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contents

July 2013

08

COVER STORY

PROPERTY ROCK! Sunil Jaiswal’s Remarkable Journey

There's no end to what a person can achieve if he is willing to experiment. As one of UK's better known property educators today, Sunil Jaiswal has always advocated looking at property "in a different way". In fact, his own foray into the property business was far from conventional. After he'd read RDPD, our Rockstar-turned-IT Consultantturned Property Consultant embarked on an unusual quest; to find a property that would be bought entirely through a mortgage.

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propertywise newsdesk hotspots

15 19

Weekend/Holiday Homes 24 Your Personal Retreat 26 Safe Investment In Residential Property 28 Real Estate Regulator Will Bring Oligopoly In The Sector 32 India's Emerging Retail Destinations

34

Dissecting The Role Of Real Estate Regulator In India 36 Need For Ombudsman For Real Estate Brokers 39 projectwatcher 40

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PROPERTY & WEALTH VOL 2, ISSUE 11, July 2013


July 2013

44

contents

prosperityseek be a prosperity seeker

44

planetsavers 50

quotemagic 46

bookshelf 51

Vaastu Guidelines for Your Garden 54

eyecatchers 47

Why Stop Multitasking

softcorner 56

52

Understanding CIBIL Score 48

CONTRIBUTORS AND ASSOCIATES Publisher & Editor-in-Chief Jasmeet Dhamija jasmeet@propertyandwealth.in Editor Pankaj Sharma pankaj@propertyandwealth.in Feature Writers Satpal Kataria, K.Singh, Rupinder PD, Sheetal Singh Art Director Rajesh Kumar Graphics Team Antima, Arun Advertisement & Sales Director Marketing: Sandeep Kapoor (M) 9818510511, sandeep@propertyandwealth.in Executive Sales & Advt Ajay Gupta (M) 9216841278 Sales & Subscription Mr. Ajay Gupta (M) 9216841278 Photography Rohit Bhatia Pre Press Team: NBC, Gopal Production Team: Vikas, Vijay Advisory Board Harpreet Pooja & Associates Architects Rajiv Gupta & Associates Chartered Accountant Vikas Chatrath, Advocate Printed & Published by Sh. Jasmeet Singh at Plot No. 437-A, Industrial Area Phase-2, Chandigarh. Owned by Sh. Jasmeet Singh, 220, Sector 19-A, Chandigarh & Printed at Savitar Press, Plot No. 820, Ind. Area Ph-2, Chandigarh.

PROPERTY & WEALTH VOL 2, ISSUE 11, July 2013

05


about this issue

“Property Rock!” is the story of Sunil Jaiswal, a onceupon-a-time Rock artiste (yes!) who now runs a rocking Property Exhibitions company in Dubai. As another successful edition of Indian Property Show, the flagship event of Sumansa Exhibitions, recently came to a close in Dubai; we trace the extraordinary journey of its CEO – how a computer whizkid in school and a guitar-wielding young man on stage, turned to Property as a business.

you two write-ups on the subject from different standpoints in the industry. Also in PROPERTYWISE this month is an article on “India’s Emerging Retail Destinations”. Founded in 2000, CIBIL is India’s first Credit Information Company. “Understanding CIBIL Score” explains in detail about various aspects of CIBIL Score. Also in PROSPERITYSEEK this month, read why Multitasking isn’t the best way to get things done.

Considering the high stakes involved, safety in investment in property is highly desirable and to be able to minimize one’s risk while investing in Real Estate, there are several factors that need to be borne in mind. Turn to page 28 to know more.

A garden in the house can be a source of great joy for the family. In our Vaastu Shastra feature this month, renowned Vaastu expert Mr. Naresh Singal gives us some guidelines on the subject.

With all eyes on the long-pending Real Estate Regulator Bill to be tabled in the Monsoon Session of Parliament, we bring

Jasmeet Dhamija Editor-in-Chief

Bookish Knowledge

editorial

There was a time in the late 90s when almost everybody I knew was into Multi-Level Marketing. I remember being invited, and sometimes forcibly taken to some ‘lifechanging’ open sessions addressed by well-groomed, brilliant speakers. No sooner had the host/s introduced them to the audience, the ‘great leaders’ would start weaving their magic. They were so full of knowledge and knew whatever you needed to know about being successful in life. And one of the many ‘tools’ they recommended for anyone who wished to be on this journey, was to read themselves to sleep with some best-selling, self-help books. The book invariably mentioned the most in these meetings was Dr. David Schwartz’s ground-breaking masterpiece, aptly called “The Magic of Thinking Big”. The other book they mentioned in the same breath was Robert Kiyosaki’s “Rich

Dad Poor Dad”. More often than not, the rest of the talk at those meetings was also gratifying and uplifting. But though I sat there and clapped to every truism uttered by the ‘leaders’ or to the success stories recounted by people in their network, I couldn’t really bring myself to join any of these get-rich schemes. And I soon forgot the names of the books. Years later, I am again confronted with a testimony of the second book mentioned above. Acclaimed Property Guru and the protagonist of our Cover Story this month, Mr. Sunil Jaiswal candidly acknowledges the big change he has experienced in life, after he’d read “Rich Dad Poor Dad”. Well, I guess a good book’s a good book after all, whether or not everybody gets to read it!

Pankaj Sharma Editor Do check us out on www.facebook.com/propertyandwealth 06

PROPERTY & WEALTH VOL 2, ISSUE 11, July 2013


Cover Story

PROPERTY ROCK! Sunil Jaiswal’s Remarkable Journey

Bangalore's legendary 90s' metal band Millennium. From left: Lead guitarist Rio Golesorkhi, lead vocalist Vehrnon Ibrahim, drummer Nader Mohandese, bass player Malcolm Greig and rhythm guitarist Blake Peterson, in this 1988 photo.

Strumming his guitar onstage as Rhythm Guitarist Blake Peterson to "Peace Just in Heaven" in the company of other members of Millennium (one of the first metal bands in India) must be a pleasant but distant memory for him. But Blake is now Sunil Jaiswal, and he doesn't have a guitar in his hands. Having ventured into Real Estate a long time ago, he's built a multi-million pound portfolio from scratch in the UK, following that up with hugely successful campaigns in Florida in the US, India and now in Dubai. Quitting his IT business in 2003, he began a new business of teaching people how to deal and invest in property and also finds the time to run an event management company that holds property shows around the world. 08

PROPERTY & WEALTH VOL 2, ISSUE 11, July 2013


W

hat happens when a Rockstar turns to Property as a career? He ends ups creating some more (land) records! Seven years into its existence, when Bangalore-based heavy metal band Millennium split up in 1995, their tall and handsome rhythm guitarist Blake Peterson a.k.a. Sunil Jaiswal migrated to the UK. Falling back on his sound computer skills acquired in school, he easily landed a programmer's job with a software company, on the very next day after his arrival. When he'd shown them what he was capable of, Oasis 400 started contracting him out to other companies. Jaiswal then decided to set up his own business as an IT consultant and went to work for major companies in and around London. He soon got a business partner, the company started expanding and together they opened an office in India. For some time, Jaiswal seemed content in his world. He had a nice house, a nice car and a family. Things were looking up for Dukeswell Solutions too, as he'd just picked a consulting assignment with a major shipping company that paid him a cool ÂŁ 700 (appx Rs 64,000) per day. Everything seemed to be in place and in fact anybody in his position would've felt smug and successful. However, one fine day in 1999, Jaiswal walked into a bookshop and picked up a 'life-changing' self-help book that really changed his life forever. First published in the 90s', Robert T. Kiyosaki's famous bestseller "Rich Dad Poor Dad" has sold over 26 million copies worldwide. Widely available even today, the book obviously makes for interesting reading and it wouldn't be hard for someone like me to lay my hands on a copy of my own. But what's hard for me is to guess how many of those 26 million copies could actually find readers who managed to put Mr Kiyosaki's financial wisdom to practical use. In Sunil Jaiswal's case, however, the book has been dramatically life-altering. He has, on many occasions openly admitted that it was this particular book that pointed him in a new direction that promised to provide 'passive' income, a term hitherto unknown to him.

Looking at ways he could "have money work for him and stop just working for money", Jaiswal eventually decided to venture into real estate. Fourteen years on, Sunil Jaiswal is a name to reckon with in the property world. He is the Chief Executive of Sumansa Exhibitions, the Dubai-based company (he'd started in 2006) behind the Indian Property Show, an event especially created with NRIs in mind. Out of several other enterprises Jaiswal has initiated, one of them credits special mention. Reality Expansion was borne out of a burning desire to "teach people how to buy property." It all started with filling out a Finding Your Uniqueness workbook recommended to him by a trusted friend. Having read it from page to page, he woke up two days later and knew instinctively what was next in the scheme of things. Armed with a newfound energy and still oblivious of his skills, Jaiswal formulated a one-day course of his own. In five days, he got 11 people to attend the course that turned out to be hugely successful. Encouraged by the attendees who returned to thank him for the millions he put into their own pockets, Jaiswal made sure he did a better job each time he stepped into a class. "I got them out of their rat races," he says with pride. What comes as a surprise to us, is the fact that Jaiswal later opted to sell Reality Expansion in Jan 2006. When someone asked him about how he could leave a multi-million pound company, Jaiswal's ready answer to that, said it all - "The next thing will be bigger and a lot of fun." And he's kept his word. The UK-India Connection Jaiswal's father Umashankar left India for England many years ago, fell in love with and married an Englishwoman called Rosetta Cloe. In 1982, when Sunil was 12 years old, the family went to India on a visit that lasted four months. They travelled to Delhi, Lucknow, Bangalore and Varanasi, Umashankar's hometown. The next year, they took off for India again and this time, it wasn't going to be a visit. It was for keeps.

PROPERTY & WEALTH VOL 2, ISSUE 11, July 2013

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Following his astounding success in property dealings, Sunil Jaiswal began a new business of teaching people how to deal and invest in property through his ‘Property Secrets’ course.

Never having forgotten the sweltering heat that greeted him in India when he got off the plane, he says, "I remember heat in India as being unbearable when we got off the plane in Mumbai that May. I also remember kids playing cricket on the road in that heat, which was an amazing sight. As was seeing a cockroach for the first time!" A couple of days later, this young lad born and bred in Heston (near Southhall), London, found himself attending classes in Clarence High School, Bangalore where he did his 8th, 9th and 10th. For his secondary schooling, Jaiswal was sent to the prestigious Bishop Cotton Boys' School where he found the love of his life, computers. Soon branded as a 'child prodigy' due to the effortless ease with which he took to coding and designing software, Jaiswal literally "took to computers." One of his most memorable moments at Cotton's was the day he won a prize for developing software that simulated heart rhythms. For the same event the following year, he found his name missing from list of participants. The organisers of the event refused to let him compete, saying he was too good for the competition and letting him participate would be unfair to the others. They did, however, remember to felicitate him 10

PROPERTY & WEALTH VOL 2, ISSUE 11, July 2013

with a special prize. After secondary school, Jaiswal's father wanted him to graduate and thus he enrolled for commerce classes at Sri Nijalingappa College. As it turned out for him, his lack of knowledge of the local language did him in. Half the classes at the College were conducted in English and the other half was in Kannada. At the end of the first year, he failed one examination. And what do you think he did next? The rebellious teenager that he was, Jaiswal or Blake Peterson as he was then known, picked up the guitar. Not as an instrument to play out his angst but to be part of India's first superstar band, Millennium. He's the lanky, long-haired (reminds me of Ishant Sharma coming in to bowl) young man you could still watch on the famous Rock band's videos available on Youtube. Having spent some years as a performing artist with this passionate group of 'head-bangers', it was time to move on. "Millennium didn't make serious money," he says and adds, "Playing heavy metal in India was not the smartest way to do that!" Since his family had good friends in the UK and Australia, it had to be either of these places. Having spent 13 years in the UK, Jaiswal chose UK.


Property Rock! While Jaiswal leaves no opportunity to credit Robert Kiyosaki's bestseller for having opened his eyes towards true financial independence, he also doesn't forget mentioning an engaging discussion he once had with another Robert Kiyosaki fan, a colleague called Andy Southhall. As both avid readers discussed threadbare the concepts outlined in the book, the conversation centered around passive income streams - the idea of setting yourself free from the rat race by letting your money go to work for you. Southhall had apparently just made his first million buying and selling property in London and that must've been inspired his audience no end. There's no end to what a person can achieve if he is willing to experiment. As one of UK's better known property educators today, Sunil Jaiswal has always advocated looking at property "in a different way". In fact, his own foray into the property business was far from conventional. After he'd read RDPD, our Rockstar-turned-IT Consultantturned Property Consultant embarked on an unusual quest; to find a property that would be bought entirely through a mortgage. For one year, he scoured the web and talked to umpteen investors, brokers and solicitors about his Zero Down Payment plan of buying property, but few listened. He looked at 200 properties across the UK, attempting 3 different deals worth 8.5 million pounds. And one fine day, when he thought he'd had enough, his big hunt came to an end. In his own words, he'd found "the right broker, the right mortgage product, the right solicitor and the right house". The house that Jaiswal bought for £ 250,000 (about Rs 229,87,500) is a sprawling one in Milton Keynes, a large town in Buckinghamshire, about 72 km North-West of London. The minute he'd bought the property, he had an equity of £ 25,000 and thus he owed £ 225,000. However on the day of closing, he was able to take out £ 50,000 of tax-free money from that property. In addition to that, the property also paid him a handsome return of £ 800 in rental income (the difference between the mortgage payment and the rent received). Needless to say, Jaiswal had found his pot of gold. "I did it again and again and again," he says and "by 2003, I had a multi-million pound portfolio - which gave me more than 700 a day!"

income from the IT business which he had in London and in India. In 2003, he took another momentous decision. Of quitting his IT business to focus full time on Real Estate. About Property Secrets Course, a course he has designed to teach people how to deal in property, Jaiswal says, “We had eleven people on our first course, all of whom got fired up by what I told them. A month later, three of them bought one million pounds worth of property and within three months, all eleven had bought at least one property. After this, I realised this was what I wanted to do: help people, help them understand property and get inspired because it can get them what they want." The Indian Property Show In December 2005, Jaiswal and his partners in Dubai came up with a plan to host an exhibition for Indian NRIs. They figured that many Indians came to Dubai to make money, so they could return to India sometime and own their home. It thus made sense to put up an exhibition of Indian properties for them. With each passing year, the Indian Property Show founded in 2006 continues to grow in terms of number of developers participating as well as footfall generated, showcasing Indian properties worth billions of rupees. And with Jaiswal at the helm as CEO of Sumansa Exhibitions, he's been able to impart a lot more value to the show. So you have interesting add-ons like dedicated kiosks on legalities, Vaastu and "Know Your City" seminars on high-growth areas in India by industry experts.

In two years, Jaiswal's property income surpassed his PROPERTY & WEALTH VOL 2, ISSUE 11, July 2013

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The Indian Property Show 2013 Spread over three days, the hugely successful 12th edition of Indian Property Show held in Dubai World Trade Centre came to a close on the 22nd of Jul 2013. With more than 17,000 visitors and about 120 exhibitors, this year's edition also turned out to be the biggest one yet. There were developers from a host of Indian cities - from Delhi, Noida, Gurgaon, Jaipur, Mumbai, Pune, Chennai and Bangalore. 174 stalls displayed apartments, villas, row houses, commercials and plots ranging from Rs Ten lakhs to Rs 23 crores.

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PROPERTY & WEALTH VOL 2, ISSUE 11, July 2013


Marking their presence at the extravaganza this year were some of the biggest players from the Indian real estate industry like Indiabulls and the Lodha Group.

Despite the unprecedented footfall in this edition of the show, the organisers made every effort to ensure a good experience for visitors.

As part of their promotional campaign, pioneering Real Estate consultancy Investors Clinic hosted Indian cricket superstar and their brand ambassador during his visit to Dubai for the show.

There were open sessions addressing various queries of the visitors regarding legal issues related to property purchase and Vaastu. PROPERTY & WEALTH VOL 2, ISSUE 11, July 2013

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98726-35220, 98156-01347


newsdesk REAL ESTATE & INFRASTRUCTURE NEWS

regional

national

international


newsdesk

VAT Chandigarh

regional

Mullanpur Renamed

issued by Delhi Urban Development Minister Arvinder Singh Lovely, basic services like drainage, water supply and power distribution network will have to be strengthened if vertical expansion in the city is allowed.

Chandigarh

No Wildlife Corridor Faridabad

In a fresh development which is likely to push up property prices further, builders in Haryana are set to be brought under the scanner of the Excise and Taxation Deptt. as the State Government prepares to bring them under the ambit of Value-Added-Tax (VAT).

Property Transfer Chandigarh

After the High Court had expressed its displeasure over the procedure adopted by the administration in cases of transfer of property, the Chandigarh Administration has decided to make issuance of public notice mandatory for transfer of immovable properties and without this, no transfer will be effected.

Presiding over the 26th meeting of the Punjab Regional & Town Planning & Development Board, Chief Minister Parkash Singh Badal has officially approved renaming the Local Planning Area (LPA), Mullanpur, as 'New Chandigarh' and he has asked the Greater Mohali Area Development Authority (GMADA) to develop it as a world-class planned city on modern lines.

Though it has already received its forest clearance on April 16, the proposed six-lane, 179.5 km long expressway connecting Faridabad to Mathura and Agra project undertaken by the National Highways Authority of India (NHAI) has no provision for a wildlife corridor.

High Rises Delhi

Mixed Land Use Noida

Union Urban Development Minister Kamal Nath's push for vertical growth in the city has found support with the Delhi government. As per a statement

As per provisions made in the draft bill of the State Urban Housing and Housing Policy 2013, mixed land use can soon be a reality in Noida, Greater Noida and Yamuna Expressway areas wherein commercial activities can be carried out from sectors earmarked for other uses like residential, institutional and industrial.

forthcoming events The Times Property Expo 2013 Venue: Pragati Maidan Date: 12 Jul to 14 Jul 2013 16

PROPERTY & WEALTH VOL 2, ISSUE 11, July 2013

New Delhi

Chandigarh

Property & Investment Expo 2013 Venue: Hotel Shivalik View Date: 17 Aug to 18 Aug 2013


newsdesk

national

Linkedin Bangalore

Anywhere Registration Hyderabad

from Karanidighi in North Dinajpur to Kishanganj, just 50 km away in neighbouring state Bihar.

Builder Registration In a transaction handled by property consultant DTZ, California-based social networking site Linkedin recently booked 74,341 sq ft of space in Prestige Technology Park in Bangalore. The 22-acre Technology Park also houses other big companies like JP Morgan and Adobe.

Lalit Modi New Delhi

Pune

The Stamps and Registrations Department has launched the 'Anywhere Registration' of property project in two more districts of Hyderabad that are Medak and Nalgonda. Under this project, citizens are allowed to register their property in any of the Sub-Registrar Offices (SROs) within the district.

Power Project Kolkata

The Pune Municipal Corporation (PMC) is planning to start a mandatory registration process for builders so that they can be held accountable for constructions carried out within the PMC limits and no construction projects will be allowed without registration. As of now, only the structural auditors and architects are registered with the civic administration.

Unsold Housing Stock In a series of tweets, former IPL commissioner Lalit Modi has made a sensational claim that three Chennai Super Kings players had links with a real estate tycoon, who is also a bookie and has close links with Gurunath Meiyappan and other IPL franchisee owners. He further went on to claim that this person had also given several flats to players in Mumbai, Noida and Delhi.

Chennai

Reminiscent of Tata Motors' decision to shift its Nano factory from Singur in West Bengal to Sanand in Gujarat, authorities at the Power Grid Corporation of India have decided to shift a power transmission project

As per a study conducted by international realty consultant Jones Lang LaSalle, Chennai's unsold housing stock has risen from 20,000 units a year ago to 45,000 units now. Also, as against 80,000 apartments sold in the last quarter of 2012, only 65,000 units were sold between January and March this year.

forthcoming events The Times Property Expo 2013 Venue: Hotel Lalit Ashok Date: 10 Aug to 11 Aug 2013

Bengaluru

Chennai

Prompt Property Fair 2013 Venue: Chennai Trade Centre Date: 16 Aug to 18 Aug 2013 PROPERTY & WEALTH VOL 2, ISSUE 11, July 2013

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newsdesk

India Bulls Gulf Countries

One of India's largest listed real estate developers, India Bulls has announced plans to launch offices in some Gulf countries. The company already has set up base in Dubai's Karama area and now it has outlined plans to open representative offices in Saudi Arabia and Bahrain by the end of 2013.

international

Empire State Building New York

New York's iconic Empire State Building is at the centre of a bidding tussle after the owner of London's Burlington Arcade made a cash offer of more than $2.1bn. It is the third bid in two weeks, threatening to disrupt plans by Malkin Holdings, the controller of the building, for an initial public offering.

Europe's Tallest Tower

Microsoft founder Bill Gates has reportedly purchased an estate in a famous equestrian neighborhood in Florida for $8.7 million. The second richest man in the world and wife Melinda reportedly paid cash for 4.8acre property. Dubbed the "winter equestrian capital," Wellington is a popular hotspot for celebrities and home owners include New York City Mayor Michael Bloomberg, Bruce Springsteen and Tommy Lee Jones.

World Expo Bid

London

Dubai

Chinese property company Dalian Wanda is to build Europe's tallest residential building alongside the river Thames in the heart of London. The 670 foot tower block in Vauxhall will be taller than other leading landmarks in the city such as the BT Tower and St George’s Wharf. Overall, the £700 million project will also have offices, a public square, shops, restaurants and a five star hotel. 

In May this year, the Bureau of International Expositions (BIE) met to review the legitimacy and preparedness of the five city-bids to host the 2020 edition of the World Expo. Thailand's Ayutthaya was eliminated due to lack of government support. The remaining four cities in the fray are Yekaterinburg (Russia), Izmir (Turkey), Sao Paolo (Brazil) and Dubai (UAE). Dubai's existing world class transportation infrastructure and reputation for staging international events already puts it well ahead of the other bidding cities.

Bill Gates Florida

forthcoming events Home Buyer and Property Investor Show Venue: Melbourne Convention & Exhibition Centre Date: 23 Aug to 24 Aug 2013 18

PROPERTY & WEALTH VOL 2, ISSUE 11, July 2013

Melbourne

Singapore

Phillipines Property Show 2013 Venue: Marina Bay Sands Convention Centre Date: 31 Aug to 01 Sep 2013


CHANDIGARH CAPITAL REGION PROPERTY HOT SPOTS ZIRAKPUR R ZONE 1 ZIRAKPUR R ZONE 2 MULLANPUR - NEW CHANDIGARH KANSAL AEROCITY MIXED LAND USE & INDUSTRIAL SECTORS 82, 66, 66A, 66B LANDRAN - BANUR ROAD (RIGHT SIDE) LANDRAN - BANUR ROAD (LEFT SIDE) KHARAR LANDRAN - ROAD BALONGI - KHARAR ROAD

FOCUS THIS MONT H ZIRAKPUR R ZONE 2


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PROPERTY & WEALTH VOL 2, ISSUE 11, July 2013

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

HOT SPOT IN FOCUS


HOT SPOT IN FOCUS - ZIRAKPUR R ZONE 2 Kiran Apartment

Savitry Greens

Location: VIP Road (near Penta Homes), Ambala-Chandigarh Highway, Zirakpur

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

Highlights: - Modular Kitchen with Chimney - Free Car Parking - 2 AC’s - Texture Paint on 3 Walls - Water Purifier Options: 2BHK (1150sqft) IndependentYds.

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Possession in November 2012

Ojas Grand, Zirakpur

Jaipuria’s Sunrise Greens Location: VIP Road, Zirakpur Highlights: Choice of 2/3 premium apartments and penthouses characterised by Singapore architectural collabration. Recreational Club with Swimming Pool Options: 2/3 BHK, Penthouses

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

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Pearls Nirmal Chhaya

Maya Garden Phase-3

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

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

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Zigma Wealth: 8146992437

DISCLAIMER: Features, information & Budget Planner given above are indicative only. Please contact respective builder for more specific & accurate information. Property & Wealth is not responsible for any decisions taken through use of above information. PROPERTY & WEALTH VOL 2, ISSUE 11, July 2013

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WEEKEND/HOLIDAY HOMES Amravati Hills

DLF Samavana

Location: 3km from Solan on Solan Sabathu Road. Highlights: Registry for built up area for built area Even for non Himachlis. Enjoyable weather round the year Options: 1 BHK 671 sq feet, 2 BHK 111 sq feet and 4BHK duplex cottages 2475 sq feet.

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Location: Kasauli Hills at 5000 feet, nearly 15kms from Kasauli amidst pristine environment. Highlights:Each Villa & Apartment providing a panoramic view of Mountains. Landscaped Gardens, Swimming Pool & Gym. International 5 star Hotel Options: Villas and Apartments

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Zigma Wealth: 8146992437

Pine Wood Resorts

Hill Farms

Location: Dagshai Hills Highlights: Situated at height of 5500 sq feet. its un spoilt nature at its best with Villas, plots, 5 star resorts. Options: Luxurious independent villas, residential plots

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Location: Dharampur Sapatu Road 2 kms from Hotel Victoria Intercontinental Highlights: Panoramic View of the valley. Non Himachalis can buy in their own name. Specially imported pre fabricated apartments. Options: 1BHK/2BHK on 400 sq

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Mega Marketing: 9815740230

Kaisville

Pine Wood Cottages

Location: Kais Village, Kullu Highlights: First of its kind group housing in HP, Unique terraced landscaping all around. Options: Exclusive low rise designer apartments and Luxurious villas

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Location: Solan Simla Old Road, Kumar hatti Highlights: Beautiful fully furnished apartment With un spoilt view of the mountains. An ideal hill farm house. Options: 2BHK and 3 BHK

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Call 9815601347

DISCLAIMER: Features, information & Budget Planner given above are indicative only. Please contact respective builder for more specific & accurate information. Property & Wealth is not responsible for any decisions taken through use of above information.

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Your Personal Retreat A peaceful hamlet nestled in the tranquil hills of lower Himalayas, Kasauli is a land seeped in rich history. The valley, abound in the serene forests full of oak and chestnut trees, is 60 minutes away from Union Territory Chandigarh. SamaVana - Welcome to Heaven on Earth! A leisurely retreat cradled in the quaint colonial repose of Kasauli, SamaVana is a resplendent celebration of good Living at its best. It is at a height of 4500-5200 ft above sea level. Sprawled across approx 58 acres, Samavana offers plots, apartments & villas.The project is approved under Apartment Act of Himachal Pradesh through HIMUDA.

Samavana Villa-Perspective View

Samavana Club- Perspective View

Located in the quieter part of Kasauli, SamaVana offers you the best of both the worlds. It is away from the hustle bustle of the city life yet is close enough for a leisurely trip whenever one desires. The new Parwanoo bypass starting from Timber trail to HP has reduced the Chandigarh- Kasauli

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travel time to just 60 minutes. With this new route, you can now bypass the congested bylanes of Pinjore, Kalka, and Parwanoo making your drive pleasurable through the meandering roads of the hills. The closest airport to Kasauli is in Chandigarh from where; drive to Samavana is an hour and thirty minutes. Proposed Offering: •

The Plot sizes vary from 894 to 3059 sq yards approximately. Size of the Villas and the apartments varies from approximately 3500-4919 sq ft and 1384 and1592 sq ft respectively.

Luxury Club spread over 9 acres. Features at the club include a Gymnasium, Pool side Café, Cards Room, Multipurpose Hall, Billiards, Bar, Restaurant, Party Hall, Decks at different levels and Kids Play area.

Option of engaging DLF empanelled contractors and interior designers for construction of the Villas.

Endless views- Serenity of the Valley to a distant glittering night view of Shimla city

A no carbon zone: Movement of Vehicles is allowed only till the main entry/ exit point and the residents thereon will travel in golf carts/battery operated cars making it an environment friendly development.

Key Distances: Chandigarh Airport

- 65 Kms approx

Lawrence School, Sanawar - 13 kms approx Dharmpur

- 17 kms approx

KalKa Railway Station

- 40 kms approx

Shimla Airport

- 85 kms approx

It is a project suited to the connoisseurs of fine luxury living, hence it is only fitting that it be sold exclusively and By Invitation Only. To register your interest, please write to:

(Advertorial)

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Safe Investment In Residential Property There are many variables that can have a negative effect on one's property investments. Being aware of these is an inalienable part of successful property investment.

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Kishor Pate Hon. Secretary CREDAI Maharashtra


The Rising Cost of Money   Increasing inflation is the first factor that inhibits the profitability of a real estate investment. While investing in any kind of property, one should always consider what the overall earnings would be worth at the point in time one wishes to liquefy them. If one fails to plan for the inflationary effect, further property purchases may be out of reach – rendering the whole concept of real estate investment an exercise in futility.   A simple method of establishing whether inflation will erode one’s real estate investment is to determine if the interest rate earned on one’s savings is less than or equal to the rate of inflation. If it is, it means that your real estate investment too will suffer because of inflation. One needs to establish whether the average price for property rentals in the location one wishes to invest in will remain higher than the rate of inflation in the long term. If it does not, there is not much point in investing in that location.   Death and Taxes Property taxes are yet another aspect that can negatively influence property investments. While buying a property with the intention of reselling it for a profit or renting it out, one should remember that profits arising from both the sale of a property and monthly rental income generated are taxable. The yardstick here is not how much one earns from one’s property, but how much one manages to keep after the taxman has taken his cut.   It is very unwise to invest in a property without first consulting with one’s chartered accountant or an experienced real estate professional. While there is no way of avoiding property taxes, it is certainly possible to make the taxation scenario more realistic. This calls for current knowledge of property taxation laws, which often change without warning. One needs to determine one’s  post-taxation cash flow in order to know just how valuable one’s property investment will be in the long run.   Fate – Your Constant Silent Companion  Finally, there is also always an aspect of free-floating risk attached to property investments. For instance, buying a property with the intention of selling it at a profit afterwards always involves a degree of uncertainty and chance of

loss. One can judge the current appreciation value of a certain location with a fair degree of accuracy, but there is no way of anticipating all developments:   • The neighborhood may fall out of favor with buyers • There may be unsuspected litigations attached to the property • Though superficially sound, the property may be legally untenable because it has substandard construction or does not conform to required earthquake-resistance parameters • The Government may decide to acquire the land the property stands on at the  minimum rate for infrastructure development • The investor may need to sell the property at a moment’s notice – and at a loss - to cover other urgent financial commitments • There may be a natural calamity such as a flood, rendering the entire location unmarketable To Summarize  To minimize one’s risk while investing in real estate, one needs to know:   • Exactly how much profit will accrue from the property in a given time frame • How much it will cost to make the property marketable • How long it will take for it to attain its highest possible market value • What the state of the market is now, and what it will be in the near and distant future • What the possible losses could be with regards to all applicable variables • If the potential profit of buying a property outweighs the various implied risks • If the current cost justifies future earnings (via sale in the short term of rental income in the long term) • If one is financially sound enough to buy the property now, or whether it would be more prudent to await improved financial circumstances

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Real Estate Regulator Will Bring Oligopoly In The Sector The customer eventually thinks that he should invest his hard earned money in a project which is regulated rather than an ‘unscrupulous’ builders’ unviable project. This breaks the back of small builders, who survive on a single scheme at a time.

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ith the Union Cabinet approving the Real Estate (Regulation and Development) Bill, the popular view is that it will help property buyers benefit and make the system more transparent. The real purpose of the Bill is to give a reliability of the delivery of the project once it is launched. While the Bill has its good intentions, precedents show us how such regulations usually eliminate the small builders completely. Highlights of the Bill: 1. All residential projects having units that are more than 4,000 sq mts will fall in the ambit of this regulation. 2. All projects to be launched only after all the permissions have been received for the construction of the project. 3. About 70% of all the money collected for the project has to be used only for this project. 4. Projects to be sold on carpet area only. 5. Each state will have a tribunal for redressal of complaints. In the past India has seen regulators like IRDA, SEBI, TRAI, CCI, RBI, DGCA, ICAI. What each of the regulator has undoubtedly brought in is the required “buyer benefit”. However, a side effect of such a regulator’s impact on the market is consolidation. For example, the proposed Real Estate Regulator in the new Bill makes it compulsory for all new projects which are more than the size of 4,000 square meters to follow a few rules. Now such a regulation would actually harm the big projects and builders would try to divide projects and do smaller projects only. However, a few factors like cost of construction, cost of marketing and the cost of providing common facilities push builders

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to do larger projects only. The customer eventually thinks that he should invest his hard earned money in a project which is regulated rather than an ‘unscrupulous’ builders’ unviable project. This breaks the back of small builders, who survive on a single scheme at a time.

Manan Choksi Regional Director RE/MAX Mumbai, Gujarat & Maharashtra mchoksi@remax.in

These days in a metro city there is already a lot of consolidation with a few names like Lodha, DLF, Hiranandani, etc. dominating the real estate sales market. Lodha claims sale of Rs. 10,000 crores in the last fiscal which is more than DLF’s sale of Rs. 9,000 crores in the same period. In a Tier 2 city, there are a lot of local builders operating in selected areas of the city. Usually the local builder association has about 2,000 small and medium builders which are now dormant – due to slow market conditions. The SME segment has already got the burden of lack of reliable brand, inability of having fixed salaried staff and inability to invest in modern techniques of construction. When such a builder wants to scale up to large sized projects, he will need to comply with the Regulator’s provisions which will deter him further.


We have seen in stock market that eventually all the small and medium sized IPO and brokers are eliminated from the market. It is said that SEBI regulations have closed more brokers than the slow market. So we have a handful of stock broking houses like Motilal Oswal, Angel Broking, Share Khan, etc. who own practically the lion’s share of the market. It is said that unless a broking house has 10,000 customers, there is no viability to run the operation. Oligopoly is the future of real estate sector, be it a builder or a broker. The proposed Bill has a concept called “registered brokers”. Hence brokers are also going to fall in to the ambit of regulation, which until now has been totally out of regulation. Such regulations in other countries have streamlined the entire industry and have brought a lot of transparency. Brokers slowly adapt to the regulated world and start building their own brand. This indirectly regulates the secondary market also.

Even CREDAI (Confederation of Real Estate Developers Associations of India) has ‘strong reservations’ according to the CREDAI President C. Shekhar Reddy. He has expressed his concerns about the License Raj re-entering the real estate world and unnecessary victimisation of members. It is important that the Bill maintains equilibrium between the developers and end users. Implementation of this Bill as it is will cause substantial increase in cost to buyers. In the long run the Bill has the potential to actually shatter the government’s initiative of ‘housing for all’ at affordable rates. Right now the Cabinet has passed the Bill and it is scheduled to be tabled in both the houses in the monsoon session. The Bill most probably will get passed uneventfully as officially only the state of Chhattisgarh has opposed it. So the regulator will actually cause ‘irregulations’ as it is not conducive to the small time brokers and is quite lopsided in approach. Oligopoly seems to be imminent.

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India's Emerging Retail Destinations These emerging cities are emerging as lucrative as retailers/brands are attracted by the increasing incomes and rising brand awareness among consumers there. Also, a substantial number of shopping malls are being planned or are already under development in these cities. For retail players, stagnation and obsolescence are two sides of the same coin. Though expansion is often a challenge in a curtailed economic environment, it is nevertheless a necessary function for success. Retailers who wait too long to expand into new territories, or are content to stay where they are, are missing the growth wave and will eventually lose their market relevance.   As such, all Indian and global retail brands operating in India have plans to expand into cities where economic momentum is picking up. In these cities, most local retailers already have a footprint, but branded national and international brands also have their sights trained on these emerging cities.   The upcoming cities that retailers are considering with increasing seriousness today are:  • Jaipur • Kochi • Ludhiana • Indore • Nagpur • Udaipur   These emerging cities are emerging as lucrative as retailers/brands are attracted by the increasing incomes and rising brand awareness among consumers there. Also, a substantial number of shopping malls are being planned or are already under development in these cities. Sales in the modern retail stores in these cities are quite encouraging, and this is paving the way for the establishment of even more organised retail.   • Indore: Traditional high streets still dominate Indore's 34

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retail landscape. However, high street retail is gradually yielding market share to organised retail with the arrival of new malls and shopping centres in the city. M.G Road along with Jawaharlal Pankaj Renjhen Nehru Road Managing Director was traditionally Retail Services Indore's retail Jones Lang LaSalle India hub before the emergence of markets adjacent to Palasia Chauraha and Bombay Hospital. • Kochi:  Retail activity in Kochi has traditionally been concentrated on a central high street, with M.G Road being the dominant retail corridor. The other emerging retail destinations in Kochi include Marine Drive, Vytilla Junction, Palarivattam and Edapally. Shopping malls are also emerging in areas such as Maradu and Edapally. The Upcoming mall developments include Lullu Mall, among others. • Ludhiana: Ferozpur Road is the main growth corridor for retail in Ludhiana; consequently, it has seen the highest incidence of major organized retail developments with Ansal Plaza, Flamez Mall and Westend Mall. Over


time, various national and local developers have entered the market - these include Ansal API, DLF, MBD Group, Omaxe and Chadha Group. • Jaipur:  Jaipur has progressed tremendously on the retail front, and is considered one of the most important emerging retail destinations of North India. It has shopping malls with multiplexes operational at various locations in the city. Organised retail has come up and is proliferating in areas such as Tonk Road, Malviya Nagar and Ajmer Road, among others. • Udaipur: The traditional retail destinations of Udaipur include Bapu Bazaar, Chetak Circle, Suraj Pole, Nehru Bazaar, Bada Bazaar and Chand Pole. Organised retail is also widespread throughout Udaipur, with Durga Nursery

Road, Shakti Nagar and Sudkhadia Circle having the largest concentration of new entrants. Shopping mall developments are beginning to make their presence felt in Udaipur, in light of the growing demand among local consumers for a modern shopping experience. • Nagpur:  In Nagpur, unorganised retail has more or less always existed in areas such as Itwari and Sitabuldi, and in western part of the city. The city’s established prime retail areas include Dharampeth, Ramdaspeth, Gokulpeth, Central Avenue, Gandhibagh and Sadar. Shopping malls are also operational in Nagpur, and a lot of retail brands are entering there. Presently, Central Nagpur is a noteworthy retail destination in terms of shopping mall developments - however, both West and South Nagpur are rapidly emerging as the next generation retail hubs.

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Dissecting The Role Of Real Estate Regulator In India These emerging cities are emerging as lucrative as retailers/brands are attracted by the increasing incomes and rising brand awareness among consumers there. Also, a substantial number of shopping malls are being planned or are already under development in these cities.

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T

he Central Government Cabinet approved the Real Estate (Regulation & Development) Bill on 5 June 2013. The aim of the bill is to create a Real Estate Regulatory Authority and an Appellate Tribunal that will act as a watchdog for the housing sector, primarily towards protecting consumer interests while creating an alternative redress mechanism for any disputes that may arise. The bill demands greater disclosure from the developer community and a higher level of project accountability to remove the information asymmetries from the housing market. Like the US, where local city laws hold primacy over county and national laws in matters relating to real estate, land and urban planning, including housing, is a state subject in India. In a quasi-federal state like India, states act as independent, autonomous agents in respect of subjects that are under their purview. While the US does not have a single window regulator, this bill seeks to remove this obstacle by letting the states set up their respective Regulatory Authority. Another major positive step is the compulsory registration of real estate agents, which is likely to provide another level of protection to buyers while also preventing concerns regarding money laundering by the non-organised broker community. A major bill provision is the standardisation of area measurement, with carpet area to be the measure when this bill is enacted. Effective legislation, judicial activism and regulatory mechanism together lead to a vibrant industry with greater emphasis on protecting consumer interests. With a literally exploding housing demand, there was a definite need to bring in greater disclosure norms. Developers would need to provide the status of all approvals as well as sanctioned plans to buyers and will not be able to sell their project without obtaining the required approvals.

The bill has also sought to ensure that the buyer’s payment is utilised for the development of the particular project by necessitating the creation of an escrow account where Karan Khetan the customer Senior Analyst advances paid Research & REIS will be used only Jones Lang LaSalle India for that project’s completion. This limit has been revised from 70% earlier to 70% or less as decided by the respective states. The bill also seeks to make the developer responsible for adhering to the timelines and specifications committed to for project completion. However, there is a need to analyse if certain inherent challenges facing the housing sector have been given a miss in this draft. At first glance, the Government is yet to streamline the approval process, which significantly slows down the project launch date and adds to the cost burden of the developer. There is no clarity on which law will have precedence in the case of a dispute between the Central Government and state policies. The idea of fostering greater transparency may come at the cost of housing projects becoming more expensive if the approval process adds to the holding cost of the developer. That the regulator will be effective and that this is a positive step is not debatable. However, the extent of effectiveness and the implementation at the state level are possible hindrances going forward.


Zigma Wealth Corporate Office:-


NEED FOR OMBUDSMAN FOR REAL ESTATE BROKERS With the 5th edition of the Annual NAR India Convention & Exhibition coming soon to the Capital, the organizers set up a Road Show to mark the event on the 26th of June 2013. Ms Charu Gupta from P&W attended the show & reports: “Unlike Insurance Regulatory and Development Authority (IRDA), Real Estate sector doesn’t have a regulatory body. NAR India in the times to come will be instrumental in regularising the brokerage industry and help appoint Ombudsman at National & State levels.” Samir Chopra, Chairman, NAR-INDIA, 5th Annual Convention.

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ith FDI cap revision taking place at a time when rupee is almost touching historical low of Rs 60 a dollar level; as well as India emerging as one of the most promising South Asian economies in light of China‘s growth story coming to a halt in face of demographic challenges, investment in Indian Real Estate sector looks good in global markets. Surely all global eyes now rest on Indian markets especially in terms of real estate sector. What is now required of this resurrected sector is to be more professionally managed and organized. It’s time to systematize and statutorily regulate the Indian Real Estate sector. In order to grab the knocking opportunities, to enlighten Indian realtors and train them to imbibe and adhere to international best practices, thus inspiring investor confidence, the 5th Annual Convention of National Association of Realtors in India (NAR India) is being held in New Delhi from 6- 7 July 2013. Previous editions of the Convention were held in Pune, Chennai, Hyderabad and Mumbai respectively. NAR India is the apex body for brokers pan India, with its outreach to over 1,700 members across 24 cities. It is affiliated to NAR US, the world's largest realtor association, having presence in 42 countries round the globe. NAR India has issued Code of Ethics and Standards of Practice NAR-INDIA for its members to promote fair & uniform trade practices & induce professionalism. “This

self-regulation will help shape statutory regulation as well, which will be a win-win situation for developer, broker as well as customer. We have also given inputs representing the Real Estate brokers in the regulatory bill,” said Samir Chopra, Chairman, NAR-India, 5th Annual Convention. A special Women Committee has been set up, encouraging woman participation in Real Estate brokerage industry. “The main aim of this Convention is to streamline and promote the Real Estate brokerage as a profession in India so that we achieve transparency, accountability, fair dealing and ethical practices for overall good governance in the industry”, said Kalpesh Shah, President, NARINDIA. Looking at the contemporary scenario, a customer-centric approach is what the service sector requires, and a broker being a service provider must develop all the expertise to cater to client’s customized needs. Providing details on the topics to be discussed at this Convention, Prof. Dr. P. S. N. Rao, Chairman, NAR-INDIA has announced that this year the focus is to help brokers drive customeroriented solutions to problems. The Convention will moot for transparent & hassle free service for customer, regulate and promote trade fair trade, he added. A special Broker–Developer interface has also been organized. About 1,000 delegates are expected to attend the Convention with international delegations from around 14 countries- India, US, UK, France, Bulgaria, Ireland, Dubai, Singapore, Argentina and Germany to name a few.

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projectwatcher

Parsvnath's Privilege

 

 

About CARE   Credit Analysis & Research Ltd. (CARE) was promoted in 1993 by some of the leading Indian banks and financial institutions. Major shareholders of CARE include IDBI Bank, Canara Bank and State Bank of India. CARE is amongst the premier credit rating agencies in India and provides credit rating, research and information services. CARE Ratings is well equipped to rate all types of debt instruments including Commercial Papers, Fixed Deposits, Bonds, Debentures, Hybrid Instruments, Preference Shares, Loans, Structured Obligations, Asset Backed Securities, Residential Mortgage Backed Securities etc. CARE’s rating methodologies are in line with the best international practices.

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CARE Assigns “NCR 4-Star” Rating to Parsvnath Privilege by Parsvnath Developers Limited

Project Star Rating Rationale • Project developer quality The developer, Parsvnath group, has 21 years of experience in developing real estate projects and has a pan-India presence. As on February 28, 2013, Parsvnath Developers Limited (PDL) has 33 ongoing projects spread over a total area of 50.54 million square feet msf, which comprises 13 residential projects, 10 integrated townships, 10 commercial complexes, including malls and 3 Delhi Metro Rail Corporation (DMRC) BOT projects and an IT park.

water harvesting and about 80% of the area has been reserved for lawns, parks, open and landscaped greens.

• Project location, construction quality and amenities The project site is located near Noida-Greater Noida Expressway (four kms) and Pari Chowk (three kms). Also, there is a proposed metro station close to the project. The project is backed by the track record of in-house project team of PDL, adequate project amenities and recreational facilities such as club house, fitness centre, swimming pool, children’s play area. Also, there is provision for rain

• Project financial quality As per the current development plans of the company, major construction funding is dependent on customer advances. The required equity is fully deployed and the debt is already sanctioned. The balance project cost of Rs.140 crore (32% of total project cost) shall be funded by remaining debt drawdown and customer advances.

• Project legal quality The Developer has acquired land from Greater Noida Industrial Development Authority (GNIDA) for a lease period of 90 years (as per lease deed dated January 12, 2007) and as such the title is clear. Besides, the project has received majority of clearances. However, approvals for building plans and clearance from Airport Authority of India (height clearance) are pending for renewal.

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Project Profile Project Name

Parsvnath Privilege

Project Type Residential Project Location

Greater Noida

Development Type

Leasehold land from GNIDA for 90 years

Project Start Date

April 1, 2010

Scheduled Project Completion Date

June 30, 2015

Agreed upon Possession to the customer The developer proposes to deliver residential units within 36 months of

commencement of construction of the particular block in which the flat

is located. As per the management, the last block completion date is

scheduled at June 2015. Total Saleable Area

1.78 million square feet (msf)

Construction Status

The construction work is in advanced stage with 68% of the project cost incurred till March 2013. The project is planned to be completed in phases with possession of 8 towers starting in March 2014, and remaining 12 from June 2015. For Phase-I, building structures have been constructed and internal finishing work has commenced. For Phase-II, the work is in progress with basements complete and floors under construction.

Project Developer Profile Name of the company developing the project

Parsvnath Developers Limited

Project developer group

Parsvnath Group

Development Experience of the developer group 21 years No. of years in the industry

21 years

No. of projects developed till date

33

Total Area developed till date

16.1 msf

No. of projects ongoing

33 (51 msf)

Project Developer PDL was incorporated on July 24, 1990, and is a Delhibased real estate development company with a pan-India presence across 45 cities and 16 states. The company largely focuses on North India, where it has established a brand name ‘Parsvnath’. As on February 28, 2013, PDL has 33 ongoing projects spread over a total area of 50.54 msf and comprises of 13 residential projects, 10 integrated townships, 10 commercial complexes including malls and three DMRC BOT projects and an IT park. Mr Pradeep Kumar Jain, Chairman of PDL, has more than two decades of experience in the real estate sector. 42

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Project Details “Parsvnath Privilege” is a high-rise group housing project being developed by Parsvnath Developers Ltd. The project is spread over a land admeasuring approximately 25 acres in Sector Pi, Greater Noida, for constructing G+20 storied 952 air-conditioned 3BHK apartments. Average size of each apartment is close to 1,855 sqft. The site is located close to (approximately 4 km) Noida - Greater Noida Expressway and has major projects in its vicinity. Total saleable area of the project is 1.78 msf. The project has various amenities such as club house,


fitness centre, swimming pool, children’s play area. Also, there is a provision for rain water harvesting and about 80% of the area has been reserved for lawns, parks, open and landscaped greens. Highlights of the Project • Landscaped Greens with Children Play Area • Jogging Tracks • Club with Swimming Pool • Fitness Centre • Dining Lounge • Piped Gas Supply • Fire-Fighting System Construction Status of the Project The construction activities such as RCC works, brick work, internal & external plaster, water proofing, electrical, plumbing and fixing of railings are in progress and pile foundation work in all towers has been completed. For Phase-I, the building structures are ready and internal finishing work has commenced. For Phase-II, the work is in progress with completed basements and floors under construction. The company also had a sample flat constructed at the site. As on March 18, 2013, the developer has incurred 68% of the total project cost of Rs.441 crore. Brief particulars about various contractors is as follows – 1. Architects The principal architect of the project is Rajinder Kumar Associates. The firm was established in 1969 and has worked on reputed projects like LEEDS Certified “Platinum Rated” ITC Centre (Gurgaon), Grand Hyatt (New Delhi), Radisson (New Delhi) and Maurya Sheraton Hotel & Towers (New Delhi), Microsoft & Ericsson Corporate Offices (Gurgaon). The firm has successfully completed over 500 projects in India and abroad.

2. Structural consultants and civil engineers The structural and civil work overall supervision is being managed by PDL’s in-house team of engineers, architects and specialists. Project Legal Status • Land has been acquired by GNIDA on lease (for 90 years) under lease agreement dated January 12, 2007, and as such the title is clear. • PDL has received environmental clearance from Ministry of Environment & Forests and layout plan is approved by GNIDA for an FSI of 1.5x. However, the building plan approval and clearance from Airport Authority of India have expired and are under-process of renewal. Project Financial Status The total estimated project cost of Rs.441 crore is being funded by way of equity capital of Rs.77 crore, term loan of Rs.150 crore and balance from customer advances. Although, the company has already brought in the promoter contribution and has tied-up the entire debt requirement of Rs.150 crore; the residual funding risk has high dependence on customer advances, which are also linked to timely completion of construction. As on March 18, 2013, PDL has already incurred Rs.301 crore that includes lease premium to GNIDA (Rs.30 crore), construction cost (Rs.205 crore), financial costs (Rs.36 crore) and other administrative and marketing costs (Rs.31 crore). Remaining cost of about Rs.140 crore will be funded by balance term loan disbursement and advances from the customers.

Disclaimer CARE’s star rating of real estate projects is an opinion on the developer’s ability to execute the real estate project in timely manner and with the agreed upon quality standards. Besides, it is an opinion of the legal quality of the project. The analysis draws heavily from the information provided by the developer and information obtained from sources believed by CARE to be accurate. However, CARE does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. Also, CARE does not guarantee the adequacy of title search done to arrive at the legal quality of the project. CARE’s Real Estate Star rating is also not a recommendation to buy, sell or hold the rated real estate property. CARE shall also not be liable for any losses incurred by users from any use of such rating. Most of the developers whose real estate projects are star rated by CARE have paid a rating fee. PROPERTY & WEALTH VOL 2, ISSUE 11, July 2013

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be a prosperity seeker

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Jackie Chan

N.R. Narayana Murthy

Hollywood's action film star Jackie Chan, who enjoys a huge fan following in India, led a delegation at the first ever China Film Festival held recently in New Delhi. Expressing his love for Bollywood music and dance sequences, Chan said he was waiting for the right script and film director before venturing into an IndoChinese Cine collaboration. Wearing his trademark smile, Chan sang a Chinese song "I love my country, I love the world" to a thundering applause accorded to him by a packed audience at Siri Fort Auditorium.

In his second avatar as Chairman of Infosys, Mr. Murthy has said that the task of "rebuilding a desirable Infosys" would take at least 3 years and it would involve taking some "tough decisions resulting in pain". Addressing shareholders at the $7.5-billion IT company's Annual General Meeting, he said, "Executing this strategy may require me to change some of my long-held beliefs. But then, I too believe in Sir Winston Churchill's words that improvements require change and the quest for perfection requires us to change as often as necessary."


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

Ripu Daman Handa

Marissa Powell

After a struggle of over 14 weeks, Delhi boy Ripudaman Handa won the Golden Apron, Rs 1 crore as prize money and a chance to write his own cookery book as Season 3 of Masterchef Kitchen Ke Superstars came to a close. The 23 year old gym instructor won the kitchen battle by defeating Doyel Sarangi, homemaker from Kolkata and Varanasi-based Navneet Rastogi, who comes from a family of caterers. For this season of the popular show, auditions were held across 20 cities in the country, and the top 12 made it to the real competition. 

While it was Miss Connecticut Erin Brady who was crowned 2013 Miss USA that night, it was fellow contestant Miss Utah who bagged all the attention the morning after. 21-year-old Marissa Powell's awkward answer to a question from one of the judges on the show went viral. But how does it matter if someone botched an answer on US national television with a fumbling, incoherent answer? It was fun to see how the third runner-up of a competition could outscore the winner, in terms of global reach. And for that, we don't have to read too much into her "figure out how to create education better" phrase! 45


quotemagic  “If you can dream it, you can achieve it.”

Zig Ziglar Celebrated American author, salesman and motivational speaker Zig Ziglar died at the age of eighty-six at a hospital in the Dallas suburb of Plano, a city in the state of Texas. A World War II veteran, Ziglar became the top sales person in several organisations before he ventured out on his own as a motivational speaker and trainer.

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eyecatchers

Shikhar Dhawan

Cricketer, Indian National Team Winner of the coveted 'Golden Bat' for scoring the most runs in the Champions Trophy tournament, explosive left-handed batsman Shikhar Dhawan dedicated his performance to the victims who had lost their lives in the recent flood that affected the state of Uttarakhand.

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Understanding CIBIL Score

CIBIL already has a large database of customers with their credit scores. Lending institutions dip into this database for assessing their creditworthiness.

C

redit Information Bureau (India) Limited is India's first Credit Information Company founded in August 2000. In the past, lenders had to rely on their own assessment of a customer before giving any loans or even credit cards, but now the situation has changed with the availability of individual credit information through CIBIL. Lenders can now fetch details on your credit worthiness from CIBIL. So now, all approvals for home loan, personal loan, auto loan and credit cards and at what interest will be determined by your credit score. CIBIL already has a large database of customers with their

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credit scores. Lending institutions dip into this database for assessing their creditworthiness. Since now your credit scores will be a key reason to determine your loan sanction, it has become important for you to monitor your credit score now that it is available from CIBIL. Elsewhere in the world, if you haven't been given a loan on account of a low credit score then you have the option of approaching select lenders who specialise in lending to borrowers who have recently come out of a bad credit situation. But this system doesn't exist in India. So it becomes all the more critical for you to monitor your score to ensure that your loan does not get rejected on the grounds of a poor credit score.


What does a CIBIL Score look like and how much is a good score? A credit score is generally a 3-digit number within the range of 300 and 900. The higher the score, the better it is. This score will reflect information from several lenders and across various loans. What is the information that a credit report contains? The report contains basic details of the consumer (name, id, etc.), personal details (date of birth, passport number etc.), location details (address), details of bank accounts such as auto loans, home loans, personal loans and credit card (overdue accounts, highest amount of credit sanctioned in case of credit card, overdue amounts oldest, latest, last payment, account ownership, closure, sanctioned credit in case of credit cards and other cards, number of times credit report requested by the creditor along with the name, enquiry purpose, date and amount). Is my credit score the same across different agencies? As the source of information for each credit agency may not be the same, scores are bound to differ. All the lenders may not report to all the agencies. Besides, as competition in this space increases, each player will want to launch innovative products and new ways of capturing information which may affect the credit score. Is it okay to access my score from one agency only? In countries such as US where individual credit scores have been in existence for long, experience from market information suggests that credit report of one agency may differ completely from the other. Besides, there may be errors in the report of any single credit agency which you will spot only if you access your credit report from all the agencies. In the US, evidence suggests that 25% of the credit reports contain errors that are serious enough to cause denial of credit. In order to ensure your financial soundness, and also protect yourself from any credit reporting errors, it seems logical to access your credit report/score from all the agencies. What if my credit score isn't correct? Gurdeep (name changed) applied for a home loan from a bank. The bank rejected his loan application on the grounds that his credit report mentioned that he has a long overdue outstanding amount on a credit card. This

took Gurdeep by surprise as the issue was amicably settled with the bank, post which he stopped using the credit card. He got the bank to acknowledge the same and subsequently informed CIBIL, presenting the acknowledgement from the bank as proof for his claim. CIBIL then verified and incorporated the updated, correct the information in his credit report and he was granted a loan. In case there is an error? Errors are bound to happen due to incorrect reporting by lenders or due to human errors. In such a situation, you need to report the error to CIBIL with valid proof and if you are not satisfied with the action you can lodge a complaint with the banking ombudsman's grievance cell, which will take up the issue and evaluate it from a neutral stand. How often is the credit score updated? Updating the credit report is supposed to be an ongoing process. Lenders send updated data regarding an account to the agencies. It depends on how may credit accounts the individual has and when there is a change in the credit data. The moment there is a change in the credit data, it will reflect in the credit score. What makes this system foolproof for lenders? Akash has taken a home loan from Bank A and has been paying his EMIs on time. Simultaneously, he has taken an auto loan from Bank B and has defaulted on the last few payments. If Akash now applies for a personal loan from Bank A, assuming that since he has paid his home loan EMIs with the bank in a timely manner, he may not be granted a personal loan. This is because, he may not be aware that Bank A has now obtained a credit score from CIBIL (CIBIL has varied sources of information from which it collates credit data and then arrives at a credit score) where he shows up as a defaulter with another bank. This could either result in a rejection of his personal loan request or the bank might charge him a high rate of interest. What is the benefit of a good score to a consumer? The most significant advantage of a good credit score is that you can use it to negotiate with the bank for a more favourable interest rate.

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planetsavers

Hydroelectric Power

It is the most efficient source of energy in comparison to coal, gas or nuclear. Countries like Norway, Sweden and Switzerland enjoy the highest standard of living in the world because they developed their hydro resources before going for other options. For that matter, even neighboring Bhutan which has a higher per capita income than us, makes extensive use of hydroelectric power.

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bookshelf

The 7 Habits of Highly Effective People Stephen R. Covey

F

irst published in 1989, this is not just a business and self-help book, but what some might call a "manual for life". Translated into 38 languages, the book has sold more than 25 million copies worldwide and is a must read by anyone who's serious about achieving success and effectiveness in all facets of their lives.

The book begins with the astute observation that people perceive the world differently and so, part of achieving insight involves making a "paradigm shift" which causes us to perceive things differently. After he has prepared the reader for this, the author goes on introduce the seven habits in a proper order.

Last time we checked, this book was available with www.flipkart.com at a discounted price of ` 275/- only. PROPERTY & WEALTH VOL 2, ISSUE 11, July 2013

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Why Stop Multitasking When we're switching tasks, our minds have to reorient to cope with the new information. If we're doing this rapidly, like when we multitask, we simply can't devote our full concentration and focus to every switch.

T

he ability to juggle work is a standard job requirement these days. But researchers have another name for this supposedly desirable skill, they call it chronic multitasking. There's been a lot of research on multitasking over the last decade and they've all come up with one conclusion i.e. Multitasking doesn't make anyone more productive! In fact, studies have found that multitasking can actually result in us wasting around 20-40 % of our time, depending on what we're trying to do. Multitasking is a weakness and not a strength. In 2010, a study by neuroscientists at the French medical research agency Inserm showed that when people focus on two tasks simultaneously, each side of the brain tackles a different task. Imagine trying to talk to someone and write an email at the same time. Both of these tasks involve communication and you can't really speak to someone and write a really clear and focused email at the same time. Since the tasks are too conflicting – your mind gets overloaded as you try to switch between the two tasks. Now think about listening to someone as you try to write an email. These two tasks are still manageable together and that's because they involve different skills. But it is natural for your attention to fade in and out as you're writing and trying to listen at the same time. Research also shows that  heavy multitaskers are  less competent  at doing several things at once than light multitaskers. In other words, in contrast to almost everything else in your life, the more you multitask, the worse you are at it and practice, in this case, works against you. In fact the biggest problem with multitasking is that it is bound to lower the quality of our work. Trying to do two things or more things at once may not fetch good results at all. When we're switching tasks, our minds have to reorient to cope with the new information. If we're

doing this rapidly, like when we multitask, we simply can't devote our full concentration and focus to every switch. A major downside to multitasking is the effect it has on our stress levels. Dealing with multiple things at once does make one feel overwhelmed, drained and frazzled. On the other hand, think of the satisfaction you've always derived when you've devoted your full attention to one task. You're able to focus, and you'll probably finish it feeling as if you've not only completed something, but done it well. When University of California Irvine researchers measured the heart rates of employees with and without constant access to office email, they found that those who received a steady stream of messages stayed in a perpetual "high alert" mode with higher heart rates. Those without constant email access did less multitasking and were less stressed because of it. And it's not only the physical act of multitasking that causes stress; it's the consequences, as well, says Winch. "If you do poorly on an exam because you studied while watching a baseball game on TV, that can certainly trigger a lot of stress—even self-esteem issues and depression." But by far the most telling effect multitasking can have on our lives is that forget seeing the forest for the trees or the glass half full—people who are busy doing two things at once don't even see obvious things right in front of them, according to a 2009 study from Western Washington University. Specifically, 75% of college students who walked across a campus square while talking on their cell phones did not notice a clown riding a unicycle nearby. The researchers call this "inattentional blindness," saying that even though the cell-phone talkers were technically looking at their surroundings, none of it was actually registering in their brains.

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Vaastu Guidelines for Your Garden

Vaastu Shree, Vaastu Visharad Shri Naresh Singal, Vaastu & Feng-Shui Consultant. For any further queries on the subject, readers can contact him on mail@vaastunaresh.com

I

f there is sufficient space left after construction of a house, people generally prefer to have a small garden and few prefer larger garden. Those who have lesser space they go for either small terrace garden or plantation in balcony. This tendency is growing faster in metro cities.

Most often they ask for the Vaastu guidelines for garden. Here the guidelines for the garden plants are explained as per Vaastu. These guidelines will surely help you if you have a garden in your house or if you are planning to have a small garden in your premises.

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GARDEN COMPONENTS AS PER VAASTU LAWNS The Lawns should be in the East or the North, where a swing with North-South axis can be placed. PATHWAYS The pathways should be curvy and should not be straight. FLOWER POTS The flower pots should not be kept on the  compound wall  as it increases the height of the wall, specially the wall of North, East or North-East. They should be placed on the ground in these directions, but they should  not be taller than 3 feet and the water should not get logged under them.

Coconut and Banana plants within house limits are very good for mental peace and health. A water pond in a favourable direction, with Lotus, brings fortunes. The entertaining unit for the children is recommended towards the North-West of the garden. As far as possible plantation should be avoided in the South, South-West & North-West corners. No large plant should be planted exactly in the centre of a site.

WATER BODIES A small water-fall can  be constructed in the East or the North leaving the North-East corner of the garden. If there is a swimming pool in the garden, it should be in the North or North-East direction. A small pond, whose water is regularly changed, can be constructed in North. A fish pond can be had in the West part of the garden.

Thorny succulent plants must not be grown within the house limits. Cacti are considered very dangerous and harmful for a residential unit. They purport to bring tensions and create fractious relationships.

BENCHES Benches are useful in big gardens and can be placed in the open space in the East and the North direction so that people sitting in these directions face either East or West.

Bamboo should never be grown within the house limits in the ground.

OTHER USEFUL TIPS FOR GARDEN As a general rule, gardens in homes or factories should always be in the North or West and within the confines of the compound.  Here are few simpler Vaastu suggestions for the garden within the house limits: A Basil plant is a very positive influence within the limits of a house.

The Ber plant should not be cultivated within the house limits. It increases enmity.

A swimming pool in the centre, towards the South, SouthEast or South-West and even the North-West create undue events. It brings negativity in the health of the residents. A swimming pool is good in the East, North or even in the West. The fountains or water ponds within a house limit should not be built in the centre and should follow the same principles as the placement of swimming pools. Placed wrongly, they cause problems with respect to mental peace and health.

Plants of Palm, Paras Peepal, Pakar, Sirish, Neem and Bilva, if planted in proper direction, that is the North or the West, bring favourable results.

Fountains or ponds are very good towards the North-East. This is also applicable to artificial springs.

Bilva, Madhuka and Peepal are very favourable on the West of the house limit.

Huge, heavy statues or other exhibits are best towards the West, South or South-West.

Goolar is good towards the South of the house compound. Kanakchampa in the North brings virtues and wealth. PROPERTY & WEALTH VOL 2, ISSUE 11, July 2013

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softcorner

UTTARAKHAND TRAGEDY

Are You Going To Help?

State Governments, Corporates, Businessmen, NRIs, Professionals, Housewives, Students... in this hour of need, we've heard of help pouring in from all quarters for victims of the monstrous Himalayan Tsunami that ravaged the State of Uttarakhand in June this year. Some of the most motivating instances in this regard is the donation of Rs 10 lakh by a section of prisoners along with the staff of Tihar Jail, or the sum of Rs 20,000 deposited in the Prime Minister's Relief Fund by a group of young ragpickers in New Delhi. You might be someone who's already done his part, but to those readers who're still thinking about this, our message is: "PLEASE CONTRIBUTE. IT WILL TAKE MONTHS, IF NOT YEARS FOR PEOPLE'S LIVES TO COME BACK TO NORMAL IN UTTARAKHAND. WITH YOUR CONTRIBUTION, YOU COULD REDUCE THEIR PAIN AND MISERY." 56

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