Shilpa Pandya's Real Estate Musings

CARE Ratings Credit Outlook on Real Estate

2012-01-28T18:33:00.003+05:30

CARE or CREDIT ANALYSIS & RESEARCH Ltd. in a recent media release has issued a recent credit outlook on January 27, 2012. Here are snippets from the same.

Current Issue:

The sector which posted quick and sharp recovery, post June 2008 downturn, is now

facing issues such as subdued demand mainly due to substantial increase in the asset

prices, reduction in the affordability affected due to double whammy of sustained

high level of inflation and consequent increase in interest rates causing higher EMIs

and delays in the projects due to increased time lag in getting approvals. The

availability of sand (mainly Mumbai) as well as labour shortage brought the execution

of existing projects to a standstill and 2G and Adarsh scam led to delay in the

approvals which halted launch of new projects.

On the pricing front, the skyrocketed land values are holding the prices high. Besides,

the developers are experiencing the cost pressure due to increase in the prices of

cement and steel bars which increased by about 20% and 26%, respectively, in July

2010 to November 2011 period. The shortage of labour partially caused by

Government’s various employment schemes is keeping labour cost high. Further, the

consistent rise in the interest rates led to higher cost of borrowings for the developers.

Besides dwindling demand causing cash flow shortfall, the sector experienced

funding crunch wherein banks, the major source of funding to the sector, stayed away

from the sector as a result of the loan scams. Furthermore, the uncertainty in the

equity markets curtailed the developer’s access to the capital markets. Surprisingly,

though the demand reduced drastically, with Mumbai recording about unsold

inventory of about 44 months, the prices have not cooled off.

Probable remedy

In the real estate sector, especially, maintaining adequate liquidity acts as a boon in

the downturn. The sector has witnessed the benefits of volumes which enhances the

cash flow visibility and brings in much relief to the sector. However, with reduced

profitability. The factors which can tame the issues of the sector and bring in cash

flow stability would come primarily from 2 sources; increase in the affordability of

the buyers and deleveraging of the land banks and sale of non-core assets.

The affordability is the function of the EMIs – dependent on the interest rates, the

income levels and the real estate prices. The first two factors are the outcome of the

macroeconomic movement which cannot be controlled in a short term. However, the correction in the asset prices, which are sustained at a higher level, would provide

much needed relief to the sector by driving in the required volumes and easing out the

cash flow pressure.

The deleveraging of the land banks as well as non-core assets would cause a

fundamental shift in the balance sheets of the real estate developers by way of

reduction in the debt levels (the sale proceeds are assumed to be utilised towards

reduction in debt levels). Though sale of land banks and non-core assets would ease

out the cash flow pressure, the same is a long drawn process and may not help in short

term.

Credit Outlook

The credit outlook for the industry remains negative until the cash flows are

streamlined. However, the credit outlook for certain completed rent yielding projects

is stable mainly due to the sustained cash flow visibility through firm lease tie ups.

The prices are expected to correct mainly due to sustained low sale transactions, high

inventory levels (excluding few pockets like Mumbai where the ready inventory is

low) and the funding shortfall with the developers.

The improvement in demand is the major catalyst for the industry. Though the RBI

has faintly hinted at reduction in the interest rates with the cut in the CRR by 50 basis

points, the affordability is not expected to improve immediately. As a result, the

correction in the prices is viewed as the major factor which can drive in the volumes.

The sector is expected to continue feel the funding crunch, though the gearing levels

are down compared to the pre-FY09 levels, mainly due to limited fund raising

options. Besides, the inflow from the private equity as well as NBFCs, are coming at a

very high cost. Hence, the ability of the developers to manage the funding shortfall by

way of stable cash flows and maintain adequate liquidity would determine the credit

quality going ahead.

Bonanza launches an online shopping mall for the Real estate sector.

2012-01-04T15:49:00.003+05:30

Mumbai, January 03, 2012: Bonanza Portfolio Ltd, the 4^th Largest Broking firm in India has now ventured into Real Estate Broking and launched a new company Bonanza Buildtech Pvt Ltd to cater exclusively to the Real estate sector.

A customer centric organization, Bonanza Build Tech continually strives to ensure the best service to its customers. In a media release Bonanza Build Tech mentioned about the expert led investment advisory division; Investment Square puts forth investment's four varied dimensions i.e. Promising Destination, Legitimate Property, Well-planned & Developed Project and Assured Appreciation. It caters real estate services to NRI customers through the dedicated portal ‘Buy Indian Properties’.

The company also launches a new web portal www.bonanzaproperties.com which uses the best technology available, to make it easier for clients who want to buy or search for properties of their choice. Commenting on the new segment, Mr. S.P Goel, Director – Bonanza Buildtech says, “Individuals can also directly upload properties which they want to sell or lease on to the website and the management will directly get in touch with such clients to assist them in their transaction. It would be an active platform for builders, Agents and projects to advertise their properties enabling faster sales at the best market price”. He also adds, “This website works as an online shopping mall in real estate. A senior team is especially formulated - to guide and support the clientele, on the various aspects of real estate and also to help them understand the market scenario easily”.

About Bonanza Portfolio Ltd:

Established in the year 1994, Bonanza developed into one of the largest financial services and broking house in India within a short span of time. With diligent effort, acknowledged industry leadership and experience, Bonanza has spread its trustworthy expertise all over the country with pan-India presence across more than 1680 outlets spread across 530 cities. With a bouquet of services across all verticals in finance, Bonanza offers you the perfect blend of financial services right from Equity Broking, Advisory Services that cover Portfolio Management Services, Mutual Fund Investments, Insurance & Depository Services, Wealth Management, Investment Banking as well as Medical tourism.

About Bonanza Buildtech Pvt Ltd:

With four defining pillars of Ideas, Innovation, People & Technology, Bonanza Build Tech proclaims a niche in the Indian realty sector. Bonanza Build Tech as a firm stirs dynamism well-reflected in the wide spectrum of real estate services it offers ranging from Residential Properties in cities, Budget Homes within city limits, Developed Plots, Commercial Properties to Expansive Acres of land. Bonanza Build Tech aspires to create a home for every dream and present India with finest abodes and properties at prominent destinations. With complete transparency in dealings, ensuring secure, risk free, legitimate properties. Bonanza Buildtech offers ‘variety’ in three distinct sectors of Investments, Properties & Lifestyle while catering to every segment of the society.

(c) A Media Inc., MUMBAI, I N D I A

Realty outlook 2012: Irfan Razack - CMD, Prestige Group

2011-12-29T11:31:00.002+05:30

BENGALURU, 29 Dec 2011: 2011 has been a particularly good and vibrant year for the realty Industry in South India, especially Bangalore, said Irfan Razack - CMD, Prestige Group. A media release quoted him as saying, "In the backdrop of poor growth in global economies, India continued to be resilient and proved to have a pretty exciting year on-ground. We expect this positive reaction to continue into 2012 with a healthy Q1 (calendar year). The year has also seen good response in the residential segment in both the luxury and the mid-segment. The commercial and retail segments have also witnessed steady and robust leasing through the year."

From a home investment perspective I feel realty prices will only increase over time or face stagnation at the most, as rising input costs further makes it difficult for any price correction to happen in the near future. However, on a positive note, we can expect a possible decrease in interest rates in the year ahead, the release added.

On the Prestige front, 2011 has been a great year overall for the Group. The company achieved the maximum sales ever clocked in a single year. We had 4 major launches including Prestige Tranquility, Prestige Edwardian, Prestige Sunnyside and Prestige Parkview,this year alone. We have completed 3.62 mn sq ft in 2011 with an additional 32 mn sq ft currently under construction.

Future gazing, 2012 looks extremely promising with several exciting launches planned including Prestige Bella Vista, a residential development set amidst 25 acres in Porur, Chennai. We are also launching Prestige Mayberry, premium villas in Whitefield, Prestige Summer Fields, a mixed-use development consisting of villas, apartments and commercial office space as well as Prestige Silver Crest, a residential development on Outer Ring Road, apart from several other projects. We will also inaugurate Forum Vijaya Mall in Chennai and Oakwood Prestige Premier Serviced Apartments in the Forum Value Mall during this period.

In the coming year, the Prestige Group will also further expand its presence in various cities across South India such as Chennai, Hyderabad, Kochi, Mangalore, Mysore and Goa.

2011 has been a fabulous year for the Prestige Group, replete with multiple milestones and we enter the brand New Year, wishing all our patrons and friends a wonderful and prosperous year ahead.

Neev Infra en route to completing the KDMC slum rehabilitation project

2011-03-07T14:00:00.002+05:30

Mumbai, March 7^th, 2011: Neev Infra, Mumbai’s leading infrastructure developer had bagged the slum rehabilitation project of Kalyan Dombivali Municipal Corporation (KDMC) in the year 2008. The main objective of the Corporation was to make the Kalyan - Dombivali area slum free. Neev Infra as of date owing to the prompt cooperation of the municipal corporation and its staff have successfully completed upto 20% of the project which comprises of completion of some of the residential buildings.

The group was contracted to develop 58 buildings in 7 packages out of which the residential buildings moreover constituted the completed percentage under JNNURM (Jawaharlal Nehru National Urban Renewal Mission) scheme. The entire project is funded by Central Government for providing basic services to the urban poor (BSUP). The project cost is valued at an estimated Rs. 210 crore and is on track for completion by 2012.

Commenting on this development, Mr. Pradeep Jain, Business Development Head, Neev Infra, said, “Our aim is to partner with the Municipal Corporation to facilitate and improve the standard of living of the residents and offer them a wide range of conveniences and utilities that have not been made available before. The Municipal Corporation and their staff have reacted promptly to our efforts owing to which we can see KDMC turning out the way we had envisioned it to be.”

Neev Infra will develop 4181 flats, 75 community halls and 6 multipurpose halls. Each flat has a carpet area of 270 sq ft which includes a living room, kitchen and a separate WC inclusive of storage area and bathing area and total construction area is around 18,00,000 sq ft .

As per the KDMC contract, Neev Infra will cater to the entire area’s infrastructure needs. Some of the infrastructure projects completed by Neev Infra are K.N.P. Market at Dadar, Jogila Market at Thane. School projects at Worli, Dindoshi and Versova, Bhabha Hospital, Nair Hospital (OPD building), KEM Hospital (restoration work), Centenary hospital Kandivali (first phase) and In addition to these projects, Neev Infra is even looking at leveraging its expertise in public utility projects like bridges, skywalks, mass housing, irrigation projects like dams, canals, water and sewage treatment plants, recreation parks, and beautification and landscape enhancement projects.

Manju Yagnik, Vice Chairperson, Nahar Group awarded Female Real Estate Professional of 2011

2011-02-28T14:47:00.002+05:30

Ms. Manju Yagnik, Vice-Chairperson, Nahar Group awarded ‘Female Real Estate Professional of 2011’

For her immense contribution to real estate by setting high standards and creating best practices, Ms. Manju Yagnik, Vice-Chairperson, Nahar Group was honored as the ‘Female Real Estate Professional of the Year 2011’ by Realty Plus, one of the leading Real Estate publications in the country.

The Realty plus Real Estate Excellence Awards is a platform where recognition is given to contributions made by Individuals, Developers, Architects, Interior Designers, State Government, Property Advisors etc who have played a key role in the stupendous growth of the Indian Real Estate sector.

The jury comprising some of the industry experts included Mr. Anuj Puri, Chairman and Country Head, JLL, Mr. Vikram Bakshi, Managing Director, McDonalds India, Prof. Amit Kapoor - Management Development Institute, Gurgaon & Chairman, Institute of Competitiveness, Mr. Anurag Mathur – Managing Director, Cushman & Wakefield (India), Dr. P.S.N. Rao – Chairman, NAR-India & Head – Department of Housing, School of Planning and Architecture among other eminent personalities.

Nahar Group is one of India’s leading real estate developing companies having developed over 15 million sq. ft of landmark residential and commercial structures in various parts of the country. As the Vice-Chairperson of the Nahar Group, Ms. Manju Yagnik who has been associated with the Group for over 21 years, is involved in all aspects of the work flow starting with planning, land acquisition, construction, landscaping, marketing, vendor negotiations right up to community building initiatives at the project area and after sales service.

Ms. Manju Yagnik has been the recipient of a host of awards including "Woman Entrepreneur of the Year Award" in 2007. To share her vast knowledge and experience with the real estate thought leaders of GCC countries, she was specially invited as the lead speaker at the First Annual Gulf Real Estate Fundamentals Conference 2008 in Bahrain, where she spoke on “Real Estate Opportunities in Emerging India”.

It would seem that the Union Budget 2011 pointedly ignored the larger issues affecting the Indian real estate sector at this sensitive stage of reviva

2011-02-28T14:08:00.003+05:30

BUDGET 2011 – “Nothing For Real Estate To Get Excited About”

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

It would seem that the Union Budget 2011 pointedly ignored the larger issues affecting the Indian real estate sector at this sensitive stage of revival and growth.

My observations:

DIRECT IMPLICATIONS

• SEZs have been brought under the purview of MAT, which basically diminishes the benefits that SEZs offer for developers over other commercial real estate asset classes

• Raising the priority home loan limit from Rs. 20-25 lakh is good news for the LIG segment, but will do nothing to ease the pain in the metropolitan cities where real estate prices and therefore demand for affordable housing is highest. Companies such as Unitech and Ansals, which are rolling out budget housing, will be benefited by increase of volumes

• The 1% interest subvention for home loans upto Rs. 15 lakh from the previous limit of Rs. 10 lakh will come as a relief to home loan borrowers from the LIG segment

INDIRECT IMPACTS AND IMPLICATIONS

• Enhancing personal tax exemption limit from Rs. 160,000-180,000 is insignificant and insufficient to make a difference in real estate market terms

• Allowing FDI in mutual funds would have been a blessing if the Government had been more proactive in allowing REMFs

• Stricter measures against black money can potentially help bring about greater transparency and make the real estate sector more attractive for foreign investors. One awaits the detailed outlining and real-time implementation of these measures

• The budget made no mention of FDI in retail, which is great disappointment since the retail sector seriously requires the benefit of foreign investments into multi-brand retailing

• The budget remained silent on the pressing issue of extension of the STPI exemptions as well and Sec 80IA and 80IB, which are pertinent to the construction of residential projects of units sizes below 1200 sq. ft. This is a de-motivating factor which will further curtail the supply of affordable housing

• Raising the corpus of the Rural Infrastructure Development Fund from Rs 16000 crore to Rs. 18000 crore would logically translate into the opening up the real estate potential of hinterland locations. However, similar provisions in the previous budget had no discernible effect. Much depends on how seriously actual implementation is taken

• The budget’s stated intention to create 150 lakh metric tons of food storage capacity can potentially catalyze the formation of more retail warehousing. This would potentially encourage the construction of more modern warehousing facilities, and benefit the retail supply chain by reducing the cost of business operations via increased shelf life of perishable products, reduced wastage and increased margins.

The FM did well to commit that the Financial Sector reforms will be taken to their logical conclusion

2011-02-28T14:04:00.002+05:30

Post- Budget Statement from Dinesh Kanabar, Deputy CEO and Chairman Tax, KPMG

“The Finance Minister (FM) presented the Union Budget today amidst scepticism over the growth agenda of the Government. It is, therefore, indeed heartening to see the FM devote a good portion of his Budget speech to making a commitment to implementation of the pending reform initiatives.

The FM did well to commit that the Financial Sector reforms will be taken to their logical conclusion during this session of the Parliament. He assured the tabling of the provisions for the introduction of the Additional Banking Licences to Corporates during this Session. He has also assured the tabling of the long pending Companies Billing this session of the Parliament.

The proposal to permit FDI in Mutual Funds is a big ticket reform and can be the response to the decline in the growth of FDI in the recent past.

The proposals to simplify the refund of Service Tax is very welcome given that huge refunds have been stuck up in procedural delays. The reiteration of the Government to GST is also welcome. Of course, the tabling of Constitution Amendment Bill is just a step in this direction and buy-in of the states will be needed to implement this.

The imposition of MAT on SEZ developers and units is retrograde as it seeks to impose tax on income received from investments made with a commitment of tax exemption. This is advancing the negative impact of the Direct Taxes Code and should have been avoided.

The reduction of tax on foreign dividends received from subsidiaries of Indian Companies is welcome step facilitating eventual imposition of CFC regime.

The marginal relief provided to individual tax payers is also welcome.

The proposal for Infrastructure Bonds of Rs 30,000 crs and the additional tax incentive to subscribers upto Rs 20,000 is a step in the right direction but a lot more needs to be done if this sector is to develop a thrust. “

'The unfulfilled demand of more than 24 million houses in the country needs large scale impetus to achieve desired results'

2011-02-28T13:38:00.002+05:30

Budget Reaction by: Mr. Lalitkumar Jain, CMD. Kumar Urban Development Ltd and Vice president CREDAI

“The unfulfilled demand of more than 24 million houses in the country needs large scale impetus to achieve desired results. Allowing deduction for investment into affordable housing is a welcome step and will surely boost morale of housing industry and will accelerate investments in affordable housing.

Increase limit to 15 lacs for 1% subvention, increasing limit to 25lacs for priority lending for home loans are welcome. However much more could be done to accelerate supply of affordable housing stocks. Also we register our displeasure over MAT in SEZs. Government should not deflect from declared policy of tax exemptions as this gives wrong signal to investors in such projects.

We do not see any announcement on 80 IA and 80IB of IT act, which was expected. Also 30 to 36%of value of a flat is tax. We expected government to announce special schemes for affordable housing giving relief. We also expected relief and clarity through amendments for80 Ib(housing) and 80 IA (IT park ).

Supporting middle class through increasing deduction on home loan interest to 2.5 lacs was expected but did not come. Generally though we can see governments’ desire to assist Real estate sector, we expected many dynamic ideas in this budget to achieve desired results.

Hope this is a beginning of an era of dynamic initiatives to achieve desired result in Housing sector”.

RICS India advocates streamlining of existing provisions and new mechanisms to create an enabling environment for housing and urban infrastructure

2011-02-25T20:11:00.000+05:30

Ahead of Union Budget 2011-12, RICS recommends steps to boost affordable housing development along with better taxation for first time home buyers and better monitoring of infrastructure funding

The Royal Institution of Chartered Surveyors (RICS), in its manifesto for Union Budget 2011-12 submitted to the Union Ministry of Finance, India, has proposed rationalisation of existing funding, incentives and taxation, in favour of establishing better mechanisms to meet the funding as well as delivery needs of infrastructure and housing in the country.

Importance of maintaining fiscal stimulus

RICS India observes that after successfully managing the effects of the global slowdown, there is a definite need to strengthen the domestic macro-economic environment to help consolidate growth and sustain it over the medium term. The Government is looking to move towards a preferred path of fiscal consolidation, where we have already seen some exit from stimulus measures during 2010-11 with the aim at facilitating better monetary management. While appreciating this approach, RICS believes that in order to maintain the current growth rate, financial stimulus needs to continue in the light of the inflationary pressures, rising interest rates, tight liquidity conditions and high input costs. Also, growth needs to be made more broad-based while ensuring that supply-demand imbalances are better managed.

Focus on sustainable infrastructure development important

RICS India notes that in order for India to continue on its growth trajectory of 8% and achieve the envisaged growth of 10% during the coming financial year, the requirement for sustainable infrastructure development is paramount both to provide the backbone for economic activities as well to ensure that resources are conserved and used efficiently.

With 30% urban population, where one in every four persons live in slums, significant government intervention and funding is most certainly required, to develop and expand the city infrastructure to house the burgeoning urban population over the coming years. The $1 trillion infrastructure investment requirement has limitations from the public sector and hence the need to encourage private capital is well established. Effective incentives, fairer taxation and market friendly policies will be essential to encourage private sector to contribute towards nation building activities.

RICS believes that even as direct funding and grants will be required to be pumped into infrastructure projects and building housing for the poor, the finance ministry, central and state Governments should direct a percentage of funds on creating an ‘enabling environment’ and ‘making the property markets work better’. While on one hand, there is a need to bring in consistency in definitions such as infrastructure, townships, affordable housing, etc, to ensure appropriate and equitable allocation of benefits, on the other hand, there is a need to encourage innovative funding sources and equally importantly ensuring that public funds are judiciously put to use.

Ahead of the budget, Mr. Sachin Sandhir, Managing Director and Country Head, RICS India said, “Though inflationary pressures are challenging India’s growth prospects, over the last financial year we have seen the country move into the ‘managing recovery’ phase. Therefore, our recommendations for this budget are in favor of promoting inclusive growth and infrastructure development, through better management, utilization and channelization of resources, which will undoubtedly create an enabling environment for steady economic growth in the medium to long term. To this end, we advocate expanding under Section 80 (IA) the definition of infrastructure and awarding infrastructure status to townships; tax breaks under Section 80 IB (10) for housing development and creation of a dedicated housing fund, which can provide impetus for addressing the challenge of ‘housing for all’. Additionally, in keeping with the concerns on climate change, a ‘green taxation’ system should gradually be adopted and tax deductions should be extended to builders incorporating energy efficient technologies and materials.”

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2011-02-25T20:10:00.000+05:30

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Almost 80% of Mumbai’s buildings are in distress due to poor waterproofing

2011-02-25T20:01:00.000+05:30

Dr. Kribanandan Gurusamy Naidu addresses professionals of the construction industry on the advances in Waterproofing Materials and technologies to be adopted in India.

Mumbai, 18th February 2011: Dr. Fixit Institute of Structural Protection and Rehabilitation (DFI-SPR) today conducted an informative session on the latest advances in waterproofing materials and technologies to help the Indian architects & engineers adapt the changing dynamics of the construction industry. The lecture took place at Hotel Ambassador in Mumbai.

Mumbai city has been known to receive heavy rainfall during the monsoons. Being a coastal city, Mumbai needs to understand the requirement for costal construction and heavy rainfall. More than 80% of the pre-1990s construction is in distress because of poor quality material and harshness of environment. Despite all this, Mumbai was one of the last cities to take up blended cement that helps fight problems related to waterproofing. To increase the life of these structures, there is a need to address waterproofing seriously. Besides this, Mumbai is talking about world class structures, be it sea link or the metro. There is a huge shift towards high rise buildings now, making it all the more important to create awareness of waterproofing & its implications is a must consideration for both the common people as well as the engineers concerned to build up durable structures.

The money spent last year is around Rs 4000cr on cement and concrete on repair and maintenance for waterproofing and leakages which could alternatively be used in creating infrastructure across the state of Maharashtra. While 70% of this is centered on major cities like Mumbai and Nagpur, 30% is spread across the state. The sanctioned budget for such jobs by the Government will be fruitless if the modern scientific methods and the techniques are not used to safe guard the durability of these projects. Hence an interdisciplinary approach between structural engineer and waterproofing consultants is required.

The advancements in waterproofing materials and technologies have revolutionized the modern construction industry, not only with their ease of applications but also longer durability and less maintenance aspects. At the same time, damages to the concrete structures also result in high cost of repair and maintenance and sometimes much more than the cost of the building or structure itself.

Dr. Kribanandan Gurusamy Naidu, Managing Director JTK Consult Sdn. Bhd., Malaysia, a renowned Construction & maintenance management expert, interacted with the leading architects and engineers of Mumbai. The session elaborated on the latest development and methods practiced across the globe to counter the threat created by the climatic conditions to constructed structures. He also spoke about preventive measures that should be undertaken to prevent regular repair and maintenance work on structures and emphasized on the importance of waterproofing & its implications to enhance the stability and durability of constructed structures.

Dr. A. K. Chatterjee, Director of DFI-SPR, well know structural expert highlighted the architectural heritage of Mumbai and the threat to theses structures due to extreme climatic conditions. The session also discussed on the latest advances in material & technology that can substitute the massive financial outlays required to maintain them.

According to Dr. Naidu, “There are a number of structures across Mumbai that require restoration on a regular basis due to the unpredictable climatic changes which have an adverse effect on them. Research and development has helped us evolve material and techniques that have been adapted globally to restore such structures”.

Dr. A.K. Chatterjee, Director of DFI-SPR, said, “The vision of Dr. Fixit Institute is to ensure that correct construction practices are used in India. This time the focus is on advances in Waterproofing techniques to help improve construction and renovation of old structures. Through the Healthy Construction Lecture Series, we bring international experts in the field of Waterproofing and Building Repairs, to share their expertise with the leading lights of Indian construction industry, thereby enabling the Indian architects and engineers to be more enabled, in a bid to promote Global Best Practices.”

Also present on the occasion, Mr. Sanjay Bahadur, CEO – Construction Chemicals, Pidilite Industries Ltd, said, “We are proud to sponsor such an event as it propagates the message of Healthy Construction. We will continue our endeavor to create awareness across the construction fraternity.”

Similar lectures were conducted in Bangalore, Kolkata, Delhi, Chennai and Ahmedabad in the past years where the crème-d la crème of the construction world were present. The success of these past lectures has encouraged the Institute to conduct lectures in other metros of the country. These lectures provided invaluable information on construction materials' properties, Concrete & Structural Repairs, Sustainable Construction & Green Building, Self healing concrete as repair material in concrete structures, diagnostics, specifications and other technicalities involved in masonry repairs of heritage buildings.

About Dr. Fixit Institute of Structural Protection and Rehabilitation:

Dr. Fixit Institute of Structural Protection and Rehabilitation (DFI-SPR) is a standalone not-for- profit

Company with a vision to become a premier national knowledge and skill development center in waterproofing and other areas of renewal engineering. The institute is promoted by Pidilite Industries Ltd.

The endeavor of DFI-SPR is to enhance the service life of Built Environment through global sharing knowledge & best practices in the field of Waterproofing, Structural Protection, Repair and Rehabilitation.

About Pidilite and Dr. Fixit

Since its inception in 1959, Pidilite has been a pioneer and market leader in craftsmen products, DIY (Do-it-Yourself) products and industrial specialty chemicals. Its Construction Chemicals Division primarily offers a wide range of solutions for Waterproofing and Building Repair Solutions under the Dr. Fixit brand.Dr. Fixit has made paradigm shift in Construction Chemical Industry by adopting two-pronged approach of distribution - a mass distribution channel the common man and a separate channel for large projects. This has ensured that Dr. Fixit is available across nook and corner of India making it the Market Leader in Retail Segment.

Today, Dr. Fixit is exported 20 countries and has been launched in Thailand, UAE & Singapore through Pidilite’s wholly owned subsidiaries. The company has invested in R&D centers in India and Singapore. Based on the guiding philosophy of “Healthy Construction”, Dr. Fixit has undertaken and successfully completed many prestigious projects in India and across the globe –

Jawaharlal Nehru Sports Complex (CWG) - Delhi
Radisson Hotel, Delhi
ABP office, Kolkata
World Trade Center, Dubai
Reserve Bank of India, Mumbai
Microsoft Office, Hyderabad
Toyota Plant, Thailand
Thiruvallur statue, Kanyakumari

The Real Estate Perspective: Expectations from the Indian Budget

2011-02-25T19:23:00.002+05:30

Jayant Gehi, AVP , Business Development & Sales, Supreme Universal

The total tax (direct & indirect) on real estate today works to about 30% of the cost (including stamp duty and proposed VAT& ST etc) this budget can ensure that this be cost be brought down and sustain the rela estate sales. The expectations from the budget are:

· Reintroduce the tax benefit scheme for developers of affordable housing projects to make these projects really affordable.

· Increase the exemption limit on interest paid on Home Loan to up to Rs.2,50,000/-

· Reconsider the Service tax on sale of Residential property.

About Supreme Universal: Supreme Universal embarked on a maiden venture in Mumbai in the year 1982, with the single minded focus of creating high-end luxury, well-planned, residential and commercial masterpieces with environment-friendly, energy-efficient, engineering and architectural marvels.

What started as a humble beginning has grown over three decades in strength and stature in prime localities of both Mumbai and Pune. The Group has developed more than 50 projects across the 2 cities, housing more than 2500 happy families and commercial establishments.

Supreme Universal is driven by founder promoters Mr. Suresh Jumani and Mr. Ramesh Bijlani ably assisted by the second generation Vishal Jumani, Kunal Jumani and Sunny Bijlani. A chronology driven environment, systems integration, people and processes, sets apart Supreme Universal as a professional and efficient player in the real estate sector.

Supreme Universal, today is synonymous with luxury and unmatched quality, state-of-the-art design, high-tech engineering, international construction and finishing benchmarks. Quality, Efficiency and Professionalism in every project has earned the faith and trust of esteemed customers.

Supreme Universal, an ISO 9001:2000 company, has emerged as one of the most preferred developers with bigger and more challenging projects being added each year.

Living up to the maxim, Supreme Universal professes: Enduring Relationships - with vendors, suppliers, contractors, architects, interior designers, bankers, financial institutions and private equity partners, and above all customers.

Comprising of a young and energetic team of professionals dedicated to delivering quality at all times, the company endorses a healthy balance between work and employee comfort, by being people focused so as to ensure employee motivation is at its peak.

The exquisiteness of the project is non-parallel to any other. From stylish lobbies, to private pools in select apartments, from individual terrace gardens to a podium construction, anyone who enters the premise is sure to feel the magic of Supreme Universal.

For further information, please refer to www.supremeuniversal.in

Budget expectations for the Real estate sector (2011-12)

2011-02-25T19:14:00.002+05:30

By Irfan Razack, CMD, Prestige Group

Budget expectation – Background

· Paradigm shift in focus from economics to politics primarily because of political instability at the Centre and across various states in South India

· Given the Political Scenario and inflations levels - Low expectations on budget

· Probably as many as 11 states are due for election in the next 12-15 months. So, expect populist budget

· Inflationary conditions showing no signs of abating.

· Expected to come out with a very populist budget with hopefully special emphasis on infrastructure

· We think that this budget will force the Hon. Finance minister to pull the best out of his box. We expect the budget to deliver strongly on Infrastructure and continue with reform oriented policies

Budget expectation - Real Estate Sector

· Extension of Section 80 IA/80-IAB/80-IB(10) benefits

· Extension of STPI benefits beyond this fiscal

· Clear roadmap to GST, IFRS and DTC

· Upward revision in Section 24(b) from the present limit of Rs. 1.5 lakhs in the context of increase in interest rates

· Upward revision in Section 80C from the present overall limit of Rs. 1 lakh

· Increase forward momentum towards REMF’s and REIT’s – The commercial office market seems to have bottomed out and now presents excellent options for investing into yield assets. This factor should logically catalyze the formation of REIT’s

· ECB in Reality sector – In entirety and not specific to Hospitality, Townships and SEZ’s;

· Higher capital expenditure in Infrastructure Sector

· Corporate surcharge may be abolished

· Improved availability and mechanism of long term financing for infrastructure projects coupled with faster implementation and monitoring process

· Relaxing FDI norms- Allow 100% FDI in multi-brand retailing

· Last year, housing loans under Rs. 10 lakh were given an interest rate cut of 1%. The same needs significant upward revision to make it more meaningful and effective in present terms primarily due to significant increase in interest rates and the current level of property prices. (There are hardly any flats available at Rs. 10 lakhs!)

(c) A Media Inc., MUMBAI, I N D I A

In Substitution of developers’ undertakings in service tax matter HC allows MCHI members to deposit service tax in court

2011-02-25T13:33:00.002+05:30

Mumbai, February 24 2011: Members of the Maharashtra Chamber of Housing Industry (MCHI), the most prominent body of the real estate developers get a relief in the matter of service tax, as the division bench of the Bombay High Court has allowed the members of the realty body to deposit the service tax money collected by them from the home buyers in the court.

The service tax deposited in the high court is subject to be refund to the members along with the accrued interest thereon, on the final disposal of the petition, if the order goes in favour of the developers as well as MCHI. The High Court modified the earlier rule of undertakings to be submitted by the developers with the court.

The division bench comprising justice J P Devdhar and Justice Mridula Bhatkar ordered the relief in service tax case while hearing the writ petition field by the MCHI against the Union Government of India on February 18, 2011.

The MCHI and other builders’ bodies challenged the constitutional validity of the Finance Act 2010, seeking to amend the Finance Act 1994, introducing an explanation to section 65 (105) (zzq) and 65 (105) (zzzh) to introduce the Service Tax concept of ‘Deemed Service” for any commercial or industrial construction of residential complex done prior to obtaining completion certificate.

The division bench of the Bombay High Court comprising Justice V C Daga and Justice S J Kathawala admitted the petition filed by the MCHI and others on July 23 and had granted interim stay until further hearing.

The MCHI in its Writ Petition urged the honourable High Court to restrain the respondents (Union of India and others) from any manner taking steps against the members of MCHI in respect of the transactions for constructions, development and sale of immovable property under the various provisions of the Finance Act, 1994 and a new entry as amended by the Finance Act 2010 in any manner.

President of MCHI Mr. Sunil Mantri has stated that the centre and the state have separate domains in respect of its taxing powers under the constitution.

The state has the exclusive power to levy taxes on land and buildings in terms of Entry 49 of List ii to the seventh schedule of the constitution, by amending the provision to levy service tax on transaction of sale of immovable property is seem to be unconstitutional.

Mr. Mantri stated that the sale of an unit in the complex as per the settled law of transfer of property is not a service. Accordingly sale of the same by the builder should not be treated as a service since service tax is levied ultimately on the property. This would be a tax on transfer of immovable property only.

Mr. Mantri is of opinion that such a levy will increase the cost of the flat and ultimate buyer will have to bear the cost. The National Housing and Habitat Policy 2007 envisage affordable housing for all. The proposal to levy service tax irrespective of any kind of house (even EWS or MIG) would run counter to the policy of the government.

About MCHI:

Maharashtra Chamber of Housing Industry (MCHI), formed in 1982 is the most prominent body of real estate builders and developers bringing together members dealing in real estate and construction industry on one common platform to address issues facing the industry. Members of MCHI account for providing 80 % - 90% of residential accommodation in Mumbai and its vicinity. MCHI helps both the Central and State governments in meeting their objectives of providing shelter. MCHI works towards raising awareness among the general public, real estate and construction industry while providing them with exhaustive information on projects and new developments in and around Mumbai. With over 5400 well-recognized and reputed member builders, developers MCHI is affiliated with leading industry associations like FICCI, IMC and CREDAI.

How important is the Budget Speech 2011-12 for home seekers?

2011-02-25T12:57:00.001+05:30

Irresistible force meets immoveable object: this aptly describes the real estate scenario in the run up to the Hon’ble Finance Minister’s Budget Speech. On one hand, there is buyer resistance to price levels since Diwali 2010, leading to a drop in off-take of homes. On the other hand, ready possession homes are a rarity, and possession of under construction homes seem to be dated ‘2015 and onwards’ – this is an ideal situation for prices to move upwards or remain constant. In this self-contradictory situation, the Budget might just make things better – or so Mumbaikars expect. Kamlesh Pandya analyses whether this expectation will become a reality

For the average resident in the Mumbai Metropolitan Region (MMR), come 28 February, the expectations from the budget proposals are very high. Consider that residential realty rates have moved steadily upwards, home loan interest rates have moved in sync – and appear all set to do so more sharply, taxation benefits are losing their sheen and policies that could have made affordable housing for the common man are either awaiting implementation/ ratification or have been ‘delayed’. ‘’Definitely, Pranab Da’s Budget Speech is going to be very important for home seekers in the MMR, but it is the developer community which will be more anxious – unless the Budget speech has the right sort of proposals, the scenario might be one where projects may get stalled as developers deal with the challenging situation they are facing since past few months,’’ says developer Vivek Abrol. ‘’If the developer community is badly hit, home availability will obviously be impacted, with resulting reaction on the price front.’’
When there is talk of a real estate regulator, no one wants to clarify whether it means finally, it will get industry status, says Realtor Bharat Malik. ‘’Hopefully, the Budget proposals will bring about some clarity on the issue, it is important for home seekers,’’ he adds.
The real estate industry is also in favour of a regulatory body being set up to ensure better levels of transparency and greater customer experience, said Sunil Mantri, president of Maharashtra Chamber of Housing Industry. ‘’The government should also consider granting infrastructure project status to redevelopment projects as that would serve the purpose of overall town planning, aesthetic enhancement, better infrastructure, enhanced lifestyles and thereby overall growth. With real estate contributing to economic growth, it is time the sector is recognised as an industry,’’ said Sunil Mantri. This would help in accessing credit from financial institutions on a par with other industries, he added.
Ackruti City’s MD Vimal Shah strongly urges granting of infrastructure status for the housing sector. ‘’I hope the budget speech will have some indication about Government granting infrastructure status to housing, which will enable easier access to low-cost institutional funds and also allow the sector to tap long-term funds,” Shah said.
Funds are on Omkar Realtors & Developers’ MD Babulal Varma’s mind as well. “Generally, individual investors are a major driving force for the housing sector. Deduction under section 24(b) towards interest on housing loans should be increased to Rs 5 lakh from the current limit of Rs 1.5 lakh. The current limit was last enhanced in 1999, after which there have been numerous changes in real estate prices and home loan amounts. This initiative is likely to impact the buying decision of a consumer in a positive manner.”
Taxation in the real estate sector should be simplified and reduced. Buyers are burdened with direct taxes like stamp duty and registration charges of 6 per cent, service tax of 2.5 per cent and VAT of 1 per cent on the total value of a flat. Thus, a total of 9.5 per cent in taxes acts as a deterrent for home buyers, explained Varma.
‘’From a consumer point of view, an increase on the cap on housing loans at subsidised rates would help them to increase savings. Similarly, concessions must be granted on service tax as real estate is more construction driven and is not a service offering. Hence, the service tax component levied on the sector as a whole should be reviewed,’’ he added.
Kalyan-based Gajanan Group’s MD Vinod Mishra feels that interest rates on home loans should be rolled back to 8 per cent. ‘’Not just it will help home seekers; it will also help generate economic resurgence. Consider that the construction sector is the second largest employer after agriculture, and its growth has a direct impact on sectors like cement and steel, thus giving a boost to industrial production. Creating homes for the home seekers would be icing on the cake,’’ he concludes.

(c) A Media Inc., MUMBAI, I N D I A

SBI hikes BPLR by 50 bps

2010-08-16T12:37:00.001+05:30

MUMBAI AUGUST 16: India`s largest lender, State Bank (Q,N,C,F)* of India (SBI) has revised the Benchmark Prime Lending Rate upwards by 50 bps from 11.75% p.a. to 12.25% p.a. effective from August 17, 2010, according to media reports.
The bank revised upwards the Deposit rates, effective from August 17, 2010. The increase is 25-150 bps in various maturities, the media reports said.
The bank also announced launching of floating rate term deposit products linked to `Base Rate` with effective from September 6, 2010. The applicable interest rates would be as under:

Current Base rate: 7.5% p.a.
1 year - 50 bps below Base rate, current effective rate 7% p.a.
3 year - 25 bps below Base rate, current effective rate 7.25% p.a.
5 year - at Base rate, current effective rate 7.5% p.a.

Recently the bank disclosed rise of 21.99% in consolidated net profit on y-o-y basis to Rs 33.65 billion, while total income declined 0.98% y-o-y basis to Rs 328.08 billion for the quarter ended June 2010.
As per recent quarterly filing, FIIs` shareholding increased to 11.47% as at Jun 30, 2010 from 8.99% as at Jun 30, 2009, while the mutual funds` shareholding fell to 4.47% as at Jun 30, 2010 from 4.91% as at Jun 30, 2009.
The stock had outperformed the market over the past one month till Aug. 13, 2010, rising 17.35% compared with the Sensex`s 1.01% rise. It outperformed the market in past one quarter, gaining 23.08% as against 5.22% rise in the Sensex.
Shares of the company declined Rs 30.5, or 1.07%, to trade at Rs 2,818.90. The total volume of shares traded was 45,268 at the BSE (9.20 a.m., Monday).(c) A Media Inc., MUMBAI, I N D I A

Fusion of Calligraphy and Music creates works of art . . .

2010-08-08T13:04:00.001+05:30

Last weekend, Nagpur was the location for a beautiful interaction and interplay between Music and Calligraphy, with renowned artist Achyut Palav’s innovative creation, ‘Talaakshare’. Just how does the ‘written word’ curve along with tunes and music?

For Achyut Palav, ‘Calligraphy’ is an art form, which means: 'beautiful handwriting'. He is in love with the curves and lines that represent the artistic creation of words. “Calligraphy is another word for communication - a way of expression. It empowers an artist with the power to express and communicate something special in his/ her own unique way,” he says.

Calligraphy can be inspired by an event, a celebration, nature, a song or dance. It conveys the ‘state of an artiste’s mind’: an idea or a thought – it is a discovery that the forms, letters, words had unique significance, sounds and feelings. “Indian scripts are based on 'Phonetics',” he adds.

The sound of the letters has inspired its form. The art of calligraphy refers to the written mode of communication, but it does not only mean attractive writing – it tries to go beyond that. The beauty of letters is deftly fashioned with various tools, are inspired by events in an artists’ life - and by his experience: how he sees the presence of letters and their sounds in things around him.

A discussion on Indian calligraphy cannot be complete without the mention of Achyut Palav, says Atul Shirodkar. The CMD of the Reatox Group of Companies, Shirodkar conceives real estate construction in an artistic manner, something reflected in the exteriors of his real estate project ‘First City’ in Nagpur.

In a field in which the electronic medium has overpowered, Achyut Palav has made significant contributions, bringing forth traditional and modern calligraphy to the masses, says Shirodkar. “Through his various exhibitions and workshops in India and abroad, he has demonstrated calligraphy in English and Devnagari,” he adds.

While Achyut Palav is a name which has been noted for calligraphy for over a decade, what has made his name more prominent among art lovers is his unique experiments and fusion of calligraphy with other art forms.

The most recent of these is an event which is known as: ‘Talaakshare’ - a splendid fusion of calligraphy, vocals and the Tabla.

In the last such performance of ‘Talaakshare’, Achyut Palav blended calligraphy with the tabla beats of master tabla player, Prashant Acharya, adds Shirodkar. The event was held at the Dr. Vasantrao Deshpande Sabhagruha in Nagpur on 8th August 2010 at 10.30 in the morning.

Explaining the genesis of the event, Achyut Palav said, “Music and art are the essence of every Indian. The beauty of colours and sounds dominate life. ‘Talaakshare’ is an artistic effort to gloriously ‘marry’ words and forms in calligraphy with the beat and sounds of musical instruments as also the poignant effect of the tunes of songs. I hope that the endeavour of all participating artistes will recreate the magic which I have tried to do in similar past experiments. By the grace of God, those experiments were successful and appreciated by many. I hope the performance won the hearts of Nagpur’s citizens too.”
What made the Nagpur performance special, said Achyut Palav, was the organisers – Aadhar,, an NGO that aims at creating love for culture among children. “They have a noble aim, and we were pleased to do something that helped in their endeavour,” he added.
As sponsor of the event, Atul Shirodkar said: once the impact of Achyut Palav's calligraphic compositions ‘start speaking’, their splendor brings forth appreciation in just about any language. One gets enticed by the magic; it brings in an entirely new aspect to knowing a script or language. I hope residents of Nagpur were also enthralled by the event.”

Atul D Shirodkar adds: “Achyut Palav’s passion is to promote traditional and modern calligraphy in all spheres of life. It is a very difficult endeavor, and yet, he has stuck to it and ensured that it reaches ever newer heights of glory.”

-=-=-

Achyut R. Palav: Bio Data

27th January 1960, Mumbai

1982 G.D Art from Sir J.J. Institute of
Applied Art, Mumbai.
1984 Research Scholarship
from Ulka Advertising for thesis
on Modi script (15th to 17th Century).
Ex. Faculty member of Sir J.J. Institute of Applied Art

Exhibitions
1986 Sir J.J. Institute of Applied Art, Mumbai
1986 Fachhochschle, Wisbaden, Germany
1987 Indira Gandhi Nation Center For the Arts,
Delhi (Group Show)
1988 Calligraphy Group Exhibition in Germany,
France, United Kingdom, The Netherlands
1990 Sir J.J. Institute of Applied Art, Mumbai
1990 Mandir Art Gallery, London
1991 Pentiment International Academy, Germany
1993 A. G. Gallery, Hamburg, Germany
1994 Y. B. Chavan Centre, Mumbai
1996 Shripati Art Gallery, Mumbai
1998 Birla Academay of Art & Culture, Mumbai
2000 Gallerie Leela, Mumbai, Group Show
2001 Nehru Centre Art Gallery, Mumbai
Tao Art Gallery, Worli, Mumbai
Indian Oil (Group show)
2002 Swami Samarth Sevak School, Thane
2003 India Art Gallery, Pune
2004 Jehangir Art Gallery, Mumbai
Sun & Sand, Pune (Group show)
2006 Nirmal Lifestyle, Mumbai
2008 International Calligraphy Exhibition, Russia.
2008 SEOUL International Print, Photo Art Fair
2008 Callifest, Sir J. J. Institute of Applied Arts, Mumbai
2009 Art Circle, Ratnagiri
CISFA Ki Chhoti Gallery, Nagpur
Tradition Art Gallery, Mumbai
Beijing Typography 2009, ICOGRADA World Design Congress, Group Show
2010 Hues of Harmony, Dubai, Group Show
Art Fusion Show, Nehru Centre, Worli, Group Show
Consulate General of the Russian Federation in Mumbai (Cultural Department)

Work in collection
European Contemporary Museum of Calligraphy, Moscow
Stiftung Archive, Germany
Anil Ambani, Reliance Group
B K Birla, Kolkata
Birla Institute of Management, Navi Mumbai
Chougule Group
Navneet Publications
Mid Day Publication
Vrutta Manas
A G Art Gallery, Germany
Flagship Advertising
Hotel Leela, Goa
Arbindo Ashram, Pondicherry
Accutest Research Laboratories, Navi Mumbai
Atal Bihari Vajpayee
Sonia Gandhi
Balasaheb Thackarey
Sachin Tendulkar
Sachin Pilgaonkar
Asha Bhosale
Sharad Pawar
Ram Naik
Amisha Shah
Jackie Shroff
Hemant Trevedi
Harshad Mehta
Armenian Consulate
Lata Narvekar
Veena Ahuja
Vijaya Mehta
B. P. Choudhary
Ameet Poojara
R. G. Kadam
Mithila Dalavi
Mandhana Industries Ltd.
Arvind Mhatre
Nitin Killawala
Nitin Desai
Ram Shewalkar, Nagpur
Vijaya Rajadhyakshya
Dr. Prakash Ghatge, Secunderabad
Andrea Lausi, Italy
Bhavana Phul, New Jersey
Anthony N. Eva, England
Henry Coste, France
Prabhu Ponkshe, Washington
Ulrike Loy, Germany
Hiren Kakkar
Rajendra Godbole
Raju Maniwalla
Ulrike Loy, Germany
And lots of personnel collection world wide

Publications
1986 Diary, Modi Script
1990 Diary, Dnyaneshwari
1994 Diary, Sant Tukaram
1995 Diary, Sant Ramdas
1996 Calender “Shabdha Puran”, the Word
1998 ‘Aksharanubhava’
Book on Calligraphic Expressions
2000 ‘Master Writer Program’
Book on Handwriting Development
2002 ‘The Handwriting Manual’
Book on Handwriting Development
2004 'Urjakshara'
The Eternal Energy of Calligraphy
2006 'Aksharakruti' by Achyut R Palav
2008 'Calligrapphy Roadways' by Achyut R Palav

Workshops And Demonstrations
1986 ‘Aksharayoga’ A workshop
cum seminar on Calligraphy
Industrial Design Centre, I.I.T. Mumbai
1986 Fachhochschule Wiesbaden, Germany
1988 ‘Aksharadarshana’ Indira Gandhi
National Centre for the Arts, New Delhi
1989 Kaleidoscope / Calligraphy workshop
Sophia College, Mumbai
1990 Akshar Ankan / Calligraphy workshop
Sophia Polytechnic, Mumbai
1991 Pentiment International Academy,
Hamburg, Germany
1993 Calligraphy workshop for school children,
Parle Tilak Vidyalaya, Mumbai
1994 A. G. Gallery, Hamburg, Germany
1996 Calligraphy: Widening Horizons /
N.C.P.A. and Mohile / Parikh Centre for
The Visual Arts, Mumbai
1997 Handwriting and Calligraphy workshop for
School children Prangan / Thane
Communication Art Guild
1998 BAL Gandharva Art Gallery, Pune
Brain Storm, Plaza Art, Mumbai
Birla Art & Culture Academy, Mumbai
Tata Institute of Social Sciences
A. G. Gallery Hamburg, Germany
1999 Thane School of Art
Model Art Institute
Nirmala Niketan
2000 Sophia College, Mumbai
Aksharvishwa, Mumbai
2001 B. D. Somani School of Art, Mumabi
‘Kalavishkar’, Pune
Shivsamartha High School, Thane
Satya Art gallery, Mumbai
2002 Kalaghoda Festival, Mumbai
Empire Institute of Learning, Mumbai
Swami Samarth High school, Thane
2003 M. S. University, Baroda
B. D. Somani School of Art
Wigan & Leigh College (India), Mumbai
2004 Mumbai University
Hindustan Lever
Jawahar Bal Bhavan, Mumbai
British Council, Mumbai
Mood Indigo, IIT, Mumbai
2005 L. S. Raheja Institute of Fashion Designing, Mumbai
2006 Kyoorius Design Yatra, Goa
Tata Motors, Pune
‘Strok’ Calligraphy Workshop, Nasik
2007 National Youth Festival, Pune
India habitat Center, Delhi
MTDC Artist Camp, Ganapatipule
Icograda Design Week, IIT Mumbai
Design Degree Show, IDC Mumbai
International Typography and Calligraphy seminar, CDAC Pune
2008 Pulotsav, Pune.
Typography Day 2008, IDC Mumbai
EMS 2008, Paris
International Calligraphy Exhibition, St.Petersburg, Russia.
Maharashtra Mohotsav, PL Academy, Mumbai.
Callifest, JJ School of Art, Mumbai
2009 “Utsav” Bhujbal Knowledge City, Nasik
“Muktachand 2009” Fergusson College, Pune.
Fashion Show at Kala Ghoda Festival, Mumbai
ICOGRADA World Design Congress 2009, Beijing
‘Aksharanubhuti’ Calligraphy Workshop, Nagaon
‘BASF’ Corporate Workshop, Ooty
IIT, Kanpur
Tata Motors Corporate Workshop, Lucknow
Dr. Babasaheb Ambedkar Marathwada Vidyapeeth, Aurangabad
2010 'BASF' Corporate Workshop, Ooty
IIT, Kanpur
Tata Motors Corporate Workshop, Lucknow
Dr. Babasaheb Ambedkar Marathwada Vidyapeeth, Aurangabad
RCF, Mumbai
Indian Oil, Mumbai
Hues of Harmony, Dubai

Awards
1992 Maharashtra State Art Award
1993 Communication Art Guild Award
1994 Maharashtra Rajya Film Award
1994 Communication Art Guild Award
1996 Indian Express Group of Publications
1998 Communication Art Guild Award
1998 A & M National Award
2003 Maharashtra Rajya Film Award
2004 Felicitated by Kesari Art Foundation
2004 Felicitated ‘Sindhu Ratnabhushan’ by Sindhudurgh Malwani Academy
2005 Felicitated ‘Navi Mumbai Bhushan’ from NMMC
2006 Maharashtra Rajya Film Award
2007 Felicitated by Youth to Youth foundation, Pune.
2007 Felicitated by Bharari, Bharatiya Vidhyarthi Sena
2008 Felicitated by Late Shri. Gulabrao Ganacharya Smruti Samiti
2009 Felicitated by TACCI, ‘The Pillers of Hindustani Society’
Felicitated by Janadesh Puraskar
2010 Felicitated by Marathi Vyapari Mitra Mandal
Felicitated by Rachana Sansad, Mumbai

Charity work for
CRY,
Akanksha Foundation, Mumbai
Society for the Education of the Crippled
Pragati Kendra, Mumbai

-=-=-

What made the Nagpur performance special, said Achyut Palav, was the organisers – Aadhar,, an NGO that aims at creating love for culture among children. “They have a noble aim, and we were pleased to do something that helped in their endeavour,” he added.

BEatHOME

2010-08-07T00:55:00.003+05:30

In Central India's premier city of Nagpur, there's a project - First City. It is adding something that is arguably, for the First Time in India & could be one of the very attrative USPs of the porject, 'First City': BE@HOME

BE@HOME is a local virtual marketplace that aggregates local stores, theaters, restaurants in and around the proposed complex. The marketplace system seamlessly integrates a host of multimedia services including information, music and on demand video.

A 7" touch screen internet device located in individual homes, connects residents with the virtual marketplace on a wide area network.

BE@HOME has two distinct components - 1. BE@HOME Marketplace - showcases products and services of local stores, theaters and restaurants in a simple interface with rich graphics to ensure easy usage by untrained users. The marketplace integrates information, music and videos to allow users to stream and download multi-media content on to their BE@HOME devices. BE@HOME marketplace includes a payment gateway for easy commerce that combines cash/ cheques/ electronic transfers.

2. BE@HOME Internet Home Center - A 7" touch screen device powered by a powerful processor. The Internet Home Center has full blown multi-media capabilities, net connectivity and is deeply integrated with the BE@HOME marketplace to purchase products and services across local stores, theaters, restaurants and virtual music and video stores. The BE@HOME device turns into an ideal digital photo frame while in a standby mode or turns into a news, weather, sports and entertainment channels while in a standby mode.

BE@HOME has been designed for simplicity and convenience for residents of the complex. Residents can look up products viz. grocery, vegetables, restaurant menus, movie tickets etc by entering the desired quantity and purchasing these with a touch. The purchases you make flash on the store's BE@HOME and the delivery of the products is schedules as per your need.

The BE@HOME logistics team in conjunction with stores will ensure timely delivery and allow residents to track their deliveries too. The BE@HOME system allows residents to pre-program purchases of frequently required products/ services from specific stores. What's more? The system links residents to recipes and relevant information of co-related vegetables and grocery they order.

BE@HOME empowers residents to buy based on reviews and recommendations. Residents can search and compare prices for similar products across multiple stores and choose their store. BE@HOME takes away the pain of busy phone tones, availability, tracking orders payment on delivery and language barriers etc.

BE@HOME generates a fortnightly/monthly consolidated bills for all the purchases residents make across BE@HOME stores and utilities. The consolidated bills will allow residents to optimize their monies and purchases.

BE@HOME helps stores to provide better services to residents, not lose customer orders due to phone calls as they can focus on their customers in store, consolidate and plan delivery routes, display all their services and provide residents with a clean transaction record and history.

Benefits to Residents:
‪
•Local Virtual Shops – so one does not have to learn a new map of who has what‬
•Shop Menu – so that you can see what they have – no need to ask‬ ‪
•Just select, mention quantity and order‬ ‪
•System could maintain line of credit (“account”) pay on delivery, or pay through the system‬ ‪
•Can send special instructions‬ ‪
•Can maintain saved shopping lists for frequent, common items‬ ‪
•System remembers pervious order so that reordering is quick (e.g. “half a dozen more eggs”)‬ ‪ ‬

‪Benefits to Stores, Theaters, Restaurants:‬
‪•No lost customers on the phone‬
‪•Better service to customers in front of them‬ ‪
•No time lost between speaking to customers and getting their list‬ ‪
•No mistakes in order capture‬ ‪
•Clean record of transactions and balances‬ ‪
•Planning efficient delivery routes‬ ‪
•Can show all services (e.g. I am a kirana shop + real estate agent + I can get you PAN card duplicate)

Fusion of Calligraphy and Music creates works of art . . .

2010-08-07T00:22:00.002+05:30

This weekend, Nagpur will be the location for a beautiful interaction and interplay between Music and Calligraphy, with renowned artist Achyut Palav’s innovative creation, ‘Talaakshare’

Calligraphy is an art form, which means: 'beautiful handwriting'.

Calligraphy is another word for communication - a way of expression. It empowers an artist with the power to express and communicate something special in his/ her own unique way.

Calligraphy can be inspired by an event, a celebration, nature, a song or dance. It conveys the ‘state of an artiste’s mind’: an idea or a thought – it is a discovery that the forms, letters, words had unique significance, sounds and feelings.

Indian scripts are based on 'Phonetics'.

The sound of the letters has inspired its form. The art of calligraphy refers to the written mode of communication, but it does not only mean attractive writing – it tries to go beyond that. The beauty of letters is deftly fashioned with various tools, are inspired by events in an artists’ life - and by his experience: how he sees the presence of letters and their sounds in things around him.

A discussion on Indian calligraphy cannot be complete without the mention of Achyut Palav. In a field in which the electronic medium has overpowered, Achyut Palav has made significant contributions, bringing forth traditional and modern calligraphy to the masses. Through his various exhibitions and workshops in India and abroad, he has demonstrated calligraphy in English and Devnagari.

Achyut Palav is a name that has been noted for calligraphy for over a decade, but what has made his name more prominent among art lovers is his unique experiments and fusion of calligraphy with other art forms.

The most recent of these is an event which is known as: ‘Taalkshare’ - a splendid fusion of calligraphy, vocals and the Tabla.

Through ‘Taalkshare’, Achyut Palav will blend calligraphy with the tabla beats of master tabla player, Prashant Acharya.

The event is being held at the Dr. Vasantrao Deshpande Sabhagruha in Nagpur on 8th August 2010 at 10.30 in the morning.

Explaining the genesis of the event, Achyut Palav says, “Music and art are the essence of every Indian. The beauty of colours and sounds dominate life. ‘Taalkshare’ is an artistic effort to gloriously ‘marry’ words and forms in calligraphy with the beat and sounds of musical instruments as also the poignant effect of the tunes of songs. I hope that the endeavour of all participating artistes will recreate the magic which I have tried to do in similar past experiments. By the grace of God, those experiments were successful and appreciated by many. I look forward to winning the hearts of Nagpur’s citizens too.”

Atul D Shirodkar says: once the impact of Achyut Palav's calligraphic compositions ‘start speaking’, their splendor brings forth appreciation in just about any language. One gets enticed by the magic; it brings in an entirely new aspect to knowing a script or language. I hope residents of Nagpur are enthralled by the event.”

Atul D Shirodkar CMD, Reatox Group of Companies who have sponsored the event, adds: “Achyut Palav’s passion is to promote traditional and modern calligraphy in all spheres of life. It is a very difficult endeavor, and yet, he has stuck to it and ensured that it reaches ever newer heights of glory.”

MUMBAI/ NAGPUR, AUGUST 06:

Contact Us: amedia.mumbai@gmail.com

Millionaire Homes Attracts Over 1500 High Net Worth Individuals

2009-10-26T08:54:00.003+05:30

Mumbai, October 26, 2009: Mumbai took to ‘Millionaire Homes’, the lifestyle and luxury show held over the last two days at Leela Kempinski, with the show witnessing a packed crowd of movers and shakers, intelligentsia and celebrities warming up to a whole new concept - a consumer-driven luxury lifestyle show.

Millionaire Homes-2009 had on display some of the finest premium luxury projects from few of the most celebrated property developers of the country. Steeped entirely in an ambience of splendid opulence, Millionaire Homes provided the audience a rare opportunity to see some of the most lavish residential properties in Mumbai as well as other metros like Bangalore, Chennai and Pune.

RNA Corp, Akshaya Homes, Sobha Developers, Hiranandani Upscale and Total Environment were some of the few celebrated developers who had gathered to showcase their premium properties in the plush ambience of Hotel Leela Kempinski, Mumbai. As the show drew to a close on Sunday, 1500 select invitees who form the cream of Mumbai’s movers and shakers, had a first-hand view of the way things are shaping in the luxury lifestyle segment.

“The event was designed as a platform for connoisseurs of lifestyle and fine living to experience some of the finest concepts in luxury living. We had a great response to the event with over 1500 footfalls over the last two days. The profile of the audience matched up to our expectations too,” explained Sunish Tom, National Head of Events, D&B, in making plain, the rationale behind Millionaire Homes-2009.

“The luxury living and lifestyle segment is growing exponentially, according to recent industry studies. Consumer spending on lifestyle and luxury brands is at an all time high and that appetite shows no signs of abating. With this initiative, D&B India intends to create an interactive platform for leading luxury and premium brands to engage customers in an exclusive environment,” added Sunish.

“Mumbai has taste and is a key driver of the luxury lifestyle component in India,” said Mr Alexander John Kurian, Vice President- Marketing, Total Environment.

“Even though we are not showcasing any projects in Mumbai, a good number of our clients are based in Mumbai. We are here to share our luxury offerings ‘Windmills of Your Mind’ and ‘The Magic Faraway Tree’ to the target audiences in Mumbai. ‘Windmills of Your Mind’ is our flagship project which has been awarded the best residential architecture in the Asia Pacific Region and the best Residential development in India by International Property Awards CNBC Arabia. Located in 24 acres at Whitefield and comprising of villas, simplex and duplex apartments, the project is our ode to those who share our passion for design and quality,” added Mr Kurian.

Speaking about the luxury market segment in India, Mr. Kurian said, “the market for luxury and premium homes have remained more or less stable in the past and will remain so in the future. The main reason for this is that the value for money propositions from this segment is much higher than the other segments. Also, another important factor is that most of the target audience in this sector are highly travelled and are very clear on their requirements. They are not willing to compromise on anything and are willing to spend for quality”.

“However, great luxury products need a proper vehicle to carry the message to the target group. We are extremely pleased to be associated with Dun & Bradstreet as all the three events organised by them in the real estate space have helped us get our message to the relevant audiences,” said Mr Kurian.

“India luxury lifestyle segment is truly coming of age,” said Gautam Ahuja Managing Director, Ahuja Constructions.

“The Homes being offered by the developers operating in this field are now comparable to international standards and are even exceeding them. We will soon see iconic buildings with lifestyle amenities comparable to homes in Manhattan, Hong Kong or Singapore dotting our skyline. These homes are being planned bearing in mind the lifestyle of the discerning customer who globe trots and has experienced the superior level of service and quality products being offered internationally,” added Mr. Ahuja.

“Ahuja Constructions has been at the forefront in terms of introducing innovations in this industry and has been raising the standards of the product being offered from its inception. We have been operating in this segment since 1995 and are guided by the philosophy of giving the customer a superlative living experience. We have involved the world class talents from the industry from all over the world in our new residential projects that are underway. We firmly believe that in order to operate in the super luxury residential segment, the developers will have to offer the best available in the world in terms of design, amenities, planning and services. When the buyer is willing to pay a price comparable to international standards, why should he not get the best? asked Mr Ahuja.

“Luxury segment has clearly withstood the market storm,” pointed out Mr Sriram Kalyanaraman, Director and Head, Business Banking and Asset Products, Deutsche Bank.

“The overall sentiment is improving and the bank is getting good response for funding across all segments of the residential space. Deutsche Bank is known for its premium service offerings and we believe that ‘Millionaire Homes’ is a perfect stage to showcase our services to our target group,” added Mr Kalyanaraman.

The two-day extravagance, admittance to which was reserved through invitation, also witnessed the fusion musical extravaganza on Saturday, “Karma Sutra”, an exotic cocktail of jazz and Indian classical music. Kathak, Lawani & Jazz steps were all interwoven in an eclectic blend by a retinue of celebrated artistes Louis Banks with Akriti, featuring Danseuse Aditi Bhagwat. The UB Group rounded off the evening with a delectable wine-tasting session, which was presented by Four Seasons.

Sunday saw a show-stopping fashion show, sponsored by Ahuja Constructions, with fashion guru Prasad Bidapa choreographing the storm on the ramp.

Conceived and conducted by Dun & Bradstreet (D&B), the world’s leading Sales and Marketing solutions firm, with Deutsche Bank AG as the title sponsor, Millionaire Homes have enjoyed successful stints in the cities of Bangalore, Chennai, and Hyderabad, attracting scores of eager and affluent property seekers.

About Dun & Bradstreet: One of the world’s leading provider of Sales & Marketing Solutions, D&B Sales & Marketing Solutions helps companies acquire, service, grow and retain their customers through a host of below the line initiatives. Over the last 7 years, these services have helped Global and Indian brands to create awareness, build equality and engage with Indian consumers.

For more information on Dun & Bradstreet, please visit www.dnb.co.in

L&T bags New Orders worth Rs.1513 Cr in Buildings & Factories Segment

2009-10-06T16:41:00.006+05:30

Mumbai, October 06 2009: Larsen & Toubro’s (L&T) Buildings & Factories Operating Company – a part of its Construction Division – has bagged new orders aggregating Rs.1513 crore during the second quarter of the year 2009-10 for the construction of high rise tower, luxury hotel, hospital & factory building projects.

L&T has secured a Rs 621 crore contract from M/s DB Hospitality Pvt. Ltd. for the construction of India Tower at Charni Road, Mumbai.

It has further secured an order from ITC Group for the construction of ITC Sonar Hotel at Kolkata amounting Rs 238 crore.

L&T has also secured orders worth Rs 367 crore from NBCC for the construction of Hospital building at Coimbatore and for up gradation of six hospitals at Haryana.

In the factories segment, new orders to the tune of Rs 287 crore has been bagged from Arshiya International Ltd for the construction of India’s 1st FreeTrade Warehousing Zone at Sai village at Panvel near Mumbai and other clients.

These orders further enhance the order book of the company which had secured major design & build orders in Airports, IT Parks and commercial space and L&T has a significant market share in these segments.

About L & T: Larsen & Toubro is a USD 8.5 billion technology, engineering and construction group, with global operations. It is one of the largest and most respected companied in India’s private sector. A strong, customer –focused approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business over seven decades.

(c) A Media Inc., MUMBAI, I N D I A

Tata BlueScope Building Solutions partners with Arshiya International for India’s largest PEB Project in the Warehouse segment

2009-10-06T16:25:00.004+05:30

Mumbai, October 6, 2009: Tata BlueScope Building Solutions, a division of Tata BlueScope Steel Limited, has tied-up with Arshiya International Limited to provide the premium BUTLERTM Building Systems for Arshiya’s upcoming warehousing projects in India.

Tata BlueScope Building Solutions has started work on this project and is currently executing six BUTLERTM Buildings at Panvel covering a total roof area of 6 lakh square feet. Arshiya plans to erect 19 warehouses and chillers units at Panvel and subsequently intends to erect 40 – 50 warehouses at Nagpur, Noida & UAE in the next 3 years.
Arshiya International Limited is coming up with warehouses at Free Trade Warehousing Zone (FTWZ) in Panvel, Nagpur and Noida in India as well as the UAE. As a part of this project, Tata BlueScope Building Solutions will supply state-of-the-art BUTLER™ Building Systems for the creation of premium warehouses.

This project at present involves execution of 6 BUTLER™ Buildings at Free Trade Warehousing Zone (FTWZ) Panvel covering a total roof area of 6 Lakh Square Feet. Tata BlueScope Building Solutions’ scope of work involves Design, Fabrication and Supply of BUTLER™ pre-engineered buildings with MR 24® as roofing system. The buildings will have Mezzanine floor done with concrete, staircase in RCC as well as peripheral brickwork up to a certain height.
Commenting on the partnership, Mr. H. G. Chandrashekhar, Vice President (Tata BlueScope Building Solutions) said, “We are proud that Arshiya International Limited has chosen us as a partner in their endeavor to set up one of the largest PEB project in the warehousing segment. This landmark project, which has warehouse buildings for high-end applications like storing highly sophisticated electronic goods, offers us an opportunity to showcase our state-of-the-art BUTLER™ Building Systems.”
Mr. Chandrashekhar further added, “Despite the volatile market conditions, infrastructure sector, especially the warehouse segment holds a tremendous growth potential. Across the country, customers are looking for innovative solutions for quickly erecting functionally superior yet aesthetic buildings that can cater to the challenging warehousing demands. We, at Tata BlueScope Building Solutions have a single source capability to provide end-to-end innovative PEB solutions and therefore are well-poised to successfully meet the evolving demands of the emerging warehouse markets.”
About Arshiya International: Arshiya International is a global supply chain & logistics infrastructure company supported financially by leading private institutional funds from around the world. The company is an amalgamation of several strategic verticals (FTWZ’s, Rail, 3PL, 4PL, Trucking, Warehousing & IT) enabling unparalleled operational expertise & solution capability across the entire supply chain spectrum. Arshiya’s FTWZ’s (5 in India and 1 in the Middle East) or deemed foreign territory with dedicated CFS’s (Container Freight Stations) would qualify as Arshiya’s biggest differentiator in its overall value proposition.

Examples of benefits through this pioneering venture would be Duty/Tax Incentives, Faster Regulatory Clearances, Reduced Capital Expenses, Visibility, Flexibility and most importantly, Decrease in Working Capital Cost - for all of Arshiya’s clients (domestic & global) involved with EXIM in India & the Middle East.
About Building Solutions division of Tata BlueScope Steel: Tata BlueScope Building Solutions is a division of Tata BlueScope Steel Limited, which is an equal joint-venture between Tata Steel and BlueScope Steel, Australia in the field of coated steel, steel building solutions and related building products. Tata BlueScope Building Solutions supplies a range of Pre-Engineered Building (PEB) solutions and offers the BUTLER™ BUILDING SYSTEMS that has the prestigious FM Approval for its MR-24® and BR-II™ roof systems.

The division takes single source responsibility for the design, manufacture, shipment and erection of world-class PEB solutions that can be used for application in varied segments such as Industrial, Aviation, Railways, Ports, Warehousing, Commercial, Oil & Gas, etc.
Tata BlueScope Steel maintains high standards in the area of Safety, Health and Environment; and has been certified by Underwriters Laboratory Inc. for ISO 9001: 2008 as well as by M/s. UL MSS India for the ISO 14001 & OHSAS 18001 certifications.

(c) A Media Inc., MUMBAI, I N D I A

K. Raheja Universal Pvt. Ltd. concludes sale of its commercial property Raheja Chromium

2009-10-05T12:27:00.003+05:30

Mumbai, 5^th October 2009: K. Raheja Universal Pvt. Ltd, Mumbai’s premier real estate developer, has made yet another impressive addition to its portfolio of high-profile commercial transactions; the last being the sale of its iconic landmark building on W.E. Highway to Stanchart Bank; by concluding the sale of its high-end commercial building Raheja Chromium to Motilal Oswal Securities, on Tuesday, 29^th September, 2009.

Raheja Chromium is a 6 - storied commercial office building strategically located at Prabhadevi, amidst fast developing and upcoming CBD of Central Mumbai and midway from Landmark CBDs of Mumbai - Nariman Point in the South and Bandra Kurla Complex (BKC) in the North.

With prominent frontage on Gokhale Road, the property is in the precinct of premium commercial developments of Prabhadevi and Senapati Bapat Marg. The Bandra- Worli Sea Link has added to the excellent connectivity & prominence of the location.

The project is benchmarked with global standards and features like elegant glass façade, well planned spacious offices, private terraces, high - speed elevators, landscaped areas and ample parking.

K. Raheja Universal Pvt. Ltd. has concluded this sale at a total price of Rs 156 crore.

Motilal Oswal Securities will use Raheja Chromium as their new Corporate Office.

(c) A Media Inc., MUMBAI, I N D I A

New 'Real Estate Regulations' to protect the buyers

2009-10-05T12:15:00.004+05:30

COURTESY: Law in Perspective (http://legalperspectives.blogspot.com/)

Providing for inscrutable builders and developers of real estate and with a view to protect the purchasers of plot/building/apartments etc. the Ministry of Housing and Urban Poverty Alleviation, Government of India has released the draft "MODEL ACT FOR REAL ESTATE (REGULATION OF DEVELOPMENT)". The proposed law seeks to "establish a Regulatory Authority and an Appellate Tribunal to regulate, control and promote planned and healthy development and construction, sale, transfer and management of colonies, residential buildings, apartments and other similar properties, and to host and maintain a website containing all project details, with a view to protecting, on the one hand the public interest in relation to the conduct and integrity of promoters and other persons engaged in the development of such colonies and to facilitating on the other the smooth and speedy construction and maintenance of such colonies, residential buildings, apartments and properties and for other connected matters".

The proposed regulations prohibit the development of land into a Colony of plots or construction of a building or conversion of any existing building or apartments, for the purpose of marketing all or some of the apartments, without registration of such project with the Regulatory Authority sought to be established under the proposed law. Any promoter seeking to develop such land would require to make an application to the Authority; pay the prescribed fees; furnish a bank guarantee of an amount equal to five percent of the estimated copy of such development; obtain sanction of appropriate authority of compliance of building regulations etc. Thereupon the Regulatory Authority will make an inquiry into the authenticity of the approval and sanction obtained by the developer, and then "after having ascertained that valid planning permission and building approvals have been obtained by the promoter, grant or refuse to grant such registration in writing, within a period of thirty days from the date of receipt of application, and provide a password to the promoter for access to its website."

The promoter/developer would be required to keep available the sanction granted by the local authority, approval of the Regulatory Authority and other information to all persons taking or intending to take a plot, a building or an apartment on ownership basis in the project.

Before any advertisement or prospectus etc. of the proposed building is issued to public, the promoter/developer would be required to submit a copy to the Regulatory Authority. Once so done, the promoter would have to ensure that such advertisement/ prospectus "shall contain true statement and disclose the details of the registration, the extent and situation of the land, the area of the plots, building or apartments offered for sale, nature of title to the land, the cost payable, names of the agents or property dealers or brokers or middlemen known by any other name through whom the property proposed to be marketed and such other matters as may be prescribed. "

It would also be the responsibility of the promoter, apparently to ensure transparency and also to make the details available to all, "through a system of self entry, access the website and enter the required details of the real estate project for which registration has been granted which shall include the names and addresses of his authorized agents or property-dealers or brokers or middlemen by whatever name called and thereupon the Regulatory Authority shall host the details on its website after verifying the factual accuracy of the information so furnished by the promoter."

With a view to protect the innocent purchasers from later being back-tracked, the proposed law also prohibits the promoter from taking "any sum of money as advance payment or deposit, from a person who comes forward to take a plot, building or apartment, as the case may be, without first entering into a written agreement for sale" and also directing the promoter to get such agreement registered under law. It is also provided that such agreement shall provide for "schedule of development of the project including the construction of building and apartments, along with specifications and external development, works, the dates and manner by which payments towards the cost of the plot, building or apartment are to be made by the allottees and the date on which the possession of the plot, building or apartment is to be handed over." Further, in the event of cancellation of the agreement, the builder would be required to return the full amount received along with interest at the applicable market rate.

The Regulations also prescribe the responsibility of Promoter at various stages such as "to take measure for protection and safety of property"; "regarding the account of sums taken from or on behalf of the allottees"; "responsibility to allottees during project period"; requirement to adhere to approved plans, and project specifications; procedure to be followed for handing over of apartment, common areas and documents to the Collective; supply of essential services; etc.

The proposed Regulatory Authority would comprise of people with expertise in such areas and will continue to bear the responsibility of scrutinizing the various applications made by the promoters and other incidentals. Details of the functions and powers of the Authority have also been prescribed. Specific powers have been entrusted to the Authority to call for information, conduct investigations etc.; issue directions; promote planned land development and promotion of the real estate sector.

One can only hope that the area, hitherto unregulated, would come within the scope of regulation and the buyers would be protected from fraud and other unhealthy practices prevailing in the real estate sector.

Comments on the draft may be submitted to the Ministry on the following e-mail address (dir_hsg_mud@nic.in and us-housing.muepa@nic.in) by 6th November,2009.

(c) A Media Inc., MUMBAI, I N D I A

Dubai villa prices 'may have hit bottom' - Landmark - Real Estate - ArabianBusiness.com

2009-10-04T20:42:00.001+05:30

Dubai villa prices 'may have hit bottom' - Landmark - Real Estate - ArabianBusiness.com

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Bahrain has 54 abandoned or delayed building projects - Cityscape Intelligence

2009-10-04T12:18:00.001+05:30

Bahrain has 54 abandoned or delayed building projects - Cityscape Intelligence

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Amity HR Excellence Award for Workplace Harmony and Physical Environment

2009-08-28T18:16:00.001+05:30

NEW DELHI, AUGUST 28: Raheja Developers has been conferred the “Amity HR Excellence Award for Workplace Harmony and Physical Environment” consecutively for the second year. The award was felicitated for the exemplary acceleration and development of the organization by managing a talent pool in a talent scare macro-environment, thus achieving unprecedented growth by utilizing its human capital.
This award acknowledges the impeccable global HR practices followed by the organization to uphold workplace harmony and physical environment that has led its astounding growth towards being recognized as one of the best and most admired company in its domain.
The award was given by the hands of Prof.(Dr) Gurinder Singh, Director General, Amity International Business School to Mr.Manas Chakravarty, General Manager, HR, Raheja Developers on 28 August during the Global HR Summit on “Reorganizing, Reengineering and Reformation of HRM during Recession” at a glittering function at the main Amity Campus, Noida.
The company was selected for this award based on their annual comprehensive research on HR practices and this award is considered to honor exceptional industry icons that are a guiding force for budding managers.

(c) A Media Inc., MUMBAI, I N D I A

Kurl-on wins the Coir Industry Awards for the year 2008-09

2009-08-28T18:12:00.002+05:30

Mumbai, August 28, 2009: Kurl-on, the country’s No.1 brand in the mattress industry has been lauded by the nation’s coir board as recognition of their exemplary contribution and achievement in this industry. This year the company has bagged an award in the following category:
“Achievements in Domestic Market Development of Rubberised Coir Products”
Kurl-on received the award at a scintillating function organized by Government of India’s ‘Coir Industry Awards 2008 – 09’ at Vigyan Bhavan, New Delhi today. The award was received by Mr. Sudhakar Pai, Chairman & Managing Director Kurl-on. The company has been consistent in receiving these awards for more than fifteen years in acknowledgement of their contribution to the coir industry.
While speaking on Kurl-on’s achievement, Mr Sudhakar Pai, Chairman and Managing Director, Kurl-on said, “We are extremely elated to have won the award once again. It’s a great honour to receive such prestigious awards. I dedicate this award to my entire team in Kurl-on who have put in their heart and soul to establish the company as market leaders.”
Kurl-on Ltd. is the brand leader of the industry and is committed to offer products of the highest quality to their customers through innovative segments of their product categories. The brand is also expanding its range to home furnishings segment. According to Mr. Sivaram, Chief Marketing Officer, Kurl-on, “Kurlon is embarking on a multi-pronged strategy to expand its market. Our priority is to reach our customers as efficiently and quickly as we can, thus emphasising the role played by our dealers in this process. We have launched Kurl-on Nest stores in all the major cities in India which offer a complete range of home furnishings. The company, which currently sells through a network of 5,000 retail shops, aims to double the network size in the next two to three years.”
About Kurl-on: Established in 1962, Kurl-on has garnered a heritage for itself, which the Indian consumer can relate to easily; and thus embarked upon a journey that spelled nothing but inevitable success. With an annual turnover of over Rs. 385 crore and a dealer network of 5000 across India, Kurl-on now has its wings spanning across 45 offices and 50 godowns strategically located all over the country. The company has created direct employment over 1000 people and indirect employment to lakhs of coir workers across the sub-continent. Kurl-On's success is built on a solid infrastructure and its powerful marketing strength. The company products are exported to various Middle East Countries

(c) A Media Inc., MUMBAI, I N D I A

How a few Vaastu-inspired changes in your home can revitalize your spirits

2009-08-28T00:16:00.004+05:30

MUMBAI, August 28: Vaastu provides tools and guidelines for analyzing and correcting the flow of energy into and through your space. Vaastu rules are helpful in the arrangement of rooms and the placement of furniture to create a smooth pathway for energy through a home or office.
The Entrance:The entrance to your home is a first impression, a welcome, and a foretaste of home all in one. In a way, it sets the tone for your lives inside the house, and can have a huge effect - positive or negative - on your moods and perceptions.
If you enter someone’s house and the first space you see is dark and crowded and oppressive, what kind of first impression does that give you? How welcome do you feel? Choose pleasant, meaningful objects to welcome visitors when we open our front doors and step inside.
Plants: Plants have an important role to play in home decoration. It is said that they bring life force or Prana into the home and keep the air clean. Plants filter the air we breathe and add vitality and good green energy to our rooms. Plants should be strong and healthy. Sick plants should be avoided. Many potted plants need very little care, and they repay a minimum of effort on our part with so much benefit:
Sunlight: Cheering, uplifting sunlight is such a necessity for the human body, mind, and spirit. Morning sunrays are auspicious. Make an arrangement so than you get maximum morning sunlight.
Tabletop fountains: It isn't difficult to place a small water fountains for your home or office. The gentle sound of trickling water is soothing and the principles of vaastu say that fountains create good energy to bring wealth luck.
Murals and Paintings:Environmental graphics has helped bridge the gap between nature and modern architecture by creating wall murals and paintings that bring these natural patterns inside. From an energetic standpoint, their influence will resonate throughout the home. For optimal results it is advisable to place a mural or paintings that support both you and your home by following vaastu rules.
Colours: Every colour has a unique vibration all of its own, and this can significantly affect how you feel in a room or house. You can use the colours according to its characteristics.
• Green colour is very restful but combines with an energizing quality. Green brings balance and harmony, healing, and rejuvenation to a room, and can be used as a calming place for people who are troubled or in need of refreshment.
• Red colour is a powerful and stimulating colour. It will energize, inspire activity and movement. It can also be exhausting and overpowering, and stressful for those who are anxious. Pink is less demanding. Choosing a red bedroom would not be restful, although some red can be used to enhance sensuality.
• Orange will encourage happy, joyful, social gatherings. While an orange dining room or family room can stimulate the appetite, it is a great choice for such gathering places. Orange enhances parties, communication, positive feelings, and general good cheer.
• Yellow rooms inspire intellectual clarity, organization, clear headed articulate thinking, and happy energy. Yellow is considered a colour for the logical left side of the brain. Yellow is also very bright and somewhat energizing, so one needs to choose its placement with care. A yellow office might be intellectually beneficial, but not allow restful downtime, for example, so one might want to choose to include yellow accents instead of painting each wall yellow.
• Blue can be often chosen for bedrooms and meditation rooms because its cool energy is very calming, restful, peaceful, and spiritual. Blue helps inspire a quiet meditative quality, and colour therapy with blue has been found to reduce blood pressure. Blue is also useful to soothe one to sleep.
• Purple is very comforting, protective, spiritual, and calming. It is a rich colour, which inspires faith, intuition and trust. Entire rooms painted purple could be overpowering, but a light violet could provide a very healing and calming atmosphere.
• White rooms work anywhere combined with accent colours. White is very purifying, uplifting and cleansing, although too much white can reflect a sterile, isolating quality. White ceilings are recommended because they reflect light and brighten any room.

(c) A Media Inc., MUMBAI, I N D I A

MOFA (Amendment) Rules, 2009 published, suggestions invited

2009-08-28T00:09:00.003+05:30

MUMBAI, AUGUST 27: The Maharashtra Ownership Flats (Amendment) Rules, 2009 was published on August 25, 2009 for inviting public suggestion and objections on or before October 16, 2009. After considering the suggestion and objection, the final rules will be published by the government for implementation.
Chartered Accountant Ramesh Prabhu points out that the law was already passed appointing the District Deputy Registrar as the Competent authority under MOFA, 1963 to hear the cases where
a) Builder does not form the society and members wants to form under builder non-co-operation,
b) To hear the cases to disclose the utilisation of money collected towards maintenance, share money, society formation, etc. and
c) To grant the conveyance of land and building of the society/ Association within 6 months of receipt of application from the aggrieved society / Member of the society.

Salient Features of the Amendment Rules are as follows:
• Conveyance of individual societies in a layout plot (or big complex) is possible without forming Federation or apex Body. In case all the societies in the layout plot want to have conveyance in the name of apex body or Federation, the same is possible.
• The Builders/ /developers cannot stop giving conveyance under the pretext of Balance FSI or there is development pending in the plot. The developer can hand over the conveyance to the building in proportion to the FSI/ TDR used in respect of the particular society and still continue his development in the balance area of the plot as per the balance FSI/TDR available as on the date of obtaining the approval of building plan as pe the prevailing law.
• Nominal Court fees of Rs.2000 are payable for making an application before the competent authority.
• The complaints by the flat purchasers/ society can be done before the competent Authority for disclosing the accounts for the money collected towards formation of the society, share money, maintenance, etc from the date of handing over the possession till the formation of the society.
• The flat purchasers can approach the competent authority, if the builder does not form the society.
• If the builder/ Developer is convicted under the provisions of MOFA by any of the court, the Competent Authority has been authorised to inform the local authority to debar such building from construction activity for a period 5 years on the application made by the aggrieved party to that effect.
• The various forms like, Application formats for different purposes like deemed conveyance, society formation, disclosure of information by the builder, debarring the builder from further construction activities, deemed conveyance order format, appointment of authorised officers, list of requirements to be attached with different types of applications and the court fees ranging between Rs.500 to Rs.2000.
• In the absence of builder/ developer or their legal heirs or they are not traceable, the deemed conveyance is possible by making a public notice in two news papers of which one should be in Marathi language inviting the claims and objections from the public. After hearing the interested parties, the competent authority shall pass necessary order.
• The entire hearing procedure has been clearly brought out in the rules without leaving any room for ambiguity.
• Builders who have executed the conveyance deed have to submit a copy to the competent authority within 2 months of its registration.
• The Competent Authority has been given sufficient powers to call for the required documents, carry out the inspection, verification and then take the appropriate decision. In case certain documents cannot be found and if the competent authority is satisfied, he will be able grant the conveyance order, in the absence of such documents also. The list of documents is of recommendatory nature.

(c) A Media Inc., MUMBAI, I N D I A

Royal Institution of Chartered Surveyors with Confederation of Indian Industry host “Valuations: The Emerging Road Map for India"

2009-08-27T22:10:00.006+05:30

Mumbai, August 27, 2009: Royal Institution of Chartered Surveyors (RICS) on Aug 27 organised a joint National Conference on “Valuations: The Emerging Road Map for India” with Confederation of Indian Industries (CII).
The conference highlighted the need to develop effective Valuation Standards and build a world class valuation profession in India. Three Planery sessions were conducted on key themes associated with various aspects of Valuations and was addressed by expert panellists.
The Inaugural session was conducted by Mr. Sachin Sandhir, Managing Director & Country Head, RICS; Mr. Harshavardhan Neotia, Chairman, CII National Committee on Real Estate & Housing and Managing Director, Bengal Ambuja Housing Development Limited; Mr. Anshuman Magazine, Past Chairman, CII National Committee on Real Estate & Housing and CMD, CB Richard Ellis South Asia Private Ltd; Mr. Jitesh Khosla, OSD, Indian Institute of Corporate Affairs and Formerly Joint Secretary, Ministry of Corporate Affairs Government of India; Robert Peto, MA, FRICS, President Elect - RICS and Vice Chairman - Capital Markets, DTZ.
Mr. Jitesh Khosla, OSD, Indian Institute of Corporate Affairs and Formerly Joint Secretary, Ministry of Corporate Affairs Government of India said, “A distinct valuation discipline is emerging in India that needs to be taught properly with a structured knowledge input and develop its own professional code of conduct and standards to achieve a certain level of proficiency. Therefore, it is necessary to have standards pertaining to the International Valuation Standards (IVS) and International Financial Reporting Systems (IFRS) to measure quality.”
Mr. Sachin Sandhir, Managing Director & County Head, RICS said, “This conference has been one such endeavor to spread awareness on what’s happening in valuations across the globe and also ascertain imperatives for our country. Even as the developed countries indulge in a more sophisticated and complicated debate surrounding market value and fair value, India has a its unique issues to focus on while being aware of the happenings in the international arena.”
Speaking at the occasion, Mr. Anshuman Magazine, Past Chairman, CII National Committee on Real Estate & Housing and CMD, CB Richard Ellis South Asia Private Ltd said, said, “In a globalized economy, valuations form the backbone that helps determine where to put in money and make investments. It is necessary to make valuation practices more robust to instil investor confidence in the system which will drive capital investments to India.
Professional valuations are vital to a healthy property market and a stable economy, forming the basis of performance analysis, financing decisions, transactional or development advice, dispute resolution, taxation and various statutory applications. And, the recent turbulence in global financial and property markets has turned the spotlight on valuers, valuation standards and methodology. This warrants efforts to be made to encourage the harmonization of standards and valuation qualifications across India.
The Conference also saw prominent speakers like Mr. Anuj Puri, Chairman and Country Head, Jones Lang LaSalle Meghraj; Mr. Pranab Datta, Vice Chairman and Managing Director, Knight Frank (India) Pvt. Ltd; Mr. Kirit Budhbhatti, Secretary- Centre for Valuation Studies, Research and Training (CVSRT); Mr. Chris Thorne, FRICS, FCIArb Chairman International Valuation Standards Board, Senior Director & Technical Head of Valuations, BNP Paribas Real Estate and Mr. Vinayak Bahuguna, MD - Alternative Investments Standard Chartered Bank India.
In an increasingly demanding market it is essential that valuations are presented to clients in a clear and unambiguous manner, thereby instilling trust and confidence. Robust practice standards form the basis of accurate and consistent valuations. While the need for a uniform valuation standard has been increasing felt by key stakeholders, up until now, there has been none available for adoption by the industry.
An improved regulatory framework for valuation in India will raise professional standards, improve confidence of investors and help secure the accurate valuations that underpin most economic activity. Furthermore, all members involved in the valuation of commercial and residential property and specialist areas will have their competence monitored on a continuing basis to satisfy clients.
A promising start has already been made in this direction with the RICS Red Book. The book provides an implementation or practice framework for the application of IVS globally, ensuring that valuers follow consistent methodologies throughout the world, has now been launched in India. Valuations Standards prescribed in ‘RICS Red Book’ are considered as the Gold Standards for property valuation worldwide.”
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Royal Institution of Chartered Surveyors - Advancing standards in land, property and construction
RICS is the world’s leading qualification when it comes to professional standards in land, property and construction.
In a world where more and more people, governments, banks and commercial organisations demand greater certainty of professional standards and ethics, attaining RICS status is the recognised mark of property professionalism. Over 150 000 property professionals working in the major established and emerging economies of the world have already recognised the importance of securing RICS status by becoming members.
RICS is an independent professional body originally established in the UK by Royal Charter. Since 1868, RICS has been committed to setting and upholding the highest standards of excellence and integrity – providing impartial, authoritative advice on key issues affecting businesses and society. RICS is a regulator of both its individual members and firms enabling it to maintain the highest standards and providing the basis for unparalleled client confidence in the sector.
Visit www.rics.org/press
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Confederation of Indian Industry:
The Confederation of Indian Industry (CII) works to create and sustain an environment conducive to the growth of industry in India, partnering industry and government alike through advisory and consultative processes.
CII is a non-government, not-for-profit, industry led and industry managed organisation, playing a proactive role in India's development process. Founded over 114 years ago, it is India's premier business association, with a direct membership of over 7800 organisations from the private as well as public sectors, including SMEs and MNCs, and an indirect membership of over 90,000 companies from around 385 national and regional sectoral associations.
CII catalyses change by working closely with government on policy issues, enhancing efficiency, competitiveness and expanding business opportunities for industry through a range of specialised services and global linkages. It also provides a platform for sectoral consensus building and networking. Major emphasis is laid on projecting a positive image of business, assisting industry to identify and execute corporate citizenship programmes. Partnerships with over 120 NGOs across the country carry forward our initiatives in integrated and inclusive development, which include health, education, livelihood, diversity management, skill development and water, to name a few.
With 64 offices in India, 9 overseas in Australia, Austria, China, France, Germany, Japan, Singapore, UK, and USA, and institutional partnerships with 213 counterpart organisations in 88 countries, CII serves as a reference point for Indian industry and the international business community.

(c) A Media Inc., MUMBAI, I N D I A

Life Insurance Corp to set up housing venture capital

2009-08-24T21:09:00.002+05:30

MUMBAI, August 24: Life Insurance Corp of India (LIC) and its associates will hold a majority stake in the real estate venture capital fund to be floated by LIC Housing Finance Ltd, said a top company official, as quoted in media reports.
“The majority stake will be with the LIC group. However, the actual percentage and other details as to the joint venture partner are yet to be decided,” LIC Housing director and chief executive R.R. Nair was quoted in the media reports as having said.
The venture capital fund’s initial corpus size is expected to be around Rs.500 crore, though Nair said there will be more clarity on the project Aug 29 when the board meets.
The new company’s name will depend on the partner chosen for the venture, he added.
LIC Housing, which funds home purchases, finds floating a venture capital fund a natural extension of its business.
“The real estate venture capital is a step towards widening our income basket. Currently, we get interest income from the housing company and fee-based income from the financial services outfit. The venture capital fund will provide income from shares,” Nair said.
The real estate fund will invest in companies operating in the field such as developers and construction companies.
LIC is the second largest real estate owner in the country after the Indian Railways.
According to officials quoted in the media reports, foraying into venture capital segment is not connected with the restrictions faced by LIC under the Insurance Regulatory and Development Authority’s (IRDA) investment regulations on investing in unlisted companies.
(c) A Media Inc., MUMBAI, I N D I A

What is the remedy for faster justice for residential real estate in Consumer Courts?

2009-08-24T18:38:00.006+05:30

By: ARUN SAXENA, President, International Consumer Rights Protection Council

1) Lawyers should be banned from appearing in the consumer court.

2) As the case is required to be filed in the city where the builder is located as per Section 11, 17 and 21 of the Consumer protection Act, it should be made mandatory for the builder to appear in person to attend the hearings while the consumer be given a choice to appear in person or through a representative. But in no way anyone is to have a lawyer.

3) The application should be very simple as it already is in present scenario, without giving much stress to technicalities. The aim should be to submit only necessary documents and not use elaborate legal language.

4) When the case comes for submission, first hearing date should immediately be given by the Registrar, and notice to Opposite party be sent on same day. The first hearing should be within 15 days wherein the OP has to submit his defense against the allegations.

5) On first hearing the OP will be wit the judge who can question the complainant and the OP and give judgment on merits and on the basis of the documents submitted.

6) There is no need for further hearings unless very necessary.

7) If any of the party is not present, the case will be heard and decided in absence of that party.

8) This will help in arriving to a judgment in 15 days on a case. If a single judge can handle one case per hour, he will be able to give justice to 8 people in a day of 8 working hours. If the court has 2 judges, they may deliver 16 judgments in a day, or 384 judgments in a month, 4608 judgments in a year!

9) These judges should have well educated and smart staff who can efficiently prepare notices and orders.

10 ) Computers should be used for all documentation. Website should be used for displaying the cause list, and ordered cases. There should be facility of sending online application for being absent during the hearing, and giving authority to court for deciding upon the matter in case any of the party’s want to remain absent on the hearing day.

11) All judgments should be simple, to the point, and not lengthy. These should be available on the internet for downloading, so that there is no need to waste more time and money in sending the order to both the parties.

12) During the filing of appeal the registrar can check the genuineness of the court order by tallying on the computer screen before putting case for first hearing.

13) There should be no adjournments, unless very necessary.

14) The work for filing and storage of documents should be outsourced. The agency should be strictly and heartlessly terminated for any flaw in their work to keep them away from corruption.

If the above happens in reality, consumers can see light on the other end of the tunnel which is never ending and dark in the present scenario.

Consumers who have problems, or issues with/ complaints against any developer/ builder and would look for assistance or guidance from the International Consumer Rights Protection Council can write to Arun Saxena at mail@consumergrievance.com

(c) A Media Inc., MUMBAI, I N D I A

Consumer Redressal for home buyers: Is it a myth or a reality - and, how does it work out in actual life?

2009-08-24T18:06:00.005+05:30

Q & A with C.A.Ramesh S. Prabhu, Chairman, Maharashtra Societies Welfare Association:

Q: Consumer Redressal for home buyers: Is it a myth or a reality - and, how does it work out in actual life?
A: With the present consumer Redressal System for home buyers, it is completely a myth.

Q: In which situations does the need for consumer redressal options arise vis-a-vis residential real estate?
A: Following are the situations when the home buyers approach Consumer Redressal Options:
1) The builders do not give the possession of the flat in time
2) The area agreed to be given and the area actually given is different.
3) The Amenities promised within the flat like full tiles in the bathroom, false ceiling, Marble floor.
4) The sample flat shown is different than the actual flats given
5) Common Amenities like swimming pool, Garden, recreation ground etc not given.
6) Poor Quality Construction like leakages etc.
7) Same flat is sold to two or more person
8) Flat sold is mortgaged to the financial institution for project loan
9) The entire land and the building is mortgaged for project finance and the loan is outstanding.
10) Society or a company for the management of common facilities is not formed within 4 months of sale of 60% of the flats.
11) Sale of common areas, sale of terrace, sale of car parking etc.
12) Collecting the property tax, water charges etc and not paying to the authorities concerned.
13) Not obtaining occupation certificate
14) Not providing electricity connection or water connection
15) Not paying the development charges, Land under construction charges etc.

Q: Any specific instances you would like to share/ quote?
A: There are more than 5000 buildings in the Mumbai forced to take the possession of the flat without Occupation certificate. Near 60% to 70% housing societies are not having conveyance. Nearly 50% housing societies are formed without the co-operation from the Builder. In spite of the fact that there are provisions in the MOFA for all the above things, the builder do not comply with the same. The flat purchasers donot approach the available legal remedy as the results are not encouraging and are time consuming.

Q: For the consumer, what are the redressal options available? Which one do you think is the most effective - and why?
A: Presently, the consumers can file a case against the builder before the City Civil Court or Criminal Court. The complaints are also filed before the Building proposal department of BMC or Housing Department of Govt of Maharashtra. But the results are not encouraging. The best forum now is to file a complaint before the consumer court. Here the results are achieved within a period of 3 to 4 years. There is no need of hiring the Advocates. Now under MOFA, a competent Authority is being appointed. The competent Authority will be able to hear complaints related to registration of societies, Conveyance in favour of the society or not disclosure of accounts of money taken by the builder for maintaining the society or common services.

Q: Given the Indian Government's proposal of appointing a regulator for real estate, do you think it will make any difference for an aggrieved consumer?
A: The appointment of Regulator will definitely help. We have yet to see how the functioning will take place. At least I understand that the consumer can get all the information about the builder and the project from such regulator. Presently for each information about the builder and the approval of the project, the consumer has to run pillar to post. This will definitely have some control on the manipulative practices of the developers.

Q: 'Self Regulation' is the mantra being advocated by various associations of developers, including BAI, CREDAI and MCHI. They have also set up/ are in process of seting up consumer redressal forums. Do you feel these will be effective?
A: This will not be effective because, these are self regulatory. There is not authority given by the any provisions of the law. Without the proper authority, the defaulters will not abide by the guidelines. There are no panel provisions to implement the self regulated guidelines.

Q: Given the exceedingly slow pace of developments in the Indian legal system, would you consider any alternatives for fast relief to affected consumers?
A: The proposed Regulator for the real estate activity is the best. Only after the implementation of the regulator, I will be able to suggest other redressal systems like appointment of arbitrator at the time of entering into agreement, Increasing the power of Competent Authority appointed under MOFA etc.

Those seeking support, help or advise on housing society matters, legal issues etc or have complaints against any builder can write to C.A. Ramesh S Prabhu at mswa_hsg@yahoo.com

(c) A Media Inc., MUMBAI, I N D I A

Govt readies interest subsidy scheme for low-cost homes

2009-08-24T18:03:00.002+05:30

New Delhi, August 24: The Union Ministry of Finance has finalised the interest subvention scheme for low cost housing which had been promised in the Union Budget. Media reports said it will be open for loans up to Rs 10 lakh sanctioned after October 1.
Senior officials were quoted as telling a section of the media that the ministry would soon be seeking Cabinet approval for the scheme. "Loans have to be sanctioned between October 1, 2009, and September 30, 2010, though we are also looking at the possibility of keeping the scheme open for only six months till March 31, 2010," the official was quoted as having said.
The concession interest rate scheme that the Indian Banks Association worked out earlier this year is open for five years. Under the scheme, a one per cent interest subsidy would be available on the first 12 equated monthly installments of the loan; the total cost of the home cannot exceed Rs 20 lakh.
The interest subvention would be routed through scheduled commercial banks and housing finance companies (HFCs) registered with the National Housing Bank. The measure would cost the exchequer Rs 1,000 crore.
An official quoted in the media reports said they did not expect the entire money to be used up. With an average loan size of Rs 8 lakh in this category, at least 12.5 lakh loans need to be sanctioned during one year for using up Rs 1,000 crore.
The government would compensate banks and HFCs for the subsidy by parking the money with the Reserve Bank of India (RBI) for release on a quarterly or half-yearly basis. The balance sheet of banks and HFCs would be subsequently audited for the amount.
The scheme has been criticised on the grounds that the maximum benefit an individual can get under the scheme was Rs 10,000. "Besides, a builder can always show the housing cost as sub-Rs 20 lakh but increase the price subsequently on various grounds," said an official.
In his reply to the Budget debate, the finance minister had also allowed developers of housing projects to avail of a tax holiday under section 80 IB(10) of the Income Tax Act on profit from projects approved between April 1, 2007 and March 31, 2008, if the projects are completed on or before March 31, 2012. The minister asked the developers to pass on the benefit to their consumers.
The two announcements were expected to provide a stimulus to the housing sector and were a continuation of the policy that, last December, saw an announcement of a concessional interest rate scheme. The Indian Banks Association had accordingly worked out an interest rate of 8.5 per cent for fresh home loans below Rs 5 lakh and 9.25 per cent for loans between Rs 5 lakh to 20 lakh.
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Nirvana Farms: A township of Vaastu Shastra compliant N. A. Farm House Plots priced at Rs. 99/- per sq.ft.

2009-08-24T17:57:00.004+05:30

THANE, AUGUST 24: Nirvana symbolises the beginning of a new life marked with peace, fulfilment and satisfaction. A media release from Disha Direct says Nirvana produces wholesome karma with positive results. Described as ‘The Highest Happiness’, Nirvana as addressed in Sanskrit is all about feeling free, refreshed and rejuvenated. This ancient philosophy is now an inspiration for a township of farm houses and farm plots; aptly named Nirvana Farms situated at a quaint destination called Wada in Maharashtra.
Wada serves as the perfect location for the development of a unique project like Nirvana Farms. Easily approachable by Ahmedabad Expressway as well as the Thane-Bhiwandi-Wada route; this ideal destination is blessed with nature’s bounty. Natural water bodies like ponds, a river and lakes signify the purity of this gifted locale. The huge mountains and lush green surroundings make Wada a perfect country side.
The township spreads across 75 acres comprising N. A. Farm Plots, N. A. Farm Houses, Meditation Park, Contemporary Club House and Children’s Play Area. A total number of 335 individual non agriculture farm house plots are being offered in this project.
Nirvana Farms adheres to the finer nuances of Vaastu Shastra, the most ancient Indian Vedic Science of Architecture or House Building. The plots have been thoughtfully designed and laid out by basing them on specifications suggested in Vaastu Shastra that comprise marvellous orientation, shape and auspicious location of the entry gate. Every corner of the land has also been powerfully energised with pyramids and semi precious gemstones. Renowned Vaastu consultant Dr. Nitin Parakh (B.E.Civil, AMIE, AIV, DBM, PhD) has certified that each and every plot at Nirvana Farms has proper orientation as per the tenets of Vaastu Shastra. The design of farm houses also complies with the Vaastu Shastra norms. The styling of the roof allows a gentle flow down of monsoon waters. Thoughtful planning and designing techniques make these farm houses compact yet luxurious. Considering the Vaastu angle; plot entrance, bathrooms, water bodies and kitchenette have been positioned accordingly. All the farm houses are Vaastu Shastra compliant and ensure a zestful lifestyle.
N. A. Farm House Plots at Nirvana Farms will be made available at Rs. 99/- per sq.ft. The proximity of these plots to lush green forest, mountain ranges, water bodies and landscaped gardens offer great value in terms of being close to nature & possess the potential for future appreciation.
Nirvana Farms is promoted by Mokshana Spaces Pvt. Ltd. and presented by Disha Direct, a leading real estate marketing organisation of India.
Sharing his views on Nirvana Farms, Santosh Naik, MD & CEO of Disha Direct says, “Wellness is what we wish to ensure to the residents of this township. This is a unique destination that inspires to converse, pursue hobbies and enjoy the sheer comfort of a home blessed with warmth of togetherness. Secondly being Vaastu Shastra compliant, Nirvana Farms aesthetically blends the basic elements of the universe – Earth, Water, Air, Fire and Space.”
About Disha Direct: Disha Direct is a leading real estate marketing organisation. It offers services across the entire spectrum of real estate - be it residential properties in cities and towns, 2nd homes away from the city, plots of developed land, commercial properties, expansive acres of land or some rare charismatic homes and investment opportunities. Well-equipped with a team of over 200 professionals, 7 brands, 10 offices, International Offices at Dubai & New York, 1 Real Estate Expert Advisory, 12 completed projects, 35 ongoing projects and 4000 happy customers; Disha Direct is not just a conglomerate but a philosophy etched in the minds of many.
For more details about the project, log on to www.dishadirect.in
(c) A Media Inc., MUMBAI, I N D I A

Real estate sector: On the road to recovery

2009-08-24T17:53:00.003+05:30

The Religare Research report on the real estate sector

MUMBAI, AUGUST 24: Revival in residential demand: Lower home loan rates, property price cuts, apartment downsizing, and a recovery in the job market are translating to a pick up in demand for residential projects – as evidenced by an increase in property registration in major cities. With the improvement in macro economic conditions as well as buyer affordability, developers witnessed a stronger response to new launches across cities over the past quarter.
In January–March ’09, bookings were mostly being absorbed by the business class and professionals (doctors, lawyers), while participation of the service class (barring government employees) was minimal. Now that property prices have climbed down and the risk of job layoffs has diminished, the service class is likely to participate actively in property absorption, leading to a strong recovery in residential demand in Q2FY10. We remain negative on the commercial and retail segments and expect sentiments to improve only 15–18 months from now as the economy gradually gets back on track.
Return of liquidity to mitigate business risk: After going into a severe tailspin from January ’08 onwards on account of weakening economic dynamics, we believe realty prices have started to bottom out and have already troughed in a few locations. With the return of liquidity to the sector in the form of FDI, QIPs and bank loans in recent months, the balance sheet position of realty players has started to improve, in turn changing the risk dynamics of the business. Listed real estate stocks were in the danger zone of the Altmann Z score – a key risk measure for bankruptcy – but with equity infusion, the chances of bankruptcy have diminished.
Project execution on the rise: Over the last couple of months, several developers have launched properties across cities in the residential category, garnering a significant response from buyers. This has motivated builders to focus on the residential space, particularly on the affordable segment. Most developers are looking to enhance their execution capabilities in this space. If 60% of the planned development is executed, it will improve the balance sheet of realty players and also enhance buyer affordability.
Positive long-term prospects: Realty stock prices corrected 85–95% over January ’08–March’09, but have bounced back significantly thereafter. Still, they remain 25–30% of their peaks. With positives like liquidity infusion, stronger balance sheet positions, a stable reform-oriented government and an improved employment outlook, we expect the sector’s fundamentals to improve. We believe realty valuations would consolidate over the short term and then witness brief bounce-backs on positive macro and micro indicators. Following this period, the risk-reward ratio would shift in favour of long-term investors. We are increasing our target prices and in some cases upgrading recommendations for realty stocks under our coverage on account of the stronger demand environment and improving balance sheet health.

(c) A Media Inc., MUMBAI, I N D I A

ISSUE OF WARRANTS SIMULTANEOUSLY WITH ISSUE OF NCDs ON A QIP BASIS

2009-08-22T16:34:00.005+05:30

MUMBAI, AUGUST 21: Housing Development Finance Corporation Limited (HDFC) had launched the first ever issue of Warrants simultaneously with the issue of Non Convertible Debentures (NCDs) to Qualified Institutional Buyers (QIBs), on a Qualified Institutions Placement (QIP) basis in accordance with ChapterXIII-A of the SEBI (Disclosure and Investor Protection) Guidelines, 2000 on August 17, 2009.
According to a media release, the Warrants and NCDs have been priced as under: 1,09,53,706 Warrants at an issue price of Rs. 275 per Warrant, with a right exercisable by the Warrant holder to exchange the Warrant for one equity share of face value of Rs. 10 each of the Corporation, any time beforethe expiry of a period of 3 years from the date of its allotment at an Exercise Price of Rs. 3,000 per equity share.
The Warrant price of Rs.275 per Warrant will be received by the Corporation on the pay-in date. This amount is neither adjustable with the Warrant Exercise Price nor refundable by the Corporation. Consequently, if a Warrant holder exercises the option to purchase the shares of the Corporation, the total amount paid per share would be Rs.3,275, which represents a premium of 46% to the closing price on the date of the launch i.e. August 17, 2009.
20,000 Zero coupon Secured Redeemable Non-convertible Debentures of the face value of Rs. 10,00,000 each due August 2011 for cash aggregating to Rs. 2,000 crore at an annualised YTM of 7.15 per cent (equivalent to an interest rate of 6.93 per cent on a monthly compounded basis).
20,000 Zero coupon Secured Redeemable Non-convertible Debentures of the face value of Rs. 10,00,000 each due August 2012 for cash aggregating to Rs. 2,000 crores at an annualised YTM of 7.85 per cent (equivalent to aninterest rate of 7.58 per cent on a monthly compounded basis).
The maximum dilution that could take place in future, if all the Warrants are exchanged for equity shares of the Corporation at the Warrant Exercise Price would be up to 3.5 per cent of the expanded equity share capital of the Corporation. The composite cost of funds to the Corporation as a result of the simultaneous issue of Warrants and NCDs will be 4.25% per annum. The NCDs and Warrants will be issued only to domestic QIBs.
The Warrants and the NCDs will be listed on the Bombay Stock Exchange and National Stock Exchange. The Book Running Lead Managers for the Warrants were Citigroup Global Markets India Private Limited, Goldman Sachs (India) Securities Private Limited, JM Financial Consultants Private Limited, Kotak Mahindra Capital Company Limited and Nomura Financial Advisory and Securities (India)Private Limited.
The Book Running Lead Managers for the NCDs were Axis Bank Limited,Citigroup Global Markets India Private Limited, The Hongkong and Shanghai Banking Corporation Limited, JM Financial Consultants Private Limited and Kotak Mahindra Capital Company Limited.
(c) A Media Inc., MUMBAI, I N D I A

Shivom Group to realign focus on ‘customized affordable housing’ to fuel growth plans

2009-08-21T15:55:00.003+05:30

Mumbai, August 21st, 2009: Mumbai based Real Estate developer Shivom Group announced that it will focus on customized affordable housing as an integral component of the company’s growth plan. This comes as a part of the future strategy as the company recently achieved a milestone of completion of over 5 Lakh sq ft. of real estate in Mumbai.
Announcing this development, Mr. Amardeep Gambhir, Managing Director – Shivom Group said, “While we continue to explore development opportunities in Mumbai, we have been expanding strategically in and around the Mumbai Metropolitan Region. We have been passionate about all our projects and have effectively leveraged our understanding and expertise in the sector. We will soon be offering customized affordable homes with fine amenities at competitive prices. We believe in delivering high quality housing at reasonable prices and we have constructed several ‘happy homes’ in our journey over the years.
Elaborating on customized affordable homes, Mr. Amardeep Gambhir, Managing Director - Shivom Group said, “By customizing affordable homes, we look at offering the right product at the right price. Our attempt would be to provide the best in its class amenities, in a bid to elevate living standards by making living affordable in its true sense. For this, location will play an important role”.
On the company’s future plans, Mr.Amardeep Gambhir said, “The Company is also looking at foraying into redevelopment of housing societies in the Central Suburbs. Redevelopment is a gainful preposition and we have already acquired a redevelopment project in Mulund West. We are currently in talks with various housing societies across Mumbai for such redevelopment prepositions”.
Some of the company’s key completed residential projects include Shiv Om Holiday Homes (Karjat), Shiv Om Complex (Karjat), Shiv Om Tower (Andheri), Shiv Om Apartments (Andheri), Gem Apartments (Hiranandani Gardens, Powai), Shakuntala Apartments , (Hiranandani Gardens, Powai).
Earlier this year, the group acquired land in Chandivali Farms, Andheri East as a part of their aggressive residential and commercial growth strategy.
For the past ten years the company has been offering real estate consultancy and been involved in major real estate broking deals and services for leading real estate developers in Mumbai.
About Shivom Group:Shivom Group is a Mumbai- based real estate development company with its core focus set on building residential projects in Mumbai. Founded in 1996, by Mr. Amardeep Gambhir, Mr. Deepak Gambhir and Mr. Krishna Kumar Thakur, Shivom Group currently manages a portfolio spanning across residential properties in Mumbai. The group aims to build medium to large scale housing developments in potential areas in and around the Mumbai Metropolitan Region. Going forward, the company plans to continuously expand its geographic base through acquisitions by leveraging on its established credentials.
Pic Caption: The upcoming project at Chandivali Farms
(c) A Media Inc., MUMBAI, I N D I A

Interest rates to be stable, inflation to turn positive: HDFC

2009-08-21T15:53:00.002+05:30

MUMBAI, AUGUST 21: Interest rates are likely to remain stable going forward and inflation numbers would return into the positive zone, HDFC vice-chairman and managing director, Keki Mistry was quoted as having said in a section of the media.
"There is plenty of liquidity in the system. I don't think you are going to see interest rates going hay wire," HDFC vice-chairman and managing director, Keki Mistry said.
Interest rates could rise but not in the near-term, Mistry said.
"A marginal increase in interest rates over a period of time, may be in next 6-10 months, is possible but it is not going to be huge," he said.
On inflation, the HDFC official said that with the base effect wearing out, inflation numbers would go up.
"You will probably start seeing positive inflation numbers coming in from now onwards because the base effect has partly worn out," Mistry said.
However, inflation would not touch the eight to nine per cent mark or double digit levels as it did during last year.
(c) A Media Inc., MUMBAI, I N D I A

Belmonte opens its First Exclusive Ready-to-Wear Showroom in Indore

2009-08-18T12:51:00.003+05:30

INDORE, August 17, 2009: In a move that reflects growing confidence in Indore's commercial real estate scenario, Belmonte, the exciting, fast growing, youth menswear brand launched its first exclusive ready to wear showroom at South Tukoganj, Indore.
A media release said the showroom will showcase a wide range of ready-to-wear garments and accessories.
Belmonte is India’s only youth brand to offer ‘Total Wardrobe Solutions’ – Fabric, Apparel and accessories to the globally aspiring Indian youth.
Belmonte’s formal range includes suits, blazers, trousers & formal shirts for corporate wear. The casual range includes a wide collection of jackets, smart & trendy t - shirts, denim shirts, jeans, chinos and cargos for relaxed evenings. Customers will have wide selection of accessories from cufflinks, ties, leather belts, socks, kerchiefs and more.
With demand growing across the country the brand is expanding its exclusive store network aggressively to be close to its customers both in Indore & across the country.
Today, the youth are empowered with a keen sense of style and individuality and want to wear something that helps them express themselves and keeps them looking trendy, SKNL has taken the initiative and designed the Belmonte range in line with today’s generation sense of style.
Belmonte has a reach that spans across small & big towns in the country. Its rapid growth has been a factor of product innovation, consistent quality and aggressive marketing which has led to leadership status in its category. Endorsed by Shahrukh Khan who personifies Belmonte’s unique sense of style, youthfulness and individuality. This makes the brand stand out among other brands in the market.
Belmonte ready to wear and fabrics are available across all leading cities of the country through large format stores, multi-brand outlets and exclusive brand outlets.

(c) A Media Inc., MUMBAI, I N D I A

HDFC chairman Deepak Parekh says 'compelling need to have real estate regulators at state level'

2009-08-17T02:34:00.003+05:30

Mumbai August 15, 2009: Housing Development Finance Corporation (HDFC) chairman Deepak Parekh recently said there was a compelling need to have real estate regulators at state level to deal with issues concerning the housing sector.

“There is a compelling need for state level real estate regulators,” Parekh said in an annual report of the company sent to shareholders.

Discussing various aspects of real estate, he added, “It would be a missed opportunity if the government were not able to lay out an institutional framework for a real estate regulator”.

According to Parekh, the regulators’ role would be to monitor the affordable housing agenda, promote real estate reforms, ensure transparency especially by mandating that flats be sold only on carpet area and act as a platform to protect buyers from real estate fraud.
(c) A Media Inc., MUMBAI, I N D I A

A Regulatory Body for Indian Real Estate?

2009-08-16T01:15:00.001+05:30

NEW DELHI, August 15: The property market in India has traditionally been unorganized and fragmented. "Whilst the real estate market still lacks transparency and liquidity compared to more mature markets, things are improving and the potential regulatory body should go a long way to boosting the property sector," says realtor Bharat Mailk.

Whilst the improvement in the predictions for the health of the 2009 market is obviously a good sign, in line with the increasing number of sales comes an increasing number of chances that something could go wrong.

Currently, India has no real estate regulator and, in order to push the sector to the next level, it is felt that this is something that needs to be introduced as soon as possible, said estate agent Prashant Puri.

Puri recalls Assocham, the real estate industry body, as having said, "There is a need for an efficient and focused regulatory body to overlook the functioning of the real estate sector in order to insure the future development of the industry and safeguard consumer interests in line with international benchmarks."

"A real estate regulator would ensure that the consumer grievances against developers, development authorities, real estate agents and financial institutions are addressed without any delay," Puri said Assocham added.

Indian property industry bods are hoping that the introduction of the new body will encourage more international property investors into the market, as it will increase their confidence in the transparency of transactions. "Currently, there is little or no protection for buyers against unscrupulous developers in the form of full escrow account facilities," concluded Bharat Mailk.

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Green Buildings in India grows to 30 million sq feet compared to 20,000 sq ft in 2003

2009-08-16T00:47:00.001+05:30

Mumbai, 15th August, 2009: One of the major consumers of energy in the country is the Construction Sector. Hence green buildings with environment-friendly clean infrastructure has become the need of the hour, to reduce, if not cease, the adverse impact that modern buildings may tend to have on the environment and conserve Energy.

BEE, Bureau of Energy Efficiency is adopting various mechanisms for reducing power consumption substantially to contribute in combating climate change.

“There has been a steady spread of green buildings in India with more and more people understanding the benefits. Today, India has close to 30 million square ft of green buildings; an amazing achievement given the fact that we had only about 20,000 square ft in 2003 when the movement started here. Market estimates take the figure to over 100 million square ft in the next five years, opening big opportunities for the industry”, said Dr.Ajay Mathur, Director General, BEE.

“Our new initiatives, to promote green buildings include, the exhibition - Empower India 2009, which we are organising jointly with Urjavaran Foundation from 20th 22nd August in Mumbai. Dr. P.C. Jain, Chairman, Indian Green Building Council (IGBC) will be imparting knowledge on the importance of Green building. We will also be exhibiting energy efficient building materials and other Energy Efficient appliances and systems to educate the end consumers on the importance of Energy Efficiency. Our other initiative includes assigning ECBC to generate awareness and popularising energy-efficient green building designs suiting the climate condition in Tripura. We have also started a rating system for commercial buildings,” he added.

The energy efficiency programmes and initiatives undertaken by the bureau of energy efficiency (BEE) have yielded significant results. A study conducted by National Productivity Council reveals that the programme, which promotes use of green infrastructure and energy efficient appliances and equipments, has resulted in a total saving of 3,731 million units of electricity in the year 2007-08.

About Green Buildings: According to the definition given by the Indian Green Building Council (IGBC), a green building uses less energy, water and natural resources, creates less waste and is healthier for the people living inside compared to a standard building. Green infrastructure uses industrial by-products, emphasises on recycling of waste water, harvesting of rain water, least use of air-conditioning, less production of carbon dioxide and tries to safeguard the environment in every possible way. Making a building green begins at the planning stage. The aim has to be kept in mind throughout. Interestingly, green buildings can ensure pollution free environment while reducing electricity and water bills.

(c) A Media Inc., MUMBAI, I N D I A

States urged to release land for housing projects

2009-08-16T00:10:00.001+05:30

NEW DELHI, AUGUST 15: Given that shortage of land is coming in the way of creating housing, the Centre has urged states to make available lands for housing projects for urban poor.

Addressing the Rajya Sabha, Kumari Selja, Minister for Housing, said “There is an urgent need to augment land for the urban poor as there is acute shortage of housing for them.”

Kumari Selja explained that under Jawaharlal Nehru National Urban Renewal Mission, 25 per cent of land is reserved for urban poor.

The Minister for Housing also said that there is 'no uniformity' in stamp duty in the country. “Many states have agreed to reduce stamp duty for urban housing, but there are several states which think that greater the duty, the more taxes they will garner,” she said.

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Regulator for real estate sector for the entire country? No, says MoS for urban development Saugata Roy

2009-08-16T00:07:00.001+05:30

NEW DELHI, AUGUST 15: The Government is considering a model legislation on regulating real estate in Delhi, according to a reply given recently in the Rajya Sabha, by Minister of State for Urban Development Saugata Roy.
The minister said that the Delhi Real Estate Management (Regulation and Control) Bill can also serve as a reference for other states.
He however, ruled out the constitution of a regulator for real estate sector for the entire country, saying matters pertaining to local governance and land falls in the list of state subject as per the Constitution.
(C) A Media Inc., MUMBAI, I N D I A

LIC H F cuts home loan interest rates

2009-08-15T23:53:00.001+05:30

Mumbai, August 15: Housing finance companies are matching banks’ rate cuts in their quest to grow the home loans portfolio, according to media reports.

Close on the heels of State Bank of India which kicked-off its new campaign offering home loans at competitive rates, LIC Housing Finance too jumped on to the rate-cut bandwagon.

LIC Housing, according to a release on Friday (14 August) said borrowers can get home loans of up to Rs 75 lakh at floating and three-year fixed rate of 8.75 per cent and 8.90 per cent against 9.25 per cent and 9.50 per cent earlier.

“In the financial year so far, we have seen a robust 99 per cent jump in sanctions at Rs 6,000 crore and 67 per cent growth in disbursements at Rs 4,500 crore. Our margins may be impacted; but we will more than make up for it through volume growth ,” the release quoted Mr R. R. Nair, Director and Chief Executive, LIC Housing Finance as having said.

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PNB reduces home loans by 50 basis points

2009-08-14T19:52:00.000+05:30

NEW DELHI, August 14: Following State Bank of India's footsteps, Punjab National Bank on 13 August, has reduced home and car loans by 50 basis points.

The bank has launched 'PNB Festival Season Bonanza Offer 2009' that offers attractive rates to people during the festival season, according to a media release. PNB's campaign comes a week after SBI's three-month-long home loan campaign, offering loans at 8 per cent, say media reports.

"Under the offer, housing loans up to Rs 30 lakh will be available at discounted rate of interest of 8.50 per cent under fixed interest rate option (fixed for three years) across all repayment tenors, besides full waiver of processing (upfront) fee and documentation charges", PNB's media release said.

Margin also stands reduced to 15 per cent for housing loans up to Rs 20 lakh, it added.

The offer will be valid till October 31, it added. At present, the fixed rate of interest offered by bank is 9 per cent.

This is in continuation of several measures initiated by the bank in the recent past to make its retail lending schemes customer-friendly, the release said.

(c) A Media Inc., MUMBAI, I N D I A

HDFC cuts rate to 9% for Rs 30-50 lakh loan

2009-08-14T19:46:00.000+05:30

MUMBAI, August 14: Housing finance major HDFC has upped the ante for market share in the home loan market by reducing rates by 50 basis points in the Rs 30
lakh to Rs 50 lakh segment.

The development, say media reports, comes within a week of the country’s biggest bank SBI cutting rates by 50-75 bps for high-value loans and offering loans up to Rs 5 lakh at 8% fixed rate for five years.

HDFC now offers loans between Rs 30 lakh-Rs 50 lakh at 9%, as per the revised rates, according to a media release. The rates will apply only to new customers as the lender has not revised its prime lending rate, the release added. HDFC had last cut rates in mid-July and since then there has not been any reduction in policy rates by the Reserve Bank of India, say media reports.

SBI’s mortgage loan book has grown Rs 10,076 crore in the 12 months ended May 2009, which is over 77% of the Rs 13,028-crore growth recorded by the banking sector. HDFC now wants to take advantage of the festival season spike in business, say media reports.

As against HDFC’s 9% floating rate, SBI offers an adjustable rate where home loans up to Rs 50 lakh are available at 8% for the first year and 8.5% for the second and the third year. Thereafter, rates will vary with the prime lending rate.

Several public sector lending institutions such as Canara Bank, SBI and LIC Housing Finance have unveiled competitive schemes to attract home loan seekers.

Given the tough competition in the segment, say the media reports, private lenders like HDFC have been forced to also cut rates.

(c) A Media Inc., MUMBAI, I N D I A

CCCL bags ONGC Project worth Rs.431 crores

2009-08-13T12:53:00.000+05:30

Bangalore, 11 August, 2009: Consolidated Construction Consortium Ltd, an integrated construction service provider with projects in the industrial, commercial, residential, and infrastructure space, today announced that it has bagged project worth Rs. 431 crore from Oil and Natural Gas Corporation Limited (ONGC) to build its corporate office - “Rajiv Gandhi Urja Bhavan” in Vasant Kunj, New Delhi.
CCCL has also entered into a Consortium with Samjung Tech, a Korean electronics company, to design and build first-of-its kind automated car parking structure for Delhi Metro Rail Corporation (DMRC) in New Delhi.
The new ONGC corporate office will be state-of-the-art construction with Green Building compliance and complete side walling done of curtain wall glazing. The building also features center dome with lenticular cable net system inclusive of glass canopies. The total area of the green building is 10, 63,085 Sqft consisting of two basements, ground floor and 5 floors. The job consists of Civil, Electrical, HVAC, Fire Fighting & Fire Alarm, IBMS, Facading, Interiors, PHE works, Lifts, Solar Photo Voltaic, WTP/STP, etc. The project will be completed in 18 months.
Speaking on the occasion Col. S. Mohan, Director – Northern Region, CCCL said, “We are glad to have bagged this prestigious project from ONGC. We are consolidating our presence in construction of buildings and winning of these projects has strengthened our portfolio. CCCL is known for quality and on-time delivery of projects and we hope to give our best and complete this project successfully”
The Joint venture with Samjung Tech, a Korean electronics company is to supply electronic equipment for the automation component in the car parks to be built, while CCCL will be responsible for the design and civil construction. Work on Construction has already begun for the automated car parking for DMRC.
Presently, the company is associated with the following projects in Delhi & NCR regions:
o Sewage Treatment Plant at Keshopur
o Water Treatement Plant at Dwarka
o IT Park for DMRC at Shastri Park
o Multi Level Car parking for DMRC at Delhi High Court
o Police station for Delhi Police at Connaught Place
CCCL has completed projects like construction of office complex in Domestic airport for Delhi International Airports Ltd., Andhra Pavilion in Pragati Maidan, Corporate office and Storage building for MRF Limited in Najafgarh Road, Factory building for ITC at Ghaziabad, Factory building for Tricolite industries at Gurgaon and office building for RR Tech Mach Ltd. & Software Complex for HCL Technologies Ltd. at Noida in Delhi and NCR Regions
CCCL have associated with the airport project at Chennai for expansion of international and domestic terminal, multilevel car parking and construction of bridge across Adyar River in Chennai. The company is also associated with other airport projects in Delhi, Dehradun, Tiruchirapalli, Thiruvananthapuram and Mangalore.
With these orders, the total order backlog is 4100 crores, which is to be executed over a period of 18- 24 months.
About CCCL: Headquartered in Chennai, Consolidated Construction Consortium was promoted in the year 1997. The company is an integrated construction services provider and its operations cover industrial, commercial, residential and infrastructure projects. It has presence in Bangalore, Hyderabad, Kolkatta, New Delhi, Pune, Trivandrum and Dubai. CCCL has grown from Rs.40 million to Rs.14 billion and has executed projects across 17 states and union territories in India. It has been awarded ISO: 9001Bureau Veritas certification as well as Quality Management system in tune with ISO: 9001:2000 standards.

For more information please log on to www.ccclindia.com.

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THE REAL ESTATE DYNAMICS OF SATELLITE TOWNS

2009-08-13T12:41:00.000+05:30

MUMBAI, AUGUST 13: The immediate impacts of satellite town formation - and the primary advantages - would be an at least partial decongestion of the central city and a rise in property valuations in the satellite town. The appreciation rate would depend on what kind of infrastructure has been/is being put in place in the satellite town, and what other market drivers it features.
PRICE DYNAMICS:
Since appreciation is of paramount interest from an investment point of view, this aspect deserves amplification.
Property prices are a function of demand and supply. Demand is created by a suitable combination of market drivers such as employment potential, infrastructure and overall quality of living. If a satellite town offers these in sufficient magnitude, and if there is sufficient connectivity to the main city by means of road and rail, this new area can often put a slight downward pressure on property prices in the more centralized regions while showing a steady upward trend on its own property price graph. This, however, happens only under optimum conditions, which must be created by meticulous town planning and proactive local Government support.
THE DOWNSIDE: Of course, living in a satellite town is not everyone’s cup of tea. There would be a perceived disadvantage for those use their home in the satellite town to travel to their workplace in the central city, especially if the necessary degree of road/train linkage has not been created. Also, buying a home in a satellite town can lead to a sense of isolation and general dissatisfaction if the location does not feature the kind of social life and entertainment that would be seen as necessary lifestyle quotients.
Some central city dwellers would choose to move to such satellite towns in response to the available relief from city-related stress and cheaper property rates. However, the majority of metropolitan inhabitants would choose not to relinquish their foothold in the main city. Many satellite towns coming up today are of greater interest to migrant populations rather than core city inhabitants, and local developers tend to zero in on this population while planning their projects.
DEVELOPERS’ DELIGHT: A classic example of best-scenario satellite town planning would be the Pimpri-Chinchwad Municipal Corporation (PCMC) of Pune, which is an industrial hub in its own right. Within the PCMC area, Pradhikaran has emerged as the location of choice for mid-to-high level management staff working in the various surrounding industries, and various local development concerns such as Pharande Spaces have recognized and focused on this potential. Areas such as Navi Mumbai and Pune's PCMC are planned developments that have their own social infrastructure as well as distinct resident profiles social character.
If satellite townships have been meticulously masterminded by the relevant town planning authorities, they will incorporate their own economic drivers such as employment opportunities, social infrastructure and lifestyle quotients.
Simply put, such a combination of factors opens up a new growth area for the real estate market. Under suitable circumstances, office, retail and residential property will work in tandem to create a symbiotic growth pattern.
Moreover, once such a satellite town is established, it tends to attract various industries specific to the available workforce, further boosting this pattern. The overall effect is one of economic diversification of a possibly congested metro into new directions. This naturally spells nothing but good news for the region’s real estate market.

The author, Subhankar Mitra, is AVP - Strategic Consulting, Jones Lang LaSalle Meghraj

“Go Green”: The latest mantra of Kerala IT

2009-08-12T22:21:00.000+05:30

Thrissur, August 12, 2009: The IT Mantra that seems to spreading around Kerala is going Green. As part of its tradition, Kerala IT has been following the concept of Green in all their established IT parks such as Infopark Kochi, Infopark Cherthala and Infopark Ambalapuzha. Infopark Koratty, is the latest IT park on the plate to follow the suite being developed following the Hub and Spoke model (where Kochi acts as a Hub and Koratty as spoke). Keeping in mind, that the primary drive towards establishing Kerala as the preferred ITES destination arises from private enterprises and community energies, the Kerala Government acts as a catalyst to successfully facilitate an enabling environment for IT, IT products and ITES with the focus on development of infrastructure, education, healthcare and protection of environment.

Presently the infrastructure development work of the Infopark has been undertaken in 30 acres of prime land. The first set of IT buildings of approximately 70,000 sq.ft area with plug and play facilities will be ready for occupation by November 2009

A key differentiator for Infopark Koratty has been their focus on promoting energy efficiency and environmental responsibility. With the advantage of lush green surroundings, Infopark Koratty is well equipped with measurement such as common water treatment plant thus saving energy by cutting waste which emphasizes their growth in green.

Another feature is that of the Smart business Center, a true plug and play incubation facility provided at Infopark. This is used to facilitate Indian and foreign IT/ITES and knowledge based Companies to commence operations immediately from a plug and play facility at Infopark. The park will have provision for a commercial complex and common utilities such as a restaurant, conference halls, ATMs, refreshment facilities, discussion rooms, a health club and so on.

Dr. Ajay Kumar, IT Secretary, Government of Kerala, remarks, “Kerala IT is all about making a positive difference to businesses and lives. What the work environment in Kerala offers is a growth opportunity for both employers and employees. We make an effort to seamlessly keep business operating round the clock by providing robust infrastructure and connectivity. Simultaneously, we strive to ensure that employees have a good work life balance working anywhere in Kerala and the hub and spoke model is the result of this idealogy. With the upcoming Infopark at Koratty, we are aiming at tapping the talent pool and entrepreneur skills in and around Thrissur, giving them an opportunity to nurture and flourish in their hometown”.

Infopark Koratty is 45km away from Kochi and approximately 14km from the Cochin International Airport at Nedumbassery. The close proximity to the airport and National Highway with uninterrupted power, water and connectivity has already generated keen interest amongst IT entrepreneurs to commence operations from Infopark, Thrissur.

“Conceptual design for a traditional IT building, measuring 40,000 sq ft of built-up space incorporating the green building concept has already been approved by the Board,” said Siddhartha Bhattacharya, CEO, Infopark. He further added, “Apart from this, developed plots will be offered on lease basis to interested co-developers in the second phase. The third phase of development of the park will also be thrown open to private builders in the State. When completed, the Park will have a direct employment potential of about 6000 IT professionals.”

With more and more greener buildings coming up, the IT parks in the State are soon to be on the list of the must see tourist spots.

About Kerala IT: Kerala IT is a Government of Kerala initiative offering a single window to a world of opportunities to IT companies, Professionals, Investors, Developers and Service providers alike in the state of Kerala. Kerala IT has many initiatives in the state of Kerala conceived to be developed on a ‘Hub and Spoke’ model of development. Technopark-Thiruvananthapuram, Infopark-Kochi and Cyberpark-Kozhikode shall act as the hubs while satellite centers are being developed at Kollam, Ambalapuzha, Cherthala, Thrissur, Kannur and Kasaragod. The IT parks have an association with Kerala State Information Technology Mission (KSITM) and Kerala State Information Technology Infrastructure Ltd. (KSITI) as well. KSITM is an autonomous nodal IT implementation agency for Department of Information Technology, Government of Kerala, which provides managerial support to various initiatives of the Department. KSITI is the apex company promoted by Government of Kerala for the development of IT Infrastructure. The Company will undertake the setting up of Technocity, Phase IV of Technopark, and will also float location specific SPVs for establishing IT Parks across the state.

About Infopark-Kochi: Taking forward its vision of offering a single window to a world of opportunities, Kerala IT in 2004 established Infopark, located at Kochi, as one of the hubs of Kerala IT (Thiruvananthapuram and Kozhikode being the other two hubs) offering state-of-the-art facilities, cost effective infrastructure, abundance manpower, uninterrupted power and best data connectivity. To set up this project, Government has transferred 100 acres of land which is now under the ownership and possession of Infoparks Kerala, which is an independent Society fully owned by the Government. Spread over 100 acres now, it is a potential destination among the IT/ITES investors. To add to this, complete plug and play solutions are offered by them. Infopark has ambitious plans to become one of the major IT Clusters in the country. With this vision, it has been growing fast ever since its inception and within a short period of time, has attracted investments from IT majors like Tata Consultancy Services, Wipro, Affiliated Computer Services, OPI Global, IBS Software Services and US Technology.

(c) A Media Inc., MUMBAI, I N D I A

Knight Frank pegs requirement of Affordable Housing in India upwards of INR 3,00,000 crore by 2011

2009-08-12T16:47:00.000+05:30

Mumbai, August 12, 2009: Leading independent global property consultancy – Knight Frank today released a first of its kind research paper on ‘Affordable Housing’ in India. The report was unveiled by Mr. Pranay Vakil, Chairman, Knight Frank India, at the press conference. While the real estate sector is realigning its focus towards affordable housing, Knight Frank catalyses a huge impetus on the sector by projecting a whopping market size of over INR 3,00,000 crore by 2011. The mammoth scope of this sector is expected to arise from housing requirement of over 2 million units by 2011.
While the 3-10 lakh income group would drive this demand, the research findings further indicates that the largest contributor to this market size is expected to be the group earning 3-6 lakh income annually. Buyers in the Rs. 8-10 lakh income group quoted a more conservative budget than those in the Rs. 3-6 lakh group which reflects the extremes on which higher income group consumers operate during boom and recession periods.
The study also reveals that the household purchase timelines of these potential buyers are over 32% between 6-12months and about 7% within the next 6 moths.
Speaking on the occasion, Mr. Pranab Datta, Vice Chairman & Managing Director, Knight Frank India, said, “We have witnessed a tumultuous situation in the real estate sector and the shift today is clearly towards ‘Affordable Housing.’ Knight Frank Research with its expertise in the sector has revealed an in-depth analysis of the challenges and potential in the segment to bridge the supply-demand gap which exists in the current scenario. The findings of this report clearly indicate a huge demand in a segment that should encourage developers to take increased notice. ”
Knight Frank’s extensive research on the subject redefines ‘Affordable Housing’ and indicates a sizeable gap between the preferences of the buyers and the projects under development. Although a number of affordable projects have been announced, the locations do not have adequate social infrastructure which is of utmost importance for the proper development and successful implementation of affordable housing. The report reveals that good connectivity to work places is the most important factor influencing the buyer’s decision in selecting the location of their residence. This is followed by ‘good infrastructure’ and good potential for future development’. And while choosing a project, ‘uninterrupted water supply,’ ‘power backup’ and ‘high level security systems’ are the basic amenities preferred over gymnasium, swimming pool, modular kitchen, interior fixtures etc.
Commenting on the research report, Mr. Gulam M Zia, National Director- Research & Advisory Services, Knight Frank India said, “The report for the first time ever defines ‘Affordable Housing” based on prospective buyer’s preferences, actual affordability and supply perspective. The in-depth city-wise analysis of the segment would help the developers to understand the consumer focus and the underlying potential of the category and cater accordingly.”
Knight Frank’s research report on ‘Affordable Housing’ provides comprehensive analysis of the expectations and requirements of the Indian middle class (household income Rs. 3-10lakh per annum) across 1400 households in 7 cities – Mumbai, National Capital Region (NCR), Chennai, Bengaluru, Hyderabad, Kolkata and Pune.

Market Size of Housing Requirement by 2011
City Housing requirement (units) Area Requirement(mn.sq.ft.)Market Size(Rs.Bn)
Mumbai 404,673 324 647
Pune 134,264 107 215
NCR 547,434 438 876
B'luru 327,694 262 524
Chennai 157,471 126 252
H'bad 225,555 180 361
Kolkata 265,242 212 424

Total 2,062,333 1,650 3,300

Mumbai, NCR and Bengaluru are the most unaffordable cities, while Kolkata and Pune offer the maximum number of affordable locations.

ABOUT KNIGHT FRANK: Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank and its New York-based global partner, Newmark Knight Frank, operate from 207 offices, in 43 countries, across six continents. More than 6,340 professionals handle in excess of US$886 billion (almost £594 billion) worth of commercial, agricultural and residential real estate annually, advising clients ranging from individual owners and buyers to major developers, investors and corporate tenants.

Knight Frank India was started in 1995 and today has presence across 7 principal metros across the country and has delivered more than 3000 valuation reports and over 1500 consultancy assignments. Knight Frank India provides comprehensive range of real estate related services covering residential, commercial, land, investments, hospitality & leisure, valuation, advisory services, facilities management and project management.

For further information about the Company, please visit www.knightfrank.com.

(c) A Media Inc., MUMBAI, I N D I A

Independence special offer on HDFC home loans

2009-08-12T16:31:00.000+05:30

MUMBAI, AUGUST 12: The country's second largest private mortgage lender, Housing Development Finance Corporation (HDFC) Bank has come with a special Independence Privilege Offer' for its home loan customers.

The offer is a valid for a limited period up to August 15, the marks the country' Independence Day.

Under the offer the salaried individuals can avail special benefits on home loans like discounts on processing fees.

As a part of its drive, the bank is providing personalised home loan counselling and doorstep assistance to prospective customers.

Media reports quoted C V Ignatius, G.M., HDFC - Kerala saying that the offer will help the customers in buying property. He also added that the possibility of lowering of property prices from the current levels is rather low.

During the past few months, property rates have corrected concurring with lowered rates of interest. The demand for credit is yet to take off and interest rates might lower only marginally as many bankers have indicated.

The Reserve of India in its first quarter (2009-10) review of monetary policy has kept the prime lending rates and reverse repo rate unchanged. The prime lending rate of the bank currently at pegged at 4.75 percent, which is lowest in the past nine years.

However, it is expected that in near future interest rates will harden over a period of next 12 months.

The benchmark lending rate is currently pegged at 15.75 percent per annum.

(c) A Media Inc., MUMBAI, I N D I A

PNB may offer home loans at lower interest rates

2009-08-12T16:23:00.000+05:30

NEW DELHI, Aug 12, 2009: Reports in a section of the media suggests that the Punjab National Bank (PNB) is all set to announce a competitive home loan rate to counter State Bank of India's (SBI) low rate offering for the three months beginning August 8.

"But at 8.5 per cent for three years, it is marginally higher than SBI's offering," the media reports said. This rate will be for loans of upto Rs 30 lakh; for bigger loans, the rate would be 9.25 per cent or 25 basis points (100 basis points make 1 percentage point) lower than the current rate.

The bank is expected to announce this "festive offer" this week, according tyo the media reports.

"This will be a part of the festive offering by the bank," a senior official who did not wish to be named was quoted as having said in the media reports.

Despite repeated attempts, top officials at the bank were unavailable for comment, the reports said.

Between the two, SBI's offer -- 8 per cent in the first year for loan between Rs 5 lakh and Rs 50 lakh and 8.5 per cent for the next two -- is cheaper. For Rs 5 lakh and below, the bank charges 8 per cent for five years.

PNB and SBI are not alone. Housing Development Finance Corporation (HDFC) reduced its rates in July to 8.75 per cent for loans upto Rs 15 lakh and 9 per cent for loans between Rs 15 lakh and Rs 30 lakh.

These are still higher than what is being offered by SBI and what PNB has planned.

Market leader ICICI Bank, however, has not revised its home loan rates -- it charges an interest rate of 9.25 per cent for loans upto Rs 30 lakh and 9.75 per cent for loans between Rs 30 lakh and Rs 1 crore; beyond that it charges 10 per cent, according to the media reports.

(c) A Media Inc., MUMBAI, I N D I A

SBI launches 'My Home' campaign for home loans

2009-08-12T16:01:00.000+05:30

MUMBAI, AUGUST 12: State Bank of India (SBI) has launched a three-month long home loan campaign at attractive interest rates and zero processing fee to facilitate home buyers during the forthcoming festival season.
The "SBI My Home Campaign" was launched on 8 August, according to a press release.
The public sector lender said that one could borrow up to Rs 5-lakh under the SBI Hi-Five Home loan at 8 per cent interest (fixed) for five-years.
Thereafter, the customer has an option to choose between floating rate of 2.75 per cent below the State Bank Advance Rate (SBAR) or a fixed rate of 1.25 per cent below SBAR for a further loan term of five-years, the release said.
For those needing loans up to Rs 50-lakh, there is the SBI Easy Home Loan, where interest is fixed at 8 per cent during the first year and 8.5 per cent per annum during the second and third year.
After three-years, the customer can choose between a floating rate at 2.75 per cent below SBAR or a fixed rate at 1.25 per cent below SBAR.
Customers can further consolidate the gains of lower interest rates by availing SBI's Maxgain overdraft facility, the release said.
(c) A Media Inc., MUMBAI, I N D I A

Jaypee Greens KOSMOS offers 2 and 3 BHK apartments at attractive prices

2009-07-23T22:12:00.000+05:30

New Delhi; July 23, 2009; Jaypee Greens (A division of Jaiprakash Associates Limited - a well diversified infrastructural industrial conglomerate in India) introduces a new residential project "Kosmos" at sector 134 in Noida along Greater Noida Expressway. Meticulously designed, this gated community will comprise of over 3000 apartments in the configuration of 2 BHK, 3 BHK & 3 BHK + Utility room apartments with expansive landscaped greens, zen gardens, walkways, fountains and water-bodies. The apartments will be delivered in three years time.

Situated on the outskirts of New Delhi with just 10 minutes driving distance from South Delhi, this attractively priced housing project with apartments is part of India’s First Wish Town spread over 1162 acres and will provide all modern facilities and amenities that assures enormous comfort to life.

Speaking on the launch of the KOSMOS, Director Jaypee Group, Mrs. Rita V. Dixit said, “Jaypee Greens KOSMOS has been created for people who aspire to live in a home which is a part of a planned & efficiently designed gated community that offers all modern facilites”.

“It has always been our constant endeavor to bring quality construction with the best of amenities to our customers, Kosmos would include features like earthquake resistant RCC Framed building, multiple social clubs featuring swimming pool & gymnasium, access to all facilities of Wish Town such as Educational facilities ranging from Kindercrib (crèche/child care facility) to pre-university levels and other institutes, super specialty Jaypee Medical Center with state-of-the-art equipment & facilities, Recreational and Commercial hubs etc., Power and water supply back up and Multi-level security systems to name a few”, added Mrs. Dixit.

About Jaypee Greens: The Jaypee Group is a well diversified infrastructural industrial conglomerate in India. Over the decades it has maintained its salience with leadership in its chosen line of businesses - Engineering and Construction, Cement, Private Hydropower, Hospitality, Real Estate Development,ExpresswaysandHighways.

The Jaypee Group is synonymous with creating premium lifestyle experiences through exclusive golf-centric real estate. The existing 452-acre development at Jaypee Greens, Greater Noida integrates homes with landscaped greens, resort living and commercial developments amidst an 18 hole Greg Norman golf course. It is a complete lifestyle destination offering individual homes and luxury apartments. Also, the facilities under construction are boutique spa hotel & resort in collaboration with ‘Six Senses Resort & Spa’, town centre, neighborhood social clubs, conference & banquet facilities, tempting eateries and 60 acre nature reserve.

The Groups’ second real estate project- Wish Town, Noida is an epitome of extraordinary living. Spread over 1162 acres, it has been designed as a new and exciting place to live, work and play. It offers wide range of residences from independent homes to high-rise apartments and penthouses, numerous Graham Cooke designed golf facilities, landscaped parks and lakes along with excellent education facilities, international standard health care facilities, various recreational and entertainment centers

(c) A Media Inc., MUMBAI, I N D I A

MCHI announces 2nd ‘Budget Property 2009’

2009-07-17T16:56:00.000+05:30

Mumbai, July 17, 2009: Encouraged by an astounding success of the first budget property exhibitions in early 2009, Maharashtra Chamber of Housing Industry (MCHI), today announced 2nd ‘Budget Property 2009- Central and Western Suburbs’ a three-day exhibition to be held simultaneously at two locations Ghatkopar and Kandivali, to showcase the properties in the range of Rs. 10 to 50 lakhs, as well as Lifestyle Homes above 50 Lakhs.

The 2nd budget property exhibition targeted at the potential buyers from western and central suburbs will be held at two locations Raghuleela Mall, Kandivali (w) and R City, in Ghatkopar (w) simultaneously during July 31 to August 2. The exhibition will remain open during 11.00 am and 8.00 pm.

Properties from Andherti to Virar and beyond will be on display in the western suburbs exhibition at Kandivali while properties from Ghatkopar/Chembur to Mulund, Thane, Kalyan, Navi Mumbai, Panvel and beyond will be displayed in the central suburbs exhibition at Ghatkopar.

Mr. Pravin Doshi, President MCHI said, “Currently the market trend is in favour of the affordable housing and it is observed that there has been good demand for the homes across the locations in both the Western and Central suburbs. We are hopeful that the 2nd Budget Property 2009 exhibition will fulfill the dream of the several home aspirants”.

Mr. Harish Patel – Chairman Exhibition, MCHI, said, “We are sure that the 2nd edition of this exhibition will also receive a good response, as there has been huge demand for budget homes since last couple of months followed by distinctively favorable credit norms for buyers in the affordable segment that improved market sentiment significantly”.

“This exhibition though it is named Budget Property, is basically being held to help the home seekers, buy properties in both the Western & Central Suburbs, who could choose from a range of affordable properties suiting their budgets starting from Rs. 10 lakhs and going even beyond Rs. 50 Lakhs”, added Mr. Deepak Goradia – Co Chairman Exhibition, MCHI.

About MCHI: The Maharashtra Chamber of Housing Industry (MCHI), formed in 1982 is the most prominent body of real estate builders and developers in the country. MCHI brings together members dealing in real estate development on one common platform to address issues facing the industry. Members of MCHI account for 80 of new residential accommodation in Mumbai and its vicinity. MCHI helps both the Central and State governments in meeting their objectives of providing housing, which is a basic necessity. MCHI works towards raising awareness among the general public, real estate and construction industry while providing them with detailed information on projects and new developments in and around Mumbai. With over 400 well-recognized and reputed member builders and developers, MCHI is affiliated with leading industry associations like FICCI, IMC and CREDAI.

(c) A Media Inc., MUMBAI, I N D I A

Construction industry urged to adopt safe and environment friendly technologies

2009-07-15T16:11:00.000+05:30

New Delhi July 15, 2009: Union Urban Development Minister S. Jaipal Reddy on 15 July urged the construction industry to adopt safe and environment friendly technologies and work on bringing down construction costs to provide low and middle income housing, according to a media release by.Indian Builders Congress.

Mr S.Jaipal Reddy while inaugurating the three day National seminar on "Innovative Materials, Machinery, Techniques and Technology in Building Construction” organised by the Indian Buildings Congress (IBC) said “ the construction industry should use latest green technologies, including environment friendly building materials, high tech sensors for conserving energy and water, and water recycling and ample parking and open spaces while construction of safe and smart buildings and infrastructure projects”.

“We will not compromise of safety issue during Delhi Metro construction as well other coming projects for commonwealth games . All precautions will be taken to prevent recurrence of such accidents. Ministry of Urban Development is working on drafting a bill seeking to create Urban Regulatory Authority with main aim of protecting consumer rights, which once legislated will be a model legislation for other states” he said

“The private sector, which is a major player in the housing sector, must reset its priorities. So far, they had been building apartments for the rich. They must now concentrate on providing accommodation for the middle class and the poor. Housing is becoming major problem in Major cities including Chandigarh, Agra, Ludhiana, Bhubaneshwar and Jaipur apart from the four metro cities,” said Union Minister of State for Urban Development Saugata Roy, while speaking on the occasion.

“About 300 consulting engineers, architects, developers, project managers from the public sector as well as private firms from the construction industry Professionals of Government Departments, Housing Boards, Development Authorities, State PWDs Teaching and Trainings Institutes are taking parting the three day seminar to discuss the latest technologies, building materials , design, construction and maintenance in the construction sector.” said Mr K.K.Kapila, President, Indian Builders Congress .

“The main highlight of the meet will be to evolve appropriate strategies and action plans for identification, and adaptation of emerging technologies to address the problems of housing and development of cost efficient building materials. Another main focus of the meet will be on adopting green building concept resulting in conservation of energy and natural resourses” said Mr. Kapila

“ The other areas that will be discussed during the meet will include steel structures, building automation, fire and safety, water and sewage treatment plants and power generating technologies. The delegates attending the Seminar will be discussing the latest materials, design and construction technologies. The mechanized and environment friendly construction needs to be adopted for modern fast track construction, said Mr O.P.Goel, Founder President, IBC.

(c) A Media Inc., Mumbai, I N D I A

Budget 2009 and Real Estate

2009-07-11T12:40:00.000+05:30

THANE, JULY 11: The Expectations from Budget 2009 across all sectors were big - and some would say, unreasonable - as a new Government would have naturally opted for continuity and a staggered roll out of policies, given that the Budget is not the only policy instrument available to the Government today.
In general, the budget is a mixed bag which focuses on the core areas of development to ensure growth in the economy given the difficult circumstances globally. Hence the stress laid on infrastructure development which is needed to sustain growth and strengthening the rural economy which will ensure that the growth is inclusive and boost consumption and consequently demand for goods and services.
The increase in spending on infrastructure and the various ongoing infrastructure and rural housing schemes will give a boost to the Real Estate industry by way of increase in the value of Real Estate along the tracts of infrastructure development and all surrounding areas.
It was expected that there will be Fiscal Incentives to developers to develop budget homes targeted at the low and middle income group which can housing more affordable to the target groups where there is great demand but low supply with caps for pricing the product to ensure that there is no profiteering taking advantage of the policy.

However nothing came through except for an amendment in sec 80 I (B) which plugs the loop holes used to subvert the intent of providing low cost smaller size units.

The tax incentives provided to the common man could lead to an increase in disposable income and the macro steps taken by the Government to increase expenditure to kick start growth and increase employment will have an overall impact on all sectors which may see a revival very soon. The consequent improvement in sentiment, hope for stability in jobs, reversal of wage cuts, decrease in housing loan rates, etc which can happen in the near future , will positively impact the Real Estate market with a revival in demand.

A.Shyamsunder is ED & COO, Disha Direct Marketing Services Pvt.Ltd.

(c) A Media Inc., MUMBAI, I N D I A

Ishanya creates a unique platform for Architects and Designers with the launch of Design Service

2009-07-11T00:11:00.000+05:30

PUNE, JULY 10: India’s largest Design Centre and Specialty Mall for Interiors and Exteriors, ISHANYA, on 3 July announced the launch of its Design Services - a first of its kind platform for the Architects & Designer community, to execute their diverse range of projects. With the launch of Design Services, Architects and Designer community will now be able to avail complete Design Solutions for their projects under one roof with convenience and cost effective prices. Pioneering the concept, Ishanya also tops the list to be the first retail destination in India to offer this unique service.

The customary approach for designers or architects is to invest ample time and energy scouting different locations to procure varied range of products. The next bigger challenge is cost-effectiveness. With Ishanya’s Design Services, this cumbersome procedure is now streamlined. Ishanya’s dedicated Design Team, who are professionals drawn from design background, collaboratively work and assist designers on their assignments. Beginning with understanding the design plan in discussion with the designers, the Design Service Team identifies their product requirements and accordingly suggests various options available with the stores at Ishanya. Based on drawings and quality discussions with the designers, the Design Service Team uses its expertise to decide on the color schemes and arranges samples for the clients. With approvals, the Design Service Team returns to the appropriate store to further negotiate and hand over the most competitive quotations to the designers.

Thus with its holistic approach, Design Services is aimed to provide specialized, creative and knowledge based consultancy to the architects and Designers in a convenient and cost-effective manner.

Commenting on the launch, Mr. I.S. Narula, President& CEO, VARE & Retail Business said, “With the introduction of our unique Design Services, the Architects & Designer community can breathe a sigh of relief from the tedious coordination required with various vendors & suppliers for variety of products. Also Ishanya is all set to fulfill its commitment to the Architecture & Design community by bringing ideas, expertise and solutions under one roof with competitive prices and varied range of products.

Adding further he said, “I am also proud that Ishanya is the first retail destination to launch this exclusive service which will create a distinctive platform to aid the functioning of Architecture & Design community.”

Other facilities offered to Architects and Designers under Design Services include free pick and drop facility within Pune on weekdays, free brunches on Sunday where they can grow business or do a little shop-talk and use of amenities like the Business Centre at Ishanya.

About Ishanya: Ishanya is a single sourcing point for 52 categories of products and services, materials and knowledge, drawn from across the best in India and across the globe. With over 5000 brands, Ishanya offers very wide choices right from the truly price competitive to the ultra-designer league. Ishanya is emerging as a pan-India platform for architects, designers, manufacturers, consumers and also the arts and culture community. By night Ishanya will convert into the cultural hub of Pune and form the backdrop for performing arts, music and multi-media shows or even a venue for corporate events. Ishanya is truly unique as it offers art galleries, specialized centers for design, training and research, seminars and exhibitions, features that will truly make it a design destination like never before. Moreover, it is the only Design Centre endorsed by the Indian Institute of Interior Designers (IIID) and Confederation of Construction Products and Services (CCPS).

(c) A Media Inc., MUMBAI, I N D I A

ZICOM INTRODUCES ‘SAFE HOMES’

2009-07-08T20:12:00.000+05:30

Mumbai, July 08, 2009: Zicom Electronic Security Systems Ltd., India’s leading electronic security solutions company, through its subsidiary company Zicom Retail Products Pvt. Ltd. has introduced ‘SAFE HOMES’ with an aim of protecting what you value the most – your life, your family’s lives and your assets. SAFE HOMES is a unique value proposition that not only takes care of the consumer’s security and safety needs but also gives good returns on the investment made by the customers in terms of saving on repair charges of electrical and electronic appliances.
The major components of ‘SAFE HOMES’ are –
Wireless Home Alarm System –It consists of Main Panel, Magnetic Contact, Remote Control and Hooter. The system detects and alarms any intrusion that happens while you are at home or away from home. It also has a facility to connect to Zicom’s Central Monitoring service in case of any emergency by pressing the panic switch on the remote control.

I-Alert ( 24/7 Central Monitoring Service) – It works 24 x 7 , 365 days a year. It is connected to the main panel via a telephone line. In case of an emergency or break in or fire, Zicom’s well trained Executives contact the emergency numbers within minutes of getting an alarm.

Insurance: Against theft, burglary, fire, earthquake, lightning, flood and inundation upto Rs. 2 lakhs
Against breakdown of electronic and electrical appliances. - There’s more to Safe homes than just protection. Zicom introduces a unique Insurance cover that reimburses expenses incurred on repairs of electronic and electrical appliances upto Rs. 40,000 and that too without deduction of depreciation.

According to Santonu Choudhury, CEO – Zicom Retail Products Pvt. Ltd., “This product is a pioneering initiative offering complete peace of mind to the people of our country as it not only protects you against fire and burglar, it also protects your savings by providing you insurance against breakdown of electrical and electronic appliances thereby protecting what you value the most. We have gone a step ahead to think beyond just security. By providing 24/7 central monitoring service, we complete the security ring because an alarm system without an immediate response-to-action is of no use, at all”

SAFE HOMES is priced at just Rs. 9990/- and is available in all our retail outlets. To avail of this product, you can call on the toll free 1800 22 4567 or 1800 270 4567 4567 (MTNL or BSNL Landlines) or SMS Zicom to 58888 or log onto www.zicomretail.com

Zicom, an avant garde in the security sector, has successfully executed several landmark projects like Mumbai Traffic Surveillance System, Kolkatta Metro Railway, Siddhivinayak temple, B-TRAC 2010 Bangalore Traffic Surveillance, Western Railway and surveillance at the Supreme Court and is now here to protect your homes and your shops.

About Zicom Electronic Security Systems Limited: Zicom Electronic Security Systems Ltd is the leading electronic security solutions provider in India and currently caters to all segments of the industry from highly secured sites like banks and Airports to retail shops and homes. Sensitive to the needs of every industry in the security domain, Zicom has diversified the company internally to concentrate and focus on each segment. Group Zicom has in its fold Zicom CNA Automation Ltd. a Joint Venture company between Zicom Electronic Security Systems Ltd. and CNA Group that addresses the needs of very large corporates and builders as far as connected real estates and Green Buildings are concerned, Zicom’s Special Projects Group caters to special security requirements of Government and Public Sector Units. Our Building Solutions Group customizes security solutions for all commercial complexes, malls, offices, factories, manufacturing units and banks and Zicom Retail Products Pvt. Ltd., a subsidiary of Group Zicom caters to the requirements of home and retail.

Since its inception in 1995, Zicom has always driven the market with innovations. Zicom pioneered the concept of Central Monitoring Station and Video Monitoring Station in India. Its customers include several large Indian and multinational companies in the field of InfoTech, telecom, media, banking, finance, industries etc. as well as various public sector and Government units and more.

(c) A Media Inc., MUMBAI, I N D I A

‘Housing should have received Industry Status’ says Sukhraj Nahar, Chairman, Nahar Group

2009-07-08T20:04:00.000+05:30

MUMBAI, JULY 08: Sukhraj Nahar, Chairman of the Mumbai-based Nahar Group, said that the Finance Minister has made encouraging announcements on the Infrastructure front in Budget 2009-10 including higher public investment in infrastructure, key role given to IIFCL, hike of 87 per cent in JNNURM allocation, increase in infrastructure investment to over 9% of GDP by 2014 and spending of Rs. 12000 crore on rural roads.

"Similarly on Housing, especially for the poor in rural and urban areas, he has made huge provisions," said Sukhraj Nahar.

He added, “These steps, no doubt, will give a major boost to the construction industry. However it is disappointing that despite being the second largest employer in the country, the Housing sector has not been considered for receiving the much deserved industry status."

Sukhraj Nahar said he strongly believed that such recognition would bring about discipline essential for successful implementation of Government’s mega housing plans for the poor.

He further added that measures to bring down costs of some of the key raw materials like cement and steel required by the Infrastructure and Housing sectors were missing.”

(c) A Media Inc., MUMBAI, I N D I A

2009-07-07T19:48:00.000+05:30

From Mumbai's Western Suburbs, Real Estate Expert Mayur Baxi shares his views on the Union Budget 2009-10

1) From a real estate perspective, did u feel the budget has anything that will stimulate growth?

Purely from the Real Estate view point, I do not believe that the FM has been able to do anything that would stimulate growth, none of the areas that would & could make this industry stonger & better, or that it has been given any incentive worth mentioning. I truly believe that the FM & the Govt have missed a "GOLDEN OPPORTUNITY " to have done something concrete, for not only the Real Estate Industry but could have taken our GDP to an even higher Trajectory or at the least maintained the growth rate,

2) Will the budget encourage home seekers to go out and buy a home?

I do not see any incentives to encourage home seekers to come out in droves, because of any steps taken by the FM in this budget. In fact. I will call it a "Status Quo" budget.

3) Will home finance become attractive post the budget, and will home seekers take a 'buy' decision based on the same?

Whatever was happening yesterday, in the Home Finance Market will keep happening tomorrow also, there is nothing that I heard in the Budget presentation to tell me otherwise.

4) From a construction perspective, do you see the budget providing any positives at all?

None, whatsoever, except continuing for atleast 1 more year, what was already available.

5) And finally, compared to what u were expecting - how did it turn out?

For the Real Estate Industry, this was an extremely "DRAB BUDGET", for India & its economy, in the Long & Medium term. I believe it's a Good - maybe a little less then good - budget. Maybe after the upcoming Assembly Elections are over, the FM will be able to present a BUDGET, which will be more Exciting & Progressive.

(c) A Media Inc., MUMBAI, I N D I A

Budget 2009-10 came as a hope for the real estate and infrastructure sector, though it did not fulfill the high expectations

2009-07-07T19:07:00.000+05:30

Ashok Kumar, Country Head (India), CresaPartners comments on the Union Budget 2009-10

From a real estate perspective, did u feel the budget has anything that will stimulate growth?

The Union Budget 2009-10 came as a hope for the real estate and infrastructure sector, though it did not fulfill the high expectations raised by various market players. The impetus for infrastructure development will happen in the long run but the short term expectations from the budget have not been met and to that extent it is disappointing..

Wil the budget encourage home seekers to go out and buy a home?
There were expectations for affordable housing, and income tax exemptions on housing loans, which would have helped push sales. There has been no real impetus directly for the real estate sector. Overall it has been a balanced budget with rural and urban focus. The aim to make cities slum free can indirectly benefit real estate. The increased allocation for employment could lead to overall demand.

Will home finance become attractive post the budget, and will home seekers take a 'buy' decision based on the same?
Budget lack action on increasing tax exemptions on housing loans, principal repayment and interest. This is disappointing for HFC and individual.

From a construction perspective, do you see the budget providing any positives at all?
The fact that India Infrastructure Finance Company will be given more flexibility and has been authorized to raise Rs 100,000 crore in for the development of the infrastructure sector is an indirect boon to the real estate industry. Of late, an increasing number of infrastructure projects have a real estate component by virtue of a cross-subsidization principle. Therefore, boosting infrastructure projects gives an impetus to real estate, as well.

And finally, compared to what u were expecting - how did it turn out?
No mention was made on the undoing of service tax on rentals which were introduced in the previous budget. This is going to put pressure in terms of commercial and retail leasing in this down market. But we hope FM will continue to announce some relief for sector beyond budget date .
Allocation for JNNURM has been substantially increased. This is good news for urban infrastructure in general. JNNURM has been instrumental in proving road and rail connectivity in urban and suburban areas, and this will give a significant boost to mass housing schemes on the peripheral of the metros.
The Budget did not mention FDI into the real estate sector or REITs and REMFs.
The abolition of Fringe Benefit Tax [FBT] will benefit all industries including real estate। This tax was more of a nuisance tax that meant tremendous amount of work load, while denting the bottomlines of companies. Its abolition would mean improvement in the bottomlines of real estate companies to some extent.

Budget has sent the right signals to the Infrastructure industry

2009-07-07T18:51:00.000+05:30

Reaction to Union Budget 2009-10 by Anil Sethi, Chairman, Subhash Projects and Marketing Limited (SPML)

“The Budget has sent the right signals to the Infrastructure industry and should provide the necessary fillip to accelerate the overall growth and development in the country. It seems that there is emphasis on Infrastructure development. The government has stated that bottlenecks for speedy implementation of infrastructure projects will be removed to ensure that sufficient funds are made available for this sector.

Allocation for the National Highways Development Programme being increased by 23 per cent, Jawaharlal Nehru National Urban Renewal Mission by 87 per cent and Accelerated Power Development and Reform Programme by 160 per cent are a definite welcome signal for renewed growth across the board. Rajiv Awas Yojana, the new scheme introduced with the aim to make the country slum free in the next five years is a progressive initiative”.
(c) A Media Inc., MUMBAI, I N D I A