Oct 2013

TO LIVE ROOM

Letters Matter

wh IFF oF Fresh aI r

NRI Achivers has come as a whiff of fresh air. Congratulations for bringing out an excellent magazine. Especially your September 2013 issue, which I find outstanding both in quality and content. The Special Feature, "India's freedom Struggle", Part-2, made very insightful reading. Here's to wishing the magazine kudos, and I hope it finds a place in every NRI's as well as every resident Indian's household. Cheers !

Sandip Thakur, National Bureau chief, 'Hamvatan' (National weekly newspaper)

add More entertaI nMent news

Thanks for sending me the e-copy of your magazine. I really loved it. The content is very interesting. I wish if you could add more Bollywood news in your magazine, something glamorous & eye catchy. Besides this, you could also try adding the food part about the Indian cuisine. Overall, I just loved your magazine.

Ankita Taneja, Via Email

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I FI nd It Face I n the crowd

I am an avid reader of various magazines, even through reading habits are dying today due to trespassing of cable TV world in our drawing & bed rooms. Even Older people are avoiding reading magazine, what to say about our youth generation, who are all the time looks busy on social sites, mobile and television. I am not blaming any body but it looks as the need of the day. I must say that if any one read your magazine even ones, he/she will definitely create reading habits. What a lovely way of presenting everything which could be a real reading material. You are really doing justice to your magazine’s title ‘NRI Achievers’. Whatever NRI’s looking in a magazine for them selves is available in your magazine.

There are still a few empty holes which are yet to be filled. Like your sport section is damn missing (only once there was a full fledged story on sports). Nothing has ever written on cousin/eatery. What about fiction, which is always liked by housewives living away from India. It is good that your magazine is a non political one, but I think sometimes you must carry a news based stories on good political personalities like Narender Mody, Arvind Kejriwal, etc. Last but not the least, don’t you think that today India is considered to be the youth power & if so, what’s there for them in your magazine, nothing on education, career, lifestyle, philosophy, etc.

Neil David, Location not known

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I have MIxed FeelI ngs For your M agazI ne!

I am a regular reader of your magazine & I have mixed feelings for your magazine. Content wise its impressive but too serious to read in once. I suppose you must be associated with NRIs as well if so then you must realize that are always very interested in Cricket, Cinema, Politics & above all Glamour. Your magazine lacks politics, Business & Economy. Now the better part: Usage of English is really great. I find my English quite improved & I am becoming very daring to speak in English quite often. In your August issue I found a story on Sports for the first time written by HS Bedi. I have seen this gentleman many a times on TV screen discussing sports. I must say that you are a team of experienced people. But in your September issue again there is no story on sports. It is not acceptable at all. Please enhance number of pages, start Hindi fiction, Add more glamour, etc. I am sending my subscription form for two years. Kindly acknowledge when you receive it. By the way I want to ask you one thing. My best friend is an NRI & he lives in Trinidad & Tobago. When I sent him e copy of your magazine to him, he found it very interesting. His wife too got many things of her taste. They want to be associated with you. Will you please tell me the scope for the same or should I send you their mail id. When they praised your magazine then I sent them one of yours earlier issue (I forgot the month) in which you had covered the Trinidad & Tobago as your cover story. Uske baad to vo pagal ho gaye hain apki magazine se judne ke liye. I will definitely forward you their mail which they had sent me. Apko bhi shayad achcha lagega. May I suggest you to restart Brain teaser column. It was mind blowing.

Jyotirmay Khandekar, Mumbai

CHIEF PATRON AJAY SINGH

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A ROOM TO LIVE

This October is special for us in more ways than one. On the one hand it earmarks the end of one full year of intense work that has gone into making this magazine, NRI Achievers, which is now in its Anniversary Edition, a much liked one that has found a place on newstands across the country, and in the homes, offices, clubs and other life-spaces of our readers in India & abroad. It has also succeeded in finding a niche, a room to live, in the hearts of many a reader. On the other hand, it also earmarks the beginning of another such year, as we bring you the Inaugural Edition of a companion volume to NRI Achievers, namely, the Indian Achievers. While conceptually similar, IA will have the prediliction to look inwards rather than outwards, focus upon the talent, acumen, expertise and innovation available in the homeland, while at the same time providing a vessel, a medium through which Diaspora news and achievements may be channelised to a domestic readership, just as India news and achievements may be channelised to the Diaspora.

This October, we at NRI Achievers take a look at the burgeoning realty sector, and carry a special feature on it in our 'Cover' segment, as the 'sector-in-focus.' in a country of India's size, this sector is simply too large to be able to cover in one go, so we have chosen to do so in parts, rather than in one omnibus fashion, so as to do some justice to the variety and diversity in this sector. So we start with this edition, where we focus upon the real estate in and around the NCR/ NCT (the National Capital Region, comprising Delhi, Gurgaon & Noida; and the National Capital Territory, comprising a 200-kilometre radius around the national capital). We have also added to this kitty an article on real estate in East Africa, and a couple of analytic pieces on the outlook for real estate that hold good for the entire country. And so we bring the tentative 'first-part' of this cover feature, with a promise that more regions and geographies will be featured in issues t o come.

Apart from this, we are ushering in a new introduction, like regular column on 'vastu', that will fulfil a long-standing demand from a section of our readers. Several of our regular sections that will provide you with interesting glimpses from various walks of life, like news from the worlds of 'business, sports, and cinema', 'heritage and architecture', 'metaphysical musings,' and yes, our ubiquitous 'travelogue' that you have so come to enjoy, are all very much there for your reading pleasure. 'Heritage' this journeys to Pune, to provide insights into the 'Agha Khan Palace,' which during the freedom struggle served as a prison that incarcerated Mahatma Gandhi. The special column on 'real estate' that you are familiar with, will apropos be merged this time with the cover story, while other sections like “Silver Screen,' etc., are all very much there for your reading pleasure. It is our fervent hope that this month, you will not only enjoy reading this evolving mix of content in NRI Achievers, but will also savour the freshness and desi flavour of your e-copy of Indian Achievers. And just as ever, we always welcome your comments and observations. So do not hesitate to use our 'feedback' platform to express your wishes and opinions, and tell us what else you would like to see featured in your magazines.

BANGLA MIGRATION TO INDIA LARGEST IN DEVELOPING WORLD

The exodus of Bangladeshis into India has for the first time been termed by the United Nations as the single largest bilateral stock of international migrants in the eastern hemisphere and the developing world. Data released recently by the UN Department of Economic & Social Affairs (UNDESA) shows that in 2013, India was home to 3.2 million Bangladeshi residents who had migrated into the country and settled there. For Indians, Middle East was the clear favourite destination. Two countries in the region were the main draw for Indians: UAE, having 2.9 million Indian migrants, and Saudi Arabia, which had 1.8 million. However the biggest rise in the number of Indians migrating to a single country was to the US. In 2013, 2.1 million Indians were in the US, which was also home to 2.2 million people from China and 2 million from the Philippines. The UN-

DESA report said that since 2000, the number of international migrants born in China or India and living in the US had doubled, whereas the number of Mexican foreign-born had only risen by about 31%. South Asians are the largest group of international migrants living outside their home region, according to the report. Of the 36 million interna-

IN A FIRST, CHENNAI DOC USES GOOGLE GLASS TO AIR SURGERY LIVE

When the surgeon's scalpel drew a red line on the patient's abdomen, a group of medical students leaned toward their screens two blocks away. The procedure was a simple hernia operation, but the surgical team members were unusually upbeat as they turned to look at the latest gadget in the operation theatre -- the 'Google Glass' worn by their chief. As the medical fraternity in the West debates the usefulness of the newest device produced by Google, doctors in India have joined the chorus with bouquets and brickbats, even as this surgeon in Chennai became the first in India to live-stream a surgery using Google Glass. On Tuesday, Lifeline Hospitals livestreamed an upper gastro-intestinal laparoscopy on a 45-year-old man and a hernia repair on a 42-year-old woman to medical students two blocks away using Google Glass. “It felt like I was glancing at my rear view mirror while driving. I was focusing on the surgeries and talking to my students at the same time. At one point, I stopped feeling it was an external device,” said Dr J S Rajkumar, Chief Surgeon at Lifeline. Goog-

le Glass is a wearable computer that has a frame similar to traditional eyeglasses. It follows voice commands to take photos and videos that show the viewpoint of the user. The surgeries were livestreamed on 'Google Hangout' as well. Doctors say the gadget is yet another step forward in throwing open the doors of the live operation theatre to students and interns. “People need to know what is happening behind those doors. This is one more gadget towards that end. Students can see the surgical procedures through their seniors' eyes, quite literally. This is a phenomenal surgical tool,” avers Dr Rajkumar, adding however, “We did face some practical glitches like problems with Wi-Fi and the battery dying early.” Although the gadget is still to hit the market, Google has distributed some 2,000 of the gizmos earlier this year for testing before its release to the general public. Besides being an educational tool, doctors say the technology could be used to view X-rays, MRI images and other medical information as they conduct surgeries.

tional migrants from south Asia, 13.5 million resided in the oil-producing countries of west Asia. More people were living abroad than ever before. In 2013, 232 million people, or 3.2% of the world's population, were international migrants, compared with 175 million in 2000 and 154 million in 1990. The developed countries were home to 136 million migrants, compared to 96 million in the developing countries. Most international migrants were of working age (20 to 64 years) and accounted for 74% of the total. Globally, women accounted for 48% of all international migrants. Asians and Latin Americans living outside their home regions formed the largest global diaspora groups. In 2013, Asians represented the largest group, accounting for about 19 million migrants living in Europe, some 16 million in north America and about 3 million in Oceania.

DELHI WORLD'S SECOND MOST POPULOUS CITY

The urban agglomerations of Delhi and Mumbai, which in size barely matched up to global cities in 1950, are now counted among the seven most populous megacities (those with a population of over 10 million) in the world, according to the 2013 World Population Data Sheet released by the US's Population Reference Bureau last fortnight. Mumbai, in terms of its Mumbai Metropolitan Region, including Navi Mumbai, Thane and Vasai-Virar among other satellite belts, houses around 19.7 million persons and ranks seventh in the world. It was ranked 17th in 1950, the earliest year for which data is available. Delhi and its extended suburbs, with its population of 22.7 million as of 2011, is the second most populous urban sprawl in the world after Tokyo, outsizing the traditionally populous Shanghai and New York. With its

BANGALORE INSTITUTE CITES CYBER-BULLYING, SENDS NOTICE TO PARENTS

A couple of weeks ago, a Class VI student of Vidya Niketan School in Bangalore knocked on the principal's door. The 13-year-old went on to pour her heart out about being bullied on facebook. “It was not the first case I'd heard about,” said Lalitha Desikan, the principal. “Clueless about how to deal with demoralizing comments, kids get upset. They tell us how depressed they're over some comments posted by other kids. There's abusive language in comments about physical aspects like height, weight, complexion and economic status too.” The very next day, the school sent a notice to all parents, asking students from Std I to X to close their facebook accounts immediately. The lack of parental supervision when kids are on facebook, the number of hours lost each day on it, the use of abusive language, bullying, making

1.4 million persons in 1950, Delhi was not even in the top 30. Kolkata is the other Indian megacity in the league of most populated cities, ranked 10th. The demographic transition over the decades shows how megacities , which were once the preserve of the so-called industrialised countries, have now proliferated across developing countries like India. In 1950, 19 of the top 30 cities were in industrialised countries. By 2011, that number had shrunk to eight. The megacities epicentre shifting to emerging economies like India has much to do with the higher population

disparaging remarks about teachers and posting comments to embarrass or hurt a classmate were cited as some reasons behind the move. “The internet can become a potentially threatening space for young children who don't have in them the maturity or the mental equilibrium to use technology in an ethical manner,” the notice said. Desikan has this to say: “The child who posts such comments may think it's light-hearted but most often, it touches a soft spot of the kid being bullied. We've taken this action after coming across many such cases. It's also a suggestion for parents who may not be aware what their kids are doing on these sites.” Bullying on Facebook is not uncommon. “I've come across such cases,” says Nigar Sultana, principal of the Cambridge Public School. “There should be some supervision.”

growth recorded there, according to Carl Haub, who co-authored the data sheets, pointing out that developed countries have little or no growth. Rural to urban migration too plays a large role, as people move seeking better jobs and a better life, he said. The 2013 projections, for instance, show Africa will add another 1.3 billion between 2011 and 2050, with its growth exceeding that of Asia which will add a billion people in the same period. Europe and North America, in contrast, are not expected to grow. Urban experts say megacities in India are saturated. The growth rate of population in 22 of the 25 largest cities has gone down. This is not just due to natural factors like decline in fertility, but because these cities have become exclusionary in nature. They are discouraging migrants, particularly poor and unskilled labourers from coming in, says Amitabh Kundu of JNU's Centre for the Study of Regional Development.

PRIVATIZATION OF 6 MORE AIRPORTS FAST-TRACKED

With general elections mere months away, UPAII has decided to fast-track the privatization of six more AAI airports, namely, Chennai, Kolkata, Lucknow, Ahmedabad, Jodhpur and Guwahati, like the four airports that are already running under the PPP (public-private-partnership) model. The aviation ministry will start issuing RFQs (Request For Qualifications) soon to private bidders to "operate, maintain and develop" these airports on a revenue-share model with AAI for a concession period of 30 years. However unlike the PPP airports in Delhi, Mumbai, Hyderabad and Bangalore, AAI will not invest anything in these upcoming ventures, as the ministry has decided to allow private players to have a 100% stake. AAI has a 26% stake in Delhi & Mumbai and 13% in the Hyderabad & Bangalore airports. Also, in a marked departure from prior practice, aviation authorities may decide the aeronautical tariff structure for the entire 30 years, with inbuilt clauses for escalation when costs go up to give the bidders a clear idea of revenue generation. And bidders for these six airports may have to retain the entire staff there after privatization as AAI is unlikely to absorb them. Aviation secretary K N Srivastava said: "The ministry may issue the RFQ documents for Chennai and Lucknow airports very soon, with the RFQs for Kolkata, Ahmedabad, Jodhpur and Guwahati to follow soon after. We are open to giving 100% stake to private parties." AAI had recently modernized Kolkata and Chennai airports at a cost of INR 2,325 Crore & INR 2,015 Crore respectively. It has also upgraded both the passenger terminal and operational facilities at the other four airports, which are now being sought to be privatized. Apart from unions and political parties, the International Air Transport Association (IATA) had also opposed privatization of more airports in India after seeing how existing private airports have hiked their charges. Delhi, for instance, is now rated among the most expensive airports in the world.

room to live A

We at NRI Achievers have for long wanted to do an in-depth feature on the real estate sector in India, and look at how it differs in attitude and approach in different geographies of the country. So we start with an opening gambit in this anniversary issue, with a regional focus on the Delhi NCR which comprises Gurgaon-Delhi-NOIDA, and in part the National Capital Territory that covers a wide swath of 200 kilometers radius all around Delhi, taking into its ambit several regions falling in Uttar Pradesh, Haryana & Rajasthan. While we wouldn't really call it an in-depth feature, it sure is a tentative start to future focal features on other geographies. Take a look. We have also added to this kitty an article on real estate in East Africa, and a couple of analytic pieces on the outlook for real estate that hold good for the entire country. And so we bring the tentative 'first-part' of this cover feature, with a promise that more regions and geographies will be featured in issues to come.

Reeling under economic onslaught, slow sales due to high prices and rising home loan rates, real estate developers are looking up to festive season to cheer up home buyers and push up sales.

It is indeed an irony of Indian real estate that despite the huge mismatch between demand and supply and a severe shortage of housing, the sector is experiencing a slump in sales over the past few years. Sales have been badly hit due to the worsening economic scenario, the resultant bleak outlook on the job market, and a sharp decline in disposable incomes due to balooning inflation. The spurt in property prices over the last four years after the slowdown witnessed in 2008 and the increasing home loan rates, along with large scale delivery defaults have forced property seekers, especially home buyers to turn risk averse, postpone decisions and take a back seat.

Slow sales have resulted in alarmingly high unsold inventories, which according to industry sources stand at close to 700 million square feet. And at the current rate of absorption, it may take close to three years to offload it at the current pace of property sales. The scenario in the two largest real estate markets of Delhi-NCR and Mumbai is a tell-tale story. While in the Delhi-NCR the current unsold inventory level is of 31 months, in Metropolitan Mumbai Region (MMR), it stands at 40 months against the normal level of 12-15 months. And slow sales is not the only reason for high inventory levels ei-

FESTIVE CHEERS FOR HOME BUYERS?

ther. The desperation on the part of fund-starved developers to generate cash has also been adding to it, as developers have been taking to new launches to improve their cash flows. But considering the high cost of financing, not many debt-ridden developers can hold on to such high unsold inventory for long. And amidst severe fund crunch and strain on cash flows, the only option before developers is to moderate their pricing. But it's challenging for the developers in a scenario where input costs are rising and their margins are reducing. But then developers are surely looking up to the festive season to boost up the morale of the home buyers and in turn improve their own fortunes. According to the National Housing Bank (NHB) index, home prices have already corrected themselves in about two dozen cities during the quarter up to June 2013, though this fall in property prices is largely restricted to smaller towns where there is a demand-supply mismatch. The price-correction mechanism has not manifested itself as much in the metros ... in fact prices are more or less

Photos: Ajay Sood

stagnating in top cities. There was just 1 percent increase in prices in Mumbai, Bangalore and Chennai, while prices in in Delhi-NCR registered a marginal increase of 3 percent. Moreover, the NHB data does not point to imminent across-theboard price correction, especially so as developers bogged down by huge debt have little room to reduce prices. Industry experts also expect prices to remain more or less stable especially in metros, though some suburbs and tier 2-3 cities may see corrections of 5-10 percent.

Taking advantage of the festive season and the home buying sentiment attached to it, developers are lining up attractive deals in the form of freebies and waiving off stamp duty, parking charges, club house fee etc. And all this can result in a saving of up to 5-7 percent of the home price. But this time home buyers may not have much of choice in terms of newly launched projects, as developers are focusing more on clearing their existing inventory rather than launching new projects. However developers are also coming up with attractive schemes for existing projects along with innovative payment structures. Property experts feel that buyers who are ready to make substantial upfront payments or have pre-approved home loans, are in a position to strike better bargains. Developers are coming up with several such schemes where buyers have to pay about one-third to one-fifth of the home price as down payment and the rest on possession.

NRIs who already enjoy the advantage of rupee depreciation against the dollar, can specially hope for good bargains as most of the developers are targeting overseas Indians to sell their inventory, with some of them banking on NRIs for up to one third of their project sales. Otherwise also, in the current scenario, it is HNIs and NRIs who stand to benefit as developers may like to offer discounts on high-ticket properties where margins are comparatively higher. It is indeed the right time to invest in a slowing real estate market, as homebuyers who can negotiate hard can manage a better deal. However, they should not expect 30-40 percent returns like in the past. This time they will have to settle with 15- 20 percent returns.

NRI Achievers Bureau

Photo: Shashi Sahai

IS IT 'RIGHT TIME' TODAY FOR NRIs? INVESTMENT IN PROPERTY

Global capital and currency markets have been volatile for the last few months, also triggering serious turbulence in the rupee. Current account deficit and the fact that foreign institutional investors are selling heavily on the Indian bond market have been the key triggers for the rupee's repeated depreciation. Factors such as negative export and industrial growth have triggered even more uncertainty, specifically in the currency trend pattern.

WILL THE RUPEE

DEPRECIATE FURTHER ?: The Central Government has passed the Food Security Bill, which effectively increases subsidy for the nation. The fact that the Lok Shabha elections will be held in 2014 may be cause for more of such populist measures - nevertheless, the country’s overall financial status does not look very exciting right now. We may continue to see volatility over the mid-term. Moves such as importing of fuel would further hurt the economy.

NRIs AND REAL ESTATE: When it comes to Indian real estate, NRIs take centre-stage when the rupee depreciates. The forex that they tend to funnel into the sector increases significantly when the rupee slides. In times of rupee volatility, banks, financial institutions and developers tend to announce various schemes aimed at attracting NRIs. At the same time, NRIs are also attracted to the higher interest rates on NRE (Non-Resident External) and FCNR (Foreign Currency Non-Resident) deposits, as the standalone rupee returns look quite lucrative to them.

Photos: Ajay Sood

Paradoxically, data covering the last two decades indicates that NRIs have in fact been losing out when they channelised their foreign exchange into such accounts during such volatile times. They have erroneously assumed that they are capitalizing the rupee's volatility by locking into high yield deposits. However, this route has caused NRIs to miss out on overall capital returns, because the perceived benefits of high interest rates are actually eroded by the depreciating rupee. It is therefore wrong for NRIs to assume that they can garner good returns by locking their foreign exchange into highyield deposits. The reason why more and more NRIs are choosing to invest in Indian real estate instead is because they are now aware that this is the only route that assures them of optimal benefits. As long as they maintain a broad investment horizon and have chosen their properties well, the capital appreciation on real estate translates into multi-fold benefits that put all other asset

classes in the deep shade.

PITFALLS NRIs HAVE TO LOOK OUT

FOR: NRIs have always been soft targets for hyped-up real estate marketing by developers. The objective of such marketing is to make NRIs believe that the projects on offer have been specially created for them, and that they are not standard offerings in the market. Projects being marketed directly to NRIs are trumped up as the best options that money can buy in India. The fact of the matter however is that most of these projects are not professionally managed, which has extremely negative implications for someone who is not physically present in India. Lack of proper project and facilities management results in accelerated dilapidation of neglected units, and security also becomes a major issue. There are often no provisions for paying society dues from abroad. Likewise, NRIs who have made a sentiment-driven property purchase in their own Indian hometowns often

overlook that paying dues such as property tax online may not be an option in these locations. The end result is that the property turns out to be a depreciating and legally compromised money trap.

For these and many other reasons, NRIs should not give in to sentiments or manipulative marketing while making a decision on buying property in India. Such decisions need to be based on sound advice from professionals, with the objective of reaping good returns on investment. For NRIs, the Indian real estate market definitely holds the highest possible investment potential. However, no such investment should be done on impulse, and it is at all times advisable to maintain a healthy longterm investment horizon of between 7-10 years.

Om AHUjA

The writer is the CEO (Residential Services), of Jones Lang Lasalle.

BUILDING A DEN FOR THE NATURE LOVER R AM NAGAR

Brys Caves is a jungle resort built with a difference. Encapsulating a typical jungle experience, the resort, situated at Ram Nagar not far from the famous Jim Corbett National Park, promises to be a getaway from the humdrum of our hectic city-life, in its attempt to combine raw nature in the form of caves with modern aesthetics we have so come to expect from resorts. On offer is a distinctive holiday that can be both wild and luxurious at the same time. Vivek Khurana took a look, and here is a photo essay that tries to portray the resort as it is.

Caves have been the first real shelter used by human beings as an abode, and just walking into one does something to our subconscious. The developers of this resort have understood that and capitalised further on this primordial reaction it evokes in the minds of the visitor. The caves, while they do tend to give you that feel of having gone back in time to live amoung our ancient cousins, also serve to relax your city-soiled soul, in true resort fashion. Brys Caves is after all, a modern lifestyle travel product that aims to be both a resort and a specialty hotel.

The resort is situated in Bhakrakot Village off Ram Nagar, in the Almora District of Uttarakhand. It has been concieved, designed and built by Brys Resorts, a constituent of the Brys Group which is an upcoming player in the realty sector of Northern India. Trying to be as close to nature as possible within the constraints of time and budget, the promoters of this venture have tried to create a place in the midst of the jungle aurrounded by the mountains of the Shivalik Range.

As the architect of the project avers, right when the site was liked and finalised, it was decided that what would be created will be a green concept project that will merge well with the nature around it ... the jungles that form the periphery of the Corbett National Park.

The enchanting components of lush green jungle nurtured by lots of rainfall in the region, the greenery, the meandering river Kosi, and proximity to one of India's biggest wildlife sanctuaries all contributed to the project ideas falling in like jigsaw puzzle pieces to make up the minds of the promoters, the architect and the project execution teams.

Then work began with the detailing of a concept, which had to overcome many challenges, the main being the imperative to create a very different and unusual concept within the constraints of the proposed timeline and within the alloted budget decided upon by the promoters.

The contours of the land surrounding the site, the jungle trees and the mountains, available water bodies ... all were taken advantage

of when the design was formulated and finalised, merging it to blend-in as seamlessly as possible with the surrounding milieu and landscape.

As much of the approach as possible, from motorable road to the entrance of project and the different areas of the project land were retained as nature provided on-site from the first day. And today the effort is there for visitors to see and appreciate, in the luxury cave-rsort so created, surrounded by jungle. In congruence to the professed theme 'ancient times to the modern,' we find that all efforts have been made to reflect the theme in the design ... the rock-cut theme of the reception area echoes primordiality while the modern furniture and the mix of reds, blacks and plenty of leather let the feel of luxury and comfort seep slowly in. The backdrop to the reception is an art leather painting meant to give a feel of warmth when guests arrive and are welcomed. The restaurant imbibes a water concept, with the self-motif design of vegetables and fruits all bathed in winter blue hues and tones, to give that feel of water all around in the area where guests would come to have a leisurely meals. The bar and disco go one step further, inviting you into the coolness of an ice-cave ...

Accommodation consists of 37 ‘wildly’ designed ‘caves,’ designed on the concept of merging ancient art with the fusion of modern architecture. These 'caves' offer single, double and twin options to suit your choice. The interiors of the rooms are plush, themed on various flora/fauna. In room amenities include LED TVs & DVD players, WiFi, Electronic Safes, Telephone, Mini bar, Separate seating area, etc.

By profession the writer is an established architect who loves to write occasionally on changing styles of architectual buildings.

noida destination n Ri's n ew dReam

A recent study on NRIs' increasing interest in the domestic real estate space has surprised many. It's findings suggest that luxury real estate is coming out of the confines of Mumbai and Gurgaon, thanks to several innovative projects shaping up beyond these two geographies. NRIs are said to be more bullish on the appreciation potential of Noida than the over-heated markets of Mumbai/Gurgaon. NOIDA’s ultra high-end 81 storey luxury project by Brys Buzz has the distinction of having got the maximum NRI expressions-of-interest over the last couple of months. The NOIDA market is found to have more potential than neighbouring Gurgaon due to its better physical infrastructure and the fact that it has just started scaling up on luxury living. It is also encouraging to see that quality commercial space, the catalyst behind Mumbai and Gurgaon success, is being developed in NOIDA now. Analysts maintain that with the upcoming Delhi-Mumbai Industrial Corridor (DMIC) project touching Dadri, NOIDA will have more HNI and NRI interest in the times to come.

Rahul GauR NavNeet Bhadla

Rahul Gaur, CMD of Brys Group, asserts that Noida is definitely on a highway of the growth corridor, and is fast emerging from the shadow of being poor cousin of the NCR’s glorified Gurgaon market. If the interest level of NRIs and HNIs in Brys Buzz is any indication, NOIDA is already in the pangs of an image makeover, where investors’ confidence is tilting increasingly in its favour. “NOIDA with its better infrastructure has waited for long in the absence of MNCs' interest level due to lack of proximity to an international airport. However, the fact that investors in the matured market of Gurgaon are exiting, after scaling-up to its peak level added to the crumbling infrastructure over there, and the potential of NOIDA to grow is tilting the interest level in this market. The recent luxury launches are only the indication that feasibility and viability of high-end projects is a reality in NOIDA now,” says Gaur.

Market watchers by and large agree with the study that asserts that with the number of innovative luxury/ theme projects, skyscrapers etc., that have been launched by different developers, NOIDA has succeeded in attracting the interest from many foreign players and Non Resident Indians (NRIs). The cash-rich IT & ITeS sectors of fast flourishing NOIDA have certainly played a crucial role in bringing about a sea-change in the commercial real estate scenario of Delhi's satellite city. However, at the project level what has gone in favour of Brys Buzz is that the project matches some of the best international projects in terms of amenities and USPs. The project’s tie up with a global brand like Tonino Lamborghini also seems to have gone in its favour. The confidence of the developer to offer initial customers five-star hotel stay till possession does speak volumes about their execution capabilities. Despite many high-profile super luxury projects having been launched, India has still not come to the level of an iconic project worth emulating. So the big question today is — will Brys Buzz create what Dubai did with Al Burz ? As of now, NRI enquiries just exhibit curiosity.

Rahul Gaur believes that the Indian luxury real estate niche in general and the NOIDA market in particular has tremendous potential. Here, he shares his thoughts on the macro-economic outlook for the Indian realty sector, NRIs' interest in Indian properties, and the depreciating Indian currency: “A too simplified generic view of the real estate market is what often leads to predictions going wrong. In order to understand this sector, though macro-economic indicators are definitely needed, one has to see beyond those as well, and think simultaneously in terms of micro market dynamics and the trends in the local economy, its demand and supply cycle, etc. Then, one has to see it in terms of the project and its positioning vis-à-vis the demand and purchasing power. For example, reports suggest inventory is a huge challenge in the sector, but my simple take is that if inventory is constantly piling up in a country where the housing shortage is so huge, then there is definitely a

very fundamental flaw in the supply vis-à-vis demand matrix.

“Insofar as our expansion plans are concerned, we first want to create a landmark project here as Brys Buzz. The success of Brys Buzz will define the roads we will travel by because as a corporate philosophy we don’t want to spread ourselves out too thin and get into series of launches in India and abroad. We believe in organic growth and are also conscious of the fact that Brys Buzz will create enough buzz to take us forward to the next level of growth internationally. It would be probably prophetic to say in which direction and with what kind of offering, but we definitely have plans to emerge as an international player in due course of time.

“I have often been asked how open we are for collaborating with Diaspora. Let me just say that the initial interest level with our project has already attracted many NRIs and HNIs with offers on a broad canvas. However, we are taking one step at a time and do believe in organic growth of the organisation.

“So, we are only going to take those discussions/offers to the next level which does not dilute our corporate philosophy and is unique in its appeal. This is because we don’t intend to repeat ourselves in terms of project that we offer. As and when some offer excites us, we will explore it further.

“The depreciating Rupee in today's context ought to be seen in proper perspective - how

much is it helping the cause of the sector and how much is it hurting the cause. We as a serious player are equally concerned that rupee depreciation not only affects our economy but creates panic among the PE funds as well. But yes, at the project level, it has helped in a way through expanding the interest levels of NRIs. Moreover, there is nothing like local buyers being at a disadvantage as they are not converting rupees to dollars for the sake of purchasing property.”

NRIs are no different from other segments of buyers in luxury real estate, and hence the focus must be on creating a real “wow” factor, says Navneet Bhadla, a director of the Brys Group. Here, she talks about the thought process and planning that has really helped Brys Buzz make a buzz in the market: “My understanding of real estate says one should not be guided by some reports here and there suggesting NRIs are investing into Indian real estate. Projects are planned not by statistics, but by a thorough feasibility study of any given market, its potential both in terms of existing demand and hidden demand, and several other related factors. Once you do that, and if you find the market is ripe for a luxury project, you are obviously catering to a set of buyers where the NRIs are a major component. But NRIs alone cannot be a traction point for any project’s launch. You have enough HNIs, MNCs and other buyers who seek lifestyle. Collectively this makes a project click.

“NRIs already have shown tremendous interest in our project and their interest-level indicates we have been bang on target when conceptualising this project for the high-end segment. I don’t think NRIs should be seen as a separate set of buyers. They, like any other luxury segment buyers, are taste conscious and understand what luxury means. They can not be offered anything in the name of luxury. Luxury is an over-used and oftabused term not just in India but also across the world. So when I hear terms like ‘affordable luxury’, I fail to understand its true context. For me, Brys Buzz stands as a symbol of luxury due to the kind of experience that we are creating around the project with international luxury brands like Tonino Lamborghini being part of this experience. Creating a destination address with high aspiration quotient will define our luxury project.

“We are often asked to explain the rationale behind our choosing NOIDA over Gurgaon for our project. See, we believe that it is much easier to take the tried and tested roads in terms of location and project features. We have opted to take the roads less travelled by and create an icon, something that has not been experienced in this part of the world. I am confident that the NOIDA market too will become ‘The Luxury Destination’ in times to come.

Vikas Gupta: 'We haVe

12k+ satisfied home buyers'

As part of the activities involved in doing an initial special feature on the real estate sector, NRI Achievers spoke to a small cross-section of builders and developers in the Delhi NCR/NCT area, to look at and understand what all factors drive the realty sector here in this northern citadel of India. Earth Infrastructure is one such builder, which has made a name for itself in its short three-year lifespan so far, earning enough goodwill to put it among the topnotch ones in the region. We spoke to VIKAS GUPTA, one of the Joint MDs of the firm, about how the company came to be, and what it's philosophy is about.

We started this company three years ago in 2010 and designed it so, that the date of inception coincides with what we considered the very auspicious day of 22nd April, which is regarded as 'Earth Day.' In fact, after we were ready with everything, we had actually waited patiently for 40 days to launch our company on this day. Our main intention and motive was

to start an environmentally friendly, ecofriendly construction company. And everything went well for us too. We got into actual construction activity right from day-one, and became a founder-member of the Indian Green Building Council. Each and every one of our projects/buildings are green certified.

“While on this subject, on what it means to be 'green,' it does not really mean that a lot of green surrounds the project or that

it has green spaces. There are some 32 factors or norms or criteria which are taken into account to call a project 'green.' Say, for example in our projects, we make provision for rain-water harvesting, solar power, use special exterior paints and lighting systems, use AC blocks instead of clay adobe bricks, as they are lighter, and sound proof to boot. All our projects, and each living unit we build, are also Vaastu compliant. People today ask for it.

Photo: Rangnath Tiwari

“Talking about where we have reached today, our turnover has just crossed INR 600 Crore, and our absolute sales value hovers around INR 10,000 Crore. Direct employment is in the range of 2200, and if we take into account all our vendors, contractors, etc., then it will cross 10,000. As of today, we have more than 12,000 fully satisfied home-buyers. For every project, it takes around 6 months time for survey, planning, designing and marketing from the date of purchase. We are four partners, Avdhesh Goel, Atul Gupta, Rajnish Mittal, and myself.

“Our intentions have always been very clear, which was to create a company that is intensely customer friendly, to build a brand which can exemplify trust in the mind of people, to deliver quality livingspace products and eminently sustainable eco-friendly units. And that’s how we choose our tag line … 'innovation beyond imagination.' We want to bring new technologies into the real estate industry to make it world-class.

“On the commitments front, we have really been very fortunate and would like to thank God for the fact that so far, we have managed to keep each and every one of our commitments, whether they were made to consumers of our projects in gen-

eral, or to associates or vendors, and not only that, we have each time delivered our projects on time. This has also largely contributed to the market perception that Earth Infrastructure is one company that is a very quality-conscious and sound company.

“In retrospect, our projects have also been very cost effective, and one yardstick of that is that we have zero inventory in our projects. They have all been sold-out as soon as they were introduced. Now that we have established a comfort level in the NCR NCT region, we feel that we also ought to look beyond its confines, as you know there are at least 100 cities in India which have well educated people who can afford quality housing, they dream, they want to live their lives like in the metros but that sort of housing and support infrastructure is lacking. These are all potential markets for the realty sector, we would want to do something for them as well.

“NRIs are a segment that no builder or real estate developer can afford to ignore. Our projects all have had a considerable percentage of NRI customers so far. We are now coming up with serviced apartments and studio apartments for them because that’s what they like. They come here for short period of time, they don want to stay in hotels, they want some-

thing desi and customized of their taste. So we are coming up with some projects in Gurgaon, NOIDA and Greater NOIDA specifically designed and built for the NRI community. Secondly we are on the verge of launching another project specially designed for NRI consumption. These are fully furnished two-bedroom hall kitchen apartments with door-step facilities like doctor on demand, yoga sessions, library, naturopathy, chaupals, games rooms, etc., which are meant to house elderly family members of NRIs when they are abroad. This sort of living spaces are normally seen in foreign countries, but we will be providing these very soon. Something of a retirement home concept.

“As of now, we have 11 ongoing projects: 5 in Greater NOIDA, 4 in Gurgaon, 1 in lucknow and another one in Ludhiana. All mix commercial, industrial, office and residential spaces, and are of the mixed development type. We are looking forward to expand into cities like Jaipur, Dehradun, Patna and other cities nearby, which conform to our criteria of having above at least 1.5 million population, where our focal segment and intent will be cater to the middle class segment.

“Market is stable in today's context, though on the sentiment front, there is a sense of apprehension, and a 'wait and watch policy' is reigning supreme.

avdhesh goel: 'indeed a good time for nris to invest in india

Avdhesh Goel, one of the Joint MDs of the real estate development firm Earth Infrastructure, is a down-to-earth man who prides himself in being a meticulous planner and efficient manager of his projects. NRI Achievers, as part of its thematic focus on the realty sector in this edition, spoke to him about what his take on the prevailing scenario in the real estate sector today is, and what sort of a roadmap he is charting out for his company. Excerpts from this freewheeling interview:

as a team, while we actually started doing business in 2006, where we were broadly involved in the same real estate sector, we were by and large in the supply-chain part of the sector. Initially, we got into marketing where we took the project of one developer, and acted as a market process outsourcing company for others. It was in 2010, on Earth Day that we started being builders and developers on our own. Our total experience in this sector can therefore be said to be around 6 to 7 years. Our company in essence is a coreteam of four partners at the top-rung. So we resorted to a division of labour where two partners look after marketing, while me and one other partner are taking care of finance, the legal side of the business, the business development and construction.

“... Today, with the Indian Rupee on a downswing, it is indeed a good time for NRIs to invest in India and especially into Indian real estate, as they are getting good valuation. Especially now, with the low value of the rupee, there is a focus on the NRI by developers as well. Also, in the middle east where much of our NRI population is living and working, say like in Doha or in Oman, the governments there are making available capital at low costs in the form of loans. Typically, you can get upto 5 times your annual salary as a loan at a low 2% interest. So many NRIs are availing of these loans and investing the proceeds into real es-

tate here. But as the Rupee gains ground again, it will be equally good for local buyers as well, and come to think of it, it does not really matter much as domestic purchases are not really converting to dollars for investment. Moreover, with the festive season just around the corner, we do expect sales to perk up a bit.

“... On the question of how much the NRI segment is taken into account while designing and executing a project, we cannot really say that this factor preinfluences decisions. Let us say we have taken up a project Gurgaon. It is designed such that it has three and four bedroom flats. Now how many of these flats get taken up by the NRIs will depend on how attractive they see it to be. You see, we are keeping our pricing very competitive, and we are

not booking very high margins either. But we cannot say how many NRIs will buy. But from our past experience, I would say around 10% to 20% of our project inventories is usually taken up by the NRI investing in India.

“... When writing about the slump in the real estate market, media analysts have pointed to a problem of plenty, in the form of idle or unsold inventory with many real estate developers. We more or less are not facing this problem. We have around 12 projects. We are facing around 10%, more or less 10% of the slump. If last year we were doing in the month of april business of 100 rupees, this year we are doing business of 90 rupees only. The slump in the market does make a difference if the project were a premium project or if there were very

high margins, and you are unable to give value for the money put up by the customer. Then you will face this problem of unsold inventories. We are having neither, so we are good.

“... We are in Gurgaon, NOIDA, and we have recently taken up a project in Ludhiana, and one in Lucknow as well. Both are mixed-use projects. We are also planning to develop a serviced apartment complex for old age people, which will be launched soon. Talking about NRIs, this form of products will also appeal to them, who have their old parents in India, who can avail full facilities and amenities, like a doctor round the clock, complete housekeeping etc.

“... Like I said earlier, we are not in the premium segment. We are taking care to keep our rates at around three thousand to six thou-

sand per square foot, we are not in the ten thousand, fifteen thousand, twenty thousand per square foot segment. You could say we are predominantly in the 'affordable' or 'medium' segment. We have a project of three thousand rupees per square foot also, with the Haryana government just bringing in the affordable housing scheme, where they have allowed us to peg our sales at around four thousand rupees per sq.ft. Frankly, at present costs, it is near impossible to sell below three thousand and three thousand five hundred rupees ... construction cost works out to two thousand rupees then the land cost is also there, some margin also there, so in this project our sale prices are between three to four thousand rupees. This in my view ought to be considered

the bare minimum, for it is not possible for anyone, even for the government to push prices down further.

“... We usually try to sell to end-users as it is beneficial for all concerned ... the installments are smooth, it does not affect you when the market is in a slump, etc. But you cannot really judge at the time of a sale whether the purchaser is an investor or an end-user, or an end-user who will transform into an investor, or vice-versa.

“... However, at the time of booking, every developer does prefer to sell to end-users because a end-user is buying a home to live in. Investors tend to hedge, and so if they find that after pushing in say twenty five percent of the cost of the property they are not getting a margin, they will renege on the installments which then creates a vicious circle.

“... Development has to expand, and is expanding into second tier and third tier cities as well, especially within the NCT. I think all are good. But I think in tier two three, wahan ke admi ko dekhna chahiye ki wahan ke admi ke liye end-use possible ho. Only then will projects taken up in these cities be successful. You can take the example of Gurgaon, it took almost 20 years to get developed. And so, if you take in tier two and three cities I think it will take 50 years without government intervfention. I mean whatever the project is, it should be within the vicinity of one to two kilometers of urban agglomerations. Currently, for investment purposes, Bhiwadi and Karnal look good.

chakravarthi suchindran

The writer is a technocrat who dabbles in journalism print & broadcast, photography & creative visual arts.

Photo: Suchindran

OPPORTUNITIES FOR

Almost all NRIs and PIOs without exception look to India for avenues for investment, and Real Estate is often of primary interest to them. NRI Achievers sought time with Mr. Arjun Kumar, the Managing Director of Realty Firm and Developers Red Pro, for a freewheeling informal discussion on opportunities the state of the real estate sector, the rupee devaluation, and policy framework that impinges upon the sector and players in building infrastructure.

Roti, Kapda Aur Makaan' … “Food, Clothing, & Shelter. These three are oft cited as the most basic of requirements for a decent life. Consequently, these have become necessities and needs for everyone. Delhi for instance, has a population today of 1.25 Crore plus. 'Infrastructrer toh chahiye hi chahiye'. You simply cannot do without it, the city would die without it. The Delhi Metro has so far seen an investment of INR. 50,000 Crores, and today we see 20 Lakh people getting transported by it every day. And no one doubts the investment was not justified, or in bad judgment. So, logical corollary: all major cities of India need a metro, let's see the investments forthcoming, and infrastructure like this blooming to accelerate progress and better quality of life for citizens. We are infrastructure poor, and now it is necessary we do away with that deficit.

“Another thing. All these new construction activities you see in and around the NCR, all these malls, apartments, societies that are coming up. If you think this sort of activity is happening all over India, you are really mistaken. This spike in development is happening only in the big cities like Delhi NCR, Mumbai, Kolkatta, Chennai and Bengalooru … or maybe in some Tier 2 cities as well, like Pune, Indore, Chandigarh, Baroda as well. But that is about all. And what about the rest of India? There is hardly any development there. Isiliye mein yeh kahoonga, ki agar joh bhi NRI aaj India mein paisa lagaate hain, khaaskar real estate/property mein, toh mere khayaal se sirf India hee aise country hain, jahan usko 12~13% ke return milega. Jabki baahar usko 3% se zyaada return nahi milega.

“The other thing is that for anything an NRI brings into the economy in terms of Investment or working capital is tax-free, with the government charging tax only on the income from it. What he brings in, he is also free to repatriate. So I would say that with the bouquet of facilities that the Govt. of India provides to NRIs, India is the most investment-friendly destination for NRIs today, and is also one of the safest places to park one's investments. Especially in Infrastructure, with reference to the point I made earlier, as India is poised to make huge investments there, the NRIs would never go wrong by investing into the sector. In real estate and property too, their investments would be safe, The government hikes up the FCR, rates rise, and it is only natural that value of said property will also go up. They could invest in one-acre farmhouses if they like. FCR going up also means people get more elbow room for themselves. This too enhances value of existing properties.

“Gone are the days when things lasted generations long … 'dada kharidta tha aur pota istemal karta tha. Aaj use & throw ki policy hain.' And this is not just in India, it is worldwide. It bespeaks of the fact that a large part of the populace is today cash-rich. 'Aaj Hindustan ke har aadmi ke chehre par ronak hai kyonki Hindustan fast developing country hai aur development ke sath-sath youth bhi hain. Aur youth bhi aisa hai ki poori duniya mein kaha jaata hain ki ye aisa sotaa hua tiger hai ki jis din jag gayaa us din na-jane kya haalat karega poori duniya kay. Isliya jabbhi NRI paisa invest karegaa no doubt paisa toh multiply hoga hi hoga.'

“Today the real estate market, especially Delhi & NCR, is down by 25-30%

NRIs IN REAL ESTATE

due to money tightness. Actually it was like a huge air filled balloon which has just burst. But now the things are slowly returning to the realities. The reality is that here in North India “hawabazi jyada hai”. Because people here believe in show-off aur isiliye yahan per Developers iss psyche ka fayda uthate hain aur man marji se rates decide karte hain, where as in others parts like Kolkata or in the South everything goes quite reasonably. Basically, in this game big players are more involved.

“We are often asked about our views regarding expanding markets abroad. Regarding collaborations with overseas Indians and foreign partners, yes, we are in touch with a few big players, especially in the african part of the world. With reference to NRI and Diaspora partners, we have an open mind. But we are very practical about the ground realities. First of all we would analyze the seriousness and market strength of the NRI group.

“Here in India, as a real estate player we believe in 'delivery on time and quality', so we would expect the same from our prospective JV partners. Right now we are quite busy with our projects that are in various stages of completion in Delhi and Haryana. We will pay attention to existing overtures after our projects are launched. Besides Delhi where our many projects are in different stages of completion, we are developing group-housing in Sonipat and Panipat which are just across the Delhi border, we have the development of a township in Kurkshetra on our hands.

'Mujhe iss line mein 25 saal ho gaye hain, aur humne ab-tak bahut bade level par commercial kaam kiye hain. Humne West Delhi, Punjab, aur Haryana mein kaafi kaam kiya hain. Residential bhi kiye hain, ab hum housing mein bhi shuru kar rahe hain. Humara main aim quality par dhyan rehta hain, aur jo kehate hain voh hi karte bhi hain.' So our customers are happy, and have so far never felt let down.

THE EAST AFRICA REAl ESTATE SCENARIO

The real estate market in East Africa is vibrant, driven by increased spending on infrastructure, foreign investment, and African Diaspora remittance. According to a recent report on East African real estate risks and returns, the region’s emerging market status, coupled with an investor flight from troubled European nations, makes the market attractive for international investors. Major cities in the region are being pushed beyond their original boundaries to accommodate a rapidly growing population and increasing urbanization. It is noteworthy that during the last 50 years, the Indian Diaspora that has settled in East African nations in significant numbers over the last 150 years, has taken a lead in developing the real estate sector including the building of resorts.

Rwanda. However, high interest rates across East Africa and immature mortgage markets in countries such as Burundi and Rwanda have hampered sales volumes. This has led to a stagnation of development projects, particularly in the mid-market segment, while high-end residential property sales remain largely unaffected. Recognizing the need for housing in the low and mid-market segments, national governments have been making efforts to provide affordable low-cost housing by allowing higher densities within cities and opening up new nodes in the outskirts.

PRIME COMMERCIAL REAL ESTATE REMAINS IN DEMAND

The high-end office market in East Africa oscillates between cycles of oversupply and stability as developers respond to market dynamics, influenced by large corporations setting up regional headquarters and United Nations agencies and state corporations requiring additional space. Nairobi leads the East African office market - corporations and multinationals have been expanding their presence in Nairobi instead of Johannesburg (South Africa), which has been the traditional hub in Africa for multinationals doing business in Africa. Among other markets in East Africa, Rwanda faces a shortage of quality office property, while Burundi witnesses an oversupply of Grade B office premises that are poorly designed and built, following the exit of UN peacekeeping bodies in

the last five years. Burundi has less than three Grade A office properties available to let in its capital Bujumbura; poor supply of Grade A offices ensures higher returns and yields. The supply of grade ‘A’ and ‘AB’ office space exceeds demand in Uganda, primarily because up to 90% of developments are of a speculative nature. Meanwhile, Tanzania is witnessing the construction of high-density commercial complexes to meet demand.

EXPATRIATES DRIVE TAKE-UP OF RESIDENTIAL PROPERTIES

Demand for good quality accommodation in prime areas is driven by expatriates, primarily from oil & gas companies, the banking & financial institutions sector, diplomatic missions, and aid agencies. In addition, our Diaspora have been driving demand up to some extent in Kenya and

High construction and finance costs are a barrier. Construction costs in East African markets are relatively high as most of the building materials are imported and overland transport costs are relatively high. The high mark-up on costs is usually the difference between purchase price and transportation costs. Moreover, the lack of easy access to finance and the high mortgage lending rates has resulted in a stagnating market for home ownership. Furthermore, the poor quality of construction in commercial as well as residential space has resulted in lesser take-up of such properties, leading to dead supply stock in the market.

Supportive monetary policies have partly stabilized the East African economies. Economic performance is likely to improve, and a decline in inflation could lead to softer interest rates — a positive for the real estate market, especially for bigger markets such as Kenya and Uganda. Tanzania’s real estate market is also expected to perform well, driven by a favorable investment climate offered by the government to foreign

Photo: Ajay Sood

investors as well as the untapped demand in Dar-e-Salaam. Comparatively, the real estate markets in Rwanda and Burundi have just begun to pick up. However, the lack of basic infrastructure and easy access to finance continues to cast a shadow over the sector’s growth in the near term.

Investors are advised to exercise caution before entering into any of the markets and conduct proper due-diligence and survey to assess demand situation and developments in the prime areas. For commercial spaces, investors should target areas that have planned development in place and close proximity to basic facilities. Wellplanned constructions as per international standards are the need of an hour. For residential spaces, prospective tenants could be expatriates from multi-national companies and financial institutions as well as returning African Diaspora in some cases.

KENYA

Ø Kenya’s housing deficit is estimated at 150,000–200,000 units per year; comparatively, new construction is estimated at just 50,000 units per year.

Ø Demand outstrips supply in the lower and middle-income residential real estate market in Nairobi; however, yields, ranging from 4-7%, are the lowest across real estate segments.

Ø Yields for commercial properties, at 9-10%, are comparatively higher, driven by the entry of large MNCs in Kenya and relocation of existing firms from the CBD.

Ø Retail properties yield 11-12%, as increasing consumer spending boosts occupancy and rental growth in shopping malls. The industrial segment, with yields

as high as 13%, is an emerging segment in the real estate market.

TANZANIA

Ø Pressure for redevelopment of old CBD area is mounting due to lack of additional space in newly developed Gardens Area (known as “Golden Triangle”).

Ø Both commercial and residential consumers are attracted towards properties in reputed locations that house local executives and high-net-worth individuals.

Ø In the industrial space, modern warehouses, which can be subdivided into smaller premises, are being made available in the industrial area of Nyerere and Mandela Road by redeveloping old warehouses.

Ø There are untapped opportunities in growing cities such as Arusha, which is considered as the de facto capital of the East African Community.

Ø Rents in Dar-e-Salaam remain substantially higher than in other cities.

Uganda

Ø As per Bank of Uganda estimates, real GDP growth declined in 2011-12. In re-

sponse, central bank lowered interest rates in late-2012 to boost economic growth.

Ø Prime commercial property lettings remained sluggish due to oversupply of poorly built and designed office space below international standards.

Ø Office tenants are benefitting in terms of increased bargaining power as high proportion of mortgage financing forcing developers to either lower returns expectations or accept increased void periods.

Ø Most of the development in city is due to speculative activity related to demand from oil production, which is expected to start soon.

RWANDA

Ø Growth in the construction sector is driven by a 4% annual increase in urban population, a growing middle class, and investments from returning citizens.

Ø With 45% of the population below the age of 15, demand for residential housing is expected to increase as this section moves into the urban part of the city for employment.

Ø Currently, just 5% of the population owns modern houses, and demand for modern apartments from locals remains muted mainly due to cultural beliefs of the people, as they still prefer houses with independent yards, gates, and related facilities.

Ø Demand in Kigali is concentrated in a few locations, including Nyarugenge (hosts 60% of total services of the city), Muhima, Kamicanga, and parts of Kacyiru.

MUNISh GUPTA

The author is a well-known international & expatriate journalist, a co-founder of the ANI news agency in India, and currently Chairman & Managing Editor of PIO TV. He is also a founder member of GOPIO International, and serves on its Executive Committee in the position of International Coordinator for Africa.

Photo: Ajay Sood

THE AGA KHAN PALACE

A ROYAL PRISON FOR GANDHI

M

ohandas Karamchand Gandhi, father of the Indian nation, spent a considerable amount of his time in prisons. One such imprisonment tenure was imposed upon him immediately after he launched the Quit India Movement, when he was forced to spend 20 months in a building in Pune, which was built by His Holiness Sir Sultan Muhammad Shah Aga Khan III, the 48th Imam of the Shi’a Nizari Isma’ili Muslim community. Born in Karachi on 2nd November 1877, Sir Aga Khan III was one of the founders and the first president of All India Muslim League. He also represented India in the League of Nations in 1932 and later served as the president of the league from 1937-38.

In 1892, Aga Khan III had built a sprawling palace with 7 acres of built structure in Pune, sitting in the midst of over 19 acres of landscaped gardens. It took him 5 years and 12 Lakh Rupees to complete this palace. It is said that Aga Khan III built this palace primarily to help famine struck Maharashtra. Half a century later, India saw many of its citizens walking on the streets of almost every city, shouting slogans and asking the British to leave our country. It was the August 1942, when the August Kranti began. It became famous in history

with the moniker of the “Quit India Movement”. On the 8th of August 1942, at the Gowalia Tank Maidan in Mumbai, Mahatma Gandhi proclaimed his famous ‘Karo ya Maro’ (Do or Die) cry. The next day, he was arrested and bought to this Aga Khan Palace of Pune. Here he spent his days incarcerated in house-arrest till 6th May 1944, making it a prison. Along with Mahatma Gandhi, Kasturba Gandhi, Shri Mahadev Desai, Dr. Sarojini Naidu, Meera Ben, Dr. Glinder, Pyarelal Nayyar, Sushila Nayyar and others were also held prisoners in this palace.

Barely a week after this arrest, Mahatma Gandhi’s personal secretary, Shri Mahadev Desai, gave up his ghost, leaving this world forever. Exactly 5 years before this movement saw its fruit, Desai’s heart had stopped beating. When on 15th August 1942, Shri Mahadev had a heart attack, Mahatma Gandhi came to him and started calling his name loud. When asked about this act, Mahatma Gandhi said, '... he is so loyal to me and has never disobeyed me that if only my voice could reach his ears once, he would defy death and get back on his feet ...' Gandhi himself washed his body later and cremated the departed's body within the palace, exactly where the Samadhi of Shri Desai exists now. Mahadev Desai was so close to Gandhi that he was sometimes referred to as Ananda to Gandhi’s Buddha, Gandhi’s Boswell and a Plato to Gandhi’s Socrates. In 1919, when Gandhi was arrested in Punjab, Mahadev Desai was named as his heir by Gandhi himself.

Mahatma Gandhi was released from this prison in 1944. But little before he was set

free, he had another shock of life when his better half succumbed due to chronic bronchitis, pneumonia and a double heart attack. Kastur Kapadia aka Kasturba Mohandas Gandhi aka ‘Ba,’ left this world on 22nd February 1944. When she fell very ill, Gandhi called for an Aurvedic Vaidya (Traditional Indian Doctor). After much delay, the government allowed the doctor to see Kasturba. Though her body responded well to medicine in beginning, her health suddenly started declining in February. Some say, the aurvedic doctor himself asked for a lifesaving allopathic medicine, but Gandhi did not believe in modern medicines. Even after learning that now penicillin is a must to save her life at this stage, Gandhi refused and started caring for Ba himself. Finally, she closed her eyes in Gandhi’s arms after a few days.

Samadhis of Kasturba Gandhi and Mahadev Desai (also known as Mahadeobhai Desai) are now in this Aga Khan Palace of Pune. Later, the ashes of Mahatama Gandhi

after his cremation were also bought here and kept in his memory near the existing samadhis. In 1969, this palace was donated to the Indian People by the then owner of this palace, H.H. Aga Khan IV. He also set up the Aga Khan Foundation, to take up the responsibility of various heritage properties across the globe and maintain them to preserve culture. They recently renovated the Humayun’s Tomb Complex of Delhi and established a new benchmark in the restoration and preservation of heritage. However, their own legacy, the palace complex in Pune (now under Gandhi Smriti) is comparatively in a bad shape. A protest in 1999 forced the government to think a little about this neglected structure, but there was very less done on ground. A vocational institute running on the premises has recently been closed, but no other measures have been taken to protect the crumbling structure of this palace. When I visited this place a few months ago, I was sad to see the state of artefacts placed in the museum. Old flags and Gandhi’s clothing have turned yellow due to lack of adequate sunlight, and the water seepage from the roof is making things even worse.

It is the fervent wish of heritage-lovers that our dear government pay some more attention to this dying structure. If we continue to ignore our heritage, we will soon lose this precious treasure.

vikramjit singh rooprai

The writer is a self-made IT entrepreneur, who is also a passionate heritage & history buff.

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Husband & wife relationships are a type of promise. Life partners always dream that his/ her other half should give them all the love they want and they together live a peaceful and happy married life. At the time of marriage everything goes well and they are happy with their relationship. But after sometime a breach is seen in the relationship even when it is a love marriage. A happy love story becomes a sad story. There may be many reasons behind this, like it may be because of their destiny, lack of understanding etc., and even when everything is right some or the other way the relationship is not satisfactory.

Even today the Indians want a lifestyle comparative to that of the western culture, but when the matter comes to settling down a family (marriage), the family demands for a typical Indian girl who can look well after the family. Because it is believed that girls are brought up with the tradition, culture and values from their childhood in India. Just a decade ago, divorce was a dirty word in socially conservative India. But as the

VASTU And MARITAL HARMOnY

There is no gainsaying that every husband & wife, in the depth of their hearts, harbour a great desire to live a blissful, happy and peaceful married life, but few indeed are fortunate to lead such a life of their choice. Unhappy relationships between life-partners has today become a trend. Lack of understanding between a husband and wife leads to dissatisfaction and tension enters their relations. One of the reasons for this sort of a situation could well be Vastu-deficiencies in the couple's abode. An innovative survey of such couples, and the houses they lived in, has identified many Vastu doshas to be present. From the Vastu point of view, any house should be free of the following vastu-deficits for a comfortable, simple and happy married life ...

Indian economy integrates with the global economy, the rigid boundaries governing traditional Indian life are beginning to fall, especially among the growing urban middle class. You will be surprised to know that India is still a country with the lowest divorce rate in the whole world. And the USA is in the top ten of the list. Reports say one in every 100 Indian marriages are now likely to end in divorce, compared to about half in the United States.

In the 1980s, New Delhi

had two courts that dealt with divorce. Today there are 16. A new Indian matchmaking website Secondshaadi.com targets divorcees and widowers most in the 25-to-35 age bracket.

Let us take a look at the new dimension of reasons behind these soured relations. Have you ever wondered if Vastu defects in your home could be a a reason for the discord and disharmony? Here are some of the prime areas that need attention:

n The bedroom of the married couple should not be in

the South-East direction as it may cause irritation, petty fight, etc.

n A bedroom in the NorthEast direction also causes problems like abortion, difficulty in getting a male child, and problem in conceiving for a long period. It also causes irritation in the husband and decreases his attention towards his wife.

n The bedroom should ideally be in the South-West/ West/South. Both will feel relaxed, marital life will be good.

n The South-East corner should not be cut or extended.

n Avoid using hot colors in the bedroom. Instead go for soothing and light colors.

n Avoid using photographs or posters of Saints in the bedroom.

n Avoid placing a looking glass (mirror) in-front of the bed, and last but not the least,

n Avoid having a temple, shrine, or place of worship in the bedroom.

Naresh siNgal

Apart from vastu, he is also a well-known exponent of Feng Shui and Pyramidology. You can contact him at: mail@vaastunaresh.com www.vaastunaresh.com

APPLE - MOST VALUABLE BRAND IN THE WORLD !

According to closely followed 'Best Global Brands' Report brought out by Interbrand since 2000, Apple has succeeded in dislodging former numero uno of brands 'Coca-Cola', to become the reigning Number One this year, with Coca-Cola slipping to third position. Apple's arrival at the top was perhaps just a matter of time, Jez Frampton, Global CEO at Interbrand, said in a recent interview. Apple was No.2 last year, climbing up from the 8th rung in 2011.

The 2013 report begins: 'Every so often, a company changes our lives, not just with its products, but with its ethos. This is why, following Coca-Cola's 13-year reign at the top of Best Global Brands, Interbrand has a new No.1, Apple.' The report estimates the value of the Apple brand at US$ 98.3 Billion, up 28% in 2012. The value of the Coca-Cola brand also rose 2% to US$ 79.2 Billion, but that was not sufficient to give it a 14th year as Interbrand's most valuable brand. 'Although Coca-Cola is an efficient, outstanding brand marketer, no doubt about it,' Frampton said, 'Apple and other leading technology brands have become very much the poster children of the marketing community. That is underscored by the brand in second place: Google, which rose from fourth place last year. Of the top 10 in 2013, five are in technology: Apple; Google; Microsoft, No.5, unchanged from last year; Samsung, 8, compared with 9 last year; and Intel, 9, compared with 8 last year.

BLACKBERRY SLASHES Z10 PRICE BY 31% TO INR 29,990

Struggling handset-maker BlackBerry said it will offer its Z10 handset for INR 29,990, slashing the price by about INR 13,500 or 31%, as a limited period offer ahead of upcoming festive season. The handset was launched in January and was available for INR 43,490. It was retailing for about INR 30,000 on e-commerce sites. 'In keeping with the festive season kicking off, we are making a limited period festive offer. Customers can now purchase the BlackBerry Z10 smartphone at just INR 29,990. This lucrative scheme will help the brand to reach out to more,' BlackBerry said.

HINDUSTAN MOTORS SMALL CAR IN FY 15

Crisis-ridden Hindustan Motors, a CK Birla group company, is gearing up for the launch of a small car next fiscal, MD and CEO Uttam Bose said. The new sub four-metre car will be manufactured on the Ambassador platform and will be available only in the sedan variant. The new car will be cheaper than the Ambassador due to its lesser length, which will attract less excise duty. Its name is yet to be finalised, Bose said. The initiative is a step towards revival of the company's fortunes, he said at the launch of Hindustan Motors' BS-IV 'Ambassador Encore.'

ALL LOCAL AIRLINES MAY GET TO FLY ABROAD

India's civil aviation ministry is likely to propose shortly to the Union Cabinet that a rule that requires the country's domestic carriers to have a fleet of 20 planes and five years of flying to be considered for international operations be removed. 'The note had been prepared a couple of months ago. We will send it now,' said a senior official at the aviation ministry. Scrapping the current rule would benefit carriers such as AirAsia and Singapore Airlines (SIA) that are planning to set up domestic carriers in India. AirAsia is setting up a low-fare airline in the country

through a tie-up with Tata Sons while SIA is setting up a premium carrier with the

same salt-to-software conglomerate. While both airlines already have international operations to India, giving their local units the rights to fly overseas will help them use India as a hub for expansion, which would lead to higher international travel and traffic. Several sections of the industry have been lobbying for many years that this rule be scrapped. 'It's extremely discriminatory to the Indian carriers, especially since even a one-day old foreign carrier with one plane can fly to India,' says Amber Dubey, partner and head of aviation at KPMG India.

LESLE LEWIS DEDICATES SONG TO MUMBAI, THE CITY WITH A LARGE HEART

Ace singer-composer-guitarist Lesle Lewis set another milestone when he composed and sung the Mumbai Ki Dhadkan anthem for World Heart Day. The winner of MTV Asia Viewer's Choice Award and the US Billboard Viewer's Choice Award dedicated the anthem 'Mumbai Ki Dhadkan' to the spirit of the Mumbaikar in tackling heart disease, in association with Fortis. The anthem was launched at Four Seasons Hotel in Worli. Other than Lesle Lewis himself, Varun Khanna, Dr. S Narayani and Dr. Hasmukh Ravat were among many other eminent doctors from Fortis Healthcare who were present at the event. The anthem 'Mumbai Ki Dhadkan' urges people to adopt a healthier lifestyle for a trouble free heart.

AMY BILLIMORIA DOLLS UP FALGUNI PATHAK

All these years, Falguni Pathak the Dandiya Queen who has a fetish for dressing differently, has managed to charm audiences with her singing and her unique style. Designer Amy Billimoria, who has done her styling differently this year has something very different to offer. Specialising in couture & bridal fashion, and known in the fashion circuit for her Classy and ornate collection, Amy Billimoria for the second consecutive year designs exclusively for the Dandiya Queen Falguni Pathak this upcoming Navratri. Amy has consistently presented her unconventional but fashionable and wearable designs at various fashion weeks for social causes. Amy says, “Navratri is this bright festival, high on fashion, high on colors and so I

VEENA LOVES TO DO FEMALE ORIENTED FILMS

“No more male dominated movies in Bollywood now that we women get our equal share”, says Veena Malik who is concentrating on female oriented films. Veena, who wants to become the super heroine of Bollywood, is ready with another women oriented movie of hers titled SUPERMODEL which hit the theatres on 27th September, in which she is seen getting intimate with her ex-beau Ashmit Patel. Veena adds, “I have always tried to choose and do films which have a female-oriented character, where the script is based on the female protagonist, since I personally feel women are strong enough to face any competition. I am here to be the voice of women. I don’t have a hero in any one of my films. Every film is the story of a girl and the whole story revolves around her.” Veena has done three women centric movies like DAAL MEIN KUCH KAALA HAI (a comedy), ZINDAGI 50-50 (an issue-based drama) and Mumbai 125 km (a suspense-thriller).

have chosen bright colors with fusion, ornate embroideries inspired from the medieval era.” Designing for Falguni for the second consecutive year, she adds, “For this powerhouse singer, I have designed various outfits matching her personality and aura for each of the 9 days on the stage; the designs have lots of influences of traditional Indian culture.”

Star Plus’ new show ISS PYAAR KO KYA NAAM DOON – EK BAAR PHIR has Avinash Sachdev and Shrenu Parekh playing the leads. Now two very popular faces Tushar Dalvi and Prachee Shah are also making their presence felt with the serial. Tushar who has been part of several big Marathi films and TV shows is all set to essay the role of Avadhoot Gokhale, who is Astha’s father while Prachee Shah (of KYUNKI SAAS BHI KABHI BAHU THI, KAYAMATH etc., fame) plays Kalindi, Avadhoot’s wife and Astha’s mother.“ TV has a special place in my heart and playing a character like Avadhoot has brought a new dimension in my acting career” says Tushar. “Shooting with Tushar is a great experience in itself, we as a team have kicked it off brilliantly and we both hope that the audience accept us well,” says Prachee Shah. Set in Pune, the story of ISS PYAAR KO KYA NAAM DOON –EK BAAR PHIR revolves around Shlok ,a complete chauvinist who believes that a woman’s role should be confined to taking care of the home and family and Astha, who believes in equality for both men and women.

TUSHAR DALVI AND PRACHEE SHAH IN ISS PYAAR KO KYA NAAM DOON - EK BAAR PHIR

POOJA BAITS COORGI ACTOR GULSHAN WITH A TWO-FILM DEAL

Actor, producer and director Pooja Bhatt has another first for her production house Fish Eye Network. The actress who became Bollywood's youngest female producer at the age of 23 has now signed on Gulshan Devaiah for a two-movie deal. The first is a film directed by Kaustav Narayan Niyogi called CABARET and the second is an untitled one. It is for the first time that Pooja Bhatt has signed on any actor for a twofilm deal. Bipasha Basu, John Abraham, Udita Goswami, Randeep Hooda, Sunny Leone and Arunoday Singh are among the actors who have been given films that have proved to be instrumental in their career

IRRFAN & TISCA STAR IN PUNJABI FILM QISSA

The first film to be shot under the Indian-German co-production treaty, QISSA is an international collaborative film-production venture involving India, Germany, Netherlands and France. The cast includes Irrfan Khan, Tisca Chopra, Tillotama Shome & Rasika Duggal. Screenplay is by Anup Singh and Madhuja Mukherjee, cinematography is by Sebastian Edschmid, and original music by Béatrice Thiriet. Anup Singh is the director of the film, which is to be released in India after participating in various film festivals. This is the first time that a Punjabi film has got such a level of exposure. Set amidst the ethnic cleansing and general chaos that accompanied India’s partition in 1947, this sweeping drama tells the story of Umber Singh and his wife, both Sikhs, attempting to forge a new life for their family while keeping their true identities a secret from their community. History and folklore come together in this tale set in the aftermath of the Partition of India. A timeless and touching story that deals with the deepest of human impulses. QISSA, a Punjabi story for the whole world, carries the spirit of a great folk tale.

RITEISH DESHMUKH IS NOW THE SEQUEL KING OF BOLLYWOOD

growth, but none of them were signed in a two-film deal. "The Industry constantly seeks new people but what they need are new eyes ! Gulshan represents to me the future-unconventional, immensely talented, refreshingly grounded & with a burning desire to push his limits as an actor. This is not only going to be his year, this will be his decade,” says Pooja.

Prashant Rai, the young Indian actor who will be seen in Marc Webb’s AMAZING SPIDERMAN 2, is currently back home in India post his shoot with actors Andrew Garfield, Emma Stone, Jamie Foxx and other top-notch hollywood actors. The movie is slated to be released next year. AMAZING SPIDERMAN 1 had Irrfan Khan, and Prashant Rai will seen in the sequel in which he plays the significant role of the tourist who is caught between Jamie Fox (Electro) and

The last decade in Bollywood has seen a splendid trend of sequels. Riteish has been a part of the maximum number of sequels in Bollywood. He has been a part of 4 sequels, DHAMAAL and DOUBLE DHAMAAL, KYA KOOL HAIN HUM and KYA SUPER KOOL HAIN HUM, HOUSEFULL and HOUSEFULL 2 and the latest entry to this list has been the sequel to the su-

per hit film of 2004 MASTI’s sequel GRAND MASTI, which has turned out to be an even bigger super hit, by grossing INR 60 Crore in the first week itself. With four sequels in his career, he sure seems to have become the sequel king of Bollywood, with all his sequels having been super hits. Well, that’s a lot of co-incidences at one go! Riteish surely is a lucky mascot for all his sequels!

Andrew Garfield (Spiderman). “Our big stars, whether it be Amitabh Bachchan or Amrish Puri, or for that matter Irrfan Khan or Anil Kapoor, have only done cameo roles in Hollywood films, but I am privileged to have rubbed shoulders working for 15 days with great actors like Jamie and Andrews in AMAZING SPIDERMAN 2. I am open for good work in Bollywood and wouldn’t let myself be intimidated by either the Bachchans or the Khans.” says Prashant.

PRASHANT RAI PLAYS TOURIST IN AMAZING SPIDERMAN 2

'I owe my career to akshay... because hIs father gave me the break': anthony d'souza

After assisting Mansoor Khan in JO JEETA WOHI SIKANDER, Anthony D’Souza went on to train in filmmaking at Los Angeles, came back to India and joined Jeet & Kailas Surendranath as an assistant for their Ad films. Though Kailas did make LOVE YOU HAMESHA, which has not seen the light of the day, Anthony did not assist him in it, but bided his time until Akshay Kumar gave him a break by agreeing to work under his direction in BLUE. Meet Anthony D’Souz A, who confesses to Jyothi VenkAteSh that if it was Akshay’s father Hari Om Bhatia who had given him a break as an ad film maker, it is Akshay who made him a feature film maker with BLUE earlier and BOSS now.

Why did you opt for a title like BOSS ? In what way is the title relevant to the film ?

The title BOSS suits the script. It is actually a remake of the Malayalam hit POKKIRI RAJA starring Mammmooty in the title role. I feel that Akshay Kumar is the boss of entertainment as well in Bollywood. Not only is Akshay’s character in the film larger than life, like the film by itself, the title is also out-and-out commercial and easy on the mouth.

Your debut film was titled BLUE, again a four letter word title. Is there any strategy behind going in for titles which have four letter word titles?

It is just a pure coincidence that my debut film also had four letters - BLUE. It is yet another sheer coincidence that besides the fact BLUE also starred Akshay Kumar, we are releasing BOSS too on the same day that BLUE was released - October 16. Why do you think your first film BLUE sank without a trace ?

Failure is always very tough to accept, especially for a first time director. If the film flopped, the flak ought to go to me and no one else, because I did not work hard enough on the script. But I did not turn bitter. Instead I learnt from my follies and tried to work harder on my weaknesses by choosing to concentrate a lot more on the script. How did you get the brainwave to remake POKKIRI RAJA ?

It wasn’t my brainwave but that of Ashwin Varde, who is making his transition from being a journalist to production with BOSS. Ashwin identified POKKIRI RAJA and asked me to see it. I saw the film, which was directed by Faazil. I liked it so much that in turn I went to Akshay to narrate the subject. He liked the subject because the strength of the film is its emotion since it is an out-and-out action comedy. Though we have taken the basic thought of the film from POKKIRI RAJA, Sajid and Farhad, who have written the script of BOSS have changed 80% of the original script and made it palatable to the pan-India audiences. Akshay readily agreed to act in it and also come on board as one of the producers. Why did you choose to remake a Malayalam film in Hindi when even Priyadarshan failed in his attempts to woo the audiences with his Malayalam remakes?

I have liked most of the Malayalam films made by Priyadarshan Sir. My favorite Malayalam films are KIREEDAM and KILUKKAM, both directed by Priyadarshan Sir, who is a legend by himself. I look up to him as my senior. Though it is sad that the audiences did not accept his recent films, nothing was wrong with them. Not for nothing has Priyadarshan Sir completed 100 films in such a short span of his career as a filmmaker. Were you jittery about casting Akshay Kumar for your film, when he has delivered a string of flops, including ONCE UPON A TIME IN MUMBAAI DOBARA ?

If anything, more than I, it is Akshay who should be jittery about working with me. I didn’t choose Akshay; it is the other way round, since it is Askhay who agreed to do the film with me though I had delivered a flop earlier with him. Whether it is ROWDY RATHOD or SPECIAL CHABBIS or OH MY GOD, where he did not have any heroine, Akshay is open to anything different, because he likes playing different roles. I do not think Akshay has failed, though some of his films did not work at the box office. Please do not forget that he has delivered 14 hits in a row. I like all KHILADI series of films, ROWDY RATHORE, HERA PHERI, SUNGHURSH and JANWAR. I would

not hesitate to say that I owe my career to Akshay. Why ?

It was Akshay’s late father Hari Om Bhatia Sir who gave me my break as a director of an ad film when he was with UNICEF. Rahul Roy’s mother Indira Roy was also working along with him in UNICEF at that time. Akshay gave me my break as a director of a feature film when he agreed to act in my debut film BLUE. Now despite the debacle of BLUE, Akshay has stood by me and I hope to prove his faith in me with BOSS though I cannot predict the success of the film. I can assure you that I have made a film with which he can be proud of the audience also would enjoy watching it.

Do you intend turning into a producer as well ?

I do not think that I am cut out to be a producer like Ashwin Varde or for that matter Akshay Kumar. Though he is a journalist who has just turned a producer with BOSS, Ashwin behaves as if he has been a producer all his life. Not only did he put in a lot of efforts all through the making of BOSS, but also gave me a lot of outstanding inputs.

Is it true you are actually toying with the idea of directing a film with Salman Khan ?

Though I know Arbaz and Sohail well, I had met Salman only when I was assisting Kailas Surendranath in his Ad films. That was even before Salman had acted in MAINE PYAR KIYA and hence there is absolutely no question of me making a film with Salman.

What happened to your plans of making BLUE 2 ?

BLUE 2 was just a figment of the media's imagination. We had never announced that we would make a sequel of BLUE even before it was released but if I can rework on the subject, I would certainly consider making a sequel to it.

What next ?

Frankly, I have no idea at all about what my next film is going to be. Planning the right film takes time. It could be even BOSS 2 or for that matter BOSS 3. I hope people forget Akshay as KHILADI and remember only BOSS, because Akshay is not just a khiladi but the Boss.

The writer is a well-known and established film critic.

GWALIOR A CIty Of 110 KInGs

After giving Gwalior many a miss, I finally did one touristy visit to this city-with-heritage this August.

Leading a photo-tour to this fort-city was indeed a privilege. And the icing on the cake was doing this trip by road. If you are setting out from Delhi/NCR, doing a road trip to Gwalior makes a lot of sense. It is just around 320 kms away, and also accords you the flexibility of covering Agra during your onward or return journey.

Considering that you will likely travel on the brand new Taj Expressway, the journey shouldn't take you longer than 5 hours or so. Additionally, it lets you have a close look at the ravines of the notorious Chambal valley. Unless you are doing this trip in peaksummers, you'll also have the good fortune of feasting your eyes on gently flowing Chambal river, popular amongst the wildlifelovers as it lets you, more often than not, spot some Indian alligators (Ghariyals), though I wasn't fortunate enough to spot any.

Upon reaching, we were pleasantly surprised by the place we were to be staying in. Usha Kiran Palace, a property run by Taj Group, offered not just an imposing façade, but also truly wellappointed rooms, and meticulously manicured gardens. This property is a part of the royal palace of the Scindias, and close by, roughly within the same precincts, some of the royal family members are still in residence. It also offers the first-ever Jiva spa in the country, with exotic treatments like the 'Mangal Snan', during

Photos & Text: Ajay Sood

which Indian classical musicians play for you from behind the traditional 'Jaali'. They could seriously do something about their service standards though, which do tend to fall woefully short of what one expects from a Taj hospitality venture.

Gwalior was named thus after a sage, 'Gwalipa,' who cured Prince Suraj Dev of Kachhwaha dynasty of his leprosy ailment. The foundation of the city was laid in in 525 AD. Ever since, the city has seen successive rule by 110 rulers harking from 5 different dynasties, namely Kachhwaha, Tomars, Rajputs, Mughals and Scindias. The last ruler was Jivaji Rao Scindia, who acceded to the Republic of India in 1947.

We were headed for the famed Gwalior Fort, which sits atop a hill. During the climb, a stunning view drew us to a standstill. We saw huge statues on both side of the road. Upon enquiry, we figured out that these were Jain Tirthankars, and were carved between late 14th

and early 16th centuries, commissioned by the then ruling Tomar kings. It is a pity that most of these were defaced during Babar's reign.

The fort was a breath-taking experience, a spectacle beyond compare. Its walls are almost 35 feet high, with elaborate 'meenakari' work adorning them. The fort is almost 3 kms long and varies between 200 mts and 1 km in width. Each section of the fort has its own story. For example, Man Mandir Palace, the first of the fort complex, has beautiful blue tiles, some of them intact from the time of its construction, while some are remnants of subsequent restoration. Gujri Mahal was built by Raja Man Singh Tomar as a monument of love for his Gujar queen, Mrignayani. It now has been converted into a museum.

The fort accords a splendid panoramic view of the city of Gwalior. While taking a glimpse of the city, if you look to the right, you'll spot 2 temples - the Saas-Bahu temples. These are just shells now where no god is currently worshipped; but are architecturally brilliant. A little further away, after you pass the famous Scindia School, is yet another temple - Teli Ka Temple. Its architectural style resembles south Indian temples. There are two schools of thought about its name - one, it is thus named as its construction was funded by oil merchants (Telis); and the other, that the name's been derived from the South Indian region of Telangana.

During our stay at Gwalior, we also feasted on local delicaciesthe famed 'bedi and aloo bhaji', 'imartis' and 'aloo vadas'. These are all highly recommended, and it is best to have these for breakfast.

A trip to Gwalior is sure in order, even if to just have its fort inspire awe in you.

The writer is an accomplished and avid travel photgrapher, relishing equally the challenges in capturing cityscapes and landscapes, heritage and architecture, wildlife and citylife, street and people.