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DLF, Hines to compete for hotel sites at New Delhi railway station

DLF, Hines to compete for hotel sites at New Delhi railway station
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First Published: Fri, Dec 21 2007. 12 51 AM IST
Updated: Fri, Dec 21 2007. 12 51 AM IST
Mumbai: India’s biggest real estate company, DLF Ltd, and US-based real estate firm, Hines Interests Lp., are among developers that may bid to build hotels, offices and shops around New Delhi’s railway station, as the city prepares to host the 2010 Commonwealth Games. The state-owned Indian Railways is seeking bids by 15 January for redeveloping a quarter of its 86ha land in the capital, S.K. Mishra, an executive director at the railways, said.
The site is worth about $2.5 billion (Rs9,900 crore), according to data compiled by Cushman & Wakefield Inc. Indian Railways appointed British architect Terry Farrell, who built Hong Kong’s Kowloon Station and London’s MI6 headquarters, to redesign the rail hub, as Asia’s oldest network redevelops 21 stations in the next three years. Hines is developing Cannon Street station and 400,000 sq. ft of office space above it in London’s financial district. “Railway properties are typically in prime areas and it’s a real estate play,” said Rajeev Talwar, group executive director at DLF.
-Bloomberg
Govt mulls action against cement cartel
New Delhi: The government will consider whether action is needed against cement makers for forming cartels, Union commerce and industry minister Kamal Nath said.
“We will decide whether some action has to be taken on cement manufacturers,” Nath said on Thursday. “Because of cartelization, common consumers are affected.”
The minister also said the Union government is working with state governments to see if some taxes can be refunded to help exporters hit by the strengthening of the rupee.
-Bloomberg
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First Published: Fri, Dec 21 2007. 12 51 AM IST