Property & Wealth Mar 2013

98726-35220, 98156-01347

newsdesk 15

hotspots 19 ‘Not In My Backyard’ -

Does NIMBYism Exist In Indian Real Estate? 28

Handling Mall Vacancies, How Revenue Share Works And Evaluating A Mall 32

Retrofitting And Repositioning Real Estate Assets 34

Budget Misses Opportunity For Growth, Says CREDAI 36

TRIF Kochi’s Tritvam 38

Whether they’re doing searches on Google or chatting away with friends on Facebook, people looking to buy, invest or sell in real estate, flock to the internet to gather as much information as possible. Reason enough for someone looking to sell property to be found easily on the web, as well as to try and establish authority with respect to services he has to offer.

15

08contents March 2013

04

propertywise

COVER STORY

PROPERTY & WEALTH VOL 2, ISSUE 07, MARCH 2013

Real Estate Social Media & You

be a prosperity seeker 44

quotemagic 46

eyecatchers 47

Understanding RGESS 48

44prosperityseekplanetsavers 50

bookshelf 51

The Forbes Shahrukh-Salman Equation 52

Guard your Health

with Vaastu 54

softcorner 56

Publisher & Editor-in-ChiefJasmeet [email protected]

Editor Pankaj Sharma [email protected]

Feature Writers Satpal Kataria, K.Singh, Rupinder PD, Sheetal Singh

Art Director Rajesh Kumar

Graphics TeamGagan, Sanju

Advertisement & SalesDirector Marketing: Sandeep Kapoor (M) 9818510511, [email protected] Sales & Advt: Ajay Gupta(M) 9216841278

Sales & SubscriptionMr. Ajay Gupta(M) 9216841278

Photography Rohit Bhatia

Pre Press Team: NBC, GopalProduction Team: Upinder, Vikas, Vijay

Advisory BoardHarpreet Pooja & Associates Architects Rajiv Gupta & Associates Chartered Accountant Vikas Chatrath, Advocate

Printed & Published by Sh. Jasmeet Singh at Plot No. 437-A, Industrial Area Phase-2, Chandigarh.Owned by Sh. Jasmeet Singh,220, Sector 19-A, Chandigarh & Printed at Savitar Press, Plot No. 820, Ind. Area Ph-2, Chandigarh.

CONTRIBUTORS AND ASSOCIATES

contentsMarch 2013

05PROPERTY & WEALTH VOL 2, ISSUE 07, MARCH 2013

editorial

about this issue

As per findings of a recently concluded joint study

of the National Association of Realtors ® (the largest

trade association in North America with over 1.2 million

members) and Google, 9 in 10 home buyers today rely

on the internet as one of their primary research sources,

and 52% turn to the web as their first step. Additionally,

approximately one-fifth of real estate searches happen on

mobile devices. Google real estate related searches on

mobile devices grew 120% year-over-year from 2011 to

2012.

Back home too, the real estate market is rapidly becoming

more and more technology driven. Social media sites like

Facebook and Twitter have become household names,

and draw a lot of real estate marketing action. Moreover,

social media sites have proved to be an ideal platform for

irate customers to get back – justifiably or otherwise – at

developers. There are instances of builders with delayed

projects being forced to either hire external agencies or

set up in-house online reputation management systems.

Certain companies also have a CSR initiative tab on

Facebook to publish different CSR stories. To name some

prominent real estate companies to have successfully

maintained a strong presence on various social media

sites; Tata Housing, Purvankara, Sobha Developers and

Prestige Group. Tata Housing in particular has 87,658

fans on Facebook and 634 followers on Twitter, last time

I checked.

There are bound to be a lot more developments on the

real estate – social media scene. For example, a leading

software company that offers a suite of real estate-related

applications on Facebook has rolled out a real estate

agent directory app. The free app allows Facebook users

to search for agents by location and expertise who have

added their profiles to the directory.

Virtual Realty World

Jasmeet Dhamija Editor-in-Chief

In our Cover Story this month, we take a look at how the

rise of social media and online marketing have forever

altered the process of buying and selling homes.

In an interesting write-up regarding handling of mall

vacancies, Mr Shubhranshu Pani, MD – Retail, Jones Lang

LaSalle India presents us with an industry insider’s view on

the subject. The current issue also contains another two

more write-ups by industry experts.

The names of Bollywood icons Shahrukh Khan and Salman

Khan shone right up there on the Forbes India Celebrity

100 List, released early this year. There was something

cute about how each of them took first place on list, when

evaluated on separate parameters. It made for a short

story on Property & Wealth!

Effective 1st Apr 2013, investors with a gross annual total

income of up to Rs 12 lakhs will be able to invest in the

Rajiv Gandhi Equity Savings Scheme. The equity tax

advantage savings scheme for first time equity investors in

India was announced in last year’s budget and launched

last month by finance minister P. Chidambaram.

Good health is the elixir of life and following certain

guidelines laid down by India’s ancient science Vaastu

Shastra can make that a reality.

Pankaj SharmaEditor

06 PROPERTY & WEALTH VOL 2, ISSUE 07, MARCH 2013

Cover Story

The key to use social media platforms effectively is to understand what drives them and it goes without saying that more often than not, an inconsistent or careless presence on the internet could only lead to waste of time and money

Real Estate Social Media & You

The 70-year old retired Army officer waited until his name

was called, and then followed the receptionist into the

office of the Facebook Addiction Counselor. “Please have

a seat, Major,” she said with a warm smile.

“Do you mind telling me how it all started?”

“Well, it’s entirely my grandson’s fault. Last Diwali, he set

up a Facebook account for me and then sent me my first

Facebook invitation.”

“And how did a veteran like you become a Facebook

addict?”

“It was alright in the beginning, but very soon, I found

myself on Facebook at least 15-20 times a day. For the

past few months, it’s usually the first thing I see when I

wake up and the last thing I see when I go to sleep.”

“What do you like most about Facebook?”

“Everything. But most of all, it sort of makes me feel

good. I just have five or six friends in the real world, but

on Facebook, I’m even friends with Kumara Mangalam.”

“Who’s he?”

“I don’t know, but he’s got 3,763 friends, so he must be

really famous.”

One can’t really blame our aging Ex-Army

friend. Just about everyone’s on Facebook

these days, or any other social media platform

of their choice. What we’re witnessing now is a

gigantic, virtual world of ‘friends’ or ‘connections’; serious,

casual and anywhere in-

between. As the virtual

world grows bigger with

each passing moment,

fed by more technological

marvels of connectivity

like smartphones, tabs

and GPS systems; social

media has emerged as an

inescapable medium of

business generation too.

If technology is the multi-

headed genie that serves

modern business, social

media is the genie’s face.

In the internet era, no business activity can afford to

miss out on joining the social media bandwagon and real

estate is no exception. In the good old days, people in

the property business could look forward to making some

useful contacts, get referrals and meet prospective clients

through routine events like their kids’ PTA meetings or

dinner with neighbours or friends. While conventional

practices may continue to prove useful for gaining new

clients, the fact of the matter is that people now are

becoming more and more social online than offline.

Whether they’re doing searches on Google or chatting

away with friends on Facebook, people looking to buy,

invest or sell in real estate, flock to the internet to gather

as much information as possible. Reason enough for

someone looking to sell property to be found easily on the


web, as well as to try and establish authority with respect

to services he has to offer.

The Big ‘Social’ Four

Having increased its user base from 58 million to 1 billion

over the past five years, Facebook is clearly miles ahead

in the social media race. Over the same time, Twitter

has exploded from 1 million registered users to more than

500 million. Linkedin and Pinterest have 200 million and

40 million users respectively. According to an eBizMBA

ranking conducted in March this year, while Facebook,

Twitter and Linkedin remain the most popular sites, others

are gaining momentum. For example, Pinterest rose

from the No. 10 spot to No. 4 with 85.5 million estimated

monthly visitors.

Estimated Unique Monthly Visitors of Top 15 Busiest Social

Media Sites*

1. Facebook 750000000

2. Twitter 250000000

3. Linkedin 110000000

4. Pinterest 85500000

5. MySpace 70500000

6. Google Plus+ 65000000

7. DeviantArt 25500000

8. LiveJournal 20500000

9. Tagged 19500000

10. Orkut 17500000

*Source: eBizMBA

The key to use social media platforms effectively is to

understand what drives them and it goes without saying


that more often than not, an inconsistent or careless

presence on the internet could only lead to waste of time

and money. Remember, when it comes to using social

media, it’s more of pull than push. Let’s take a look at

the top four ranked sites as per this list and see how their

current formats hold good for real estate professionals.

One of the best ways to participate in social media

marketing nowadays is to create a Facebook business

page. Pages allow you gather people in one place so that

your stories appear in their newsfeed and also to measure

impact. An FB business page is like an agreement

between you and your clients. In return for interesting

and relevant information about what they are looking for,

they help build your community by spreading the word

about your company. The trick is to keep up a supply

of relevant news and content that your users would be

interested in.

Pages are an agreement between you and your clients.

You provide them interesting and relevant information

about what they’re looking for, and their presence and like

help build your community and spread the word about

your company. The trick is finding relevant news and

content your users would be interested in. Here’s how

you can find that content:


1. If you have a page that talks about New Delhi real

estate, subscribe to Google Alerts that will provide you

with links to articles that match your keywords.

2. You don’t have to stick to just stories and articles

about real estate – include articles that deal with New

Delhi lifestyle in your search. What really matters is that

users should enjoy what they read.

3. You can make things interesting by finding a theme

for each day of the week that you’re online. For example,

post an article every Monday about what’s going on with

the latest round of construction in your area. Devote

Tuesdays to New Delhi lifestyle and on Wednesdays, run

a series on the current state of the real estate market. So

on and so forth.

In January this year, Facebook held a press conference to

announce the release of their new website feature called

Graph Search. This new feature allows you to view photos

of people from a specific location, find the new band your

friends are listening to, discover the best chinese food

restaurants in Chandigarh etc. By taking care of a few

things, you can prepare your Facebook page so that it

comes up more often in these searches. So, suppose

some months from now, someone is conveniently looking

up “3 BHK in Zirakpur” on his smartphone, then the FB

Graph Search should throw up a lot of information and

pictures that might help him in his search.

Every 24 hours, Facebook updates its engagement meter

on your page which will show you exactly how many

people have viewed your page, clicked on the links/

articles you posted and the change in percentage of

people who have viewed your page over the last week.

Each of these metrics can help you determine and track

what your users want to hear about from you.

Speaking at a 2010 technology conference, the head of

social media of CBRE Group Inc. (a Fortune 500 company

headquartered in Los Angeles and the world’s largest

commercial real estate services firm) made a confession

about Twitter. “People don’t understand it,” he said.

Today, CBRE leads the Twitter pack among major firms

with more than 26,000 followers.

Experienced hands will tell you that selling property is a

‘relation’ business and hardly a ‘transactional’ one. If you’re

using looking to increase the number of relationships you

have within a specific community, you need to use Twitter

to build real relationships with people. Send them a tweet

wishing them all the best when they announce they’ve

got a promotion or respond quickly when they want to

know how you liked the latest flick. Simple tactics like

these allow you to steadily build a relationship and ideally

a future client.

Twitter is really about and conversation relationship

building and that takes a lot of time and effort. And when

it comes to making good conversation, listening is a great

way to better understand what your customers want as also

to truly add value in the process. Sometimes, individuals

make the mistake of jumping into conversations without

assessing what the conversation is all about. And

sometimes, they just tweet random things and walk away.

Also bear in mind that if a real estate agent just keeps

tweeting about houses that he has listed, he isn’t going to

be hugely successful on Twitter.

Linkedin is more of a business network than the social

platforms of Facebook and Twitter, but it is a powerful

networking tool for the real estate professional. LinkedIn

for real estate will allow you to network globally, and that’s

how business is done in today’s Internet world. The

most important thing for success in building network

on LinkedIn is your profile. It is your resume, a billboard

and more. Once your LinkedIn real estate profile is

finished, it’s time to work on your connections, expanding

your network reach to more people who can bring you

resources and future business.


Startling Social Media Statistics

1 Million websites have integrated with Facebook

23% of users check Facebook 5 times or more daily

56% of customer tweets are being ignored

34% of marketers have generated leads on Twitter

Google’s +1 button is used 5 million times a day

Over 5 million photos are uploaded to Instagram every

hour

80% of Pinterest users are female


Linkedin’s new company page format has real potential

for building your business. This new format is actually

a micro-site for your businesses within Linkedin. Also,

what sets Linkedin apart is that Linkedin a more educated

and affluent audience and given that the majority or

its revenues are derived from companies and brands,

Linkedin company pages are bound to grow in importance

and relevance for the network.

Despite its young age, Pinterest has grown to be the

fourth-largest Social Media Site on the planet as also the

fastest-growing site on the web today. It is growing at an

incredible pace, much faster than Twitter or Facebook

did in their infancy. The website is basically like a

virtual bulletin board that allows its users to connect and

organize images that are of interest to them. Members

have friends within the network who can easily view and

share images. Members and visitors can also use search

terms when visiting Pinterest. Real estate agents can post

exciting homes and features of homes on Pinterest, using

keywords that allow it to be pulled up by anyone seeking

a new home.

Pinterest is being hailed as the piece de resistance in

social media for the real estate market. Since the eye

appeal of a property can mean the difference between

attracting potential buyers and never getting a moment

of their attention, Pinterest wields great potential for real

estate agents. Once a home buyer follows a link to a

realtor’s website; even if they do not find that particular

home’s features amenable to their needs, they may find

something else on the website that attracts their attention.

Driving traffic to the website is a large step in building a

relationship between a realtor and a client, and Pinterest

is a potent means to bring home buyers to real estate

agents.

Some Quick Tips

Irrelevant is Out

Nothing makes fans unfollow an account quicker than

Nothing makes fans unfollow an account quicker than

a constant stream of ads and irrelevant content. While

automation of content does sound like a good idea, it

just doesn’t work. You need to remember that the whole

point of social media is having that personal one on one

interaction with your potential clients. Any sales person

worth his salt will tell you that the best way to sell someone

is by already having a personal relationship with them.

Automated updates short circuit that closeness new

clients are seeking in social media accounts.

Outsourcing is Out

The real estate business is all about being local. You can’t

outsource showing the client the house, so why outsource

a service for spreading the word about your market. Doing

so will only set yourself up for disappointment with social

media campaigns.

Repetition is Out

When you post something on Twitter, don’t have it also

put the same status on your Facebook page. It can be

a time-saving exercise but may prove self-diminishing.

Use Twitter for posting links to new listings and photos,

and go a bit further on Facebook with longer descriptions

and an album of photos. You could post links to events

like property fairs etc., but make them individual posts.

Looking lazy on Facebook can send fans looking for the

unlike settings.

Youtube is also a social networking

site, but in a limited sort of way. At the

same time, it’s hard to overlook You Tube as a resource

in your Internet marketing plans. Current statistics

show that 72 hours of video are uploaded to the platform

every minute! Many smart real estate professionals

upload video tours of available properties to attract

buyers. Voiceover videos appear more professional,

gaining better responses.

Instagram is an online photo-sharing

and social networking service that

enables its users to take pictures, apply

digital filters to them and share them on

a variety of social networking services like Facebook

or Twitter. People engaged in real estate marketing

efforts realize how important photographs are for their

business. It is, however, very time-consuming to bring

all photos to the office and get them uploaded to various

marketing sites. That’s why Instagram is so effective.


Refresh Refresh Refresh

Both Facebook and Twitter are inundated with companies

trying to advertise to you. Some people enjoy the ads, but

most people online want a reason to click on your links.

Foster a positive environment where you can encourage

discussion about anything your clients may enjoy. Some

new ideas are always welcome. You could post links to

good restaurants in the area, or list local schools according

to popularity. An informative comment thread about the

market you represent can be the greatest promotional tool

than any old ad campaign you launch on Facebook.

Clients First!

Last but certainly not the least, follow online ethics

scrupulously. Keeping the environment positive will

automatically fetch you good results. Be careful of what

you post and take guard against trolls (people who just

can’t abide a good discussion without jumping in to stir

up controversy). Use the ban and block options when

you must.

Conclusion

Social Media is beyond doubt a powerful tool. It is a great

way to market yourself to new clients who are looking

for real estate in your area. When you take it seriously

enough, it can help market your company, product and

services to a huge audience that you may not have been

reaching before. At the same time, this also means

that your mistakes are amplified as well. If you can be

professional, friendly, and consistent, the results can be

astounding.

Building an online presence is a time consuming process

and requires writing a lot of quality content on a regular

basis. Starting off by opening only a few accounts,

determine how much time you could allocate to this

medium of marketing. Pace yourself well and gradually

you can build an enviable client base online. In addition

to this, it would be beneficial if you could create and

maintain a nice, basic blog . While it does take long to

start and build up a community where people actually

start communicating with you, the idea is to allow vertical

integration of your profiles on Facebook and Linkedin etc.

with the blog.

newsdeskREAL ESTATE & INFRASTRUCTURE NEWS

regional national international

16

regional

Analjit Singh-promoted Max Group is

planning a foray into the hospitality

sector, with a wellness resort brand

‘Vana’. Spearheaded by Veer Singh,

Singh’s 30-year old son, Vana Retreats

& Hotels Pvt. Ltd. has plans to build

and operate lifestyle properties

across India as well as abroad with

an initial project outlay of Rs 300 cr.

Times Property Expo Venue: Pragati MaidanDate: 20 Apr to 22 Apr 2013

Real Estate, Banking & Finance Expo Venue: Parade GroundDate: 05 Apr to 07 Apr 2013

‘Vana’ Resorts

forthcoming events

Gurgaon

The Ministry for New and Renewable

Model Solar City Programme Chandigarh Investigating a complaint filed by

Registrar and Deputy Commissioner

(Revenue) of South-West Delhi on the

transfer of a 1,000 sq yard property

in Hauz Khas, the Central Vigilance

Commission is looking into the issue

of how that property of IFFCO was

transferred to its Managing Director,

Mr. US Awasthi. In response to the

controversy, Mr. Awasthi has offered

to return the posh accommodation to

the fertiliser cooperative.

Several companies that had bought

IT plots in Noida have been found to

have evaded stamp duty leading to

revenue losses of Rs 106 cr. The IT

plots were allotted along the Noida-

Greater Noida Expressway in 2007

and the revenue department has

now identified 78 allottees that have

since evaded the stamp duties.

IFFCO MD

Stamp Duty Evasion

New Delhi

Noida

ChandigarhNoida

newsdesk

English Cricketers New Delhi

At least five of the English cricketers

who toured India recently have

expressed their interest in buying

real estate in Goa, Mumbai and

Bangalore. At the moment, UK

citizens can buy Indian property by

opening a company in the country, or

by entering into a partnership with a

local resident.

Energy has chosen Chandigarh as

one of the cities to be developed

into a solar city and a sum of Rs

16.25 cr has been allocated to UT

Administration for implementation of

Model Solar City Programme. The

Energy and Resource Institute (TERI)

has identified 24 small and big parks

being maintained by the municipal

corporation that could be potential

locations for tapping solar power.


As a first time initiative in the country,

survey department officials in

Bangalore will be registering over 20

lakh properties under Urban Property

Ownership Record. The project

seeks to streamline the ownership

registration of urban properties and

envisages issuing Property Record

(PR) cards to property owners.

As per owners of a sea-facing

bungalow on Pedder Road, the family

of the late Maharaja Martand of Rewa

(an erstwhile princely state in present-

day Madhya Pradesh) has complained

to the police that the property worth Rs

200 cr has been fraudulently sold for

Rs 20 cr on the basis of a fake power

of attorney.

national

17

It’s been six years since DLF Ltd

walked out of the 9,000 acre

Knowledge City township project on

the outskirts of Bangalore. Under a

new plan, the Karnataka government

is trying to revive the project on a

much smaller scale, adopting the

public-private partnership (PPP)

route. The new version is projected

to cost Rs 2,789 cr, a far cry from the

original Rs 50,000 cr estimate.

Times Property Expo Venue: Koramangala Indoor StadiumDate: 13 Apr to 14 Apr 2013

Prompt Property Festival Venue: Chennai Trade & Convention CentreDate: 19 Apr to 21 Apr 2013

Knowledge City

forthcoming events

Bangalore

In order to alleviate pressure brought

on by steady increase in population in

Chennai, the Tamil Nadu government

plans to construct 6,254 apartments

Apartment Construction

Maharaja’s Bungalow

Property Cards

Economic City

Chennai

Mumbai

Bangalore

Hyderabad

ChennaiBengaluru

newsdesk

The Andhra Pradesh High Court has

given a four week deadline to the Kiran

Kumar government to cancel the 571-

acre land allotment made to Economic

City near Sultanpur in Medak district.

The order was given while hearing a

public interest litigation as per which

the allotment has been described as

contrary to the public policy besides

being violative of the AP state land

revenue rules.

costing Rs 1,740 cr. In the first

phase, 2,522 rental apartments for

government employees and 1,170

apartments under self-financing

scheme for the public would be

constructed.


The sale of Sony Corp’s prominent

headquarters in New York City for

$1.1 billion to the Chetrit Group is

likely to be complete by March this

year. The 37-storey Sony Tower

has been considered as one of the

landmarks along Madison Avenue at

the corner of 55th and 56th Streets

in New York City but the sale would

deliver an estimated US$685 million

in profits for the company.

18

international

With the implementation of new

rules tightening the 20% capital

gains tax on home sales and new

restrictions on home buying and loan

rates for second homes, the Chinese

government has managed to dampen

2013 Beijing International Property Expo Venue: Beijing Exhibition CentreDate: 11 Apr to 14 Apr 2013

Indian Property Expo Venue: NJ Convention & Expo CenterDate: 20 Apr to 21 Apr 2013

Property Stocks

forthcoming events

According to Knight Frank, luxury

property in Dubai recorded the world’s

second highest price increase last

year. Value of luxury properties in

Dubai and the island of Bali rose 20%,

behind only the Indonesian capital,

Jakarta, which showed the highest rise

in luxury property prices at 38.1%.

An independent advice group for

overseas property buyers – the

BuyAssociation has teamed up with

Price Rise Dubai

Online Advice Video London

China

Sony HQs New York

Beijing New Jersey

As per London-based Knight Frank,

prime residential prices across 14

cities included in its forecast is

expected to rise by 2.5% on average;

with Miami, Moscow and Dubai

being the strongest performers.

Strongest Global Markets Miami, Moscow & Dubai

newsdesk

the UK’s Foreign and Commonwealth

Office to launch a video guide to

buying property abroad. The video

outlines key information that people

require before buying a home

overseas.

speculation in China property market.

Property-related stocks have tumbled

to their lowest in five years.


CHANDIGARH CAPITAL REGION PROPERTY HOT SPOTS

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23

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BudgetPlanner

0 10 20 30 40 50 60 70 80 90 100 150 >200

Location: Gazipur, ZirakpurHighlights: 360 degree view with 6 balconies.Options: 3BHK, 1685 and 1825 sq ft.

Sushma Elite Cross

BudgetPlanner

0 10 20 30 40 50 60 70 80 90 100 150 >200

HOT SPOT IN FOCUS - ZIRAKPUR R ZONE 1

Sales Organisers/Dealers: Call 9216841278 to Adveriste in this spaceSales Organisers/Dealers: Call 9216841278 to Adveriste in this space

Sales Organisers/Dealers: Call 9216841278 to Adveriste in this space

` inLakh

` inLakh

` inLakh

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24

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


25

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


HOT SPOT IN FOCUS - LANDRAN - BANUR ROAD (RIGHT SIDE)


Location: Sector 110, Mohali

(Banur Landran Highway)

Highlights: Internationally Planned

Residential Complex with all Ultra

Modern Amenities (85% Green

Elevated Park & Clubhouse).

Options: 3BHK, 4BHK Flats , INR

2800 Per SqFt only.

Sandwoods Opulencia

BudgetPlanner


Location: Sector 110-111, MohaliHighlights: 150 Acres TDI City-II is coming up with a club having world class amenities.Options: Residential plots, independent floors, commercial SCO’s, built up showrooms

TDI City Mohali II

BudgetPlanner


Location: Sector 115, Mohali (PB)Highlights: Coupled with world-class facilities like the swimming pool, clubhouse, gym and the myriad parks and orchardsOptions: 3 BHK 1695 Sq. Ft & 3 BHK Servant Room apartments from 1770 Sq. Ft. to 1806 Sq. Ft.

Ansals Tulip & Carnation

BudgetPlanner

Location: Sector 108, 109 Mohali near Chandigarh.Highlights: Most Premium Township of Mohali with Flats, Plots, Villas, Commercial. Options: Plots Sizes 280 SqYd, 300 SqYd15,000/- per SqYd.

Emaar MGF Plots in Mohali

BudgetPlanner

Location: Sector 110, MohaliHighlights: Existing inhabitants in the same location, PCA stadium – 7 kms, Quark & Dell – 4 kmsOptions: Aprtments, 2bhk 1050 sq ft. @ 25 lacs

Acme Floors

BudgetPlanner

Location: Sector 115, Kharar-Landran Highway, Greater Mohali near ChandigarhHighlights: PAY JUST 20% NOW and NO EMI TILL POSSESSION Options: 1BHK, 2BHK, 3BHK Multistoreyed Flats.starting @ Rs. 16 Lacs

WWICS Imperial Heights

BudgetPlanner



0 10 20 30 40 50 60 70 80 90 100 150 >2000 10 20 30 40 50 60 70 80 90 100 150 >200

0 10 20 30 40 50 60 70 80 90 100 150 >2000 10 20 30 40 50 60 70 80 90 100 150 >200

0 10 20 30 40 50 60 70 80 90 100 150 >2000 10 20 30 40 50 60 70 80 90 100 150 >200

` inLakh

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WEEKEND/HOLIDAY HOMES

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

Amravati Hills

BudgetPlanner

0 10 20 30 40 50 60 70 80 90 100 150 >200

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

DLF Samavana

BudgetPlanner

0 10 20 30 40 50 60 70 80 90 100 150 >200

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

Pine Wood Resorts

BudgetPlanner

0 10 20 30 40 50 60 70 80 90 100 150 >200

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

Hill Farms

BudgetPlanner

0 10 20 30 40 50 60 70 80 90 100 150 >200

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

Kaisville

BudgetPlanner

0 10 20 30 40 50 60 70 80 90 100 150 >200

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

Pine Wood Cottages

BudgetPlanner

0 10 20 30 40 50 60 70 80 90 100 150 >200

26

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

Sales Organisers/Dealers: Call 9216841278 to Advertise in this space Zigma Wealth: 8146992437

Sales Organisers/Dealers: Call 9872635220 to Advertise in this space Mega Marketing: 9815740230

SS Associates: 9876500036 Call 9815601347

` inLakh

` inLakh

` inLakh

` inLakh

` inLakh

` inLakh


28

‘Not In My Backyard’ - Does NIMBYism Exist In Indian Real Estate?

Kishor PateHon. SecretaryCREDAI (MAHARASHTRA)


29

NIMBY is not a term we often hear in India,

though it is quite a popular word (and a

dynamic concept) in the West. That said,

NIMBY - an acronym for ‘Not In My Back

Yard - is definitely an unspoken mind-set

when it comes to residential real estate in India.

Basically, ‘Nimbys’ are residents of a locality of project who

are opposed to the implementation of a certain initiative by

the Government, industries or private developers in their

neighbourhood. Classic examples in the Indian context

are flyovers, chemical factories, power plants and in fact

any kind of development that could conceivably obstruct

the view, disrupt the peace or pollute the air.

‘Nimbyism’ does exist in the Indian real estate space,

but the choices of opponents to certain developments

within their neighbourhoods is generally quite restricted.

The Indian real estate space is still largely unorganized,

and problems such as encroachment, unauthorized

structures and lack of scientific town planning are still the

order of the day in most of our cities.

The concepts of regulated real estate development and

macro-level town planning are beginning to take hold and

are, in fact, already operational in cities like Chandigarh,

Navi Mumbai and even in Pune. While this evolution is

happening against a large backdrop of damage that

already been done and is difficult to undo, this does not

mean that ‘Nimbyism’ is a futile and impotent concept in

India.

In Indian residential real estate, middle-class housing

societies – administrative bodies comprised of residents

within a registered housing complex – have the right to

refuse unscheduled construction within the complex

premises. That said, they have little or no control over

what happens beyond the compound walls. In cities like

Mumbai and Delhi, upscale housing complexes continue

to co-exist cheek-to-jowl with slums and slapdash

tenements. This is more or less accepted as a reality of

life, since slums are often under the political protection.

The ultra-luxury segment presents a rather different

picture. Indian cities do have their elite pockets, such

as Lutyens Zone in Delhi, Nariman Point in Mumbai,

Jubilee Hills in Hyderabad, and so on. In Pune, Sahakar

Nagar, Prabhat Road and Boat Club Road are ready

examples of empowered neighbourhoods. In these areas,

residents have a stronger voice over what happens in

their immediate locality – and they do raise them. This

level of influence derives from a combination of factors -

including the social strata in which the residents fall and

the fact that the zones themselves are under the purview

of stricter-than-usual zoning guidelines.

As such, Nimbyism is definitely not a negative concept -

in fact, cities like Pune need a larger dose of it. Residents

should have a say in what happens in their neighbourhoods.

This is especially true if the developments they are

opposing are taking place outside of the existing zoning

laws and are serious threats to the health, harmony and

safety. What is needed is more exacting city planning,

which should ideally be part of the overall development

plan for the city. Likewise, developers can also to some

extent ensure the sanctity of the residential projects they

create.

They can do so by avoiding the acquisition of plots in areas

which are known for unregulated development or where

major infrastructure undertakings such as power plants

and grids are scheduled to come up, by studying the city

planning and zoning for the area prior to acquiring plots,

by providing the projects with a high degree of integration

and self-sufficiency, and by ensuring that the project

has generous open spaces both within and around the

perimeter.


The Annual Election Meeting 2013-14 of Property Consultants Association (Regd), Chandigarh was conducted at Hotel Park Grand, Sector 43-B, Chandigarh on 23 Feb 2013. Addressing the meeting, Sh. Madan Lal Garg, President and Sh. J.D. Gupta, Chief Patron of the Association highlighted the achievements of the Association during the concluding financial year. Keeping in view the admirable work done by the present body, the house decided to allow the incumbent President & General Secretary of the Association to continue in their posts in 2013-14.

Some of the key achievements of the Association during the year 2012-13 were as follows:

1. Distribution of DirectoriesColoured directories have been distributed to all members of the Association. The directory contains valuable information such as Area-wise (Sector-wise) list of members with their photographs, map of Mohali, Panchkula, Chandigarh and periphery.

2. Organisation of Blood Donation CampOn 16 Jun 2012, a Blood Donation Camp was organised for the benefit of Thalassemia patients at PGI, Chandigarh. 130 units of blood were donated.

3. Felicitation of Founder MembersOn the occasion of 33rd Foundation Day of the Association, 22 founder members of the Association were felicitated.

4. Formation of Cricket TeamThe Association has formed a cricket team named PCAC XI Chandigarh, consisting of selected members of the Association. All cricket kits and team uniforms have been provided by the team’s sponsor M/s Bajwa Developers (P) Ltd.

5. The Association has also initialed proceedings to register a Co-op House Building Society for the members of the Association. BK Sharma

Executive Member

RS SohalOrg. Secy.

& Captain of Cricket Team

Gurnam Singh SainiGen. Secy.

Kuljit Singh MintooFin. Secy. & Co-ordinator

Snapshots of House Meeting held at Hotel Park Grand, Sec. 43-B Chandigarh on 23rd Feb. 2013

Sh. ML Garg garlanded by the members President of the Association for 2013-14 in House Meeting held at Hotel Park Grand Sec. 43 -B, Chandigarh on 23rd Feb. 2013

after Union declared him

Founder Members honoured by Association on celebrating 33rd Foundation Day of Association

Blood Donation Camp organised for Thalassemia patients held at PGI on 16th June 2012

President ML Garg & Chairman Subhash Bhalla presenting memento to a blood donor

ML Garg, President addressing the House Meeting

Established about 35 years ago by a group of reputed property consultants, the Property Consultants Association, Chandigarh (Regd) consists of more than 650 property dealers from Chandigarh, Panchkula and Mohali. As it provides an interface between the Administration and property dealers, the Association has an important role to play in the growing Tricity property market. In addition to addressing routine problems faced by its members, the Association also conducts various social activities in the region from time to time.

Forging Tricity Growth, Govt Liaisoning & Social Activities Property Consultants Association (Regd), Chandigarh

The Annual Election Meeting 2013-14 of Property Consultants Association (Regd), Chandigarh was conducted at Hotel Park Grand, Sector 43-B, Chandigarh on 23 Feb 2013. Addressing the meeting, Sh. Madan Lal Garg, President and Sh. J.D. Gupta, Chief Patron of the Association highlighted the achievements of the Association during the concluding financial year. Keeping in view the admirable work done by the present body, the house decided to allow the incumbent President & General Secretary of the Association to continue in their posts in 2013-14.

Some of the key achievements of the Association during the year 2012-13 were as follows:

1. Distribution of DirectoriesColoured directories have been distributed to all members of the Association. The directory contains valuable information such as Area-wise (Sector-wise) list of members with their photographs, map of Mohali, Panchkula, Chandigarh and periphery.

2. Organisation of Blood Donation CampOn 16 Jun 2012, a Blood Donation Camp was organised for the benefit of Thalassemia patients at PGI, Chandigarh. 130 units of blood were donated.

3. Felicitation of Founder MembersOn the occasion of 33rd Foundation Day of the Association, 22 founder members of the Association were felicitated.

4. Formation of Cricket TeamThe Association has formed a cricket team named PCAC XI Chandigarh, consisting of selected members of the Association. All cricket kits and team uniforms have been provided by the team’s sponsor M/s Bajwa Developers (P) Ltd.

5. The Association has also initialed proceedings to register a Co-op House Building Society for the members of the Association. BK Sharma

Executive Member

RS SohalOrg. Secy.

& Captain of Cricket Team

Gurnam Singh SainiGen. Secy.

Kuljit Singh MintooFin. Secy. & Co-ordinator

Snapshots of House Meeting held at Hotel Park Grand, Sec. 43-B Chandigarh on 23rd Feb. 2013

Sh. ML Garg garlanded by the members President of the Association for 2013-14 in House Meeting held at Hotel Park Grand Sec. 43 -B, Chandigarh on 23rd Feb. 2013

after Union declared him

Founder Members honoured by Association on celebrating 33rd Foundation Day of Association

Blood Donation Camp organised for Thalassemia patients held at PGI on 16th June 2012

President ML Garg & Chairman Subhash Bhalla presenting memento to a blood donor

ML Garg, President addressing the House Meeting

Established about 35 years ago by a group of reputed property consultants, the Property Consultants Association, Chandigarh (Regd) consists of more than 650 property dealers from Chandigarh, Panchkula and Mohali. As it provides an interface between the Administration and property dealers, the Association has an important role to play in the growing Tricity property market. In addition to addressing routine problems faced by its members, the Association also conducts various social activities in the region from time to time.

Forging Tricity Growth, Govt Liaisoning & Social Activities Property Consultants Association (Regd), Chandigarh

32

Handling Mall Vacancies, How Revenue Share Works And Evaluating A Mall

Shubhranshu PaniManaging Director – Retail, Jones Lang LaSalle India

Handling Mall Vacancies

Increased vacancy rates in malls can typically be attributed

to three factors:

1. Normal churn, which is desirable

2. The available spaces are not conducive to retail, or

exist in a center that has been over-built

3. Spaces that are not conducive for retail have not

been reinvented for alternate use. In an over-build

situation, it will take time to find takers for such

spaces

Mall owners guard against vacancy in mall in the following

ways:

• Launching the mall at 85% plus occupancy

• Choosing an initial set of brands that works well in


33

a given location - either on the basis of the format or

products being suitable for the location and catchment,

or because of store sizes are suitable for those brands, or

on the basis of an overall strategy for the region leading to

lower drop-outs

• Good tenure completion strategy – As ongoing

occupier tenures complete, landlords look at churning

in order to get new brands into the mall. At this point,

they may aim to position the mall at a higher profile. They

would ensure that this positioning is applicable for the

given location and that the concurrent increase in rentals

is not beyond the normal growth of escalation.

Most vacant spaces in malls get reused. In the case

of malls that are older than nine years, landlords often

consider upgrading the entire center, or parts of the

center. They may have an alternate development strategy

according to which they will remodel the spaces and

redesign / rezone the center.

The Learning Curve

India has enough retailing in most micro markets, and

there is sufficient experiential basis for them for them

to understand the benchmarks and figure out if their

products will work well or not. Experienced retailers right-

size for efficiency, productivity and economy.

The best-performing malls are always in demand by

retailers, and are in a position to pick their tenants. Mall

owners always have the choice of improving the tenant

mix by seeking out the kind of retailers that work best for

the catchment in question. They can also make strategic

improvements to the center, or offer something unique

to make the overall shopping experience more complete.

These kinds of strategies usually need to be formulated

and implemented either by the existing mall marketing

manager or by professional agencies.

How The Revenue Share Model Works

Indian retail has moved into a consumption-based mode.

Retailers offer minimum guarantee and revenue share,

where the revenue share is a percentage of the profits

generated by actual performance. Mall rentals in most

locations are high, and minimum guarantees in the first

couple of years are always above revenue share. This

brings into play the retailers’ ability to pay – therefore,

the revenue share does not kick in over the short term.

Revenue share usually becomes a factor after anything

between 3 months to 3 years of active tenancy, depending

on how the center is priced during its initial leasing.

The revenue share model is a means to make the

expensive real estate viable. There is an underlying interest

of the landlord to reach a higher rent, which the retailer is

unable to pay. Good retailers take the benefit of a reduced

minimum guarantee, thus reducing their fixed cost and

thereafter ensuring that they deliver superior returns by

reaching revenue share and sharing the upside with the

landlord. More retailers should adopt this philosophy.

Retailer’s Pre-Lease Checklists

In today’s scenario, retailers should look for certain

aspects in a mall before taking up space there:

1. Professional mall management

2. Professional maintenance of the center

3. Scientifically formulated tenant mix

4. Adequate parking

5. Adequate location of the store

Questions retailers should ask themselves before taking up

a mall space:

1. Who are the customers?

2. Which retailers do well here?

3. Is the landlord doing his share in terms of upkeep,

promotions, etc.?

4. Is my store going to be easily accessible to the

customers?

5. Of all the choices available in the mall – which

space is likely to be most accessible, and why? What

happens to the viability of my store if the circulation

of the center changes and customers come through

a different entry?

6. Am I taking the right size of store - or can I take a

smaller store and make its operation more efficient?

7. Am I taking on a rent that I can afford – at least from

the second year onward?

8. What will I do if it does not work for me – what are

my exit options and means to cut losses?


34

Retrofitting And Repositioning Real Estate Assets

Even in economically challenging times, a

lot of equity capital today is chasing prime

real estate assets, presenting a monumental

market for refurbishing and repositioning. This

is especially true because prime products in

prime locations are so thin on the ground. In Mumbai, the

iconic Express Tower is a good example of a real estate

asset in a prime location of India’s financial capital that is

ideally suited for advantageous repositioning.

Express Tower at Nariman Point has always had the benefit

of a distinct identity. With long-standing tenants and a

strong management structure in place, this commercial

space edifice has no real competitors in its micro-market.

The repositioning of such an asset represents a huge

upside potential for all stakeholders – but, needless to

say, doing so is no small task.

In the case of many older buildings, a partial or complete

retrofit in terms of the building envelope, its engineering

systems, seismic resistance levels and energy efficiency

improvements are called for. Undertaking such initiatives

on a building that is located in the bustling heart of a city’s

CBD presents some logistical and tactical challenges.

Apart from these aspects, there are often also various

legal aspects to be tackled – such as upgrading the

building’s compliance to new building or zoning codes,

the upgrading of its infrastructure capacity and ensuring

that accessibility is not compromised but rather improved.

Some buildings need only marginal refurbishing in

order to attain revitalized market viability. Other assets,

especially those in prime locations, often need a complete

makeover. Some properties have the advantage of

substantial land holdings, while others are located in

constrained geographies. In short, properties which are

good candidates for refurbishing and repositioning fall

into several distinct construction categories. Each of these

categories has their own level of complexity.

In the least

c h a l l e n g i n g

reposi t ioning

scenario, a

property may

need only

c o s m e t i c

remode l l ing .

This kind of

u n d e r t a k i n g

r e p r e s e n t s

m a r g i n a l

d i s r u p t i o n

to existing

tenants, is

relatively easy

to implement

and calls for

minimal capital investment. Such upgrades usually

involve updating of obsolete interiors in order to bring

about a more contemporary appearance.

In a more complex scenario, the asset requires both

an internal and external facelift, which includes all the

internal aspects as well as improvement of the project’s

external image. This kind of repositioning is naturally more

cost-intensive. Some assets have the option of using even

more complex strategies such as horizontal or vertical

expansion, or both simultaneously.

Finally, retrofitting and repositioning or a prime real estate

asset must be done with clear objectives in mind. Various

factors may conspire to prevent an older building from

competing on all fronts with newer structures in the same

genre. In such cases, working towards the fulfilment

of specific objectives such as improving structural

viability, energy efficiency and creating a superior tenant

experience is a good way to go.

Santhosh KumarCEO – Operations, Jones Lang LaSalle India


35

CASE STUDY – UPGRADING THE EMPIRE STATE BUILDING’S

SUSTAINABILITY QUOTIENT

In April 2009, world-class environmental consulting,

non-profit, design and construction partners – including

the Clinton Climate Initiative, Rocky Mountain Institute,

Johnson Controls Inc. and Jones Lang LaSalle Used

the Empire State Building as a test case and model to

unveil an innovative process for analysing and retrofitting

existing structures for environmental sustainability.

Adopted as core elements of a more than $500 million

upgrade program at the world’s most famous office

building, the program was the first comprehensive

approach that integrates many steps to use energy more

productively. The program’s primary purpose was to

reduce energy consumption by up to 3% and provide a

replicable model for similar projects around the world.

At the end of the project definition process, the team

analysed the steps to be taken in conjunction with other

steps towards sustainability as part of the Empire State

ReBuilding program within the framework of the existing

USGBC LEED rating system. Internal calculations show

that the Empire State Building will be able to qualify

for GOLD certification for Leadership in Energy and

Environmental Design (LEED) for Existing Buildings,

and ownership expressed its intention to pursue such

certification.

Commercial and residential buildings account for the

majority of the total carbon footprint of cities around the

world. Most new buildings are built with the environment

in mind, but the real key to substantial progress is

reducing existing building energy consumption and

carbon footprint. The innovative process adopted at the

Empire State Building has developed new techniques

for modelling and organizing an integrated program and

offers a clear path to adoption around the world, leading

to significant reductions in greenhouse gas emissions.

Along with other steps taken in recycling waste and

construction debris, use of recycled materials, and green

cleaning and pest control products, the model built at

the Empire State Building significantly reduces energy

consumption and environmental impact and allows more

sustainable operations. Simultaneously, it enhances

profitability and tenant comfort.

The project partners used existing and newly created

modelling, measurement and projection tools in a new

and repeatable process to analyse the Empire State

Building and establish a full understanding of its energy

use as well as its functional efficiencies and deficiencies.

This provided actionable recommendations along a cost-

benefit curve to increase efficiency and without harming

bottom line performance.

In reviewing more than 60 optional activities, the team

identified eight economically viable projects, applicable

to building-wide renovations, electrical and ventilation

system upgrades and tenant space overhauls that provide

a significant return on investment, both environmentally

and financially.

In a distressed economic climate, there is a tremendous

opportunity for cities and building owners to retrofit

existing buildings to save money and save energy. Not

only has this project dramatically reduced the Empire

State Building’s environmental impact, but it was done

in a way that provides meaningful costs savings to the

building as well as its tenants.

Express Tower at Nariman Point, Mumbai


Budget Misses Opportunity For Growth, Says CREDAI

36

Mr. Lalit Kumar JainCMD Kumar Urban Development & National President, CREDAI


Realty developers’ apex body CREDAI

has expressed disappointment over the

Finance Minister missing out on affordable

and rental housing and banking reforms.

CREDAI, however, praised Union Finance

Minister Mr. P Chidambaram for accepting the suggestion

for home loan interest incentives for sub-Rs 25 lakh

buyers, “but, honestly we were expecting a lot more,”

said Mr Lalit Kumar Jain, National President CREDAI &

CMD Kumar Urban Development Ltd (KUL).

Announcing apex body CREDAI’s reaction to the Union

Budget 2013-14, Mr Lalit Kumar Jain, National President

CREDAI noted with happiness that the first time home

loan borrowers of properties of sub-Rs 25 lakhs will be

allowed an additional deduction of Rs one lakh. He also

welcomed the interest deduction of an additional Rs 1

lakh for home loan borrowers, taking the allowance to Rs

2.5 lakhs, for all self-owned properties.

CREDAI – Confederation of Real Estate Developers’

Associations of India – with over 10,000 members across

20 cities has been campaigning for easing the restrictions

on funding the sector to fulfill the housing needs of the

millions of homeless. However, the developer community

is thoroughly disappointed that the Finance Minister has

not given any directions to the RBI on the imperative to

support real estate funding. “We have been suggesting

to the government for long to help revive the real estate

sector to rejuvenate the economy,” said Mr Jain and

expressed the disappointment that that Finance Minister

did not address the sector adequately.

CREDAI has been demanding the infrastructure status for

real estate which Union Housing Minister Ajay Maken

has supported. But the Union Budget did not make any

mention of this, Mr Jain said. CREDAI had called for

tax exemptions for incomes on affordable housing with

tenements of less than 60 mtr carpet area and incentives

for rental housing, but the budget failed to address these

key issues, Mr Jain said. “We have suggested a 20%

reduction in FDI limit in real estate from the current

50,000 sq mtr and 25 acres that could help generate

funds, but we are unhappy that the Finance Minister

ignored this aspect,” Mr Jain said and remarked that the

sector would continue to face cash crunch.

CREDAI said the nation urgently needs to scale up the

delivery of housing which can be achieved with the help of

imported technology. “We have been asking for tax reliefs

for importing the technology,” Mr Jain said. CREDAI

criticized the government for not withdrawing TDS on

immovable property transactions. The Finance Minister

seems to have gone for revenue generation through the

high tax route and not by the growth-oriented economy

which is highly disappointing, Mr. Jain added.

About CREDAI

The Confederation of Real Estate Developers’ Associations

of India (CREDAI) is the apex body for private real estate

developers in India. CREDAI represents over 8,800

developers through 20 states and 114 city chapters

across the country. Its numerous initiatives and activities

help developers come together and work towards better

practices, improved customer service and a stronger

realty industry.

Acting as the voice of India’s Real Estate industry, CREDAI

has been the guiding force for the growing Real Estate

sector in India bringing more transparency to rid the sector

of its most potent virus, Corruption and Red-Tapism.


# 61, Sector 18, Panchkula. Mob.: 92168 41278, 96534 90791 Email: [email protected]

TRIF Kochi’s Tritvam

38

projectwatcher

P a g e | 7

Project Photographs

Iconic Tower - February 7, 2013

Tower 1 - February 7, 2013

Side view - February 7, 2013

Tower 2 - February 7, 2013

Tower 3 - October 6, 2012 Tower 4 - October 6, 2012


Project Star Rating Rationale

Project developer quality – TRIF Kochi Projects Pvt. Ltd.

(TKPPL) is a Special Purpose Vehicle created by Tata

Realty and Infrastructure Ltd (TRIL) to develop a premium

residential project ‘Tritvam’ at Kochi. TRIL belongs to the

TATA Group, and is a 100% subsidiary of Tata Sons. TRIL

has been in the real estate industry since March 2007

and have worked in mixed use development (commercial/

retail/residential/hospitality) and other infrastructure

projects. TRIL is managing 4 ongoing real estate projects

(excluding Tritvam) through various SPVs having a

consolidated saleable area of over 7 million square feet

(msf). TKPPL is managed by TRIL and is a fully owned

subsidiary of Tata Realty Initiative Fund (TRIF), in which

TRIL is also a share holder.

Project construction quality and amenities – The company

has hired award winning (American Institute of Architects

[AIA] Harry Seidler award-2009) Australian architect

firm Woods Bagot (WB) which is globally known for

making water front real estate properties. Further, TKPPL

has outsourced its civil construction works to Leighton

Welspun group, which is a leading multinational company

dealing in constructions, mining and project development.

Besides, the company has hired Sterling Engineering

Consultancy and Made Wijaya as its structural and

landscaping consultants, respectively. The company has

also hired Edifice Group of Mumbai and CBM Engineers,

USA to work as the peer consultants to Woods Bagot

and Sterling Group, respectively. Association with above

entities specializing in their respective domain is likely to

enable TKPPL to deliver quality residential project.

The internal project team of TRIL verifies and monitors

the works of the aforementioned specialised entities. A

weekly report is generated from the project site and is

delivered to TRIL project team to evaluate the quality of

work done by these consultants. To maintain the quality of

construction, Leighton Welspun has setup an independent

quality control (QC) team and a safety control team that

directly reports to the TRIL. The developer uses SAP

based MIS system to keep track of project’s progress.

Both raw material usage and labour contracts are tracked

on a daily basis.

The project comprises 7 residential towers, one

convenience retail (3000 sq. feet), and one multilevel

car parking (MLCP), and the project can accommodate

around 800 cars. The entire project is spread over a

land admeasuring 8.44 acres with sea facing front view

and bird sanctuary as its rear view. The project features

adequate amenities such as club house, tennis court,

terrace gardens, infinity swimming pool, yoga court,

children’s play area, jogging track, senior citizens corner

to name a few.

Project legal quality – The project’s land title is clear and

marketable and the title search (done by Wadia Ghandy

and Co) for the entire property is done for 18 years. All

pre-construction approvals have been obtained for the

project. The project layout is approved by Corporation of

Cochin (COC) and commencement certificate has been

obtained for the same.

Project financial quality – High funding risk due to high

dependence on customer advances. Nevertheless, the

project belongs to TRIF, which is a mid-sized private

equity fund enabling adequate financial flexibility during

stressed scenarios.

CARE Assigns “Kochi 7-Star” Rating to Tritvam by TRIF Kochi Projects Pvt. Ltd.


Tower-16, Tower -17, Tower -1840

Project Developer Profile

Name of the company developing the project TRIF Kochi Projects Pvt. Ltd.

Project developer group Tata Realty and Infrastructure Ltd

Development Experience of the developer group 6 years

No. of years in the industry 6 years

No. of projects developed till date Nil

Total Area developed till date Nil

No of projects ongoing (TRIL) 4 (more than 7 msf of saleable area excluding Tritvam)

Project Profile

Project Name Tritvam

Project Type Residential

Project Location Marine Drive, Kochi

Development Type Bought out land

Project Start Date July 2010

Scheduled Project Completion Date June 2015

Agreed upon Possession to the customer July 2015 (with 9 months grace period, April 2016)

Total Saleable Area 1.06 msf

Construction Status The project construction is in initial stages and the same has progressed

reasonably till date. As on February 7, 2013, construction has been carried

out upto 2nd level in Tower I and upto 4th level in Tower II, Tower III and

Tower IV of phase I. Besides, work has been carried out upto basement

level in the iconic tower of phase I. Phase II work is yet to commence.

Project progress report is sent to customers on a monthly basis along with

site pictures.

Project Developer

TKPPL is a Special Purpose Vehicle created by TRIL to

execute the project ‘Tritvam’ at Kochi. TRIL has been in the

real estate industry since March 2007 and have worked

primarily in mixed use (commercial/ retail/residential/

hospitality) and other infrastructure projects. At present

TRIL has 4 ongoing projects (excluding Tritvam) having a

combined saleable area of more than 7 msf spread across

India. The commercial project TRIL Info park at Chennai

is a land mark project and has been acknowledged for

it’s pioneering construction work in the field of advanced

real estate. TRIL derives support from its promoters (TATA

Group) who are one of the pioneer corporate groups of

India. The management of TRIL is assisted by a team of

experienced professionals across various functions.

Financial Performance – Project stage company and past

financials are not meaningful.

Project Details

The project is situated at Marine Drive which is one of the

most populous and prime locations of Kochi. It is amongst


41

the prominent tourist attractions in Kochi and is as well

amongst it’s most expensive housing destinations. It is

well connected to the Airport and Railway Station via the

4-Lane Marine Drive Road. The project location is close to

the Central Business District of Kochi. Marine drive also

has a bird sanctuary and sea beach nearby. The project

is spread over 8.44 acres of land, uses a FSI of 2.75x and

has a total saleable area of 1.06 msf with 504 residential

units ( mix of 3 BHK, 4BHK and duplex apartments). The

project comprises 7 residential towers, one convenience

retail (3000 sq. feet), and one multilevel car parking

(MLCP).

Highlights of the project

• Rainwater harvesting plant

• Water softening plant

• Sewerage treatment Plant

• Infinity Swimming Pool

• Over head tanks for each building. Underground

sumps also available.

• Multi Level Car Parking

• Lawn areas and club house

• Partial Power back up (generators)

• CCTV, Video Doorbell System and 24/7 Security guard

The project uses a combination of pile and raft foundation

and the piling is done 50 metres into the ground.

• The development of project is in initial stages. As

on December 31, 2012, the company has incurred

approximately 23% of total construction cost.

Brief particulars about various contractors are as follows –

1. Structural Consultants

The company has hired Sterling Engineering Consultancy

Services Private Limited (SECPL) as it’s structural

consultants. SECPL was registered in 1978 has experience

in large office complexes, luxury hotels, shopping centres,

hospitals, industrial projects, multi-storied apartment

buildings, sports complexes, townships and other civil

engineering projects. SECPL has completed projects not

only in India, but also in The United Arab Emirates, Saudi

Arabia, Mauritius, Iraq and Sri Lanka. Many of these

projects have been in collaboration with architects of

international repute.

2. Architects

The company has hired Woods Bagot which is a global

design studio specialising in the design and planning of

iconic buildings. Some of the iconic projects that they

have worked on include: Burj Dubai Residences, Nakheel

harbour and Tower, University of the Arts, London and

Marina resort, France.

3. Civil Engineers

The company has hired Leighton Welspun to work as civil

engineering contractor. Leighton Welspun is part of the

Leighton Holdings Group - Australia’s leading corporation

in constructions, mining and project development -

Leighton Welspun Contractors Pvt. Ltd. has been in India

since 1988. With wide-ranging expertise in its field, the

company is contractor of international repute.

4. Landscape Consultants

The company has hired renowned landscape consultants

Made Wijaya to design the spacious landscapes of

“Tritvam”. Made Wijaya, also known by his Australian

name of Michael White, who is renowned across Asia for

his spectacular tropical landscapes, many of which grace

the finest luxury hotels and residences in the region. Over

20 years, Made Wijaya has built a reputation for landscapes

that are not only magnificent in design, but also crafted

to the smallest detail, with terraces, courtyards, pools and

garden decorations enhancing their impact and appeal.

5. Other Contractors

The company has also hired Edifice Group of Mumbai

and CBM Engineers, USA to work as the peer consultants

to Woods Bagot and Sterling Engineering Consultancy

respectively.

Project Legal status

• Title search for 18 years is conducted for the entire

land bank of 3.67 lsf.

• The project has obtained all the approvals required

for the construction.

• The sales agreement is extensive and transparent

with clarity over the payment terms and schedule which

is linked to the progress of the project, payments to the

customer if the project gets delayed. The agreement also

provides for a fixed possession date which is July 2015

(and a grace period of 9 months which adds up to April

2016) and a defect liability period of one year.


42

Project Financial Status

• The total project cost of approximately Rs.700 crore

(excluding operating expenses not to be capitalised) and

as on December 31, 2012 is proposed to be funded by

way of promoter funds of Rs.214 crore, debt of Rs.65

crore and balance through customer advances.

• As on December 31, 2012, the project has already

incurred project cost of approximately Rs.325crore,

which was funded through promoter funds of Rs.214

crore, unsecured debt of Rs.28 crore, secured debt of

Rs.65 crore and customer advances of Rs.18 crore. The

remaining cost of approximately Rs.375 crore is yet to be

incurred, and is dependent on customer advances.

• The company has received bookings for 72 units out of

total of 504 units of phase I as on December 31, 2012.

Phase II is yet to be launched for sale.

Disclosure:

Shri Vittaldas Leeladhar, director in Tata Global Beverages Ltd., Tata Cleantech Capital Ltd., India Collection Management

Ltd., did not participate in the rating process or in the meeting of the Rating Committee when the CARE Real Estate Project

Star Ratings of Tritvam was discussed

Disclaimer

CARE’s rating of real estate projects is an opinion on the developer’s ability to execute the real estate project in

timely manner and with the agreed upon quality standards. Besides, it is an opinion of the legal quality of the

project. The analysis draws heavily from the information provided by the developer and information obtained

from sources believed by CARE to be accurate. However, CARE does not guarantee the accuracy, adequacy or

completeness of any information and is not responsible for any errors or omissions or for the results obtained from

the use of such information. Also, CARE does not guarantee the adequacy of title search done to arrive at the legal

quality of the project. CARE’s Real Estate Project Star rating is also not a recommendation to buy, sell or hold the

rated real estate property. CARE shall also not be liable for any losses incurred by users from any use of such rating.

Most of the developers whose real estate projects are rated by CARE have paid a rating fee.

About CARE

Credit Analysis & Research Ltd. (CARE) was promoted in 1993 by some of the leading Indian banks and financial

institutions. Major shareholders of CARE include IDBI Bank, Canara Bank and State Bank of India. CARE is amongst the

premier credit rating agencies in India and provides credit rating, research and information services. CARE Ratings is well

equipped to rate all types of debt instruments including Commercial Papers, Fixed Deposits, Bonds, Debentures, Hybrid

Instruments, Preference Shares, Loans, Structured Obligations, Asset Backed Securities, Residential Mortgage Backed

Securities etc. CARE’s rating methodologies are in line with the best international practices.


The Punjab Chapter of Confederation

of Real Estate Developers Association

of India (CREDAI) held an election

meeting on the 19th of March, 2013 and

announced that for the 3rd consecutive

term, Mr. Anil Chopra, CMD, St. Soldier

Group, Jalandhar, Mr. Kulwant Singh,

CMD, Janta Group and Mr. Amardeep Singh

Hira CMD, Shiwalik Group had been re-

elected unanimously as the Chairman,

President and Gen. Secretary respectively

for the year 2013-15. All 6 Chapter

Associations of Punjab participated in the

elections which were held at Hotel Shivalik

View, Chandigarh. Mr. NK Sharma Chief

Parliamentary Secretary and Adv IP Singh,

Legal Adviser were the Presiding Officers.

All other Office Bearers and Executive Committee Members will be nominated by the President

According to Mr. Kulwant Singh, President, CREDAI Punjab, “The key objectives of CREDAI, Punjab would be to take up

various issues which will be of help to the general public as well as the members of CREDAI.” While thanking Mr. Sukhbir

Singh Badal, Dy. CM, Punjab for introducing a new Housing Policy, he urged for its implementation with immediate effect.

Mr. Kulwant Singh announced that a delegation of CREDAI would meet the Dy CM and Housing Secretary and take up

the other issues including simplification of norms to get completion certificates, time bound approvals and approvals of

all pending projects which had been applied to the Competent Authorities etc.

The Confederation of Real Estate Developers Association of India has 20 state chapter associations, over 127 city chapter

associates and more than 10,000 members.

Result of elections of the Confederation of Real Estate Developers Association of India (CREDAI), Punjab Chapter :

Chairman: Mr. Anil Chopra, CMD, St. Soldier Group, Jalandhar,

President: Mr. Kulwant Singh, CMD, Janta Group

Gen. Secretary: Mr. Amardeep Singh Hira CMD, Shiwalik Group

All other Office Bearers and Executive Committee Members: To be nominated by the President

Elections of CREDAI Punjab Chapter heldFor the 3rd consecutive term Mr. Anil Chopra, Mr. Kulwant Singh and Mr. Amardeep Singh

Hira re-elected unanimously as Chairman, President and Gen. Secretary respectively


44

She started off as a journalist with the Indian Express.

Then she did a master’s degree in international relations

and became an officer on special duty with the Planning

Commission. Accompanied by Padma Shree award

winner Dr. Syeda Hameed, Gunjan set out to explore

the most unexplored parts of the country and about six

years later, the duo submitted a report to the Planning

Commission. They eventually co-authored “Beautiful

Country”, a compelling book based on that report.

Gunjan has turned entrepreneur now, having launched

Indiareads.com, an online library-cum-bookstore.

The 58-year old controversial billionaire from London

wants a Chinese shipyard to build his dream project

– a replica of the Titanic that should be ready for its

maiden voyage from Southampton to New York in

2016. The Titanic II will have a high-tech engine, air

conditioning, a hospital, a helipad… and more lifeboats!

But passengers would still be able to dine in early-20th

century finery.

Clive PalmerGunjan Veda

be a prosperity seeker


45

Best known for an experiment in which he carved a

hole from his research center in Delhi into an adjacent

slum, placing a freely accessible computer there for

children to use; Sugata Mitra is one of the recipients

of the 2013 TED Prize. Introduced in 2005, the TED

Prize annually grants three extraordinary individuals

$100,000 and a “wish to change the world”. The

professor’s wish - “Help me build the ‘School in the

Cloud,’ a learning lab in India, where children can

embark on intellectual adventures by engaging and

connecting with information and mentoring online.”

Sugata Mitra

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

Two tech savvy, school-going brothers from Chennai

are founders of GoDimensions, a mobile applications

firm which designs apps that have been downloaded

25,000 times in over 40 countries. Studying in sixth

and eighth grades, the Kumaran brothers have already

designed four applications for the Apple store. Some

of their popular applications include Alphabets Board,

Color Pallette and Catch Me Cop among others. The

proud father of the wonder kids, Kumaran Surendran,

45, is a techie himself and the director of an IT firm.

Shravan and Sanjay Kumaran


46

quotemagic

“Though I am grateful for the blessings of wealth,

it hasn’t changed who I am. My feet are still on

the ground. I’m just wearing better shoes.”

Oprah WinfreyAmerican television host, actress, producer and philanthropist Oprah Gail Winfrey is most famous for launching and hosting the Oprah Winfrey Show, an American syndicated talk show that aired nationally for 25 seasons from 1986 to 2011. Voted the most influential celebrity for 2013 by Forbes magazine, Oprah was branded “ignorant” by India’s media after the broadcast of a two-part TV special about her trip to the country.


eyecatchers

Amish TripathiAn alumnus of Indian Institute of Management Calcutta, author Amish Tripathi had originally wanted to be a historian but opted for a career in finance because he couldn’t afford the former. The Shiva Trilogy, his first three books that were a ‘‘re-imagined” account of the life of Shiva have sold over 1.5m copies and brought in more than 400m rupees in sales. The 38-year old author has just won the first million-dollar advance to be paid to an Indian writer by an Indian publisher.

Amish TripathiAn alumnus of Indian Institute of Management Calcutta, author Amish Tripathi had originally wanted to be a historian but opted for a career in finance because he couldn’t afford the former. The Shiva Trilogy, his first three books that were a ‘‘re-imagined” account of the life of Shiva have sold over 1.5m copies and brought in more than 400m rupees in sales. The 38-year old author has just won the first million-dollar advance to be paid to an Indian writer by an Indian publisher.


Understanding Rajiv Gandhi Equity Savings Scheme


Rajiv Gandhi Equity Savings Scheme is a

tax savings scheme designed for first time

retail investors in the securities market.

Indian residents earning less than Rs 12

lakhs a year and having not done any

equity transactions before 23 Nov 2012 are eligible for

investment in this scheme. A maximum investment

amount of Rs 50,000 in approved stocks and mutual

funds is allowed and investors can claim income tax

deduction on 50% of the amount U/S 80 CCG of the

Income Tax Act.

For investment in RGESS one can either directly buy

equity shares of the top 100 companies listed on the stock

exchanges or through exchange-traded traded funds of

mutual fund (MF) houses available on BSE Ltd or the

National Stock Exchange. Index funds are not RGESS-

eligible securities since they are not listed on the stock

exchange and therefore are not automatically available in

the demat mode.

The Rajiv Gandhi Equity Savings Scheme (RGESS) has

commenced operations and there are a few details related

to the tax benefit that the individual will have to take into

consideration. Here are some of the basic points that the

investor needs to bear in mind:

Scheme for 1st Time Investors

The first and foremost requirement with respect to the

availability of the tax benefit under this scheme is that

it is meant for first time investors. When it comes to the

question of determining a first time investor, a layman’s

explanation is that they should not have invested through

a demat account before. The fact as to whether they have

invested in equities before can be tracked through the

use of the Permanent Account Number (PAN) with a

demat account.

Tax Benefit

The benefit for this scheme is in the nature of a deduction.

This means that the amount that will qualify for the

benefit would be reduced from the taxable income of

the individual. The total taxable income of the individual

would be taken into consideration and then the amount

of the benefit would be reduced from this so that the

net figure is the one on which the tax will be calculated

and paid. The facility that has been added by the Union

Budget 2013-14 is that the deduction can be taken over

a period of 3 years so the investor can actually spread out

their investments.

Other Details

The manner in which the tax deduction would be available

must also be considered. The tax benefit is available to

an investment upto Rs 50,000 in total. This means that

the maximum investment eligible for this purpose would

be this figure and the deduction that is available for

the investor would be to the tune of 50% of the eligible

amount. This would mean that the maximum benefit

in the form of deduction that would be available for the

investor cannot exceed Rs 25,000.

Unlike other tax-saving schemes, the lock-in period here

is split in two. The first year is a fixed lock-in and the

investor cannot sell, pledge or hypothecate the shares.

The next two years are flexible and he can sell, but has

to buy other eligible securities with the proceeds. All

eligible securities in an RGESS designated account are

automatically subject to the lock-in periods.

Since direct investment in equity needs expertise and

first-time investors are unlikely to have it, they should

refrain from investing directly in the market. The risk is

also high because Rs 50,000 is not enough to create a

well-diversified portfolio. A better option is to go through

the mutual fund route. As of now, several exchange traded

funds (ETFs) have been declared as eligible securities

and investors can invest in these.


planetsavers

pot a plant today!Contrary to popular opinion, indoor air is more polluted than its outdoor counterpart, posing significant risks to our health. New research shows indoor plants reduce air pollution.


Financial expert Suze Orman outlines a

revolutionary approach to the way we

save money, handle debt and plan for our

retirement. She combines wisdom with heart

to offer a book that not only gives sound

advice, but explores the emotions and memories that

subconsciously block our efforts to get ahead. Suze draws

from her experience as a Certified Financial Planner ®

professional, vice president of investments for Prudential

Bache Securities and account executive at Merrill Lynch.

The New York Times bestselling author’s message, very

relevant in these turbulent economic times:

• Debt is bondage and how best to break free of it

• How to find the best financial advisor

• How to avoid being taken for a ride when buying life

insurance

• Which retirement accounts make sense and which

don’t

bookshelf

This book is currently available with www.homeshop18.com for ` 789* (Shipping Free).

The 9 Steps to Financial Freedom

Practical and Spiritual

Steps So You Can Stop

Worrying

Suze Orman


The Forbes Shahrukh-Salman Equation

Shahrukh Khan topped the Forbes India Celebrity List in terms of income

Salman Khan topped the Forbes India Celebrity List in terms of popularity

116.3 179.85 135.16 144.2

26.94 *Earnings (Rs in crores)

202.83

What do you get when you put together

two big-time entertainers, a world-

renowned magazine and a celebrity

list? You get an interesting equation.

The two leading Bollywood stars

may not share a sizzling off-screen ‘chemistry’ but both

Shahrukh and Salman have made it to the top of Forbes

India Celebrity 100 List, in a very interesting way. Both of

them top the list, but on two different parameters. While

Shahrukh Khan has made it to the number one spot in

the list in terms of celebrity earnings, the list proclaims

Salman Khan the most popular celebrity the country.

So, it’s actually a two-in-one list and there’s two ways you

could go through it, earnings –wise and popularity-wise.

As per details shown on the Forbes India website, the

period of consideration for both parameters is October 1,

2011 to September 30, 2012. The calculation of earnings

is based on independent estimates taken from multiple

sources – industry insiders including talent management

agencies, film and TV producers, publishers, music

industry professionals, sports consultants, advertising

agencies, brand marketers, celebrity managers and

other relevant experts. A lot of research also went into

the calculation of the other parameter of the list, fame.

The Forbes India team tracked media visibility of top

celebrities of the country across print, television and the

internet. They used Google to estimate online exposure,

Facebook fans and Twitter followers. The entire process

was verified by Ernst & Young, official tabulators of the

magazine.


65.25 47.27 27.73 73.47 97.46

8.31 42.5


Guard your Health with Vaastu

54

Vaastu Shree, Vaastu Visharad

Shri Naresh Singal,

Vaastu & Feng-Shui Consultant.

For any further queries on the

subject, readers can contact him

on mail@vaastunareshcom


Modern man is like a machine. He toils

from dawn to dark. This practice for

seeking comfort makes him restless.

The result is that more and more

medical insurance companies are

coming into existence. Medical insurance has become a

necessity for machine man. He isn’t sure when his doctor

would tell him that he is in the clutches of some serious

ailment.

Given the rising cost of treatment and medicines, it does

make sense to buy a suitable medical insurance policy.

At the same time, when we buy an insurance policy, we

are only preparing to deal with the monetary implications

of an injury or disease, in case something like that

happens. What if, by following certain Vaastu guidelines

to safeguard our living place, we could somehow reduce

the occurrence of injury or disease? Wouldn’t that be a

smarter thing to do?

Cosmos is made up of five basic elements i.e. - Earth,

Sky, Water, Fire and Air. Any imbalance in these elements

brings about a discomfort outside and within the human

body. We may not feel this immediately but the change in

the systems of the body makes us realize that something

is wrong. By following the principles of Vaastu laid down

by the ancient Indian scholars, we try to do away with

negative energy and mental agony, thereby achieving

mental peace. By implementing the Vaastu remedies,

numerous health problems have been mitigated.

Vaastu provides a set of principles for the general

layout, furniture placement and interior decor of the

built environment - including landscaping, gardens, car

parks, storage facilities etc. These principles produce a

balancing and harmonizing affect on the environment

and its inhabitants. Here are few basic rules that are

stated in the ancient books of Vaastu are discussed below

for ensuring good health.

• Never keep your head towards North while sleeping,

prefer keeping it towards South or East only, to achieve

peaceful and restful sleep for healthy life.

• Face, either towards North or East while working,

studying or negotiating with clients. It helps increase

sharp memory resulting in ability to take proper and faster

decisions and at right time.

• Avoid facing South or South-West while cooking,

eating or drinking. Your face should preferably be towards

East/West for better taste, digestion & healthy body.

Having door at the back while cooking may lead to back-

ache, pain in the legs, shoulders and even cervical.

• To have better concentration & devotion while

worshipping, your face should be towards East or West.

• Keep basil (Tulsi) in house to purify the air. Avoid

Cactus, Rubber plants, Milky plants and Bonsai plants in

the house as they add to your tension, illness and stunted

growth of the children.

• Construction of stairs, toilet or kitchen in North-East

corner of the property may lead to cancer and brain

related disorders. In such cases it has been reported that

it retards the growth of small children in the family.

• Never sit, work or sleep under a beam as it may cause

depression, headache or loss of memory.

• To avoid any health problems related to heart or

brain, prefer wooden beds without storage space and

avoid sleeping on metal beds.

• Any place that is constantly damp or smells of

dampness, even without any trace of the cause, is

considered to an area of negative energy. As per Vaastu

one should not stay in such structure.

• Is there any tree facing your main door or window?

This could result in poor health of family members. Place

a convex mirror on the outer wall that is facing the tree to

minimize its effect.

• To minimize disorders related to heart and nervous

system, avoid usage of the space below the staircase for

bathroom, toilet, pantry or even for closed store.

• The colour of the roof and the walls should never be

same as it leads to irritation and short temperament.

• Swimming pools or any other underground water

bodies should be constructed in North, East or North-East

of the plot. Having them in South-East may cause trouble

to male children or wife of the owner.


56

softcorner

With an estimated fortune of $600 million, Dubai-based entrepreneur PNC Menon plans to give half of his personal wealth to charity. Ranked Gulf Cooperation Council’s 21st richest Indian in a list published recently by Arabian Business, Menon began his professional career by setting up an interior decoration firm in the Sultanate of Oman in 1976. In 2006, Menon’s Bangalore-based firm Sobha Developers, where he holds the position of Chairman Emeritus, was listed in the Bombay Stock Exchange. In the same year, his firm established Sobha Heritage and Sobha Academy in 2006 to provide education and social welfare to around 2,500 families in two villages in India, Vadakkenchery and Kizhakkenchery.

PNC MenonFounder of Sobha Group of Companies, Age 64


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Property & Wealth Mar 2013