Property & Wealth Vol 3, Issue 2

News & Events 17

Hotspots 23

Price watch 29

CII EXCON 30

Emerging Investment Hotspots 32

Land Acquisition Bill 34

Wise say 36

Gender Diversity In Real Estate 38

Home Loans Check List 41

RE/MAX Open House 42

Tips for NRIs 44

Public Transport: A Key to

Real Estate Appreciation 46

An Examination of Two Indian

Real Estate Cycles 48

Recession's Positive Effects on

Indian Realty Sector 51

Demand for Luxury Housing

in India 52

Why Live in a Green Home? 54

Understand the Cues From the Residential Market this

Festive Season 56

Care Rates Wegmans Business

Park - Phase I 59

17propertywise

At the time when brain drain was being synthesized into the Indian dictionaries, Anshuman, a foreign university graduate, took the silk route back.

10COVER STORY

04 PROPERTY & WEALTH VOL 3, ISSUE 02, Oct-Nov 2013

contents

Building Brick By Bricka vision 20 years old…

Be a Prosperity Seeker 62

Quotemagic 64

Eyecatchers 65

Home of the Rich & Famous 66

Amazing Buildings 68

Quotemagic 69

Amazing Gadgets 70

Quotemagic 71

Take Some Rest 72

Amazing Getaways 74

Yeah Hai Mumbai Meri Jaan!! 76

World Heritage Sites 78

Quotemagic 80

Planetsavers 81

Bookshelf 82

Multistorey Buildings are

the Ideal Homes 84

Healthy Living 87

Softcorner 88

62prosperityseek

05PROPERTY & WEALTH VOL 3, ISSUE 02, Oct-Nov 2013

contents

3rd Year of Publication ...... To order PDF / Online edition of any of the old issues .. write an email to [email protected]

Jasmeet Dhamija Editor-in-Chief

Think global, act local..the man behind revolutionising the Indian real

estate, giving it a proud sector status, Anshuman Magazine features

in cover story of this issue. It talks about his vision 20 years old, a

journey towards transforming Indian real estate. It concludes with

an exclusive interview where Anshuman gives his insights on various

current economic issues.

In the news section meet up the new RBI governor, Raghuram Rajan,

a technocrat and world renowned economists who takes over coveted

post at a time when Indian economy is facing its worst crisis in over

two decades.

With the fall of the rupee, savvy investors are on the hunt for real

estate opportunities created by the slide, INDIA GRI 2013 being held at

Mumbai on 3-4 October gives you the unique opportunity to engage

with the key influencers in the Indian market. Take a sneak preview of

the event on page 22. Events round up also gives you a preview of CII

EXCON, south Asia’s biggest construction equipment expo, scheduled

for November 20-24 at Bangalore.

The property wise section is full of articles that will help you keep

abreast with the latest real estate scenarios. Read about RE/Max open

house, an innovative way to sell real estate on page 42. ‘Wise say’

is a new regular feature that shares an opinion of an industry icon.

Price Watch Chandigarh NCR gives a quick snap shot of prevailing

real estate rates in the region and helps a property buyer in making

comparison chart for various projects available.

In prosperity seek section, we have introduced some new interesting

regular features as amazing gadgets, getaways, world heritage sights,

healthy living and more. Our ‘Quote Magic,’ will keep you inspiring

throughout the issue. For INDIA GRI visitors to Mumbai, we have

written a reference article on ‘What you should not miss, while in

mumbai?

In book review, explore the underlying message of ‘My Next Step’ by

Dave Liniger, Chairman & co-founder RE/MAX . Enjoy collection of

select excerpts from the book.

The issue is being released a week in advance so as to reach our

readers before INDIA GRI begins. For those of you attending the

INDIA GRI, we just have to say, see you in Mumbai....

from the about this issue


It is an era for sustainable business models, successful

globalization, long term vision, growth innovation and ability

to generate consistent cash flow. It’s with grit & determination

our India Inc is holding on in current economic scenario.

Known to relish challenges, our emerging economy is looking

at the New RBI Governor for taking charge of the jittery rupee

& control inflation to begin with!

No doubt pressure is building upon the real estate sector

as well. With investor sentiment low, there comes a larger

concern of regaining confidence which unfortunately doesn’t

come overnight.

Against this, RBI restriction on 80-20 on home loans scheme

will have its own repercussions. Streamlining, transparency,

ownership & technology advancement is what is required to

really drive the sector into a smarter one & boost its overall

imagery.

Talking about branding, both brand India & brand Bharat is

yearning for a change. Change in economic lull, change in

vanishing jobs, rising prices, change in social agenda, social

security, change in infrastructure in cities & villages - basically

less of politics & more of economics!

What has been felt in recent past is that it’s not just the investor

confidence that has shaken up but also the confidence of

Indian youth. for once the investments can be brought back..

but for the confidence, we are really keeping our fingers

crossed. Certainly we can’t afford to lose faith of Indian youth,

we have to be sensitive to their aspirations & ambitions.. May

be we are in the right direction but its the pace which matters

the most! So with an optimistic heart.. Hope we catch up soon!!

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 Kumar

Graphics TeamAntima, Sunil

Advertisement & SalesDirector Marketing: Sandeep Kapoor (M) 9818510511 [email protected]

SubscriptionAjay Gupta(M) 9216841278

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.

Print Production

[email protected]

CONTRIBUTORS AND ASSOCIATES


Building Brick By Bricka vision 20 years old…It’s no rag to riches story. Anshuman, has walked all seasons in real estate business in last 2 decades, striving on hard work & more so a vision!

cover story


The Jetstar Gold Coast Titans are back in black,

thanks to the league-loving benefactors and

investors. For those who know Anshuman, there is

much more to just being the CMD of CBRE, one of

the largest real estate consulting firm. Anshuman is

one of the three people to invest in the rugby league, effectively

keeping the club alive.

For Anshman, 39, the idea of a “lazy” Sunday would probably

mean bringing alive his passion in sports, while tossing tennis

game with his best buddy, his son.

And when the globetrotter MD, is not traveling for business, it’s

the family rendezvous and music that’s on the agenda.

Striking the right chord at the right time

At the time when brain drain was being synthesized into the

Indian dictionaries, Anshuman, a foreign university graduate,

took the silk route back. He joined HEG Ltd, a manufacturer

of graphite electrodes just because it was giving him the right

kind of profile that he then desired. Within months, he was

flying across Asia, marketing HEG products, all for a dismal

salary. “But I guess I was lucky, those days young professionals

didn’t get the opportunity to step out of the country on work”,

he remembers. It was in no time, Anshuman was shoring off to

Taiwan and South Africa.

When he was approached for CBRE India operations, the

idea of an organized real estate management and consulting

company was far reaching at that time. “And believe me the

decision was not an easy one”, says Anshuman. “But I guess I

was at the right place at the time!”

Transforming real estate in India-New Beginnings

CBRE was among the first companies to come to India and

introduce the concept of organized, strategic partnership

role for a realtor. “The very fact that today we have dedicated

news pieces, hour long daily shows on real estate, dedicated

magazines & news beats, all of these clearly indicate at the

growing importance & acceptance of real estate as a specialized

sector & profession” says Anshuman. He is also consulting

for real estate shows on various TV channels. He has been

instrumental in setting up operations for the CBRE practice in

the Indian subcontinent.

He has ever since, led the organization with a consistent and

undivided focus, resulting in CBRE emerging among the

largest Real Estate service provider in India with over 3000

professionals and offices in all the major metros in the country.

Going beyond just real estate management, CBRE has service

lines to handle valuations, project management, strategy

consulting and realty investments.

Scaling up

It has become a pre-eminent vertically integrated global

commercial real estate services and investment firm looking

after a diverse range of projects across India, including IT parks,

special economic zones, industrial, commercial, Housing, IT/

ITES/BPO, retail, entertainment, and township projects. Under

Anshuman’s leadership, the company has also advised various

international real estate financial institutions and private equity

funds for investment in the Indian real estate market.

He assumed the lead role in assisting a large number of


multinational corporates to establish their operations in India.

With IT boom in India, many more multinationals came to India

at about year 2000. But in order to retain international standards

of their services, MNCs required better infrastructure, improved

office space, world-class amenities. CBRE was instrumental

in helping the big corporate houses to design comprehensive

portfolio optimization processes which enabled real estate

decisions, reduce costs, generate value creation and improve

performance, all while ensuring the real estate strategies were

aligned with overall organization objectives. The development

of space for ICICI bank in Hyderabad is one such example.

The BPO boom revolutionized the Indian employment scenario

completely. Hence sniffing the needs of this 24X7 industry,

CBRE expanded its service portfolio from just being project

consultants, taking up outsourced facilities management need

of the major multinational corporate providing both strategy

and delivery. In the construction management segment, the

company has elite clientele of CISCO, GE, etc to name a few.

Not only private sector, CBRE also works with government to

provide origination, structuring and transaction management

for real estate portfolio re-alignments and asset re-development

projects which positively impact the triple bottom line of cities

and stakeholders. CBRE has been actively involved in the

Delhi Metro Rail Project with DMRC. Besides spawning a

manufacturing ecosystem, the Metro network has given a huge

fillip to real estate as well. As a result, many areas that were

once considered outlying, such as Dwarka in south-west Delhi,

have seen property prices rise with the launch of Metro services.

“The government had initially planned to recover up to 17% of

the cost from real estate development around metro stations.

Today, when companies are relocating, the first question they

ask is, how far is it from the nearest Metro station”? Builders

are also using proximity to proposed Metro lines to advertise

their properties.” says Anshuman.

He has been involved in some of the largest and most

prestigious advisory assignments in the post liberalization era

in India, including disinvestment exercise for a portfolio of 26

Government owned hotel properties, privatization of airports

with GMR, developing Special Economic Zones & various other

infrastructure projects.

There has been a time when India was more of a silicon valley

than a manufacturing destination. China was pumping up

economies of scale, providing all the infrastructure & facilities

for the manufacturers to set up in China. But the fact that

India’s consumption patterns are changing, it has branded

India as the emerging consumer market & a retailer’s delight.

Automobiles, pharma, infrastructure support services like lifts,

electricals etc & allied sectors have been sprawling in India.

Observing this trend, CBRE has set up a business team focused

on helping the domestic & international manufacturer set up

industrial units in India, catering to full spectrum of industrial

requirements, which includes factories for manufacturing, hi-

tech research centres and data centers, land acquisition need,

processing, strategic resource management, human capital

etc.

As manufacturing expands, India will be in dire need of improved

logistics. Anshuman feels, warehousing will play a key role. “So

to cater to this we have a specialized logistics

arm. Where we help the companies to put private

equity put money in warehousing business. I am

glad to say that last couple of years, in India we

have gone close to the international standards for

warehousing”, says he.

On expansion plan, CBRE is considering

residential space as the biggest stake & is slowly

& cautiously divulging into this. “We have started

with projects in Chennai & are scaling up in

residential domain soon”, informs Anshuman.

Over the years, it has been observed that delivery

and that to Quality delivery in time has been a

key issue with developers. Hence CBRE has

been strategic in refraining from taking up this

biggest pie in the real estate space. But with

cover story


better infrastructure in place, better funding available, the

credibility on this has improved. “With this we would like to

bring in the accountability & credibility in the business. We

would like to be the channel & brand projects for developers &

for the customers, we would like to act as a bridge between to

help them monitor the project development, facilitate deals”,

he says.

Exploring newer horizons, CBRE has reached out Middle East,

Africa & China. Currently, CBRE is working with the Siberian

Government on projects for attracting investments into the

country with leading oil & gas resources.

“We have sent a team from Chennai to Siberia & the response

has been commendable. Due to extreme weather condition,

one has to take a vitamin pill every 4-5 hours. In spite of this,

I am glad our team has succeeded & our work has been

appreciated & resultant which we have more projects in

pipeline,” remarks Anshuman.

India Vision 2020

Talking on the India growth story & vision 2020, Anshuman

admits that right now, the Indian economy looks shaky but

in long term if we maintain the fundamentals right he is

optimistic that things would be much better. India recorded

a growth of 8-9% in the recent past while world economies

were in recession. Getting back to basics, inflation needs to

be controlled and with that in place interest rates need to be

lowered to boast the economy. For Indians still the basics of food

& shelter remain a struggle. Anshuman considers real estate

to be a very important part in the development of a country.

He cites that places like Singapore have put the concept of

housing for all in practice. Where in almost all Singaporean

are encouraged to have their own housing. The underlying

fact is, the overall human capital productivity increases with a

better living. Interestingly, emulating this China too has put this

upfront in the country.

The China has had double-digit growth of 12-13% for 30

long years, where India has never had a double-digit growth.

Similarly, Dubai & Thailand too have come up remarkably,

where India has got a lot to learn from and then put an Indian

model to it to adapt it. He remains positive & optimistic as he

believes the Indian youth has intellect, hard work & will power

to propel the Indian growth story.

Having seen the real estate growth story & also being a

significant contributor to it, Anshuman has certainly come a

long way. Rippling the business from scratch to a sizeable

one and also having a successful stint in a service industry,

Anshuman wishes to pen down all his experiences of people

& places & jot down a book on the saga of transformation of

India.


cover story

P&W: What is your current take on the Indian economy?

Indian economy is passing through a tough phase. I can be

optimistic but certainly not happy. China has recorded double

digit growth for more than 2 decades, where as India has not

seen it even for 1 year. Current expected growth rate of about

6% is dismal. We are a developing country and need to grow

at much higher rate.

India got to keep the CAD deficits down, improve exports,

control inflation & bring down the interest rates and improve

on governance parameters.

P&W: Government has allowed FDI in retail. How is it expected

to affect Indian real estate?

FDI in retails - we are already seeing quite a bit of tractions,

but because the global economy is in slow mode & Indian

economy is struggling, it will take a couple of years for the real

impact to take place. The investor confidence right now is a

bit shaken up but even then India is seen as heavens for retail

investments. We really need to retain investor confidence.

Approvals need to be faster & transparent and our currency

must stabilize.

P&W: What is your take on allowing external commercial

borrowings for real estate?

ECB is again creating debt. The Government wants to encourage

low cost housing, but does not want to increase debt. Hence

defining specifications in terms of area & investment ceiling is

a good move and it will definitely bring new perspective to low

cost housing segment as the external commercial borrowings

are at a much lower rate of about 4-5 %.

P&W: GST has remained key demand of the industry. How

crucial is its implementation?

GST will make a huge difference especially to the warehousing

industry. It shall encourage investment and bring in huge

difference on the logistic side of the business. It’s a major tax

reform that aims at making ONE INDIA – Market place with

uniform & simplified tax structure. The government will have

to push really hard to get the states agree on GST advantages.

It has to be taken up firmly. Hence Government has to put in

place some structure to encourage states to take it up like the

JNNRUM scheme. It must come!

P&W: Developers doesn’t seem to be happy about the Real

Estate regulatory bill. What are the reasons for the same?.

Real estate regulatory bill should have been more balanced.

It should take view of challenges faced by developers while

addressing consumer grievances. Consumers do need

protection, but administrative reforms are required urgently

for real estate development to happen more efficiently and

in a transparent manner & hence encourage investments.

While the bill penalizes the developer for the delay, there are


Think global, act local… the man behind

revolutionizing the real estate , giving it a proud

sector status- Anshuman Magazine, Chairman

& Managing Director, CBRE in conversation

with Charu RS & Jasmeet Dhamija of P&W.

Anshuman Magazine Chairman & Managing Director, South Asia, CBREEducation: BCom (Honours) Delhi University; MBA, Schiller International University, LondonForums: Chairman of RICS in IndiaMember - Confederation of Indian Industry, AMCHAM (American Chamber of Commerce in India)

no checks on government functionaries that can cause the

delay. Let’s talk realistic, the whole idea is to reduce the layers

& expedite projects, whereas the bill calls for another layer of

the regulator in the process besides taking all the approvals.

If not single window, the process can be made little smoother

& bring the approval process down to 4-5 windows instead of

current 40.

P&W: Does Rupee fall calls for a silver lining for the real estate

sector in light of foreign investors?

That’s a wrong perception. The currency fluctuation creates

overall bad sentiment in the investors mind as the investment

is evaluated on global scenario. The currency needs to be

stable. The rupee devaluation even though increases the

buying power of a foreign investor; it also spells lesser returns

for him in terms of dollar exchange. Year on year evaluation

of capital appreciation also takes a beating with the currency

devaluation.

P&W: How is luxury residential segment placed in the current

scenario?

Luxury sector is more driven by market sentiments. While

affluent end users may still buy, liquidity crunch certainly

affects the sales in this segment also.

P&W: Noted economists Raghuram Rajan has taken charge as

the New RBI Governor. What is your immediate expectations

from him?.

It is quintessential that the currency stabilizes. The job on

hand for the new RBI Governor is to take adequate steps to

stabilize the rupee.

P&W: How have events like INDIA GRI help evolve real estate

in India to what it is today?

GRI is a great initiative. During 2005-07, India was lesser

known as a real estate investment destination & Developers

were still looking for funding & collaborations. GRI which is

mainly meant for all private players, was instrumental in

bringing together all the key stakeholders together & helped

India Shape as a new real estate development destination.

Authorized Sales Partner:

M: + 91 - 8699 842 416E: [email protected]

Life is all about Right Choices…Make the Best Choice

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Ireo Five Rivers, Panchkula - Integrated Township

Ireo Rise, Sector 99, Mohali - Residential Apartments

Ireo Hamlet, Sector 98, Mohali - Residential Plots & Villas

Ireo Hub, Sector 98, Mohali - Commercial Open Plaza

Visit & Explore : www.ireoworld.com

PROJECTS:

news & eventsREAL ESTATE & INFRASTRUCTURE NEWS

EVENTS ROUNDUP

Chandigarh administration is likely to auction 111 commercial

and residential sites in the city in December 2013.

Residential properties to be up for action are in Sectors 35,

37 and 40, while commercial sites are in Sectors 37, 39 and

43.

With no auction having taken place in the past four years,

Chandigarh administration is in a dilemma over fixing the

reserve price for the properties to be put on auction.

Property Auction

Property Prices Fall

Chandigarh

Delhi

INDIA GRIVenue: Hotel Taj Mahal Palace MumbaiDate: 3-4th Oct 2013

forthcoming events

Mumbai

And its not just technology in play, Bangalore-based Common-

Floor.com is sending out chauffer-driven BMWs and Mercedes

to pick up premium clients for sight visits—facilities that an

individual broker would find difficult to match.

Internet portals, professional tech savvy agencies are already

posing stiff competition to the traditional brokers. “This, added

to the un favorable market conditions in real estate, has made

it worse for traditional brokers who operate through personal

contacts & reputation and do not rely on technology medium.

Several small-time brokers have actually gone out of business.

The gloom is evident in Delhi, Mumbai and Kolkata other major

metros which have considerable young urban population which

is net savvy.

Transactions are not happening and there is no movement in

the market. Brokers who are unable to sustain are relocating

from premier locations to smaller offices elsewhere and are also

trying their hand at other businesses.

Chauffer Driven BMW for Home HuntingBangalore

Prices of homes in upscale South Delhi have dropped by 20-

35 per cent over the last one year, with developers and cash-

strapped investors offering big discounts to dispose off their

assets in a slowing economy. Till about six months ago, discounts

on new homes in the area were being offered only by developers

facing oversupply. But with the economic situation worsening,

this category of sellers has expanded to include cash-strapped

investors and businessmen who are keen to sell the high-end

apartments they had picked up some years ago. The situation

offers an opportune time for bargain hunters. There is a lot of

distress sale today, both by builders and investors.


news&events

At the end of March 2013, the unsold inventory for 19 listed real

estate developers that are part of BSE 500 index had gone up by

25 per cent over previous financial year and values at nearly Rs

58,000 crore. While inventories rose 25%, net sales remained

almost the same as compared to previous year. As per rough

estimates DLF has inventories to the tune of 17600 crores, HDL for

12,043 crores and Indiabulls Real Estate 5,111 crore.

For the entire industry, unsold inventory could be many times

higher as a majority of developers are not listed. Delhi NCR has

400 builders but only four listed builders from that region.

The current level of inventory is much higher than the optimal

eight to ten months.

R a g h u r a m

Rajan took over

as the governor

of the Reserve

Bank of India

in first week of

Sep. 2013 at a

time when the

Indian economy

is facing its worst

crisis in over two

decades.

He has been

appointed for a

period of three

years, and will take charge from D. Subbarao, who is exiting

after an extended five-year term. This will be Mr. Rajan's

second assignment in the country. He was appointed the

Chief Economic Adviser to the Finance Ministry in August

last year. He was the Economic Counselor and Director

of Research (The chief economist) at the International

Monetary Fund from September 2003 till January 2007.

Mr. Rajan's claim to fame is his prediction of the 2008

global financial crisis in his paper titled, has Financial

Development Made The World Riskier?. In January 2003,

the American Finance Association awarded Mr. Rajan the

inaugural Fischer Black Prize, given every two years to the

financial economist under age 40 who has made the most

significant contribution to the theory and practice of finance.

He is the author of the popular book Fault Lines: How Hidden

Fractures Still Threaten the World Economy, where he has

argued that serious flaws in the economy are to blame for

the current economic crisis, and warns that a potentially

more devastating crisis awaits us if they aren't fixed. He

earned his bachelor's degree in electrical engineering from

IIT-Delhi, before pursuing his MBA in 1987 from the Indian

Institute of Management, Ahmedabad, followed by a PhD in

1991 from Massachusetts Institute of Technology. He was a

gold medalist at both IIT and IIM.

Delhi Chief Minister Sheila Dikshit laid the foundation stone for

the first in situ housing development project. The multi-storyed

project coming up in Kalkaji Extension Slum Cluster in multiple

phases will have over 8,000 houses.In the first phase 3,000 flats

worth over Rs 200 crore will be developed. In-situ refers to ‘at the

place’ re-development where no relocation is affected.

India’s Top Builders Inventory Rises To Rs. 58000 Crores

New RBI Governor

In situ Housing Project

Delhi

Delhi

Delhi

SMART EXPO Venue: Hongkong Convention & Exhibition CentreDate: 13-14th Nov 2013

Hongkong

forthcoming events


news&events

forthcoming events

news&events

Volvo India, the Swedish multinational best known for

heavy duty trucks and sleek low-chassis buses, is set for a

landmark real estate transaction in Bangalore. The company

is in the final stages of negotiations with Bangalore-based

real estate developer – Bagmane Group to buy as much as

one million square feet of fully fitted out office space for a

record Rs 700 crore.

Volvo India, which offers a range of buses, trucks and

construction equipment, currently has six different office

spaces in Bangalore and this move to seal out the landmark

transaction will see them consolidate in one location at

Outer Ring Road in Marathahalli in the eastern part of

Bangalore, which houses many technology companies.

In addition to various operational personnel, Volvo has a

growing technology arm in Bangalore which is part of its

global operations.

VOLVO’s Buys Rs. 700 Crore Office SpaceBangalore

With the UAE being the favourite nation to win the bid to

host the World Expo 2020 in Dubai, the property market is

expected to continue to make gains.

A number of sellers are backing out of deals as they are

confident that property prices will rise post November.

One of the reasons for sure is the World Expo 2020, but in

general the market sentiment is positive.

CII Excon 2013 Venue: Bangalore International Exhibition Centre (BIEC), Date: November 20-24, 2013.

Bangalore

Real Estate Boom Time

Dubai


The UAE government has been stepping up efforts to provide

housing for its citizens with Dubai and Abu Dhabi launching

housing projects and financing for Emiratis and that includes

offering interest-free loans to build a house, the SZHP offers grants

to assist in the buying, building and maintenance of a house, and

builds government houses for applicants. However those applying

for the scheme must meet certain requirements, including a

maximum income.

Contracts worth Dhs1.5 billion for phase one of a housing project

for Emiratis have been approved by UAE government. The project

will build and renovate around 10,000 houses for UAE citizens

across different emirates.

Discounted Homes

UAE

The deals were being closed till a few months back, but since

September sellers are holding back as they expect a sudden jump

in prices before year-end.”

“Dubai leads the annual rankings, recording price growth of 21.7

per cent in the year to the end of June.

Earlier this month, Standard Chartered said that despite prices

soaring Dubai's property market is not heading towards another

crash with market now more sustainable, being influenced by an

improved economy rather than speculation that will not repeat the

same boom-and-bust cycle of 2008.

Paris-based Bureau International des Expositions will vote to

decide which city will host the World Expo 2020 on November 27.

Visitors Rush at Property & Investment Expo 2013The Two Day Long Property & Investment Expo Was Held On 17-18 August 2013 At Hotel Shivalik View Chandigarh. With Over 2000 Visitors And 25 Participants. There Were Developers From Chadigarh, Mohali, Zirakpur, Delhi, Noida, Bangalore, Jaipur And Other Cities. The Developers Showcasing Plots, Villas, Flats, Row Houses, Commercials Ranging From 1 Lacs To 4 Crores. The Show Was Inaugutared By Mr. Amarjit Singh Minhas, Zonal Manager, Dhfl. The Builders Participated In The Exhibition Are Janta Land Promoters Ltd., Mona Greens, Sbp Group, Taj Towers, Hebron Properties, Arcadia Homes, D Homes, Abode Realtors, Cosmic Infrastructure, Imperia Structures, Mega Marketing, Omega Housing, Shanti Housing, Dhfl, Earth Infrastructures, Sampati Square, Dream Value Developers, Prestigous Group, B3b Developers.


INDIA GRI 2013, 3-4 OCTOBER: ENGAGE DIRECTLY WITH INDIA'S REAL ESTATE INVESTMENT LEADERS

With the fall of the rupee, savvy investors are on the hunt for opportunities created by the slide. Make sure you and your industry partners make the most of this unique opportunity to engage with key influencers in the India market.

The India GRI 2013, Mumbai, will bring together the leading international players and national decision-makers that are driving the real estate business in India today. Like all GRI meetings, the India GRI will have no speakers and no panellists, just informal discussions in small groups, where everyone participates equally.It is a place where senior players talk to each other and build friendships in a setting devoid of selling pressure.

More information: http://www.globalrealestate.org/India2013


news&events

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WEEKEND HOMES

FOCUS THIS MONT H

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HOT SPOT IN FOCUS

Disclaimer: Map is not to scale and purely for illustrative purpose. Accuracy of the map is not guaranteed.


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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 - ZIRAKPUR R ZONE 2

Location: VIP Road (near Penta Homes), Ambala-Chandigarh Highway, ZirakpurHighlights: - Modular Kitchen with

Chimney - Free Car Parking

- 2 AC’s - Texture Paint on 3 Walls

- Water Purifier

Options: 2BHK (1150sqft)

IndependentYds.

Kiran Apartment

BudgetPlanner

0 10 20 30 40 50 60 70 80 90 100 150 >200

Possession in November 2012

Location: VIP Road, ZirakpurHighlights: Choice of 2/3 premium apartments and penthouses characterised by Singapore architectural collabration. Recreational Club with Swimming PoolOptions: 2/3 BHK, Penthouses

Jaipuria’s Sunrise Greens

BudgetPlanner

0 10 20 30 40 50 60 70 80 90 100 150 >200

Sales Organisers/Dealers: Call 9216841278 to Adveriste in this space

Location: VIP Road ZirakpurHighlights: Surrounded by lush green gardens. Club house having facilities as swimming pool, table tennis, library, yoga centreOptions: 3BHK, Penthouse

Maya Garden Phase-3

BudgetPlanner

0 10 20 30 40 50 60 70 80 90 100 150 >200

Zigma Wealth: 8146992437


Location: VIP Road ZirakpurHighlights: •Club house complete with all recreational and leisure facilities•Covered car parking•Provision for piped LPG supplyOptions: 2BHK, 3BHK, 4BHK, 5BHK Penthouse

Pearls Nirmal Chhaya

BudgetPlanner

0 10 20 30 40 50 60 70 80 90 100 150 >200

Ready to move in

Location: VIP Road, ZirakpurHighlights: Sky banglows with drawing cum Dining Room,Family Lounge, Home Theatre room, Mandir ,Store and Servant QuarterOptions: 88 flats of 4000 sq ft each and 8 penthouses of 7000 sq ft each

Ojas Grand, Zirakpur

BudgetPlanner

Location: VIP Road, ZirakpurHighlights: AmphitheatreCommon Library, Club, Gym, Jogging Track. Ultra Modern UPVC Windows to keep your house insulated.Options: 2, 3, 4BHK Apartments

Savitry Greens

BudgetPlanner


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

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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.

Amravati Hills

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

Hill Farms

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.

Sales Organisers/Dealers: Call 9216841278 to Advertise in this space Zigma Wealth: 8146992437

Sales Organisers/Dealers: Call 9872635220 to Advertise in this space Mega Marketing: 9815740230

SS Associates: 9876500036 Call 9815601347

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Sr. No. Offering

1

2

3

4

5

Plot Size Rate / Sq yards Budget

PLOTS

IREO Fiveriver

DLF Valley

Emaar MGF

DLF Hyde Park

Unitech Uniworld City

Residential Plots

Residential Plots

Residential Plots

Residential Plots

Residential Plots

250-1000 250-1000

400-500 400-500

250-500 250-500

250-500 250-500

22995-27995

Location

Panchkula

Panchkula

Sector 105, 108, 109, Mohali

Mullanpur, New Chandigarh

Mohali

Disclaimer: Rates mentioned in property watch column are based on inputs collected from active property professionals operating in the area.Please check latest rates with respective builder before making any decision on your purchase.

COURTESY : DNA REALTORS, MAKAAN SEARCH, CHANDIGARH

PRICE WATCH - CHANDIGARH NCRPRICE WATCH - CHANDIGARH NCR

Sr. No.

1

2

3

4

5

6

7

8

9

10

11

12

13

15

14

16

17

18

19

20

21

22

23

Project

Sushma Elite Cross

Sushma Green Vista

Sushma Crescent

Sushma Chandigarh Grande

Escon Arena

ATS Golf Meadows

IREO Fiveriver

DLF Valley

JLPL Falcon View

Wave Garden

Ansal API

Sandwoods Opulencia

Nirwana Greens

Maple Apartments

Omaxe Service Suites

Ireo Rise

Emaar MGF The Views

Unitech Gardens

Bestech Parkview

WWICS Imperial Heights

Anmol Homes

VIP Floors

Bollywood Floors

Category

3 BHK

2 BHK

3/4 BHK

3/4 BHK

2/3/4 BHK

3/4 BHK

2/3/4 BHK

3 BHK Ind. Floors

3BHK + Serv, 4 BHK + Serv

2/3/4 BHK

3 BHK

3BHK + Serv, 4 BHK + Serv

1/2/3/4 BHK

3BHK

5 Star Hotel Service Aptments

2/3 BHK

2/3 BHK

2/3 BHK

2/3 BHK

2/3/4 BHK

3 BHK

2BHK + Serv Room

3 BHK Ind. Floors

8801350, 1810, 3270

Unit Size

1685-1825

1276

1690-2380

1885-2250

1385-2195

1350-2950

1300-2200

1450-1550

2480-3007

1380, 1885, 1990

1695-1800

1950-2600

1816-2060

480, 720, 960, 1440

123,315,111,609

1350, 1550, 1750

1485,1790sqft

1395-1850

1160,1737, 1840

1550

1250

1550

Per sq ft

3260-3300

3300

3300

4150

3090

3100

4300

4400

3890-4050

4450

2990

3195

2900

6100

4000-4200

3800

3195

6495

2800-3150

BudgetBracket inRs. Lac

50 - 60

40 - 45

55 - 80

75 - 95

40 - 70

40 - 90

55 - 90

65-70

100-120

60-90

50-55

50-55

20-100

50-60

65-85

50-65

50-70

45-60

90-120

35-55

40-45

30-35

55-60

Mullanpur, New Chandigarh

Location

Derabassi

Panchkula

Panchkula

Sector 66-A, Mohali

Sector 85, Mohali

Sector 115, Mohali

Sector 110, Mohali

NH-21, Greater mohali

Gazipur, Zirakpur

Zirakpur

Zirakpur

Zirakpur

Zirakpur

Zirakpur

Sector 99, Mohali

Sector 105, Mohali

Sector 97, Mohali

Sector 66, Mohali

Sector 115, Mohali

Zirakpur

VIP Road, Zirakpur

Sector 113, Mohali

TentativePossessionDate

July_14

July_14

Dec_15

Mar_16

Dec_15

Mar_16

Mar_16

July_14

July_15

July_16

Mar_16

Mar_16

Aug_14

July_14

Ready to Move in

Ready to Move in

Chandigarh Construction Industry to get a Boost by CII EXCONCII’s EXCON 2013 to Boost Indian Construction Sector

Rapid reforms & start of ‘Roads & Highways’ projects key to revive construction sector - CII

property wise


“It is highly imperative that government starts

around 1500 stalled ‘Road & highways’ Projects,

speed up reforms, systems, fast track clearances

and awarding of projects under PPP mode in order

to revive and revolutionise the ailing construction sector”, said

Mr Jasmeet Singh, Head - Customer Experience Programs &

Defence Sales, JCB India Ltd while addressing a Roadshow

on Excon 2013, Asia's third largest trade fair for Construction

& Equipment Industry, organised by Confederation of Indian

Industry (CII), at its Northern Headquarters at Chandigarh

“Out of these stalled projects, approx. 350-400 are in the

Northern Region and if these projects are commenced,

the region’s economy will get immense fillip as also the

construction sector which has been witnessing a negative

growth for the last 6 months. We all are hoping for EXCON

2013 (scheduled for November 20-24 at Bangalore) to

revitalize the construction industry as it is expected that 100

+ new products and Equipments would be launched there

in addition to a lot of attractive offers, JVs, partnerships and

schemes”. EXCON is the only forum where all the stakeholders

relating to construction sector from India and abroad are set to

participate opening lot of opportunities for JVs etc”, he added.

“From Chandigarh region, a huge number of dealers,

contractors, project developers, banking & finance companies,

machinery & equipment dealers, construction companies,

buyers, suppliers and investors in construction equipment

and technologies, equipment rental companies are expected

to participate and explore options for Joint Ventures (JVs),

partnerships and deals with international clients and enhance

their exports and can help strengthen rupee”, he further

informed.

“Excon 2013 is scheduled to be held at the Bangalore

International Exhibition Centre (BIEC), from November 20-24,

2013. Spread over 2, 20,000 square metres of display area

and with a participation of 800 exhibitors, Excon would witness

over 100+ new product launches by participating companies.

There will be country pavilions, including leading economies

like China, Sweden, Germany, Italy, Japan, South Korea, and

Turkey. The event would also have a large presence of SMEs

in the component and aggregate manufacturing, showcasing

India's potential as a preferred outsourcing destination for

construction equipment manufacturing”, he further informed.

“The construction industry is a major contributor to the

country's GDP (8% in FY12) and one of the largest employment

generators, currently employing around 33 million people but

the construction equipment market is still untapped. The

Planning Commission of India estimates total infrastructure

spending of about US$ 428 billion during the 11thFive Year

Plan (2007-12) and foresee to double India's infrastructure

investments to about US$ 1 trillion for the 12th Plan (2012-

17). In such scenario, event like Excon will be a great platform

for national as well as local players to share global best-

practices and would aim at facilitating faster and sustainable

development of infrastructure and related sectors in India,”

said Mr Manmohan Singh, Chairman, CII Chandigarh Council.

“For a country focused on development, it is imperative

to mechanize its infrastructure creation. Besides this,

collaboration with suppliers, easy land acquisition, availability

of testing centres, competitive enhancement and skilled

manpower are also crucial to boost the Indian Construction

equipment sector. We need extensive utilization of software

technology to upscale the sector and Excon is one stop centre

that provides assistance in all these areas,” said Mr Sanjiv

Narang, Executive Director, J V Infra.

“By 2020, the construction equipment industry will need an

estimated one lakh trained operators and three lakh trained

mechanics especially in areas of operations and maintenance.

Skilled manpower remains a key challenge in this segment

which calls for a skill development council at national

level. Further, it is absolutely essential for the construction

equipment industry to work closely with all stakeholders

including government agencies, and events like Excon can

go a long way in facilitating that”, shared Mr Vinayak Sanger,

Zonal Head, Schwing Stetter.

“CII’s Excon aims to provide a one of a kind opportunity for

the entire industry including manufacturers, assemblers,

component suppliers, financiers and after-sales servicers to

assess the current status of Indian construction equipment

industry and the underlying opportunities and challenges.

From live demonstrations of equipment to a display of power

tools, Excon promises to give close to 35,000 visitors from

different parts of India, a great business opportunity. The

event also acts as a forum to position India as an outsourcing

destination for components, aggregates and equipment,” said

Mr Pikender Pal Singh, Regional Director, CII NR region.


Emerging Investment Hotspots

Real estate is an asset class that demands

specialised skills and the complexity surrounding

this sector increases in the Indian context.

Compared to the mature real estate markets

in the developed nations, buyers in India need

a higher degree of diligence before entering into property

agreements. Issues pertain to ownership rights of the property,

understanding the difference between usable area and saleable

area in absence of standardised definitions, completion of the

project and receipt of the completion certificate and so on.

Further, when evaluating multiple investment opportunities, the

absence of industry standards in developer ratings, building

structure comparison, price distinction across different projects

and other factors create difficulties in arriving at a direct

comparative approach. In brief, information asymmetries and

laxity in disclosure norms need to be addressed for the sector

to achieve optimum potential in development and investments.

Amidst these complexities, real estate sector in India has

displayed volatility in the past decade. Prior to the Global

Financial Crisis (GFC) in 2008, the macroeconomic scenario

was extremely robust leading all indicators northwards; be

it property prices or space absorption. However, the period

coinciding with the GFC and post-GFC absorption levels and

property prices showed a marked correction across all major

real estate markets in India. The recovery led by the residential

sector, was also startlingly quick, with property prices recovering

lost ground.

However, the demand levels have shown only a gradual

recovery in the office sector. A combination of piling up unsold

residential inventory due to decline in absorption rate in post-

GFC and rising construction costs are causing difficulties for

the developers. In such a scenario, returns through capital

appreciation aside, security of the invested capital has become

a big priority. Therefore the investors, end users and buyers

face the pertinent question - Where to invest?

With this report, we seek to provide the answer to the above

question to a certain extent. In this report, we highlight a few

investment hotspots across India. At Jones Lang LaSalle, a

location/ submarket is categorised as a hotspot in a city when

it is emerging as a self-sustained ecosystem with development

at all levels.

A location focused on residential segment and low/no

commercial and entertainment options is not likely to sustain for

a long time. Similarly, a commercial hub with low/no residential

development is likely to cause problems for the employees who

may seek for alternate residential districts in the vicinity, which

can reduce the commuting time to work and therefore is not

sustainable. In addition to the overall real estate development,

infrastructure also plays a pivotal role in developing a location.

Poor infrastructure or delayed infrastructural developments

can eventually reduce the investment potential of the location.

Though all-round development requires considerable time, it

lends maturity to the real estate market in the location while

ensuring that price growth is sustained over a longer time

period. To put the above in context of individual Indian cities

and specific locations, Powai in Mumbai, which has emerged as

a well-developed suburb, has seen a steady increase in prices

across all asset classes. As against this, there have been a few

Ashutosh Limaye, Head – Research & REIS, Jones Lang LaSalle India

Mining Opportunities From The Complex Real Estate Terrain of India

property wise


locations where speculative activity resulted in increased price

volatility which was later marked down considerably when real

activity on ground failed to take off.

Kharghar, a suburban location near Mumbai witnessed such

a trend in a relatively short time span. With the intent of

developing it as a luxury residential hub, the local authorities

announced various projects including a golf course and a

Millennium Business Park. Infrastructure initiatives also

attracted investment by developers and investors in this

location which initially resulted in a sharp price uptick. Prices

rose further when another round of rise in prices occurred

when the international airport was announced near Ulwe, an

area adjacent to Kharghar. However, with physical activity at

a standstill and airport development slowing down, investor

activity has seen a decline which in turn has led to a price

correction.

Considering all aspects, we have identified eight submarkets

as investment hotspots across the top seven cities in India.

Notable absentees in our selection are the prime business

districts as they have achieved near saturation levels in terms

of development and hence are not expected to either support

meaningful price increments or they do not provide a large

selection of investable assets.

We have intended to select destinations which are classified

as either emerging or growing submarkets and are likely to

be well-supported by excellent infrastructural development.

According to our assessment, these locations offer a large

bouquet of investable options in real estate with their relative

lower price levels providing the incentives for future capital

appreciation and healthy returns. The locations are:

• Noida & Greater Noida - National Capital Region (NCR)

• Thane - Mumbai Metropolitan Region ( MMR)

• Navi Mumbai - Mumbai Metropolitan Region ( MMR)

• Whitefield - Bangalore

• Southern Suburbs - Chennai

• Viman Nagar and Nagar Road - Pune

• Gachibowli - Hyderabad

• Rajarhat - Kolkata

While these submarkets offer good investment opportunities,

property price appreciation is likely to vary depending upon

endemic risks associated with the particular submarkets and

their precincts. Further, within the submarkets, discounts on

property prices vary depending on developer profile, asset

class and current construction status of the project and we

would advise buyers to consider every option based on their

risk appetite.


A Square Look At The Revised Land Acquisition, Rehabilitation and Resettlement Bill

The Land Acquisition Bill, which the new Bill

now supersedes, is a century-old law with many

archaic elements and loopholes. The new Land

Acquisition Bill essentially champions the cause

of the marginalised section and puts in place

many safeguards and checks. The Parliament has now passed

the new Bill with amendments such as exclusion of irrigation

projects from the compulsory Social Impact Assessment study

within a period of six months from the date of acquisition, and

tweaks in Clause 25 of the Act pertaining to the determination

of compensation.

In India, a majority of land acquisition-related disputes /

litigations have erupted from the unfair and highly subdued

compensation to land owners, and lack of thorough and

clearly-defined rehabilitation and resettlement policy for those

displaced due to acquisition and acquisition of land in regions

/ areas inhabited by scheduled castes and other tribal people.

The new Bill addresses all of these concerns. It has aggressively

ramped up the valuation to twice the guidance values in urban

areas and four times the Guidance value in rural areas. The

law clearly states that no one shall be dispossessed until and

unless all payments are made and alternate site for resettlement

and rehabilitation have been prepared. Also, it prohibits the

acquisition of land in scheduled areas without the consent of

the rural authorities, or ‘gram sabhas’.

In case of land acquisition for PPP projects or for a private

player, the Bill requires consent of no less than 70% and 80%

of those whose land is sought. It also stipulates the provision of

40% profit sharing with original owner in case of sale of land to

the third party for a price higher than compensation paid.

Through all these provisions, the new Bill attempts to address

the conventionally prime reasons for litigation and grievances.

Hence, litigation and related costs can be expected to decline.

Taking a holistic view of the Bill and its potential implications on

the Indian real estate and infrastructure industry, there seem

to be two opposing forces at work here. On one hand, legal

complications and grievances related to land acquisition are

expected to subside, thus streamlining the acquisition process.

On the other, a sharp increase in land-related costs will lead

to hugely enhanced financial burdens to developers, since the

Bill add to add to the cost of projects, that too substantially in

some cases.

In a developing economy like India, where infrastructure-

related projects and urbanization are of paramount importance,

enhanced project costs resulting from the new Bill might be a

severe setback for infrastructure development and urbanization

attempts. The enhanced compensation clause and the R&R

clause will have a direct cost implication. The consent clause

holds the potential to delay the start of such project.

In fact, many infrastructure projects might eventually be

rendered unviable and the private sector - already not too

Anuj Puri, Chairman & Country Head, Jones Lang LaSalle India

An important trend in the real estate industry that will further pick up is joint development. Many developers looking to safeguard profit margins and share the risk will now follow the joint development route.

property wise


interested in partnering with the Government in wake of

delays and regulatory complications - might be even further

discouraged from considering any potential partnership with

the Government in PPP projects.

Given the fact that the provisions of the Bill will be applicable

in cases of land acquisition of 50 acres in urban areas or 100

acres in rural areas, most residential, commercial and retail

projects will be immune from these clauses as they occupy

an area smaller than stipulated in the Bill. Also, most of

these projects were initiated after adequate compensation to

landowners and with their 100% consent. Nevertheless, an

important trend in the real estate industry that will further pick

up is joint development. Many developers looking to safeguard

profit margins and share the risk will now follow the joint

development route.

Thus, in a nutshell, the infrastructure industry - and its players

- will be more severely impacted than real estate industry. As

far as institutional capacity to implement the key reforms of Bill

is concerned, it does not seem that we have the infrastructure

and systems in place to effectively make all the reforms work

on the ground. The law and order machinery will need to be

augmented. Also, many regulatory mechanisms will need to

be initiated or made robust for continuous monitoring.


wise say

True to form, Dave Liniger expertly set the tone for the 2013 BOC in Ottawa, Ontario, during his keynote speech.

The RE/MAX Chairman and Co-Founder reminded the hundreds of Broker/Owners and Managers who filled the Ottawa Convention Center – for two days of sessions with razor-sharp focus on leadership, recruiting and retention – that RE/MAX empowers entrepreneurs and is not the right place for part-timers and underachievers.

He boiled down the key differentiator to a simple analogy: RE/MAX is a team rather than a family.

“There are other companies that look at their real estate network as a family,” Liniger told the crowd. “In a family, everybody’s accepted and loved, even if they don’t do anything to support the family.

“But a team is different; a team is out there to win. RE/MAX is a team — the best team that’s ever been put together in the history of the real estate business.”

Liniger’s analogy fits the long-standing philosophy RE/MAX leadership has always held: RE/MAX is the destination for top producers — not part-time agents or those who aren’t committed 100 percent to real estate as a profession.

Team Vs Family

Dave LinigerChairman and Co-Founder RE/MAX


Mayank SaksenaManaging Director - Land ServicesJones Lang LaSalle India

The newly revised Land Acquisition Bill is beneficial to land owners. The scope of minimum required approval has been increased to 80% of the affected families. This consent is mandatory only for private enterprises.

Secondly, the Government's role in land acquisition has been curtailed as far as private enterprises are concerned. These enterprises can now enter into their own negotiations and arrive at the price to be set for acquisition.

Thirdly, different techniques for arriving at the compensation to be paid have been provided. With the intention of providing land owners with compensation which is closer to the existing market rates, the Bill now stipulates that local circle rates will now need to be doubled and further multiplied by a factor of two when it comes to land parcels in rural areas. This means that that the acquisition price for land in rural areas will effectively be four times that of the local circle rates. In urban areas, the circle rates will need to be doubled in order to arrive at the acquisition price.

The new Bill also requires a Social Impact Assessment (SIA) study to be carried out. This study will have to outline how the acquiring parties intend to use the land, and how the original inhabitants or owners will be rehabilitated. The Act now also puts very definite timelines on project completion and entire land utilization.

For developers, the cost of land is going to increase significantly, impacting their project costs and therefore margins. Land valuations are already high and by further increasing them, land acquisition becomes even more difficult. Anyone without an existing land bank will now be looking at vastly increased entry costs.

Land Acquisiton Bill


Gender Diversity – Is Indian Real Estate Ready?

A close look at the Indian real estate industry and

its various stakeholders reveals that this sector,

which was once largely male-dominated, is

slowly waking up to the imperative for greater

gender diversity. It is not only International

Property Consultancies (IPCs) like Jones Lang LaSalle India

that are taking this issue more seriously. Indeed, many larger

developer groups, real estate-focused lending institutions and

private equity firms now have women in senior executive roles.

The difference that these empowered women are making in all

areas of the real estate industry is tremendous.

There are good reasons for this. The Indian real estate

sector has, for the longest time, been functioning without the

benefit of the unique qualities that qualified and determined

women can bring to the table. Today, the fact that women in

leadership roles bring an extra measure of empathy, acumen,

assertiveness and determination to succeed to real estate

business situations is being increasingly accepted as a given.

The simple fact is that our workplaces need gender diversity

because:

property wise


• There is a shortage of employable resources in India –

especially in the IPC domain – despite in the country’s huge

population. By focusing more on gender diversity, the available

talent pool practically doubles.

• Women are, by nature, wired differently. Both genders

have their unique capabilities, and these capabilities are - even

at the most fundamental levels - meant to balance each other

and not exist in isolation. As such, a company that does not

take gender diversity at the workplace seriously is losing out

on an important synergy that can - and does - affect business

at various levels:

• Women make more loyal employees, which has

significant implications in terms of retaining talent which has

been specifically trained and groomed for high-powered jobs

at International Property Consultancies and other real estate-

focused firms.

Where Women Excel

• Client Relations:

At Jones Lang LaSalle, it is an accepted fact that the empathy

with which women approach the formation and maintenance of

long-term client relationships is indispensible in the real estate

business. In an industry which is often defined by a lack of

certainty, clients look for more than assurances. They want to

know that their concerns have been heard and acknowledged,

and that their business interests will be proactively addressed.

Thanks to the empathic nature of their gender, women real

estate professionals are able to communicate both their

understanding of these concerns and the Firm’s steadfast

commitment to ethics, transparency and client-centeredness.

• Decision Making:

Because of the extreme levels of competitiveness and

sometimes unstable market dynamics, the real estate business

is often a high-adrenaline arena. When important decisions

need to be made - on behalf of a client or internally - women

can provide a calmer, more balanced viewpoint that leads

to well-rounded and more astute conclusions. The ability to

provide a calm and more holistic counterpoint makes women’s

contribution to company decisions invaluable in terms of long-

term business sustainability - and growth.

• Human Resources:

• An IPC such as Jones Lang LaSalle provides a huge

diversity of services such as residential, commercial and

land property transactions, tenant representation, strategic

consulting, integrated facilities management (IFM), property

and asset management (PAM), capital markets, etc.

• Every new candidate has his or her own unique qualities,

and every existing employee displays unique potential for

further growth. The ability to sense hidden qualities, character

traits and emotional undercurrents allows women in an IPC’s

HR department to sharp-focus on these areas in an individual,

and to accurately position these talents to the most suitable

vertical.

• Jones Lang LaSalle India has ensured that there is at

least one woman representative in every campus recruitment

team to ensure that women candidates get a fair chance, with

a focus on increasing the percentage of women working at the

firm.

Gender Diversity At Jones Lang LaSalle India

• Between 2011 and 2013, Jones Lang LaSalle India has

increased the number of women in its workforce by 68% -

from 496 to 835 women. The Firm has maintained a gender

diversity percentage of 17.8 % in favour of women in this

period alone. This percentage did not change despite the fact

that Jones Lang LaSalle India increased its overall work force

by 62% in this period - from 2888 in 2011 to 4688 in 2013.

In fact, Jones Lang LaSalle India leads in Gender Diversity

initiatives across JLL Asia Pacific.

• The number of women leaders in key decision-making

roles at JLL has increased from 17 in 2011 to 26 in 2013.

These include an international director, a regional director

and four national directors. Two of Jones Lang LaSalle India’s

women leaders spearhead regional roles across Asia Pacific,

and the Firm has a women representative in the National

Executive Council (the highest governing board of the

organisation) constituted of seven representatives from the

senior management, as well as two women representatives at

the next highest level – the India Leadership Council.

• The Firm’s overarching gender diversity strategy primarily

focuses on ensuring long-term career opportunities for women

within the organisation. This is achieved through a focused

recruitment strategy as well as constant talent upgradation,

the result being that the Firm’s women employees have long

and fulfilling careers. Also, their steady progress through

the echelons of senior management helps fill key leadership

positions with more women.

• Focused gender diversity initiatives such as the quarterly

All India Women Connect webinars and on-ground Women

Connect quarterly Open House meetings and workshops


across offices help the Firm’s women employees maintain

and increase their confidence, and also give them an effective

platform to raise issues.

• Jones Lang LaSalle India maintains a 24/7 Staff

Assistance Programme for all employees, which has proved to

be an effective and highly popular medium for women staffers

to discuss and obtain solutions for their personal or work-

related issues anonymously with trained counsellors.

• Taking into consideration the special circumstances

in a woman’s life that have relevance in their careers, Jones

Lang LaSalle India has also extended its Maternity Policy by an

additional three months on a leave without pay basis, beyond

the three months of paid maternity leave.

• The Firm undertakes special security measures for

women, who can avail of a car drop facility should their work

require them to stay beyond routine office hours. Moreover,

Jones Lang LaSalle’s global ethics manifesto ensures that every

woman employee, regardless of ranking within the hierarchy,

is fully protected from sexual harassment or any other kinds of

inappropriate behaviour.

• Jones Lang LaSalle India was recently included in the list

of Top 10 Organisation on Gender Diversity Best Practices by

National HRD Network, Delhi & NCR Chapter. The Firm was

amongst the chosen few, which included stellar organisations

such as GE, Coca Cola, SAP, Bharat Petroleum, Zensar, IBM,

Fluor Daniel, Citi India, etc.

On The Flip-Side

When it comes to a convincing gender diversity ratio at an

industry level, it is certainly still early days for Indian real estate.

Traditional bastions are not entirely demolished overnight, and

it takes time for mind-sets to achieve 360-degree turnabouts.

The case for even stronger women representation in this sector

is overwhelming, but real estate in India is an industry of which

less than 10% is fully organized.

While we are doubtlessly witnessing increasing gender

diversity at the sector’s corporate level, one cannot ignore the

fact that the industry itself is still in throes of gaining maturity.

Nevertheless, Indian real estate is on the way towards greater

transparency and ethical governance – and not without

resistance at certain levels. This change resistance is not a

new phenomenon, and must be factored into the overall

picture when we speak of gender diversity in the sector.

Conclusion

Meanwhile, the corporate world can be the leader of change,

as it has been in so many other areas. The world has always

taken its cues from those who set the right example and walk

the talk. Change is inevitable as a country’s economy grows

further on the heels of globalization and corporatization.

We will certainly see more women assuming leading roles at

every level of real estate development and consultancy in the

years to come. Gender diversity is a revolution whose time has

come, and there is no turning back the incoming tide.

Gagan Singh,

CEO – Business & Chairperson – Sri Lanka Operations, Jones Lang LaSalle India


Application form withPhotograph duly signed byall applicants

Identity, Residence andage proof

PAN Card copy of themain applicant

Proof of businessexistence


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


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







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


Last Six month’s bankstatements


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

RE/MAX introduces the “Open House” Concept in the Indian Market

property wise


When one of their offices, RE/MAX Realty

Solutions started this concept for the very

first time, they all were a little apprehensive

of how well it would be accepted by the

industry. They knew that the industry

had seen the concept of Open House in various forms like

developers having sample homes at their project sites but

nobody had really called it an “Open House” or conducted it

like an “Open House”.

An Open House is a long standing tradition in the sale of

residential real estate to expose maximum people to the

property put on sale. Open house is the best medium for

inviting public to tour the home to help sell it at the best

possible price in the least possible time.

The pioneers who started this concept in India, Nirav Vakharia

& Harit Parikh, Owners of RE/MAX Realty Solutions discuss

what made them go for it - It’s always nice to use innovative

idea's which speed up your sale's procedure as well as create

brand awareness in the market. Doing paper advertisements,

creating an event on facebook, sending personalized

invitations, staging the house, putting up directional signage’s,

assigning agents work on the day of the Open House, having

open house goodies for the visitors to having a plan for follow

up on enquiries generated; it’s a long checklist that they follow

diligently.

Anand Choksi, Owner of RE/MAX Advantage strongly believes

that showing a home can be done online through slide shows

and virtual tours and is currently how it is done but however

convenient the internet tools are, at the end of the day, SEEING

is BELIEVING and that is exactly what an Open House aims

at achieving. His office has already done a number of open

houses and has received enquiries from genuine buyers as a

result of conducting open houses. As per Anand, the cost of

conducting such open houses should be kept minimal so that

one can do a number of them and he also feels that staging

the house for the open house is one of the most important

steps that needs to be dealt with well. His office also believes

that one should use such platforms to provide the visitors with

some value added information in the form of pamphlets on

topics such as “ 10 common mistakes to avoid while buying

a home” etc which makes attending an Open House a

wholesome experience for them.

The Owner of RE/MAX Realty Investmart, Manish Patni shared

that one of the most important points that his office keeps in

mind while conducting an open house is the selection of the

right property for which an Open House has to be conducted.

An investment of time, money and resource goes into doing

an Open House and if the property is not well selected then all

the efforts can go down the drain. Right pricing of the property

and a proper staging of the house is of utmost importance

for ensuring the success of an Open House. As per Manish,

an Open House is an ideal way of generating a database of

genuine buyers who may or may not invest in the property for

which the open house is conducted but can always be given

other options to choose from.

RE/MAX India feels that our industry and customers are ready

for such concepts and customers buying and selling in today’s

market are looking for an easy, convenient and professional

real estate experience. Today’s new Age Broker is more of a

consultant to the customer and not just a mere broker and

that is the reason why embracing concepts like exclusive

mandates, open houses etc. has become the need of the hour.


Tips For NRIs – Repatriation of Indian Property Sale Proceeds

The recent times have seen an interesting new

trend in the whole NRI property debacle - NRIs

from North America and Europe coming to India

to sell their purchased or inherited real estate after

they obtain citizenship in these countries. This is

not a trend that has been extensively examined, but it makes

perfect sense. Holding on to real estate is not always feasible

if one is unable to manage them.

This is especially true if the NRIs in question do not visit India

frequently and are not open to renting out their properties.

They prefer not to burden relatives and friends with the task

of paying property tax, maintenance and society dues and see

more sense in encashing the capital value of their inherited

properties

Selling such real estate is usually not the biggest challenge.

What can create confusion is the viability - and ways and

means - of remitting the resulting funds back into the country

of residence. There is, in fact, a fairly straight-forward process.

The aspects that come into play are:

Taxation

As in the case of resident Indians, NRIs who sell purchased

property after three years from the date of purchase will incur

long term capital gains tax of 20%. The gains are calculated

as the difference between sale value and indexed cost of

purchase. Indexed cost of purchase is nothing but the cost of

purchase adjusted to inflation. Calculation of indexed cost of

purchase is easy - many websites provide a calculator; else a

chartered accountant can assist.

In case of inherited property, the date and cost of purchase for

purposes of computing the period of holding as well as cost of

purchase is taken to be the date and cost to the original owner.

The most important point to ponder is the income tax liability in the country of residence on the amount of gain, and whether claiming exemption under Sections 54/54F/54EC is really worth it.

property wise


To be more precise, the amount of long term capital gains

together with the cost to the previous owner (i.e. the person

from whom the property is inherited) would be considered as

the cost of purchase. NRIs are subject to a Tax Deducted at

Source (TDS) of 20% on the long term capital gains. But there

are certain instances when NRI can get a waiver of the TDS.

One such case would be if the NRI is planning to re-invest

the capital gains of the property in another property or in tax

exempt bonds. In such cases, the NRI will be exempt from tax

in India, and no TDS will be deducted either.

If the NRI sells the property before three years have elapsed

since the date of purchase, short term capital gains tax at his or

her tax slab is incurred. Short term capital gain is calculated as

the difference between the sale value and the cost of purchase

(without the indexation benefit). The NRI will be subject to a

TDS of 30% irrespective of his or her tax slab.

NRI selling their properties can apply to the income tax

authorities for a tax exemption certificate under section 195

of the Income Tax Act. They must make this application in

the same jurisdiction that their PAN belongs to and will be

required to show proof of reinvestment of capital gains. If the

NRI is planning to buy another house, the allotment letter or

payment receipt will need to be produced; if capital gains

bonds are chosen instead, an affidavit to this effect will have

to be prepared. Usually, buyers withhold the last installment

of payment until the NRI produces a certificate of exemption.

A NRI has up to two years from the date of sale to invest in

another property, or up to six months to invest in bonds.

Tax Exemptions

Section 54 - This section stipulates that if NRI sells a residential

property after three years from the date of purchase and

reinvest the proceeds into another residential property within

two years from the date of sale, the profit generated is exempt

to the extent of the cost of new property. To illustrate - if the

capital gains is Rs. 10 lakh and the new property costs Rs. 8

lakh, the remaining Rs. 2 lakh are treated as long term capital

gains. The sold residential property may be either have been

self-occupied property or given on rent. The new property

must be held for at least three years.

NRIs cannot invest the proceeds on the sale of a property

in India in a foreign property and still avail the benefit of

Section 54. However, some recent hearings with the appellate

authorities have held that exemption can be claimed under

Section 54 even if the new house is purchased outside India.

However, this is not explicitly specified clearly under the law,

and it is advisable for an NRI to consult a tax expert before

making any investment decisions outside India to avail of tax

benefits under Section 54.

Section 54EC - This section of the Income Tax Act states that

if an NRI sells a long term asset (in this case, a residential

property) after three years from the date of purchase and

invests the amount of capital gains in bonds of NHAI and REC

within six months of the date of sale, he or she will be exempt

from capital gains tax. The bonds will remain locked in for a

period of three years.

Repatriation

General permission is available to NRIs and PIOs to repatriate

the sale proceeds of property inherited from an Indian resident,

subject to certain conditions. If those conditions are fulfilled,

the NRI need not seek the RBI's permission. However, if the

NRI has inherited the property from a person residing outside

India, he or she must seek specific permission from the RBI.

The conditions for repatriation of such funds are not really

complicated - the amount per financial year (April-March)

should not exceed USD 1 million, and should be done through

authorized dealers. NRIs must provide documentary evidence

with regard to their inheritance of the property, and a certificate

from a chartered accountant in the specified format.

What NRIs must pay attention to is the income tax implications

in their country of residence. Many countries tax their residents

on their income regardless of where it originates from, while

others provide partial or total exemption on capital gains

arising on sale of a residential house if certain conditions are

met. The most important point to ponder is the income tax

liability in the country of residence on the amount of gain, and

whether claiming exemption under Sections 54/54F/54EC is

really worth it. The NRI may, in fact, be better off claiming only

partial or no tax exemption on the capital gains in India.


Public Transport: A Key to Real Estate Appreciation

property wise


The pointer is there is a 20-30% premium for properties that are within walking distance from stations, compared to other properties in the same suburb.

When the British Govt started laying down

the tracks for Bombay’s local trains back

in 1853, little did they know that it would

become the lifeline of one of the world’s

largest metropolitan areas. Mumbai’s local

train system has helped the city accommodate about 1 crore

migrants from Maharashtra and Gujarat (and other parts of

the country) within itself. The local train route is about 465

km long today and ferries around 2.64 billion people annually.

Apart from being home to Asia’s oldest transportation system,

Mumbai is also reputed for its costliest real estate. This city

has given the best returns on investment consistently decade

after decade. This makes us ponder on whether there exists

a correlation between public transportation investment and

increase in real estate prices?

In my opinion there is a strong correlation as most of the

increase in the prices of real estate has been in the land

and properties around the local train tracks. A home in the

vicinity of local train stations makes it convenient for people to

commute and hence the middle class buys properties in these

areas. The pointer is there is a 20-30% premium for properties

that are within walking distance from stations, compared to

other properties in the same suburb.

A similar story is being written in the NCR region where about

Rs. 40,000 crore has been spent on building the most modern

Metro system of the country. It started in 2002 and as of now

it has 200 km of line with about 600 million annual users. It

will be about 300 km in next 3 years and that will make it the

fastest growing metro network in the world. Identical to the

correlation seen in Mumbai, Delhi has also witnessed property

prices spiral north wards which has given a steady return in

the last decade.

Both the cities have invested heavily in public transportation

systems. Delhi Metro has cost the exchequer about Rs. 200

crore per km. This kind of investment is difficult for India

to make in all top 10 cities especially with the GDP growth

slowing down.

Gujarat has experimented with a different kind of public

transportation, which is BRTS or Bus Rapid Transport System.

It costs about Rs. 20 crore per km to set up a BRTS network

and it is quick and easy

to implement compared

to railways. Basically

there are dedicated

lanes for special buses

to travel on the road.

These lanes are not

open for any other traffic

and hence these buses

can avoid all sorts of

traffic jams. Started

in 2009, the Janmarg

(as BRTS is called in

Ahmedabad) has set

up 66 km of network.

It annually carries 40

million people and has

invested about Rs. 1500

crore till now. Needless

to say the real estate prices in Ahmedabad have been steadily

increasing especially in the areas in which this network has

been established. The state govt has increased the FSI on

the BRTS corridor which has further increased the prices of

property around the corridor.

A Public transportation project takes more than just investment

to get the outcome required for a steady increase in real estate

prices. As any meaningful project requires more than 5 years

to reach its outcome, only a government which is re-elected

can finish such a massive project. Changes in the ruling power

would mean a shift in priorities and the existing projects stand

a grave chance of being sidelined with other projects taking

over.

A government like that of Sheila Dixit or Narendra Modi has

been able to work wonders as they have been stable in their

respective states. So in effect nothing boosts real estate

like a well performing Chief Minister with the best interests

of the people at heart. Investing in improving or laying down

convenient public transport systems helps a city to develop

quickly and leads to a property boom apart from being chosen

by more people as the desired place to live in. We can say that

a city’s popularity index goes up when there is a convenient

and fully functional public transport system.


Manan ChoksiRegional DirectorRE/MAX Mumbai, Gujarat & [email protected]

An Examination Of Two Indian Real Estate Cycles

The genesis of India’s industrial boom, which began in 1994, can be traced back to the 1991 liberalisation reforms that were undertaken by the ruling Government of the day against the backdrop of a looming fiscal deficit crisis in the country.

property wise


India’s real estate sector has witnessed two cycles over

the past 15-20 years, during 1994-99 and 2004-09.

Both cycles had unique characteristics, yet displayed

notable similarities in the manner of their occurrence.

A walk through these cycles reflects some of these

peculiarities and distinctions, and helps to gauge the changing

dynamics of this industry.

Period 1994-99: Industrial Boom - The First Known Real Estate

Cycle

The genesis of India’s industrial boom, which began in 1994,

can be traced back to the 1991 liberalisation reforms that

were undertaken by the ruling Government of the day against

the backdrop of a looming fiscal deficit crisis in the country. In

addition to several other steps, investments in the real estate

sector were opened up for the participation of Non-Resident

Indians (NRIs) and Persons of Indian Origin (PIOs) for the first

time.

The massive investments into the sector that followed coincided

with a broader economic and stock market boom. Developers

started aggressively reaching out to the NRI / PIO community

by opening offices in major NRI-resident countries. The policy-

driven bullish cycle culminated in an industrial boom, thereby

helping property prices to finally peak in 1995.

However, at this peak, some of the crude realities of the Indian

economy started to resurface. Poor banking penetration, high

domestic interest rates, a lack of transparency in the real

estate sector and insufficient availability of market information,

etc. led to a rally in real estate. As a result, the market tapered

off post-1995. In 1997-98, the advent of the Asian Financial

Crisis (AFC) led to a slo9wdown in industrial growth, wiping out

an important source of this investment cycle – foreign capital.

Period 2004-08:

Services Boom - The

Second Real Estate

Cycle

The second known

cycle began in

2004, again having

its roots in critical

reforms that took

place in the previous

4-5 years. The new

Telecommunication

Policy, 1999 and

the Information

Technology Act, 2000

gave rise to an era

of digitisation, creating a favourable investment climate and

ample job opportunities across many Indian cities. For the

first time, real estate development expanded beyond the Tier I

cities, unlocking opportunities in the commercial as well as the

residential property sectors.

In 2005, the Special Economic Zone (SEZ) Act and

the Jawaharlal Nehru National Urban Renewal Mission

(JNNURM) - which facilitated huge investments into building

infrastructure to connect larger cities with 60+ smaller cities

and towns - provided a fillip to investment sentiment. The full

opening up of FDI into selective real estate projects provided a

thick layer of icing on the cake.

Consequently, multinational investors queued up for exposure

into the Indian market – rather prematurely, as has been

pointed out by Goldman Sachs in its famous report on Brazil,

Russia, India and China (the BRIC report) in 2004.

Institutional funding invested in virtually every commercial

development, largely offering developers equity-style funds.

Developers had no problem funding residential projects, owing

to healthy cash flows from preconstruction bookings. Rising

salaries coupled with low interest rates and increased banking

penetration converted every homebuyer into an investor, as

properties were bought not merely for consumption but for

investment even by the salaried class.

Following the peak of the second cycle in 2008 was a

large accumulation of debt with almost every stakeholder –

developers (having accumulated land parcels at increasing

prices), small investors / homebuyers (stretching loans to

purchase additional houses), banks (holding stakes with

buyers and developers) and institutional investors (holding

stakes with developers).

Ashutosh Limaye, Head – Research & REIS, Jones Lang LaSalle India


Globally, the collapse of Lehman Brothers triggered a panic,

leading investors to scout for rationality in investments across

asset classes. The ensuing economic slowdown and risk of job

losses made it difficult for investors to exit from their stakes.

For instance, ~80% of investments that came via the Private

Equity (PE) route since 2006 are yet to find a good exit.

However, despite a steep slowdown in the Indian economy and

financial markets following the outbreak of the crisis, housing

prices in India – on an average - witnessed a limited fall. On

the contrary - prices started to rise after 2-3 quarters of sharp

fall, and even crossed the previous peak of mid-2009.

Similarities In Both Cycles

• Both cycles were created out of favourable policies and

a positive investment climate – both domestically and globally

• Both cycles had an important share of funding from

external source – NRIs / PE investors

• Both cycles collided with the economic and financial

boom-bust cycles

Differences In Both Cycles

• The bullish uptrend in prices during the second cycle

was longer than that of the previous cycle

• The bearish downtrend in prices during the second cycle

was shorter than that of the previous cycle

• At the end of the second cycle, there was no prolonged

period of stability in prices post-crisis

The Second Cycle May Be Yet To See Meaningful Conclusion

When we compare these two cycles, two obvious differences

suggest that the second cycle may not be over as yet. In the

first place, prices recovered almost immediately after reaching

the so-called trough without witnessing a meaningful period of

stability. Secondly, the wide gap between the duration of up-

cycle as well as down-cycle could possibly indicate that the

latest cycle is yet to witness an end.

This leads to a logical question - have real estate prices failed

to reflect market realities of late? The answer is a resounding

yes. To check, we derived the value of properties sold using

net absorption, and fond that the recovery in this sector only

started post-2012 and that the duration of the second cycle is

much longer than the prices indicate.

The Indian economy has reached its new-normal rate of

growth. The country’s total property sale values have also

reached an elevated new normal level, and we believe they will

continue to sustain at this level in the near-to-medium term.

This is because recent trends and the foreseeable outlook

suggest that the volume of sales will rise as developers focus

on mid-segment and affordable homes. On the other hand,

increased focus on affordable to mid-segment housing would

help bring the average prices down, hence retaining the value

of properties

Cycle timelines 1994-99 2004-08

Beginning of the cycle until peak (uptrend) 1.5 years 3.5 years

Peak to the end of the cycle (downtrend) 4.0 years 1.0 year

Lateral price movement (stable prices) 4.0 years Not more than 6 months

Housing prices breached their previous peaks merely a year after the bottom in 2009, while vacancy rates have continued

to remain high


Neha Kapoor, a senior executive with a leading

MNC, equates recession with the medicine

that people initially complain 'is bitter’, but in

the end, come out far healthier and are better

off for it.

More cautious spending and greater saving by consumers,

more prudence by lenders, shift in focus from premium to

lower- and mid-end segment of housing by developers, is

exactly what our economy needed for its long-term health and

recession is having the desired impact.

Neha reminisces how they saw bad times during the dot-com

bubble in 2001and now once again, and yet how the younger

generation continues to be over indulgent, leading a hedonistic

way of life and not paying heed to saving money. Neha says,

"In many ways it brings the much needed discipline to people's

way of life, while for corporate across various sectors, there are

many positive ripple effects - for instance it allows people to

analyse and identify their core competencies.

It also helps in rebuilding focus, pruning tangential activities

to achieve cost controls, which help in creating more effective

systems and processes. And, it forces people to come up with

innovative ways of handling problems, something mandatory

for survival."

Among the three most affected - end users, investors,

developers - surely , the end user has benefited the most

during this period.

The end user has benefited as, finally , the supply chain

started addressing the real demand in market - mid-end and

affordable housing. Earlier, developers in their greed to garner

higher profit margins, focused primarily on premium housing.

But now, suddenly, the supply is shifting where the demand is.

Even well known developers primarily engaged in raising high-

end homes, have begun talking of affordable options.

Recession has also been a time to introspect for everybody. "It

has been a good learning experience, though not a pleasant

one," says Samir Chopra, CMD of RE/MAX India, (RE/MAX is a

global network of real estate agents operating in 70 countries).

"There have been things to learn, relearn and unlearn for all

the three - end users, investors and developers.

Consumers have become more vigilant in transactions, and

they are more thorough about both the market situation and

their own needs. They are beginning to learn how to investigate

and research before spending their lifelong savings. Investors

have also become more conscious.

They are more careful about spending huge sums of money in

development and are looking for other avenues for investment

in the real estate sector. They have become more delivery

oriented, innovative and price conscious in this volatile market.

They have learnt from the difficult times, reduced prices, and

learnt to make more beneficial offers to consumers.”While

at a superficial level investors may seem to be winners with

recession giving them an opportunity to pick investments at

more realistic prices, recession has also seen them investing

less.

Although, the recession is not going to improve soon but strong

demand for real estate in India will remain intact and will see

us through another real estate cycle once the market finds its

own level by responding to short –to mid –term global and

domestic factors. Change is constant so it is definitely going

to change.

by Monika Tandon

(Views expressed in the article are solely of the author)


Recession's Positive Effects on Indian Realty Sector

It forces people to come up with innovative ways of handling problems, something mandatory for survival.

Demand For Luxury Housing In India

The demand for luxury housing in India varies from

city to city, and also the definition of the label

'luxury' for a particular city. As such, a 2 BHK

in a central location or a location close to major

employment hubs in Mumbai, Pune or Bangalore

would be defined as luxury based on the location as well as a

reasonable degree of good amenities.

The demand for such properties is considerable, owing to

the convenience factor inherent in the location in terms of

closeness to the most important work hubs of the city and

also the value of the addresses. Examples of such high-

priced locations are Cuffe Parade, Worli, Lower Parel, Dadar

and Prabhadevi in Mumbai and Sahakarnagar, Bund Garden

Road, Aundh, Kalyani Nagar and Koregaon Park in Pune.

Another definition of luxury housing on the Indian market is

projects with large living spaces embellished with ultra-modern

luxurious amenities.

Since the land parcels

required to develop

such spaces are

generally not available

in the larger cities

except in the case

of redevelopment of

older structures, such

projects may not be

very centrally located.

Mumbai, Pune,

Bangalore, Delhi,

Gurgaon and to a

certain extent Chennai

are the most responsive

markets for luxury housing today. Currently, the overall demand

Kishor Pate, CMD - Amit Enterprises Housing Ltd.

Investors understand that luxury housing is not as prone to the negative influence of recession, since the target audience itself is not dependent on home loans but operates largely with personal funds.

property wise


for luxury housing is stable. Developers who come up with

such projects generally tend to have an inner circle of HNI

buyers and investors to which a significant number of units

will be sold.

Investors understand that luxury housing is not as prone to

the negative influence of recession, since the target audience

itself is not dependent on home loans but operates largely

with personal funds. The investor and HNI demand for luxury

housing is therefore healthy, though the number of buyers who

are depend on home loans in order to fund their aspirations

for a more luxurious life style has reduced because of the

lagging economy. The marketing strategy for luxury homes

differs from that of homes aimed at the middle income class.

It is more focused on addressing the yen for exclusiveness

and status among those who can afford it. Apart from word of

mouth among core investors, the advertising for luxury homes

is usually seen in status and lifestyle magazines and airport

lounges than in weekly property supplements.

Many HNI buyers and investors who look at luxury housing

enter the project at the pre-launch or under construction

phase and get better rates. However, the prices for ready-

to-move-in luxury homes is much higher, and demand for

such units has naturally decreased in the current economic

environment. Demand from HNI buyers who purchase these

homes for personal use is still healthy, as is the demand from

long-term investors who seek to rent out these units while the

sales market is low and then sell them at a healthy profit once

economic momentum revives. The future for luxury housing

is very positive in the main cities, but the trend will be slower

in smaller cities with less wealth creation and economic

advantages.


Why Live In A Green Home?

With the constant chatter about sustainable

real estate in general and green homes in

particular, you may wonder what the deal

really is. Why live in a green home? Are

conventional apartments not good enough?

Is the concept of green homes even relevant to the Indian real

estate market?

There are very good reasons why more and more Pune flat

buyers are opting for green homes. They are not just following

the West (where green buildings are fast becoming the norm)

but using plain common sense.

To begin with, green homes are designed and constructed in

a manner which reduces their impact on the environment.

In India, real estate development is still one of the main

contributors to environmental damage. The wastes produced

during construction seriously degrade the quality of the

environment. In fact, buildings in general are responsible

for close to 40% of the world’s Green House Gas (GHG)

emissions. This directly impacts global warming, which is a

major concern now. And yes, it affects all of us.

The Evils Of Environmental Damage

Have you noticed that every new summer in Pune seems to be

hotter than the previous one? Have you noticed that our winters

are now warmer than ever before? That is the greenhouse

effect at work.

The greenhouse effect is a destructive process in which

atmospheric greenhouse gases absorb thermal radiation

from the Earth's surface. This radiation is then re-radiated

everywhere on the planet's surface and into the lower

atmosphere, thereby raising the average surface temperature

abnormally.

The greenhouses gases being referred to here are water vapour,

carbon dioxide, methane and ozone. Methane and carbon

dioxide produced in massive amounts during the normal real

estate construction process. The resulting buildings continue

Green buildings are around 25–30% more efficient in their energy consumption, because they get at least some of the energy they consume from renewable or green sources such as solar power generators.

property wise


to generate these gases just by being used, because they have

not been designed, built and are not being operated to have a

lower environmental impact.

Green Homes - And You

If all this sounds too disconnected with your personal concerns,

you should know that there is a lot more to green buildings

than just lower environmental damage. People who live in

green homes actually enjoy better health, a higher quality of

life and a lower cost of daily living!

Yes, that's right. Green buildings are around 25–30% more

efficient in their energy consumption, because they get at least

some energy they consume from renewable or green sources

such as solar power generators. This reduces the demand

for normal electricity and also the pollution levels around the

green homes project.

Also, green buildings use around 20–30% less water than

conventional buildings, reducing the water bills. In fact, most

of the water used in green buildings is treated and can then be

used for landscaping and air conditioning. But that's not all.

The materials used in the construction of green home projects

last a lot longer than the conventional ones. In other words, they

help save on the cost of replacement, repair and maintenance.

This is one of the main reasons why resale homes in green

buildings fetch a much better price than normal ones. Finally,

green homes have superior ventilation systems which bring

in fresh outdoor air instead of recycling used-up indoor air. In

other words, you breathe cleaner air in a green home.

There are among the many reasons why Pune property buyers

are increasingly choosing to buy homes in green buildings.

Contributed by:

Kishor Pate,

CMD - Amit Enterprises Housing Ltd.

Solar powered green home with direct sunlight in each room


Understand The Cues From The Residential Market This Festive Season

property wise

Om Ahuja, CEO – Residential Services, Jones Lang LaSalle India


Actual cash discounts are definitely not out of question. Buyers with cheque books and/or pre-approved home loans in hand are certainly in a position to bargain for a better price.

The National Housing Bank (NHB) recently

published its quarterly index data for the period

April to June 2013. The data for the top seven

cities suggest an across-the-board fall in

residential property prices in the latest quarter

ending June 2013, as against a rise in price in the previous

quarter (January-March 2013).

With the latest data getting wide media attention, the question

in the minds of many individuals who intend to buy a first or

second home this festive season is – are prices beginning to

correct? Should one defer purchase decisions and potentially

benefit from lower rates few months down the line?

Various channels have interpreted this data as early signals of a

broad-based price correction. The fact is that while residential

inventory seems to have indeed piled over the last few years,

prices continue to remain high in major metro cities. This is

also corroborated by the NHB Residex city indices, which

suggests that the fall in prices in the most recent quarter has

been largely a phenomenon limited to smaller cities such as

Kolkata, Chennai and Hyderabad, rather than big metros. The

data certainly does not signal an imminent price correction

across the board.

Yet another belief being entertained on various fronts is that

a certain section of developers, given the current levels of

inventory and industry slackness, will be forced to reduce

prices considerably. While inventory pile-up is certainly a

reality, the real question is whether this is sufficient cause for

developers to offer considerable discounts to individual buyers.

Overall unsold inventory in cities like Mumbai is high (as

per JLL REIS data, Greater Mumbai has close to 48 months

unsold inventory as against an acceptable level of 15 months).

However, a major part of this unsold inventory lies in the Island

City, which was never affordable to small individual buyers.

On the other hand, in the comparatively more affordable

suburban locations, vacancy is relatively lower and prices

have not corrected as expected. They have, in fact, remained

stable or risen. Therefore, if anyone benefits from this current

scenario, it is either bulk-buying institutions or HNIs or NRIs.

In a depressed economy where cash-conservativeness is

the watchword, it could be a natural tendency to postpone a

major financial commitment such as buying a home. Often,

individuals are tempted to time the market in an attempt to

buy cheap, on the basis of interpretations that do not reflect

ground realities.

It is pertinent to note that, in a growing economy, property

always appreciates over the long term. It never does a complete

about-turn to march in the opposite direction, though it could

occasionally deviate from ‘learned’ market predictions. Such

deviations are not necessarily corrections in the commonly

understood sense of the term – they could be minor course

alterations that any market must undergo in order to adapt

and stay dynamic.

Those who intend to buy residential property during the festive

season out of personal / traditional reasons are likely tend to

proceed with their purchases. For the rest, the question would

be whether one should attempt to time the market.

We believe this question is more apt for an investor who has

the potential to wait, watch and put his financial muscle to test.

Individual end users, on the other hand, will need to establish

whether the financial pain of an identified residential project is

sufficient reason for him to mark down the pricing of units and

thereby send out signals of a price correction into the market.

That said, actual cash discounts are definitely not out of

question. Buyers with cheque books and/or pre-approved

home loans in hand are certainly in a position to bargain for

a better price. However, caution must be maintained before

assuming complete slackness of sales at the developer’s

end. As already mentioned, no developer will confirm such

a state of affairs and risk sending out distress signals to other

potential customers. Demonstrable earnestness of interest in

the project, backed by ability to make a down-payment, is the

best position from where to pitch for a discount.

Also, while certain new projects in a location may have been

launched at slightly lower rates, they could be at planned or

under-construction stage. Ready-to-move-in properties in the

same location will not display the same pricing, as demand for

ready units is always the highest.


98726-35220, 98156-01347

Project Star Rating Rationale

• Project developer quality

Promoted by Mr SK Gupta, Wegmans Industries Private

Limited (WIPL) was incorporated in 1992 and is a National

Capital Region-based (NCR) real estate development

company. The group largely focuses in the Noida/Greater

Noida region and has completed 5 projects - 4 commercial

& a hotel ñ aggregating a developable area of 4.73 lsf till

July 2013. The group also has interests in financial services,

commodity trading and agro-based businesses.

• Project construction quality and amenities

WIPL had hired the reputed Feedback Infra Services P Ltd

(formerly Feedback Ventures) as the Project Management

Consultants (PMC). The principal architect of the project was

a well-known Mumbai-based firm, Hafeez Contractor. Delhi-

based Sun Nirman Infrastructure was the civil contractor

for the project. The project provides various amenities such

as 100% power back-up, food & beverages outlet, glass

elevators, central air conditioning, water fountains and open

and covered car parking. The operation and management of

the office space is being done by the company.

• Project legal quality

The title of the land is clear as the same has been acquired by

the developer from the Greater Noida Industrial Development

Authority (GNIDA) through lease agreement dated February

14, 2005. The project layout is approved by GNIDA. All

required approvals have been obtained by the company.

• Project financial quality

The project was completed at a total cost of Rs.65 crore.

The company funded the construction from term debt

(Rs.22 crore), promoter funds (Rs.4 crore) and balance

from customer advances. The company had launched the

project with time-linked and construction-linked plans and

the project was completed in September 2009, against the

committed completion date of March 2009.

CARE Assigns “NCR 7-Star” Rating to Wegmans Business Park - Phase I

by Wegmans Industries Private Limited

property wise


Project Name Wegmans Business Park ñ Phase I

Project Type Commercial

Project Location Greater Noida

Development Type Lease hold land from GNIDA for 90 years

Project Start Date June 2007

Physical Construction Completion Date September 2009

Total leasable Area 3.13 lsf

Construction Status The construction of building was completed in September 2009 and

occupancy certificate was received from GNIDA in November 2009.

Project Developer Profile

Name of the company developing the project Wegman Industries Private Limited (WIPL)

Project developer group Wegmans Group

Development Experience of the developer group 10 years

No. of years in the industry 10 years

No. of projects developed till date 5

Total Area developed till date 4.73 msf

No. of projects ongoing 1

Project Profile

Project Developer

Promoted by Mr SK Gupta, WIPL was incorporated in 1992

and is a NCR-based real estate development company. The

group largely focuses in the Noida/Greater Noida region and

has completed 5 projects ñ 4 commercial and a hotel ñ and

has developed 4.73 lsf area till date. The group also has

interests in financial services, commodity trading and agro-

based businesses.

As per the unaudited results of FY13 (refers to the period

April 1 to March 31), the company earned a net profit of

Rs.0.51crore on a total income of Rs.47 crore and had a net-

worth of Rs.4.21 crore as on March 31, 2013.

Project Details

The project site is well-connected via roads and is located

just 3 km from the Delhi-Noida Expressway and 3 km from

the prominent, Pari Chowk. The project faces 80 metre

wide Surajpur-Kasna main road near to the factories of

LG electronics, Moserbaer and many major commercial

complexes/centres, education institutes. The project is an IT

park with a 5-floored structure offering a saleable/leasable

area of 3.13 lsf. The project has various amenities required

for grade ëAí office space such as 100% power back-up,

glass elevators, fire detection and protection systems, central

air conditioning, double glazed and heat reflective external

faÁade, sewage treatment plant of 250 KLD capacity, water

fountains, and open and covered car parking. At present, it

houses reputed companies like LG, Samtel, Sasken and Ebay

as its tenants.

Highlights of the Project

• 100% Power back up

• 24/7 security service

• High speed glass elevators

• High speed internet access, satellite connectivity &

international leased circuits

• Centrally air conditioning

• Large open spaces and landscaping

Construction status of the project

The construction of the project was completed in September


2009 and occupancy certificate from GNIDA was received in

November 2009.

Brief particulars about various contractors is as follows -

1. Architects

The principal architect of the project was a well-known Mumbai-

based firm, Hafeez Contractor, which was established in 1982

and has worked on commercial projects like DLF Infinity

(Gurgaon), DLF Gateway Tower (Gurgaon), Delta Square

Nairobi (Mumbai), DB Corporate House (Mumbai), Bhari

Airtel (Gurgaon), IF&LS Corporate Office (Mumbai), etc.

2. Project Management Consultants (PMC)

WIPL hired the reputed Gurgaon-based Feedback Infra Services

P Ltd (formerly Feedback Ventures) as PMC. Feedback is a

reputed integrated infrastructure services company.

3. Structural and Mechanical, Electrical and Plumbing (MEP)

Consultants

Delhi-based Sun Nirman Infrastructure was the structural

consultant for the project. Incorporated in 2007, Sun Nirman

is engaged in undertaking civil construction projects and the

firm has completed more than 20 projects. WIPL appointed

Sanelac Consultants Pvt Ltd as MEP consultants. Having more

than 25 years of experience, Sanelac is a leading provider of

services related to heating, ventilation, and air conditioning

(HVAC) and industrial ventilation systems.

4. Civil Engineers

Sun Nirman Infrastructure Pvt Ltd was the civil contractor for

the project. Incorporated in 2007, Delhi-based Sun Nirman

is engaged in undertaking civil construction projects and has

executed projects for reputed organizations such as South Asia

Breweries, The French Consulate, NIIT, Realtech Group, etc.

Project legal status

• The land has been taken on lease from the Greater Noida

Industrial Development Authority (GNIDA) for a period of 90

years. The company has received all requisite approvals for

the project. The project has an available FSI of 1.25x and has

beenconstructed accordingly.

• Tripartite sub-lease agreement between GNIDA (Lessor),

WIPL (Lessee) and buyer (sub-lessee) is drafted in an

adequately elaborate manner and covers important points like:

o Sales agreement mentions details regarding transfer

of land on lease from GNIDA for 90 years.

o Development of an IT Park & entitlement of right

to market and to enter into agreements for

the transfer of leasehold rights. The space is to be

utilized by sub-lessee for IT/ITes business only.

o Layout map of the space being allotted is annexed in

the agreement.

o Details of Super Area and Covered/Carpet Area are

provided.

Project Financial Status

• The project was completed at total cost of Rs.65 crore,

comprising of land cost (Rs.1 crore), construction cost (Rs.60

crore) and marketing/administrative costs (Rs.4 crore). The

low land acquisition cost is attributable to the fact that it was

taken on lease during the year 2005 when the development

of the area was at its initial stages. The company funded the

construction from term debt (Rs.22 crore), promoter funds

(Rs.4 crore) and balance from customer advances.

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.

"Celebrating Diversity Through Cultural Competency,"

Nina Davuluri choose the the above subject for the

talent portion of the competition. She performed classic

Indian dances fused with Bollywood moves. "I was the

first Indian Miss New York, and I'm so proud to be

the first Indian Miss America," Nina Davuluri, 24 year,

said after she won. "During her year as Miss America

she will serve as spokesperson for STEM (science,

technology, engineering and mathematics) this year

as she travels to Washington, D.C., to work with the

Department of Education,". She also is passionate

about healthy lifestyles after battling obesity and bulimia

when she was younger. She has studied the Kuchipudi

and Bharatanatyam styles of dance, and in preparation

for the Miss America contest, she worked with famed

Bollywood choreographer Nakul Dev Mahajan.

Sumanth and Sonali though emerged popular after

winning the India’s Got Talent season 4. However they

amazed the entire nation with their awe inspiring superb

performance at Dance Realty Show Jhalak Dhikla

Ja. The top Bollywood stars were spell bound and

speechless & could only bless the God gifted children.

Maraju Sumanth and Sonali Majumdar learnt dance at

the Bivash Dance Academy in Kolkata. Their robotic

salsa moves and incredible acrobatics led Hrithik

Roshan label the little girl Sonali as Nations Dancing

Super Star. While Sumanth belongs to Bhubaneswar,

Sonali belongs to a farmer's family in Bonga, West

Bengal. Both families sent them to the Bivash Academy

of Dance in Bengal after they realised they could dance

really well. Their trainer is Bivash Chowdhury who first

appeared as a choreographer in Dance Bangla Dance

season 1.

The Wonder KidsIndian descent wins Miss America crowns

be a prosperity seeker


Bahujana hithaya, bahujana sukhaya'. Infosys

Foundation strives for the benefit and happiness of

many. A not-for-profit initiative aimed at fulfilling the

social responsibility of Infosys, the Infosys Foundation

creates opportunities and strives towards a more

equitable society. Established in 1996, the Infosys

Foundation supports programs and organizations

devoted to the cause of the destitute, rural poor,

mentally challenged, and economically disadvantaged

sections of the society. Its mission is to work in remote

regions of several states in India. Smt Sudha Murthy,

is the Chairperson of the Infosys Foundation. She

began her professional career as a computer scientist

and engineer. She has founded several orphanages,

participated in rural development efforts, supported

the movement to provide all Karnataka government

schools with computer and library facilities.

Sudha Murthy - Infosys Foundation

name, fame, money, social work… know what gives you a kick!

Unveiled at the Frankfurt motor show, it's a one-off

show car designed to garner opinion on a potential

ten-car run, and should you want one, it's yours for

over Rs 4 crore. So what do you get for your money,

besides the trembling subservience of puny humans?

Well, Brabus takes a stock Mercedes 6x6 G-Wagen,

itself a monster of a car, and replaces the 5.5-litre V8's

twin turbos with special Brabus blowers with larger

compressor units producing a higher boost pressure.

A frankly bonkers 690bhp, 960Nm of torque, and a

0-100kph time of 7.4 seconds. This, in a car weighing

FOUR TONNES. Top speed is limited to, well, it doesn't

matter - if something gets in your way, just destroy it

(161kph, since you asked).

Mercedes. Brabus 6x6 700bhp


quotemagic

In 20 years,you will be more dissapointed bywhat you didn't do than by what you did.

-Mark Twain

Cerys Cooksammy-ParnellOur eye catcher this month is 11 year old girl, who is brainier than Einstein

Cerys Cooksammy-Parnell, 11 a primary school pupil sat down to take a Mensa IQ test, her only aim was to beat her father’s score.

The Year Six schoolgirl scored an incredible 162 on the Cattell B scale which gives her an IQ higher than scientists Stephen Hawking and Albert Einstein.

Cerys, from Northampton, sat the supervised test on July 27 with father Dean, Dean, her father, a lawyer, said: “I am not sure if this score is a good thing or a bad thing as I know she will be questioning everything I tell her to do. We are a bit blown away.”

eyecatchers

Its Every One’s Curiosity to know how one of the world’s

richest man Bill Gates lives

Bill Gates family lives in the exclusive suburb of Medina,

Washington, in a huge earth-sheltered house in the side

of a hill overlooking Lake Washington.

Some amazing facts about Gates’s residence

• The mansion took seven years to build at a cost of

around $63 million (about Rs. 400 crores).

• The swimming pool runs 60-feet-long and includes

underwater music system.

• When a guest arrives, they are given a pin that interacts

with sensors in each room in the house. Depending on

their preferences, the temperature, music and lighting

will change in the house wherever they are.

• The home is also an “earth-sheltered house,” meaning it

uses its natural surroundings as walls for temperature

The 66,000-square-foot mansion is noted for its Pacific lodge style and the technology it incorporates.

home of the rich & famous


Bill Gates Mansion Overlooks Lake Washington in Medina, Washington, USA.

and to reduce heat loss.

• Bill Gates pays $1M a year (about Rs. 6.5crores)...on

taxes on the house.

• The house has a trampoline room with a 20-foot ceiling.

• The house has a library which is about 2100 sq. ft. In size

The ornate, paneled library has a domed reading

room with oculus (light well), fireplace, and two secret

pivoting bookcases, one containing a bar. It’s the fitting

home for Leonardo da Vinci’s 16th-century notebook, the

Codex Leicester, which Bill Gates bought for $30.8 million.

• There are 84 steps down from the entrance to the ground

floor. Of course you can always just take the elevator if

you’re lazy.

• The 2,300 square-foot reception hall can seat 150 people

for dinner or 200 for a cocktail party.

• Speakers are hidden beneath the wallpaper and allow

music to follow you from room to room, depending on

where you go and who you are.

• The home comes with a 23-car garage.

• Anyone in the house can “call up” a favorite painting or

photograph that shows up on HD Screens.

• Floors are pressure sensitive, at any given time family

member or security can know who is in the residence by

the weight of their footsteps in Bill Gates home.

• Visitors to the Bill Gates House are surveyed and given

a microchip upon entrance. This small chip sends signals

throughout the home, and a given room’s temperature

and other conditions will change according to preset user

preferences.

• Home Theater with apx 20 seat, Size: 1,500 ft.

The 20-seat art deco theater is outfitted with plush chairs,

couches, and a popcorn machine. Screen is HDTV

capable.


Adventure Meets Luxury

Adventure will meet luxury at the Shimao

Wonderland Intercontinental, a five-star

hotel currently being built into the site of an

abandoned quarry in the Songjiang District

of Shanghai.

The hotel, designed by the British firm Atkins, is set to

have 19 stories and 380 rooms. Its facade will line one

portion of a 100-meter-deep cave-like quarry at the base

of the Tianmenshan Mountain.

The quarry that will soon house the Shimao is partly flooded,

meaning the lowest levels are set to be submerged under

water, a rising trend in futuristic hotel design. The two

underwater levels will feature an aquarium, an underwater

restaurant and guest rooms.

Adrenaline junkies will be in close proximity to activities

such as rock climbing, bungee jumping and watersports,

while those looking for a more relaxing retreat can admire

eco-friendly roof gardens, a swimming pool, a sports

center and unparalleled scenery -- including a waterfall.

The hotel is set to open in 2015, with rooms starting

around $300 a night.

amazing buildings

An opportunity

The Result

quotemagic

The bigger the challenge

The bigger the opportunity

Tile – A Revolutionary Gizmo For Finding...

Loose no more with TILE an amazing gadget that helps you

find lost stuff or even stolen stuff.

You start by buying the Tile itself–a small, waterproof plastic

square, a little bit bigger than a postage stamp. Its priced

nominally at just $ 19. You attach your Tiles to the stuff

you don’t want to lose–you can affix them to a computer or

a TV remote with an included two-sided adhesive strip, or

use the built-in loop to fasten one to your key chain–and

you’re set. When any of those things go missing, the Tile

iPhone app will give you “warmer, warmer”-style direction

to the object, as long as you’re within the 50-150 foot

range. All the while, when triggered, a tiny speaker inside

each Tile emits a little beep, helping you zero-in for the find

once you’re close by.

Lost Keys, TV remotes, Stolen Purses, Laptops or Mobiles People have been losing stuff for as long as there’s been stuff to lose.

amazing gadgets


forget your mistakes,but remember whatthey taught you

quotemagic


prosperityseek

Take Some Rest


Sleep well to Rejvenate your mind & body

1. Bed Time Relaxation Exercise

Paced breathing: Inhale through your nose for a count of four.

Hold for a count of seven. Exhale through your mouth for a

count of eight. As you breathe, rest the tip of your tongue on

the ridge behind your front teeth. When you exhale, it should

create a shooshing sound. Repeat four times.

2. Mental Muscle Relaxation

Lying down or sitting comfortably, close your eyes and take

a few deep breaths. Starting at the top of your head, notice

whether there's tension in your scalp and forehead. If there is,

let it go. Progress all the way down your body, assessing each

muscle group and mentally releasing any tension.

3. Offload stress. If you're worried about something that you

can't seem to "unplug" from, turn into it, rather than away from

it. Get out a journal or your laptop and write. Offloading will

often allow your mind to rest.

4. Pay attention to your diet. Caffeine and sugar are obvious

insomnia triggers, but there may be other foods that bother

you, so observe your diet and note how well you sleep. Even a

small amount of alcohol -- a glass of wine -- can disrupt your

sleep cycles. If you suspect this may be a factor, go a week

without alcohol and see if your sleep improves. It doesn't mean

you have to abstain, but knowing the pattern lets you make

conscious choices.

5. Regular exercise. If your mind is busy all day but your body

is not, quality sleep can be hard to come by. The body hasn't

been active enough to want or need to lie down and rest.

Exercising for at least a half-hour a day helps set the stage for

ample sleep.

6. Mine your dreams. Once you're getting enough sleep and

reaching deep sleep, try tapping into your dreams. Start by

jotting down a few notes in the morning -- even if all you

can remember is an image, feeling, or thought. Once your

unconscious self knows you're paying attention, it will serve

up dreams more regularly and with greater depth. With

dreamwork, sleep goes beyond being restorative for health

and well-being; it becomes a true opportunity for growth.


Diva Maldives Resort

amazing getaways


Located at just 25 minutes by seaplane from the capital

of Male, the Diva Resort is a private island resort

surrounded by a crystal clear lagoon that is ideal for

anyone looking for an excellent and relaxing vacation

in a luxurious corner of paradise.

The Diva Resort is perfect for swimming and snorkeling since

it is close to some of the Maldives best diving sites, which

are just about an hour away or less from the hotel, in a fully

equipped traditional dhoni boat. The famous water villas at

the Diva Resort will grant you instant access from your room to

the sea in what is guaranteed to be one of the best experiences

in your life.


Yeah Hai Mumbai Meri Jaan!!

Marine Drive: This three kilometer long promenade is perhaps

the most iconic spot in Mumbai. Munch on some roasted corn

or masala peanuts and listen to the sound of the waves. Or

head to one of the sea facing restaurants such as Pizza by the

Bay, which serves pizzas and beer!

Bandstand: This is where the sea, the sun and the Bollywood

badshah- Sharukh Khan reside. Nothing like a whiff of salty

sea air, a coffee & a light to go with it!

Elephanta Island: an archaeologists delight this heritage

UNESCO site is Located on the island of Gharapuri..

Mumbai Vada pao at Local stations – A street delight, it’s a must

must have! Best part is.. have it anywhere and it would taste

the same- simple marvellous. And to feel the heart of the city

thumping take a local ride!

Candies, bandra west: Goerge on some sumptuous fast food

here- But go before 6pm else you will have to come out empty

stomatch!!

Amar Juice Centre: Out of a discotheque, late night booze,

music dance & feeling die hungry... this is the place to answer

your 3 am hunger pangs...

Mount Mary's Church, Bandra West.: This 100 year old church

is a striking feature of the hip suburb Bandra.

Mumbai bazaar walk: Witness the city's famous street shopping

culture by enrolling for one of the bazaar walks to iconic

markets in the city, including Crawford Market, Chor Bazaar,

Mirchi Galli, Mangaldas Cloth Market and Zaveri Bazaar. Book

one @ mumbaimagic.com; Rs.800 to Rs.1,500 per person;

Irani Cafe, Flora Fountain, Churchgate- what’s better than

having a bun maska & sipping on hot chai ki piyali!

prosperityseek

What you should not miss, while in mumbai?



Highway Gomantak, Gandhi nagar Bandra East: This little

restaurant in Bandra, is the answer to all your seafood needs.

Often frequented by Bollywood celebrities, the restaurant has a

Goan feel to it in both, food and ambience.

Dabbawallas: This is as Mumbai as it gets-a truly unique initiative

bred in the city, these dabbawallas are one of the largest

entrepreneurial systems in the world. Dressed in white kurta

pyjamas and Gandhi topis, the dabbawallas can be spotted

outside local railway stations- have a chat with them!

Muhamad Ali Road & Bade miya, colaba- known for the best

non veg food in the city!

Leopold cafe, colaba: the legacy goes on since ages.. done with

ancient engligh style interiors hint of bolloywood!

Second hand books: SoBo's most famous business area Flora

Fountain's pavements are home to second hand book sellers

during the day. You can find almost all authors and titles here.

These books are in decent condition and one can easily bargain

for a good price.

Haji Ali Dargah: Yet another popular religious site in the city, this

dargah is located in the middle of the Arabian Sea. A meandering

concrete footpath running over the sea leads to this holy place.

Historic Sanctuary of Machu Picchu

world heritage sites


The Incas built the estate around 1450, but

abandoned it a century later at the time of

the Spanish Conquest. Since then, Machu Picchu

has become an important tourist attraction. Most

of the outlying buildings have been reconstructed

in order to give tourists a better idea of what the structures

originally looked like.

Machu Picchu stands 2,430 m above sea-level, in the middle

of a tropical mountain forest, in an extraordinarily beautiful

setting. It was probably the most amazing urban creation of the

Inca Empire at its height; its giant walls, terraces and ramps

seem as if they have been cut naturally in the continuous rock

escarpments. The natural setting, on the eastern slopes of the

Andes, encompasses the upper Amazon basin with its rich

diversity of flora and fauna.


quotemagic


Changing the Face can change nothing But Facing The Change can change everything

planetsavers

Don't wait for someone to bring you flowers. Plant your own garden and make the earth a greener place.


bookshelf

My Next Step is a remarkable memoir of one man

coming face to face with the darkest moments

of his life and how, through his own drive and

the unwavering support of family and friends,

he never succumbed to despair.

My Next Step chronicles how Dave found reserves of strength

to fight through his pain. He drew inspiration from his wife,

Gail, who had shown incredible grace and courage during

her recovery from a tragic airplane crash twenty-nine years

earlier. His guiding light was the mantra, “Just 10 steps.” If

he could take 10 steps, he could take 20. If he could take

20, he could walk a mile. After three critical surgeries and six

grueling months in the hospital, Dave finally returned home.

He continues to heal, but is back running the company he

loves and getting stronger every day. My Next Step will inspire

those facing tragedy to find the courage to accept their

situation and do what’s necessary to take the next step toward

a meaningful life.

The underlying message of My Next Step

is not “I did it,” but rather

“You can do it too.”

Dave Liniger

Chairman and Co-founder of RE/MAX


Excepts from the book My Next Step

by Dave Liniger

I’ve always thought of myself as a tough son of a bitch. Hell, I tell people that all the time. And for most of my life, they believed me. Well, that bravado works fine with the curtains open and the sunlight shining through the windows in daytime, but it quickly disappears at one o’clock in the morning when no one else is around and unimaginable terror starts to seep into the dark places of your mind.

I was obsessing over what it would mean to walk just ten feet. Ten feet meant I could have a perfect life. I could get out of bed and take two steps to sit in my chair. I could get out of my chair and take two steps to sit on the toilet. I could take my chair to the car and not need a handicapped van. If I could walk ten feet, it would be the impetus to walking twenty. If I could walk twenty, then I could walk a mile.

Everyone has moments in his or her life that turns into weeks and sometimes months or even years. The most important thing to remember is that moments do pass. No matter how bad it hurts, the world does come back into focus. You have to live your life one step at a time. Perhaps you will take small steps instead of giant leaps, but as long as you keep moving forward, you will always be taking your next step.

Life brings us unexpected happenings every day. We have the choice and the power to choose how we react to those situations and circumstances. At some point, each of us will likely face something terrible – the loss of a parent, best friend or child, a bitter divorce, or even the bankruptcy of a business. We’re left to pick up the pieces. Our response to the occurrence dictates the outcome.


Multistorey Buildings are the Ideal Homes

Vaastu Shree, Vaastu Visharad

Shri Naresh Singal,

Vaastu & Feng-Shui Consultant.

For any further queries on the

subject, readers can contact him

on [email protected]

vaastu


Which is the first thing that comes in your

mind when you are going to invest in real

estate either for commercial or residential

purpose? Financial gain, isn’t it? Would you

like to invest in such a property which, in

long or short term, has less potential to give you profit? Off

course not. Money does matters and you can’t deny it.

Today we are going to focus on the financial factors of vaastu.

Some people think that it is better to invest in a land rather than

investing in a multistorey building. We do not agree with them.

See, there is a close relation between multistorey buildings and

financial prosperity. To understand this we have to scrutinize

the vaastu reasons which are responsible in development of

multistorey buildings trend.

Though scarcity of land is the most common reason for the

existence of multistorey buildings, but there are some vaastu

reasons that are equally responsible for this. Mumbai, the

financial capital of India, and Dubai, the hot destination for

businessman, are two fair examples in this regard. If you see

the geographical map for both Mumbai and Dubai is almost

similar.

The most common thing is that they both have flowing water

around them. Earlier Dubai was lacking one side water body,

but after making a canal, connecting it with the Persian Gulf,

its geographical map looks like Mumbai. This is a major vaastu

condition which brings financial prosperity. And to cater the

need of business fraternity high rise buildings have become

the nature for both the destination.

A water flow all around is a sign of prosperity, but this is not

the only vaastu reason, one should consider while planning to

invest in a multistorey building. Each geographical condition

has its own advantages and disadvantages. There are separate

rules for a residential and commercial building. One must

follow these rules while going to invest. Let’s discuss basic

and some most important vaastu rules for commercial and

residential multistorey buildings from the builders and buyers

point of view.


The ultimate goal of Developers/builders is to deliver such a

project which can impress their buyers and give them goodwill

and financial benefit in return. Let’s see the major points

builders should keep in mind while they plan for multistorey

buildings:-

• Must check the lay-out plan, before taking any decision.

A square or rectangular plot is ideal for the construction of

multistorey building.

• While starting the construction the digging should be

started from the right direction. Or else it may lead to litigation/

govt. problems/negative advertisements etc. Here you can

ask which is the right direction to start the construction. This

depends on the shape of the plot and surrounding geographical

conditions. A professional vaastu consultant can help best in

this regard. He knows better where are the foots of Vaastu

Purush and where is his head and accordingly he can suggest

you the right direction to start with.

• Generator & electric panels should be kept in South-East/

South.

• More attention is required for the direction to build multi-

level parking.

• If the South-West/South are heavy (for e.g if there is a

mountain/building) it is good for builders and the buyers. It

can be seen in both geographical and man-made conditions.

See, if there is mountain or hill in the South-west or South of

your project, it is an ideal condition. As per vaastu South-west/

South should always be heavier. That is why we do suggest

constructing biggest or heavier tower in these directions. It will

help the buyers to sell their product timely.

• If the land is surrounded by water body on all the four sides

(for eg. Dubai & Mumbai) its good from financial point of view

for both the buyers and the sellers. Even some builders follow

this trend in some of their commercial projects by making an

artificial water body surrounding the project.

• Open space should be left on all four sides of the building.

More open space towards North and East side of the Building

as compared to south and west sides.

• The slope of the floor in building should be towards North

& east while South & west should be raised or flat.

• Under water tank can be built in North-east, North or east

while over-head tank must be positioned in South-west/South

or West.

• East and North are the ideal for the balcony space.

• Toilet should be in North-west or West.

• Every floor should be constructed in such a manner that

fresh air should flow freely in every room. There should be

provision of day light to enter in every room of the building.

• If attached toilet is to be provided with any room in the

complex, it should be in the south portion of the room.

Points to remember for a buyer while going to invest in a

multistorey building:-

• Though the entrance of main building should be in East/

North/North-East, but you need to check the direction of

the flat/office or shop you are going to invest for. Generally,

people do mistake here. Either they check the direction from

the entrance of the premises or standing a bit inside. Ideally

direction should be checked with the help of a compass from

the center of your premises.

• If there is a swimming pool in the building, also check

the position for it. As we mentioned earlier, a water body in

or around always plays major role. Avoid investing in a tower

situated South, South-west or West of the pool instead you can

invest in the tower which is in North, North-east or East.

• One more thing which buyers are confronted while they

are considering vaastu rule themselves at the time of selection

of a site is the position of stairs. I would like to tell them that

stairs are common passes in multistorey buildings and they

hardly matter in their peace and prosperity.

• Some buyers think that they should invest in land rather

buying a flat in multistorey building. They have their own

reasons for this. Some of them believe that they miss magnetic

power of the earth in high rise building. I would advise them

that they must accept the modern Vaastu rules. If they miss

magnetic field In high rise buildings, they are benefited with

the more cosmic energy there. So it is not a bad deal.

vaastu


One step ahead to good health

Take time to define what health means to you and what you are willing to do or willing to give up to bring better health into your life.

Investing in your health now can pay dividends for the rest of your life.

What is one easy thing you can do today to live healthier?

As the Ancient Chinese philosopher Lao Tzu famously said,

"The journey of a thousand miles begins with a single step."

Health means different things to different people.


healthy living

With an agenda of protecting the environment, DLF Foundation has inaugurated a Solid Waste Management unit in Hasanpur village, Gurgaon.

In sync with the priority areas of development- social, economic, environment, health, and education, DLF Foundation has undertaken the Cluster Village Development Program in 10 Villages of Gurgaon.

The Solid Waste Management project is a novel way to engage villagers to dispose off their waste in a sanitised manner. Also with such projects around villagers are motivated to segregate the dry (plastic, glass and the like) and the wet (kitchen and vegetable waste) waste in their homes and keep dustbins.

The message being given out by the project is – Garbage

can also be put to use if disposed properly. Following this garbage collection carts shall bring this waste to the waste management centre and it will be segregated thereafter. Biodegradable waste will be collected daily and be disposed of either by feeding it off to cattle’s or by composting. The compost collected would be given to the villagers by the Panchayat at subsidised rates for various usages. The money raised would then get deposited in the Panchayat fund, to be used for development of the area. Households would also be given a modest sanitation fee by the village Panchayat to give them a sense of ownership and oblige them to participate in the project.

A similar solid waste management project was successfully implemented in Shikopur Village and would also be replicated in the adjoining villages.

Building a Clean and Green Ecosystem

softcorner



Mr. Ajay Gupta

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Property & Wealth Vol 3, Issue 2

Documents

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