Real estate major Ansal Properties and Infrastructure announced that it has decided to invest Rs 3,600 crore for developing a 270-acre IT Special Economic Zone and parks in India.

A statement issued by Ansal properties informed that this 270 acre SEZ would have an IT zone, residential zone and a recreational area.

The United States Counsel General in Kolkata, Beth Payne feels that West Bengal has just been discovered by the US investors and is being monitored for its political situation by the investors.

According to her, the overall factors for investment in West Bengal are positive.

She disclosed it on Tuesday at the interactive session at the Indian Chamber of Commerce.

Payne reported, “Strikes and bandhs are an internal matter of the state but West Bengal has a pro-investment environment. The state government has demonstrated its investor- friendly policies by taking pro-active steps to make the state an attractive destination for investors.”

The new national forecast released by Canada Mortgage and Housing Corporation has put the information forward that Housing starts in Edmonton will sink by about 47.9 % this year as compared to last year.  

The single-detached houses started in the city will see a fall by 57.7% to 3,250 homes as compared to the 7,682 houses built last year. The fact was revealed by the federal agency's third-quarter housing market outlook.

The report also said that housing starts provincially in Alberta will fall by nearly one third in 2008 from last year.  

The total decline in Alberta’s total housing will be by 15,586 homes; and it will be a plunge of 32% to 32,750 from 48,336 in 2007.

With the hope to acquire, develop and operate shopping malls in India, US-based real estate investment trust Vornado Realty Trust has made the announcement to enter in a Joint Venture (JV) with the Mukesh Ambani-led Reliance Industries. To take this JV to the peak of success, both the partners will invest $250 million which comes to nearly Rs 1,000 crore each.

Vornado informed, “The shopping centers, spread over 5, 00,000 to 10 lakh square feet or more, will be anchored by a hypermarket owned and operated by Reliance.”

This JV also will give a boost up to the plans of expansion for RIL’s retail venture Reliance Retail. It operates 700 multiple-format stores across 60 cities, taking 3.5 million sqft under its grid.

Real estate firm Puravankara Projects Ltd has informed that it will invest Rs 8000 crore for its foray into affordable housing through its unit, Provident Housing and Infrastructure Limited.

The arm plans to build 64,500 affordable homes during Phase I, which will cover Bangalore, Chennai, Hyderabad, Coimbatore, and Mysore.

The company will develop 59.8 million sq ft in first phase over next five years.