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The IMF predicted in its annual report Thursday that Canada's economy will grow by 1.8 per cent in 2013, hobbled by a weak second-half handover from the previous year. But gross domestic product is expected to speed up "thanks to the strengthening of the U.S. economy from mid2013," with the IMF pegging Canadian growth at 2.3 per cent for 2014. "Our outlook for the Canadian economy is relatively a rosy one," said Roberto Cardarelli, who heads IMF's

Toronto’s Economy Forecast to Grow at 2.8 per cent in 2013 grow by an average of 2.7 per cent annually from 2014 to 2017. It is the fastest-growing region in Ontario. CAW economist Jim Stanford says Toronto’s strength is its diverse economy that includes manufacturing, financial services, tourism as well public sector jobs such as specialized hospitals. Peter Viducis, manager of economic research at the city of Toronto noted that with a 2.8 per cent forecast, Toronto’s economy is much better positioned than many cities in Europe, which are still in recession. (Source: The Star)

Canada vulnerable to currency war, Carney warns Bank of Canada governor Mark Carney is warning the Canadian economy would be damaged by a global currency war and that it would do little good to join the manipulators in trying to boost exports. The statement appeared aimed at Japan, the world’s third largest economy, which set in motion a series of policy actions that have contributed to a 15 per cent devaluation in the yen against the U.S. dollar over the past three months. The U.S. and Europe have

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IMF: Canada's Economic Outlook 'relatively rosy'

Toronto’s economic forecast this year looks brighter, as it’s expected to be the fastest-growing city outside Western Canada. But by no means, does it mean it’s only sunny days ahead. That’s because as the U.S. economy recovers demand for exports, made predominantly in Ontario, will increase. Lefebvre noted that U.S. job creation numbers have been strong in recent months, and more Americans are buying cars again, which directly benefits Ontario’s crucial automotive sector. Toronto’s real GDP is forecast to grow at 2.8 per cent, up significantly from last year’s 1.9 per cent. And it will

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also maintained extremely accommodative monetary policies, although Carney called them appropriate given the circumstances in those economies. But he acknowledged that Canadian exports are a key reason why the economy remains weak and that the strong loonie has not helped. He estimated the appreciation of the currency over the past decade or so was responsible for two-thirds of the loss in Canadian competitiveness. (Source : Financial Post)

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Canadian operations. "The main reason for our optimism is that we expect export growth to strengthen as the recovery in the U.S. economy gradually steps up pace," he told reporters in Ottawa following the report's release. "And we expect a more sustainable and less uncertain global recovery to unleash capital spending that Canadian firms have been postponing for a while now, despite extremely favourable financing conditions." The report said "in the >>Cont. Pg.2

Free Market Evaluation File A Tax Return

3

Rent -To- Own Program. How it works in Canada

Buy A House To Rent

4

22

23

Toronto and Global Market Review

Canada’s Economic Luster Fizzling The latest reading of the Organization for Economic Cooperation and Development composite leading indicators suggests “a weak growth outlook” for Canada, according to the Paris-based think tank. It also said results continue to point to “growth below trend.” The data, which followed Friday’s triple whammy of weak domestic employment, trade and housing starts figures, add to the prevailing view that Canadian growth will probably lag the U.S. for the next couple of years. The OECD’s leading indicator for Canada dropped 0.02% on the month to 99.6 in December, and was down 0.21%

year-on-year. For the U.S., the OECD’s leading indicator was up 0.1% on the month to 101.0, and the outlook is for firming growth. A reading above 100.00 means growth is set to be above the trend rate. For Canada, that’s around 2%. Blame Canada’s woes on a confluence of factors, including the huge debt burden carried by households, a cooling housing market and a strong Canadian dollar that’s pressuring exports. Meanwhile, the U.S. housing market is picking up and American consumers are in better position to spend after working since the financial crisis to clean up household balance sheets. (Source : The Wall Street Journal)

Home Sales Pick up in Toronto in January Prices held steady in Toronto in January over December, with the average house price coming in at just over $501,000. “Things are becoming more interesting among local markets, with improving sales in Vancouver and Toronto likely to come as something of a surprise to some,” said CREA president Wayne Moen in a statement released Friday. Year over year, however, sales were down 4.2 per cent in Toronto over January, 2012 which was an extraordinarily strong winter month for sales last

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18 FEBRUARY 2013

DREAMS MONEY &

Weekly Statistics Canada News

Power Thoughts

MANUFACTURING SALES DECLINED. INDICATION OF SLOWER ECONOMY ? Manufacturing sales declined 3.1% in December to $48.0 billion, the largest decline since May 2009. Just over half of the decrease reflected lower sales in the transportation equipment industry. Sales were also down in the chemical, petroleum and coal product as well as the fabricated metal product industries. Sales decreased in 16 of 21 industries, representing 82% of the manufacturing sector. Durable goods sales were down 4.2% while non-durable goods sales declined 2.0%. Constant dollar sales decreased 3.8%, indicating that the decline in manufactured goods sold was a result of lower volumes.

Many people falsely believe that if they change their subconscious mind that they will change their life. However, changing your subconscious mind is only half of the equation. Both the conscious and subconscious mind must be aligned in order to bring about desired changes. The conscious mind is the pilot, so to speak, that commands the infinite power of the subconscious. The glue that bonds the two together is your imagination or ability to visualize and picture the changes that you want in your life. Another false belief is that repeating affirmations will change your life. I

APARTMENT BUILDING CONSTRUCTION PRICE INDEX AND NONRESIDENTIAL BUILDING CONSTRUCTION PRICE INDEX ARE UP. The composite price index for apartment building construction and non- residential building construction increased 0.3% in the fourth quarter compared with the previous quarter. This was attributable to a slight increase in material prices used in building construction. All seven census metropolitan areas (CMAs) surveyed reported quarterly increases, ranging from 0.1% in Calgary to 0.6% in Montréal.

Insure your dreams MY MANIFESTATION

I am grateful for all the good in my Life I manifest great wealth into my life

repeated affirmations for years without much of an affect. If you mindlessly repeat affirmations without visualizing the changes you want to happen, the results you desire to manifest may never come to fruition. (source : Tony Dosanjh)

The Top Five Steps for preparing to file online Consider these five steps before you sit down to file your return online. 1) Go to www.cra.gc.ca get ready to read about some of the ways you can reduce your taxes this year. 2) Gather all your information slips and receipts as well as a copy of last year’s return to use as a guide for this year. But don't send those receipts in with your return! If we need to see them, we will let you know. 3) Have you recently moved? Did your banking information change? Make sure the CRA has your updated address and direct deposit information before you file. The fastest way to update both is by using My Account, so register today at www.cra.gc.ca/myaccount. You can use this service later to track your refund status.

REGISTERED RETIREMENT SAVINGS PLAN CONTRIBUTIONS, 2011 UP Total contributions to registered retirement savings plans (RRSPs) amounted to $34.4 billion in 2011, up 1.6% from 2010. Data are based on tax returns filed for 2011. Just under 6.0 million taxfilers contributed to an RRSP in 2011, virtually unchanged from 2010. Since the number of taxfilers rose slightly during this period, the percentage of taxfilers who contributed to an RRSP slipped from 24.3% in 2010 to 24.0% in 2011. Regionally, the highest percentage increases in the number of contributors occurred in Yukon (+2.4%) and Prince Edward Island (+2.3%). Total contributions to RRSPs increased in every province and territory. The largest increases were in Prince Edward Island (+14.3%) and Yukon (+9.4%). The smallest increase was in British Columbia (+0.1%). To be eligible to contribute to an RRSP, a taxfiler must have either new room as a result of qualifying income from the previous year (generally employment income), or unused room from earlier years. The limit is based on 18% of the previous IMF: Canada's economic... tax year's earned income, to a fixed From Pg.1 maximum, less any pension adjustevent of a significant negative ments, plus any unused room carried economic shock, there would be room forward. The fixed maximum RRSP for conventional monetary easing and contribution in 2011 was $22,450, up that, if needed, other tools could be from $22,000 in 2010. used, including forward guidance and liquidity support." If any of the following apply: On fiscal policy, the IMF said the 1. You owe income taxes on your federal government's efforts to balance balance due date. Ottawa's budget by 2015 has "also held 2. The Canada Revenue Agency growth in check." (CRA) requests you file a return. "At the same time, weak external 3. You have an amount outstanding demand and the strong currency depressed exports. Together with lower under the RRSP Home Buyers’ Plan commodity prices, this caused a sharp (HBP) or Lifelong Learning Plan (LLP). widening of the current-account 4. You are required to contribute to deficit." the Canada Pension Plan (CPP) because The IMF said the housing sector is of self-employment income. "an important source of vulnerability," 5. You are self-employed and opted citing the high household debt-to- to participate in the Employment income ratio. Should the ratio continue Insurance (EI) program for selfto rise, "additional measures may be employed taxpayers. needed." 6. You disposed of capital property "Private consumption and residen- or otherwise earned a capital gain. tial investment are expected to contrib7. You elect jointly with your spouse ute less to growth than in the recent past, to split eligible pension income. as households deleverage and the 8. You received an advanced housing sector continues to cool off," payment of the Working Income Tax the IMF said. Benefit (WITB). “But business investment and net 9. You are required to repay Old-Age exports will benefit from the expected Security benefits. strengthening of the U.S. economy."

4) To file online, you need to complete your return using certified software or a Web application. The CRA provides a list of options - some that can be purchased and some that are completely free to use - at www.netfile.gc.ca/software

5) Have your social insurance number and date of birth on hand. That's the only information you'll need to safely and securely transfer your return to the CRA using NETFILE. (Source: CRA)

FILE A TAX RETURN

The most common reasons for filing a return are : To receive a refund of overpaid income taxes. To apply for federal refundable tax credits such as the Canada Child Tax Benefit (CCTB), GST/HST Credit or the Working Income Tax Benefit. 2

To report capital losses for the purposes of reducing capital gains in the prior three years or to carry those loss balances forward to offset capital gains in the future. To qualify for provincial tax credits and benefits.


18 FEBRUARY 2013

Housing Market

DREAMS MONEY

From Perrii’s Blog: www.perrii.com

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Rent -To- Own Program. How it works in Canada

Editor-in-Chief & Publisher Perrii Muthuraman Direct : 416 473 6100

Editor & Technical Advisor Aishwar Muthuraman 105-2100 Ellesmere Road, Scarborough, ON, M1H 3B7 Ph: 647 352 4945 | Fax: 647 352 6110 Email: info@dreamsandmoney.com www.dreamsandmoney.com DISCLAIMER Dreams and Money takes care to present all the information as accurately and efficiently as possible. Any advice or recommendation appearing in the paper is also part of information only. They should not be construed as an expert opinion. Please note that no representation or warranty with respect to the accuracy or the completeness of the information is given. Information always keeps changing. Hence all the information, including advice and recommendations are to be treated as of general nature only. For your specific circumstances, you are always advised to consult an expert before acting on any information.

unsolicited articles & community news are welcome selected ones will be published email : editor@dreamsandmoney.com Copyright © 2010 Dreams and Money, Canada. All Rights Reserved.

THE MISSION At Dreams & Money, we want to help people lead happy lives. We want to help people reach their dreams. A lot of dreams in the world require financial awareness and proper planning to bring to fruition. To get this financial knowledge can be challenging. We realize this, and want to make this process simpler. We will bring you financial news happening around you that impacts you, along with timeless classics on topics like financial planning, life skills, health etc. to help you grow all around to reach your dreams. If you are someone who shares this same passion, and think you can contribute to us in any way (writing articles, spreading the message etc.), please let us know. We’ll be happy to hear from you.

The renter who is presently living in a rented place, dreams of becoming a home owner; but is unable to get a mortgage for some reason or other. The reasons can be bad credit, no credit or being self- employed with no provable income. In all these situations, the renter needs time to fix his/her credit history. However when the renter has a regular flow of income to pay the rent, the “rent-to-own” program is ideal.

In such a situation, two possibilities arise; one, investors can step in and buy a property based on the needs of the renters and lease it under the “rent-toown” program or existing home owners who want to sell their home may agree for “rent-to-own” program. Smart home owners use this strategy in a slow market, as an incentive to the potential buyer (renter) to get their home sold. This may mean taking rent payments

BUY A HOUSE TO RENT

of the largest self-storage company in the world, is going on a major real-estate shopping spree, buying thousands of houses to rent to people priced out of home ownership. The 79-year-old founder of Public Storage has acquired about 10,000 singlefamily homes through his company American Homes 4 Rent. This makes the Malibu, California-based firm the secondlargest owner of single-family rentals, right behind the Blackstone Group LP. Most of the buys are through foreclosure auctions, mostly three-bedroom, two-bathroom houses constructed within the last 20 years, often in homeowner associations that keep the buildings in good condition. The home ownership rate shrank to 65.4 percent at the end of 2012, the lowest since 1997 and down from a high of 69.2

“The property market is full of challenges; prices around the country are set to remain flat or worse, with tentative improvements in the economy yet to filter down to homeowners. This is why thousands of people have resolved to dive into the only housing sector that is truly booming: buy-to-let (BTL). The rental industry’s figures show why BTL is set to be 2013’s favourite career change. Average UK rents have risen by 13.6 per cent since 2009, according to Right move, while capital values in most places have stagnated or fallen”. This is the situation in U.K. If that is the situation in U.K, you can see the trend in the USA below “Billionaire B. Wayne Hughes, owner

Innovative Realty Inc., Brokerage*

for a certain period of time, before realizing the sale price. Potential buyers (renters) with not so great credit and low amount of savings for down payment may find this method of owning the home attractive. A small portion of the rent may go towards the down payment. Under this program, the renter has the option to buy at the agreed price at the agreed time or can walk away losing the payments already made. Investor or home owner does all these for a profit. Thus it could be a win-win situation for both. Obviously “rent-to-own” program is not for everyone. For both the parties, it involves some risks. To minimize the risk, it is recommended to do your own due diligence and get the agreements reviewed by a lawyer, before signing. If you are looking to buy such a property or sell yours call me, PERRII, at 416 473 6100. As a licensed realtor, I can help you. percent. Canada is not left out in this trend. One builder is now offering new condos on “Rent-To-Own” basis in Toronto. Many other private investors are also offering “Rent-To-Own” option. If you are in GTA and looking for a property either as an investor or renter who wants own in due course, you may contact me. For any further information also, you may contact. Phone: 416 473 6100 email: perrii@perrii.com

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18 FEBRUARY 2013

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Global and Indian Market Weekly Review - Week Ended 18 February 2013 Weekly review of Global markets European markets declined during the week as traders opted risk adverse stance on dismal euro zone economic news and cautious ahead of the G20 meeting this weekend. Risk sentiments were largely muted on renewed worries about health of euro zone economy after Euro area GDP came out weaker than expected in December quarter. However, Asian and US markets traded with small gains and fell during the last day of the week. Japanese minister said share prices are too cheap and the yen hitting fresh multi year lows and earnings from Commonwealth Bank of Australia and CSL Ltd. were boosted investor optimism. US retail sales barely rose in January as tax increases and higher gasoline prices restrained spending. Investors awaited the G20 meeting of finance and central bank officials over the weekend for clues to their views about global growth and the role currencies play in the economies of individual member countries. Euro zone economy contracted by 0.6% in the December quarter after declines of 0.1% in the September quarter and 0.2% in the June quarter. The economy fell 0.9% over the year. This was the worst quarterly performance since the start of the European

M.Shekar

not target exchange rates. The Bank of Japan on Thursday left its policy interest rate in the 0 to 0.1% range, and the size of its asset purchases unchanged, and said the domestic economy "appears to stop weakening." Review of Indian markets Market declined for the third consecutive week and Nifty hit seven weeks low. Shrugging off positive cues from easing inflation numbers, the market declined for the third consecutive week. Investor sentiment weakened on Friday after global credit rating agency Moody's Investor Service warned that India's expanding current account deficit and external debt will make the country more vulnerable to international financial volatility and have negative implications for its sovereign credit profile. Sensex fell 0.09% to 19468.15 and Nifty fell 0.27% to 5887.40 in the week ended 15 February 2013. Indo-Pak tension weighed on the domestic bourses after the Indian Army on Friday said that Indian troops have killed the Pakistani soldier who had crossed the Line of Control (LoC) in Nowshera sector of Jammu and Kashmir on Thursday to attack an Indian post The annual rate of inflation, based on monthly wholesale price index (WPI), decelerated to 6.62% in January 2013 from 7.18% in December 2012 and 7.24% in November 2012. Meanwhile, India's industrial production declined 0.6% in December 2012. Inflation based on the combined consumer price

debt crisis in 2010 and also the worst since Q1 2009 and the depths of the GFC. Data showing stronger international trade in China and Germany, and a report indicating the US trade deficit had narrowed in December, pointed to improving global growth prospects. Fresh US labour market data showed that the number of Americans filing first-time claims for unemployment fell more than expected last week. Australian business confidence maintained gains in January as a better outlook in China and central bank interest-rate reductions at home helped boost sentiment, a private survey showed. The G7 on Tuesday, 12 February 2013, issued a statement saying it will

GOLDEN DAYS IN GOLD IS OVER ? The answer in short term perspective is “Yes” The gold price had difficulty in penetrating its resistance between 1685 to 1695 $ for the last couple of weeks and fell to important support 1625 $ and finally broke through that support to find an interim support at 1597 $ on 15 th February. In a single day on 15 th Feb, this commodity lost almost 40 $. This fast furious price action down and breaking of important support at 1625 $ suggests that the downward move is likely to continue in the days/weeks to come. US FED Bernanke's comments about diminishing the 85 B $ plan later this year further supports loss in gold price in the future too. The drop below the January low of

by Manivannan

$1625 tripped a series of stop losses and paints a weak technical picture for gold in the coming days. It may be difficult for gold to hold gains above the August lows in the coming weeks, especially if US economic data continues to improve. Technically the price could rise to 1625$, 1635$, 1640$ before pulling down again. One can take this opportunity to cover the existing long positions at the above levels and open fresh short positions for exit around 1695 – 1685 $. The above is purely my own analysis and readers are advised to assess their own risk before investing.

index for urban and rural India edged up to 10.79% in January 2013, from 10.56% in December 2012. Market outlook – week begins from 18 February 2013 Budget session begins and market may follow the trend of the budget. The market could see more consolidation next week as investors turn cautious ahead of the Union Budget 2013-14 to be presented in the Parliament on 28 February 2013. A key figure to watch out is the divestment target for 2013-14. It remains to be seen if the Budget contains a clear roadmap for the implementation of Goods and Services Tax (GST). There has been some debate over taxing the super-rich. It remains to be seen if the Budget provides a clear roadmap to cap the government's subsidy bill. It also remains to be seen if there are measures to increase agriculture production to rein in food inflation. A two-day meeting of finance ministers from the Group of 20 major economies begins in Moscow on 15 February 2013. The British, French and German governments are launching a joint initiative aimed at cracking down on tax avoidance by multinational companies. The more defensive end of the market is what's performing the best. Under volatile circumstances, investors should thoroughly anlyse and select the best choice of investment. We structure and manage investment portfolio for NRI, Foreign investors, QFI according to their needs and financial goals. We also provide training to individuals to manage their investment portfolio independently. Further details: shekarm@indiafinancebazaar.com www.indiafinancebazaar.com |www.ifmaonline.com Ph : +91 9380034431/9962534431

Gold drags TSX Down TSX Trend From Feb.11, 2013 to Feb.16, 2013

Source : Yahoo Finance

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) closed at 12,686.63, its lowest point since January 17. Six of the 10 main sectors on the index were trading higher. The TSX Venture Exchange slipped to1185.65. The Canadian dollar was down 0.49 of a cent to 99.39 cents US The bullion price sank to a six-month low on weak investor demand. Disappointing North American economic data also weighed on sentiment. Earlier energy stocks declined after data showed Europe falling deeper into recession. The Dow Jones industrials gained to 13,981.76. The University of Michigan’s consumer confidence index for February came in at 76.3, better than the 75 reading that was expected and up from 73.8 in January. 4


18 FEBRUARY 2013

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In the next five to seven years, the appreciation value of a villa will rise by 150-200 per cent. If an individual currently in the middle-income group buys a villa now, when it is relatively affordable, he may fall into the high-income group when the prices shoot up,” said N. Nandakumar, governing council member of the Confederation of Real Estate Developers’ Associations of India. Villas have existed on East Coast Road for several years now, catering exclusively to high-income groups. But now, they come at a modest price in areas like Navalur on Old Mahabalipuram Road (OMR), Singaperumal Koil, Sriperumbudur and GST Road, say experts” - Article from an independent leading daily in Chennai, INDIA

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Dreams & Money: February 2013 Issue 3