Realities Magazine

real-

ties TM

Kolkata’s only real estate magazine I Vol 9 I Issue 2 I July 2013

real-

ties TM

K o l k a t a’s o n l y r e a l e s t a t e m a g a z i n e

Trusted by high-profile businessmen, corporate professionals, developers, architects, brand and retailers, investors, commercial buyers, residential buyers, HNI and more.

Call 033 4040 1010 | realties@nkrealtors.com

“Share and reap, rather than stock and consume” Harshavardhan Neotia What inspired The Salarpurias to come back

“How we can transform kolkata into london” Sushil Mohta interview with Nakul Himatsingka on Sealdah’s rebranding

WHAT MAKES KOLKATA’S REAL ESTATE still

Affordable

 Cover Story What makes Kolkata’s Real Estate still

affordable N. K. Realtors (P) Ltd.

9, Elgin Road (4th Floor), Kolkata – 700020, India Tel: 033 4040 1030 Web: www.nkrealtors.com For feedback, write to us at wecare@nkrealtors.com

Mudar Patherya explains how despite the escalation, there could still be a case for Kolkata’s realty market to be investable.

 INSIDE Editor: Biplab Kumar Co-ordinator: Sanjay Adhikary Proof reader: Sandip Das Distribution: Abhijit Kar and Bandhu Sundar Ghosh Database management: Sonti Nag Advertising: Anuraj Dhar (+91 9674107979) Creative: Cover photo: Suvomoy Mitra

Mujhe gussa kyon aata hai!

Sanjay Jain highlights how his Siddha Group is addressing the growing problem of apartment unaffordability with a focused business model......... 04

One of Kolkata’s first ‘intelligent’ buildings Architect JP Agarwal explains the science that went into the building of PS Srijan Techpark in Salt Lake, one of Eastern India’s first ‘intelligent’ buildings .............................................06

The biggest project in North Kolkata An insight into how the launch of Emami City has begun to transform North Kolkata’s recall into the ‘next big thing’ in Kolkata’s residential realty segment ............................................... 18

DISCLAIMER The publisher, contributors and editor are not responsible in any way for the actions or results taken by any person or organisation on the basis of reading information, stories or contributions in this publication. The views expressed are their own.

For all real estate queries, please call the customer care at: 033 4040 1010 anytime between 8 a.m. to 10 p.m.

(IST), 7 days a week.

Content published in Real-Ties is an exclusive intellectual property of the Department of Public Relations and Corporate Communications – N. K. Realtors Pvt. Ltd. N.B. For free circulation, not for sale.

July 2013 /real-ties/02

Transforming Kolkata into London Sushil Mohta explains some simple reforms for Kolkata’s real estate sector that can bring the zing back into the sector and the city.............................. 36

Gossipwallah What’s the grapevine in Kolkata’s real estate sector? The proverbial fly on the wall picks up interesting stuff........... 40

N. G. Khaitan finally in the dock!

Prominent real estate lawyer NG Khaitan wears a different hat, advising prospective apartment buyers of how to study long-winding purchase documents........................................... 42

 Editorial

A new look Real-Ties!

Dear reader, It’s quite amazing but Real-Ties is Kolkata’s only magazine in a real estate sector valued at approximately `87,000 cr in annual revenues – and rising. In fact, Real-Ties is more than that; it is probably Kolkata’s only city magazine (English).

Starting this issue, we have revamped the magazine to make it more contemporary (textually and visually) to reflect the aspirations of a modern city.

Our objective is not just to inform; it is to entertain. The goal is not to profit from it (which explains why it is un-priced) but to educate customers. Plus: enhance city pride, engage in a debate for the city’s benefit, celebrate positive change makers, draw ideas from the rest of the world that can do us good. In short, everything that could be good for Kolkata.

No magazine can hope to succeed when the communication is one-way. So you are welcome to dissent or agree with the views of the various writers within this issue. So engage in an e-adda by simply writing to us at wecare@nkrealtors.com.

Regards, Team NK

Suvomoy Mitra’s Kolkata This maverick photographer takes off on a trip into the heart of the city and emerges with remarkable pictures of what the city stands for ..................... 24

Interior Designer of the Quarter A peek into the mind of Vinoo Chadha, one of Kolkata’s busiest and most prominent interior design architects.............................................. 44

CSR Harshavardhan Neotia of the AmbujaNeotia Group explains the philosophy that drew his real estate development towards an institutionalised corporate social responsibility ...................................... 30

Pssst…what’s the latest?

Where do you buy some of the trendiest stuff in the city? Where do you get only eco-friendly products?

What’s the latest in lights? ................46

Q&A An interview with Nakul Himatsingka who highlights how prudent pricing and brand building of his Sealdah project translated into a landmark transformation for the entire pincode ............................................... 32

Where should you put your money?

Mudar Patherya sticks his neck out to identify where he would buy an apartment with his spare cash – on the grounds of quality, accessibility and appreciation ........................................ 50

We came back A story of what inspired the successful Salarpurias, credited with the transformation of Bangalore’s realty sector in the last couple of decades, to return to their Kolkata roots............. 34

Freewheeling Mudar Patherya takes an offbeat call on something that affects most home owners today – domestic theft .........56

July 2013 /real-ties/03

Mujhe gussa kyon aata hai!

Strategy

By Sanjay Jain, Managing Director, Siddha Group

W

ill India’s

realty boom only extend to the rich and upwardly mobile?

And this is the biggest irony.

In most core national consumerfacing sectors, the bottom of the pyramid is usually its most attractive. In India’s realty sector, the opposite is true. No Indian realty brand wants to enter the low-cost housing segment.

else’s existence?

At Siddha, we have dared to be contrarian. Look at the writing on the wall: the demand for super luxury homes has begun to decline (a number of large format homes in Noida are unsold) while homes in the `30-40 lacs price range are robust

will make homes for the really

and the really affordable segment

middle-class? What about the

of around `10-20 lacs remains

aspiring lower middle-class? Will

largely unexplored.

wishing they lived somebody

July 2013 /real-ties/04

• We kept the cost low; we

made a serious entry into this

marketed each apartment at

space while the markets were still

around `8-12 lacs

in the middle of the economic slowdown. We re-designed Siddha Town

We re-designed Siddha Town (Rajarhat) from a high-cost showpiece to a ‘low-cost, yet high quality’ model.

This is a disturbing trend: who

they have to live their lifetime

a contrarian play; the company

In 2009, Siddha embarked on

(Rajarhat) from a high-cost

(materials, construction, contractors, vendors and workmanship)

showpiece to a

• We made modern homes

‘low-cost, yet

(elevation, open space, landscape

high quality’

and ventilation)

model. Skeptics said we were

doomed. But when we launched in October 2009, the project proved an instant success.

This is how we pulled the difficult off:

• We provided excellent quality

• We created plug-and-play homes as opposed to developers who provided raw house equivalents (no door frames!)

• We selected prudent locations; not too close to the city for the land cost to be prohibitive;

For us, the future is already here.

not too far either for it to be inaccessible.

across the not-so-distant future.

At Siddha, we have already

So even as most builders feel

altered our business model to

that the cream of the segment

proactively adapt to the emerging

lies at the higher levels, we are

environment.

convinced that the markets of

Most of our

the future lie in Madhyamgram,

launches are

Khardah, Narendrapur, Barasat

‘commercial

and other such areas from where

low-cost

the new Kolkata will emerge.

housing’

This sizable population segment of the city’s middle-class are large savers and aspiring; it is

priced at around `30 lacs.

embark on a low-cost model for

we expect to deliver 1,500

the Rajasthan government where

commercial low-cost Kolkata

we are building around 400

apartments (`30-50 lacs) every

houses marketed at around `2.5-7

single year.

lacs each, including the ones

We are convinced that the markets of the future lie in Madhyamgram, Khardah, Narendrapur, Barasat and other such areas from where the new Kolkata will emerge.

this segment of the not-so-rich

At Siddha,

that will progressively replace

we possess

the urban rich and emerge as

an experience in this niche. We

the preferred customer segment

were the first realty group to

meant for the economically weaker section (EWS).

To this priceconscious segment, where we possess reasonable

experience, we are bringing

So for all those people who are convinced that the future of India’s real estate sector lies in its mid segment, we at Siddha have something different to state: for us, the future is already here.

Sanjay Jain is the Managing Director of Siddha Group. He has been responsible for ideating and implementing high-value real estate projects over the last 20 years.

the magic of scale. At Siddha,

July 2013 /real-ties/05

“While designing PS Srijan Tech Park, I recognised that if the place did not help reduce workplace stress, it would not achieve its objective.”

“My first approach was to convert the workspace into an institution of worship, where one could learn and live in the genuine sense. What is missing in today’s workspaces? What is that one need that humans can’t survive without? My answer: Interaction with other human beings.”

“The biggest problem with any office building? Take Tata Centre or the Birla Building, for instance. The moment you enter, you see a lobby and then a lift where you wait in queue, enter, rise to your floor and enter your cubicle. A factory.”

“It is important for workspaces to be more than just workspaces. Which is why I have named my own office ‘Worship House’.”

“When is the last time that an office interior encouraged you to go there 30 minutes in advance or stay back longer?

Or, when a workplace got a 30-45 minute break, it inspired people to spend time within and not stand on the footpath?”

Responsible architecture

‘intelligent’

building How JP Agarwal made PS Srijan Tech Park one of the first truly ecology-friendly buildings in kolkata July 2013 /real-ties/06

PS SRIJAN TECH PARK * DN-52, Sector V, Salt Lake * Registered with USGBC under their Leed Rating Programme; achieved Leed Gold Rating * 16-storied building; built-up area of 4.2 lacs sq ft

“We maximised glass use (ceiling to floor) for people to see the outside environment without the heat impact.”

“My first approach, when designing

Most buildings use natural resources (marble

“We maximised glass use (ceiling to floor)

PS Srijan Tech Park, was to look at options -

and wood) in construction; the materials

for people to see the outside environment

comfortable and cosy - where one would be

used in PS Srijan are as environment-friendly

without the heat impact. The ‘double glazing’

able to interact. The result is that 50 percent

as possible. Besides, we recycle 100 percent of

glass (DGUV quality) is energy-efficient

of the ground floor is open. Before one enters

the water inside our system; even the water

glass, which cuts 95 percent heat intensity.”

the lobby, one encounters nearly 6,000 sq ft of

used in the toilets is taken to an effluent

open space, which can easily accommodate

treatment plant for onward reuse.”

more than 100 people.”

“We invested in an Energy Recovery Wheel to infuse 10 percent fresh air into the system.

“The monsoon rainwater is saved in a

The fresh air from the outside is exchanged

“The operative word is ‘interactive’. We

200,000-litre water tank so that we don’t draw

with the internal cool air inside; the cold air

created a place where people would be

any water from the AC plant.”

imparts its coolness to the fresh air and as a

comfortable enough to talk about ideas, concepts, experiences and gossip. We created a hub keeping in mind the working profile – more than 80 percent of the working

result the air that goes out becomes hot – an “The IT industry generates waste (plastic

energy recovery wheel.”

and consumables). We maintain three bins to collect the waste (recyclable and non-

“It is important for workspaces to be more

recyclable and within the latter, naturally

than just workspaces. Which is why I have

decomposing and otherwise). Besides, we

named my own office ‘Worship House’.

have an LPG fuelling station with specific car

Nowhere will you find ‘Agrawal and Agrawal.’

“This is a Gold Rated Green Building. In

parking for LPG vehicles to encourage their

I don’t want my colleagues to feel that they

any inefficiently-designed workplace, an air

use.”

population below 30 and at least 40 percent unmarried.”

conditioner consumes 18 watts per sq ft; in an efficient workplace like ours, this has declined to 14 watts per sq ft – a 40 percent saving.

have come to work. On the contrary, they should feel ‘This is my place of worship and I

“Our building is a no-smoking area; you can’t

love it here.’”

even go to the balcony and smoke.”

July 2013 /real-ties/07

July 2013 /real-ties/08

Land area:

22 acres Number of blocks:

38

Number of floors:

G + 7, G + 15

Number of apartments:

2,096

Unit size:

2BR - 796 sq ft, 973 sq ft 3BR- 1,236 sq ft; 1,377 sq ft and 1,524 sq ft Open space:

78 percent

Completion time:

March 2012 - December 2014 Location:

On B.B.T Road, 20 minutes from the proposed Taratala Metro Developer:

Eden City Group

The developer speaks: “The project is equipped with all sorts of modern amenities and facilities. One of the biggest USPs is the Indian Football School (IFS), inaugurated by the legendary Diego Armando Maradona. All units are open on four sides overlooking vast expanses of open space (78 percent). The project is surrounded with 1,800 trees. There is a 65 feet gap between the towers ensuring enough space for proper light. The biggest attraction of the project is a unique plan called ‘EM Power’ where buyers can save a large amount of money after purchasing their flat. They are not required to pay the ‘pre-EMI’ before they acquire possession. We also offer an efficient home gain scheme, ‘stay now, pay later’ where you need to pay only 20 percent of the amount and start living in your flat. Your EMI for the bank loan will start after one year of possession.”

Contact: 033 4040 1010| Email:sales@nkrealtors.com July 2013 /real-ties/09

Numbers

120,000

(` per sq ft). The deal at which the June 2012 sale of an apartment in Tahnee Heights on Mumbai’s Napean Sea Road, the highest in India, was struck.

60,000

The extent of real estate (square feet) owned by actor John Abraham in Mumbai and Los Angeles.

5,500

The indicative average cost of real estate in Monaco ($ per square feet), the most expensive real estate piece in the world.

88

Percent of construction for the London Olympics completed a year ahead of the opening ceremony in 2012.

5,800

The value (` cr) of Antilia (home of Nita and Mukesh Ambani, the most expensive in the world). Valued in excess of $1 billion. 27 stories.

400,000-square foot. Six underground parking levels. Three helicopter pads. Ballroom. 50-seat movie theatre with a snack bar and ‘health’ level.

Manned by a staff of 600. And yet, the maalkin selected to buy her Noritake cutlery from Colombo ….because it would be cheaper.

1,300

The car parking capacity (number of cars) at South City Mall, the largest across any mall in Kolkata.

40-80

The percentage of people who live in rental housing in Bangkok, Berlin and New York.

59

The percentage of homes lying vacant in India (from the 18.78 million new homes built between 2007 and 2012).

International floor area ratios Remember that iconic picture of Marilyn

17 Bahrain

2.8 Singapore

Monroe and her flying skirt and wondered how the hell you could get a similar shot? Apparently, the answer is simple. Just pose in front of Flatiron Building on Twenty Third and Fifth and Broadway, New York. And of course, thank

8

Bangkok

2

India

the FSI. FSI? Absolutely. This is the background: decades ago, the New York municipality approved FSIs of up to 30, which meant that really tall skyscrapers could be built on small patches of land. So far so good. More such

13

Los Angeles

10-15

New York downtown

12

Hong Kong for commercial buildings

buildings began to be created. And that’s when something curious emerged. Wind tunnels.

Wind trapped between buildings accelerated causing inconvenience and damage. The Americans have converted it into a fancy theory: for every 30 stories you rise above ground level, wind increases 20-25 mph. What this also means is that a 75 mph storm at ground zero becomes a 95-100 mph gale at the 30th floor and a 125 mph hurricane at the 60th floor!

July 2013 /real-ties/10

Quotes Mr. Harshavardhan Neotia, Chairman, AmbujaNeotia Group, Business Standard, 24th February, 2013 “The problem in the real estate market in Kolkata is not with demand, but with land. Whatever land is available, it is divided in smaller parts, which makes it difficult to launch mega projects.”

Mr. Sushil Mohta Managing Director, Merlin Group, Times of India “The Real Estate Regulation Bill could be a duplication of rules over the West Bengal Building Act, 1993, which was operational for more than 10 years. This will be another window of clearances detrimental for the sector’s development. There is corruption at different levels already when it comes to getting sanctions, approvals and clearances. This may be another window for such malpractices.”

Mr. Firhad Hakim Urban Development Minister Times of India, April 11, 2013 “A need has come to amend the building laws to tackle the problem of illegal construction. We are planning to make an audit of all high-rise buildings, engaging an agency to see whether the buildings have been constructed following the sanctioned building plan and what deviations have been done.”

The upcoming Real Estate Bill and how home buyers stand to gain and lose The Union Cabinet recently approved the draft Real Estate (Regulation and Development) Bill 2013 that allows for the creation of a regulator in the real estate sector. Once passed by Parliament, it will be subsequently adopted by each state. The Bill applies to residential properties only.

How buyers stand to gain

The shortcomings

1. Stress on timeliness and adherence to

1. This is applicable only to new

specifications.

projects.

2. Mandatory projects disclosure on the

2. While the Bill penalises developers

corporate website, making ad hoc project

for failing to deliver on time, there is no

changes difficult.

clarity on what happens if the delay is due

3. Separate accounts for each project

to the failure of government agencies to

making funds diversion clearly trackable.

provide timely approvals.

4. Developers will be prohibited from

3. While the Real Estate (Regulation

marketing projects before all necessary clearances and obtaining a certificate of registration from the authority.

and Development) Bill seeks to provide a uniform regulatory environment, real estate is a State subject.

5. The Bill lays down punishment with imprisonment up to three years or a penalty that may extend to 10 percent of the estimated cost of the project (or both) in the event of transgression.

Government has a role in project delays too

Here’s an estimate of how much time various approvals take.

Conversion of Land use

Jhumpa Lahiri Pulitzer Prize winner

“There is a big change in Kolkata. There are new constructions and the drive from the airport looks so different ... there are many malls ... I am seeing much more of America here now. There is Kolkata inside me; this city is where I spent a lot of time as a kid, where I got married... a place where I come back to.”

8-12 (months)

Project letter of intent and licence / Intimation of Disapproval (IOD) Pre-construction approvals from state level bodies* Pre-construction approvals from central bodies*

4-6 6-8 5-7

Approvals for construction plan sanction

5-7

Approvals for commencement of construction

2-3

Construction period

24-30

Inspection and approval procedure for building completion Occupancy certificate receipt from date of completion of above

2-3 2-3

Approval process after land acquisition till commencement of construction (24-32 months)

Months

0

12

24

32

60

65

Source: The Economic Times, June 10, 2013

July 2013 /real-ties/11

Suvomoy Mitra

ry o t S r C ov e

WHAT MAKES KOLKATA’S REAL ESTATE

affordable July 2013 /real-ties/12

E

e

MUDAR PATHERYA EXPLAINS HOW DESPITE THE ESCALATION, THERE COULD STILL BE A CASE FOR KOLKATA’S REALTY MARKET TO BE INVESTABLE

A A A

journalist from a prominent Kolkata English newspaper indicates that he has been looking for an ownership apartment but can’t get anything less than a crore in downtown Kolkata.

senior legal personality has savings of a crore but finds that if she buys an apartment, she will have no cash buffer left to look after herself in old age.

young friend is putting off marriage because she will need to move from her PG accommodation into an apartment of her own which she will not be able to afford right now.

The big question: Is Kolkata outpricing itself?

The best of Alipore apartments were available a decade ago for around `4,000 a sq ft. Today, the opening rate of an apartment in New Town is `4,000 a sq ft, even as the Alipore equivalent is now being quoted in excess of `13,000 a sq ft. For all those who felt that Kolkata real estate prices would decline following the 2008 economic slowdown, prices have continued to increase regardless.

still

The most amazing showcase of this trend is Rajarhat, where prices have doubled in the last five years, even as occupancy and infrastructure continue to be in a developing mode and one can buy as many apartments as one wants at will. Economists had traditionally explained that prices rise when demand exceeds supply, but in this case the opposite has prevailed.

July 2013 /real-ties/13

“The problem is that over the last five years, real estate has broadly quadrupled in Kolkata whereas net savings have not,” says Hozaifa Khairullah, a corporate analyst. “The immediate impact is that for all those, who could hope to move into their own apartments by 35, may now need to go further away from their desired location or simply opt for the mortgage option with a longer tenure.”

Answering the riddle

customer sets,” adds Agarwal.

Interestingly, the government needs to play a key role in moderating realty prices and making the city relatively affordable for its residents, businesses and intending entrants. Official multi-window clearances still take at least two years to clear during which time the cost of debt used to fund land acquisition needs to be paid, adding to the overall cost at which the property can be

So, even as the Indian economy is

marketed. Besides, Bengal is still

slowing, why are real estate prices

the only state in India to cling to

rising? “There could be a number

an outdated Urban Land Ceiling

of reasons for this,” says Pawan

Act, which makes it difficult

Agarwal, Managing Director, N.

to acquire large tracts that can

K. Realtors, eastern India’s largest

address the residential needs of a

realty marketing company, “but

growing middle-class. “The one

the biggest point is that based on

point that merits government

Kolkata’s eminence as the largest

attention is the low floor space

city in Eastern India, the city

index (FSI) ranging between 1.5

continues to draw investments

and 3, which, if it were relaxed

in offices by companies

on the higher side, would bring

intending to set up their regional

more supply into the market,

headquarters in the city, which

help moderate prices and make

in turn translates into higher

the city more affordable,” says a

employment, incomes and need

Kolkata real estate marketing

to move into better homes.”

agent. “For instance, the

There is also the role played by accelerating urbanisation. In 2001, 27.81 percent of India lived

Hyderabad FSI policy could well be adopted: the city has an unlimited FSI and the result is

that one can buy into the best

one owns one’s private transport.

places in Jubilee Hills and Banjara

People like us resist moving

Hills for as low as `11,000 per sq

to moderately-priced distant

ft. The removal of different types

pockets only because the quality

of taxation and relaxation of the

of Kolkata’s public infrastructure

Urban Land Ceiling Act could

has not kept pace with economic

bring more supply and national

growth. The result is that we are

builders into the Kolkata market,

willing to pay higher and higher

which would benefit customers

for living closer and closer.

as prices then would not increase rapidly, widening the market for

Interest burden

all kinds of people. This would

And then comes the interest

lead to greater supply.

factor. Over the last few years,

Infrastructure

31.16 percent (and projected to increase to 40 percent by 2030).

“We have encountered a number of instances of families in Siliguri or Tezpur or Kulti or Dibrugarh moving into Kolkata for relatively better prospects. Besides, NRIs, wanting one foot at home, are buying apartments in Kolkata for their retirement. The numbers prove this: 35-40 percent of all our real estate offtake in Kolkata is being generated by these two

July 2013 /real-ties/14

back of high inflation. A high

The quality of infrastructure

interest rate environment means

(roads and transportation) is also

that promoters who fund their

playing a critical role in making

projects through debt will need

high real estate costs even higher.

to generate a higher return

On a normal day, it takes me half-

than the cost of capital, which

an-hour to get from my office

inevitably translates into higher

near Menoka Cinema to Park

apartment prices. “If a promoter

Street; on a bad day this becomes

is paying around 15 percent as

an hour. Besides, one trip from

cost of capital, then it would be

my office to Salt Lake means

reasonable to believe that he

that half the day is consumed.

would be looking to generate at

The Kolkata Metro, which was

least a 22-24 percent internal rate

commissioned in 1985, still

of return from the project, which,

remains single line with no

when coupled with a rising

clarity on when (or whether!)

cost of land, would translate

the second line from Howrah to

into a higher sticker price per

Sector V will be commissioned.

apartment. Ultimately, it is the

Someone wanting to commute

customer who would have to

from New Town into the city

pay for the higher interest and

will find it forbidding even when

apartment cost,” says Adnan

in its urban cities and towns, which has now increased to

interest costs have risen on the

Hamid, financial analyst.

What people want to buy A study was conducted by N. K. Realtors to understand what customer really wanted to buy.

This is what Eastern India’s largest realty marketing company discovered after around 16,000 enquiries. n Apartment below `25 lacs: 16% n Apartment between `26 lacs to `50 lacs: 57% n Apartment between `51 lacs to `100 lacs: 21% n Apartment above `100 lacs: 6% Result: Kolkata developers need to revisit their product mix offerings!

Still affordable Even as real estate prices have risen, there is still a case for affordability. On the one hand, Kolkata is probably the cheapest of the metro cities in India from a real estate pricing perspective, which makes the city attractive for knowledge-driven industries.

The decision of TCS to double headcount to 16,000 over the next few years indicates that there is still an arbitrage opportunity

Sales in the premium housing segment are slow because of supply more than demand; off-take in the mass-end of the market continues to be brisk

left between the cost of people

So whether one likes it or not,

of contiguous areas could

cum real estate in the city and

Kolkata realty prices are more

experience dramatic re-pricing;

other Indian centres.

likely to increase if one takes

once the Howrah-Sector V link

a long-term perspective into

looks like becoming a reality,

account. I don’t see a mandi in

all the locations on the route

this sector for the next 20 years

will be re-priced. Two, the

at least.”

transformation of the use of

“Besides, to understand where the Kolkata realty trend is heading, one needs to comprehend the place of India in the global world,” says Pawan Agarwal. “India is underconsumed when it comes to residential life quality. Besides, the industry and service sector penetration in India is still a number of years behind even China, forget the developed west. Gradually, as India moves to where standards in these countries are today, more real estate will have to be consumed, which will inevitably translate into a higher demand and cost than what prevails currently, if the prevailing government directives on UCLA etc. remain.

Opportunities

certain Kolkata pockets – Tangra, Mahishbathan and Baruipur,

So where does opportunity

for instance - will draw in more

lie in Kolkata’s real estate?

realty projects and gradually

“The trick is to look for

transform the personality of

three kinds of locations in

the pin code. Three, the gradual

the city where the biggest

movement of offices from BBD

transformation will happen

Bagh to New Town will draw

in terms of real estate prices,”

actual users there, transforming

says Pawan Agarwal. “One,

the location. In view of this,

look at locations undergoing

we are sitting on a profitable

through a transformation

opportunity in Kolkata across a

because of the widening of the

number of areas.”

metro rail, probably the single biggest infrastructural driver of real estate prices in the city.

Whenever the Garia-Airport link becomes a reality, a number

The best is yet to come…

“There is a more moderately priced Kolkata as well in the emerging and typically middle-class areas that is more in line with middle-class incomes.”

– Partha Pratim Roy, senior design professional

July 2013 /real-ties/15

Staynow, paylater.

By Biswadeep Gupta, Vice President (Marketing), Eden City Group

Need to shift from a rented place into your own modern home but do you require time to streamline your finances? If the answer is ‘yes’, read on.

Buying an apartment is increasingly affordable with more banks and financial institutions offering flexible home loan schemes including home loan interest subvention schemes that allow one to book an apartment and start paying EMI after possession.

This is precisely the kind of home owning option (Empower) that Eden City Maheshtala launched in 2009. The focus was simple: someone who has bought an apartment should not pay the rent for a home that he is living in and the EMI for a home that he is expected to move into some months (or years) down the road together.

Moving a step ahead, Eden City Maheshtala has now announced the ‘Home Gain’ home owning option, which allows you to buy a home by paying a minimum 20 percent of the property value, sign a home loan agreement for the balance amount with an approved bank or financial institution and move into your new home. You start paying the EMI after 12 months.

Let us count the benefits of this unique Home Gain home owning option: • No rent and no EMI for one full year • Invest the amount that would have been used in paying the EMI in a recurring deposit account and pre-pay a part of the home loan with the accumulated sum, correspondingly reducing the principal home loan amount and EMI for the rest of your loan tenure • Capitalise on the opportunity to earn an appreciation for a full year by paying only 20 percent of the property value • You have the option to earn rentals for a year in case you don’t shift immediately and use it to pre-pay a part of the principal home loan amount • Could also be attractive from a short-term investment perspective Still thinking?

July 2013 /real-ties/16

Aah, so unique!

T

he multi-level car parking, IDEAL Unique Centre. The prime attraction of this showpiece will not be its 118m height (making it the tallest commercial building in the city) but its multi-level car parking for around 700 cars connected through a skybridge with building entrance.

Designed by Hafeez Contractor, the floor plate will probably be the largest for any commercial facility in the city - 14,000 sq ft.

Sixteen elevators. Awarded a Gold Rated Green Building status.

T

he sheer height of Urbana. Urbana, when complete, will be the tallest residential tower of Eastern India at 173m (South City about 150m). This means that one would be able to see the entire sweep of Kolkata from the terrace. In other words, stand in East Kolkata and see West Kolkata – the river and beyond. The Urbana management commissioned a Wind Tunnel Test to ascertain the nature of wind forces for effective earthquake counter-measure. Nearly 80 percent of this `3,500 cr project has been sold. The height had probably something to do with it!

R

estello will be Kolkata’s first steel building.

Featuring boutique duplex homes, with double height terraces. Combining traditional Eastern architecture with innovative sustainable practices. Bold in design, but also because of the strong concept of crossventilation and solar-shading that use steel’s properties to create an environmentally sound and high-performance building.

Steel’s resistance to dampness and soiling will enhance dry wall and exterior appearance. The steel homes are expected to save time, energy and money through lower maintenance.

Greenfield Oasis Thakurpukur

Land area: 130 Cottahs Number of blocks: 9 Number of floors: G+4

Number of flats: 144 Unit size: 2 BHK, 888 – 965 sq ft 3 BHK, 1,312 – 1,451 sq ft

Open space: 67 percent Completion time: September 2016 Location: Thakurpukur, Kolkata Developer: Bengal Greenfield

The developer speaks: “Just 3.7 kms from Diamond Harbour Road, Thakurpukur, with a nearby proposed metro rail just eight minutes away. It has banks, shopping malls, schools, colleges and a 60 ft wide road connected to the project. It is conveniently located near the main road yet far from the pollution and commotion of the highway.”

Contact: 033 4040 1010 | Email: sales@nkrealtors.com July 2013 /real-ties/17

Which is North Kolkata’s biggest residential project?

July 2013 /real-ties/18

Emami City.

Jessore Road.

The largest residential offering in North Kolkata.

By Radhika Bansal

W

hen Emami City was launched

in 2011, the first reaction was: who would

want to go and live on Jessore Road?

Within 15 months of launch, the sceptics

are fishing for escape routes: ‘We didn’t mean…’

Consider the evidence: the naysayers said that the promoters had made a mistake with the scale of their offering; of 1,200 apartments offered, more than 734 had already been sold by June 2013.

Besides, the pessimists indicated that any price in excess of `3,000 would result in unsolds and draw down the Kolkata average; with the project still three-and-a-half years from handover, the price has appreciated from `3,400 to

The proposed Emami City is spread across 15 acres comprising 23 towers, housing 1,200 apartments.

`5,500 per sq ft.

So what accounts for the spectacular success of Emami City. The scale and positioning easily. Whenever a project is offered, the first thing that a prospective buyer looks at is how the property will progressively evolve. And the two things that clearly played on the minds of the buyers was that just like how South City had transformed South Kolkata, Emami City (coming from the same promoter) was going to transform

The scale of the 15-acre Emami City has immediately graduated the offering beyond the usual, providing prospective buyers with a vision of ‘This is going to be different.’

North Kolkata. Emami City possessed the right credentials: whereas South City was a 32-acre property, the former was 15 acres. The scale immediately graduated the offering beyond the usual, providing prospective buyers with a vision of ‘This is going to be different.’

July 2013 /real-ties/19

So what makes Emami City different?

1 A 1.5-acre natural water body within the premises; as a result, 64 percent of the project will be open.

2 The range of amenities – at par with South Kolkata.

The largest club house of North Kolkata (over 25,000 sq ft) comprising two swimming pools at different levels with a party deck, yoga room, gymnasium with health club, spa, jacuzzi, indoor sports arena (billiards room, squash court), basement parking, elevated garden with a mini-football field and cricket ground, banquet hall and a restaurant with lounging options. Along with this, the club will also have a guest house. Phew.

3 The benefit of organised retail and a 20,000 sq ft diagnostics centre (with pharmacy).

4 The project offers more for less. The apartment sizes

A 1.5-acre natural water body within the premises with 64 percent open space

are larger. Most of the other projects offer buyers a 2 BHK apartment of about 900 sq ft; at Emami City, a 2 BHK equivalent starts at 1,150 sq ft.

5 The sheer magnitude. Emami City is the largest residential project in North Kolkata – at par (or better) with standards offered in South Kolkata.

“

‘Emami City’ fascinated me from the moment I first heard of the project. For me the major attraction was its location, making it easily approachable from all corners of the city.

The project sounds very promising because of companies like L&T associated with it. It also justifies the personal philosophy of my life - believing in quality more than quantity. Emami delivers on both ends. I hope the project takes shape the way everyone is perceiving it!

- Rashmi Kyal

” “

Emami City was the unanimous choice of both my family and me because of the following reasons - the project size and sample display flat backed by strong credentials of the Emami Group, N K Realtors and L&T combined. The project is strategically located, offering the best of amenities available today.

- Raju Anand

July 2013 /real-ties/20

”

Over 25,000 sq ft exclusive residential clubhouse with world-class amenities

The Emami Group has successfully executed more than 24 prestigious residential and commercial projects in Kolkata. The Group’s existing projects span West Bengal, Uttar Pradesh, Tamil Nadu, Andhra Pradesh and Maharashtra. The company has almost 8 mn sq ft of development in progress encompassing residential and commercial offerings.

Lifestyle residential destination Emami City is going to be more than just another residential offering. It will redefine North Kolkata, enhancing its brand.

After residents move in, no longer will people feel defensive about North Kolkata, which explains why Emami City quotes at the same level as upcoming properties off the EM Bypass in Topsia. Usually one would hear of properties redefining one pin code; in this case, Emami City will redefine a number of pin codes. When 5,000 people live in this offering and an additional number come in for their organised retail needs, there would be an enhanced buzz about the property and the location!

The one game-changer that Emami City has capitalised on is infrastructure growth. The airport and Lake Town are just five minutes away; the Nagerbazar flyover, which started in 2012, is a mere 110 metres from the property. Obviously, the early birds have capitalised on the fact that the property is not as back-of-beyond as was once feared.

Now the biggest question. When will Emami City be delivered? The official handover starts from 2016. When one works with a project as large as 15 acres, there are number of variables that can affect timeliness. Which is why Emami Realty selected one of the largest and most respected Indian construction companies like L&T, a company known for its quality and timely commitment. This has taken the respect for the project into another league!

A fully-furnished model apartment at Emami City

15 acres

23 towers

1,200

apartments

Promoter: Emami Realty Ltd. Total project area: 14.489 acres Nature of development: Residential-cum-commercial Price range: `65 lacs - 173 lacs Residential formats: 2/2.5/3/4 BHK Completion year: 2016 Architect: Kiran Kapadia Landscape architect: Green Architects International Marketing agency: N. K. Realtors

July 2013 /real-ties/21

ChHoti Maa

The Glorious Life Shivir was started in 2002 with the efforts of Badi Gurumaa Chaintanya Meera. Soon after, Chhotimaa joined her in the endeavour to provide people the ‘master key for peace and happiness’.

This is how she positions the course: “Yahaan aapka saara bikhra saaman ek ho jayega”.

G

lorious Life’s three-

For all these people, Shivir is a path of

hour course is based on

self-discovery. The benefits: better health,

Patanjali’s Yoga Sutra,

weight loss (4-5 kgs!) without dieting

the first half dedicated

and higher energy levels. “The Shivir will

to 25 minutes of meditation along with

be life-changing and a life-management

pranayam, the latter half to emotional

course,” says Choti Maa.

management that leads to de-stressing.

In 2007, Gurumaa Chaintanya Meera

Some 500 camps have been conducted

also started the Nirvana Naturopathy

in India, Europe, Myanmar, Dubai and

and Retreat in Ghoti (Nashik) around the

Bangkok (52 in Kolkata!). “Humne logo

mantra of ‘cure in illness, care in wellness’

ko life jeene ka map diya hai” claims

to counter declining diet standards.

Choti Maa, drawing attention to societal realities: where people are measured by wealth (instead of happiness), where people can’t take breaks, where people only talk of money, jewellery and brands.

Her Balika Gyan Yagya fights female infanticide and encourages girl child education through financial support.

For Shivir details, contact 98311 31581

101 participants from N. K. Realtors engaged in the ‘Art of Living’ programme from April 1 to 6, 2013.

A picture is worth a thousand words Kolkata-born journalist, columnist, photographer and novelist David McMahon lives in Singapore and works for The Straits Times newspaper, where he writes on world politics. McMahon says: “Kolkata was the city where I was born, educated and began my journalism career - and where I set my first two novels – and which holds many levels of fascination. A city of narrow laneways, tight-knit David McMahon

communities and an all-embracing spirit. This image, shot in the soft early spring light of a South Calcutta morning in October 2006, encapsulates all those attributes.”

July 2013 /real-ties/22

Symphony Towers Ho-Chi-Minh Sarani

Land area: 88 Cottahs

Number of apartments: 108

Open space: 68 percent

Location: 278 Ho-Chi-Minh-

Number of blocks: 3

Unit size: 3BR - 1,250 sq ft -

Completion time: 36 months

Sarani, Kolkata 61 (Behala,

Number of floors: G+10

1,510 sq ft

from the date of commencement

Shakuntala Park)

+ 6 months grace period

Developer: Mainaak Group I Contact: 033-40401010 I Email: sales@nkrealtors.com The developer speaks: “The project is located in Behala, one of the most self-sustained areas of Kolkata. It has several shopping avenues and has good connectivity with other parts of the city. The project site is five minutes from the proposed metro station at Behala Chowrasta. It also has an integrated bus service. The high-rise towers have an earthquake resistant R.C.C frame structure foundation with a unique blend of ornamental and modern architecture.�

July 2013 /real-ties/23

SuvomoyMitra’s

Kolkata

Suvomoy Mitra Maverick photographer and Kolkata addict Suvomoy Mitra’s photography ranges from portraits, editorial, heritage, conservation, projects, properties, events to shows and festivals. Well known in corporate circles, his photographs are widely seen in annual reports, corporate brochures, displays, signage, web, corporate presentations and publications. He has been honoured with some of the most prestigious award which include: • Twice a winner of the National Geographic Traveller Merit Award • UNESCO Merit Award • Merit Award in United Nations Environment Programme • Best Portfolio, All India Arts & Crafts Society , New Delhi, 2010 Suvomoy can be reached at suvolama@gmail.com

July 2013 /real-ties/24

5

tips on how you can shoot Kolkata better

1

Prepare for the unpredictable. There will

by gate-crashing into private spaces or

be occasions when you catch the magic in

communities without permission and expect

the fleeting. Just shoot (even if you use a cell

to be welcomed. A smile works wonders

phone). Gradually, you will become trigger-

(never forget!). The Book Fair picture is an

happy, which is one step towards how better

instance when I showed that I was deeply

photographs are really made. I never expected

interested in my subjects, so I was never seen

to find a dog under a car – but was prepared.

as an intruder.

2

4

Prepare for volatility when you discuss

5

Prepare for the unsaid. If you

Prepare for the human landscape.

People make great pictures. See people

as part of the landscape; look less for steel, concrete and glass. Invest in a wide angle lens to make the difference happen (not a telephoto!).

3

politics with strangers; quick exits may

not be cowardly but common sense!

acquaint with the history, realities and

relationships, the picture will speak at various

Prepare for people’s warmth and

levels. The Shyambazar five-point crossing

friendliness but don’t push your luck

picture is an instance.

Chalta rahe.

Picture of a persevering city (Vivekananda Road).

Focal length: 10 mm.

Aperture: F-4.

Exposure time: 1/4 seconds.

ISO speed: ISO 800.

A city on the move.

At Shyambazar five-point crossing.

Focal length: 28 mm.

Aperture: 11.

Exposure time: 1/60 seconds.

ISO speed: ISO 400.

Home.

Shot near my home in Townshend Road.

The car belonged to movie idol Uttam Kumar who stayed in Bhowanipore with his first wife (where this car is still parked).

Focal length: 12 mm.

Aperture: F-4.2. Exposure time: 1/40 seconds.

ISO speed: ISO 200.

July 2013 /real-ties/25

Sheer grandeur.

A renovated High Court.

Focal length: 10 mm.

Aperture: F-4.

Exposure time: 1/20 seconds.

ISO speed: ISO 200.

Intercourse.

Metaphor for Kolkata (Chitpur Road). Where the slow and fast, traditional and modern co-exist.

Focal length: 10 mm. Aperture: F-4. Exposure time: 1/13 seconds. ISO speed: ISO 400.

July 2013 /real-ties/26

Community.

Where yours is not yours alone (even at a book fair).

Focal length: 58 mm. Aperture: F-4.7.

Exposure time: 1/60 seconds. ISO speed: ISO 250.

City. Monument. Bridge. Greenery.

When viewed from the top of the second Hooghly Bridge.

Focal length: 100 mm Aperture: f 16 Exposure: 1/250 ISO: 200

July 2013 /real-ties/27

July 2013 /real-ties/28

July 2013 /real-ties/29

Corporate social responsibility

“Share and reap, rather than stock and consume”

O

ne of the most

One of the CSR front runners within

encouraging spinoffs of

the city’s real estate sector is The

the real estate growth in

AmbujaNeotia Group managed by Mr.

Kolkata is the emergence of

Harshavardhan Neotia (Chairman). The

a corporate social responsibility ethos.

“You can give a poor person a fish for one day but if you teach the person how to fish, you liberate her/him for a lifetime.” This is the philosophy that is inspiring a number

Group has invested in an organised CSR initiative – sustainable, segment-wise and professionally manned – around the geographic areas of its presence as well as dispersed across West Bengal.

of companies to play a meaningful role in

We engaged in a conversation with Mr.

the area of corporate social responsibility.

Neotia for an insight into AmbujaNeotia’s formal, organised and structured initiative.

July 2013 /real-ties/30

Q

The concept of CSR in Kolkata’s – or even the country’s real estate sector is not prevalent. What inspired you to be the change?

I was fortunate in having elders who introduced me to the concept of giving back to society. Besides, there was a deep desire to go back to the old Indian values so that one could contribute to society, spread a smile, light a lamp, as well as appreciate and preserve resources (natural and man-made).

The guiding thought was to know and understand that nothing belonged to us. We may tend to accumulate but ultimately the very nature of our lives is ephemeral. The

logical idea was to share and reap rather

learnings, which would otherwise has been

than stock and consume. Besides, there are

lost if the approach had been ad hoc.

a number of organisations doing fantastic work that we were inspired by.

Q: Where has the company selected to be present?

Q: Your company’s investments are not

We have engaged in two kinds of locations

project-specific, but organized, perpetual

– one where we are present (Kolkata

and ongoing.

and Raichak) and one where we feel

We recognised change would always be

that our intervention can make a visible

achieved if we created a dedicated team (nine

difference. The result is that we are present

members in our case) to drive this initiative

in Harekrishnapur (Sunderbans), Kolkata

ahead. This team is not locked in an ivory

and Raichak. We have selected to be

tower; it interacts at the grassroots level,

present in the segments of rural healthcare,

understands prevailing needs and deploys

education, empowerment (women and

resources appropriately. Besides, an ongoing

girl child), sanitation and hygiene, which

structure provides the team with a sense of

we feel represent the very foundations of a

professionalism, the ability to look at best

prosperous society.

practices and the institutionalisation of

CSR Initiatives by The AmbujaNeotia Group Infrastructure

Medical camps The AmbujaNeotia Group engages a medical team (paediatricians, ophthalmists, gynaecologists and general physicians) to address the medical needs of patients in Sunderbans, Raichak and Kolkata.

Result: 94 camps benefiting 12,697 patients until May 2013.

The Group built changing rooms and ghats around ponds in Harekrishnapur.

Result: Enhanced gender privacy.

Bratachari camp The Group fostered rural folk culture (physical exercise, art, dance, drama, music, singing and social service) for students in Harekrishnapur.

Result: All-round student development.

Income generation projects The Group distributed 225 Khaki Campbell ducks among women folk to start a poultry farm, following which they now sell eggs to city-based wholesalers.

Youth empowerment The Group provides vocational training to boys and girls at Ramakrishna Mission (Narendrapur).

Result: 79 individuals were trained and half were successfully placed.

Education The Group provided scholarships to the financially weak but meritorious girl students under the Udayan Shalini Fellowship Programme (in addition, we teach English each week).

Result: Some 129 girl students were mentored.

Adult literacy The Group empowers women through education in Harekrishnapur (Sundarbans), entering the third session in April 2013.

Average attendance was 92 percent for this eight-month learning course.

Result: Benefited more than 100 women and their families.

Result: 48 women have been trained to get into business.

Plantation drive The Group planted 6,000 mangrove saplings in Harekrishnapur village (Sunderbans) to plug tidal surges during cyclones.

Result: Long-term impact.

Vocational training The Group empowers women from Chakgaria slums (off Kolkata) through elementary education and vocational training (stitching, embroidery and appliqué).

July 2013 /real-ties/31

Interview

With Nakul Himatsingka, Director, Ideal Group

What is the biggest achievement of Ideal Heights?

When we launched Ideal Heights, the biggest challenge to the project was whether it would succeed in rebranding Sealdah.

Consider the odds: for decades, Sealdah was identified with the railway station, a suburban throughput and an unpreferred location when looking for an apartment. If we could pull off the rebranding, then we would inspire a new class of residents to move in; if we failed, we would either have unsolds or our selling price would not move beyond our offer price.

Q&A “Ideal Heights in Sealdah is more than just another residential property. It is a case study of how one project transformed the image of an entire pin code!”

How was the project received?

a superior lifestyle. In today’s

The outcome exceeded our

times, given the momentum for

expectations: we sold 335 of 387

superior lifestyles, if there is no

apartments. Nearly 90 percent

competing project within a 4 km

of our clients were from North

radius, it immediately generates

Kolkata and 10 percent were

a high demand from that very

those who need a house in

catchment area.

Kolkata when they come during the week before returning to

There is a perception that there is

their suburban homes during

no potential for such projects in

the weekend, capitalising on the

North Kolkata.

proximity to Sealdah station.

Perhaps the apartment value

Besides, Ideal Heights emerged What were the various initiatives

as the only modern residential

that you took to rebrand Sealdah?

facility within a four km radius,

We recognised that the only

drawing a number of people into

effective way to rebrand

in North Kolkata is not as high as Ballygunge or New Alipore, but North Kolkata has a better potential and a larger catchment compared to most South Kolkata

enjoys superior accessibility through a multi-modal transportations system; North Kolkata residents generally want to move to better lifestyle options without moving out of North Kolkata; lastly, when Maniktala and Kankurgachi prices moved to `3,200 per sq ft, Sealdah at less than `2,000 per sq ft (then) immediately appeared to be more attractive.

Has Ideal Heights helped rebrand North Kolkata?

It definitely helped rebrand APC Road, which was earlier not on the map so to say, and nobody in his right mind would think of

created in this pin code in the

attract a new gentry into the

span of five years, creating a new

location. So this is precisely what

community of nearly 3,000 people.

we did: we created four towers of 19-24 storeys each that provided

How did the rebranding translate

residents an eagle’s eye view of

into price appreciation?

central Kolkata. We provided an

We began offering Ideal Heights

excellent construction quality,

at `2,250-2,500 per sq ft; in three

world-class amenities, modern

years, the price has strengthened

club with swimming pools and

to `6,500 per sq ft, outperforming

other facilities for the first time in

July 2013 /real-ties/32

in South Kolkata; North Kolkata

nearly 750 apartments have been

irresistible price, which would

pin code.

Kolkata land parcel is larger than

has enhanced locational visibility;

of a showpiece property at an

initiative to rebrand the entire

for this: Firstly, the average North

relocating to Sealdah. Our project

Sealdah was through the offer

north Kolkata. This was our core

pockets. There are many reasons

the appreciation reported all Ideal Heights, Sealdah: 530 apartments Launch: Two phases (387 + 143 apartments) Reality check: Second phase delivery in 2016.

across Kolkata in percentage terms.

coming

back!

How and why the one-time kolkatan Salarpurias returned to the city of their origin after a hugely successful stint in Bangalore

F

or more than a

magnetic recording media that would need

century, people came to Kolkata

to be couriered. Suddenly, an entirely new

to seek better opportunities.

industry germinated in Bangalore, ‘capturing’

In the last few decades, the

engineering graduates from the city’s colleges;

trend has been reversed; a number of

these companies paid ESOPs to employees

Kolkata entrepreneurs have gone to seek

who made excellent money – and one of the

opportunities elsewhere.

first things that they did was to buy homes.

The Salarpuria Group is an interesting

The Salarpurias were at the right time at

exception. Possibly one of the few instances

the right place. The family recognised that

of Kolkata entrepreneurs going elsewhere,

more than standalone residential properties,

striking it big and then deciding to expand in

what Bangalore needed was IT parks. The

Kolkata as well.

result is that the Salarpuria Group launched

“Our family CA firm of Salarpuria Jajodia & Co. was started around 50 years ago and after a successful run of about 25 years, we ventured into a promising real estate sector in Kolkata and Delhi,” says Apurva Salarpuria,

its first sprawling IT facility in the early 90s. The tenants who signed up comprised the corporate who’s who: HP, Intel, Infosys, Microsoft, SAP, TCS, CISCO and Motorola, among others.

Executive Director, Salarpuria Group.

In the space of 25 years in Bangalore, the

“Around the early 90s, my grandfather Mr. G.

Salarpuria Group rolled out more than 100

D. Salarpuria (then past 60) took what was

projects – over 40 IT Parks covering over 7

then considered a big risk – extending our

mn sq ft and over 60 residential complexes

family business to Bangalore, then an under-

comprising more than 5,000 apartments. “The

developed market.”

Salarpuria Group didn’t just capitalise on the

The Salarpurias couldn’t have been more right on their timing due to a curious development. VSNL’s introduction of leased lines made it possible to transfer software code through VSATs from one continent to another, eliminating the use of

July 2013 /real-ties/34

growth of Bangalore,” says Apurva Salarpuria, “but also made much of that growth happen along with other prominent builders like Prestige and Puravankara. Our commercial properties that were benchmarked around an international standard of floor plate and construction sophistication incentivised the

- Apurva Salarpuria, Executive Director, Salarpuria Group

“

At any time, there are at least 3,000 workers on-site across our West Bengal projects with an indirect employment potential that is nearly seven times larger.

”

The 15-storied 5-star hotel (with around 300 rooms and 50 service apartments) will have all the world-class amenities synonymous with the Novotel brand.

growth of multinationals already in

300-room Novotel hotel project in New

Salarpuria says, “While the market

Bangalore and also the entry of those

Town and the result is that we now

seems to be at the lower end of the

sitting on the fence. As a result, our

have five residential projects across

cycle, we see tremendous potential

properties helped create employment,

3.5 mn sq ft, an industrial project

in the state going forward. Once all

increase lifestyle standards and catalyse

on Diamond Harbour Road and a

appropriate policies are finalised, there

the national economy.”

residential project in Durgapur all in

is tremendous scope for IT and other

progress. At any time, there are at least

industries, which, in turn, could drive

3,000 workers on-site in our projects

residential demand. Kolkata is the only

across the state with an indirect

large city in eastern India and gateway

employment potential that is nearly

to the north eastern part of the country.

seven times larger.”

There is an inherent geographical

At the turn of the millennium, the Salarpuria Group made a momentous decision. From a local (Bangalore) company, it would go national.

The Group decided to extend to Hyderabad, Pune, Vizag and Kolkata.

So what is the potential that the

“Since our roots were in Kolkata, we

Salarpurias see in Kolkata and Bengal

got an opportunity to return through a

from a realty perspective? Apurva

demand driver apart from the fact that as we are behind other states in the country, the opportunity for future development is only larger.”

July 2013 /real-ties/35

Policy

Suvomoy Mitra

Transforming

Kolkata into London

Victoria Memorial: The jewel in the crown of Kolkata

Mr. Sushil Mohta

Managing Director, Merlin Group

T

here is no reason why

West Bengal realty companies cannot become national players with government

encouragement. It is my conviction that the

The Buckingham Palace in Westminster (London)

slows down the whole process of setting an

I speak from experience; we acquired land

industry, as well as reduces introduction of

and intended to set up a film/television

new housing stock into the market, which in

program shooting studio in South

turn enhances real estate prices.

24- Parganas. This studio will provide

Besides, there is absolutely no assurance whether any use conversion that one applies for will take how much time. This is precisely why new industries and FDI are shy of coming into West Bengal.

industry’s growth will accelerate the city’s

A more trusting environment would also

transformation into London.

help. Whenever an entrepreneur presents a

For that to happen, the one big help that industry and business including realtors seek is more accountability of the Land Reforms Department of the Government of West

file to the Land Reforms Department, one is perceived with suspicion. All queries by departments are not raised at a time , they come in installments.

need to get the ownership history verified by the Land Reforms Department. In a number of cases, the records and plans are not updated; in some cases there are no records at all. As a result, it becomes difficult to say whether the seller is the owner or not.

The absence of records puts a number of prospective buyers off; the result is that this

July 2013 /real-ties/36

state’s entertainment industry. It has been over two years and one does not know when and whether the conversion will at all be permitted.

I entered the industry at the same time as Niranjan Hiranandani in the early Eighties; he is now a national name whereas players like us have missed the opportunity because 80 percent of the time we are engaged in unproductive fire fighting.

In some states, there is a more efficient way

Bengal.

Whenever Kolkata realtors buy land, they

employment and catalyse the growth of the

of working. Take Rajasthan or Orissa for

I entered the industry at the same time as Niranjan Hiranandani in the early Eighties; he is now a national name whereas players like us have missed the opportunity.

instance. You can get onto the internet and check the title of the land you intend to buy.

In other states there is a Master Plan, which indicates the use of the land in question; if it has been approved for conversion, all one needs to do is buy and pay the fees. Simple.

Mr. Sushil Mohta is the Managing Director of Merlin Group of Companies and a PartnerDirector in South City Projects (Kolkata) Ltd.

Aurora Waterfront

Sector V, Salt Lake

Land area: 1 acre Number of towers: 1 Number of floors: B + G + 19

Unit size: 427 - 2,865 sq ft Open space: 60 percent Completion time: 2015

Location: Sector V, opposite Nalban Food Park, Salt Lake, Kolkata.

Developer: Aurora Studio Pvt. Ltd.

The developer speaks: “Premium 1,000 sq ft onwards office spaces, strategically located at the entrance of Sector V with a timeless water view. It is a culmination of column free, small as well as large office spaces with a beautiful glass façade. It has provisions for a food court on the ground floor and a sky view restaurant on the sixteenth floor. It also has a parking space for 77 cars.”

Contact: 033 4040 1010 | Email: sales@nkrealtors.com July 2013 /real-ties/37

Q: Why did you select Durgapur for

Durgapur’s first eco-friendly five-star

The Jain Group has developed

Dream Eco City? Most people don’t

hotel and luxury shopping arcade with

residential and commercial real

think much of a realty market in Bengal

world-class amenities, which makes the

estate space (over a million square

beyond Kolkata.

project unique.

feet) over the last three decades.

Durgapur is the industrial hub of South

The Group has diversified into several sectors like finance, real estate (under the aegis of Dream Homes) and hospitality.

Bengal, attracting young, educated people from all parts of the country. We wanted to provide these individuals with a modern affordable housing option.

Q: What eco-friendly measures have been undertaken?

We are using vertical green structures, comprising plants that provide oxygen therapy at home, while refining air quality

We engaged in conversation with

This reality is endorsed by CRISIL who

Mr. Rishi Jain, the Director of Jain

stated that Tier II cities like Durgapur are

Group to know about their upcoming

growing faster than Tier I cities, owing to

project Dream Eco City at Durgapur.

increased purchasing power.

form of select indoor plants effectively

Q: What is the USP of Dream Eco City?

the use of chrysanthemums, bamboos,

This is the first biophilic project in South

chinese evergreens, peace lilies, aloe vera

Bengal, wherein the natural elements have been integrated into the design from inception. The project will also comprise

and reducing apartment temperature.

The use of natural green shields in the reduce air pollutants. We have maximised

and red-edged dracaena as houseplants.

Besides, we have installed solar panels to provide clean energy. Our investment in rainwater harvesting will ensure

Dream

Focus on Durgapur

the use of rain water for non-potable purposes (gardening and toilets). Our Area

7.5 acres Blocks

Unit type

Grey Water Treatment System will ensure

2 BHK, 2.5 BHK, 3 BHK

that used water can be used for laundry,

Open space

toilet flushing and plant irrigation. The use of white roofs will counter extreme

11

65 percent

temperatures, extend roof service life,

Floors

Completion time

reduce pollution and moderate indoor temperature by 5 degrees Celsius and

G + 11

2017

air conditioning charges by 15 percent.

Apartments

Contact: 033 4040 1010

VOC-free paints to make the home as

770

July 2013 /real-ties/38

Email: sales@nkrealtors.com

Besides, we intend to use V3F lifts, LED lighting, green building materials and energy-efficient and eco-friendly as possible.

The grand launch of Dream Eco City with brand ambassadors Prosenjit and Arpita on April 14 2013 at Durgapur.

Eco City Why realty is hotting up in Durgapur

• Second largest city in West Bengal • Services the growing hinterland demand (Ranigunj, Shantiniketan, Dhanbad, Burdwan and Asansol) • Comprises more than ten engineering colleges, eight management institutes

• Real estate investment (IT parks, housing and commercial projects) expected to exceed `10,000 crore • DVC’s thermal power generation capacity (1,000 MW) to be fully operational in 2012

and a number of hotel management

• SAIL and Kobe Steel setting up a 0.5

colleges; educational hub comprising

million tpa steel plant

more than 15,000 students

• Operating IT companies comprise

• Recent developments include

Pinnacle Infotech Solutions, Hinduja

industries, infrastructure, educational

TMT, Assurgent Technology Solutions,

institutions, hospitals, airport, shopping

BNK e-Solution, Trulogix, World Call

malls, entertainment hubs, new age

Solutions, Sadgun and Global Infotech

housing and IT parks

July 2013 /real-ties/39

Gossipwallah Biomimicry Lavasa, independent India’s first hill city near Mumbai and Pune being developed by Hindustan Construction Corporation across 25,000 acres, is based on the principles of ‘biomimicry’. Lavasa’s city’s second town (Mugaon) will become the world’s first region to draw inspiration from the concepts of biomimicry in design and architecture. Biomimicry is an emerging discipline that studies nature’s best ideas and then imitates these designs and processes to solve human problems. The Biomimicry Guild has been helping companies and communities discover, examine, understand and emulate nature-inspired strategies, with the aim of designing sustainable products and processes that create conditions conducive to all life.

Lifts failing!

Keeping bad vibes at bay

This is what a Durgapur realtor had to tell gossipwallah: “When we

I drove down to the other edge of the world to interview Harsh Neotia

launched our prominent offering in Durgapur a few years ago, the first

– Ecospace. Charming office. Reflects a flavour of the city. Two things

apartments to sell were between the ground and fourth floors which

attracted my attention – carvings on metal sheets hung from the ceiling

is exactly the opposite of what happens in Kolkata; the next to sell

where I got a child-like thrill tapping the metal with my finger to hear

were upwards of the seventh floor which were bought by the Kolkata

a distinctive resonance last 17 seconds; the Balinese painted ceiling just

companies whose operations were in Durgapur; the last to sell were

above where he sits in his chamber which looks different alright. So I

between the fourth and seventh storeys because buyers were apprehensive

ask him. What does his random aggregation of animals and fruit mean?

that they would need to climb the stairs when there was a power failure.

Knowing Harsh, there is a deep explanation: “The animals that you see

In the short space of a decade, the situation has reversed – the upper

in the painting are the demons and the food that you see are meant to

floors in the high rises are now experiencing excellent local demand!”

appease them so that they do not have a negative effect.”

Altair, Colombo Finally an instance of a Kolkata realtor going international!

The next South City project is not in South Kolkata but South Asia – Colombo to be precise. Altair, the proposed 68-storey premium condominium showpiece is being positioned as the tallest building in the island-country and a national landmark (a la Petronas in Kuala Lumpur). And the whisper is that this showpiece property is being designed by the legendary Moshe Safdie who has designed the world famous Habitat 67, a model community and housing complex in Montreal, Canada. The trigger that got South City interested? The fact that Sri Lanka possesses among the ten fastest growing millionaire populations in the world and that its government expects to double GDP per capita income to US $ 4,000 by 2014.

July 2013 /real-ties/40

Contact: 033 4040 1010 | Email: sales@nkrealtors.com July 2013 /real-ties/41

Counter-Question

Legal honcho N. G. Khaitan in the dock – for a change!

One of the most intimidating aspects in buying a house is wading through a sea of legalese. This is the average response of every single customer when it comes to the legal documentation: complex and unfair.

Khaitan & Co. is one of the leading Kolkata legal firms engaged by real estate developers to draw out these legal documents. We asked NG Khaitan, Partner, some uncomfortable questions:

How can an average person comprehend the legality of 40-odd page document?

I quite disagree. The Indian approach used to draft documents is simple and the language comprehensible.

The result is that most people would be able to understand

the core substance being conveyed irrespective of whether they are able to understand legal terms or not (though I would add that there has been a significant increase in the comprehension of terms like ‘seized’, ‘mesne profit’ and ‘attornment of tenancy’).

What are the things that are commonly overlooked but unfair to the consumer’s interest?

Consumers can often be overconfident, as a result of which they tend to educate themselves about the law rather than approach a lawyer.

There is often a tendency

to purchase land quickly especially if it is at a lower price. I know people who have sold their one property ten times to different people.

In this area, document forgery is rampant as conmen create deeds registered with the municipal authorities in their own names to make them appear legal.

5 things that I, as a consumer, would look for in a real estate contract

1

The developer’s background. Whether reputed, whether dependable (cheque len-deyn, timeliness of delivery etc.) Better to go with someone credible in an ok-ok location than a one-time developer in a prominent location.

2

Property title. This should clearly (I cannot tire of repeating this one word July 2013 /real-ties/42

‘clearly’) state the name of the property owner.

to a prevailing loan rate of 15 percent).

3

4

Termination of agreement clause. This should be clearly mentioned.

Besides, the clause should be reasonable (for example, if a payment is defaulted, the developer should not terminate the agreement or charge the buyer with a 24 percent interest as opposed

Clearly communicate what the buyer is purchasing with common areas. Vagueness is sin.

Should also state whether the land is leased. I would also like to see details like car parking being sold to be clearly (again the same word!) mentioned.

5

Penal provision severity.

For example, if a payment default transpires, how will the promoter penalise the buyer? Will he terminate the water supply or the contract or at least provide the buyer with a notice? I would like to see penal provisions that are ‘reasonable’ and not severe.

Benchmarking

What Kolkata can learn from Vadodara’s unique model The Vadodara Town Planning model The Vadodara Urban

reshaping every land parcel in a

original owner. The increment

prepared for about 100 to 200

Development Authority’s main

manner such that it is a regular

in land value resulting from

acres, typically involving 100 to

function is to prepare a macro

shape and access, and in the

development accrues to the

250 landowners.

plan i.e. a development plan for

process a portion of land parcel

original owner whenever the land

a horizon of 20 years for the

is appropriated to provide for

is sold and developed for urban

Vadodara Urban agglomeration

roads, infrastructure and public

use. The benefit of development

area. VUDA earmarks land for

amenities. This is referred to

goes to the original owner rather

micro planning reflected in town

as the ‘land readjustment and

than the development agency. The

planning (TP) schemes.

pooling’ method.

original owner is not displaced in

• The public planning and

• All land, except whatever

development authorities ‘pool’

is needed for infrastructure

a group of owners and re-plan

development and social

the area by readjusting or

amenities, remains with the

the process of development and continues to enjoy access to the land resource.

• The TP schemes are micro plans

• In the developing areas of VUDA, authorities have prepared a total of 19 town planning schemes. Following the development of these TP schemes, the authorities will receive 270 hectares for primary facilities and saleable residential and commercial land for various town planning schemes.

Advantages of this model • Democratic and participatory:

appropriated for accommodating

• Non-coercive and non-author-

The process is democratic and

the urban poor.

itarian: The process is non-coer-

participatory, with a built-in mechanism for dispute resolution — the landowners are involved in the process of planning and have ample opportunity to present their views on the proposals and place on record their objections.

• Respects property rights and is non-disruptive: The process respects property rights and is

cive and non-authoritarian; the proposals are reviewed at several stages prescribed in the act.

non-disruptive; the landowners

• Win-win: The process rep-

are not displaced and are given a

resents a win-win proposition

better-shaped land parcel, usually

for landowners and planning

close to the original land parcel.

agencies — both gain from an

• Fair: The process is fair as all owners lose the same proportion of land.

• Equitable and inclusive development: The process facilitates equitable and inclusive development; a portion of land is

appreciation in land value.

• Transparent: The process is transparent: it is clearly described in legislation, planners have mastered it and people understand it.

• Making development pay for the cost of infrastructure: The cost of infrastructure is in a sense paid for by the owners directly, and the planning agency

The process represents a win-win proposition for landowners and planning agencies — both gain from an appreciation in land value.

and development authority is not required to make up-front investments.

Source: The Town Planning Mechanism in Gujarat by Shirley Ballaney

July 2013 /real-ties/43

Interior designer of the quarter

“Arrey, yeh Vinoo Chadha kaun hai?”

Vinoo Chadha

is the man responsible for some of the best interiors of Kolkata. Proprietor and principal architect of Design Cell, an architectural and interior designing consultancy firm operating in Kolkata since 1988. Has more than 200 projects to his credit (Haldiram Banquets, Park Plaza, ITC Fortune, Sonnet, Straavi, Sasya and Diwansons as well as showrooms). We caught up with him for an insight into his mind.

Those days

The Indian market

“When I came from Bhopal to

“There are a number of Kolkatans

being used in up-market Kolkata

Kolkata in the Eighties, the city

now who will not think twice

interiors than material from within

was used to boxed architecture;

before giving us an interior budget

Kolkata itself!”

architects like us were paid a fee of

of `10,000 per sq ft. What India

`10-15,000 for real estate being sold

spends in interiors equals that of

My philosophy

at `250 a sq ft. I felt being an interior

Europe today. There used to be a

designer was a better option instead.

time when Italian home stores would

We used to be in awe of the Mumbai

not even look at us; today the MDs

designers who received budgets of

of international product companies

`2,000 a sq ft to play with!”

come to our offices and thank us for

in!”

My big break

using their products.”

My big plan

“I was given three days to deliver a

The Indian consumer

“Become selective, double fees in

plan for the Diamond City North

“The consumer has become

Mall. I turned up with the plan

demanding because of an increasing

in two days and that is where my

global exposure on the one hand

love story with Amarnath Saraf Ji

and increased incomes on the other.

started.”

There is perhaps more material from

July 2013 /real-ties/44

Delhi, Italy, Bali, Thailand and China

“I work diligently. Good work brings more work.”

My big challenge “How to manage the work coming

two years, work less and play golf two full days a week!”

Genexx Square Di amond Harb our R o ad

Project: Genexx Square | Developer: Paharpur Cooling Towers Ltd. | Site address: On Diamond Harbour Road (opposite ESI Hospital) Mall size: 313,355 sq ft

Number of floors: B+LG+UG+4

Number of screens: 3

Anchor Space: LG and UG level

Plot frontage: 37.8 metres

Floor plate: 44,000 sq ft

Number of car parking

Present status: Under construction

Road width: More than 80 ft

approximately

spaces: 353

Completion date: End of 2014

Multiplex

Number of elevators: 9

The developer speaks: “The project has a sufficient catchment area in Joka, Thakurpukur and Behala, areas without proper shopping malls with multiplexes. Along with this commercial project, there is a residential project called ‘Genexx Valley’ (1,875 units). We expect it to be operational by 2016. Our first mover’s advantage is that no other shopping mall of this magnitude will be operational in the area by that time. This will benefit brands associated with this project as well.”

C ontact: 033 4040 1010 | Email: sales@nkrealtors.com July 2013 /real-ties/45

Pssst...what’s Living Free

For long, people wanted to buy eco-friendly products but didn’t know where to find them. That problem is over. Because Living Free stocks organic food and innovative eco-friendly products.

Wall hangings are made with banana stem pulp. Cushion covers and tissue paper holders crafted from banana fibre. Old newspapers recycled into baskets, bowls, platters, earrings, hair clips and sling bags. Silk lampshades with a base made of recycled bangles and digital print cushion covers from azo-free dye. An array of products made of recycled elephant poo paper. What is really unique is that the store displays a blend of sustainable and exclusive high-street fashion, aiming to merge innovative designs with sustainable techniques of clothing to make fashion not just chic, but also eco-friendly. Living Free offers lint-free organic cotton apparel, bath and beauty products. Plus preservative-free farm fresh cheese from Auroville, apple cider vinegar, natural health supplements and organic olive oil from Crete (Greece) for the health-conscious. “The cheese happens to be the most popular item,” says Anita Kanoi, proprietor.

Address: 5, Leela Roy Sarani (near Ballygunge Phari)

Onset

Fabric salon, what’s that? This 3,500 sq ft store provides a first-in-India storyboard and cataloguing software for buyers to pick fabric samples and examine them ‘virtually’. Ah, you can do this across cushions, bed linens, tableware, chandeliers, lamps and tabletops (trinket boxes, photo-frames, vases, jewel-hued fabrics and porcelain), table-runners and fashion accessories.

Phew! Wait, that’s not the end. The chandeliers in wrought iron, crystal and glass are jaw-dropping (`10,000 to `3,00,000). A collection of quirky lamps (kerosene and electric) and fabric lampshades are more nearer ground zero. Worth a dekko.

Address: 51/2 Hindustan Park, Kolkata 700029

Minnoli

The biggest complaint of the day: if you buy furniture, you won’t have money to buy anything else. So here comes this store that restores old furniture, makes customised stuff for customers and actually has the guts to create a store out of it. Guts? Well, this is why. “Good quality, affordable price – what a combination!” says Mrs. Meenu Narula. So what Minnoli provides is a variety of ‘period’ and ‘modern’ furniture. For all those who periodically complain that new wood is not like old wood, this should be music to the ears. Plus decorative art objects (porcelain, glass, bronze and marble), curios, lighting and interior items to choose from.

Address: Karnani Estate, Unit G1, 209 A.J.C Bose Road, Kolkata 700017

July 2013 /real-ties/46

the latest?

Egger laminated wooden flooring Egger is one of the largest wood-based products companies in the world with an annual turnover of Euro 2,000 million.

The company has 17 manufacturing plants throughout Europe, including Austria, Germany, France, the U.K. and Russia. Egger exports wood products to 92 countries. It has its own complete horizontal integration from forests to end-product, including a design centre. The company has product performance characteristics which exceed the European Norms (EN 13329:2000), offering full guarantee on its products.

Besides the PEFC Certification and CE Marking, it is the first laminated wooden flooring company to be granted the Blue Angel Certification for environmental compatibility and sustainability. Egger laminated wooden flooring is distributed in Eastern India by Japonica International Pvt. Ltd; a lifestyle products company.

Address: 2/7 Sarat Bose Road, Vasundhara building, 7th floor, office number 7, Kolkata 700020 Email: japonica@dataone.in

Tuingg

Tuingg explores the possibilities of viewing objects in a different light, literally. In a place like Kolkata, people seldom find outof-the-box lighting solutions. Not anymore. For people who are not addicted to Facebook, there’s bad news. Tuingg operates via Facebook. Expect your days to be spent browsing handmade lamps made from recyclable junk that just shouldn’t be thrown away. Be it an old shoe, a jar without a lid or even an old tyre, Tuingg draws inspiration from pop art, Bollywood (because who doesn’t?) and all everyday inanimate objects to create the best. “We deliver conversation pieces for homes,” says Alok, the owner. Quirky and ingenious, the goodies make awesome gift options for people with a taste for the funky. Products include tabletops, installations, danglers and customised lamps. Subject to a minimum of 4 - 7 working days for any order. So log on.

Browse. Like. Order. Flaunt.

Email: tuingglamps@gmail.com,

www.facebook.com/tuingglamps

July 2013 /real-ties/47

July 2013 /real-ties/48

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Greenfield City

Where you should put your money Real estate is an investable asset class but surprisingly, no magazine or newspaper carries a column on the most attractive realty investment opportunity (now that gold has dropped, equities are going nowhere and debt may get less attractive with a probable decline in interest rates). This column is different.

By Mudar Patherya Financial columnist

retail shops and provision for schools inside the complex, health care centre and 24-hour ambulance and pharmacy.

Rationale This columnist is sticking his neck out to state what appears most attractive for the moment with the objective of capital preservation at one end and capital appreciation at the other.

Why do I find this property compelling?

There are some good reasons:

If I had `35 lacs to invest, I would put my money on the Elite segment of Greenfield City.

The appreciation arising out of the metro rail proximity 5 -10 kms from the site - will gradually come into play once the realty project and the metro rail project are progressively complete

This is a project being promoted by the Bengal Greenfield Housing Development Company Limited and Srijan Group. Spread across 45.69 acres.

Gated community of 3,948 apartments.

Some 4 kms from Behala Chowrasta. It comprises a club with an air-conditioned home theatre, banquet halls for parties, July 2013 /real-ties/50

It is difficult finding anything priced less than `3,200 a sq ft for outright ownership in Kolkata today

Greenfield City will connect to Taratala Road from its northern end and from that point will be just 8.5 kms to Majerhat Bridge (on the metro link) The project offers the convenience of gated community living at a price

that has fast disappeared in Kolkata, where most projects are now priced at multiples of what Greenfield City is being offered at.

There is a defensive reason for recommending this property as well.

At a price of around `3,100 to `3,400 per sq ft, the downside is limited; the only argument against an immediate price spurt is the overhang of unsold apartments but that could well be a transitory phenomenon. As the apartment inventory is progressively liquidated, one would expect the positive whisper to start strengthening – the metro link, the project credentials and the fact that this offering is just 9 kms from New Alipore.

I could go on about Behala emerging as an attractive real estate play but that is another story.

July 2013 /real-ties/51

FUN ZONE Arrange the squared letters to form the surprise answer.

1. G R T O A M E G 2. Y R P O R E P T 3. L R I E M O C C M A 4. T N Y P W M O D A E N S

My most romantic Kolkata façade

By Iftekhar Ahsan of Calcutta Walks

I

f you want to see a truly wonderful representation of life and death on the facade of a Building, go no further than the Standard Life Assurance Company building on BBD Bagh.

The archway is in the shape of the grim reaper and the angel of life. There are loads of musicians all over the building playing western musical instruments. There are a few playing the tabla which I believe was what the Indian artisans added (could not have been part of the original blueprint).

5. I L B L I T E I A I S

Two other adda trivia: India’s first crèche was established there; Satyajit Ray made a mistake that the lane behind (Fancy Lane) is where Raja Nandakumar was hanged and that the word ‘Fancy’ came from the Bengali word ‘faanshi’. It wasn’t so!

6. K R B O E R

Iftekhar Ahsan guides tourists through the sights of Kolkata. explore@calcuttawalks.com

Send in your answer at biplab@nkrealtors.com

Winners of ‘Identify The Structure’ contest from the previous issue:

Deepak Kanodia, Tapesh Kirtania, Kalpana Agarwal, Sudoy Saha, Rajib Bhattacharya and Himadri K Sen. We thank you all for the overwhelming response. Please keep sending your answers and we might just feature you in the next Real-Ties.

Innovative realty apps Trulia: Provides access to information on homes for sale (based on price, space, location). Ideal for iPhone and iPad users.

Available on iOS and Android. Price: Free Home Snap: Engages in tech-empowered voyeurism by supplying home information with the click of a camera. A photo of the property is all it takes to obtain details from public records or listing websites.

Available on iOS. Android version is coming soon. Price: Free Photo Measures: Enables you to get a precise measure of any distance of a wall, room, floor or door with simply a picture and the tap of a finger.

Available on iOS. Price: $4.99

quiz k o l k a t a

1 Which was Kolkata’s first skyscraper?

July 2013 /real-ties/52

Colour Capture: Allows one to click a picture of anything and acquire matching paint colour. Can also be used to preview walls in different colours before purchase.

Available on iOS and Android. Price: Free Sensopia: Useful iPhone app that removes the need to draw or measure and designs floor plans with pictures. Listing a floor plan, you can get 53 percent more views and 30 percent more visits. 3.3 million Downloads showcase the popularity of the app.

Block Avenue: Provides information of the neighbourhood related to crime, sex offenders, transportation, amenities, restaurants and schools.

2 Which building occupies the largest number of addresses in the city?

4 What is generally regarded to be the first multi-storied building of the city?

3 Which residential building is named after a famous amusement park in Copenhagen?

Answers

1 The new Secretariat building. 2 Writer’s Building, 16 - 25 BBD Bagh (N) and 8-10 Lyons Range. 3 Tivoli Court. 4 National Tower, a 13-storied building at 13, Dr. U. N. Brahmachari Sarani

7. U R A T I L

July 2013 /real-ties/53

July 2013 /real-ties/54

Contact: 033 4040 1010 | Email:sales@nkrealtors.com July 2013 /real-ties/55

Mudar Patherya, mudar@trisyscom.com

freewheeling

We discovered a theft in our residence this June.

The rasoiya maharaj (the fifth member of our family) confessed to picking thousands from trouser pockets; the young girl from an impoverished Sunderbans family given refuge accepted that she had liberally helped herself to whatever spare cash could be spotted; the maashi who brought up our children (and hence evoked our softest feelings) was running her household in Krishnanagar with selective pickings from our kitchen. The three usually shared the spoils between themselves until a chance aberration (money suddenly missing in a handbag) led to mild interrogation which led to confessions which led to other maids with grouses against the Gang of Three coming out into the open.

Since the person writing this column is also the aggrieved, there is an inbuilt conflict of interest, so what you will inevitably hear is only my side of the story. So I will not let this column be as much of an indictment – ‘hang him!’ – as the presentation of two versions. You

July 2013 /real-ties/56

be the judge!

entitled to perks.”

My allegation: “How could he thieve money when he is really the fifth member of our family?”

Their defense: “Domestic assistants like us see the huge income disparity from the closest vantage point. We are a part of the affluence and we are not. We are human; we have desires; how can we not be tempted?”

Their defense: “The money would have made a bigger change in my life than it would have made in theirs. The proof is that they didn’t notice anything was missing for months!”

My allegation: “He could have asked us for more money and we could have given it to him. But thieve…”

Their defense: “I ask them for a raise every year and all I get is 10 percent.”

My allegation: “He gets a reasonable salary and all his expenses (including medical) are paid by us.”

Their defense: “What they don’t realize is I have to run a household of four in a village for 30 days with the same kind of money that they spend on a restaurant dinner.”

My allegation: “We work hard to earn a comfortable living and are

I spoke to neighbours, friends and relatives after this happened.

Each one had a story: a gold chain had gone missing from the bedside table, a munim had cashed cheques and built a fortune, a driver who had been dismissed was found in the kitchen emptying the ghee in connivance with the cook, the alphonso mango in the fridge was switched with local varieties, the chini finished in three days as against the usual seven, the car delivered an average of 2.8 km/h after a replacement driver came in.

The wife threw a fit: You expect me to put in eight hours at the office and tally inventory at home every day? How can I live like a prisoner in my own

house? You can’t expect me to be neurotic about whether the maid servant has gone to the bedroom to clean or to pinch?

Point.

So this is what we as a family have decided. We will leave our handbags in our private chambers. We will keep our handbags zipped. We will talk about cash and equivalents in coded words. We will always assume that it is possible for even hitherto straight people to bend when the inducement is tempting. We will wire our home with CCTV cameras. We will finger-print and photograph every single resident within our home. We will strengthen the remuneration package with the objective to make the domestic assistant’s stay more productive.

Harsh? Possibly. Rigid? No. Which is why I would welcome if anyone of you reading this has any advice for me. Willing to be educated.

Write an email and I will respond.

real-

ties TM

Kolkata’s only real estate magazine I Vol 9 I Issue 2 I July 2013

real-

ties TM

K o l k a t a’s o n l y r e a l e s t a t e m a g a z i n e

Trusted by high-profile businessmen, corporate professionals, developers, architects, brand and retailers, investors, commercial buyers, residential buyers, HNI and more.

Call 033 4040 1010 | realties@nkrealtors.com

“Share and reap, rather than stock and consume” Harshavardhan Neotia What inspired The Salarpurias to come back

“How we can transform kolkata into london” Sushil Mohta interview with Nakul Himatsingka on Sealdah’s rebranding

WHAT MAKES KOLKATA’S REAL ESTATE still

Affordable