Property & Wealth Feb Issue

contents February 2012

08

COVER STORY BUY A HOUSE BEFORE YOU MARRY

CONTRIBUTORS AND ASSOCIATES Publisher & Editor-in-Chief Jasmeet Dhamija jasmeet@propertyandwealth.in Editor Pankaj Sharma editor_inbox@propertyandwealth.in Feature Writers Priya Ghai, K.Singh, Rupinder, PD, Sheetal Singh Art Director Rajesh Kumar Graphics Team Bhupinder, Gagan, Sanju Advertisement & Sales Sandeep Kapoor, (M) 9818510511, sandeep@propertyandwealth.in Sales & Subscription Mr. Ajay Gupta (M) 9216841278 Photography Rohit Bhatia Pre Press Team: NBC, Gopal Production Team: Upinder, Vikas, Vijay Advisory Board Harpreet Pooja & Associates, Architects Rajiv Gupta & Associates, Chartered Accountant Vikas Chatrath, Advocate

Investment in property isn’t just meant for grown-ups. If you’re in your first job after college and looking to get married soon, consider buying your own first house beforehand.

11 BRICKS

REAL ESTATE PROJECTS

Chandigarh Capital Region Punjab / Haryana

19

SAND

20

Delhi NCR Himachal

REAL ESTATE & INFRASTRUCTURE NEWS

regional Permission required for construction DLF Garden City Gurgaon Gurgaon SEZ land demanded back by Haryana Monorail expected by 2017 in Delhi Parsvnath Developers Q3 net profit down 28%

Published, Owned and Printed by Sh. Jasmeet Singh at Plot No. 437-A, Industrial & Business Park, Phase - II, Chandigarh Printed at M/s Savitaar Press, Plot No. 820-21, Industrial Area Phase - II, Chandigarh

21

national LIC Housing Finance floats urban development PE fund Black money in Real Estate sector under scrutiny Home loans may get cheaper Fitch assigns negative outlook on Indian real estate sector Govt. approves Rs 5,388 cr road projects in 3 States

Design & Print Production

info@ideaprintcity.com

Mumbai flat draws record price

22

international Boom Time in Dubai Property Sales Nike to develop new China HQs Campus in Shanghai “New Cities Summit” in Paris this year An equestrian village in France NRIs send $4.6 billion dollars home Vancouver beats Sydney in unaffordability index

23

eye-catchers

Becks, Posh redesigning their homes using feng shui

about this issue An increasing number of young people are turning to investment in property as a long term anchor to

Juhu flat for newly-wed Bollywood couple

25

CEMENT

32 36 38 40

their savings. “Buy a home – before you marry” is about young salaried people going in for purchase of property before they get married.

Limited Liability Partnership might’ve been recently introduced in our country but it’s an established

PROFESSIONAL KNOWLEDGE & MOTIVATION

concept in other countries of the world, especially in the service sector. The concept of LLP combines the organizational flexibility of a partnership firm

realty coach Go property shopping with friends

coupled with the advantage of limited liability for its partners. A preferred vehicle for real estate investment from a taxation standpoint, the

flipside CREDAI adopts 23rd Jan as ‘Mission Transparency Day’

in your good books The Total Money Makeover by Dave Ramsey

soft corner Akshaya Patra Programme

real estate champion Yatzhak Tshuva

28 26 architectural marvels Sydney Opera House

process of forming LLPs is very easy as compared to Companies.

Declared a UNESCO World Heritage Site on 28 June 2007, The Sydney Opera House is one of the 20th century’s most distinctive buildings and one of the most famous performing arts centres in the world. With more than seven million people visiting the site each year, it is one of the most popular visitor attractions in Australia. It was designed by Danish architect Jorn Utzon who’d won the design competition launched to identify the best design for the opera among 233 entries representing architects from 32 countries. Ironically however, he wasn’t invited to the opening ceremony of the building in 1973 by Elizabeth II, Queen of Australia.

Pankaj Sharma Editor

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

Buy a home before you marry People generally take a home loan after they get married as they feel that home is needed only when they have a family. I don’t understand why they plan so late. An educated youngster gets a job at around 21 to 23 years of age and provided he/she is getting a salary of more than 20k a month, home loan can be taken at a young age. Before you marry, as a young individual your debts & expenses are at minimum and your capacity to work is at maximum. And by the time one gets married, about 60% of home loan would already have been paid.

Starting this issue, Property & Wealth magazine is adopting the mission, ‘to encourage all youngsters to buy a home before they marry’. This month’s cover story is first step towards the mission and in subsequent issues you will find it a monthly feature with guiding steps on how to actually make this possible i.e. ‘buying a home before you marry’. We as publication intend to carry this objective so passionately that we would be blunt to the extents that take a car loan only after you have sufficient money to pay for home loans. Your children can go without a car ride but they deserve a roof on their heads.

We believe, owning a house and having paid at least 60% of the home loan before you marry, would ensure a comfortable financial future to you and your family. Typically a bank assumes that about 55-60 % of your monthly disposable / surplus income is available for repayment of home loan. If you are not married this may be even taken 75%, at least for your own calculation of paying capacity. If your home loan is paid by the age 35 years, this ensures a decent financial future as future surplus income after having repaid the home loan can be fruitfully used for higher education of children and for affording luxuries of life.

goes interactive www.facebook.com/propertyandwealth

Jasmeet Dhamija Editor-in-Chief

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Cover Story

BUY A HOUSE BEFORE YOU MARRY ... to live happily ever after!

Maninder Singh is a 29-year old electronics engineer from Chandigarh. He is today the proud owner of a two-

one gets married

bedroom apartment in Zirakpur, for which he has already paid 83 EMI’s out of 120. Heeding to self advice an year into his job with an MNC in the Tricity, Maninder followed

good

his mission to buy a house before he gets married. He went in for a home loan at young age of 23, with no other debts to bother him. The EMI plan was executed without a hitch as he choose to buy a car only after he has owned a flat of his own. He is all smiles today as his property has appreciated in value, reaching a price tag which he might find difficult to afford today.

The biggest advantage for young investors in property is that they have time on their side. A home loan is undoubtedly a huge financial commitment. But still, a well-handled home loan early in one’s career can fetch lasting returns in the long run which makes it a challenge worth taking up. As time goes by, Maninder may choose to reside in that house with his family or consider what returns the asset could give to him as an investor. In the latter case, he could either rent out the property and earn a stable income or fix it up a bit and sell for a profit. It seems to be a win-win situation for him, either way.

Marriage is on the cards for the young man in the coming year. As he is also expecting his first promotion around the same time, Maninder seems to have to have laid the foundations for a comfortable life ahead. Marriage does bring with it a load of responsibilities and owning a home before 08

PROPERTY & WEALTH-FEBRUARY 2012, VOL 1, ISSUE 6

is

a

particularly decision.

Investment in property isn’t just meant for property dealers per se. Nor is it an investment medium meant for the rich. Property can be owned by anyone who earnestly wants to do so and is able to garner his/ her resources effectively and in time. Our friend here is most likely to reap the benefits of his foresight and somewhere in his mind, the twobedroom apartment he has been able to set aside as an asset while he is young, will always be a source of strength and satisfaction in his later years.

Let’s assume you’re one of our young readers who would like to be in Maninder’s shoes. Or you might be a parent, friend or well-wisher who would like to pass on similar advice to a dear one. Purchasing property for the first time can be quite an experience in itself and the following

It pays not to ignore suggestions on location,legal processes and finances before going in for a huge financial commitment like buying a house

general guidelines can be of immense value to the

‘project home’ indefinitely, on some pretext or the other,

purchaser:-

only to find themselves without a roof over their heads in their 50s.

Yes! I’m buying a house The most important thing to remember while going in for a first-time purchase is that buying a home isn’t necessarily a one-time exercise. Don’t wait for the ‘perfect’ place at the ‘perfect cost’ to show up. Postponing that first purchase indefinitely may prove counter-productive.

There’re many people out there who kept putting off

Money matters Plan to buy a house you can afford and borrow only as much as you can repay comfortably. In most cases, the initial down payment is the biggest challenge. While it’ll be ideal to meet this challenge with your own savings, it is usually ancestral property or the ‘best wishes’ of friends/ VOL 1, ISSUE 6, PROPERTY & WEALTH-FEBRUARY 2012

09

Cover Story EMI affordability chart (before marriage - with 75% assumed disposable income Monthly Salary Disposable Income 75% ` ` 21300 15975

Flat Cost ` 2250000

Loan Amount `

Loan Tenure

1600000

240

15975

in months

EMI `

37500

28125

3200000

2560000

180

28299

47500

35625

4200000

3360000

180

37142

59500

44625

5200000

4150000

180

45875

relatives which eventually come in handy while raising

to be able to make a fair assessment. Also, there’re

funds.

many good property related websites one can look up nowadays. Websites like magicbricks.com, 99acres.com

Don’t hesitate to consult your elders before taking the

or makaansearch.com may prove immensely beneficial,

final plunge. It pays not to ignore suggestions on location,

what with their ever-increasing operational range as well

legal processes and finances before going in for a huge

as improving services.

financial commitment like buying a house.

You also

needn’t indulge in extravagant furnishing like wood work, drapes and décor. There is no limit to what one can spend on amenities these days.

Location issues Perhaps the most crucial element when deciding on a home purchase is the choice of location. Do you intend to settle down in the same city or does your work profile require you to relocate to another State? In case you’re required to travel a lot, it would be advisable to select a location where your parents or relatives stay. In your absence, they can monitor the construction work and take care of legal formalities.

Selection of a good location also implies finding a safe neighbourhood. Availability of schools, colleges and healthcare facilities in the vicinity are advantageous. For people who’re willing to travel some distance to work, they may look for a cheaper option in comparison to prime locations.

Lender A home loan is a long term commitment spanning 15 years or more. Explore the market to choose a good housing finance company keeping in mind factors like quality of services offered, loan procedures and safe retrieval of title deed.

Credit History An impeccable track record of prompt repayment is one of the first requirements your finance company would be interested in. A history of default on credit card or vehicle loans will reflect poorly on credit score. Young home loan applicants generally have the advantage of lower debts since they have no major financial obligations and commitments.

Conclusion Owning a house for your residential purpose is always a priority. Rarely does one hear of cost of property coming down. Increasing cost of property and home loan interest rates also drives house rents up. “The sooner, the better,”

Research does count Try and ascertain the right asking price for properties in the area which interests you. It is a time-consuming activity but you really need to meet as many property dealers 10

PROPERTY & WEALTH-FEBRUARY 2012, VOL 1, ISSUE 6

one would say and frankly speaking, any time is a good time to buy a house for self-occupancy. If you get a house that fits your budget and requirements, just go for it.

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

CHANDIGARH CAPITAL REGION Accord Corporate Square

ATS Golf Meadows

Location: Sohana-Landran Road, Sector 90, Mohali Highlights: IT/ITES office spaces, roof top garden, 100% power backup, 24X7 hi tech secutiry.

Invest 23 lakhs & get 23000- per month.

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Location: Township Derra Bassi, 12 kms from Chandigarh.

Highlights: 300 acre integrated township Club with swimming pool, squash court,indoor sports, basket ball. Spacious Apartments with abundant parking Options: 3BHK, 4BHK, Penhouse.

Villas, Plots

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DLF Hyde Park Estate

Location: Sector 116, Greater Mohali Kharar - Landran Road.

Highlights: IT & Institutional set ups nearby. Golf Course & Ansal Plaza coming up in vicinity.

Options: Independent Floors, Plots, SCO’s

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

Ansal API Golf Links - II

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Bestech Square

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

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

Options: 350 and 500 sq yards plots

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

For More Details 12

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PROPERTY & WEALTH-FEBRUARY 2012, VOL 1, ISSUE 6

CHANDIGARH CAPITAL REGION DLF Valley Panchkula

Multitech Tower 2

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

Options: Independent Floors currently available only on resale

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

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IREO Five River

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RKM City

Location: Sector 98 and 99 Mohali Highlights: Ireo Hamlet is 32 acre gated township with club of its own.

Options: Plots 250, 350 sq yards, Villas and low rise, mid rise 1BHK, 2BHK, 3BHK apartments.

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

IREO Rise & Hamlet

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Ojas Grand, Zirakpur

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

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Location: Sector 112 Mohali Banur Highway, adjoining Chandigarh group of colleges Highlights: 50% green area.

Shopping mall, site for 5 star hotel Options: Booths, SCOs, residential plots 200, 250, 400 & 500 sq yards

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

For More Details

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13

CHANDIGARH CAPITAL REGION Savitry Greens

Unitech Uniworld City

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

Options: 2, 3, 4BHK Apartments

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

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Sushma Chandigarh Grande

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WWICS Imperial Heights

Location: Gazipur, Zirakpur, Near Chandigarh Highlights: Premium 3 BHK & 4 BHK Duplex apartments near upcoming Golf Course Options: 3BHK & 4 BHK Duplex aprartments.

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Location: Sector 85, Mohali Highlights: Spread over 300 acres, Wave Estate has already completed all basic infrastructure needs. Greens & landscapes are well planned.

Options: Plots, Villas, charming floors and plush condominiums

Sushma Crescent

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Wave Estate

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

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

Options: Studio Apartments, 2bhk, 3bhk, 3bhk Penhouse

mperial heights

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

For More Details 14

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PROPERTY & WEALTH-FEBRUARY 2012, VOL 1, ISSUE 6

DELHI NCR Ansal Heights 2

Jaypee Greens Kassia

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

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Emaar MGF Palm Gardens

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

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M3M Merlin

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

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Location: Noida-Greater Noida Expressway Highlights: Foodball field, cricket field, cycling track, tennis & basket ball courts, Unique Y shaped apartments.

Options: 2, 3, 4 BHK Apartments

India Bulls Enigma

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Jaypee Greens, Garden Isles Towers

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

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

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

For More Details

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15

DELHI NCR Paras Tierea

Spaze Privvy

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

Options: 2BHK, 3BHK

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

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Vipul Gardens

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

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

SCC Heights

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Universal Aura

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

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

Options: 1,2 & 3 BHK

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

For More Details 16

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PROPERTY & WEALTH-FEBRUARY 2012, VOL 1, ISSUE 6

PUNJAB / HARYANA Alpha International City Location: Sectors 28 & 29 HUDA on National Highway1, Karnal Highlights: Spread across more than 300 acres, Karnal’s first truly world-class development Options: Residential & Commercial

Eldeco Greens

R

Location: Nakodar Road, Jalandhar Highlights: Jalandhar’s First integrated township, a new world of integrated living in an exquisite residential township spanning over 80 acres.

Options: Villas, floors and

eward yourself with an improved lifestyle.

residential plots 200 to 350 sq. yds

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Uni Homes Ambala

Location: GT Road NH 1 Opposite Mac Donald Highlights: 5 impressive residential towers going up to 12 floors with excellent space management, ergonomic interiors and delightful amenities Options: luxurious 3 BHK,4 BHK duplex, 4 BHK with utility 0

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Location: Turning off the NH 95 near the Ludhiana-Ferozepur Road, a short drive along Sidhwan Canal Highlights: 500 acres with glittering lake at its centre, beautiful layouts, green environs Options: 3-5 BR villas and apartments from 3000-8000 sq ft

DLF Park Place Jalandhar

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Ireo Water Front

Location: Nakodar Chowk, Jalandhar Highlights: Total Built-Up Area is 14864 sq mts approx with 3 floors of retail and 3 floors of offices.

Options: Retail outlets, commercial office space, food court, cafe’s.

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Location: Unitech Unihomes Sector 16 Ambala Highlights: UNIHOMES is well connected to rest of the city and Haryana with Narnaul and Jhajjar highways running close Options: 2 BHK & 3 BHK lowrise affordable flats.

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

For More Details

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17

HIMACHAL Amravati Hills

DLF Samavana

Location: 3km from Solan on Solan Sabathu Road.

Highlights: Registry for built up area for built area Even for non Himachlis. Enjoyable weather round the year Options: 1 BHK 671 sq feet, 2 BHK 111 sq feet and 4BHK duplex cottages 2475 sq feet.

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Location: Kasauli Hills at 5000 feet, nearly 15kms from Kasauli amidst pristine environment.

Highlights:Each Villa & Apartment providing a panoramic view of Mountains. Landscaped Gardens, Swimming Pool & Gym. International 5 star Hotel Options: Villas and Apartments

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Pine Wood Cottages

Location: Simla Hills, Bemloi, Near CPRI complex Highlights: Luxury Cottages Priced between 2.5 to 3.9 crores.

Simla’s first residential gated complex Options: Super area varies from 2700- 3100 sq feet.

Luxury Cottages.

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

Options: 1BHK/2BHK on 400 sq yard Plot

DLF Samatara

Budget Planner

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Hill Farms

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

Options: Luxurious independent villas, residential plots

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Location: Solan Simla Old Road, Kumar hatti Highlights: Beautiful fully furnished apartment With un spoilt view of the mountains.

An ideal hill farm house.

Options: 2BHK and 3 BHK

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

For More Details 18

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PROPERTY & WEALTH-FEBRUARY 2012, VOL 1, ISSUE 6

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

regional news

Evader Inc Group Housing at New Chandigarh (Mullanpur)

Gurgaon SEZ land demanded back by Haryana

Evader, Inc. subsidiary ASCC has announced that it has

The Haryana government is in talks with Mukesh

launched Phase 1, a 480-unit integrated group housing project, in New Chandigarh valued at around 165 crores..

Ambani-led Reliance Industries (RIL) to take back 1,383 acres in Gurgaon as the company has failed to develop

ASCC is India’s leading real estate company and even though there are several plotted developments in the region

the SEZ over the same. The company had entered into an agreement with the State government in 2006 to set

by majors like DLF and Omaxe, this is the first integrated

up SEZ in Jhajjar and Gurgaon by setting up Special

group housing project developed in New Chandigarh (Mullanpur) by a national real estate player. It’s situated

Purpose Vehicle Reliance Haryana SEZ. Reliance Haryana SEZ is a joint venture between Reliance

on 11 acres of lush greenery and 75% of the total property

Ventures, a RIL subsidiary, and Haryana State Industrial

area has been reserved as open space for the comfort of residents. The project offers eight-floor buildings with

and Infrastructure Development Corporation (HSIIDC).

a total of 480 units located on the periphery of the city.

These ultra-modern apartments range in price from Rs. 19 to 35 lakhs and are available with two bedrooms, three

Monorail expected by 2017 in Delhi

bedrooms and three bedrooms with attached servant room.

The project comes with 100% power back-up, health club and swimming pool. There’s around the clock security and

In a recent development, the Delhi government has given an in-principle approval to a 10.8 km elevated monorail

water supply and a provision for gas being piped in.

DLF Garden City Gurgaon With Gurgaon-Manesar Master Plan 2025 fuelling a boom in realty, real estate major DLF has announced plans to develop a new zone spread over 450 acres by the name of DLF Garden City located in Sectors 86, 87, 90, 91 and 92. This zone will comprise of group housing, commercial and plotted development and the land is nestled in the lap of 1000 acres open spaces.

The plotted development will offer plots of different sizes ranging from 250 to 502 square yards.In keeping with DLF’s signature statement, DLF Garden City will offer all luxurious facilities such as 24X7 power backup, community shopping, landscaped greenery, 24X7 security, gated communities, rain water harvesting, and recreational facilities. They have joined hands with a leading school to cater to the educational needs of the residents.

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PROPERTY & WEALTH-FEBRUARY 2012, VOL 1, ISSUE 6

link between Shastri Park Metro Station and Trilokpuri via Laxmi Nagar in East Delhi. The link is expected to be functional by 2017. In the coming years, the monorail is expected to roll in other major cities like Mumbai, Chennai, Bangalore and Jalandhar. The transport system has proved to be highly successful in crowded areas of Japan, Malaysia and the United States of America.

Parsvnath Developers Q3 net profit down 28% Parsvnath Developers has reported a drop of 28 per cent in its consolidated net profit because of higher inflation, input costs, administrative and manpower cost as well as higher cost of funds.

“This has collectively put pressure on margins,” said Pradeep Jain, chairman, Parsvnath Developers. net profit in the quarter ended December 31, 2011 fell to Rs 22.54 crore from Rs 31.37 crore a year ago. The net revenues, however, rose rose 7% to Rs 239.6 crore, from Rs 224.4 crore.

national news

LIC Housing Finance floats urban development PE fund

Fitch assigns negative outlook on Indian real estate sector

LIC Housing Finance Ltd, or LICHFL, a subsidiary of

Rating agency Fitch has assigned a negative outlook to the

the country’s largest insurance company LIC, recently launched a Rs 500-crore urban development fund. The

real estate sector for 2012 due to weak demand and high cost of construction. As per Fitch ratings, high equated

company announced its first closure at Rs 200 crore and

monthly installments, resulting from significantly higher

the fund is expected to raise the entire amount in 8 to 9 months. Both LIC and LICHFL have committed Rs 50

interest rates, besides lower household surplus due to high inflation and high residential unit prices, have reduced

crore each to the fund. The fund will make investments in companies involved in the development of mid-income

affordability for properties. The Indian real estate market, bruised by economic slowdown blues, will continue to be

affordable housing schemes and income yielding micro

subdued in 2012 on the back of weak demand and higher

infrastructure asset through equity and equity-related instruments.

construction costs.

Black money in Real Estate sector under scrutiny

Govt. approves Rs 5,388 cr road projects in 3 States

The National Institute of Public Finance and Policy (NIPFP) is conducting a study called ‘Estimation of Unaccounted Incomes in India’ which means to review recent property

The Govt. has approved three road projects in the states of Himachal Pradesh, Haryana and Andhra Pradesh entailing a total investment of Rs 5,388.36 cr. The Cabinet

deals to check for the use of black money in the country.

The research was commissioned last June by the Central Board of Direct Taxes, which falls under the Union finance ministry. Incidentally, the first study on unaccounted

Committee on Infrastructure cleared widening of KiratpurNer Chowk section in Himachal Pradesh at a cost of Rs 2,356.20 cr. The widening of 84.38 km stretch on National Highway (NH) 21 will be implemented under NHDP phase

money was conducted by NIPEP in 1985 wherein the estimates-which are not considered reliable-varied from $462 billion to $1.4 trillion.

III. The project, on completion, will reduce the time and cost of travel for traffic plying between Kiratpur and Ner Chowk.

Home loans may get cheaper

Mumbai flat draws record price

Home loans may soon come at more favorable terms for borrowers, with the concept of mortgage guarantee set to take off in the coming weeks. Mortgage guarantees will ensure softening of interest rates as well as more credit availability for retail home loan borrowers. India’s first mortgage guarantee company, India Mortgage Guarantee Company, will soon go operational. With mortgage guarantee, which is basically a risk-mitigant, a home loan borrower may be able to reduce his equity for taking a loan.

A 21st floor flat in Cuffe Parade’s Jolly Maker 1 building in Mumbai was sold at a whopping price of Rs 29 cr at the rate of Rs 1.11 lakh per sq ft. The highest rate ever in the past was Rs 1.02 lakh per sq. ft. for a 19th floor duplex flat in Worli’s Samudra Mahal which was sold for Rs 37.25 cr in 2010. The four-bedroom apartment, with a closed garage with two car parks, was sold by the Jagwani family (which runs a jewellery business) to Ashok Patni, one of three brothers who own Patni Computers.

VOL 1, ISSUE 6, PROPERTY & WEALTH-FEBRUARY 2012

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international news

Boom Time in Dubai Property Sales

An equestrian village in France

The value of property transactions in Dubai increased by

Haut in south west France aimed at buyers in the over 50 age range who want to live in a community with sporting

20% during 2011 reaching AED143 billion for the year, the latest data from the emirate’s real estate watchdog

and outdoor activities. The development is being styled

shows. The Real Estate Regulatory Authority (RERA) said that sales were boosted by 6,400 new property investors

as an Equestrian Village as research indicates there is a demand among people aged 50 and over to have a

who entered the market.

healthy and active lifestyle which horse riding can provide.

Dubai’s property market was devastated at the end of 2009 when a boom turned to bust as overseas investors

Developer, The Villages Group, is minimising the use of concrete, aiming for maximum energy retention with

and domestic buyers deserted the market and this is the

the use of high levels of insulation and energy reducing glazing.

first official sign that they are returning.

Nike to develop new China HQs Campus in Shanghai

NRIs send $4.6 billion dollars home

NIKE, Inc just announced plans for the development of a new centralized campus for Nike’s employees in Shanghai,

An estimated 30 million NRIs (non-resident Indians) worldwide sent nearly $4.58 billion in remittances back home regularly last year according to the World Bank,

China. The nearly 600,000 sq.ft. headquarters will be built at The Springs, Tishman Speyer’s newest mixeduse development in Shanghai’s Yangpu District. Nike’s investment in developing this new centralized campus will support its long-term business growth strategy in China, where it celebrated 30 years of business in 2011. The Springs is Tishman Speyer’s largest project in China and follows the development of previous successful commercial projects in Tianjin and Chengdu.

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France’s first equestrian village is being built in Moulin-

as they continue to drive international property sales to record highs in the sub-continent. India has pipped China in receiving the highest amount of remittances for five consecutive years now. China is thought to have received $4.57 billion. Working abroad in at least 130 different countries, NRIs are driving a boom in domestic house prices in India as they seek to invest in property.

“New Cities Summit” in Paris this year

Vancouver beats Sydney in unaffordability index

The New Cities Foundation, a Swiss non-profit organisation dedicated to urban innovation in 21st century cities, will hold the inaugural New Cities Summit from May 14-16, 2012 in Paris, France. The annual New Cities Summit aims to be the leading annual global event on 21st century urbanisation, with a unique focus on urbanisation in fastgrowing economies in Asia, the Middle-East and Latin America. NCF’s work examines the complex challenges which many Indian cities are faced by such as poverty, social exclusion and environmental degradation.

Vancouver’s property market has overtaken Sydney’s as the most unaffordable in the world behind Hong Kong according to a new study. Research group Demographia, in its study of 325 metropoiltan areas world wide, revealed that Vancouver’s median homeprice is now $678,000…10.6 times the median pretax household income of $63,800, making it “severely unaffordable”.

Sydney’s home price to income ration was 9.2, while Hong Kong topped the ranking with 12.6… a record for the survey, surpassing Los Angeles’ 11.5 in 2007.

PROPERTY & WEALTH-FEBRUARY 2012, VOL 1, ISSUE 6

eye-catchers

Becks, Posh redesigning their homes using feng shui The Beckhams are reportedly preparing for their fourth baby’s arrival in the summer by giving their London and Los Angeles homes a feng shui makeover.

Pregnant Victoria has hired 600 poundsan-hour interior designers to overhaul their mansions. The 36-year-old former Spice Girl ordered that the decorations be done in keeping with the ancient Chinese art of feng shui, which looks to find the right balance of life forces.

Juhu flat for newly-wed Bollywood couple

Riteish Deshmukh and Genelia D’Souza, who were pronounced man and wife a few days back are all set to shift to a flat in suburban Mumbai. Designed by Riteish and approved by Genelia, it seems the flat reflects both their tastes. Riteish-Genelia’s eclectic wedding was spread

over two days, with two kinds of weddings – while the Deshmukh family conducted a Maharashtrian wedding with much pomp and show, the D’Souzas played host to a grand Christian ceremony.

VOL 1, ISSUE 6, PROPERTY & WEALTH-FEBRUARY 2012

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

CEMENT

real estate champions Monthly Feature

Israeli Billionaire Yitzhak Tshuva bought the celebrated New York Plaza Hotel in 2004 for $675 million

Yitzhak Tshuva Israel’s Gas King A leading Israeli businessman and noted philanthropist, Yitzhak Tshuva is currently ranked 440 in Forbes Magazine’s list of World’s Billionaires with an estimated net worth of $2.6 billion (as of March 2011). Yitzhak leads the Delek Group, a major oil and gas exploration and production company based in Israel and also owns real estate company the El Ad Group.

Born into a poor family of 11 who crammed into a single room after immigrating to Israel from Libya in the 1940s, this self-made real estate entrepreneur started his career 26

PROPERTY & WEALTH-FEBRUARY 2012, VOL 1, ISSUE 6

penniless. With literally no formal education, Yitzhak built his success story based on sheer hard work, intelligence and expertise. He became a contractor after leaving his compulsory service in the Israeli army and earned a tidy fortune in the construction boom that coincided with the influx of Soviet Jews to Israel during the 1980s and early 90’s. The year 1998 marked a turning point in his life, when he orchestrated a hostile takeover of Delek, Israel’s second-largest oil and gas company.

God stopped manufacturing land a long time ago but He forgot to hang a board anywhere on total number of occupants allowed.

Thus, while the human race has kept multiplying over the years, the total land allocated to them has always been limited and permanent. Some of the smartest people in the world have turned to Real Estate as a profession but not all of them have succeeded. And only those out of them with ‘something extra’ could eventually make it to the top.

A household name in Israel today, Yitzhak went on to build a global real estate empire that includes New York’s Plaza Hotel which he’d snapped up for $675 million in the year 2004.

He also controls property in Vegas along with partner Nochi Dankner. The Las Vegas Plaza is the working name for the duo’s $5 billion to $8 billion ultra-luxury casino hotel project. Yitzhak also owns 20,000 housing units and 700,000 sq mtrs of commercial real estate in North America and Canada along with real estate portfolio in Europe. He has made global investments through three companies- Delek Group, Elad Holdings, and Tshuva Holdings. Other business interests of the tycoon include car dealerships, cable TV, car insurance and natural gas wells off the coast of Israel.

Saving the “Lowest Point on Earth” In between Jordan and Israel lies the lowest point on earth, the Dead Sea. It is one of the most spectacular landscapes in the whole world as also the world’s richest source of natural salts.

The Dead Sea’s shoreline is sinking by a meter a year, and it is feared that it will literally “dry up” by the year 2050 – unless immediate efforts are made to save what many are calling one of the Seven Wonders of the Modern World.

The idea for a Red Sea-Dead Sea canal has been around for several years. One of the main ideas being forwarded to stabilize the water level of the Dead Sea is the muchheralded, yet controversial, Red-Dead Sea Conveyance Project, which involves digging a canal and a series of water pipeline conduits 160 kilometers from the Gulf of Akaba to a location on the salt lake’s southern perimeter in order to bring between 1,000 and 2,000 MCM (million cubic meters) of water annually to replenish and stabilize its water level.

The proposed canal carries a price tag in billions of dollars,

Yitzhak Tshuva

making it prohibitively expensive for the Israeli, Jordanian and Palestinian governments. Enter the private sector.

Tshuva and several other businesspeople, including a Saudi prince, offered to foot the bill, on the condition that they be allowed to build a string of real estate projects along the route. Now, ironically, the original canal idea (touted as the Dead Sea’s savior, but expected by many to actually damage the Sea) may give way to an unabashed real estate land grab. The Red-Dead Canal has encountered opposition, needs government approval and will take years to build in any case. But the project’s momentum may be sufficient to get some big construction projects approved, even without the canal itself as a centerpiece.

Tshuva mentioned the project in a speech he gave at the Tel Aviv Stock Exchange in June 2009, when he painted an optimistic forecast of “up to a million jobs” being created by the Red-Dead Conduit Project, and by “spinoff” industries connected with it. In the speech, reported in Israel’s Globes financial newspaper, Tshuva talked about increasing Israel’s freshwater supplies through desalination, including the desalination of Red Sea water destined for the Dead Sea. Yitzhak’s plan also includes building of parks, lagoons and entertainment centers as well as hotels and beaches along the banks of the canal.

In addition, there will be gardens along the banks, which will represent the nations of the entire world.

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CEMENT

architectural marvels Monthly Feature

Sydney Opera House The Sydney Opera House is a globally recognized architectural landmark and a renowned performing arts center. As synonymous with Australia as the pyramids are with Egypt, the Sydney Opera House is recognized by the World Heritage List as a “great urban sculpture carefully set in a remarkable waterscape and a world famous iconic building.”

The modern architectural marvel is located at Bennelong Point, a peninsula that juts out into Sydney’s breathtaking harbor. The building forever associated with Australia was actually designed by an architect from Denmark, according to the Australian Government. Architect Joern Utzon entered a competition run by the New South Wales government in the 1950s. The competition was openended, without requirements for cost or design. The only specification was that the building should hold two halls for opera and symphony performances.

Architecture Many people visit the Sydney Opera House to admire its architecture, rather than to attend performances. The Sydney Opera House is a “masterpiece of late modern architecture,” according to the Sydney Opera House official Web site. According to the City of Sydney, the architectural design is especially unique in that it does not borrow from historical precedent.

Venues The Sydney Opera House actually has multiple performance venues, according to its official site: Concert Hall: The largest performance venue, the Concert 28

PROPERTY & WEALTH-FEBRUARY 2012, VOL 1, ISSUE 6

The Sydney Opera House is located on the peninsula Bennelong Point

Hall, is the home of the Sydney Symphony, the Australian Chamber Orchestra and the Sydney Philharmonia Choirs, among others. Seating 2,679, the Concert Hall is a magnificent room fashioned of white birch timber and brush box.

The Opera Theatre: Mostly showcasing opera, ballet and dance performances, the Opera Theatre is a proscenium arch lyric theatre that seats 1,507 and boasts an opera pit that can seat 70 musicians. Opera Australia and the

As the world shrinks smaller and smaller, our aspirations of matching the physical environment of developed nations has only grown. Thanks to globalization, Indian entrepreneurs and industry professionals have also been exposed to the latest global trends and technological advancements in the field of construction.

The Studio Modern music and other newer performances are typically held in the Studio, which is the smallest venue in the Sydney Opera House. Cabaret and spoken presentations are held at the Studio, which seats up to 350 people.

Utzon Room The signature of the Utzon Room, a multipurpose room, is a large, colorful tapestry commissioned by the architect.

Forecourt This outside venue provides sweeping views of Sydney Harbour and is used for New Year’s celebrations, concert performances and other events. The seating is amphitheatre style and can be reached by the Monumental Steps.

Recording Studio: This is a world-class studio for producing and recording music.

Performances The first performance at the Sydney Opera House was Prokofiev’s War and Peace, presented by the Australian

Australian Ballet are among the outfits that perform in the Opera Theatre.

The Drama Theatre: The Drama Theatre houses theatre companies, such as the Sydney Theatre Company and Bell Shakespeare, among others.

Playhouse Some of the same theatre companies that use the Drama Theatre also use the Playhouse, which is a smaller venue that is also designed for theatrical performances, but usually those operating with one set.

It seats 398 people.

Opera. According to the Australian government’s Heritage Branch, the Sydney Opera House has hosted some of the world’s greatest performers, including: Opera singer Luciano Pavarotti, The New York Philharmonic with conductor Leonard Bernstein, Dancer Mikhail Baryshnikov & performers like Michael Jackson and Elvis Costello.

Facts and Figures Since its 1973 opening, the Sydney Opera House has been visited by more than 100 million people and has hosted 100,000 performances. Below are some interesting facts and figures about the Sydney Opera House: • 3,000 events are held there annually.

• It contains 1,000 rooms.

• 200,000 visitors tour the building each year.

• 2 million people attend performances there each year.

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CEMENT

know your home loans Monthly Feature

Home Loans Expectations from Budget 2012 IT Exemption limit on interest on housing loans may be

Besides, borrowers can enjoy exemption on payment

enhanced to 3 lakhs from existing 1.5 lakhs a year.

What may turn out to be big cheer for home loan buyers,

of principal amount up to 1 lakh but this is a clubbed amount along with your savings as LIC,

the government is contemplating to enhance income tax exemption for up to Rs 3 lakh paid as interest on housing loan in a year, from the existing limit of Rs 1.5 lakh.

With the property prices and interest rates rising with this enhancement may give the much needed respite to property buyers.

As our readers may already be aware that at present, a deduction of up to Rs 1.5 lakh is available from taxable income towards interest paid to bank on housing loans.

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CEMENT

realty coach Investment in Property can be a tricky affair. There are various things which need to be looked into at the time of buying or selling a house. Matters related to taxation laws, procedure of registration or transfer of property. As the name suggests,

Monthly Feature

Realty Coach is going to take up one or more key terms or issues every month to be explained to make matters simpler for you.

Shopping Property with friends The aim of realty coach column is to keep you abreast

out lawful business for profit can form an LLP.

with the latest trends and happenings in the sphere of real estate. In this issue, we are writing about a new way

Members of an LLP bring in land as equity and can make

to buy property. It’s often a common problem that you wish to buy property yet the money in hand that you have

a profit of 15-20% on project development that gets distributed among members. Lawyers, doctors, bankers

it not enough to suffice the investment required. You have

and IT professionals are among

friends with whom you can make this joint investment but then you don’t want anything to go wrong and avoid getting in to this sharing arrangement which has no terms

those who float LPPs to invest in residential projects in places like Bangalore and Chennai.

spelled out. Well read below and you will surely find a way out of this.

“Developers see this as a great opportunity as it provides a captive audience for their projects with minimum or no

Partnership firms, Private Limited companies are made to do business. You may also have heard of a new form

32

marketing costs,” said Shrinivas Rao, CEO of real estate consultancy Vestian Global.

of partnership that you can create and it’s called as LLP (Limited liability partnership). This paves in a new trend in realty shopping. A concept in which you can shop

IT professionals are pooling in crores to form an LLP to invest in residential projects.

for property with your friends with all terms spelled out and yet not have any complicated legal frame work. So if you wish to go shopping for property by pooling money with your friends, do it a proper legal way. Form a limited

LLPs are also a preferred vehicle for real estate investment from a taxation standpoint. There is no tax liability when the profit gets distributed among members of a group. In contrast, when a corporate entity declares dividends, they

liability partnership (LLP), pool money as per percentage of money you are putting in, use the money to buy land parcels and then either wait for appreciation or you may also partner with a developer to develop built-to-suit residential projects and earn money in future.

pay a dividend distribution tax of 15.5%,’’.

•

Over 80 IT professionals in Bangalore pooled in crores together and formed an LLP to invest in residential projects.

This model gives handsome discounts while buying and earns a profit when surplus inventory (property) is offloaded. It also provides tax advantages.

•

LLPs are great from a taxation standpoint.

There is no tax liability when profits get distributed among members of a group.

The LLP model defines the rights of the members and no one person gets singled out because of the liability emerging from the company. Hence, risks are spread out evenly. Any two or more persons with an intention to carry

•

Lawyers, doctors, bankers and IT professionals are among those floats LPPs to invest in residential projects in places like Bangalore and Chennai.

PROPERTY & WEALTH-FEBRUARY 2012, VOL 1, ISSUE 6

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CEMENT

Monthly Feature

34

the prosperity seekers

Jog On

Nothing beats a private island

Regular jogging gives better overall physical condition as well as some other health benefits, including mental benefits such as relaxation and reduction of anxiety.

Most importantly for many, running is a good way to lose weight and generally get fitter. Jogging makes the heart stronger. It increases the capacity of the blood circulation and of the digestive and respiratory systems.

Islands are priced according to a number of factors, including acreage, climate, distance from the mainland and the political stability of the area. There was a time when transportation, communication, electricity and fresh water were all complicated concerns. It’s a different story now with the proliferation of low-cost tourism, wireless technology, solar energy, desalination units and wind generators.

PROPERTY & WEALTH-FEBRUARY 2012, VOL 1, ISSUE 6

...good health, a great mind & lots of money!

Check mate!

One of the things that makes chess particularly effective as a way to keep our brains in shape is that the game has a built in system of reward and punishment.

Attention is a critical component of learning, especially if we want that learning to endure over the long term.

Chess gives you an instant feedback mechanism that can quickly punish any lack of attention.

The Law of Attraction simply states that you attract into your life whatever you think about.

VOL 1, ISSUE 6, PROPERTY & WEALTH-FEBRUARY 2012

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CEMENT

flipside

Monthly Feature

CREDAI adopts 23rd January as ‘Mission Transparency Day’ “Give us corruption free single window clearance system and we will flood India with homes”- CREDAI The Confederation of Real Estate Developers’ Associations of India (CREDAI), the apex body

the members’ compliance before assimilating them under the CREDAI banner.

for private real estate developers in India, has envisaged ‘Mission Transparency’ crusade to

By taking ‘Mission Transparency Day’ forward as an annual occasion, CREDAI members pledge to practice internal discipline while adhering to the code of conduct

promote transparent real estate transactions by rallying the Government’s support for a

that protects the interest of all stake holders especially the home buyers. CREDAI strives to achieve this mission by enforcing ethical business practices for building a

Mr. Lalit Jain, President CREDAI

single window clearance system.

It declares 23rd January as the ‘Mission Transparency Day’

credible real estate industry. While ‘Mission Transparency’ is a campaign advocated by CREDAI, it would exhort all

to commemorate the birth anniversary of Netaji Subhash Chandra Bose and revive his philosophy of ‘Complete Unconditional Independence for India’. CREDAI goes

About CREDAI

that extra mile to infuse this philosophy into its vision to promote red-tapism free single window clearance system to achieve complete unconditional independence from corruption in Real estate. This will weed out inefficiency in the process right from land acquisition to issue of completion certificate.

CREDAI, with this legendary campaign strives to translate our freedom fighters’ vision of “Bharat Sone ki Chiriya” (India a golden bird) into reality. CREDAI looks forward to celebrate this ceremonious occasion every year on 23rd January. Recounting the old motto of ‘Give me blood, I will give you freedom’, CREDAI reinvents this motto to retool it along the lines of ‘Mission Transparency Day’ for advocating, ‘Give us corruption free single window clearance system and we will flood India with homes’.

CREDAI has promulgated stringent code of conduct for xxxxxxxxxxxxxxxxxxxxx

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PROPERTY & WEALTH-FEBRUARY 2012, VOL 1, ISSUE 6

It is the apex body of the organized real estate developers/builders across India, representing pan-India associations of real estate and housing developers. Since its inception in the year 1999, the association has grown manifold with allegiance from 22 state/city level associations viz. Andhra Pradesh, Chhattisgarh, Delhi-NCR, Goa, Gujarat, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Orissa, Punjab, Rajasthan, Tamil Nadu, Uttar Pradesh and West Bengal with over 6000 individual member developers encompassing over 60% of the organized private sector real estate development activity in member states/cities in the country. CREDAI has been instrumental in rallying the cause of the Real Estate sector by presenting the issues and concerns of real estate developers to the Government. For more information log on to – www.credai.org

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

CREDAI Secretary Mr. T. Chitty Babu & chairman Mission Transparency Branding Mr. N. Nandakumar

stake holders including the Government body for a single window, transparent approval mechanism that can lead to faster acquisition of land, registration of land, statutory approvals and speedier service connections resulting in efficiencies of cost, quality and time. With the ‘Mission Transparency’ drive CREDAI looks forward to establishing a relationship of goodwill and credibility with all the stake holders.

CREDAI National President Mr. Lalit Kumar Jain, who pioneered the concept of Mission Transparency, sharing his vision said, “‘Mission Transparency Day’ will be registered as the red-letter day in the history of the Indian Real estate. With this revolutionary endeavour , CREDAI takes the giant leap forward to be the catalyst for the next big change in the Indian Real Estate, that is 23rd January, a Corruption Independence Day for Indian Real

Estate. Food, Clothing and Shelter being basic necessity of humanity and with the gap between the rich and poor increasing, it is imperative that this basic necessity of “ Housing for All” is addressed in an inclusive manner by the stakeholders leading to creation of housing stocks. Only a transparent mechanism can ensure the inefficiencies plaguing the system to be eliminated. This will culminate into reduction in cost. With this gamechanging crusade against corruption, we look forward to a nation that is corruption free, thoughtful, full of vigour, verve and absolutely fearless.

VOL 1, ISSUE 6, PROPERTY & WEALTH-FEBRUARY 2012

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

Monthly Feature

The Total Money Makeover A Proven Plan for Financial Fitness Dave Ramsey In his most popular book, The Total Money Makeover,

views on credit card usage can actually convince you to

American financial author, radio host, television personality, and motivational speaker Dave Ramsey offers a proven, comprehensive plan for getting in shape financially. The

switch over to the lesser used debit cards.

method of overcoming debt and achieving financial health outlined by the respected financial expert of is not easy. It requires sacrifice, hard work and total discipline. In fact, readers would find printed on the bottom of every page of The Total Money Makeover, this motto: If you will live like no one else, later you can live like no one else.

As per the author: “If you will make the sacrifices now that most people aren’t willing to make, later on you will be able to live as those folks will never be able to live.” The first five chapters of The Total Money Makeover focus primarily on psychological hurdles that one must overcome in order to be ready to build up their personal finances.

Hurdle 1: Denial People in financial trouble more often than not simply deny that there is a problem with their own finances. They tend to forget that it is in fact the possibility of a disaster as well as the possibility of great financial success which they have failed to accept.

Hurdle 2: Debt Myths Debt is never a healthy thing to have. Taking on car payments because everyone does, is not smart. Dave

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PROPERTY & WEALTH-FEBRUARY 2012, VOL 1, ISSUE 6

Hurdle 3: Money Myths The most common myth regarding money is that it is the key to solving all our problems. The truth however is that money is nothing more than a tool. If we can use money as a tool, we set ourselves free, otherwise money uses us.

Hurdle 4: Ignorance Most of the time, people are busy imitating what everyone else does and consider that to be right. The right approach to follow would be to sit down and analyse the problem to be able to come up with a lasting solution.

Hurdle 5: Keeping up with the Joneses Many people get into debt because they want to keep up with people whose financial situation they don’t really know about, and follow blindly.

The second portion of The Total Money Makeover consists of Ramsey’s seven “baby steps” to financial freedom.

Dave’s a big proponent of the one step at a time concept and proposes seven “baby steps” to financial freedom. By following these in order — and not moving on to the next until the current step is complete — readers gradually progress from debt to wealth.

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

Monthly Feature

initiatives.

Akshaya Patra Programme

The Akshaya Patra Programme is organized by the Akshaya Patra Foundation that provides mid-day meals through an efďŹ cient distribution system to over 5 lakh school children every day, with the support of the Government of Karnataka and a large number of donors. This scheme encourages the children from the most underprivileged sections of society to attend school, giving them a chance to attain a better foothold in life, than their parents.

Prestige Group, Bangalore have pitched in by adopting over 550 school children of the Government Urdu School at DJ Halli, Bangalore, and serving them hygienically cooked mid-day meals on a daily basis. Taking this a step further, they also distribute school bags and stationery to these children on an annual basis.

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