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INVESTMENTFORUM
Educating investors on buying a home abroad
www.IREXIndia.com
EVENT PARTICIPANTS
EVENT PARTNERS
Media Partners
Supported by Television PartnerOnline Partner Property Portal Partner
Strategic PartnerKnowledge Partner Consultant & Service Partner International Market
Global Realtor Partner
Diamond Partner Silver Partner BronzePartner
IREX International Exhibitors
JSK LAW
PROPERTY DEVELOPERS & INVESTORS
Group
ConradProperties
M U M B A I
INTRODUCTION
International Real Estate Expo (IREX) is an innovative platform to market real estate toelite clientele and top-tier investors in India. It is an annual event that presentsinternational real estate investment avenues for high net worth and wealthy individuals who intend to invest in international real estate and premium luxury properties in India.
The third edition of International Real Estate Expo (IREX) was successfully held inMumbai in October 2017. The show drew tremendous response from visitors from all over India who could meet the participating real estate developers and investment firms from US, UK, Europe, UAE, Thailand, Mauritius, Malaysia and Australia. IREX 2017 showcased more than 90 projects of about 35 companies and presented investmentopportunities in Residential, Commercial, Retail, Hotel & Leisure sectors.
The third edition drew participation from international real estate companies like RoyalAtlantis and Azizi Developments from UAE, Berkeley Homes and Salboy from UK, Pacifica Companies & Lightstone Group from USA, Central Equity, Gold Bank & Silver Properties from Australia, Prospecta Developments, Aristo Developers, Domenica Group from Cyprus, BRDB Developments from Malaysia, Siamese Asset from Thailand, Board of Investment from Mauritius among others. The show also drew presence from EB5 companies like American Life, Primary Capital LLC, US Immigration Fund from USA.
About 2000 HNIs visited the show. A VIP Reception was held on the opening day, providing an unparalleled opportunity to network with HNIs & UNHNIs.
Coinciding with the show, IREX Investment Forum was organised on the second day which dwelt on the global investment scenario and various financial and legal issues ofinternational real estate investment. The country and project presentations were part of this informative forum where investors gained insight to take informed investmentdecisions. The panel discussion at the Investment Forum was covered by CNBC TV18 and moderated by the celebrity anchor, Ms. Manisha Natarajan. As a part of the IREXBusiness Connect, a panel discussion on Citizenship through Investment was conducted by Ms. Mona Jalota, Director, International & NRI Residential Services, Colliers International.
On the second day of the expo, the IREX Knight Frank report was launched, “LookingBeyond Borders” a study of where Indians are buying home overseas. Dr. Samantak Das, Chief Economist & National Director - Knight Frank, India presented this report at the expo.
The IREX Business Connect was conducted on the first day of the expo, a platform bringingIndian property brokers in touch with international property developers, so that they can work for them as their local sales agents/representative in India. The event was supported by the National Association of Realtors (NAR) which has 1.1 millionmembers from all over India & Association of International Wealth Management of India(AIWMI). Knight Frank, India was the Knowledge Partner, ANAROCK was the StrategicPartner, Remax India was the Global Realtor Partner, Colliers International was theConsultants and Service Partners and CNBC TV18 was the Television Partner of the show.
SHOW GLIMPSES
High visitor turnout at the show
Visitors interacting at Board of Investment-Mauritius stand
Live band performing at VIP Cocktail Reception
Panel Discussion on “Citizenship through Investment” moderated by Mona Jalota, Colliers International
Interaction at Royal Atlantis stand
Panelist at the Investment Forum
VIP Cocktail Reception
SHOW GLIMPSES
Panel Discussion on “Investing in Overseas Property” at IREX Investment Forum moderated by the celebrity anchor Manisha Natarajan, CNBC TV18
Engaging session by Silver Properties during IREX Business Connect
Delegates at the Investment Forum
Prospecta Development, Cyprus, staff interacting with visitors
Sunaina Anand felicitating Ms. Maria Morris, Partner,Knight Frank, Middle East at the IREX Investment Forum
IREX INVESTMENT FORUM
Samantak Das, Chief Economist and National Director, Knight Frank, India
Antonis Pisharas, Overseas Business Development,Aristo Developers, Cyprus
Jonathan Duncan, International Sales Director for MENA, Berkeley Group, UK
Coinciding with the show, IREX Investment Forum was organised which dwelt on various issues ofinternational real estate investment in India. RealEstate experts from Knight Frank India, Colliers International, T.P. Ostwal & Associates LLP, presented and analysed various potential investment destinations and prospects. As a part of the Investment Forum a panel discussion on citizenship through Investment was also conducted.
Project presentations was part of this informative forum where investors gained insight to takeinformed investment decisions.
INVESTMENTFORUM
Educating investors on buying a home abroad
Urs Eberhardt, Managing Director,Immothermes, Switzerland
Seewraj Nundlall, Head – BOI, Mauritius High Commission
IREX INVESTMENT FORUM
Paarash Jung, International Sales Specialist,Siamese Asset, Thailand
Sudhir Bhatt, Managing Director, Primary Capital LLC, USA
Delegates at the IREX Investment Forum
INVESTMENTFORUM
Educating investors on buying a home abroad
Jose Ramil Gatmaitan, Senior Regional Manager,Ayala Land, Philippines
Hal Beals, Director Investor Relations, American Life, USA
IREX INVESTMENT FORUM INVESTMENTFORUM
Educating investors on buying a home abroad
Panel Discussion on ‘Investing in Overseas Property’ in collaboration with
Panel Discussion at IREX Investment Forum moderated by the celebrity anchor Manisha Natarajan from CNBC TV18
Left to Right: Maria Morris, Jonathan Duncan, Sophie Charalambous, Manisha Natarajan, Dr. Samantak Das, Mona Jalota, T. P. Ostwal
Ms. Maria Morris Partner Knight Frank, Middle East
Mr. Jonathan Duncan International Sales Director MENA and India Berkeley Group, UK
Ms. Sophie Charalambous Director of Sales and Marketing Prospecta Development, Cyprus
Ms. Manisha Natarajan Group Editor, Real Estate & Urban Development CNBC TV18
Dr. Samantak Das Chief Economist and National Director Knight Frank, India
Ms. Mona Jalota Director, International & NRI Residential Services Colliers International
Mr. T.P. Ostwal Taxation Expert T.P. Ostwal & Associates LLP
Topic for Panel Discussion - Buying a Home Overseas- Destinations, Financial Implications & legalities
Countries popular among Indian investors — U.S., U.K., U.A.E and Australia
Future destinations for investments — Sri Lanka, Cyprus and Thailand
Budget and type of investments by Indian investors — Villas and Apartments
Legal and financial implications for investments abroad
New investment ideas like investments in five star deluxe hotel suites, airport parking lots, student accommodation etc.
Residency of EU through Investments
International Real Estate and return on investment/rentals
IREX BUSINESS CONNECT
As part of its industry initiative, the organisers have launched IREX Business Connect. IREX Business Connect is bringing Indian property brokers in touch with international propertydevelopers, so that they can work for them as their localsales agents/representatives in India. This opens newbusiness avenues for the Indian property brokers and help them learn international trade practices besides ensuring year long sales for foreign developers through these agents.
A full day session was held on the opening day, which was attended by brokers from all over India. Representative of the international developers addressed brokers and enrolled many as their agents.
Gitika Sablok, Director,Silver Properties, Australia
Kan Weinan, Deputy General Manager of Sales & Marketing, R&F Malaysia
Miz Herrera, Business Development Manager, Salboy, UK
Delegates at the IREX Business Connect
Mohd Al Hazzaa, General Director, Emirates Industrial City, UAE
Stephen Sutorius, Head of Sales Global, Conrad Group, New Zealand
John Linn, Director of Asia–Pacific Operations, USIF, USA
Maria Morris, Partner,Knight Frank, Middle East
KEY FINDINGS
INDIANS’ SPENDS ON OVERSEAS HOMESSWELL MANIFOLDS
The IREX-Knight Frank Report ‘Looking Beyond Bor-ders’ on International Real Estate Investment by Resi-dent Indians was launched at the Investment Forum held at IREX Mumbai on 7th October, 2017.
The report takes a look at investments trends, buyer pro-file, buying behaviour, investment returns, preferences and key drivers pushing resident Indians to acquire resi-dential property on foreign soil and factors that influence their decisions.
The report analyses in detail the six major investment destinations–United Arab Emirates, United Kingdom, Australia, Malaysia, Cyprus & Sri Lanka
Buying international homes cheaper today vis-à- vis 2016
Residential property in 4 out of the 5 most-preferred international markets earned positive returns over 5 years
1 out 4 resident Indians prefer to spend more than USD 1 million for a house overseas
68% Indian buyers picked compact apartments of less than 1,500 sq ft – the most preferred property size
Today buying a house in Malaysia is the cheapest followed by Dubai
The quantum of international investments from India rose by almost 59-folds from USD 1.9 mn in 2005–06 to USD 111.9 mn in 2016–17
To download the full report, please visitwww.irexindia.com/irex-knightfrank-report.php
IREX - KNIGHT FRANK REPORT LAUNCH OF IREX - KNIGHT FRANK REPORT
One to One session between Manisha Natarajan, CNBC TV18 andShishir Baijal, Knight Frank, India
Presentation on the IREX Knight Frank Report by Maria Morris, Knight Frank,Middle East and Dr. Samantak Das, Knight Frank, India
Launch of IREX–Knight Frank Report
LOOKING BEYOND BORDERS
A look into the buying behavior of resident Indians into residential properties overseas
6-8 OCTOBER, MUMBAI
RESEARCH
EXHIBITORS
IREX presented investment opportunities in high end Residential, Commercial, Hotel & Leisure etc. Leading Indian and international companies involved in community and master development, high rise buildings, premium residential towers, office towers, hotel and leisure facilities, retail outletsshowcased their latest projects. Real Estate Investment opportunities in US, UK, Europe, UAE,Thailand, Mauritius, Australia and New Zealand were showcased at the show.
Some of the companies from UK and US offered unique investment options. American Life andLightstone Group from US, Aristo Developers, Prospecta Development and Domenica Group fromCyprus offered novel concept of overseas real estate investment combined with citizenship.
30
Overall Assessment (in %)
Outstanding
Acceptable
Good
Excellent45
20
5
Intention to Participate Again (in %)
De�nitelyProbably
Probably Not
3065
5
95 Exhibition Runtime (Friday to Sunday)
80 Exhibition Dates (October)
Exhibitors’ Assessment of the Concept (in %)
95 Exhibition Duration (3 Days)
95
80
85
90
90
Understanding Requirements of Clients in India
Acquiring New Customers
Presenting Innovations
Post-Show Business
Presenting the Company/Projects, Image Building
Achievement of the Top Objectives from Participation during the Event (in %)
EVENT VISITORS
30Social Media
35 News Papers
2
Hoardings
3Others
10Television/Radio
20Tele calls
Information about IREX (in %)
Good
Outstanding/Excellent
Could be better
25
2515
35
Overall Assessment (in %)
Acceptable
Serious Buyers20
Quality Visitors75
Genuine Leads & High Conversion Rate(per 100 visitors)
Intersted Prospects35
Bookings/Sales10
Investors (HNI’s & UHNI’s)
Brokers
Channel Partners
Project Developers and Planners
Home Financing Professionals
Others
Visitor Breakdowns by Job Activity (in %)
35
45
10
5
3
2
95% 95% 58% 90%of all IREX InvestmentForum attendeesrated the conferenceas “very good” and“good”.
of the IREX Business Connect attendees were brokers
of the show visitorswere investors/decision makers
of this years’ IREXInvestment Forumattendees will“definitely” or”maybe”participate in IREX 2018
INVESTORS/DECISION MAKERS
OVERALL ASSESSMENT BROKERS FUTURE PARTICIPATION
MEDIA COVERAGE
Reviving credit growth and resolving stressed assetswill be the top priorities of Rajnish Kumar, the newlyappointed chairman of State Bank of India, who willtake charge on October 7. Kumar indicated that creditgrowth will be driven by retail lending.
MARKETS: BEATING VOLATILITY ��9
‘Credit Flow, Fixing NPAs Priorities’ NEW SBI CHIEF RAJNISH KUMAR SETS THE AGENDA
Inside story
FRIDAY, 6 OCTOBER 2017BENNETT, COLEMAN & CO. LTD.THE ECONOMIC TIMES
WWW.ECONOMICTIMES.COM
Three years ago, when oilprices went up & excise du-
ties were levied, we had opportu-nity to pass it on. .. Lowering fuelprices without a market-centricmechanism is the worst thing thatcan happen to the poor DHARMENDRA PRADHANPetroleum MinisterPAGE��3
MUMBAI | 24 + 4 PAGES OF ET PANACHE | * .̀ 4.00 OR .̀ 7.00 ALONG WITH THE TIMES OF INDIA
Do you think RBI has failed to time its recent rate cuts rightly?
www.economictimes.com
Is it a good idea to split roles of CEO &Chairman in listed companies?
TODAY’S QUESTION
48%YES
47%NO
5%CAN’T SAY
Indian StartupsBack on Radarof Hedge FundsMany funds, mostlyfrom Hong Kong, lookto invest in cos that areon a firm footing now
interfering capital, with its ownpros and cons. But it’s mostly be-en pros,” said Yashish Dahiya,chief executive of PolicyBazaar.
“At every stage you need diffe-rent things. If you want someo-ne to just give you capital, andonce in a while guidance, it’sgreat. But if you are looking forspecific leverage, on-the-gro-und support, then maybe not.”John Ho, chief investment offi-cer at Janchor Partners, did notreply to an email seeking detailson the firm’s talks with Droom,while Sandeep Aggarwal, CEOof Droom, declined to comment.
Negotiating Deals��21
New Delhi: Global hedge fundsand asset management compa-nies, including several fromHong Kong, are making a cau-tious return to India’s resur-gent startup ecosystem, some18 months after they pulledback amid a churn in the do-mestic market.
A number of Hong Kong-ba-sed funds including JanchorPartners are in talks with Dro-om Technology, an online mar-ketplace for used automobiles,for its next fundraising, estima-ted at about $50 million (`̀325crore), according to people awa-re of the discussions.
ETechAces Marketing andConsulting, which owns onlinefinancial services marketplacesPolicyBazaar and PaisaBazaar,recently secured funding fromBoston, Massachusetts-basedWellington Management andother investors. In August, Tree-bo Hotels raised `̀226 crore infunding led by Hong Kong-basedhedge funds Ward Ferry Mana-gement and Karst Peak Capital.
“We have taken money from Ste-adview Capital and Tiger Global(as well). Look, it’s easy and non-
GLOBAL INVESTORS MAKE A COMEBACK
Staging Return
Stronger co fundamentalsdriving the deals this time
Asian hedge funds and global asset mgmt cos return at a time when Indian startups are seeing revival in funding pledges
Most funds wanted to strikedeals during the startup boom in 2013-15, but had held back from closing them
Concerns about long-term support towards their portfolio cos remain
These investors are ideal finance partners for maturestartups that are eyeing potential public listings
New Delhi: A major revamp ofthe goods and services tax (GST),which came into force on July 1,will be on the agenda of the GSTCouncil on Friday as part of ef-forts to address the grievances ofsmall-scale industries, tradersand exporters, officials said.
The package of measures ex-pected to be taken up by the apexdecision-making body may in-
clude an increase in the thres-hold limit for the compositionscheme, a more liberal exemp-tion limit, and a lower complian-ce burden with quarterly ratherthan monthly filing apart fromsteps to boost exports.
The council meeting on Friday
could consider raising the thres-hold for the composition schemeto .̀ 1-1.5 crore from .̀ 75 lakh to aidmicro, small and medium enter-prises (MSME). Under the compo-sition scheme, an entity pays a fix-ed, nominal rate to avoid GST-re-lated paperwork.
While industry is pushing forraising the threshold to .̀ 1.5 cro-re, the council will take into ac-count concerns of the financeministry and some states aboutrevenue losses.
Small businesses such as tra-ders, manufacturers and restau-rants can pay tax at 1%, 2% and5%, respectively. Businesses witha turnover of up to .̀ 20 lakh are ex-empted from payment of tax. Hig-her thresholds will ease the comp-liance burden and also reduce thefiling load on the system. Prior tothe rollout of the GST, excise dutyon turnover of up to .̀ 1.5 crore hadbeen exempted.
The council could extend the qu-arterly filing facility to small bu-sinesses with a turnover of up to.̀ 1.5 crore.
Filing of Returns ��3
Friday Release: RevampedGST Without Its Villains GST Council set toaddress grievances ofsmall-scale industries,traders and exporters
An Early MakeoverThe GST Council could take up a numberof changes to address GST pain points
Relief For Small Traders, Businesses, ExportsRaise composition scheme threshold to `1-1.5 cr from `75LAddress working capital issue of exporters; swifter refunds
RAISE GST EXEMPTION LIMIT FROM`20 LAKH
Qtrly filing to reduce compliance burden& load on system
Relaxed enforcementtill filing system settles down
FILING RELIEF
Our Bureau
Mumbai: The Securities and Ex-change Board of India (Sebi) pa-nel on corporate governance ledby Uday Kotak proposed sweepingchanges aimed at tightening stan-dards, including splitting theposts of chairman and managingdirector besides amending ruleson independent directors, disclo-sures, and accounting and audi-ting practices. The suggestionsassume greater relevance in the
background of high-profile bo-ardroom battles that have rockedcorporate India over the past year.
The 25-member committee,which was set up in June and com-prised bureaucrats, executives,lawyers and academics, has alsorecommended improvements intransparency, keeping large sha-reholders informed about unpub-lished information and stricterrules on board compositionamong others.
‘Game Changer’��3
Split Chairman, MD Roles: Sebi PanelUday Kotak-led committee on corp gov proposessweeping changes aimed at tightening standards Big Changes On The Way
It also recommends improvements in transparency, keeping large shareholders informed about unpublished info & stricter rules on board composition
Power GridIS JHARelianceMUKESH D AMBANI
UPLRD SHROFFWIPROAZIM PRE MJI
HERO MOTOCORPPAWAN MUNJALHPCLMUKESH KUMAR SURANANTPCGURDEEP SINGHONGCSHASHI SHANKER
Adani Ports& SEZGAUTAM ADANICoal IndiaS BHATTACHARYADr Reddy’sGV PRASADGAIL IndiaBC TRIPATHI
Some CMDs of Nifty50 Companies
Panel suggests splitting posts of chairman & MD/CEO besides amending rules on indp directors, disclosures and auditing practices
Q&A
MORE REPORTS��9, 10, 11
There have been initialhiccups ( in GST), but things
are gradually improving ... Thereare structural changes happeningin the economy and that’s whywe have temporary problemsNITIN GADKARI Highways Minister PAGE ��17
Sharmistha Mukherjee & Ketan Thakkar
New Delhi | Mumbai: Ma-hindra & Mahindra (M&M),the sole maker of electric ve-hicles in India, expressed dis-belief over the bid price sub-mitted by rival Tata Motors,which won a contract to supp-ly electric vehicles to the go-vernment.
“We find the price (quoted byTata Motors) hard to compre-hend,” Mahindra managingdirector Pawan Goenka said,conceding that the price quo-ted by Tata Motors was signifi-cantly lower than its bid.
Last week, Tata Motors offe-red to supply the electric ve-hicles at `̀11.2 lakh each, in-clusive of the GST and a five-year warranty. Mahindra qu-oted more than `̀13 lakh andsubsequently agreed tomatch the bid by Tata Motorsto win part of the order. Thetender was for 10,000 vehicles.The first part of the order isfor 500 vehicles of which Ma-hindra has agreed to matchthe Tata Motors price to supp-ly 150, or 30%. The companyhas the right to supply 40% ofthe remaining 9,500 if it mat-ched Tata’s price.
‘Battery Size Can Affect Costs’��21M&M to Invest .̀ 4Kcr in EV Biz��21
M&M Stumpedby Low TataMotors Bid for E-vehicles
Green Drive
Vehicles Order10,000
Price Quoted By AutomakersTata Motors
Mahindra
`11.2LAKH`13LAKH+
500EVs to be supplied in the first phase
350Tata Motors
150Mahindra
Wind Energy Auctions See LowestBids at`̀2.64/ Unit by ReNew, OrangeReNew Power and Orange Sironj Wind Powerquoted identical record low bids in the secondwind energy auction held by SECI.Companies: Pursuit of Profit ��16
Poetic epithets have played no small part in the romance of football. Pele was the Black Pearl. Maradona was El Pibe de Oro (The Golden Boy). Johan Cruyff was The Flying Dutchman.
Nicknames will once again be conspicuous on Friday morning, when Lionel Messi plays argu-ably the second-most im-portant match of his inter-national career (the 2014 World Cup final was the first). Argentina take on Peru in a virtually must-win World Cup qualifier in Buenos Aires. Nearly eve-ry player on both sides has a nickname. The name of the venue, La Bombonera (The Chocolate Box) is a nickname too. And the two teams have nicknames of their own. Let’s run through some of them.
La Bombonera (The Chocolate Box) The throbbing home of Boca Juniors gets its name from its shape, which re-sembles a box of treats. There will be a few con-
sumed if Argentina man-age to get the job done on Friday.
La Albiceleste (The white and sky blue)The name draws from the colours of the Argentinian national flag and the team shirt.
The Incas Peru’s national team pays homage to its past with this nickname. The squad is also called La
Blanquirroja (The white and red), once again, due to the colours of the flag.
La Pulga Atomica (The Atomic Flea)He’s fast, he’s small, he’s Lionel Messi.
La Joya (The Jewel)He’s young, he’s a wizard on the ball, he’s Paulo Dybala, Argentina’s new-est star with Maradona-like dribbling potential.
Chiquito (The Little One)S e r g i o R o m e r o , Argentina’s goalkeeper, is a strapping 6'3". But he is short compared to his brothers. Oh, the travails of being a sibling.
La Foquita (The Little Seal)Seals can do anything with a ball. And so can the Peruvian winger Jefferson Farfan (when he’s fit).
The WarriorPaolo Guerrero is Peru’s highest goal scorer, and deserving of his moniker.
El Orejas (Big Ears)
Per u winger E d i s o n Flores’s pen na me is a sign of af-fection, not m o c k e r y.
And it’s just as well, given
the applause that falls on his ears.
AT THE CHOCOLATE BOX, AN ATOMIC FLEA MEETS BIG EARS
:::::: argentina vs peru
In the grand tradition of football, the team line-ups in Friday morning’s crucial World Cup qualifier have a surfeit of evocative nicknames
Jefferson Farfan during a training session
La Bombonera stadium in Buenos Aires, which will host the game
Messi training for Argentina
PIC
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Every year, at this time, the Morarka Foundation and its many different environ-mental and philanthropic projects welcome their men-
tor and chairman Kamal Morarka and update him on the progress made dur-ing the year in their differ-ent programmes in the Shekhawati region in Rajasthan.
There are meetings, detailed discus-sions, workshops and events to celebrate their successes. Today, the Morarka Foundation is one of the most active chari-table institutions in Rajasthan, which is trying to activate grass-root change even in Himachal Pradesh, Maharashtra, Sikkim, Meghalaya and Chhattisgarh through its various projects.
Headquartered in Jaipur, the foundation has more than a hundred employees to su-pervise the projects it is involved in. Called the MR Morarka-GDC Rural Research Foundation, named after Morarka’s father, the foundation focuses on rural poverty al-leviation, environmental causes, women entrepreneurship, e-libraries and organic farming. It is one of the four major trusts that Morarka runs apart from his business and media interests and socialist politics.
The new political party he has set up is already attracting thousands of members and volunteers all excited about bringing in change to India’s countryside.
Apart from that, there is also the MR Morarka Foundation, which focuses on restoring old havelis in Rajasthan, pro-moting literature (particularly Sanskrit
and Urdu) and supporting theatre and the performing arts.
Then there is the Belabai M Morarka Charitable Trust, which runs a school in Nawalgarh with 400 students. It is essen-tially woman-centric and provides educa-tion and medical help to needy people, as
well as cultural support. It supports and funds religious ceremonies. It has even supported
a musical show based on old Hindi film songs.
And finally, there is the Morarka Arts and Crafts Foundation that has been sup-porting arts and crafts projects across the nation and encouraging India’s rich herit-age to survive and grow. The Jehangir Art Gallery, for instance, has gained from his support.
But behind all this is a quiet man, who nev-er flaunts his work. While staying behind the scenes, he continues to do what he is best at: write books, espouse the socialist cause, help others and support those in need. Now, he is busy building his new political party, the Samajwadi Janata Party (Chandra Shekhar).
Redefining the art of giving back to society Kamal Morarka is the man behind several charities that are working to bring about a positive change in the country
pay it forward
Kamal Morarka
Mukesh Gupta, Chief Executive of the foundation, delivers his welcome address at the main event
Morarka, Chairman of the foundation, at the compost business unit at Mangalam Dairy in Chelasi
At the Science Park, Nawalgarh, where Morarka inaugurated a quiz for students
A student who completed an online education programme helping 53 schools and 39,600 children
Bharti Morarka presents cheques to members of the Women’s Self-Help Group at Nawalri
Over 30 women entrepreneurs involved in the Mudra Credit Scheme attended the event at Nawalri
Now with The Economic Times, five days a week, Monday to Friday
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ADVERTORIAL & PROMOTIONAL FEATURE
Right thinking
Taking the pain out
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TABLING HIS SPORT AGENDA
This business champion is playing for keepsA former national-level TT player, Niraj Bajaj got into the game courtesy his elder siblings. He now wants it to go mainstream in [email protected]
Big bucks from corporate and entertainment czars have made India something of a land of leagues in the past few years. It is rare though to find a backer who brings to the ta-ble not just money, but also an intimate knowledge of the game. As a co-founder of a ta-ble tennis league, Niraj Bajaj, promoter- director, Bajaj Group, brought both.
“Every second person in India plays the game, at least on their dining table, if noth-ing else. And yet, we haven’t produced world champions,” he said. A former all-India table tennis champion, Bajaj’s sport-ing credentials are rare, even more so in the world of business. “Those from top industrialist fami-lies usually don’t play sports com-petitively. They definitely don’t par-ticipate in world-class competitions. There is a lot of sacrifice and effort in-volved in it,” he said.
His tryst with the sport was an accident. Growing up, sev-en-year old Bajaj would have to await his turn to play TT. “There was a table at home. All my brothers [including Rahul Bajaj] would play. I was
the youngest so they would bully me. Nobody would play with me. They’d ask me to run errands and then play for 5-10 minutes. I guess it started from there,” he recollected.
Bajaj retired from the game at the age of 22, when he cap-
tained the Indian men’s na-tional team. “My fam-
ily wanted me to con-tinue to play. They felt that I didn’t have to earn my bread and butter
and could focus on the game. But I felt it
was time, so I retired and moved to the US to
pursue my MBA.” The sport, however, has re-
mained close to his heart, as he continues to play it recrea-tionally at home with his son. The opportunity to bring to the Indian audience a world-class league was too good to pass up, he said.
Niraj Bajaj
Rahul Bajaj
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MUMBAITHURSDAY
5 OCTOBER 2017
The widow of Nepali nati-onal Tilakram, one of
the 23 victimsof the Elphins-tone Road FOBtragedy, is run-ning from pill-ar to post to cla-im the promised relief. Bind-ravati Teli has been living ina haircutting salon in Joges-hwari since she arrived inthe city on Monday. Withoutdocuments or a bank accountshe only has her husband’sPAN card to bank on. She hasnow been told that hiring alawyer to claim the Rs 5 lakhrailway compensation cou-ld cost Rs 2 lakh. SumitraDeb Roy reports, P 2
No relief yet forvictim’s widow
from Nepal
The BMC on Thursday raz-ed the canteen of actor
Shah Rukh Kh-an’s producti-on house, RedChillies, in Ma-lad, dubbing ita fire trap, re-
ports Vijay V Singh. A 2,000sq ft open terrace in the 16-sto-rey DLH Park had been turn-ed into a canteen by Khan. RedChillies said it was an areawhere its staff would eat thefood they got from home. P 2
BMC razesillegal canteenin SRK’s office
BENNETT, COLEMAN & CO. LTD. | ESTABLISHED 1838 | TIMESOFINDIA.COM | EPAPER.TIMESOFINDIA.COM MUMBAI | FRIDAY, OCTOBER 6, 2017 | PAGES 54 *
P R I C E ` 7 . 0 0 A L O N G W I T H M U M B A I M I R R O R O R T H E E C O N O M I C T I M E S O R M A H A R A S H T R A T I M E S *
The Gujarat HC has rejec-ted the plea of Zakia Jaf-
ri, wife of slain ex-CongressMP Ehsan Jafri, against a lo-wer court order upholdingthe SIT’s clean chit to thenCM Narendra Modi over all-egations of a “larger conspi-racy” in connection with the2002 post-Godhra riots. P15
HC nixes Zakia’splea on ’02 riots
A 6-year-old girl was rap-ed, allegedly by a mem-
ber of the housekeeping st-aff, in the toilet of a privateschool in Delhi on Wednesd-ay. The man, a sweeper, wasarrested after the girl comp-lained to her parents and cl-ass teacher. P 20
6-yr-old rapedin Delhi school
Operations at Maruti’sManesar plant were su-
spended for 11hours on Thur-sday after a leopard was spot-ted strolling inside it. A fore-st department team finallymanaged to contain it withina building, allowing work toresume at 3pm. P 21
Leopard haltsMaruti plant ops
Surojit Gupta & Sidhartha TNN
New Delhi: The Centre willuse Friday’s GST Council topush through relief measuresand calm jittery businessescomplaining about the newtax regime. The panel of state
and Union finance ministersis expected to ease exporters’pain by allowing electronicpayment of taxes through “vi-rtual currency”, while annou-ncing a series of steps for sm-
all and medium enterprisesas it seeks to smoothen the im-plementation of GST.
Expectations of a raft ofmeasures were triggered afterPM Narendra Modi’s strong
defence of the health of the ec-onomy on Wednesday, whichhe backed up with a meetingwith finance minister ArunJaitley and BJP presidentAmit Shah on Thursday.
Shah, who is supposed toprovide critical political fee-dback, cancelled his return toKerala on Thursday for theplanned padyatra. Jaitley sk-ipped a scheduled speech atthe India Economic Summiton Thusday evening. Sourc-es, however, described themeeting as routine.
Details of the meeting we-re sketchy, but sources saidaddressing concerns relatedto GST were top priority forthe government.
PM, FM, ShahHuddle AheadOf Panel Meet
GST Council set to give reliefto SMEs and exporters today
� Cars leased before July 1 could get some relief�Changes likely for some handicrafts, like sholaarticles from J&K�Khakra, singhada and jobwork on items like imitation jewellery could see rate cuts�Demand for review of rates for AC restaurants
SOME RATES MAY BE REVISED
REPORT ON P23
Seven babies have died atFakkhrudin Ali Ahmed
Medical College in Assam’sBarpeta in 22 hours since We-dnesday. Four others are crit-ical. State health minister HB Sarma claimed the mortal-ities were due to the “criticalnature of the cases”. P 18
7 kids die in 22 hrsin Assam hospital
Ina bid to improve the gove-rnance structure of listed
entities, a Sebi panel headedby banker Uday Kotak hassuggested a slew of steps, in-cluding appointing one of acompany’s non-executive di-rectors as chairman, splitti-ng the post of chairman andmanaging director and nam-ing at least one woman as in-dependent director on its bo-ard. It has also called for 50%independent directors on acompany’s board. TNN P 25
Listed cos mustsplit CMD post,says Sebi panel
Kazuo Ishiguro, the auth-or of ‘The Remains of the
Day’, won the Nobel prize forLiterature on Thursd-ay for a run of “exquisi-te” novels that the Swe-dish Academy said mi-xed Franz Kafka withJane Austen.
The Japan-born wr-iter said the honour was “flab-bergastingly flattering”. Theaward of the $1.1-million prizemarks a return to a more mai-
nstream interpretation of theLiterature Nobel, a year afterit went to singer-songwriter
Bob Dylan. Ishiguro isthe first Briton to win itsince Doris Lessing in2007. ‘The Remains ofthe Day’ won the 1989Man Booker Prize andbecame an Oscar-nom-
inated movie starring Antho-ny Hopkins as a fastidiousand repressed butler in post-war Britain. AGENCIES P 24
‘Remains Of The Day’novelist wins Lit Nobel
Mumbai: Pallavi Vikamsey,the 21-year-old daughter ofthe partner of one of India’sbiggest audit firms, was fou-nd dead on the railway tracksbetween Parel and Currey Ro-ad stations on Wednesday. Go-vernment Railway Police(GRP) said Pallavi had jump-ed before a train and endedher life. Her family had beenlooking for her after her pho-ne was switched off on Wedn-esday evening. The police ide-ntified her on Thursday, follo-wing which an autopsy wasconducted. The reason for thesuicide isn’t clear yet.
Pallavi’s father, Nilesh,and his siblings, Kamlesh and
Ketan, are partners in KhimjiKunverji and Co. They havebeen auditing some of India’sbiggest companies. Nilesh isthe president of the Instituteof Chartered Accountants ofIndia (ICAI) and is an indepe-ndent director in several Indi-an companies and MNCs.
Missing law studentfound dead on tracks,rly cops dub it suicideNitasha Natu & Mateen Hafeez TNN
New Delhi: The Supreme Co-urt expressed concern on Th-ursday over abusive and dero-gatory comments on socialmedia and agreed with the co-ntention of senior advocatesFali Nariman and Harish Sal-ve that people doing so shouldface consequences.
The SC also hit back at th-ose alleging that judges wereincreasingly becoming “pro-
government”, saying such ac-cusations were unfortunateand people should come andsit in courtrooms to see howcourts have “hauled up” thegovernment to protect the rig-hts of citizens. The SC was he-aring a plea seeking its direc-tion to restrain ministers andthose holding public officesfrom expressing their viewsin criminal cases which mig-ht affect the probe.
SC ‘concerned’ aboutabuse on social media
At least 18 people, includi-ng a police constable,
were killed and more than 30injured in a suicide attack ona Sufi shrine, Dargah Fateh-pur, in Pakistan’s southwes-tern Balochistan provinceon Thursday, reports OmerFarooq Khan.
This was the second dea-dly attack on a Sufi shrine inPakistan this year. In Febru-ary, a suicide bomber had kil-led more than 80 people andinjured 250 others in an atta-ck on the shrine of Lal Shah-baz Qalandar in Sehwan Sh-arif in Sindh. P 24
18 die in suicideblast at Baloch
Sufi shrine�Relief plan, P 16
�It’s horrible: Counsel, P 20
�‘Jumped from train’, P 10
Pallavi Vikamsey(21), daughter of a top auditor, was interning at a firm in Fort. On the night of Wednesday, a relative got an SMS from her phone: ‘No one is responsible’
BJP-ruled Gujarat becamethe first state on Thursd-
ay to say it would cut VAT onpetrol and diesel after the Ce-ntre urged states to cut theirlevies on the fuels by 5%. Oth-er BJP-ruled states, such asMaharashtra, Madhya Prad-esh, Chhattisgarh, Uttarakh-and, and Jharkhand, and sta-tes where it shares power, likeBihar, seemed likely to followsuit with cuts or seriously co-nsider the option of doing so.But Haryana, though a BJPstate, appeared in no mood tocut taxes. P 8 & 17
Gujarat cuts VAT,other BJP-ruled
states may follow
FULL COVERAGE: P 17 & 25
� ISI has links with terroroutfits: Pak military, P 24
P 25
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“It is my fourth time in India and I absolutely love coming back every time. I think IREX is a great forum for everyone to
come together and great for the people who visit.”
Maria MorrisPartner
Knight Frank, Middle East
“It has been very good. I think we have had a variety of clients that have come to the stand and have looked at us as an interesting investment opportunity. It is a combination of sales event, but on top of that it is a networking event, it’s a brand presence and it is giving us a platform to be more aware about the Indian population and even they can understand who we are and our strengths as business. So I
think it’s absolutely perfect.”
Jonathan DuncanInternational Sales Director for MENA
Berkeley Group, UK
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Antonis PisharasOverseas Business Development
Aristo Developers, Cyprus
TESTIMONIALS
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Hal BealsDirector Investor RelationsAmerican Life, USA
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Oliver LiuMarketing Executive
R&F Properties, China
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Mohd Al HazzaaGeneral Director
Emirates Industrial City, UAE
TESTIMONIALS
“IREX has been quite good for us. We are probably looking at a lot of interest coming out of the Mumbai market for us. We have had some interesting mix of walk-in’s talking about New Zealand, the immigration process and our properties. The Indian investment market is growing very strongly. We have found especially in the last 12 months that the demand
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Stephen SutoriusHead of Sales GlobalConrad Group, New Zealand
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Miz HerreraBusiness Development Manager
Salboy, UK
“Indian real estate buyers are looking for either a second home, or want a place to holiday in, or some buy because their children are studying abroad. Increasing globalization, comparable valuations overseas and investment considerations, are few factors that are driving them to buy such properties. IREX is the right platform which enables one to choose from the best international property options. It feels great to be associated as the Knowledge Partner
with a platform of this kind.”
Shishir BaijalChairman & Managing Director
Knight Frank, India
TESTIMONIALS
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and visiting clients.”
Mona JalotaDirector
International & NRI Residential ServicesColliers International
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Delhi show as well.”
Paarash JungInternational Sales Specialist
Siamese Asset, Thailand
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