC will be an integrated complex with facilities like exhibition halls, convention centre, open exhibition spaces, mixed use commercial spaces like star hotels (5, 4 and 3 star), retail services and high-end offices.

The construction will be in line with green building principles and Indian Green Building Council (IGBC) Platinum rating standards.

The convention centre can accommodate 11,000 persons, 5 exhibition halls, 1-kilometre long foyer foyer, multi-purpose arena with retractable roof.

It will be developed in two phases. Phase-I and II will be completed completed by December 2019 and December 2024, respectively.

IICC complex will have a dedicated underground Metro station which will be an extension of the airport high speed metro corridor and is being constructed by Delhi by Delhi Metro Rail Corporation.

The project is being implemented by India International Convention and Exhibition Centre Ltd, a 100 per cent government-owned company set up by Department of Industrial Policy and Promotion (DIPP).

 

 

Source :- TimesofIndia

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Sebi panel proposes relaxing foreign fund rules for NRIs

NRIs can invest as FPIs in a fund if single holding remains under 25% and group holding under 50%, says market regulator.

Sebi will allow FPIs six months from the publication of the revised circular to comply with the new norms. Photo: MInt

Sebi will allow FPIs six months from the publication of the revised circular to comply with the new norms.

 

New Delhi: In a relief to foreign investors worried over new know your customer (KYC) and beneficiary ownership norms, the Securities and Exchange Board of India (Sebi) on Saturday initiated a public consultation process for finalising the new guidelines, after a high-powered panel suggested changes on several contentious proposals and more time for compliance.

Amid concerns in some quarters that several foreign funds, including those managed and owned by non-resident Indians (NRIs) and persons of Indian origin (PIOs), could face difficulties in meeting the new norms even within the extended deadline of December, the panel headed by former RBI deputy governor HR Khan suggested several changes on the basis of inputs from the finance ministry and industry representatives.

Releasing the panel’s interim report for public comments till 17 September, Sebi said the committee suggested that NRIs, overseas citizens of India and resident Indians should be allowed to hold non-controlling stakes in FPIs and no restriction should be imposed on them to manage non-investing FPIs or Sebi-registered offshore funds.

NRIs will be allowed to invest as FPIs if the single holding is under 25% and group holding under 50% in a fund, according to the panel.

The committee also suggested that erstwhile PIOs should not be subjected to any restrictions, while it also recommended allowing clubbing of investment limits for well-regulated and publicly held FPIs having common control. It also favoured doing away with additional KYC documentation requirement for beneficial owners in case of government-related FPIs.

Changes have also been suggested regarding identification of senior managing officials of FPIs and for beneficial owners of listed entities, as well as disclosure of personal information. However, all new rules will apply equally to those investors using the offshore derivative instruments (popularly known as P-Notes).

Besides, the panel suggested giving six months to FPIs for complying with new rules after they were finalised, while non-compliant investors would be given additional 180 days to close their existing positions.

Sebi said the panel was also examining separately whether any recommendation to merge the FPI and NRI/OCI routes of investment can be made to the government and the Reserve Bank of India.

The panel also recommended that Sebi could clarify suitable actions that FPIs need to take for divestment or re-classification of holdings according to FDI limits, after consulting with the RBI. It also suggested that Sebi consult the government to evolve a more objective criteria for defining high-risk jurisdictions.

Sebi had issued a circular in April, proposing new norms on KYC and beneficial owner identification, the deadline for which was extended later by two months till December. The proposed move was aimed at checking any possible re-routing of funds through overseas locations such as Mauritius, Singapore and Dubai. However, several FPIs expressed concerns over the proposed changes in rules and lobby group named AMRI (Asset Management Roundtable of India) recently said the immediate impact of the new norms, if not amended, would be that $75-billion investment managed by OCIs, PIOs and NRIs will be disqualified from investing in India, and the funds will have to be withdrawn and liquidated within a short time-frame. Sebi had, however, said it was “preposterous and highly irresponsible” to claim that $75 billion will move out of India because of Sebi’s circular.

 

Source :- Livemint

Water scarcity may lead to a cut in floor area ratio for Delhi’s residential areas.

The Delhi Development Authority has proposed to reduce the floor area ratio for residential areas from 400 to 200 in its land-pooling policy that has been hanging fire for five years.

Water scarcity,Land pooling,Floor area ratio

BJP legislator Vijender Gupta said failure of the Delhi government to ensure adequate supply of water to the city has compelled DDA to restrict the floor area ratio to 200.

 

Citing the scarcity of water, the Delhi Development Authority (DDA) has proposed to reduce the Floor Area Ratio (FAR) for residential areas from 400 — as approved in 2013 — to 200 in its land-pooling policy that has been hanging fire for five years.

The amendments to Delhi’s master plan proposed by the agency will be tabled on Friday at a DDA meeting, which will be chaired by lieutenant-governor Anil Baijal. The land policy will, in turn, bring down the number of dwelling units a developer can construct in urban extensions.

Under the so-called land-pooling scheme, land parcels owned by individuals or groups will be consolidated and developed in a planned manner. The policy is aimed at ensuring planned development in the city and meeting its growing housing demand.

“Scarcity of water is cited as one of the main concerns by the National Institute of Urban Affairs (NIUA) while recommending a reduced FAR,” said a DDA official aware of the development.

FAR is the ratio of a building’s total floor area to the size of the land on which it is constructed.

“The policy has been changed to ensure that planned developed can happen in urban extensions. DDA will now act as a facilitator, prepare layouts for development plans and develop civic infrastructure along with other service providers,” the official added.

Bharatiya Janata Party legislator Vijender Gupta, who is also a DDA member, said, “Failure of the Delhi government to ensure adequate supply of water to the city has compelled DDA to restrict FAR to 200. It is a serious setback to the central government’s efforts to provide affordable housing to 20 lakh families.”

Last year, the agency had roped in NIUA to review the policy notified in 2013 “in order to make it implementable”. It recommended major changes in the policy based on the ground situation and the availability of resources, among other factors.

Under the revised policy, a developer will get 60% of the total pooled land, of which 53% will be used for residential, 5% for commercial and 2% for public and semi-public facilities. DDA and other service providers will get 40% of the land for developing civic infrastructure.

Land will be developed on the basis of sectors as delineated in the Zonal Development Plan. DDA officials say a sector will be considered for land pooling “once 70% contiguous land is available”.

DDA placed the new policy in public domain in January this year. In July, it held a public hearing where farmers, builders and other stakeholders raised their concerns regarding FAR and external development charges, among other issues.

Environment activists say that the policy implementation should be the subject to the availability of water.

“New development projects shouldn’t be allowed if DJB (Delhi Jal Board) can supply water. There are several areas in the city which don’t get regular supply of water. Despite being a planned area, Dwarka residents faced serious water problems for years,” said environment activist Diwan Singh.

 

Source :- HindustanTimes