J&K, Jan 18: Ansal Buildwell Ltd, the real estate developers, today announced Rs 150 crore investment in Jammu and Kashmir, with its Rs 30 crore residential project - Florence apartments -- in the city of temples. The real estate player, in a joint venture with a local Sansar Group of companies, has taken up Rs 30 crore residential project near Jammu Tawi railway station as its first step to advance in J&K. ''This 72-apartment luxurious and integrated housing project of Ansal (Buildwell) will be completed in 23 months time,'' company's DGM (Marketing) Rajeev Kalia said at a press conference. The project consisting of two towers of five floors each with 24 two-bedroom and 48 three-bedroom appartments will be completed in 1.4 acre land. As the Ansal Group, being an outsider, cannot acquire property under the special status in J&K state, it has come up with an association with Sansar Group which, owns land within the Jammu Municipal Limits at Trikuta nagar. ''All the formalities for florence apartment have been completed and its foundation stone will be laid tomorrow,'' Mr Kalia announced. The Delhi-based real estate company plans Rs 150 crore investmentfor taking up integrated townships and commercial projects in the state. On Kashmir, Mr Kalia said, ''yes, we would like to work in the valley, but someone (locals) have to come forward there also.'' Ansal buildwell is also negotiating on some more projects in the state. ''yes they are in the pipe-line, but not freezed yet.

DDA Mumbai Plain

1.In Mumbai (PTI): Indiabulls Real Estate on Thursday said it has acquired the stake of DLF, country's largest realty firm, in Tehkhand residential project at South Delhi for an undisclosed amount.
2.DLF and Indiabulls had formed a JV firm, Kenneth Builders and Developers, in 2006 to develop a high-end housing projects in South Delhi. Both companies have equal stake in the project.
3.The acquisition was made through Indiabulls Infrastructure Ltd (IIL), a subsidiary of Indiabulls Real Estate, the company informed the Bombay Stock Exchange.
4.With this acquisition IIL now owns 100 per cent stake in Kenneth Builders & Developers, which had earlier won the auction by Delhi Development Authority (DDA) to develop a residential project at Tehkhand in South Delhi.
5.The wholly-owned subsidiaries of Indiabulls and DLF, owned 50 per cent stake each in the Kenneth builders. 6.The JV had bought 35.8 acres of land at Okhla for Rs 450 crore from Delhi Development Authority.
7.Indiabulls Real Estate bought out DLF Home Developers shareholding in Catherine Builders and Developers, which owns 50 per cent stake in Kenneth Builders. The remaining 50 per cent shareholding of Kenneth is owned by Bridget Builders, a wholly-owned.

Non-doms grab will drive talent from City:

In London Labour's crackdown on non-doms is a massive gamble on the future prosperity and attractiveness of the City of London, argues Anthony HiltonA deputy Governor of the Bank of England once told me that the City was now so dug in as the world's financial centre that it would take a sustained outburst of government stupidity to undermine it and there were only two things which might actually drive business away.One thing it won't do of course is make a blind bit of difference to the seriously wealthy - those like Chelsea owner Roman Abramovich or the Indian steel tycoon Lakshmi Mittal. All they will do is move a brass plate offshore - or rather instruct one of their army of tax-specialist accountants to move it - and the one surely predictable result is that they will go to that trouble only if it means they pay even less UK tax.