property & wealth dec jan 2013 14
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Property & Wealth Dec 2013-14TRANSCRIPT
`17.55 Lacs*
News & Events 19
Hotspots 25
REIT- sides & the flip 30
Retail In Asia - Different
Strokes For Different Folks 34
Delayed Projects Plague NCR’s Residential Market 36
Top realty destinations to
invest in near metro cities 38
Home Loans Check List 41
Most Expensive Streets across
the World (2013) 42
Indian office space –a
subdued sentiment 44
Real Estate Investment Advice: Bungalows Versus Flats 46
Care Rates Iscon Platinum
by JP Iscon Limited 49
19propertywise
BADAL ENVISIONS PUNJAB AS THE COUNTRY’S MOST PREFERRED INVESTMENT DESTINATION
10COVER STORY
04
contents
Punjab - a new realityTOP BUSINESS HONCHOS FIRM UP INVESTMENT WORTH RS 55000 CRORE IN THE STATE
PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
Be a Prosperity Seeker 52
Premium Pools In Hot
Demand For Luxury Homes 56
Home of the Rich & Famous 58
Amazing Buildings 60 Amazing Gadgets 62
Dynamics of Luxury
Living in India 64
Eyecatchers 66
Amazing Getaways 68
Amazing Sites 70
Planetsavers 73
Bookshelf 75
Combination of Vastu,
Fengshui and Interior
can turn your house in a
true home 76
Healthy Living 78
Softcorner 80
52prosperityseek
05
contents
PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
3rd Year of Publication ...... Download or browse any of the archive issues at www.propertyandwealth.in
www.facebook.com/propertyandwealth
Jasmeet Dhamija Editor-in-Chief
from the about this issue
08
“Think Big, Achieve Big”, and “Money follows ideas” slogan by Deputy CM,
Punjab evoked instant response by leading industrialists at the Progressive
Punjab Investment Summit held at Indian School of Business, Mohali on 9
– 10th Dec 2013. Deputy CM Sukhbir Singh Badal made an elaborate and
fact based presentation on what he called “a new reality about Punjab,” the
business honchos responded by pledging up investment worth Rs. 55000
crore in the state. Probably to ensure that industry leaders do not back
out from the promises made on dais, Chief Minister Prakash Singh Badal
wittingly quoted that, ‘in PUNJAB we call, promise breaker – a shoe maker’.
If investments actually come through, it will certainly be ‘a new reality about
Punjab’, but for that to happen, promises will have to be kept on both sides.
Read all about the summit as also Deputy CM Sukhbir Singh Badal’s call for
Investment In Infrastructure, Realty, Housing And Power Sector.
In the news section, the big news is that Coldwell Banker Real Estate LLC
has announced the signing of a master franchise agreement with Coldwell
Realty Private Ltd. to affiliate and service Coldwell Banker® and Coldwell
Banker Commercial® franchises in India. The firm will operate as Coldwell
Banker India.
Read on page 30 all about Real Estate Investments Trusts (REITs) and its
scope & advantages in the Indian environment and how it can help a sagging
commercial real estate.
In prosperity seeker this month, say goodbye to Sachin Tendulkar as he ends
his cricket innings, meet the Indian techie who got richer by Rs. 1240 crores
following a takeover by APPLE computers, welcome The Bonneville in INDIA,
the legendary motorcycle from the British motorcycle maker -Triumph and
appreciate the work done by Shabana Azmi, film actress turned social activist.
Our eye catcher this month is Google Boy - Kautilya Pandit, a child prodigy
from Haryana. In book review, learn about ‘Working the Law of Tenfold
Return’, Seed Money In Action, a book by Jon P. Speller, D.D.
Turn your house into home with a combination of Vastu, Fengshui and
Interior, read all about it in our regular feature by Vaastu Shree, Vaastu
Visharad Shri Naresh Singal.
Health comes first. Do not miss out on healthy living columns this month
and it’s all about Walnuts as a healthy snack. A Walnut a day, keeps heart
surgeons away. We now meet on 1st Feb 2014, so wishing you a healthy &
prosperous 2014.
PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
….sustained hopes - 2014!!
It’s a magic movement when something small gathers steam and
gains critical mass - could be new fashion trend, a social behavior or
even an epidemic. A lot of it has to do with the kind of people involved,
the stickiness of the concept and a social context.
As debutant AAP (Aaam Aadmi Party) cements its place as a major
player in the Capital of one of the largest democracies, the world
watches over this turn around in common man’s exhausted patience,
intuitive sensibility, the ‘try new’ attitude & more so the always
sustained hopes.
It has become evident that the mantle of leadership is no longer
reserve only for a chosen few. Be it Politics or Economics!
The sheer complexity of modern business, its volatile & global nature,
a desperate necessity for innovation, and unprecedented rapidity of
change has all created a clamor for more and better leadership. Has
a new era begun, is India or more so Bharat story back with a bang!
Is this the real catalyst for change.. will the souring growth numbers
upscale! Will the politico change bring out the desired economic
dynamics?
As we ponder upon these long-term issues… the basic derivation
remains “Change” seemingly has been the order of the year.Be it
bidding farewell to the master blaster for a new rising in Brand Sachin
or may be the passing of Nelson Mandela, which leaves awaning
number of global figures representing freedom and resilience.
…we still have sustained hopes for the New Year 2014!!
Charu RSEditor
editorial
Publisher & Editor-in-ChiefJasmeet [email protected]
Editor Charu [email protected]
Feature Writers Satpal Kataria, K.Singh, Rupinder PD, Sheetal Singh
Art Director & VisualiserRajesh Bhardwaj
Graphics TeamAntima, Sunil, Mohinder
Advertisement & SalesDirector Marketing: Sandeep Kapoor (M) 9818510511 [email protected]
SubscriptionAjay Gupta
Photography Rohit Bhatia
Pre Press Team: GopalProduction Team: Vikas, Vijay
Advisory BoardHarpreet Pooja & Associates Architects Rajiv Gupta & Associates Chartered Accountant Vikas Chatrath, Advocate
Printed & Published by Jasmeet Singh at Plot No. 437-A, Industrial Area Phase-2, Chandigarh.Owned by Jasmeet Singh, 220, Sector 19-A, Chandigarh & Printed at Savitar Press, Plot No. 820, Ind. Area Ph-2, Chandigarh.
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CONTRIBUTORS AND ASSOCIATES
09PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
Punjab - a new reality BADAL ENVISIONS PUNJAB AS THE COUNTRY’S MOST PREFERRED INVESTMENT DESTINATION
TOP BUSINESS HONCHOS FIRM UP INVESTMENT WORTH RS 55000 CRORE IN THE STATE
cover story
10
Punjab Chief Minister Mr. Parkash Singh Badal addressing the leading Industrialists of the country during Progressive Punjab Investors Summit-2013 at SAS Nagar (Mohali)
PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
Business and industry
in the country gave a
forceful endorsement to
the new investment policy
orientation of Punjab
at the two day Progressive Punjab
Investment Summit began at the ISB
campus on 9th Dec. 2013.
With some of the top names with global
profiles, like Mr. Mukesh Ambani
(Reliance), Mr. LN Mittal (Arcelor-Mittal),
Mr. Sunil Bharti Mittal (Bharti Airtel),
Mr. Sunil Munjal (Hero Honda), Mr.
YC Deveshwar (ITC), Mr. Onkar Singh
Kanwar (Apollo), Mr. Malwinder Mohan
Singh (Fortis) among others, flanking
Chief Minister Parkash Singh Badal and
Deputy Chief Minister Sukhbir Singh
Badal on the stage, this was quite easily
the biggest day for investment promotion
for Punjab and for show-casing the state
as the most preferred investment
destination in the country.
As Deputy CM Sukhbir Singh Badal
finished his elaborate and fact based
presentation on what he called “a new
reality about Punjab,” the industry
responded by giving him and the Punjab
government a full-throated testimonial,
with LN Mittal going the extent
of declaring that Punjab was the quickest
in responding to business requests. The
Deputy Chief Minister positioned himself
as the CEO of the state when it came to
business and industrial investment, and
speaker after speaker got up to give him
the thumbs up.
It was clearly from the whole hearted
response of the tycoons of business
and industry that the Deputy CM had
done his home work well and had succeeded and projecting
his government as the most business friendly government
in the country. Not just the commitments of Rs 55000
crores of investments but even the words in the speeches
that accompanied these decisions proved that Mr. Sukhbir
Singh Badal had been received an overwhelming mandate in
his favour from the captains of business, trade and industry.
His “Think Big, Achieve Big”, and “Money follows ideas”
slogans evoked instant response.
The comfort level of the business and industry tycoons with
the organisers carried a message of its own as it revealed that
they had chosen to place their trust in the present dispensation
in Punjab.
11
Deputy Chief Minister Punjab Mr. Sukhbir Singh Badal addressing the Captains of the Indian Industry during Progressive Punjab Investors Summit-2013 at SAS Nagar (Mohali)
PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
Sensing the mood of the summit, the Chief Mr. Parkash Singh
Badal deviated from his prepared speech and delivered what
could only be a called a “statesman’s futuristic message for
carrying the fruits of development, growth and prosperity to the
poorest of the poor.” Having seen that the leaders of business
and industry no longer needed any persuading to invest in
Punjab, the Chief Minister dwelled elaborately on the goals of
development, mixing it with traditional Punjabi warmth and
humour, even having delicious and light-hearted jibes at his
“good son for leaving nothing for me to speak.”
While the Deputy CM focused on “walking the talk” and
elaborated the path-breaking steps already taken by his
government to cut red tape through a regime of governance
reforms, the Chief Minister envisioned Punjab as the most
preferred investment destination in the country.
The Chief Minister envisioned Punjab as the most preferred
investment destination with firming up of total investment to
the tune of Rs 55000 crore on the first day of Progressive
Punjab Investors summit, where eminent industrialists and
entrepreneurs from the country and across the globe evinced
keen interest to set up their ventures in varied fields.
Addressing the galaxy of captains of industry and noted
entrepreneurs on the inauguration of two days summit here at
Indian School of Business (ISB), the Chief Minister said that
the vision and dynamism of Deputy Chief Minister Mr. Sukhbir
Singh Badal to put Punjab as the frontrunner state on the
Industrial map of the country, has finally bore fruits with his
unique effort to organize this mega event for the first time ever
organized during his political career spanning over more six
decades. He said that the recent path breaking initiatives by
giving lucrative incentives in terms of VAT retention, exemption
of stamp duty besides establishing Punjab Industrial Promotion
Bureau headed by him with Deputy Chief Minister as its co-
chairman and Mr. Anirudh Tiwari appointed as its Chief Executive
Officer to give clearances in fast mode to the entrepreneurs
would be instrumental in reposing their confidence and trust
in the investor friendly policies of the state government. Mr.
Badal pointed that earlier single window service was merely
a sham devoid of any meaningful purpose, which not only
demoralized the potential investors but also hampered the
industrial development of the state. The Chief Minister said
that the complete communal harmony, peace and amity was
mainly responsible for overall development and prosperity in
the state and urged the industrialists to make optimum use of
this congenial atmosphere backed by excellent infra structure,
surplus power, skilled human resources and best industrial
and work culture, for which the Reserve Bank of India has even
cover story
12
Punjab Chief Minister Mr. Parkash Singh Badal & Deputy Chief Minister Mr. Sukhbir Singh Badal and sitting on the dias the leading industrialists of the country during Progressive Punjab Investors Summit 2013 at SAS Nagar (Mohali)
PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
rated Punjab amongst the three best investment destinations
across the country.
The Chief Minister said that Punjab’s economy was
predominantly an agrarian economy which has already
reached a plateau and now we were left with only option to
go for industrialization in a big way and today’s summit was a
step towards this direction. He announced to convene a much
bigger summit on agriculture in February next year thereby
inviting the key players in agro processing and stakeholders
related to agriculture not only from the country but abroad
also to further consolidate the agrarian base of our economy
with a focus on marketing besides food processing as a value
addition to the agriculture produce to benefit the farmers
enormously. Mr. Badal impressed upon the leading players of
the industry to attend that Agriculture summit also with same
enthusiasm so that pro-farmer policies could be chalked out
to help our beleaguered peasantry especially the small and
marginal farmers.
Buoyed over the whopping investments coming forth in today’s
summit, the Chief Minister in a lighter vein asked the Deputy
Chief Minister to closely follow up the MoUs signed between
the state government and the various industrial houses so that
these investments should not merely remain on paper but
should actually come on the ground. He urged the Industrialists
to be humane in their approach and contribute a significant
portion of their wealth for the philanthropic causes under
the Corporate Social Responsibility. Mr. Badal appreciated
Reliance and Bharti groups for doing exceptionally well for the
welfare of poor and disadvantaged sections of society. He said
the spirit of charity and doing good to poor was an inherent
character of the Punjabis as they have derived this inspiration
from the great Sikh Gurus, who called upon them to contribute
atleast 10% of their wealth (Dasvandh) adding that in the spirit
he asked the industrialists to donate generously for the well
being of needy because magnanimity for such humanitarian
acts never goes unrewarded rather their wealth would be
multiplied manifold.
The Chief Minister said that he had prioritized the Health
and Education sector by launching unique schemes so that
these core sectors should not be ignored at any cost. He said
that the state government has started Dr Hargobind Khurana
Post Matric scholarship scheme to give scholarship to the poor
but bright students securing more than 80% marks in Matric
class. Likewise Mr. Badal said that six special schools were
being set up by the state government to provide free education
to meritorious students of the rural areas adding that these
schools would provide free boarding and lodging facilities to
13
Punjab Chief Minister Mr. Parkash Singh Badal shacking hand with Mr. Mukesh Ambani Chairman Reliance Industries during Progressive Punjab Inves-tors Summit 2013 at SAS Nagar (Mohali) on Monday. Dy. CM Mr. Sukhbir Singh Badal and Industry Minister Punjab Mr. Madan Mohan Mittal are also seen in the picture.
PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
the students at par with the private schools.
The Chief Minister urged the Industrialists to open Skill centers
to train the unemployed youth to enable them to be gainfully
employed besides catering to the needs of local industry. He
also asked the major captains of the Industry to focus their
attention on the welfare and prosperity of the economically
weaker sections as a part of ‘inclusive development’ otherwise
any deviation from this path could lead to a dangerous trend of
Naxalism, which was spreading its wings swiftly across several
parts of the country.
Slamming the Union government for ignoring the common man,
the Chief Minister said that the Congress has to pay heavy price
for its anti-people policies as it has been routed from the four
states during the recently concluded assembly polls whereas a
novice Aam Aadmi Party has registered impressive gains only
due to its concern shown for the poor and common people. He
said that Punjab which contributes 60% of the food grains in
national kitty despite of its 1.5% of country’s total area besides
enormous contribution of Punjabis in national freedom struggle
and safeguarding the borders from our hostile neighbor has
never been acknowledged by the Centre.
Earlier in his power point presentation Deputy Chief Minister
Mr. Sukhbir Singh Badal, while declaring Punjab as a power
surplus state, said that the power would be available here at
cheaper rates as compared to other states. Citing the CRISIL
rating of High prosperity and Equality, he said that the state
was having the best infra structure which was a basic catalyst
of industrial growth. The Deputy Chief Minister said that due to
the concerted efforts of the state government Ludhiana city has
been declared best investment destination by the world bank
adding that the RBI has also adjudged the state as one of the
top three investment destinations of the country.
The Deputy Chief Minister said that Punjab would be only state
with best air connectivity having three international airports at
Mohali, Amritsar and upcoming at Macchiwara besides three
domestic terminals at Bathinda, Ludhiana and Pathankot. He
further said that Punjab was having the finest road network
having four/ six lanes roads throughout the state which
connected all the cities and towns of the state. The Deputy Chief
Minister said that the state government has embarked a major
scheme for the comprehensive planning and development of
urban and rural areas across the state thereby equipping them
with 100% water supply and sewerage facility.
Underscoring the need of growth with equity, the Deputy Chief
Minister said that he was a firm believer that ideas were far more
important than the resources and to think big for achieving big
was his motto for success. He said not only the key players in
cover story
14
FLOW OF INVESTMENTS
Reliance Industries (RIL) chairman Mukesh Ambani on
Monday announced the possibility of a "collaborative
venture" with Bharti Airtel in setting up digital infrastructure
in the country.
Speaking at the Progressive Punjab Summit in Mohali,
Ambani announced an investment of Rs 2,500 crore
for setting up digital infrastructure for the 4G network.
Ambani also announced that Reliance Foundation
will partner with Punjab in promoting sports, specially
basketball in schools.
Bharti Airtel chairman Sunil Bharti Mittal, also announced
an investment of Rs 4,000 crore to set up digital
infrastructure in Punjab.
During the summit, Arcelor Mittal chairman Lakshmi
Mittal announced that his company will expand Bathinda
refinery project by at least 25 per cent with additional
investment of Rs 20,000 crore.
While ITC chairman Y C Deweshwar declared that the
company will set up its "showcase" food processing
industry either in Ludhiana or Jalandhar, Bicon chief
Kiran Majumdar Shaw said her company is taking Punjab
"very seriously" for investment.
The summit kicked off with many important
announcements expected to be made during the course
of the two-day event. More than 20 memoranda of
understanding are scheduled to be signed between
the government and top industrial houses promising
investment worth Rs 25,000 crore.
This includes a Rs 900-crore investment by Medanta
in a 25-acre Medicity in Mohali. This will be their
second venture in the country. Max Healthcare
and Fortis Healthcare Ltd will also set up hospitals in
Medicity. Ranbaxy is also expected to announce the
launch of another pharmaceutical unit in Punjab.
PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
industry from India but abroad like CTCI Taiwan, USA’s leading
Mall Company Gumberg have already landed in the state. The
Deputy Chief Minister reiterated that conducive atmosphere
coupled with peace and harmony and enterprising skill of
Punjabis was a major factor to boost investment sentiment in
Punjab adding he said strikes and labour unrest were words
unheard of in the state.
The Deputy Chief Minister said that the establishment of
PBIP would facilitate the investors in securing clearances in a
hassle free manner under one roof and CEO has been made
accountable to give sanctions with regards to ten departments.
He said that the lucrative concessions given to industry had
further rejuvenated confidence amongst the industrialists
besides scaling down the corruption at the cutting edge
considerably through bringing out of box governance reforms
which were guaranteed to eliminate the interface between the
public and government officials.
Earlier the Chief Secretary Mr. Rakesh Singh welcomed the
esteemed gathering whereas Cabinet Minister Mr. Madan
Mohan Mittal proposed the vote of thanks. Principal Secretary
Industries Mr. Karan Avtar Singh conducted the proceedings
of the state.
Prominent amongst those present on the occasion Cabinet
Ministers Mr. Bikram Singh Majithia, Mr. Janmeja Singh
Sekhon, Mr. Sarwan Singh Phillaur, Mr. Sikander Singh
Maluka, Mr. Sharanjeet Singh Dhillon, Advisor to Chief
Minister on Media and National Affairs Mr. Harcharan Bains,
Media Advisor to Deputy Chief Minister Mr. Jangveer Singh,
Assistant Media Advisor to Deputy Chief Minister Mr. Harjinder
Sidhu, State BJP President Mr. Kamal Sharma, Financial
Commissioner Revenue Mr. NS Kang, Financial Commissioner
Development Mr. Suresh Kumar, Principal Secretary to Chief
Minister Mr. SK Sandhu, Special Principal Secretaries to Chief
Minister Mr. Gaggandip Singh Brar and Mr. KJS Cheema.
Punjab Chief Minister Mr. Parkash Singh Badal addressing the leading Industrialists of the country during Progressive Punjab Investors Summit-2013 at SAS Nagar (Mohali)
15PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
• UNVEILSNEWINVESTORFRIENDLYHOUSINGANDURBAN
DEVELOPMENT POLICY-2013
• FOCUSONHOLISTICINFRASTRUCTUREDEVELOPMENT
Punjab Deputy Chief Minister Mr. Sukhbir Singh Badal today
sought private investment in infrastructure, housing and
urban development, logistic and warehousing, power and
renewable energy sectors while unveiling new Housing and
Urban Development Policy-2013, Renewable Energy Policy,
offering best incentives in the country.
Inaugurating the first session ‘Propelling Sustainable
Infrastructure’ focused on housing infrastructure and
renewable energy sectors on the first day of Progressive Punjab
Investors Summit here today, the Deputy Chief Minister said
that Punjab is the first state in the country that has unveiled
holistic infrastructure development model under which a
single agency would be responsible for providing all urban
civic amenities including water, sewerage, street lightning,
solid waste management, sewerage treatment plant and would
be collecting user charges from the consumers. He said that
Punjab Government believes in handing over the development
of Housing Infrastructure and Urban development totally to
the private players and with government acting as facilitator.
He said that Punjab was focusing on overall development of
147 cities and there was investment potential of Rs. 2280
crore in water supply and sewerage sectors besides Rs. 732 in
8 clusters of Punjab for Solid Waste Management. Mr. Badal
said Punjab was focusing on providing world class citizen
services and was looking for private players for establishment
of data center, disaster recovery center, GIS Database and
Data digitalization of records of urban properties and there
was a potential business of hundreds of crores in this sector.
Unveiling the new Housing and Urban Development Policy
2013, Mr. Badal said this policy has been framed after
extensive consultation with stake holders has salient features
like common building rules, rationalization of potential zones
for CLU, EDC and other charges, incentives for green building,
public private partnership in urban development and provides
incentives for affordable housing. Mr. Badal said that in the
new policy floor area ratio has been upgraded from 1:1:75
to 1:30 and density per gross acre norm has been increased
from 175 PPA to 300 PPA for general housing and 400 for
EWS houses to provide more housing stock in the market. He
said that Punjab is the torchbearer in having Land Pooling
Policy and has already unveiled a new policy for mega and
super mega projects.
Showcasing the potential investment opportunities in Punjab,
Mr. Badal said that upcoming New Chandigarh in the Greater
Mohali Area is all set to give to new impetus to economic growth
and development. He said there are number of opportunities
in Medicity to be constructed on 424 acres of land, Educity
on 1700 acres, IT City on 1688 acres. He said investment
opportunities in the proposed financial district and Downtown
Mohali and Downtown Ludhiana would put development
model of Dubai in a shade.
Speaking about the investment opportunities in the Renewable
Energy Sector, the Deputy Chief Minister said there was great
scope of investment in the clean energy sectors of solar and
biomass power. He said Punjab is targeting to operationalise
200 MW solar power and 1000 MW biomass power in next
three years.
Earlier Mr. A. Venu Prasad, Secretary Housing and Urban
Development, Mr. Anurag Aggarwal, MD PIDB and TRANSCO
gave a detailed presentation on urban development, renewable
energy policies of the state and answered the queries of
investors from all over the country regarding various policies.
The panel discussion that was chaired by Mr. Mohit Gujral, Vice
Chairman, DLF, Mr. Pradeep Singh, CEO ISB, Mr. SK Roongta,
Chairman Power Business Group Vedanta, Mr. Ravi Khanna
CEO Aditya Birla Solar, Mr. Krishna Ram Bhupal, Director
GVK Power and was moderated by Mr. Arvind Mahajan, head
Infrastructure and Governance Services, KPMG India.
Sukhbir Seeks Investment In Infrastructure, Realty, Housing And Power Sectors
cover story
16 PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
Mr. Mukesh Ambani Chairman Reliance Industries sharing viewpoint with Punjab Chief Minister Mr. Parkash Singh Badal during Progressive Punjab Investors Summit 2013 at SAS Nagar (Mohali)
Deputy Chief Minister Punjab Mr. Sukhbir Singh Badal exchanging MoU documents with the respective Chief of the company during Progressive Punjab Investors Summit 2013 at SAS Nagar (Mohali)
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news & eventsREALESTATE&INFRASTRUCTURENEWS
EVENTSROUNDUP
2 Mn.Sq.Ft.LandParcelAcquiredByAlchemistTownshipIndia
Limited BiggestEverForEasternMetropolis
Delhi-based real estate developers Alchemist Township
India Limited have purchased 2 million square feet of prime
residential land from Highland Group at Kolkata Riverside,
a satellite township development encompassing 262 acres
being developed on the banks of the Hooghly River.
Altogether, Alchemist Township India Limited has earmarked
approximately Rs. 600 crore for this project. Jones Lang
LaSalle India was transaction partner for both the firms in this
deal.
Mayank Saksena, Managing Director - Land Services, Jones
Lang LaSalle India says, "Kolkata Riverside is a prime township
project that incorporates the latest features in environment-
friendly urban planning. It also has a very healthy mix of
market drivers, including a 25-acre IT Park created entirely
on sustainable development parameters, various commercial
establishments catering to the services sector, world-class
physical infrastructure and advanced lifestyle features such
JLL Closes Largest-Ever Land Deal In KolkataKolkata
Property & Investment Fair 2013Venue: Rotary Club, LudhianaDate: 21-22nd Dec 2013
forthcoming events
Ludhiana
Gurgaon Rapid Metro Begins Gurgaon
20
news&events
Rapid Metro-Gurgaon, the country’s first privately financed metro
rail service, is now opened to commuters. An announcement to
this effect was made by Sanjiv Rai, MD & CEO, IL&FS Rail Ltd.
Rapid Metro Gurgaon line will be opened to commuters from
6:05 am till 12:20 (midnight). Five fully automated trains with
a frequency of 4 minutes would run between six (currently five)
stations.
The launch of Rapid Metro Gurgaon is likely to boost connectivity
within the cyber city. It is expected that about 30 per cent of the
existing road traffic will move to Rapid Metro, thereby reducing
travel time and traffic jams for commuters on the NH-8, Gurgaon
and Delhi. Company officials said Phase I of Rapid Metro had
entailed a cost of Rs 1,088 crore.
as a golf course. Alchemist Township India Limited have made a
very astute choice in terms of location and land parcel magnitude,
allowing them to fully capitalize on this township's residential real
estate potential."
PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
September 30, 2013 – Coldwell Banker Real Estate LLC
announced the signing of a master franchise agreement with
Coldwell Realty Private Ltd. to affiliate and service Coldwell
Banker® and Coldwell Banker Commercial® franchises in
India. The firm will operate as Coldwell Banker India. Coldwell
Realty Private, Ltd. is a privately held firm led by Ramnik
Chopra and a seasoned management team that has extensive
experience in commercial and residential real estate, along
with professional and financial services and marketing. The
company will be headquartered in Mumbai. Chopra earned
an electrical engineering degree in India. He then worked for
several technology companies in India and the United States,
before starting his own real estate marketing services company
to assist reputable Indian real estate developers in marketing to
people of Indian origin living overseas.
“India has risen dramatically in its wealth and its consumer
affinity for quality brands, while preserving traditional values
and culture," said Budge Coldwell Banker India will focus on
building the brand in the nation of 1.2 billion, the most populated
democratic nation in the world, concentrating its initial efforts
in major metropolitan areas, including Mumbai and New Dehli.
“The time is right for the Coldwell Banker brand to succeed
in India,” said Chopra. “We have the world’s fastest growing
middle class where homeownership remains aspirational and
homeownership rates are rising as personal wealth increases.
There is also a great opportunity to reach our affluent population
through the Coldwell Banker Previews International® program
and provide the outstanding service this market expects. The
century-old success of the Coldwell Banker brand, showcased
by the brand’s professionalism, strong consumer-service and
belief in ethical behavior are qualities that will resonate with
the Indian consumer. The proliferation of foreign investment in
Indian manufacturing, consumer services and retail also give us
an opportunity to succeed on the commercial real estate sector.”
Coldwell Banker Real Estate Announces Master Franchise Agreement for India
65th Fiabci World Congress Venue: LuxembourgDate: 17-22nd May 2014
Luxembourg
forthcoming events
21
news&events
PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
news&events
22
Pimpri-Chinchwad Municipal Corporation, Pune's thriving
sister city, is all set to throw the doors of its first full-fledged mall
open to the public. City One Mall, a joint undertaking by PCMC's
leading development companies Rama Group and Pharande
Spaces, is being exclusively leased by out Jones Lang LaSalle
India.
Jeetu Panjabi, Director - Rama Group says, "The one missing
link on PCMC's well-meshed real estate market has been
organized retail. With City One Mall, the gap is finally being
bridged. This mall brings the best of brands under one roof to
create a unique shopping experience. The Pimpri-Chinchwad
Municipal Corporation now has a distinct cosmopolitan profile,
and lifestyle aspirations are at an all-time high."
Strategically located close to the Pimpri-Chinchwad Municipal
Corporation Building, City One has four levels of retail spaces
and will provide an international shopping experience, an
exclusive Entertainment City, alfresco cafes and global dining
options to PCMC's residents.
Anil Pharande, Chairman - Pharande Spaces says,
"PCMC has always been a promising catchment for retail
developments. The region's versatile population profile
has already spelled success for major local category
players like Jai-Hind, Ranka Jewellers, Silver Leaf,
Krishna Rajaram Ashtekar, Vama, Hastakala Sarees,
PNG, Bafna Jewellers and Chandukaka Saraf. Nevertheless,
PCMC has not had the benefit of a full-fledged mall development
to cater to its highly aspirational and rapidly growing shopper
catchment."
The PCMC region has seen a quantum leap in retail viability,
driven by the high purchasing power of employees from its
automobile and other manufacturing industries as well as
massive trading community. The potential for organized retail
in Pimpri-Chinchwad was waiting to be tapped, and Jones
Lang LaSalle's retail team confirms that the demand for space
at City One has been nothing short of spectacular.
So far, organized retail has had a very limited presence in
the PCMC belt. The opportunity for retailer to capture the
full potential of this market is much greater as compared to
many other locations. The massive residential development
happening in and around PCMC is creating considerable
inherent retail demand. National hypermarket chains such
as Big Bazaar, Star Bazaar and D Mart and organised retail
chains like E Zone, Croma, Vijay Sales, McDonald, Just In
Time, World of Titan, Tanishq and FabIndia already exist in
stand-alone stores. Now, City One Mall at is all set to offer all
the major brands under a single roof.
City One Mall's total development size is 3,33,000 square feet
of built-up area, consisting of two buildings, both equipped
with four levels of retail spaces and two levels of parking
space. In the first building, which has a total area of 1,12,000
square feet, Central has already snapped up 81,000 square
feet across the ground, first and second floors and is gearing
up for a grand launch of Pimpri Central by the end of 2013.
The remaining 21,000 square feet have been leased to Men's
Avenue - a leading Pune-based apparel retailer which has also
taken up space for their 'Kajree' saree section on the second
floor.
The second building in City One Mall, with 2,21,000 square
feet, has been allocated to the mall's multiplex, another anchor
as well as restaurants and vanilla retail stores. Mainland China
and Global Grill have already taken up 11,000 square feet
on the second floor and are operational. The 5-screen PVR
multiplex is scheduled to open up in the first quarter of 2014.
Pune’s Sister city, PCMC's First Full-Fledged Mall
PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
Globally renowned German bath fittings
Brand KLUDI announced their future
expansion plans in the Indian Market. Kludi
GMBH (Germany) - a 170 Million USD
parent company of KLUDIRAK India has
acquired majority stakes in the KLUDIRAK
with quantum infusion of equity. Strategically,
this is an extremely significant step not only
from resource mobilization standpoint, but
also in terms of the strengthening the brand
awareness of KLUDI in India. Consequently,
beginning 2014, KLUDIRAK India Pvt. Ltd.
will be re-named as KLUDI India Pvt. Ltd.
KLUDI India Pvt. Ltd. will invest 1.50 million
USD in India to support the expansion plan.
This strategic move is the clear reflection of
the importance that KLUDI accords India
in its global expansion plans. The press
conference today was addressed by; Mr.
Janusz Palarczyk, Group CEO – KLUDI,
Mr. Bernd Neidhardt, Managing Director
- KLUDIRAK India Pvt. Ltd. and Mr. Sanjay
Bankeshwar – Vice-President (Sales &
Marketing) KLUDIRAK India Pvt. Ltd.
Commenting on the occasion Mr. Janusz
Palarczyk, Group CEO – KLUDI said, “KLUDI
is targeting a market share on a 5-year
perspective of around 18-20% of the high-end
segment of the Indian market by 2018. The
high-end and luxury segment of the market
comprises approximately 5% of the overall
organized market of INR 4Bn. KLUDI India’s
revenue expectations would be exceeding
USD 5 million annually by 2018, growing at
35-40% year on year beginning 2014. In keeping with its core philosophy of quality sales rather than mass selling, KLUDI targets
to operate at healthy sustainable gross profits.”
Segment-wise, high-end retail is the focal point of KLUDI’s strategy and activity. The high-end hospitality segment too will be a
major focus that will be pursued aggressively by KLUDI in India. An additional advantage for KLUDI in India is the establishment
of a full-fledged sales office in Singapore, which is expected to support and complement the efforts of KLUDI India in high-end
projects. The role of Singapore-based consultants in brand specifications in many high-end institutional projects in India is
decisive and KLUDI Singapore office is expected to play a key support role in this endeavor of KLUDI India.
KLUDI - The German bath fittings major and leading European brand announces India expansion plans.
23
L to R - Mr. Janusz Palarczyk, Group CEO – KLUDI & Mr. Bernd Neidhardt, Managing Director - KLUDIRAK India Pvt. Ltd.jpg
PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
About 200 real estate developers, investors and lenders attended the event.
Review
The Eighth Annual India Global Real Institute - 2013 meeting was held in Mumbai on October 3 and 4. The real estate investment event brought together the international players and national decision makers driving the real estate business in India. Even though the attendance at 8th GRI was lowest if compared to previous editions still the event gave excellent networking opportunity to about 200 real estate developers, investors and lenders who attended the event. Informal discussions were conducted about the issues related to realty business, such as Investing in India, Hospitality Developments, Private Equity, Townships vs. Smart Cities, Domestic Fundraising, Structured Debt Funding, Luxury Housing, Financing, Residential Developments, Shopping Malls, Affordable Housing, IT Parks, Land Acquisition, SEZs, Infrastructure, Logistics, and many more.
24
news&events
PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
CHANDIGARHCAPITALREGIONPROPERTYHOTSPOTSZIRAKPURRZONE1
ZIRAKPURRZONE2
MULLANPUR-NEWCHANDIGARH
KANSAL
AEROCITY
MIXEDLANDUSE&INDUSTRIALSECTORS82,66,66A,66B
LANDRAN-BANURROAD(RIGHTSIDE)
LANDRAN-BANURROAD(LEFTSIDE)
KHARARLANDRAN-ROAD
BALONGI-KHARARROAD
MIXEDLANDUSE&INDUSTRIALSECTORS82,66,66A,66B+
WEEKENDHOMES
FOCUSTHISMONT H
26
HOT SPOT IN FOCUS
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Disclaimer:Mapisnottoscaleandpurelyforillustrativepurpose.Accuracyofthemapisnotguaranteed.
PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
27
DISCLAIMER: Features, information & Budget Planner given above are indicative only. Please contact respective builder for more specific & accurate information. Property & Wealth is not responsible for any decisions taken through use of above information.
HOT SPOT IN FOCUS - MIXED LAND USE & INDUSTRIAL SECTORS 82, 66, 66A, 66B
DISCLAIMER: Features, information & Budget Planner given above are indicative only. Please contact respective builder for more specific & accurate information. Property & Wealth is not responsible for any decisions taken through use of above information.
Location: Sector 66A MohaliHighlights: Read to possess plots
with all infrastructure in place. Also
offering builtup industrial Plots.
Options: 500 sq yards or more for
Industrial Plots, 250 sq yds built
up industrial plot with or without
basement.
Janta Industrial
BudgetPlanner
0 10 20 30 40 50 60 70 80 90 100 150 >200
ZigmaWealth8146992437
Location: JLPL Eco City, Sector 66B, MohaliHighlights:Gated complex secured with a multi-tiered security system, Jogging track & landscaped lawns, Club house,Swimming Pool.Options: 4 BHK 3500 Sq. Ft.
Signature Towers
BudgetPlanner
0 10 20 30 40 50 60 70 80 90 100 150 >200
SalesOrganisers/Dealers:Call9216841278toAdveristeinthisspace
Location: Sector 66-A, SAS Nagar(Mohali),Highlights:The ultimate office spaces with futuristic designs, state-of-the-art facilities and relaxing environment strike the right balance between modernity and functionalityOptions: Office Spaces
Janta Twin Towers
BudgetPlanner
0 10 20 30 40 50 60 70 80 90 100 150 >200
SalesOrganisers/Dealers:Call9216841278toAdveristeinthisspace
SalesOrganisers/Dealers:Call9216841278toAdveristeinthisspace
Location: IT City Sector 82(A) 83(A), 101A
Highlights:Out of total area of 1685 acres, net area of about 400 acres will be used for allotment. The balance area will be used for residential, parks, green belts, institutional, commercial and road network.Options: 0.5 acre to 25 acres
IT/ Knowledge Industry Plots
BudgetPlanner
0 02 05 100 125 150
RatePerAcre:2.75CR(25acresite)upto5CR(1/2acresite)
Location: Sector 66, Mohali (adjoining Chandigarh)Highlights: Most Prime Location in Mohali adjoining Chandigarh Options: Office Spaces2BHK & 3BHK Flats
BestechSquareSector66Mohali
BudgetPlanner
Location: Sector 66-A, Near International Airport, MohaliHighlights:Excellent Location on 200’ Airport Express Highway with 17 ACRES of Lush Green ParkOptions: 3BHK (2480 SqFt), 4BHK (3007 SqFt) Flats.@ INR 3,790/- per sqft.
JLPL Falcon View
BudgetPlanner
MaKaanSearch8437002002,9872588555
0 10 20 30 40 50 60 70 80 90 100 150 >200
0 10 20 30 40 50 60 70 80 90 100 150 >200` inLakh
` inLakh
` inCrores
` inLakh
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` inLakh
PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
WEEKEND/HOLIDAY HOMES
Location: 3km from Solan on Solan Sabathu Road.Highlights: Registry for built up area for built area Even for non Himachlis. Enjoyable weather round the yearOptions: 1 BHK 671 sq feet, 2 BHK 111 sq feet and 4BHK duplex cottages 2475 sq feet.
AmravatiHills
BudgetPlanner
0 10 20 30 40 50 60 70 80 90 100 150 >200
Location: Kasauli Hills at 5000 feet, nearly 15kms from Kasauli amidst pristine environment.Highlights:Each Villa & Apartment providing a panoramic view of Mountains. Landscaped Gardens, Swimming Pool & Gym. International 5 star Hotel Options: Villas and Apartments
DLF Samavana
BudgetPlanner
0 10 20 30 40 50 60 70 80 90 100 150 >200
Location: Dagshai HillsHighlights: Situated at height of 5500 sq feet. its un spoilt nature at its best with Villas, plots, 5 star resorts.Options: Luxurious independent villas, residential plots
Pine Wood Resorts
BudgetPlanner
0 10 20 30 40 50 60 70 80 90 100 150 >200
Location: Dharampur Sapatu Road 2 kms from Hotel Victoria IntercontinentalHighlights: Panoramic View of the valley. Non Himachalis can buy in their own name. Specially imported pre fabricated apartments.Options: 1BHK/2BHK on 400 sq yard Plot
HillFarms
BudgetPlanner
0 10 20 30 40 50 60 70 80 90 100 150 >200
Location: Kais Village, KulluHighlights:First of its kind group housing in HP, Unique terraced landscaping all around.Options: Exclusive low rise designer apartments and Luxurious villas
Kaisville
BudgetPlanner
0 10 20 30 40 50 60 70 80 90 100 150 >200
Location: Solan Simla Old Road, Kumar hattiHighlights: Beautiful fully furnished apartment With un spoilt view of the mountains.An ideal hill farm house.Options: 2BHK and 3 BHK
Pine Wood Cottages
BudgetPlanner
0 10 20 30 40 50 60 70 80 90 100 150 >200
DISCLAIMER: Features, information & Budget Planner given above are indicative only. Please contact respective builder for more specific & accurate information. Property & Wealth is not responsible for any decisions taken through use of above information.
SalesOrganisers/Dealers:Call9216841278toAdvertiseinthisspace ZigmaWealth:8146992437
SalesOrganisers/Dealers:Call9872635220toAdvertiseinthisspace MegaMarketing:9815740230
SSAssociates:9876500036 Call9815601347
` inLakh
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` inLakh
28 PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
Zigma Wealth Corporate Office:-
REIT- sides & the flipREIT buys real estate assets which are income providing
property wise
30
At a time when the real estate sector is reeling
under liquidity crunch and poor sales, the
Securities and Exchange Board of India (Sebi)
has re-initiated the process of introducing real
estate investment trusts (Reits) in the country.
As planned way back in 2008, Sebi has finally released
a consultative paper and the proposed SEBI (Real Estate
Investment Trusts) Regulations for comments. Funds through
follow-on offers as well. This marks a key step in bringing
greater transparency and professionalism in the industry.
According to the proposed regulations, REITs will be registered
as trusts with SEBI. These trusts will not be allowed to launch
any scheme. Reits, which will raise funds through initial offers,
will have to list their units on exchanges for trade.
Knowing REITs
REIT is like a company that raises the capital required through
an IPO and then sells its shares to its investors. With the
capital raised, REIT buys real estate assets which are income
providing. Some forms of REIT generate income by renting out
the properties, while some others generate income by lending
money to other real estate investors.
PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
31
The income generated from such type of activities is
distributed back to the investors in the form of dividends year
after year. REITs present a less risky option to investing in
under-construction properties and are well suited for investors
seeking a regular income.
REIT was first introduced back in 1962 in the United States of
America and ever since then the idea of REITs have spread all
over the world through Japan, Singapore and So on.
Key highlights of the draft guidelines
• REITs would be able to raise money from investors,
resident or foreign. However, at the start units would be offered
only to high net worth individuals (HNI) and institutions.
• A REIT would have to be set up as a trust which is allowed
and registered with SEBI before it can offer units to the
public and have its units listed in a fashion similar to an initial
public offering of equity shares. A REIT would have a trustee,
sponsor, manager and principal valuer before it can apply for
registration with the regulator. According to SEBI, a REIT once
listed may raise funds through follow-on offers. Moreover,
listing of units will be mandatory.
• The minimum size of investment that the REIT can
hold would be Rs 1,000 crore and the listing of units will be
mandatory. The minimum initial offer size would be Rs 250
crore and the minimum public float 25%. To avoid excessive
leverage, the consolidated borrowings and deferred payments
of the REIT have been capped at 50% of the value of its assets.
If the leverage exceeds 25%, the REIT would require credit
rating and approval of the majority of investors.
• The minimum subscription per investor would be Rs 2
lakh with every unit valued at Rs 1 lakh.
• 90% of the investment would have to be made in
“completed” revenue-generating properties; the remaining
10% could be invested in other assets as deemed fit by the
REIT manager
• Full valuation including a physical inspection of the
properties would be made at least once a year and be updated
every six-months. Accordingly, the net asset value of REIT
units would be declared at least twice a year.
The action taken by SEBI through issuing these draft guidelines
is an encouraging step and will help enhance liquidity position
of developers and make the realty sector more transparent
and accountable. When REITs come into being these would
stimulate substantial investor interest from domestic and
global investors in India, currently a passive real estate market.
REITs are expected to bring in globally recognized practices to
real estate funding and renew the interest of both global and
domestic investors in this sector. With REIT, one can expect
large-scale investor participation in the real estate sector.
What is in store for Indian real estate sector?
Reits have been on the wishlist of the Indian real estate sector
for long. It is expected to bring in globally-accepted practices
to real estate funding and revive the interest of both global and
domestic investors in the sector.
According to Cushman & Wakefield, around 57 million square
feet of office space is vacant in India and over 200 million
square feet of investible 'Grade A' leased offices are unsold.
These properties can be used by Reits to generate rental
incomes. The residential segment, where annual rental yield
is low (2-5%), will be better suited for capital appreciation.
"Allowing Reits will be a sign of the maturity of the Indian
real estate market. Reits reduce individual speculation in
real estate assets and allow for more professional investment
and management in the sector," says Sanjay Dutt, executive
managing director, South Asia, Cushman & Wakefield, a real
estate consultancy.
"If implemented, the timing of Reits will be great as many
developers are faced with liquidity issues as they have large
amounts of capital locked in commercial assets and are finding
it difficult to sell due to the large ticket sizes. Investments by
Reits will also indirectly reduce the exposure of banks to risky
assets as they have provided construction finances to many
projects," he adds.
"The decision to allow listing of Reits in India as an investment
product will boost the liquidity situation of cash-starved
developers, which are struggling to find funds for their
construction activities. This will also boost the subdued investor
sentiment in the country and will provide an investment avenue
which is less risky than under-construction properties, as well
as easier exit routes along with regular income " says Sachin
Sandhir, managing director, RICS (Royal Institute of Chartered
Surveyors) South Asia.
It’s the non- clarity on on stamp duty and taxation is what
worries some. "Reits will enable developers sitting on assets
to both unlock value and create liquidity. Due to global
acceptance offshore investors had already begun looking at
core opportunities in India. However, there is no clarity on
stamp duty and taxation yet, which will play an important
role in the success of Reits," says Khushru Jijina, managing
PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
property wise
32
director, India Reit Fund Advisors, a real estate fund.
Experts say the Indian government and the market regulator
will need to move quickly to ensure that the momentum built
by Sebi's move remains. They say the process of allowing Reits
will have to be expedited to bring in institutional funding and
liquidity in the real estate sector quickly.
Howithelpinvestors&developers
REITs are beneficial to both investors and the real estate
industry. On the one hand, it provides an exit route for
the developer/industry; on the other, it offers investment
opportunities in property for retail and high net worth investors.
REIT sponsors, usually developers or private equity funds,
allow developers to gain liquidity by passing on ownership to
unit holders. “This is a welcome move. Once in place it will
provide an additional exit route for investors and enable retail
money to be channelised into India’s realty sector through a
regulated network,” says Anshuman Magazine, chairman and
managing director of CBRE South Asia.
According to the investment bank, DLF, Phoenix, Unitech and
Raheja are the largest rental asset owners and likely to be
the key beneficiaries. “Given DLF’s high leverage and limited
success in monetising its non-core assets, REITs could provide
new avenues to raise funding to help it reduce debt.
According to Morgan Stanley, India has 400 million sq ft of
office and mall properties valued at $60 billion (Rs 3.72 lakh
crore).
“It is definitely of interest to us and we would like to float a
Reit like many others,” said V Hari Krishna, director at Kotak
Realty Fund, which has a little over $100 million of investment
in commercial assets. “You get to play the property market
without development risks; Reits offer high liquidity which is
not there in the real estate markets and offer an income-play
like bonds.”
Tata Sons-owned TRIL, an advisor to realty fund Tata Realty
Initiatives Fund (TRIF-1), is also looking at floating a Reit here,
as well as in Singapore, over a period of time.
PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
33
“The legislation (on Reits) offers good options for developers
like us who have large income-generating assets. It is a good
platform for exits. We believe Reits will be realty in India in
the next one year, when we will list our own Reit here,” TRIL
managing director Sanjay Ubale had told Business Standard
recently.
“Three-four years down the line, we will look at floating a Reit
in Singapore,” he had said.
TRIF-1 has a corpus of $750 million and owns around 90 per
cent stakes in the company’s mall projects in Amritsar and
Nagpur, among others.
According to sources, US-based Blackstone has also started
doing the spadework to launch Reits here. Blackstone is the
most-aggressive investor in commercial properties in India. It
has invested about $1 billion in Indian commercial properties,
mostly in IT parks and special economic zones, since 2011.
Some of its major investments include a $149-million
investment in DLF Akruti Info Parks in Pune and $200 million
in the properties of Embassy Property Developments.
Theflipside
Going by the pragmatic approach, SEBI has given a lot of
emphasis on transparency and disclosures According to
Bhairav Dalal, associate director, PwC India, “The good news
is that the regulator has clearly expressed its willingness to
kick-start REITs in India at the earliest. The cautious approach
adopted by Sebi during this initial period is acceptable and
appreciable. One concern is with regards to the strengthening
of our legal framework surrounding real estate in India, which
is a pre-requisite for REITs to thrive here. One of the basic
premises of the draft Reit regulations is the need to provide
an exit avenue and liquidity. However, the definition of "real
estate" seems rather constricted. The definition of "real estate"
or "property" should be broadened to include all commercial
and residential property and completed infrastructure assets
such as roads and highways that have a regular income flow.
The Real Estate Regulatory Bill, which was approved by the
Union Cabinet in June 2013, was therefore a move in the right
direction,” said Anuj Puri, Chairman & Country Head, Jones
Lang LaSalle India.
Unveiling the underlying policy marshland for REITs, Geeta
Dhania, Managing associate, Luthra & Luthra Law Offices, says
the sponsor eligibility condition of five years' experience in the
real estate industry on an individual basis should be widened
to enable non-core real estate players likehotels, hospitals and
other corporate houses with real estate to participate in Reits
as well.
Talking on the commercial viability, of the premise that the draft
Reit regulations provides that a Reit cannot undertake an initial
public offer without the prescribed minimum asset value, she
says, Our lawmakers should amend this requirement and may
consider a requirement to have the initial portfolio identified
and tied in by way of definitive documents prior to the initial
public offer and offering proceeds can be utilised to purchase
the assets.
PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
Retail In Asia - Different Strokes For Different FolksConsumers in India, China and other emerging nations are curious and want to explore new brands
property wise
34
Different Asian countries are at different stages
of development of infrastructure, logistics
capability and general real estate market
development. Retailers are prevailed upon to
tailor their local market strategies according to
factors such as real estate locations, price points and available
logistics. Such issues do not, as a rule, exist in developed
world.
The characteristics of Asian consumers that make them
different from consumers in developed markets are also
noteworthy. To begin with, most Asian populations are
witnessing rising incomes. This makes them prone to higher
spending impulses than consumers in the West, who are
currently in belt-tightening mode.
Also, consumers in India, China and other emerging nations
are curious and want to explore new brands. Consumption of
high-value items and luxury products is rising. Simultaneously,
the Asian consumer at all times keeps an eye on the affordability
of products.
This is a seemingly paradoxical approach for retail brands
that are used to the blacks and whites of spending patterns in
developed countries. They are often not sure how to position
themselves in markets where domestic alternatives to their
luxury items are available and also accepted.
Some interesting variants to the retail story in Asia:
• LocalPartnerSelection: International retailers are deploying
a variety of strategies when entering Asian markets. These
strategies range from emphasis on Internet marketing and
sales to adapting stores and specific products to fit in with local
cultures. Local, home-grown luxury brands seek international
capital and expertise, while global luxury brands are keen to
appeal to local tastes. Thus, partnerships between the two
become common.
• LocalStrategy: In order to be effective in Asia, international
retail strategies require to be customized to the nuances of the
local market. There are a number of nuances to be accounted
for, including the securing of top real estate locations at
accurate price points and good supply chain management.
• Product Lines: Product lines are more or less the same,
considering the inherent clout many well-known brands wield
in their particular segments. What differ are the finer elements
of product – product superiority (in the case of electronic
gadgets), product size (in the case of apparels and accessories,
depending upon the average build of people in a specific
geography), product pricing (depending upon cost structure in
the local markets and other business risks involved), product
choices specific to specific climatic conditions, and so on.
• Product Differentiation: In Asian countries, international
retailers that have displayed little or no disparity in price,
product and service from country to country have outperformed
peers that lack that same consistency. Zara and H&M are
good examples of such retailers, and they do very well. They
have a high luxury brand presence internationally, and the fact
that there is little brand dilution when going cross-border has
proved to be a winning strategy for them.
Anuj Puri, Chairman & Country Head, Jones Lang LaSalle India
PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
35
• Brand Awareness And Recognition: The success of
international retail and restaurant-chain expansion often
depends on brand recognition. For instance, in Singapore
there is high recognition of American and Japanese brands
due to education, travel and popular culture. In countries
such as China, the upper-middle income group is showing an
increasing preference for popular Western brands.
• Curiosity: It would not be inappropriate to say that Chinese
and Indian consumers display an almost child-like eagerness
to try new things and explore new facets of their identities.
Therefore, they are low on brand loyalty. This is good news for
several domestic and international retailers who want to set up
base in these countries. However, several international retailers
also have to grapple with this limited brand-consciousness in
countries such as India, and could only hope that the trend
changes in their favour over time.
• Entry& LocationStrategy: In the West, entry and location
strategy is more oriented towards establishing the suitability
of the product to a particular population at a certain location.
This is possible because demographic data and digitized
real estate landscaping is readily available in developed
markets. Emerging markets are less organised, and
therefore international retailers need to begin by studying the
demographics of each market cluster separately. The rising
importance of focusing on the correct residential cluster to
target cannot be underestimated - there is a deep requirement
of adequate market research at the core.
•StoreSizes: Depending upon the depth of product offerings
for a particular market, store sizes also differ. For instance,
Marks & Spencer would probably need a 20,000 sq. ft. space
in the UK at a minimum, as it offers diverse product categories
in that market. However, in Asian countries where it will
invariably carry a more limited range of product offerings, it
would not need more than approximately 5000-6000 sq. ft.
of space.
• Operational Efficiency Vs. Omni-Presence: The Big Bang
expansion plans of international retailers into fast-growing
emerging markets may not fructify at this moment because
of investment capital constraints (as is to be expected in a
scenario wherein business in home country is weak). Wal-
Mart, for instance, said in 2012 that it will slow down launches
of new stores in China and other Asian markets, thereby
indicating a greater focus on operational efficiency.
• InnovativeStrategies: Fashion apparel is one of the segments
that is witnessing enormous growth in Asian markets. It is
geared towards a young population with rising incomes, yet
a determined focus on affordability. Thus, many international
and domestic retailers have come up with 'fast fashion' to
bring affordably-priced apparel to the market in quick cycles.
These retailers are also facing stiff competition from Asia’s
local players, who have long-standing strength in textiles, an
understanding of local tastes and established local distribution
networks.
• PrivateLabelsGoods: In India, big retailers have been active
in introducing private label products, which now account for
20-25% of the profits for most. To cater to needs of value-
conscious consumers, private labels can also fill a void in
markets such as India where many categories of goods are
still under-developed. Private labels have a much lower share
of supermarkets sales in Asia than in developed countries,
ranging from less than 1% in Indonesia to between 1.5%-30%
in Thailand, Hong Kong, Malaysia, South Korea, Singapore
and Taiwan (as per L.E.K. Consulting). Euromonitor research
shows that in India, this share is close to 11% and 4% in China.
Initially, some consumers show suspicion while buying private
labels. To overcome this suspicion, retailers are resorting to
upgrading packaging, competitive pricing and promoting their
international affiliation. All in all, private labels have a bright
future in India. According to AC Nielsen, private labels will sell
around 5 times more in India by 2015 as against the annual
USD 100 million turnover being seen today.
PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
Delayed Projects Plague NCR’s Residential Market
property wise
36
Santhosh Kumar, CEO - Operations, Jones Lang LaSalle India
PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
Delayed delivery of residential projects has
become a significant issue on the real estate
market, leading to high levels of ire among
customers. In terms of the average delay in
delivering residential projects across India,
more than 25% of the committed supply has not been able to
hit the market as per schedule. The National Capital Region’s
performance in terms of delivery of residential supply due in
2013 has been the worst across all the major Indian cities.
In Gurgaon, only one-third of the total committed supply for
2013 has been delivered so far. The situation has been even
more alarming in other NCR regions such as Noida, where
only about one-fifth of the residential supply committed for
delivery in 2013 has been delivered so far.
In the West, Pune and Mumbai have shown a much better
performance in terms of project completions - these cities
could deliver more than 40% of the committed supply of 2013
as per scheduled delivery.
With delivery delays, inventory levels across India have risen
significantly. The Pan India inventory of residential stock is
now well above the comfort level of 14-15 months. Mumbai
has an inventory of close to 48 months, Delhi of 23 months
and Bangalore of 25 months. These are close to the levels
of 2007, when the residential real estate market's inventories
were at an all-time high.
Why Project Delays Occur
The issues leading to residential project delivery delays are
manifold. Poor project management is often one of them,
but this is not essentially the prime reason. In fact, it is the
current economic scenario - defined by high levels of inflation
and escalating construction costs - that is the leading reason
for delayed projects. Developers are facing a severe liquidity
crisis and do not have the capital to complete their projects.
However, there are also other factors at play.
One of these often is nothing more than a lack of commitment
to timely completion and delivery on the part of a developer.
We are currently looking at an environment wherein developers
are obsessed with launching new projects rather than making
the completion of existing projects a priority. There have been
many instances where funds that were raised for a particular
project were diverted for uses other than expediting the
completion of projects under construction.
Delay in regulatory clearances is another critical reason for
delays in project deliveries. In many cases of delayed projects in
Delhi NCR, the water and sand crises as well as environmental
regulations which developers have not been able to meet have
played a role. In quite a few projects, the lag caused by various
bureaucratic processes has also been an operative factor in
delayed project clearances.
There is no doubt that the new regulations pertaining to land
acquisition have thrown a rather massive spanner in the
works. In the NCR region, a significant number of residential
projects in areas such as Noida have been delayed because of
disputes with regards to land acquisition.
Advice For Property Buyers
In the current scenario, the secondary market seems to be
a more promising avenue for end-user buyers, as they can
get better price points there. However, transactions on the
secondary market often require buyers to have higher initial
liquidity so as to be able to meet the immediate capital
requirements. Also, in many of the projects, developers have
put in prohibitive measures such as high transfer charges
before the completion of the project. In such cases, the
valuation might also not be very attractive at all.
Nevertheless, developers are feeling lot of financial pain and
are now offering attractive construction-linked and payment
plans, with the bulk of the payment phased towards the time
of possession. These plans allow buyers with limited liquidity
to proceed with the purchase. Also, CLPs mean that buyers
have reduced exposure to the risk of delays.
We expect that in the ensuing two quarters, developers will
come out with more incentives and discounts to attract buyers.
In other words, the primary market will continue to maintain
its appeal. Buyers are, as always, advised to do a complete
and thorough due diligence of the credibility of any developer
they seek to deal with. Especially in the current scenario, the
delivery track record for previous projects is a vitally important
guideline for investment in the primary market.
37PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
Top realty destinations to invest in near metro cities
Buy a home for yourself this year. That's the
message of Union Budget 2013-14. The Budget
has announced an additional tax deduction of
Rs 1 lakh for those taking a loan up to Rs 25
lakh to buy their first home this financial year.
If you find the bait attractive enough, the Rs 25-lakh loan cap
and high property prices mean you have limited options if you
cannot make a big down-payment. One option is buying a
house at places not far from metro cities where prices are on
the lower side. Even if you don't want to move away from the
main city, the high returns that some of these new locations
promise means the house can be used as a bridge to the one
that you want to live in.
THEALTERNATIVES
With improving connectivity, expanding cities and rising
property prices, more and more home buyers are looking at
places close to metro cities. Developers are also betting big on
such locations.
Some emerging locations are Manesar (Haryana), Neemrana
property wise
38 PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
With improving connectivity, expanding cities and rising property prices, more and more home buyers are looking at places close to metro cities. Developers are also betting big on such locations.
(Rajasthan), Narela (Delhi), Dharuhera (Haryana), Bhiwadi
(Rajasthan), Yelahanka (Karnataka) and Ranjanapada
(Maharashtra). Knight Frank India, a property consultancy,
listed Manesar, Neemrana, Narela, Yelahanka and
Ranjanapada as "hidden gems" in a report released towards
the end of last year.
"Buying property in a location that is well-connected and an
upcoming industrial hub is apt not only from the end-user
point of view but also from the investment point of view,"
says PS Jayakumar, managing director of Value and Budget
Housing Corporation (VBHC), a Bangalorebased developer
with focus on low-cost homes.
"The Delhi-National Capital Region (Delhi-NCR) should be a
good bet, but buyers need to be aware of two situations-one,
economic development in the area and, two, rise in inventory
with a large number of new properties getting ready," says
Ankur Gupta, joint managing director of Delhi-based Ashiana
Housing.
To attract both investors and first-time buyers, developers are
offering properties in a number of destinations close to metro
cities. Some of these are likely to give good returns over the
years .
BHIWADI&DHARUHERA
Bhiwadi and Dharuhera are well-connected with Gurgaon and
Delhi through National Highway 8. These are at a distance of
around six km from each other.
"I will take Bhiwadi and Dharuhera as one region. These have
become industry hubs on the Delhi-Mumbai Industrial Corridor
(DMIC). Companies such as Honda, Gillette and Lafarge have
set up plants there and many others are considering expansion
(there). Infrastructure such as schools, malls and hospitals is
coming up in a big way and will make life easier," says Gupta.
The DMIC project aims to create new industrial centres in
seven states-Delhi, Uttar Pradesh, Haryana, Rajasthan,
Madhya Pradesh, Gujarat and Maharashtra-through better rail
and road connectivity. It is aligned with a proposed rail freight
corridor between Delhi and Mumbai. In this year's Union
Budget, the government has expressed willingness to provide
additional funds for the project. The first phase is slated for
completion in 2018.
"Bhiwadi has properties priced between Rs 15 and Rs 70
lakh while properties in Dharuhera start from Rs 15 lakh and
go up to Rs 1 crore and more. Depending upon the time it
will take to build the industrial corridor, both locations will
offer lucrative returns," says Raj Sharma, managing director,
BestPropertyDeals.co.in, a brokerage website.
Most buyers in these locations are not end-users. "Only 20-25
per cent houses launched there have been bought by end-
users. The target group is people living on rent in Gurgaon,"
says Sharma.
Developers say the demand in huge. "Since 1993, we (Ashiana
Housing) have delivered around 4,000 homes in Bhiwadi.
We see a lot of interest in the future as more employment is
created in the area," says Gupta.
Bangalore-based VBHC entered the north Indian market with a
township in Bhiwadi. "Nowadays, people are inclined towards
industrial areas such as Bhiwadi due to the fast pace of price
rise. Our assessment suggested that Bhiwadi would be the
preferred location for investors. The response from buyers
confirmed this," says Jayakumar.
"One can expect an appreciation of 60 per cent in the next two
years. By the time the project is ready for possession, the price
would have doubled," says Sharma.
NEEMRANA
Around 50 km from Dharuhera, it is emerging as an industrial
hub. Neemrana, part of the NCR, does not have good
connectivity. The National Highway 8 is the only major road
linking it with Delhi. However, things should improve as it
is a major node on the Dedicated Freight Corridor between
Dadri (near Delhi) and the Jawaharlal Nehru Port Trust, Nhava
Sheva (near Mumbai). It is also part of the DMIC project.
One of the growth drivers for Neemrana is the Japanese
Investment Zone where 2,500 acres have been allotted to
Japanese companies.
At present, just a few established real estate players such as
Eldeco are operational here. However, local players are offering
plots and apartments citing proximity to the Neemrana Fort
and the Japanese trade hub.
Neemrana is well-connected with the New Delhi international
airport (around 105 km). An independent airport is also
proposed to be built in the area.
A 40,000-acre Global City is also planned in the Neemrana-
Behror area for which land has already been designated.
It will be able to house around one million people. Several
39PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
industrial zones and special economic zones such as the
Export Promotion Industrial Park are also in the pipeline.
"Neemrana should benefit immensely from the above factors
and provide good returns over a 10-year horizon," according
to the Knight Frank report mentioned earlier.
MANESAR
Located in south of Gurgaon, a New Delhi suburb, Manesar
is emerging as an important industrial belt with Phase I of the
Industrial Model Town already complete. The work on other
phases is going on.
Apart from manufacturing, Manesar is attracting information
technology and related companies as well. The industrial town
is expected to generate a large number of jobs, which will
drive demand for residential properties. The Kundli-Manesar-
Palwal Expressway, though delayed, is expected to add to the
demand.
NARELA
Narela in North-West Delhi is on the capital's border with
Haryana. It was planned as a sub-city by the Delhi Development
Authority after Rohini and Dwarka.
The area lags in connectivity. This should cease once the Delhi
Metro extends an existing line till Narela, providing a direct link
to Gurgaon through Delhi. Apart from the metro, it is expected
to benefit from the Kundli-Manesar-Palwal Expressway, which
is just 10 km away.
A freight complex (392 hectares) is proposed to be built in
Narela. Bawana, a small town 10 km away, is also seeing a lot
of industrial development.
RANJANPADA
Mumbai property prices can scare away those with small
budgets. Such people can bet on Ranjanpada in Navi Mumbai.
At present, the Jawaharlal Nehru Port Trust (JNPT) is the main
driver of real estate trends here.
Ranjanpada is just 15 km from the Belapur business hub in
Navi Mumbai. It is 22 km and 28 km from Vashi (Mumbai)
and Airoli (a Navi Mumbai suburb), respectively. Though it
is not very far from important employment centres, absence
of a proper transport system makes commuting difficult. The
JNPT Road is its only link with the other regions. An under-
construction Nerul-Seawood-Uran rail line, which is expected
to be completed in 2016, will improve connectivity with the
rest of Navi Mumbai and Mumbai.
Ranjanpada will also benefit from the Mumbai Trans Harbour
Link connecting Navi Mumbai and Mumbai. The work on the
link is expected to be commissioned in 2013. This sea bridge
will drastically reduce travel time between Ranjanpada and
South Mumbai business locations such as Nariman Point and
Colaba.
YELAHANKA
The Bangalore international airport near Devanhalli has been a
game changer for the nearby areas. Yelahanka, 19 km from the
airport, is also expected to benefit from the development. It is
further north of Hebbal, which has emerged as an information
technology hub and expected to grow further.
After the airport came up, property prices in Yelahanka
rose swiftly. At present, the area lacks quality civic facilities.
However, it has good connectivity with Bangalore's city centre.
Several road and rail links, including a commuter rail between
Devanahalli and Yeshvantpur via Yelahanka, should improve
connectivity.
The Karnataka government has formed a body to promote
development in the region and develop North Bangalore as a
business hub. With multiple projects and proposals, 40 lakh
jobs can be generated in the region over the next two decades,
say experts.
"Yelahanka's eventual evolution as a peripheral business
district will give birth to a thriving residential real estate
destination," says Knight Frank.
Contributed by: Monika Tandon
40 PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
Application form withPhotograph duly signed byall applicants
Identity, Residence andage proof
PAN Card copy of themain applicant
Proof of businessexistence
Application form withPhotograph duly signed byall applicants
Copy of valid passportshowing visa stamps
Copy of valid visa / work/permit/equivalent documentSupporting NRI Status of theProposed account holder
Latest contract copyevidencing salary/salarycertificate / wage slips
Application form withPhotograph duly signed byall applicants
Copy of Passport alongwith valid visa stamp
Trade license or equivalentdocument
Computation of income,P & L account and BalanceSheet for last three yearsCertified by the CA/CPA,or Any other relevant authority (or equivalent company accounts)
Business ProfileOverseas bank account Statement
Six months overseas bankaccount statements andNre/Nro account
Last three years’ income taxreturns with incomecomputation Last threeyears’ CA-certified / auditedbalance sheet and profit & loss account Processing fee Cheque Processing fee Cheque
Last Six month’s bankstatements (Self andbusiness)
Processing fee Cheque
Self-employedNon-professionals Salaried NRIs
Self-employedNRIs
Application form withPhotograph duly signed byall applicants
Application form withPhotograph duly signed byall applicants
Identity, Residence andage proof
Identity, Residence andage proof
PAN Card copy of themain applicant
PAN Card copy of themain applicant
Last three MonthsSalary Slip
Education qualificationcertificate and proof of business existence
Form 16/ Income TaxReturns
Last three year’s incometax Returns with incomecomputation
Last Six month’s bankstatements
Last three year’sCA-certified / audited balance sheet and profit &loss account
Processing fee Cheque
Last Six month’s bankstatements
Processing fee Cheque
SalariedCustomers
Self-employedProfessionals
Note :- The above mentioned list of documents are inclusive and not exhaustive. The Bank / Financial Institutions may ask for any additionaldocuments / information on case to case basis at their discretion.
DOCUMENTS
CHECK LIST
FOR
HOME LOANS
Most Expensive Streets across the World (2013)
Delhi’s Khan Market is India’s costliest retail
market. National capital’s tony Khan Market is
the most expensive retail market in the country
even though its ranking worldwide has dropped
two places to 28. Monthly rentals at Khan
Market stood at Rs 1,250 per sq ft as of June, 2013, up by
just 2 per cent from the year-ago period, according to global
property consultant Cushman and Wakefield’s (C&W) report
‘Main Streets across the World 2013.When it comes to rental
appreciation, Panjagutta in Hyderabad with 29 per cent growth
is placed 8th in the list of global rental movement ranking of
2013. South Extension in New Delhi is at 17th position with
an annual rental growth of 20 per cent. Kutuzovsky Prospekt
in Moscow recorded the highest rental growth of 42 per cent.
“In the global ranking of most expensive retail locations, Khan
Market in New Delhi emerged as the 28th most expensive
in the world, retaining its position as most expensive retail
location in India,” C&W said.“India (Khan Market) however,
dropped in the global ranking from 26th to 28th position due
to the weakening of the Indian rupee against US dollar and
largely stable rentals with limited increment in rental values
in established retailing sectors,” it added. Hong Kong’s
Causeway Bay has emerged as the world’s most expensive
retail location, followed by New York’s 5th Avenue, as per the
report that ranks the most expensive locations in the top 334
shopping destinations across 64 countries.
Avenue des Champs Elysees in Paris is ranked third, while
New Bond Street in London, Ginza in Tokyo are at 4th and 5th
Hong Kong’s Causeway Bay has emerged as the world’s most expensive retail location, followed by New York’s 5th Avenue
property wise
42 PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
Hong Kong’s Causeway
places respectively.
Khan Market witnessed high demand from retailers but due
to limited availability and transactions, rental values have only
seen a marginal increase, it said.
Commenting on the report, C&W executive managing director
South Asia Sanjay Dutt said: “While retail rentals globally
registered a slower growth of 3.2 per cent as compared
to previous year on account of slowdown in economic
uncertainties in the leading markets, the Asian markets saw
a better average of rental increase at 4.5 per cent in the same
period.”
The economic risk remains for 2014, but conditions are
expected to steadily improve across most markets, he said.
“The retailers’ push towards the best and most sought after
locations will continue. However, limited supply and higher
rental costswill create obstacles for some brands, leading a
number of retailers to look at alternative locations in close
proximity to the main thoroughfares,” he added.
On Indian retail locations, Mumbai’s Linking Road (Rs 750/
sq ft/month) emerged as the second most expensive retail
location in the country despite a correction of 11.8 per cent
in rental over last year. Connaught Place and South Extension
are third and fourth positions with a rental of Rs 725 per sq ft
in a month.
Bangalore’s Brigade road and Mumbai’s Linking Road stood at
6th and 11th positions respectively in the list of world’s top 15
markets to saw the sharpest retail rental decline.
Khan Market in New Delhi New York’s 5th Avenue
Indian office space –a subdued sentiment
India is faced with an intimidating macro-economic
landscape comprising of an escalating current account
deficit, slowing economic growth and persistent
inflationary trends. The economic growth slipped to
4.4% (its slowest pace in the last four years) during
the April-June period compared to 4.8% growth registered in
the preceding three months. In this light the corporate office
occupiers have remained cautious amid a subdued economic
outlook, a trend that has continued to inhibit office-leasing
activity across the country.
According to the report, India Office Market View by CBRE,
an international real estate consultancy, the office space
absorption in the top seven cities of the country has declined
by 14% q-o-q in Q3, registering around 6 million sq.ft as
compared to around 7 million sq.ft in the previous quarter.
These cities are Delhi NCR, Hyderabad, Mumbai, Chennai,
Pune, Bangalore and Kolkatta.
Looking at optimizing portfolio, rather downsizing in certain
instances, corporate occupiers’ demand has weakened. “A
sluggish global economy, a substantial drop in India’s GDP
growth, uncertainty, volatile currency, high interest rates, etc.
have been a deterrent for corporate growth and expansion.
The has resulted in declining office absorption across the key
metros in the country.” says, Anshuman Magazine, Chairman
and Managing Director, CBRE South Asia Pvt. Ltd.
The July–September period had witnessed the lowest addition
of office space over the past several quarters, largely due to
Witness 14% decline in office space absorption
property wise
44 PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
prevailing high vacancy pressures in completed projects and
poor commitment levels in under-construction properties. Less
than 3 million sq.ft. of office space had been completed in the
given quarter—a drop of about 76% q-o-q, as compared to
around 10 million sq.ft. in 2nd quarter. Mumbai led project
completions, followed by the NCR, Bangalore and Hyderabad,
representing about 88% of the entire supply added during the
quarter.
The National Capital Region (NCR), Mumbai and Bangalore,
dominated the transaction activity each recording more than 1
million sq.ft. office space leasing. Gurgaon in the NCR; Lower
Parel, Andheri, Goregaon and Navi Mumbai in Mumbai; and
the Outer Ring Road in Bangalore, have emerged as the most
preferred micro-markets for office space leasing.
However, rental values have remained largely stable as
occupiers faced cost pressures, and consolidation continued
to be the key theme. Owing to increased occupier interest in
leading Grade A properties, marginal appreciation to the tune
of 2–3% has been observed in the Central Business Districts
of Delhi, Bangalore, Chennai and Pune.
Interestingly, Mumbai’s Nariman Point and Bandra Kurla
Complex have been the only micro-markets that have seen
a marginal rental drop, owing to sluggish demand and a
preference for the city’s cost-effective peripheral locations.
Looking the current scenario, occupiers are likely to remain
cautious, owing to uncertain global and local economic
sentiments, with their focus firmly on cost savings through
efficient space utilization, and consolidation/relocation to
peripheral markets. Given the prevailing weak sentiments,
occupiers will continue to hold strong leverage in the office
leasing market. This is expected to benefit corporates looking
at renewing or restructuring leases in the short to medium
term. Owing to upcoming expectations of a large supply
addition, rental and capital values are likely to remain under
pressure in most micro-markets in the short to medium term.
To top it all, where, the appointment of the new governor of the
Reserve Bank of India (RBI) was being seen as an encouraging
development, the raise in repo rates by 25 basis points during
its quarterly monetary review in September rather came as a
dampener for investor sentiments in the real estate sector.
45PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
Real Estate Investment Advice: Bungalows Versus Flats
property wise
46 PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
Assuming that one has the financial wherewithal
for this to be an option at all, the question of
whether to invest in a bungalow or a flat is indeed
pertinent. As always, location plays an important
role. In an established area of a large city like
Pune, a bungalow costs a lot more than a flat. This means that
the rental market for such a property shrinks proportionately.
However, the income segment that remains can definitely
afford to rent such a unit, so demand would remain more or
less consistent. Moreover, bungalows in established locations
have a high chance of attracting long-term corporate leases.
• Bungalows–EstablishedVs.UpcomingLocations
Investing in a bungalow in an upcoming location usually
involves a lower (though still sizeable) capital investment. The
rental yield is lower, but the size of the rental market for such a
property increases proportionately. Investment in a bungalow
in such a location can make a lot of sense if the area, despite
being non-prime, is still well-connected to some of the city’s
major economic drivers, such the airport or employment hubs
such as IT parks and manufacturing zones.
One major advantage of investing in a bungalow in an upcoming
location is that it will gain steadily in value as the area’s profiling
in terms of social and civic infrastructure improves. However,
regardless of location, the maintenance costs and property
taxes involved in a bungalow are a lot higher than those of
flats. This long-term financial implication must necessarily be
factored while investment in a bungalow is considered.
• ShareOfLand
If we set the considerations of location, ticket size and potential
rental yield aside, the primary advantage of investing in a
bungalow rather than a flat is that one secures more land.
In any location, it is the value of land which determines the
value of built-up property. Unlike a flat, a bungalow and its
compound lock in a significant piece of tangible land. This fact
gives a bungalow a higher value in real estate terms. Also, the
investor must have a suitably long investment horizon and not
be looking for short-term returns.
• InvestingInFlats
Flats offer a slightly different value proposition than stand-
alone units such as bungalows. In the first place, the share
of land that is legally allotted to each flat in a project is much
lower than that of a bungalow. The primary value of a flat lies in
the space that it occupies, which is why larger configurations
such as 3 and 4 BHK attract higher rents.
As before, location will dictate the ticket size as well as rental
income. The rental market for flats is much larger than that
of bungalows, so
finding tenants is
easier even if one
factors in a certain
degree of tenant
churn. However, one
must ensure that one
is investing in a flat
whose size dovetails
with the median
income profile of the
location. The highest
demand will always
be from the locality
itself, and from people
working in offices and
industries close to the area.
Buying a flat whose size puts it out of the largest local demand
profile can be a self-defeating and costly mistake. Generally,
the 1, 2 and 2.5 BHK configurations are the safest investment
bet in any area, since the rental demand for them is always
the highest. With ultra-premium flats as a logical exception,
maintenance and property tax for apartments is significantly
lower than for bungalows.
• Flats–EstablishedVs.UpcomingLocations
In terms of location, investors into flats must consider all the
pertinent factors carefully. Flats in established locations are
costlier and involve a higher capital expense. They will attract
rental interest from a segment of higher economic profile.
However, it must be borne in mind that capital appreciation
of flats in centrally located projects is slower than in many
upcoming areas. This is because high-end locations tend to
hit an appreciation plateau, which can persist for long periods.
Upcoming locations appreciate faster because their market
viability is being enhanced with increasing accessibility as well
as social and civic infrastructure. They attract more people,
since any city’s growing population tends to move into areas
which are affordable. For that reason, emerging locations also
tend to attract a lot of commercial establishments – which
further boosts the residential segment.
To ensure that growth factors such as assured infrastructure
and social amenities are indeed locked into place, investors
into apartments should ensure that they choose projects that
fall within the local municipal limits. If a project falls outside the
city's corporation limits, there is no guarantee that the location
will receive proper infrastructure such as roads and regular
water and electricity supply. Without such infrastructure, a
location does not appreciate – thereby rendering it unsuitable
for smart property investment.
Arvind Jain, Managing Director–PrideGroup
47PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
98726-35220, 98156-01347
September 2013
Rated Ahmedabad 6-Star by CARE Ratings
Iscon Platinumby JP Iscon Limited
Ahmedabad
Iscon Platinum
By: J P Iscon Limited
September 2013
Rated Ahmedabad 6-Star by CARE Ratings
Iscon Platinumby JP Iscon Limited
Ahmedabad
Iscon Platinum
By: J P Iscon Limited
Project Star Rating Rationale
•Projectdeveloperquality
Iscon Platinum, a high-ranged lifestyle residential project,
is being developed by JP Iscon Limited (JPIL). JPIL is the
flagship company of the Ahmedabad-based ISCON group,
which has a long track record of executing real estate projects
across a wide range of segments, viz, residential, commercial
and retail space across Gujarat. The group has completed
18 projects covering an area development of about 39 lakh
square feet (lsf) since the year 2000. Apart from Iscon
Platinum, JPIL has three ongoing projects consisting of a total
developable area of about 12.42 lsf. Over the years, the group
has created the brand ‘ISCON’ which is one of the reputed
and trusted brands in the real estate development business
in Ahmedabad.
•Projectconstructionqualityandamenities
The project is situated at Bopal on the 200 feet Sardar Patel
ring road, which is amongst one of the major developing
localities in Ahmedabad. The civil construction work of the
project is undertaken by the in-house team of JPIL, which has
satisfactory track record of executing several projects of the
group. JPIL has appointed reputed architect and structural
consultants of Ahmedabad for the development of the
project. The project proposes to house adequate amenities
and recreational facilities including garden, children play
area, swimming pool, indoor & outdoor gaming facilities, etc.
•Projectlegalquality
The land title of the project land area of about 3.79 lsf is
clear and marketable as per the title search carried out for
30 years (title search was done by Mr Pratik Ramlal Jani).
Besides, the project has received all clearances required for
the execution from the respective government authorities for
the construction of 12 towers (A to L) of the project.
•Projectfinancialquality
The project cost was originally proposed to be funded through
a mix of customer advances of Rs.100 crore, bank loan of
Rs.70 crore and the balance from the promoters. Since
the company has received higher than envisaged customer
advances (Rs.140.70 crore) during the
CARE Assigns “NCR 6-Star” Rating to Iscon Platinum
by JP Iscon Limited
property wise
49PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
ProjectDeveloperProfile
Name of the company developing the project JP Iscon Limited
Project developer group Iscon Platinum
Development Experience of the developer group 13 years
No. of years in the industry 13 years
No. of projects developed till date 18
Total Area developed till date 40 lsf
No. of projects ongoing Four (25.56 lsf of saleable area)
Project Developer
JPIL is promoted by Mr Pravin Kotak along with Mr Jayesh
Kotak, Mr Jateen Gupta and Mr Amit Gupta, who founded
the group in the year 2000. Mr Pravin Kotak possesses rich
industry experience of more than three decades and other
promoters also
have more than a decade long experience in the real estate
industry.
The group has been in the Ahmedabad real estate market
for the last 13 years and is popularly known as ‘ISCON’. As
on June 30, 2013, the group has completed 18 projects
consisting of commercial and residential schemes covering
an area development of about 39 lsf. Apart from Iscon
Platinum, JPIL has three ongoing projects, which consist of
the total developable area of about 12.42 lsf. The group’s
entire development portfolio is located in Gujarat which gives
it an advantage in terms of reasonable business network and
understanding of the real estate market in Gujarat.
Project Details
The project is situated at Bopal on the 200 feet Sardar Patel
ring road, which is amongst one of the major developing
localities in Ahmedabad. The project has good connectivity
and is only a kilometer (km) away from the highly successful
mass transit system in Ahmedabad, ie, Bus Rapid Transit
System (BRTS). The Ahmedabad railway station and airport is
at a distance of approximately 16 km and 21 km, respectively
from the project location. The project is in close vicinity of SG
Highway, which has many elite localities situated on either side
of it. Reputed schools, shopping malls, restaurants, hotels,
banks, fuel stations and hospitals are within 5 km radius of
the project.
The project is designed to provide a luxurious lifestyle
living. Iscon Platinum consists of total 472 residential units
distributed across eight buildings with 12 storied blocks and
four buildings with 11 storied blocks. The project proposes
to provide facilities and amenities such as provision of 24/7
professional security with closed-circuit television (CCTV)
surveillance, video phones in each apartment, power back-up
in common areas, garden, gymnasium, indoor-outdoor sports
facilities, allotted car parking and many other amenities.
50
Project Name Iscon Platinum
Project Type Residential
Project Location Bopal, Ahmedabad
Development Type Bought Out
Project Start Date June 2011
Physical Construction Completion Date September 2014
Agreed upon Possession to the customer As per management, the project is to be handed over by September
Total Saleable Area 13.14 lsf having 472 residential apartments spread across 12 buildings
Construction Status The construction work for the project is at an advanced stage (59% of the construction cost incurred) with super-structure work of 10 out of 12 the blocks completed. Work related to flooring and plaster for the 10 blocks is being carried out currently. The construction of super-structure of the remaining two blocks is under progress.
ProjectProfile
PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
HighlightsoftheProject
• Sports amenities: walking track, tennis court, squash
court, basketball court, volleyball court, cricket pitch,
skating rink, etc
• 24/7 CCTV surveillance and video phone in every flat
• Gymnasium and spa
• Swimming pool
• Library
• Garden with children play area
• Medical care centre
• Garbage room
• Two car parking spaces per apartment (one covered
parking in basement and one on ground floor)
Construction status of the project
The project uses column footing foundation in all the blocks,
wherein the construction and the excavation work is carried out
7.2 meters into the earth (3.2 meters basement plus 4 meters
into the earth from the basement) where it found hard strata.
The superstructure has been completed for 10 blocks. The
construction of two blocks, ie, block C and D commenced from
February 2013, in order to facilitate the efficient movement of
man and material and provide adequate space for the storage
of project specific raw material.
In case of common amenities, a clubhouse, swimming pool
and playing area is under construction.
Briefparticularsaboutvariouscontractorsisasfollows–
1.Architects
Placekinesis Associates, based in Ahmedabad, is amongst
the renowned architectural consultants in Ahmedabad. The
consultants have been associated with many well-known
residential as well as commercial projects. They have been
associated with JPIL for the last seven years.
2.Structuralconsultants
Ducon Consultants and Achal Parikh Structural Engineers
have been appointed as the structural consultants for the
project. They have been associated with JPIL since more than
10 years and have worked on various projects of JPIL in the
past.
3.CivilEngineers
The civil construction is done by JPIL’s in-house team and the
execution is overseen by Mr Nilesh Desai, Chief Civil Engineer
for the group.
Project legal status
The title search has been carried out by Mr Pratik Ramlal
Jani vide the report dated August 3, 2011, for the entire piece
of land admeasuring 35,208 square meters for the last 30
years. The title of land is clear and marketable. The solicitor
opines that the land is free from any charge or encumbrances.
• The draft agreement to sale is elaborate and contains details
related to the carpet area, saleable area and specifications;
however, it does not mention a fix date of possession. It
specifies a penal clause for the delays in payment by the buyer
but it has no specific penal clause for the delays in project
execution by the developer. Furthermore, the agreement does
not cover in-detail the obligations of the developer, clause for
liquidated damages, etc.
Project Financial Status
• The total project cost of Rs.273.22 crore was envisaged to
be funded by way of promoter funds of Rs.103.22 crore, bank
debt of Rs.70 crore and the balance from customer advances.
• As on May 31, 2013, the project has already incurred
Rs.90.01 crore towards the land cost and Rs.102.38 crore
towards the construction cost and other expenses, which is
funded through bank debt of Rs.45 crore, customer advances
of Rs.140.70 crore and the balance Rs.6.69 crore via sundry
creditors. Up to May 31, 2013, the company has received
bookings of 422 units out of total 472 units; this exhibits
a comfortable unit booking status. Also, it has received
comfortable payment against booked units which is expected
to facilitate the timely completion of the project.
51
Disclaimer CARE’s star rating of real estate projects is an opinion on the developer’s ability to execute the real estate project in timely manner and with the agreed upon quality standards. Besides, it is an opinion of the legal quality of the project. The analysis draws heavily from the information provided by the developer and information obtained from sources believed by CARE to be accurate. However, CARE does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. Also, CARE does not guarantee the adequacy of title search done to arrive at the legal quality of the project. CARE’s Real Estate Star rating is also not a recommendation to buy, sell or hold the rated real estate property. CARE shall also not be liable for any losses incurred by users from any use of such rating. Most of the developers whose real estate projects
are star rated by CARE have paid a rating fee.
About CARE Credit Analysis & Research Ltd. (CARE) was promoted in 1993 by some of the leading Indian banks and financial institutions. Major shareholders of CARE include IDBI Bank, Canara Bank and State Bank of India. CARE is amongst the premier credit rating agencies in India and provides credit rating, research and information services. CARE Ratings is well equipped to rate all types of debt instruments including Commercial Papers, Fixed Deposits, Bonds, Debentures, Hybrid Instruments, Preference Shares, Loans, Structured Obligations, Asset Backed Securities, Residential Mortgage Backed Securities etc. CARE’s rating methodologies are in line with the best international practices.
PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
The legendary cricketer, Sachin Tendulkar will be
conferred with Bharat Ratna. Sachin, who played
his final innings in cricket, at Wankhede Stadium
Mumbai in Nov 2013, will be the first sportsperson
to be honoured with the award. "I dedicate this to my
mother," he reportedly said. Tendulkar is the seventh
Maharashtrian to win Bharat Ratna after Dhondo
Karve, Pandurang Kane, Vinoba Bhave, BR Ambedkar,
Lata Mangeshkar and Bhimsen Joshi.
The decision to honour Tendulkar comes after several
noted personalities had voiced their support. Lata was
the latest to say that Tendulkar deserved Bharat Ratna.
"Whatever he (Sachin) has done for the country, very
few people can. He deserves the honour. He has made
all of us proud," Lata had told television channels.
Apple has bought Topsy Labs in a deal that will provide
the iPhone maker with more insights about the chatter
on Twitter. Topsy was co-founded in 2007 by Vipul
Ved Prakash, Rishab Aiyer Ghosh (another techie
of Indian-origin). Topsy pores through the stream of
conversations occurring on Twitter to identify trends and
people influencing public opinion. The San Francisco
startup also runs a free search engine that boasts an
index of every tweet posted since 2006, a resource
that's not publicly available on Twitter's own online
messaging service. Vipul Ved Prakash a a drop out of
Delhi University cofounded Sense/Net, one of India’s
first privately owned Internet service providers, but
soon encountered the scourge of spam. So Prakash
developed Vipul’s Razor, a spam-fighting, open source
software tool available online.
1240 Crores For Indian TechieBharat Ratna - Sachin Tendulkar
be a prosperity seeker
52 PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
Shabana Azmi become well-known for her long-time
advocacy for the underprivileged.
Her work includes advocating for the rights of
minorities and women, and she has fought to raise
social consciousness and elevate the conditions of
slum-dwellers. She has also taken a strong position in
the fight for AIDS victims.
As a Rajya Sabha (Upper House) Member Of
Parliament, she has taken a bold stand in defense of
liberal values and the freedom of expression.
Quote From A Recognized Leader for Women:
“Time and again we women say we are different from
men - not better not worse but different - and with this
difference we need to be included in the global change
that is taking place.”
Film Actress Turned Social Activist
name, fame, money, social work… know what gives you a kick!
The Bonneville is the legendary motorcycle from the
British motorcycle maker -Triumph and the good
news is that it has hit the Indian shores in November
2013 along with rest of the lineup. This motorcycle
is named after the famous American record holding
ground, Bonneville Salt Flats. The Bonneville was first
introduced in 1959 and since then the motorcycle
has gone through many mechanical and cosmetic
changes, but one thing that hasn’t change - its
traditional design and classic nature. The Bonneville
looks very classy and it is very unlikely the motorcycle
will lose its iconic image. Keeping its classic design
in mind, the company has decided to give it an
analogue speedometer with odometer, clock and trip
information. The standard Bonneville which will make
its way to India doesn’t sport a tachometer but that
won’t play ‘Not to buy’ reason for Indian buyers.
Triumph Bonneville Now in India
53PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
quotemagic
The only disability in lifeis a bad attitude.
-Scott Hamilton
54 PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
Prosperity is a great teacher,adversity a greater.
-William Hazlitt
quotemagic
55PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
prosperityseek
Premium Pools In Hot Demand For Luxury Homes
56
According to a recent Wealth Report (by Kotak-
Crisil), for India’s ultra-high net worth individuals’
(those with a minimum average net worth of Rs
25 crore accumulated over the past 10 years)
purchase of a luxury home is at a priority. In
fact, data from the report shows they are more interested in
concerns that offer exclusivity while adding a glamour factor
to the house.
A personal swimming pool is a must have for most of these
ultra-HNIs.
The need for qualified pool makers and operators has never
been greater. In absence of guidelines and uniformity in the
country, some serious players in the market are looking abroad
for inspiration and tying up with international concerns in
various capacities.
According to Mr.Vivek Mishra MD & Technical Head
Premium Pools, "Interestingly, pools have undergone a major
transformation. The market, though unregulated, is waking up
to the fact that pools, just like any other vital feature of your
dream home, need to be handled in a professional manner by
the experts who specialize in offering the latest".
The best part about accommodating pools in private houses is
the flexibility of choice available along with best of aesthetics.
Striking water features can be accommodated into your pool to
trickle a wow effect with water.
PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
One can have fountain bubblers that are hugely popular with
kids and the best part is, these are fairly inexpensive.
For better visual effects in the pool periphery, one can include
simple to execute features like a deck jet throwing up water
in graceful streams appearing magically from the deck. A
captivating effect can be created by adding fibre optic light
to provide colour to the water streams for your very own night
time party /show.
For a more playful effect, one can consider including water
slides in the pool landscape to give you the feel of a water park
in your backyard.
Outdoor kitchens remain the most popular choice. These allow
you to use the backyard space around your pool like an indoor
living option.
Before you can enjoy a beautiful new pool, there are three
key stages of pool construction like excavation, plumbing and
finishing.
Proper plumbing design with planned flow rates for every pipe
size ensures optimal water circulation that further takes care
of water filtration as well.
Then comes the electrical system works. It is essential that
underwater lighting for swimming pools should be equipped
with Earth Leakage Circuit Breakers (ELCBs) or RCCBs, which
disconnect the feeders / MCB. The ELCBs / RCCBs ensure
that any excess current or current leakage in any of the LED
lights or wiring will be delivered to the earth fault, not allowing
current to pass in the water.
Mishra further adds, "Other than the conventional Olympic
sized and diving pools, today we have the concept of
customized pools where the length width and shape of the
pool are dictated by the customer".
Talking about pool maintenance, a well-designed, well-
constructed pool requires a minimum of upkeep cost:
• You do not need to drain the water
• You do not need to change the water
• You do not need to fish out debris like leaves etc
• You do not need complicated maintenance procedures
Premium Pools claim that even if you lock up your property
which has an open-air pool for a year and come back to it, all
you need to do is switch on the systems of your pool. Within
three days, you will have a clean, clear, safe and hygienic pool
to swim in.
Our clients did not believe us when we first told them this. Now
they point it out proudly to their friends and associates.
57PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
home of the rich & famous
58 PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
Actors Angelina Jolie and Brad Pitt have reportedly
bought a house in Richmond, West London,
for an amazing $16.18 million. The Hollywood
superstars have taken the opportunity to buy the
home, called Whornes Place, after having rented
it for $50,000 a month last year.
“They loved it when they were in the UK last year,” a source
close to the couple told the newspaper. “They like the culture
and are happy for their children to receive schooling here.
They think Richmond is a beautiful part of the world.”
The couple, along with their six children, has planned to stay
in London for at least two years post marriage, as Jolie would
be shooting three movies in Britain one after the other.
Brad Pitt and Angelina Jolie have bought beachside property
in Goleta, California for their brood of six. The bungalow-style
home is set on acres of lush rolling country and fronted by a
magnificent cliff-lined coastline with miles of secluded beach.
Beachside property in Goleta, California
Brad Pitt & Angelina Jolie Buy $16 Million London Dream Home
Angelina Jolie & Brad Pitt
59PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
Wonder Works, a Top Pigeon Forge Attraction
WonderWorks Pigeon Forge began as a Top
Secret research laboratory on a remote
island in the Bermuda Triangle. As legend
has it, the world’s greatest scientists – led
by Professor Wonder – were given the task
of creating a man-made tornado and harnessing the POWER
of it. During this experiment, something went awry and the
power of the tornado was unleashed throughout the laboratory.
This created a swirling vortex that was strong enough to rip
the laboratory from its foundation. It was carried thousands of
miles away and landed upside-down on the top of a theater in
Pigeon Forge, Tennessee. Remarkably, all of the experiments
remained intact and functional.
When you enter the building, everything will be upside-down,
so in order to participate in the fun, you must be inverted. Step
inside the inversion tunnel and be turned right side up to begin
your journey. Once you are properly aligned for your adventure,
family fun awaits with more than 100 hands on exhibits.
Feel hurricane force winds, be shaken by a 6.0 simulated
earthquake, discover space exploration, put yourself inside
a bubble, climb the largest indoor ropes challenge course
standing 50ft tall and much more..
amazing buildings
quotemagic
"Sometimes you need to look at life
from a different perspective"
Combined-modern-mouse-keyboard-designMany laptops simply do not have the space to allocate to a
normal number pad ñ something many of us are used to using
on external keyboards or home computers.
This simple-but-brilliant solution by Adesso combines keypad
functionality to accommodate a traveler who does not wish to
bring an entire extra keyboard.
Combined-modern-mouse-keyboard-design. Housed within
clear plastic casing, the keypad not only ads a functional
dimension to an ordinary mouse ñ it also makes use of the
unerlying keys as an aesthetic expression of the multiple
functions of this portable gadget. For those of us who like to
crunch numbers on the go this is an essential mouse to pack
along.
amazing gadgets
62 PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
If an egg is broken by anoutside force, life ends.
If an egg is brokenby an inside force,
then life begins.
Great things happen from the Inside.
quotemagic
63PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
prosperityseek
Dynamics of Luxury Living in India
64
India is blessed with one of the fastest growing real-estate
markets in the world in which luxury housing is emerging
as one of the most vibrant and dynamic segment. It is
not only attracting domestic real-estate developers but
also the foreign investors.
According to a new research report by RNCOS, “India Luxury
Housing Market Analysis”, the luxury-housing segment is
gaining momentum in India and holds immense prospects
for the new and existing players and anticipates flourishing
returns in the coming years.
The emergence of a new affluent class, consisting of
entrepreneurs and rich non-resident Indians along with rising
aspirations of HNI (High Net-worth Individuals) and changing
lifestyle has made the luxury segment business highly profitable
for real-estate developers.
According to a recent survey by ASSOCHAM, despite the
global economic slowdown & fumbling rupee, High Income
Group (HIG) consumers continue to spend over 40% of their
income on some of the world’s largest luxury brands, while,
Middle Income Group (MIG) consumers face heavy pressure.
In Delhi, the luxury unit's sales in Delhi-NCR have gone up by
around 25 percent in the current fiscal. The Dwarka Expressway,
New Gurgaon, Greater Noida, Yamuna Expressway are also
being seen as major pockets of the luxury apartments in the
NCR region.
Whatever the general market trend, the island city-Mumbai's
realty market does not stop creating new records. A sea-facing
duplex in a Malabar Hill’s Darshan Apartment building was
recently sold for Rs 57 crore or roughly Rs 1.35 lakh a sq ft to
the Bulchandanis, a prominent business family with interests
in software, aluminum and real estate, who already own three
other duplexes in the same complex. New projects are also
being launched in areas like Mahalaxmi, Lower Patel, Worli,
Juhu, Lokhandwala and Bandra in luxury segment.
Not only from big cities, like Delhi & Mumbai, but also Tier-I
and Tier-II cities, such as Lucknow, Pune, Ahmedabad, Indore
and Jaipur have also shown encouraging market developments
under this segment, the report says.
.
Omaxe, a luxury housing developers, has seen considerable
increase in queries for luxury units in Gurgaon and Noida. But
interestingly, due to current slop in rupee, there has been a
rise in NRI queries and off take in the luxury segment with a
drift in preference towards the non-metro markets of Lucknow,
New Chandigarh, Indore, Bahadurgarh, Sonipat, Bhiwadi,
Ludhiana, Faridabad, etc.
However, this cannot sum up the general market sentiments
& we certainly cannot overlook the prolonged slump in India’s
real estate market.
The current economic scenario has seen FIIs fleeing the
country. Its only once things stabilize, the return of FIIs is
imminent as India remains a lucrative investment destination.
This organically shifts the radar on to the new RBI Governor
who has shown his intent and exuded confidence in both the
Indian market and global investors with his plan of action.
However, his plans and implementation road map will be a
thing to watch out when he presents his first credit policy. So
watch out!!
PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
Roshini Bakshi, Managing Director,
Licensing & Retail, Disney UTV
Special Luxury trends in India
P&W brings to you a series of special features in this emerging
segment from players across the globe and trends in India:
Recently ventured out into the luxury real estate segment, the
global brand Disney through its merchandising arm, Disney
Consumer Products (DCP) have tied up 4 real estate players
across India to provide Disney enthusiasts with Disney inspired
interiors and exteriors. Thus making it a part of child’s growing
up years.
The arm has over six categories in Disney Fashion and Home,
Toys, Consumer Electronics, Stationery, Food, Health and
Beauty and Publishing. Home solutions is one of the key
category for Disney in India and it spans across furniture,
bedding, rugs, tiles, switches, tableware, kitchenware, fans,
paints, bath accessories and much more.
P&W’s Charu RS interacts with Roshini Bakshi, managing
director,Licensing&Retail,DisneyUTV
WhatthestatusofIndianLuxuryrealestatesegment?Howbig
isitcurrently& whatisthepotential?
The luxury real estate market in India will continue to grow
in value and size over the coming years. The segment has
evolved in India with consumers getting a plethora of options
to choose from. The ultra-luxury housing segment is driven
by preferences of buyers from C Suite of the corporate
world, successful entrepreneurs and business tycoons, their
financial appetite is not limited to or governed by the economic
considerations. A significant percentage of buyers for such
projects is able to self-finance their investments through their
saved earnings. In India’s largest cities – namely Mumbai,
Delhi NCR and Bangalore – luxury and ultra-luxury residential
projects have witnessed appreciation over their launch prices
over the last decade, implying greater annual returns on
investment. Not only tier I cities, but also in tier II and tier III
cities luxury will continue to grow.
What are the latest projects of Disney in real estate?
We work towards bringing alive Disney stories and characters in
the form of compelling products and experiences. Our Disney
home products span across total home solutions including
furniture, bedding, rugs, tableware, kitchenware, fans, paints
and bath accessories.
The Disney home products project will have Disney-inspired
rooms consisting of Disney-branded furnishing, home décor
products, colour palettes and more, bringing alive a complete
Disney experience to families. It will also have Disney-inspired
recreational areas such as, an exclusive Children’s Club with
a themed swimming pool, play zone and many other Disney
characters inspired amenities, for the children to spend time
with their family and to bond together.
Howdoyouplanto penetrate Indianmarket?Whoallareyou
partnering with?
Disney’s beloved characters and stories have inspired multiple
generations of fans and we constantly try to bring in newer
products and experiences that would take our fan’s interaction
with the brand to the next level.
By partnering with a real estate players, we aim to provide
our fans, an opportunity to bring a piece of Disney magic into
their homes and provide holistic experiences into their day
to day life. Disney has partnered with four real estate giants
namely Sunteck Realty Ltd for a property in Mumbai; Team
Taurus for a residential project in Kolkata, Supertech Ltd for an
integrated township residential project in Greater Noida and
most recently with Akshaya in Chennai for one of its “Mixed
Mix Up” Township.
(Watch out for more such players in the next edition)
65PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
Kautilya Pandit is a child prodigy from Kohand village of Karnal district in the Indian state of Haryana. Psychologist from Kurukshetra University has approached Kautilya for some research and memory test, Kautilya has already surprised many researchers before and they have marked him a child genius. It is believed that Kautilya would have IQ around 130 which is very rare at his age
At the age of 5 years and 8 months, his incredible capability of answering every question within fraction of seconds has amazed one and all.
The 5 year old wonder kid made an appearance on the KBC show during the children special episode and amazed one & all by his knowledge, tenderness and Lungi dance.
GOOGLE BOY Pandit Kautilya
eyecatchers
66 PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
quotemagic
67PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
Paro-Taktsang tiger's Nest Monastery Paro Valley-Bhutan
amazing getaways
68 PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
As this fantastic and very special monastry is a
steep climb up the hill (900 meters), it is advised
to visit it at the end of your stay in Bhutan, when
you are acclimatised to the altitude.For people
who want, a pony can be arranged for the ride
up only, and until the cafeteria.From there it is another steep
walk, and then the steep and narrow stairs until the Monastry
itself.
Your guide can organise a permit to enter the monastry. Inside
you have to leave your bags and camera's at the entrance.
The view is great and the atmosphere very holy, a place where
every Bhutanese will want to come at least once in his life.
This is the place where Guru Rinpoche brought Buddhism
into Butan, arriving on the back of a tigress.
Except Indian citizens,every guest has to visit Bhutan with
a local guide, so this guide can organise the climb,the pony
when requested. The guide will also tell guests if he thinks
that the climb is too difficult according to the capabilities of
the guests.
69PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
Fairy Pools, Isle of Skye, Scotland
amazing sites
70 PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
A great easy walk to crystal clear pools you can
swim or paddle in - look on YouTube for videos.
Nice to combine with a visit to nearby Talisker
Distillery and lunch at a lovely pub, the Old Inn,
at Carbost on Loch Harport.
A gentle walk up to the fairy pools. Beautiful surroundings
and the amazing Black Cullins looming up above behind the
wonderful clear pools. Definitely take your camera and maybe
a light lunch as it is beautiful to sit and listen to the water
rushing over 6-7 waterfalls. The path is well made but very wet
during the winter months.
71PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
quotemagic
72
"Live as if you were to die tomorrow.Learn as if you were to live forever."Mahatma Gandhi
PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
planetsavers
Turn it off!think about things in your house that use electricity.Can you use less?
Be quick!sometimes your actions can
affect electricity use.
Drive SmartFind ways to save fuel.
Share a vehicle with friendUse public transport or use a bi-cycle
Go Green!Grow more trees.
Each one plant one every month
73PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
quotemagic
74
"Ships in harbour are safe,but that's not what ships are built for"
PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
bookshelf
Seed Money In Action" has stood the test of time.
This forty year old little booklet has gone through
53 editions, sold 1,000,000 copies, and caused
40,000 people to write the authors and praise it.
The basic message is that as you give, you will
receive ten-fold in return. This ancient secret helped create
millionaires and billionaires throughout time, and still works
today.
There's a catch, of course. You have a give with a mind-set
of non-judgmental expectation. When you do, you're in the
flow. Most people who are broke are practicing the scarcity
principle, not the seed money principle.
Most people who are having money problems would never
even think of giving money away, let alone think of the proper
way to think AS they give money away. Yet that's the secret
prosperity in this famous booklet.
Seed Money In Action
Working the Law of Tenfold Return
by
Jon P. Speller, D.D.
Within the last fifty years many thousands of people have read John Hoshor's wonderful, SEED MONEY: THE LAW OF
TENFOLD RETURN AND HOW IT WORKS. They have grasped the scientific principle behind the Seed Money Formula and have successfully applied it in their daily lives to end their money troubles. Others have not, for various reasons. This
book is to help people get to prosperity, who didn't get it the first time.
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Combination of Vastu, Fengshui and Interior can turn your house in a true home.
Vaastu Shree, Vaastu Visharad
Shri Naresh Singal,
Vaastu & Feng-Shui Consultant.
For any further queries on the
subject, readers can contact him
vaastu
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This is the time when most of the people planning
for renovation, reconstruction or construction.
They want to leave no stone unturned to make
their home ideal one. For this they think of to take
the help of interior designer, vastu and fengshui
expert. Off course they should. After all this is the matter of
their happiness, social status, and comfort. Vastu, Fengshui
and interior are three different techniques, but they all together
can best serve the purpose. Let’s discuss the role of all three
one by one.
Vastu- Makes your house a home
Vastu is the oldest science of construction. This is based on
the five basic elements a human being is believed to be made
of i.e. fire, water, wind, earth and sky. Only a vaastu expert
can tell you best that which type of land is best for a home,
factory, office, school, hospital or hotel. Vaastu consultant also
considers the magnetic field of the earth and cosmic energy.
On the basis of these vaastu rules and size of the land a vastu
consultant divide the land into nine parts and then suggest
which part is ideal for entrance, drawing room, bedroom,
kitchen, bathroom and toilet etc. Modern vaastu also have the
rules for balcony, guest room, guard room, servant quarter,
high rise buildings, studio apartments and commercial spaces.
According to vastu the eight cardinal directions i.e. east, west,
north, south, north-east, north-west, south-east, and south-
west represent some or other basic element or energy field.
This helps a vaastu consultant to decide the best use of that
direction. For example south-east is represented by fire, so
usually kitchen is suggested to construct in this direction,
whereas center of the house is advised to keep empty.
Negligence towards these vaastu rules can be result in poor
health, financial lose, disharmony among relation or some time
a serious vaastu defect can do irreparable damage in our life.
Fengshui-Harmonythroughsymbols
In such a busy and hectic life style it is almost impossible to re-
built or re-construct the house just to cease the vaastu defects.
There are many so-called vastu consultants who use to advise
to demolish the structure to cease the vaastu defect. I must say
that this a wrong practice which creates many misconception
for vaastu among common man rather helping anybody in
anyways. Though there are gadgets in vaastu which proves
quite useful remedies for vaastu defect, but fengshui is the
science which totally based on gadgets to harmonies a place.
Fengshui basics are co-related with vastu and interior. Its basic
principles are similar to vastu while its gadgets are also a part of
interior. Fengshui gadgets like Laughing Buddha, Wind Chime,
Crystal Ball, and Tortoise are uses to balance the energy of
a place whereas they are uses in decoration as well. Colors,
numbers and direction play vital role in fengshui. Fengshui
advise to use bright colors in children room whereas pink and
purple are advised to paint in the rooms of young girls.
Fengshui has the concept of male and female energy called
Yin and Yang energies. To achieve the peace, prosperity,
health, progress yin and yang energies must be harmonies.
Fengshui gadgets play vital role in harmonizing the yin and
yang energies. Even interior decorator believes that proper use
of vaastu and fengshui can do wonders.
Interior- The art of living
Interior is equally important for a house. When we use the term
‘interior’ it means that we are talking about decoration of a
particular place keeping rules of space management in mind.
A professional interior designer is that who decorate the space
as per the need, budget and lifestyle of the dwellers. Interior
decoration doesn’t mean to make the house museum with
costlier show-pieces. A true interior decorator can make the
small space equally beautiful.
In short interior can make your house comfortable as per your
needs and beautiful as per your taste but a vaastu and fengshui
consultant have the ability to make your house a home, where
your family can live in peace, harmony and happiness.
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Walnuts and Heart Health An Ideal Snack!
Who would have thought there could be a connection between walnuts and heart health. Yet research shows that not only is there a strong connection between walnuts and
heart health but that this connection also benefits the endothelium, which lines and regulates your cardiovascular system.
“Twenty-eight grams of walnuts (an ounce) have more antioxidants than the sum of what the average person gets from fruits and vegetables.”
According to Dr. David Katz, director of the Yale University Prevention Research Center, “Studies show that walnuts improve cardiac risk factors and enhance blood flow.”
One study published by the American Heart Association journal showed a 64% improvement in a measurement of endothelial function when walnuts were substituted for other fats in a Mediterranean diet.
Walnuts contain a variety of nutrients including arginine, polyphenols, and omega-3s that support the inner arterial lining and guard against abnormal platelet aggregation. These favorable biological effects explain why walnut consumption confers
protection against coronary artery disease.
The US National Library of Medicine database contains no fewer than 35 peer-reviewed published papers supporting a claim that ingesting walnuts improves vascular health and may reduce heart attack risk.”
Given the above information it makes sense to use walnuts as a heart healthy snack. According to the U.S. Department of Agriculture an ounce of walnuts contains 185 calories, 4 grams of protein, nearly 2 grams of fiber, and 18 grams of “heart-healthy” fat.The most popular snack in America is potato chips. According to the Fat Secret website one ounce of potato chips contains 155 calories, 1.86 grams of protein, 1.2 grams of fiber, and 10.6 grams of fat.
Comparing the two snacks, walnuts are going to give you twice as much protein, almost twice as much fiber, and healthy fats that benefit cardiovascular health. Plus the extra protein and fiber will help to hold your appetite over a longer period of time. This will result in better energy and less hunger going into your next meal.
Implementing a nutrition program that nourishes and supports a healthy endothelium is critically important to your overall health and wellness.
healthy living
PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
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Your nutritional program needs to increase your endothelium’s ability to properly produce nitric oxide – the master signaling molecule of your entire cardiovascular system.
As the saying goes “an apple a day will keep the doctor away”. Well, maybe “an ounce of walnuts a day will keep the cardiovascular surgeon away!” Don’t minimize the value of walnuts and heart health. They could help reduce your risk for the number
one killer of men and women worldwide, which is cardiovascular disease.
ContributedbyR.Bedi–FitnessFreakDisclaimer: The views expressed in the article are solely of the author. The views are based on her on experiences, knowledge & interpretations & not necessarily based on formal research or education. Readers are advised to consult their physician before following any advice in the article.
PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
"A few drops of your blood can help a life to bloom"
RSVPMahavir Sharma, Rajesh Walia, Subhash Sharma, Sunil Kumar, Davinder Kumar
softcorner
80 PROPERTY & WEALTH VOL 3, ISSUE 03, Dec-Jan 2013-14
Come OneCome AII
Donate Blood
BLOOD DONATION CAMPOrganised by
PROPERTY CONSULTANTS ASSOCIATION (REGD.) CHANDIGARH
At (opp.) SCO No. 2417, Sector 22-C, Near Aroma Taxi Stand, Chandigarh
On 13th December 2013 (Friday)From 10.30 a.m. to 4.00 p.m
Mr. Ajay Gupta
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