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contents November 2011

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COVER STORY

KP SINGH THE GAMECHANGER

CONTRIBUTORS AND ASSOCIATES Publisher & Editor-in-Chief Jasmeet Dhamija jasmeet@propertyandwealth.in Editor Pankaj Sharma editor_inbox@propertyandwealth.in Feature Writers Priya Ghai, K.Singh, Rupinder, PD, Sheetal Singh Art Director Rajesh Kumar Graphics Team Bhupinder, Gagan, Sanju Advertisement & Sales Sandeep Kapoor, (M) 9818510511, sandeep@propertyandwealth.in Photography Rohit Bhatia Pre Press Team: NBC, Gopal Production Team: Upinder, Vikas, Vijay Advisory Board Harpreet Pooja & Associates, Architects Rajiv Gupta & Associates, Chartered Accountant Vikas Chatrath, Advocate Published, Owned and Printed by Sh. Jasmeet Singh at Plot No. 437-A, Industrial & Business Park, Phase - II, Chandigarh Printed at M/s Savitaar Press, Plot No. 820-21, Industrial Area Phase - II, Chandigarh

17 BRICKS

REAL ESTATE PROJECTS

CHANDIGARH CAPITAL REGION

DELHI NCR

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Accord Corporate Square Aero Homes Ansal API Golf Links - II ATS Golf Meadows Bestech Square DLF Hyde Park Estate

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DLF Valley Panchkula IREO Five River IREO Rise & Hamlet Multitech Tower 2 Ojas Grand, Zirakpur RKM City Savitry Greens Sushma Chandigarh Grande Sushma Green Vista Unitech Uniworld City Wave Estate WWICS Imperial Heights

HIMACHAL

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Amravati Hills Pine Wood Resorts DLF Samatara DLF Samavana Hill Farms Pine Wood Cottages

Ansal API Green Escape Ansal Heights 2 Aster Court Premier Civitech Sampriti Emaar MGF Palm Gardens India Bulls Enigma

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Jaypee Greens Aman-II Jaypee Greens Kassia Jaypee Greens Orchard Jaypee Greens, Garden Isles Towers Krescent Homes M3M Merlin Paras Tierea Ramaprastha City SCC Heights Spaze Privvy Universal Aura Vipul Gardens


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REAL ESTATE & INFRASTRUCTURE NEWS

51% FDI in Multi-Brand Retail

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Land Acquisition Bill Opposed

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Pune-Satara Road to Widen

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Noida Extension Builders Demand

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Andhra Pradesh SEZs

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Labour Shortage Pinches Kolkata Realty

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E-Registration of Property in Bangalore

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Discrepancies in Property Details

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Navi Mumbai International Airport

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Housing Policy for Poor Opposed

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Compensatory FSI 35% for Mumbai

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POSCO seeks more time for SEZ

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Online Property Registration

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‘Floating City’ coming up in Maldives

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4% Construction in Green Zones

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500 Artificial Reefs Around Dubai

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SEZ Land Requirement Norms

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Tim Blixseth Twisted Saga of a Former Billionaire

CEMENT

PROFESSIONAL KNOWLEDGE & MOTIVATION Tim Blixseth

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Hoover Dam

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Home Loans & CIBIL Credit Ratings

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General Guidelines for Gifting of Property

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Rich by Thirty - Leslie Scorgie

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5 Steps - Your First Property Investment

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Flip Side

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Gunwatta Vikas Yojana

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Hoover Dam Taming the Colorado River and Powering Millions

General Guidelines for Gifting of Property

Rich by Thirty - Leslie Scorgie

VOL 1, ISSUE 4, PROPERTY & WEALTH-DECEMBER 2011

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editorial A PG in Mass Communication, Jasmeet is heading one of the most reputed publishing units in Chandigarh for the past 12 years. He’ s worked for a leading national daily in the past followed by a successful stint with a leading national publication as Chief Editor. The journalism bug never left him and his keen interest in property business resulted in the formation of this magazine.

Shakira in Udaipur Columbian singer Shakira’s performance at Real Estate tycoon KP Singh’s birthday bash at Udaipur’s Jagmandir was the buzz all this month in our office. Yes we have our share of Shakira fans in Property & Wealth. Right from her ‘Hips Don’t Lie’ days and they were all singing ‘Waka Waka’ long after Spain took the 2010 FIFA Cup home. But more than that, it was in fact the enormous glamour quotient this artiste of international stature brought to the birthday celebrations of India’s iconic Real Estate businessman, who’s just turned 80. As interested fans, we wanted to know more about Shakira’s visit and were amazed to know about her meeting with a group of adolescent girls associated with the KGBV (Kasturba Gandhi Ballika Vidyalaya) residential educational programme in her capacity as a UNICEF Goodwill Ambassador. The meeting was part of her passionate advocacy work for global education, calling for the expansion and improvement of education, especially for the most disadvantaged children and youth in the region. Sadly, even today, the value of the girl child in our country is generally low. In most Indian households, it has always been advantage boys when it comes to nutritional intake or access to education. Many girls drop out of school in order to look after the household, and more often than not, the school environment is not conducive for girls. That is why almost 40% of young girls in the ages of 14 to 17 in India do not attend school.

goes interactive www.facebook.com/propertyandwealth jasmeet@propertyandwealth.in

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PROPERTY & WEALTH-DECEMBER 2011, VOL 1, ISSUE 4

Jasmeet Dhamija Editor-in-Chief


Ex-Sgt Pankaj Sharma sought premature retirement from Indian Air Force after 17 years of service to do ‘something else’ in life. He’s literally taken life as it comes, thereafter, working with an insurance company and following that up with managing the affairs of an IT Centre. It was a chance meeting with his school Principal, where she exhorted him to take up writing as a career, which eventually steered him to Property & Wealth.

About This Issue Sifting through a lot of videos on the net featuring real estate giant DLF’s Chairman Mr KP Singh for our Cover Story this month, we came across a relevant episode of NDTV’s Walk the Talk. In conversation with Mr Shekhar Gupta, Editor-in-Chief of Indian Express, Mr KP Singh recounts the awe-inspiring journey of DLF, so closely linked to his own. “Work doesn’t tire me”, he says, “sometimes, you get frustrated with the way system works in India, unfortunately. You feel same thing could be done much faster, much straighter.” In more ways than one, this Ex-Army Officer turned super-successful businessman has re-written India’s Real Estate story and has proved to be The Gamechanger. The opening session of the recently concluded two-day CREDAI Conclave 2011 organised by the Confederation of Real Estate Developers’ Associations of India was aptly named “From the Eyes of the Generation Next”. It was refreshing to see young and dynamic businessmen of the Real Estate fraternity sharing the stage. They held a lively discussion about their ambitious plans, requirements and expectations for the “new skyline of Indian Real Estate”. Our Real Estate Champion for the month is one of America’s most well-known business personalities. The amazing rags to riches and back again story of Tim Blixseth, founder of Yellowstone Club of Montana, USA. There are many of us who would like to benefit from investment in property but are hesitant and unsure. In a special feature this month, Realty Coach takes you through 5 Steps to Make Your First Property Investment Happen.

editor_inbox@propertyandwealth.in

Pankaj Sharma Editor VOL 1, ISSUE 4, PROPERTY & WEALTH-DECEMBER 2011

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Cover Story

KP SINGH THE GAMECHANGER “The story of Indira’s survival and your heroic Doctor search is gripping and emotional..Your love story and beautiful family bonds only make my already high admiration for you grow.” –Jack Welch, Corporate honcho, Author t “Delhi’s flashiest book launch” on the 14th of Nov this year, Management Guru and General Electric Ex-CEO Jack Welch launched DLF Chairman KP Singh’s

A

for the number one position. It was your vision and

autobiography “Whatever the Odds: The Incredible Story Behind DLF”. Noting that Welch has a great influence on his life, Singh said, “The greatest thing I learnt from

encouragement that made me what I am today.”

you (Mr. Welch) is... Whatever business you are in, aim

The book release was attended by Minister of New and Renewable Energy Farooq Abdullah, Minister of State for Planning Ashwini Kumar and Planning Commission Deputy Chairman Montek Singh Ahluwalia. Corporate leaders Maruti Suzuki Chairman R C Bhargava, Hero MotoCorp Managing Director Pawan Munjal, Punj Lloyd Chairman Atul Punj, Ansal API’s Sushil Ansal, Biocon’s Kiran Mazumdar Shaw and JSW Chairman Sajjan Jindal were also present on the occasion. A rare guest at a Delhi event was Martina Navratilova. As a special attraction, one could see troopers and horses from the President’s Bodyguard outside the Emporio Mall in Vasant Kunj, the venue of the function and inside, there was a band from the Indian cavalry. A large screen looped photographs from his family album while another showed

Former CEO GE, Management Guru & Author Jack Welch

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PROPERTY & WEALTH-DECEMBER 2011, VOL 1, ISSUE 4


DLF Chairman KP Singh presented the first copy of his autobiography ‘Whatever the Odds: The Incredible Story Behind DLF’ (published by Harper Collins) to President Pratibha Devisingh Patil at the Rashtrapati Bhawan on Tuesday, Nov 15. The book was released by the legendary Jack Welch at a glittering ceremony in the Capital last evening (14th November, 2011) which witnessed a high profile gathering including more than 175 foreign dignitaries and the creme de la creme of the Capital.

a film on his life made by Bollywood filmmaker, Rakeysh Omprakash Mehra. Book readings, an anchored questionanswer session and the formal launch by Welch kept the guests hooked. Also, a group of talented artistes from India’s Got Talent, The Shillong Choir also performed. The autobiography is a first-hand account of KP Singh’s journey — from a small town in Uttar Pradesh to England, where he became a part of high society, to an army career and finally to the top position at DLF. At the book launch, the octogenarian recalled the long hours he had spent in the mid-day sun convincing hundreds of farmers with minuscule and barren holdings in Gurgaon to sell their land in the interest of their economic well-being. After getting frustrated with the country’s urban development policy, he had almost sold his entire stake

in DLF for a paltry sum of Rs 26 lakh in 1975. ‘‘It was January 1975. I picked up my pen to sign a share transfer form. I was about to sell all my shares in DLF. On the desk before me was a cheque in my favour for Rs 26 lakh, being the approximate book value of the shares. It was the amount I would get for severing my links with DLF forever,’’ he wrote in the book. However, the company’s then Chief Financial Advisor Y S Tayal cautioned Singh to think carefully before signing the share transfer document and the rest, as they say, is history. At present, the market value of his and his family’s holding in DLF is around Rs 30,000 crore. A Celebration to Remember Five events had been organized for Singh’s 80th birthday celebrations in November this year. The program included a dinner at KP’s residence, a Bollywood night at the golf VOL 1, ISSUE 4, PROPERTY & WEALTH-DECEMBER 2011

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Cover Story

Seated Left to right: Grand daughter Savitri and Anushka, KP Singh, Granddaughter Tara, Wife Indira, Grandsons Jai And Rahul; Standing Left To Right: Son-In-Law Timmy Sarna, Daughters Pia And Renuka, Daughter-In-Law kavita, Son Rajiv And Son In Law Rana Talwar

course, the book launch in Delhi, the finale night at Udaipur and then the brunch the next morning. It turned out to be a great week for the guests and Showtime, which

performance. Swaying her hips and strumming the guitar in her hand, Shakira enthralled the guests at the party with her sizzling performance.

handled all five events, was apparently working for months on the extravaganza. It was the finale night which drew the greatest attention with the Columbian pop star Shakira

An Officer … Born on the 15th of Aug, 1931 at Bulandshahar in Uttar

performing on stage. The evening started with Pakistani singer Adnan Sami’s performance after the host, the dapper Kabir Bedi started the proceedings by introducing KP Singh. Adnan Sami took to the stage and mesmerised the guests with his rendition of one of his popular songs, “Kabhi toh nazaar milaao”. He entertained the guests for an hour and soon after his performance, Bedi gave a 10-minute long welcome speech for the “Waka Waka” star, Shakira.

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After the welcome note, there was pitch darkness and a few minutes later, the Latino singer took to the stage. Dressed in a golden top, she stole the crowd’s attention with her opening remark, “I love Udaipur and this is my second visit to the city. I think this is the most beautiful

Pradesh, KP Singh graduated in Science from Meerut College and went to UK to pursue higher studies in Aeronautical Engineering. Motivated by a Brigadier whom he’d met while playing polo who’d said “Engineering and horses do not go together”, he applied for the Indian Army. He got selected to the Indian Army by British Officers’ Services Selection Board, UK and thereafter commissioned into a renowned cavalry regiment of the Indian Army. Soon, however, KP Singh realized that a career in the army was much more than horses and polo games. He began to seriously think of running away from the Indian Military Academy and wrote a long letter to a friend in England telling her in detail about his plans. A sealed envelope was thus dropped into the letter box at the campus post office. As luck would have it, that letter

city in the world.” She greeted everyone with a ‘Namaste’ and after wishing KP Singh, she burnt the floor with her

was censored and KP Singh was soon summoned to the Battalion Commander’s office.

PROPERTY & WEALTH-DECEMBER 2011, VOL 1, ISSUE 4


A City Envisioned Awarded the Padma Bhushan in the year 2010 by the President of India, KP Singh has also been called the world’s richest property developer. He was the President of the ASSOCHAM (Associated Chamber of Commerce and Industry of India) and the PHD Chambers of Commerce & Industry. KP Singh is also the recipient of the ‘Delhi Ratna’ Award for his valuable contribution to Delhi. But for most Indians, the story of Kushal Pal Singh and of Columbian singer Shakira performed on stage at the Jagmandir, Udaipur (File Photo)

The ensuing dialogue between the errant trainee and his Battalion Commander Lt. Col. Baljit Singh was to lay the foundation of the toughness and steadfastness; attributes

DLF is not about awards or riches. It is the story of a man who had a dream, the dream of creating cities near other cities, satellite cities like Gurgaon. Not only did he have the vision for this dream, he had the courage to see it through.

which the former would exhibit in the fiercely competitive business of Real Estate, an occupation he would take up much later in life.

The bustling satellite city of the national capital Delhi, Gurgaon bears testimony to the vision of KP Singh. Someone who saw a sparkling urban centre of tall buildings and glass facades in the midst of semi-barren agricultural

… and a Businessman It was in the year 1960 that KP Singh joined American

fields owned by farmers who had not sold their land for generations. The two people whom KP Singh has always acknowledged to have played a pivotal role in his life were

Universal Electric Company, a joint venture between Universal Electric Company of Owosso, Michigan and

the late Prime Minister of India, Shri Rajiv Gandhi and friend, philosopher and guide Jack Welch.

the Singh family. Subsequently, he promoted another company, i.e. Willard India Limited in collaboration with ESB Inc. of Philadelphia for manufacturing automatic and industrial batteries in India and became its Managing Director. In 1979, he joined Delhi Lease and Finance Universal Limited. The company, established by his father-in-law Chaudhry Raghvendra Singh in 1946, had been out of the real estate business for more than two decades since 1957 due to a Government-appointed committee’s decision that all urban development in the national capital would be carried out by a single agency, the Delhi Development Authority (DDA). A myriad of complicated laws in the state of Haryana made it nearly impossible for a private developer to make headway. KP Singh took on the challenge, persuading the Government to change the laws; he talked farmers into selling their land and gave them a good price for it.

Destiny Comes Calling It was an extremely hot afternoon in a village in Haryana when KP Singh bumped into Rajiv Gandhi. He had gone to inspect the Company’s 18-20 acre land in Gurgaon and saw that it was a desolate land, not used for farming. There was only one road which connected Faridabad and Gurgaon and next to that road, about 50 meters away, there was a camel driven well. KP Singh parked his car near that well and stood chatting with a villager when a speeding red coloured jeep came to a stop nearby. The driver came running to say that the car had got overheated and he wanted to draw some water from the well. He told KP Singh about Rajiv Gandhi sitting in the vehicle and so he went up to greet the young leader. Rajiv Gandhi walked out and they sat down on the charpai by the well. It took two hours for that jeep to cool down and it seemed to KP Singh to be the birth of the country’s new urban VOL 1, ISSUE 4, PROPERTY & WEALTH-DECEMBER 2011

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Cover Story development policy. Towards the end of that meeting, KP Singh was asked to visit Mr Arun Singh in his office. The meeting turned out to be a fruitful affair with Mr Arun Singh listening to everything carefully before he said very clearly, “There is a lot of meat in what you are saying, we suggest that you go and see Haryana Chief Minister.” When KP Singh went to meet, the then Haryana Chief Minister Chaudhry Bhajan Lal, the CM and his minister Khurshid Ahmed gave him a patient hearing. He was eventually given the go ahead and that was how DLF was given its first license. In a way, that meeting paved the way for the entry of private sector back into the business of urban development in the country. Friend, Mentor and Guide General Electric was a key anchor that lead to a large number of Multinational and Indian organisations to base their corporate offices in Gurgaon. KP was also appointed National Advisor of GE in 1989 and continued in this position till 1993 when he was elevated as a member of GE’s National Advisory Board in New York. His close relationship with former G.E. CEO Jack Welch not only helped in the growth of businesses of GE in India but also propelled India’s developmental efforts to capitalise on its huge bank of intellectual wealth in the technology and IT sector. At the recent book launch, Jack Welch went on record to acknowledge the crucial role played by KP Singh and his wife Indira in bringing the global conglomerate to India. Recollecting his friendship with Singh at the book launch, Welch said it was the DLF Chairman and his wife who convinced him to invest in India, even when the world outside considered the country as a closed economy.

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PROPERTY & WEALTH-DECEMBER 2011, VOL 1, ISSUE 4

Dr. Kushal Pal Singh with a copy of his autobiography “Whatever the Odds: The Incredible Story Behind DLF”

.“Whatever the Odds: The Incredible Story Behind

DLF” is an extraordinary journey into the world of the man behind the revival and enormous success of DLF. It traces the life of a simple village lad from a small town in Uttar Pradesh to England and his return to India and an army career. His plunge into the world of business and how he finally took charge of the Company he has since redeemed, developed and nurtured – DLF. The author is disarmingly candid as he recounts various events and incidents which not only shaped his life, but also revealed many lesser-known aspects about him. The narrative leads us through an eventful life, replete with interesting associations; like the beautiful, aristocratic English girl he befriended, his cherished friendship with Rajiv Gandhi or the unique opportunity accorded to him by his difficult relationship with Haryana CM Bansi Lal. Be it the transformation of Gurgaon, which is till today any Indian realtor’s benchmark or the vivid details of an emotionally expressed personal tragedy, the book is a must read.


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BRICKS = REAL ESTATE PROJECTS The first requirement of building a wall is to get bricks and the first requirement of dealing in property is to know about the Real Estate projects undertaken by various developers across the country.


CHANDIGARH CAPITAL REGION Accord Corporate Square

ATS Golf Meadows

Location: Sohana-Landran Road, Sector 90, Mohali Highlights: IT/ITES office spaces, roof top garden, 100% power backup, 24X7 hi tech secutiry. Invest 23 lakhs & get 23000- per month.

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Location: Township Derra Bassi, 12 kms from Chandigarh. Highlights: 300 acre integrated township Club with swimming pool, squash court,indoor sports, basket ball Spacious Apartments with abundant parking Options: 3BHK, 4BHK, Penhouse. Villas, Plots

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DLF Hyde Park Estate

Location: Sector 116, Greater Mohali Kharar - Landran Road. Highlights: IT & Institutional set ups nearby. Golf Course & Ansal Plaza coming up in vicinity. Options: Independent Floors, Plots, SCO’s

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Location: Sector 66, Mohali Highlights: Mixed Use Residential, Office, mall & 5 star Hotel Site Options: 2BHK, 3BHK Residential Apartments, Office Space, Mall Space

Ansal API Golf Links - II

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Bestech Square

Location: Gazipur, near proposed Golf Course, Zirakpur Highlights: Keyless biometric entry, every flat is corner & facing park, hi tech security Options: 3BHK only

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Location: DLF New Chandigarh, Mullanpur, Punjab Highlights: Punjab’s First Eco Town, Foothill of Shiwaliks, Club House, 11 acres of greens 100, 120 feet wide approach roads. Options: 350 and 500 sq yards plots

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

For More Details 18

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PROPERTY & WEALTH-DECEMBER 2011, VOL 1, ISSUE 4


CHANDIGARH CAPITAL REGION DLF Valley Panchkula

Multitech Tower 2

Location: Pinjore Kalka Urban Complex, Sector 3 Highlights: Panoramic View of the hills, site is situated on a plateau. only about 9 kms from Housing Board Colony Panchkula. Options: Independent Floors currently available only on resale

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Location: Sector 90, Mohali Highlights: World Class Building designed by Hafeez Contractor In close proximity to Phase VIII B, an upcoming IT destination with several MNCs Options: 3BHK and 4BHK

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IREO Five River

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RKM City

Location: Sector 98 and 99 Mohali Highlights: Ireo Hamlet is 32 acre gated township with club of its own. Options: Plots 250, 350 sq yards, Villas and low rise, mid rise 1BHK, 2BHK, 3BHK apartments.

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Location: VIP Road, Zirakpur Highlights: Sky banglows with drawing cum Dining Room, Family Lounge, Home Theatre room, Mandir ,Store and Servant Quarter Options: 88 ďŹ&#x201A;ats of 4000 sq ft each and 8 penthouses of 7000 sq ft each

IREO Rise & Hamlet

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Ojas Grand, Zirakpur

Location: Pinjore Kalka Urban Complex, next to DLF Valley & Amravati Enclave Highlights: Surrounded by river & dam site on one end, mountains on the other end. 200 acre township with huge club house Options: Plots & Villas, 250,370,500,1000 sq yds.

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Location: Sector 112 Mohali Banur Highway, adjoining Chandigarh group of colleges Highlights: 50% green area. Shopping mall, site for 5 star hotel Options: Booths, SCOs, residential plots 200, 250, 400 & 500 sq yards

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

For More Details

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CHANDIGARH CAPITAL REGION Savitry Greens

Unitech Uniworld City

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

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Location: Sector 97, 106, 107 Mohali Highlights: 300 acres integrated townshop Options: Plots 360 to 500 sy yards Gardens Apartments 2BHK, 3BHK, Independent Floors

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WWICS Imperial Heights

Location: Gazipur, Zirakpur, Near Chandigarh Highlights: Premium 2 BHK apartments near upcoming Golf Course Options: 2BHK aprartments 1276 sq. feet. WiFi zone, round the clock security with CCTV.

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Location: Sector 85, Mohali Highlights: Spread over 300 acres, Wave Estate has already completed all basic infrastructure needs. Greens & landscapes are well planned. Options: Plots, Villas, charming floors and plush condominiums

Sushma Green Vista

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Wave Estate

Location: Chandigarh-Ambala Highway Highlights: Designed by R204DESIGN, leading US architecture firm Professional Cricket Practive Pitches, Golf Putting, Designer Swimming pool Options: 3BHK flats 1885 sq ft.

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Location: Sector 115, Greater Mohali U Highlights: Experience ‘Urban Living at its Best’ with planned infrastructure and world class amenities- all catering to the contemporary lifestyle. Options: Studio Apartments, 2bhk, 3bhk, 3bhk Penhouse

mperial heights

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

For More Details 20

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PROPERTY & WEALTH-DECEMBER 2011, VOL 1, ISSUE 4


DELHI NCR Ansal API Green Escape

Civitech Sampriti

Location: KMP Expressway, Sonepat Highlights: Pitch Put Golf Course, High class gymnasium with world class machines Options: 2, 3, 4 BHK residential apartments

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Location: Sector 77, Noida Highlights: North - East facing corner plot with 45 mtr. road on both sides, Central garden, Vaastu compliant, All are corner flats Options: 2, 3 & 4 BHK

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India Bulls Enigma

Location: Sector 85, Gurgaon Highlights: 3/4 BHK Vaastu Compliant Luxury Apartments, Imported Modern Options: 3 & 4 BHK 1970 – 2410 sq.ft

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Location:NH-8, Sector 83, Gurgaon Highlights: •Modern gated 22 acres development •8 Acres Central Landscaped Greens and Park •Near to ISBT Options: 1,720 Sq.Ft. to 3,750 Sq.Ft. , 3BHK, 5 BHK Ground Floor, Duplex and Penthouse

Aster Court Premier

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Emaar MGF Palm Gardens

Location: Sector 86, just 700 mtrs from Delhi Gurgaon Expressway Highlights: Possession to be offered in 3 yrs from booking Secured gated community Adjoining the DLF project IFFCO Chowk - 15 minutes drive Options: 2BHK, 3BHK, 1350 1890 Sqft

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Location: Sector 110, Gurgaon Highlights: Full feature clubhouse, Themed Landscapes, high-Response Security systems, World-Class fitness and Sports facilities, Green Architecture, Options: 3400, 3900 sq feet, 4BHK, 5BHK

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

For More Details

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21


DELHI NCR Jaypee Greens Aman-II

Jaypee Greens, Garden Isles Towers

Location: Sector 151, NoidaGreater Noida Expressway Highlights: Feng Shui / Vaastu Compliant Clubhouse & Community Centre 100% power backup Options: 2BHK, 3BHK, Duplex 850 to 2017 sq feet.

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Location: Noida-Greater Noida Expressway Highlights: Foodball field, cricket field, cycling track, tennis & basket ball courts, Unique Y shaped apartments. Options: 2, 3, 4 BHK Apartments

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M3M Merlin

Location: Wish Town, Noida Highlights: Greg Norman designed golf course view, 5 min drive from South Delhi, Cascading greenery of landscaped parks &thematic gardens Options: 1235 – 4285 sq.ft. 2,3&4 BHK

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Location: Noida, Sector 134 Highlights: Chip & Putt Golf Course Beautifully designed landscaped areas Options: 1115- 2375 sq. ft 2 3 & amp, 4 BHK Residential Apartments

Jaypee Greens Orchard

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Krescent Homes

Location: Jaypee Sports City, Greater Noida Highlights: Tropical architecture, Yoga, aerobics, spa and massage rooms, India’s 1st Formula One Racing Track Options: 1, 2, 3, 4 BHK personal suites

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Location: Sector 67, Gurgaon Highlights: Singapore theme Luxury Residence Compact & Well ventilated Units Modern and Youthful product Options: Area 1800 Sq.Ft. to 5500 Sq.FT. 3BHK, 4BHK, Penthouse.

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

For More Details 22

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PROPERTY & WEALTH-DECEMBER 2011, VOL 1, ISSUE 4


DELHI NCR Paras Tierea

Spaze Privvy

Location: Sector 137 Noida Highlights: On Noida – G.Noida Expressway, South Delhi is 15 min. away thru DND flyover Sector - 18 Noida, Market is 10 minutes away, Amity University, Lotus Public School are in close vicinity. Options: 2BHK, 3BHK

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Location: Sector 93, Gurgaon Highlights:80% Greenery Meditation court, nature park 3 side open apartment Amphitheater & Gymnasium Options: 2 / 3 & 4 BHK Residential Apartments 1297 to 2532 sq.ft.

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Vipul Gardens

Location: Raj Nagar Extension, Ghaziabad Highlights: Executive Luxury Flats, Private garden space and open terrace, Earthquake resistant Options: 1/2/3 BHK 615 – 1350 sq.ft

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Location: Sector 82, Gurgaon Highlights: Strategically located, In close proximity to proposed metro station Options: 2/3/3+1/4 BHK

SCC Heights

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Universal Aura

Location: Sector – 37 D, Ramprastha City, Gurgaon Highlights: A township spread over 450 acres, 0 km from Dwarka Expressway & Metro Station, 15 min. drive from IGI Airport. Options: Premium Condominiums 1725, 1750 and 2025 sq feet 3 BHK

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Location: NH-8, Dharuhera Highlights:Latest architectural standards & Vastu norms, just a few minutes away from shopping malls, hospitals, schools and other public utilities. Options: 1,2 & 3 BHK

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

For More Details

Post on wall at www.facebook.com/propertyandwealth or mail at : bricks@propertyandwealth.in VOL 1, ISSUE 4, PROPERTY & WEALTH-DECEMBER 2011

23


HIMACHAL 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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Pine Wood Cottages

Location: Simla Hills, Bemloi, Near CPRI complex Highlights: Luxury Cottages Priced between 2.5 to 3.9 crores. Simla’s first residential gated complex Options: Super area varies from 2700- 3100 sq feet. Luxury Cottages. 0

70

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 yard Plot

DLF Samatara

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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: 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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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.

For More Details 24

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PROPERTY & WEALTH-DECEMBER 2011, VOL 1, ISSUE 4


SAND = REAL ESTATE & INFRASTRUCTURE NEWS After bricks, the next building material which comes to mind is sand, which weâ&#x20AC;&#x2122;ve equated with current news related to Real Estate and Infrastructure.


national news

51% FDI in Multi-Brand Retail

Pune-Satara Road to Widen

High political drama has followed the Cabinet’s decision to

The National Highways Authority of India (NHAI) has

permit upto 51% FDI in multi-brand retail. The decision clears the way for entry of global retail giants such as

started work on widening the Pune-Satara road from four lanes to six. The Rs 2,000-crore plan is part of the National

Wal-Mart, Carrefour and Tesco to open independent

Highway development programme and is expected to be

multi-brand retail outlets in the country. The cabinet has simultaneously allowed 100% FDI in single-brand retail.

complete by 2013. In total, 12 flyovers will be built in addition to 23 vehicular underpasses and 58 bridges.

The policy will allow multi-brand foreign retailers to set

Besides, the two existing toll plazas on the 140-km road will also be upgraded. The work started in September this

up shop only in cities with a population of more than 10

year with earthwork in progress on a stretch of 41 kms.

lakh as per the 2011 Census. It means big retail chains can move beyond the metros to about 55 smaller cities.

Similarly, four minor bridges and concretization is on at 15 locations. Tunnel lighting has also been improved

Foreign investors will however be required to put up 50% of total FDI in back-end infrastructure. Such infrastructure will include capital expenditure on all activities, excluding

at Khambatki and Katraj tunnels. As part of the road maintenance work, 1500 sq mtrs of pothole repair works has been completed, unauthorized median openings

that on front-end units. The expenditure on land cost and rentals will not be counted for purpose of back-end infrastructure. It is important to note that retailers will need

closed with metal bream crash barriers and barricading to reduce accidents. Patch repair works and median maintenance works have also been done. The toll plazas

to source at least 30 per cent of manufactured/processed products from small industries.

have been provided with automatic vehicle classification count to reduce transaction time.

Andhra Pradesh SEZs There are 75 notified special economic zones (SEZs) in Andhra Pradesh, which has the highest number of SEZs in the country attracting an investment of about Rs 15,000 crore.

to nearly 20,000 persons. While EOUs scheme was introduced by the Government of India in 1980, they are at liberty to set up their unit at any location of their choice.

These SEZs registered exports of Rs 13,000 crore during the financial year 2010-11 and exports are expected to double during the current financial year. Apart from attracting investment and helping create new infrastructure, these SEZs provided direct employment opportunities to nearly 1.20 lakh people and many more have gained indirect employment.

In order to encourage SEZ developers and EOUs, export awards for 2007-08, 2008-09 and 2009-10 were recently announced. Eighty-six awards were announced. DLF, Aurobindo Pharma, Solar Semiconductor, Wipro, Rain CII Carbon, APIIC are among the list of awardees for their performance.

Besides the SEZs, Andhra Pradesh is having 258 exportoriented units, which accounted for exports of about Rs 9,000 crore during 2010-11. These provide employment

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PROPERTY & WEALTH-DECEMBER 2011, VOL 1, ISSUE 4


Navi Mumbai International Airport

E-Registration of Property in Bangalore The

‘Anywhere

Registration’

facility

was

recently

inaugurated at the Gandhinagar Subregistrar’s office by CM D V Sadananda Gowda. The online property registration process is available at any of the 42 sub-registrars’ office in the city for quick registration of property. The department of stamps and registration will also send an SMS alert to the rightful property owner if some other person comes forward to register the same property. This will help control the duplication of registration of properties. The message will be sent to the property owner in both Kannada and English. One can walk into any sub-registrar’s office of your choice and submit the property records for registration. You could register your Yeshwanthpur property in Shivajinagar. The facility will be made operational across the state by March 2012. Owners can also obtain encumbrance details of the property. The facility saves citizens time, labour and money, and also enhances the right to get information through the electronic system without the intervention of touts.

The City and Industrial Develoment Corporation (CIDCO), the nodal agency for development of the Navi Mumbai International Airport, has crossed yet another hurdle as the State Government has in principle decided to hand over the 150 hectares of land required. The government is expected to soon complete the necessary formalities in this regard. Deputy chief minister Ajit Pawar had recently met chief minister Prithviraj Chavan, to expedite the land handover. The market value is around Rs 500 crore. CIDCO has been striving to acquire the remaining 713 hectares out of the total 2,054 hectares. With the government’s move to hand over 150 hectares, CIDCO would still have to acquire 563 hectares of land for which notices have been served under the Land Acquisition Act, 1894 to villagers of Pargaon and Owale. These villagers are demanding a compensation of Rs 20 crore per acre. The airport would handle 10 million passengers per annum (MPPA) in phase-I and about 60 MPPA in the final phase by 2030. NMIA would be one of the last big PPP airport opportunities in India in the medium term and, hence, likely to see intense competition.

Compensatory FSI 35% for Mumbai Residential buildings may get up to 35% compensatory FSI (Floor Space Index) over and above the permissible construction limit in Mumbai after the town planning

However, there is still no clarity if the premium will now sought to be charged on the free-of-FSI balcony areas. The commissioner is likely to insist that premium be charged

department tweaked BMC Chief Subodh Kumar’s proposal to overhaul the metro’s building laws.

on the balcony areas too if the overall compensatory FSI is increased to 35%. Kumar’s proposal was whetted by the deputy director of the town planning department, who heard 900 suggestions and objections from citizens, architects and associations representing developers.

The department’s recommendation, if approved by the state government, could come as a relief for city builders because Kumar’s plan offered 25% extra FSI if developers paid a 100% premium for it. Builders were unhappy as the commissioner’s proposal also included the 10% balcony area, which was always available free of FSI and without payment of premium. They said Kumar’s new proposal amounted to just 15% extra FSI.

VOL 1, ISSUE 4, PROPERTY & WEALTH-DECEMBER 2011

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national news

Online Property Registration Process in Delhi

4% Construction in Green Zones Around Pune

Payment of registration fees for a property transaction will

A high-level meeting headed by CM Prithviraj Chavan

become much easier for Delhi residents as the Delhi Govt. has decided to introduce an online registration process.

gave the go-ahead for 4% construction in the proposed bio-diversity parks (BDPs) around Pune. Interestingly,

A proper audit trail and cross verification system has

the deputy chief minister had recently declared his opposition to any construction in the green zones,

been incorporated into the e-registration fees project to assist the Delhi Government in its attempts to bring in

a stance he adopted after all along being in favour of

more transparency in public dealing and to reduce delays through use of technology.

construction. With the clearance for construction in the BDPs, the

The new system will enable all those intending to register their property documents to pay registration fees of any

process of approval of the development plan (DP) for the 23 villages that have been merged in the Pune municipal limits has gained momentum. The draft DP for the 23

denomination from any location using a unique reference number to be issued at the office of the sub registrar. The decision to implement the electronic registration fees

villages, which was approved by the Pune Municipal Corporation in 2005, recommends that 1,600 hectares of land in these villages be reserved for BDPs. Of this,

project linking all 13 sub-registrar offices under an online platform was taken at a Cabinet meeting presided by Chief Minister Sheila Dikshit. The most important benefit

978 hectares are privately owned for which the PMC would have to pay compensation. According to the state government, as much as Rs 3,000 crore would have to

of modernizing the whole system would be to eliminate the role of middlemen in the registration process. The registration fees are levied under the provision of Registration Act, 1908.

be paid by way of compensation. Government officials said that if the BDPs were reserved and no construction was allowed, they would be soon be encroached upon by slum-dwellers.

SEZ Land Requirement Norms

28

The steady decline in new applications and a significant increase in requests for withdrawal of approved proposals has prompted the Centre to propose a complete overhaul of the SEZ policy and operating framework. Existing rules for special economic zones stipulate a minimum of 1,000 hectares for a multi-product SEZ, 100 hectares for a multi-services, sector-specific SEZ and 10 hectares for handicrafts, IT sector, gems and jewellery and bio-tech

In Maharashtra, out of 143 approved proposals, 27 have submitted applications for withdrawal on the ground that in view of the changed economic situation, there was no scope for development of SEZs. Non-availability of non-double cropped, contiguous and vacant land and lack of attractiveness in the SEZ in face of the changed fiscal regime seem to be the main reasons for dismal performance of the SEZs and spurt in number of

SEZs. Now, faced with land acquisition problems all over the country, the Centre has proposed to drastically reduce the land requirement. It has proposed 250 hectares for the multi-product SEZ, and 40 hectares for multi-services, sector-specific SEZs.

applications for denotification.

PROPERTY & WEALTH-DECEMBER 2011, VOL 1, ISSUE 4


national news

Land Acquisition Bill Opposed The Congress-led Democratic Front (DF) Government in Maharashtra has taken objection to the new Land Acquisition Bill being considered by the Centre. The state administration expressed reservations on the provisions of the bill at an inter-state meeting to discuss recommendations submitted by a committee on CentreState relations. The meeting at the Sahyadri guesthouse at Malabar Hill involved representatives from all States and Union Territories in the Western Zone. The state administration raised the objection during a presentation made as part of a session. It said implementation of provisions mentioned in the new bill will render most infrastructure and irrigation projects in the state unviable. The new bill advocates a higher cost of compensation for acquisition of land. The state administration was of the opinion that matters of land acquisition were a state subject. The state also sought more flexibility in the implementation of Centre sponsored schemes and central legislations. The state government has been advocating a relaxation in coastal regulation zone norms to promote coastal roads and boost the Metro rail project in Mumbai.

Noida Extension Builders Demand Authority Approval Builders in Noida Extension want authorities to take all the necessary measures, so that they could restart construction work on their projects and are also demanding that the authority waive interest payment on the outstanding amount that they have to pay for the land allotted to them. In a recent judgment, the Allahabad high court regularized land acquisition by the Greater Noida authority from farmers in the Noida Extension area, but has directed the authority to pay an additional compensation at the rate of Rs 550 per sq metre to farmers. Besides, the court also directed the authority to give 10% of the land acquired from farmers back to them from the developed land. This has put an extra burden of Rs 9,500 crore on the authority. In order to mobilize resources to pay the farmers, the authority has decided to raise an additional demand of around Rs 2,000 per sq metre from the builders on land already allotted. The increase in the land price due to the court order has put an extra burden on the builders.

Labour Shortage Pinches Kolkata Realty

30

The real estate industry in Kolkata is facing acute labour shortage. The crunch in skilled and unskilled labour that first became apparent a couple of years ago, has turned into a full-blown crisis with the shortfall now pegged at 50%. The deficit situation has not only escalated wages, consequent project delays has led to cost over-run.

(MGNREGA), the job guarantee programme that provides 100 days of employment to a member of each family, has had an adverse impact on the situation since people now prefer to stay in their villages than travel elsewhere for work. According to the Economic Survey, the MGNREGA has substantially reduced the flow of labour supply to industries like construction industries like real estate and

According to labour contract firms that supply manpower to real estate projects, the crisis precipitated after migrant labour from Bihar, Orissa, Madhya Pradesh and East Uttar Pradesh — the mainstay of construction activity in the city — began depleting around two years ago. The Mahatma Gandhi National Rural Employment Guarantee Act

infrastructure. By assuring minimum wages, the Act has also raised the cost of unskilled and semi-skilled labour.

PROPERTY & WEALTH-DECEMBER 2011, VOL 1, ISSUE 4


Discrepancies in Property Details of 115 Officers The Special Investigation Team (SIT) constituted to investigate the alleged illegal properties owned by powerful individuals in the periphery of Chandigarh has uncovered discrepancies in declaration of properties purchased by as many as 115 officers, mostly from Punjab. These inconsistencies predominantly pertain to non-filing of properties owned by the officers in a proper format or through proper channels to the government authorities. These include IAS, IPS, PCS officers and those from other services as well. Former investigating officer Chander Shekhar, who retired as director general of police (DGP), Railways, had prepared a format and sought details from officers and politicians asking them to submit the details in the said format. He had requested the High Court to hand over the investigation of the case to the Central Bureau of Investigation (CBI). However, the investigation was handed over to an additional director general of police (ADGP) who had requested the High Court to constitute a SIT. Subsequently, an SIT was constituted which was to be monitored by Punjab Chief Secretary S C Agarwal.

Central Govt. Housing Policy for Poor Opposed by Chennai Builders Builders in Chennai have told the State Government that the proposed housing policy of the Central government will impose a heavy burden on the middle classes. This policy seeks to provide affordable housing for the poor, cross-subsidized by the more affluent. As per the proposed policy, private builders will be forced to reserve a portion of even small residential projects for the economically weaker segments (EWS) and low income group (LIG) segments. Most states already have reservation for EWS in large developments – exceeding 2.5 acres. The Centre may ask states to comply with its conditions to receive funds for Rajiv Awas Yojana, a slum rehabilitation scheme funded under the Jawaharlal Nehru National Urban Renewal Mission. The Centre’s proposal is to reserve minimum 10% land for the EWS and LIG in all layouts exceeding 4,000 sq metres. In layouts measuring 1,000 sq metres to 4,000 sq metres, either land should be reserved or a ‘shelter’ fee equal to the market rate should be paid to the government. Layouts below 1,000 sq metres are exempted.

POSCO seeks more time for SEZ Projects South Korean steel major POSCO has sought more time from the Centre for its over Rs 53,000 crore multi-product SEZ in Orissa, as it is yet to get adequate land from the Orissa state government. The company had received in-principle approval from the BoA for setting up the Special Economic Zone (SEZ) at Jagatsinghpur. The SEZ has to come up on 1,620.49 Ha in Orissa. In-principle approval was granted to the project in October 2009 which was subsequently extended till October 2011. Besides POSCO, 16 SEZ developers including those of Gitanjali Gems and Parsvnath SEZ have asked for extension of time to execute their projects. Four developers, including Dr Reddy’s Laboratories BA Tech Park and City Gold Realties have approached the government for surrendering their SEZ projects. While some have asked for de-notification of their SEZs due to change in their business plans, others have cited reasons like imposition of minimum alternate tax (MAT). However, six promoters including Mundra Port and Kakinada SEZ Pvt Ltd have approached BoA to set up new zones. VOL 1, ISSUE 4, PROPERTY & WEALTH-DECEMBER 2011

31


international news

‘Floating City’ coming up soon in Maldives Maldives coral reef islands face an imminent threat from the rising sea level. Over 80% of their 1,190 islands are no more than a meter above sea level, with Male, capital of the Maldives being one of the most densely populated islands in the world. The government had previously thought of buying land from other countries and moving its people there. Maldives is also in need of about 20,000 houses between now (2011) and 2022 and they have no more land to build those. For this purpose Dutch Docklands, a Netherland based sustainable floating architecture specialists, has already signed up with the Maldives government to build a commercial floating development, comprising a golf course, convention centre, private islands. The company has proposed the idea to build affordable housing for the locals and will soon unveil the first floating island with six to eight affordable houses that people can see, feel and walk. Over 80 per cent of their 1,190 islands are no more than a meter above sea level, with Male being one of the most densely populated islands in the world. The government had previously thought of buying land from other countries and moving its people there. Maldives is also in need of over 20,000 houses between now and 2022 and they have no more land to build those.

500 Artificial Reefs Around Dubai Nakheel, the indebted Dubai developer, plans to create 500 artificial reefs around Dubai to help develop marine life around the coastline and aid the local fishing industry. Construction on the project is likely to begin in the next three months and last about a year. The reefs will be built in and around Nakheel’s various developments, such as the Palm Jumeirah, the World and the Palm Jebel Ali, and will be open for public use and fishing. A United Nations report released last month said the GCC’s offshore islands and policy of overfishing had damaged the local marine ecosystem. Nakheel was one of the biggest casualties of Dubai’s property crash after overstretching itself with ambitious projects such as the offshore World island development. The firm in September wrote down AED78.6 billion ($21.4 billion) from the value of its real estate during the Dubai debt crisis. The World island development epitomised Dubai’s boom-time ambition but ran aground in the wake of the global financial crisis. 32

PROPERTY & WEALTH-DECEMBER 2011, VOL 1, ISSUE 4


CEMENT = PROFESSIONAL KNOWLEDGE & MOTIVATION CEMENT is known for its binding property and in this Section, weâ&#x20AC;&#x2122;ll be fortifying the information gained in previous Sections with some Professional Knowledge & Motivation


CEMENT

Real Estate Champions Monthly Feature

Yellowstone Club in Montana’s Rocky Mountains offers the finest skiing conditions in the world

Tim Blixseth Twisted Saga of a Former Billionaire imothy Lee “Tim” Blixseth (born 1950) is an American real estate developer, record producer, songwriter and timber company owner. He is best known for envisioning and creating the Yellowstone Club, an invitation-only residential club, ski resort, and golf resort located in the state of Montana, USA. He’s also known for his messy divorce from Edra Blixseth, his wife of 25 years, and the series of lawsuits he’s been involved with since.

T

34

PROPERTY & WEALTH-DECEMBER 2011, VOL 1, ISSUE 4

Born to Norwegian immigrants in Oregan of 1950, Timothy Bixseth grew up in an impoverished household. Before he was born, his father fell ill to undulant fever and was unable to support their family, forcing them all to live on welfare. Although he originally intended to be a musician and songwriter, Blixseth quickly found a calling in business and profit. In his early teens Timothy Blixseth worked late shifts at lumber mills and grocery stores to help make


God stopped manufacturing land a long time ago but He forgot to hang a board anywhere on total number of occupants allowed. Thus, while the human race has kept multiplying over the years, the total land allocated to them has always been limited and permanent. Some of the smartest people in the world have turned to Real Estate as a profession but not all of them have succeeded. And only those out of them with ‘something extra’ could eventually make it to the top.

money and he took Saturday classes in order to graduate high school. His first business transaction happened at the age of 15 when Blixseth saw an ad for donkeys at $25 each. He bought the donkeys, took them home, and turned around and sold them for $75 each. After learning young that he had a knack for making deals, Blixseth would eventually make millions from the timber industry, only to go bankrupt in 1981. He later recovered by picking up 140,000 acres of timberland near Yellowstone National Park. That became the basis of his eventual $1.3 billion fortune by the year 2007 as he turned that small parcel into an ultra exclusive, members only ski resort in Montana. His Yellowstone Club, eventually occupying 22 square miles of mountains, valleys and rivers, attracted such members as Microsoft’s Bill Gates and former vice president Dan Quayle.

Yellowstone Club co-founder Tim Blixseth

the club’s bankruptcy filing was an elaborate scheme concocted by Edra and Byrne. There has recently been a fortunate twist in the tale for the developer when US District Court Judge Sam E. Haddon dismissed the appeal by the Yellowstone Club Liquidating Trust that would have confirmed a $40 million judgment against him.

The club seemed to do well at first. It included a fancy lodge, a golf course designed by former British Open champion Tom Weiskopf and a private ski area where Warren Miller and Scott Schmidt act as honorary director of skiing and ski ambassador, respectively. Things began to fall apart when he and his wife Edra decided to divorce. Initially meant to be amicable and done without lawyers, the divorce turned ugly and cost millions in legal fees. In the settlement, she eventually got a chateau outside of Paris; Porcupine Creek, a 249-acre estate in Rancho Mirage, Calif; and the Yellowstone Club, along with the obligation to repay a $375 million loan from Credit Suisse that Tim took out, as well as various companies. Tim Blixseth, meanwhile, reportedly got cash and his timber company. The lawsuits surrounding the Yellowstone Club, Blixseth and Edra are a complicated web, and several lawsuits are still pending – including one in which Blixseth alleges

After learning young that he had a knack for making deals, Blixseth would eventually make millions from the timber industry, only to go bankrupt in 1981 Tim Blixseth is now remarried to Jessica Kircher, whose family owns Big Sky Resort. He seems to be doing well, even after the struggle and court fights over the Yellowstone Club. In large part due to his ownership of the Yellowstone Club, he had entered the ranks of the Forbes 400 Richest Americans at #380 with a net worth of 1.3 billion. Court documents recently put the figure at roughly $230 million. “No American should have to go through what I just went through, but if somebody had to I’m glad it was me,” Tim Blixseth said. “Most people wouldn’t have the fortitude or the resources to fight.”

VOL 1, ISSUE 4, PROPERTY & WEALTH-DECEMBER 2011

35


CEMENT

Monthly Feature

Hoover Dam Taming the Colorado River and Powering Millions I

nterest in constructing a dam on the Colorado River below the Grand Canyon had existed long before the

onset of the Depression. Spring runoff of the melting snow in the Rocky Mountains led to predictable and often devastating floods in the rich Imperial Valley of southern California. The power of the annual torrent was so great that in 1905 the Colorado broke through a series of levees and filled an area that had been known as the Salton Sink; waters continued to pour into the area for two years and created what today is the Salton Sea — wiping out a number of towns in the process. Herbert Hoover was a California resident, avid fisherman and respected engineer. He developed an abiding interest in damming the Colorado and began to seriously look into the proposition while serving as the secretary of commerce under Calvin Coolidge. Progress was slowed, however, by a bitter fight among the states over the allocation of the river’s waters. Eventually, Hoover forged a compromise involving Arizona, California, Colorado, Nevada, New Mexico, Utah and Wyoming. Congressional support was won in 1928, at the end of Coolidge’s presidency, when $177 million was appropriated. Not only would the dam provide flood control, but also Hoover Dam is a concrete arch-gravity dam in the Black Canyon of the Colorado River, on the border between the US states of Arizona and Nevada

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water for irrigation and electrical power for the Southwest’s growing population. The project began in 1931 on a site in Boulder Canyon between Arizona and Nevada. The first concrete was poured in 1933 and construction of the dam was completed in 1936; development of the powergenerating facilities continued for several years. The name of the dam was a matter of controversy. Officially, the undertaking was called the Bureau of Reclamation’s Boulder Canyon Project. In September 1930, the dam was named in honor of Hoover, the sitting president at the time, and in accordance with standard procedure for naming major public installations. Some critics, many Democrats among them, insisted during the Roosevelt era on using the names Boulder Dam or Boulder Canyon Dam, but these were never officially adopted. An act of Congress in 1947 fixed the name permanently as Hoover Dam. Hoover was immensely proud of the engineering triumph that succeeded in raising the level of the Colorado River more than 600 feet and creating Lake Mead, the largest man-made reservoir in the United States. However, the project was so costly that it ruined any hope of achieving a balanced budget — a goal held dear by Hoover. There was little initial benefit to the nation’s economy, other than to the employees directly involved in the dam’s construction. Further, the power and water provided by the dam made possible the development of Las Vegas, the pleasure capital of the United States.

VOL 1, ISSUE 4, PROPERTY & WEALTH-DECEMBER 2011

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Know your HOME

LOANS

Monthly Feature An informed customer is an empowered customer. If you’re considering to go in for a home loan, a proper understanding of key terminologies and a little knowledge will enable you to seek out the best option available.

Home Loans & Credit Ratings by CIBIL

C

IBIL stands for Credit Informataion Bureau of India Limited.

The first primary thing that any lendor will check before granting you a loan is CIBIL report. So what exactly is CIBIL. CIBIL is a credit information company that collects information from all banks and lenders on all their borrowers about the loan amounts disbursed and the repayment track records. All lenders are required to provide all repayment track record information irrespective of wheather its good or bad about all their borrowers including credit card holders. So if you have been servicing a loan or a credit card in the last few years, information about you will be with CIBIL. It will contain a comprehensive report on your borrowing, whether you made puntual payments. If your CIBIL track record or the report is good, you are bound to be treated good by your banker. You will get your credit card, personal loan or home loans much quicker if your CIBIL scrore is good. A CIBIL score is between 300 and 900 that essentially denotes the chances that I will default on your loan obligations. If your score is 900 then the lender interprets it to mean that the chances of defaulting on my loan obligations are virtually nil whereas if it is 300 then the means that my chances of defaulting on my loan obligations are very high. CIBIL derives the score by a proprietary process (meaning that they will not tell me why I got a lower score whereas somebody else with a similar history got a higher score). How bankers would normally read your CIBIL scrores 1. Score of 600 and below - Not Good – Unlikely to get any loan/ credit card 2. Score between 600 – 700 - May get a loan or credit card but after some further investigations 3. Score between 700-750 – Satisfactory 4. Score between 751 – 800 - Good }Good chances of getting credit card / loan 5. Score of 800 & above - Excellent Mostly banks are using the credit score given by CIBIL to decline credits to those customers whose score is lower than 600.

TIPS & TRICKS

Check your CIBIL Report Card. Spend Rs. 450 once a year. By spending Rs. 450 on getting your credit score, you will get to know exactly the way your lender will perceive you though your lender can also provide you with the credit report with the score at the payment of Rs. 50 only. Though getting this report from the lender is bit of a problem logistically. Moreover the report given by the lender will not disclose the names of the lending institutions but give the type of record and credit history. All in all it is worth spending Rs. 450 a year to get this report annually. Think of this as a cent of a financial health check-up. On how to order CIBIL Report visit www.facebook.com/propertyandwealth

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PROPERTY & WEALTH-DECEMBER 2011, VOL 1, ISSUE 4


CEMENT

HIGHLIGHT: 3

2

1

The gift should be made through a registered document

Property cannot be gifted to foreign nationals

Once the gift deed is signed, it cannot be revoked

General Guidelines for Gifting of Property T

ransfer of immovable property is to be done through a gift deed under Section 122 of the Transfer of

Property Act, 1882. Section 123 of the Act deďŹ nes the modes of making the gift. The gift should be made through a registered document signed by the donor or on behalf of the donor, attested by at least two witnesses. The deed should contain details of the giver as well as the recipient. Stamp duty is payable to the registrar as in the case of buying property. State governments offer a concession on stamp duty rates in case the property is gifted to blood relatives, although this varies from state to state. When the property is gifted to a person outside the family, the stamp duty is higher and is applicable according to the rules of a normal transfer of property. Unregistered gift deed If the gift deed is not registered, the gift is considered invalid. In case of a dispute over ownership, the recipient cannot claim it as his own. However, if he has lived on such a property for at least 12 years, he is naturally accepted as the property owner under the law. Gift to a minor If the person to whom you gift the property is a minor his natural guardians have to be involved in the transaction.

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PROPERTY & WEALTH-DECEMBER 2011, VOL 1, ISSUE 4


When the minor attains adulthood, he or she has the right

dowry to the groom. Also, the property is returned to the

to accept or reject the gift.

giver in case the recipient dies in the giver’s lifetime and doesn’t have any descendants. But this is only applicable

Gift given to foreign nationals

if you mention this condition at the time of signing the gift

Property cannot be gifted to foreign nationals. However, if a relative is a non-resident Indian or a person of India

deed.

origin, he can be given commercial or residential property, but not agricultural, plantation or farm land.

Gift has to be Accepted Gift of property requires acceptance. The following points have to be borne in mind:

Revoking the property gift Once the gift deed is signed, it cannot be revoked except

under special cases. For example, to curb the malpractice of dowry, the law says that a property cannot be gifted as

one of them may not accept the gift. For example, if a father gifts something to his son and daughter, the

In case someone makes a gift to two or more persons,

daughter may refuse to accept it. In such a case, where one does not accept the gift, it is not invalid completely. The gift becomes inoperative and void as to the interest which was not accepted. The other person, who accepts the gift, is entitled to what is gifted to him only. He does not have any right, interest, or title to the property which was not accepted by the other. The proportion gifted to a person belongs to him and the unaccepted portion reverts to the donor. • The Transfer of Property Act stipulates that acceptance of a gift has to be made during the lifetime of the donor and while the donor is still capable of giving it. As a gift deed needs to be registered, the acceptance of the gift is usually recorded on it. • A basic requirement of gift is absence of any kind of consideration. Although there is no consideration received on a gift, it attracts stamp duty and registration changes as applicable to a sale deed. However, there is a concession in respect of gift to family members (spouse, son, daughter, daughter-in-law and grandchildren). • Under certain circumstances a gift can be suspended or revoked. It depends on the contents and conditions in the gift deed. Both the donor and donee must agree on such conditions.

VOL 1, ISSUE 4, PROPERTY & WEALTH-DECEMBER 2011

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CEMENT in your good

BOOKS

We’re all living in a marketing driven, credit oriented society, and it is important for us to exercise financial prudence to stay out of trouble. There are many good books available on Financial Planning and we’ll be introducing our readers to one such book every month.

Monthly Feature

Rich by Thirty A Young Adult’s Guide to Financial Success Lesley Scorgie

I

f there is one demographic that needs to become interested in their finances, it is the under 30 crowd.

From there, the book follows a path that begins with the most basic money concerns of getting organized and

Most young adults feel that they have plenty of time ahead to get serious about their finances, but the fact is, making a few good money choices as early as possible will be even more beneficial than making brilliant choices later. Whether it is getting out of debt, creating a budget, or

creating a budget. These critical steps are the foundation in which you can begin to build upon and tackle the later chapters that discuss getting out of debt, saving money, and investing.

saving for retirement, the earlier you can begin to make positive chances, the better off you’ll be. Rich by Thirty does a good job at bringing this message to those who

Would I Recommend It? If you are under the age of 25, or know someone who is, then I think this is a great introduction to personal finance.

need it most.

The writing is easy to understand and most young adults should easily be able to relate with the examples in the book. It introduces some very important concepts without

Lesley Scorgie has been writing and speaking about young adult finances for six years. She has made many television appearances, including The Oprah Winfrey Show and Montel Williams. She has had other writings featured in a number of publications such as Maclean’s and Cosmo Girl. She now travels across the country giving lectures on financial planning for young adults. What You’ll Find in the Book This book is structured in a very logical manner. It opens with a discussion about getting motivated. This is a key first step for anyone to become interested in taking control of their finances. If you aren’t motivated to make changes and don’t know why it would benefit you, you’ll never get serious about your money. Lesley does a good job at making the issue of money something that most people can relate with.

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PROPERTY & WEALTH-DECEMBER 2011, VOL 1, ISSUE 4

confusing you with a lot of new terms. I also think it helps that this story and book is coming from someone with a modest background. It is refreshing to know that a little education and hard work can go a long way at such a young age to create success. So, I would recommend this book for the young adult in your family as an introduction to money.


CEMENT

Monthly Feature

Realty Coach

5 Steps to Make Your First Property Investment Happen he article below has been deliberately kept aloof from

where would you be in next one or 2 years as your job is

technical jargons and supporting stats. It is simple piece of writing and the underlying aim is to encourage the

transferable and hence not sure which city you want to have your residential house. Here the rent that you are

readers to take the 5 steps in making their first property investment possible.

paying will not make a part of your investment as your house may be located in some other city. In this case you need to check what all resources you can garner to invest

Many people would not make an investment in property as they feel it is something that is out of their reach. One might think property investment is only for the rich &

and decide on a budget.

mighty for whom money is just a roll over. Though it may look like a daunting task, yet with a dream of your own

Your budget is your savings plus personal borrowings (not bearing any interest) and the amount of borrowing (home

and concerted effort can make it happen.

loan) you can take on interest.

1. Decide what you want to buy.

You should not stretch more than you can as investment

Since we are talking of first property investment, it has to be a residential property as home to live is your first requirement.

in property is a long term investment and if you are borrowing, it should not disturb your normal routine of life.

Talking about your residential house, if you are living in city X and your job/business place will remain same forever, use the principal, beg, borrow steal. Not literally

Do this simple check. What is the down payment amount that you can arrange and how much out of your annual income can you spare towards paying your loan with

that we want you to beg or steal, the emphasis is that you need to garner all your resources and go for it. The money that you save on rentals is going to be a part of your investment and even smaller amounts every month makes a big investment when you are talking of borrowing for 15 or 20 years. More ever you owe this to your family. They need food, clothes & shelter as a basic necessity. If you don’t have your own house, obviously you are living on rented accommodation, calculate the rental costs and triple it.

interest.

T

There may be a situation where you won’t or can’t live in the house but still want a house of your own. This is a situation where you are doing a job in city X and not sure 44

PROPERTY & WEALTH-DECEMBER 2011, VOL 1, ISSUE 4

2. Decide what your budget is.

If you earn in excess of rupees thirty or forty thousand per month, you should normally be able to spare 40% of your annual income towards EMI payment. This calculation you got to do yourself as you know your average house hold expenses best. Depending on house hold conditions this bracket may stretch from 20 to 65%. Decide what you are comfortable at. If we go by banks then how they calculate your loan amount is roughly 4 times of your annual income. That is if your annual income is 6 lakhs, banks would happly finance you 24 lakhs.


Investment in Property can be a tricky affair. There are various things which need to be looked into at the time of buying or selling a house. Matters related to taxation laws, procedure of registration or transfer of property. As the name suggests, Realty Coach is going to take up one or more key terms or issues every month to be explained to make matters simpler for you.

3. Gather your resources

You may see 3-4 dealers before finalizing on one and you

Yes of course you need money to make your property

may ask for options and pricing details and discounts if any from one and all. You may finally deal through a

purchase. Here is what you depend on •

dealer you are most comfortable with and who has proper

Your savings, either in form of cash or gold. Even a small income family can garner anything

knowledge of the project.

between 5 to 10 lakhs through savings in form of

5. Negotiate a home loan

cash or gold. Home Loans – Govt gives subsidy on loans up to 10

If your previous loan track records are good and your CIBIL score (read know your home loans in current issue about

lakhs. It is a very easy to take a home loan for 10-15 lakhs if you have about 20% of the total loan amount.

CIBIL) are good or excellent you should be able to get good terms from your banker. After you have chosen your property, approach 2 or 3 bankers and try to negotiate a

Borrowings from friends and family, ensure that this amount is without any interest as otherwise you can always take home loan.

good deal for your home loan. The checklist can be. •

You would ideally need 15 (for loan amounts less than 25 lakhs) to 20% (for loan amount more than 25 lakhs) of loan amount that is of your own. This of course need

not be cash but the amount that you can arrange on your own. You may sell a smaller asset, get your savings at one place, en cash your mutual funds or investment in shares. You need to have enough cash or liquid assets to cover

• •

the down payment and closing costs required for your particular investment strategy with some room to spare.

4. Choose your property, hire a good broker (property consultant) Regardless of the type of strategy you use, you’ll need some help from various professionals and the choice of property should preferably be done through a property consultant, broker. • Many a time’s best deal in the town is available from a broker that specialize in the particular property. Most brokers will not charge you any commission on sale of new property as their commissions are given directly by the builder.

Ask the banker if they are financing the property that you have chosen. Ask for interest rate that they would be charging. See what suits you best as interest rates may be fixed, floating or a combination of both. Ask for what processing fee they would be charging Ask for terms like pre closure charges either through your funds or if you make a shift to some other banker in future. Ask for details on loan amount insurance. You don’t want your family to suffer if case of some un fortunate event like loss of life or dis ability. Most banks offer loan amount insurance where in if something happens to the borrower, the loan amount is waived off and the property is transferred in name of your nominee. So its working up like your life insurance policy also. Ask for Job loss insurance. This is a unique feature where in you don’t need to pay an emi for the period you are un employed.

Once you are sure on every point, you may take the loan and payment is made directly by the banker to the builder. You finally own the property. VOL 1, ISSUE 4, PROPERTY & WEALTH-DECEMBER 2011

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Monthly Feature

act for single window clearance. The regulatory bill will

C R E D A I Conclave 2011,

help streamlining the sector which will result in better affordability and increase investors’ confidence.”

organised by the Confederation of

The event also saw CREDAI signing an MoU with Indian

Real Estate Developers’ Associations of India, based on

Green Building Council reaffirming its commitment

the agenda of ‘Mission Transparency-Reassess, Realign, Reform’, concluded on the 25th of Nov, 2011 in New

towards sustainable development.

Delhi.

Chief guest Saugata Roy, Minister of State for Urban

The event, inaugurated by Kamal Nath, Union Minister of

Development, appreciated CREDAI for preparing the Draft Model Building and Development Plan Approval (Single

Urban Development and Kumari Selja, Minister of Housing, Urban and Poverty Alleviation (HUPA), saw around 1000 delegates including decision makers, developers, and

Window Clearance) Act and assured to bring up this issue for discussion in Parliament. He said: “To achieve single window clearance is the urgent need of the hour. I am

representatives of stakeholder groups and distinguished individuals from the real estate spectrum converging on a common platform to discuss various issues, including

aware of the hassles the developers have to go through for getting their project clearances. By introducing single window clearance, we will be able to cut down the

transparency in the sector. The main theme of the conference was working towards a single window system for faster plan approval and a code of conduct for the developers to infuse ethical practice based on consistency

delay and thereby curb corruption to a large extent. The government and the developers should be complementary to each other in the rapid urbanisation process taking place in the country currently, and so I am in the favour of

towards better interface with consumers.

abolishing the obsolete acts and introducing the new and relevant ones.”

Inaugurating the Conclave, Sh. Kamal Nath said, “Real Estate sector in India is the ninth largest construction sector in the world. But in India there is a gap between the demand and availability of land. Floor area ratio (FAR) or floor space index (FSI) in India is far below the global average which is pushing up the cost of land. So we need to understand that the sector will take its due course to reach its pinnacle, unless the land economics is revised.” Lauding CREDAI’s relentless effort towards getting the real estate sector streamlined, Minister of Housing and Urban Poverty Alleviation, Kumari Selja, said, “The Government is working towards introducing a regulatory

46

Big Dreams, Big Buildings & Stumbling Blocks

two-day

T

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PROPERTY & WEALTH-DECEMBER 2011, VOL 1, ISSUE 4

Guest of honour at the event, Sharad Yadav, Chairman, Standing Committee on Urban Development, also supported the CREDAI’s move towards mission transparency. Responding to Lalit Kumar Jain’s request on Mission Transparency and single window clearance, he assured to consider the initiative taken up by CREDAI in order to make affordable housing a reality.


Builders. Entrepreneurs physically building the nation. The houses we live in and the offices where we go to work. They have a significant role to play in mitigating one of India’s basic yet biggest challenges – shelter for its teeming millions. And to play this role well, they need to be heard.

Sh Kamal Nath, Union Cabinet Minister of Urban Development and Kumari Selja, Minister of Housing, Urban and Poverty Alleviation lighting the lamp

Minister of State, Ministry of Commerce and Industry Sh. Jyotiraditya Scindia receiving the Conclave Memento from Mr. Gopal Goyal, President Credai Indore

Consumer Affairs Minister Sh. K.V. Thomas at the Conclave

Pradeep Jain, President CREDAI, Kamal Nath Hon’ble Minister,Urban Development, Kumari Selja Hon’ble Minister, Arun Maira and Lalit Kumar Jain, Chairman CREDAI

CREDAI President, Mr. Lalit Kumar Jain making a point VOL 1, ISSUE 4, PROPERTY & WEALTH-DECEMBER 2011

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soft corner Corporate Social Responsibility (CSR) is represented by the contributions undertaken by companies to society all over the world. Not to be left behind, major corporates in India have included CSR programmes to their to-do lists. Property & Wealth dedicates this page to all such

Monthly Feature

initiatives.

Gunwatta Vikas Yojana by Kumar Builders

“Gunwatta Vikas Yojana” formerly known as Adarsh Vidya Mandir was started by its founder Shri Lalitkumar Kesarimal Jain, Chairman and Managing Director of “Kumar Urban Development Limited” (KUL) with the sole purpose of Education as a core, a social cause and a pure intention of promoting education in the rural areas of Maharashtra and uplifting the standard of students in the rural areas by conducting various activities.

It merely started with few schools in the rural areas and today has to its credit over more than 200 schools in the rural as well as in the city of Pune. Gunwatta Vikas Yojana has been successful in spreading its wing to cater to the needs of education for the students in the rural areas of Purandar, Maval, Mulshi, Bhor, Haveli and Pune City. As an outcome of the yojana, the students’ interest in studies has increased to a great extent and at the same time the grasping power of the students has drastically improved which is one of the great achievement of the Yojana which was one of the sole cause of Shri. Lalitkumar Jain to implement the Gunwatta Vikas Yojana. 48

PROPERTY & WEALTH-DECEMBER 2011, VOL 1, ISSUE 4






        


Forthcoming Real Estate Events

PHD Chamber is organizing Punjab International Trade Expo 2011 (PITEX 2011) from 1st to 5th December 2011 for the fourth consecutive year at Amritsar. PHD Chamber is organizing this 5-day mega Trade Exhibition in collaboration with the Punjab Govt. as the host state. The fair shall be organized at Ranjit Avenue, Ajnala Road, Amritsar.

   


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Property & Wealth Dec 2011 Issue  

Cover Story : K.P.Singh (Chairman DLF India) - The Game Changer