Observer Dawn

OBSERV

ER DAW

NPrice `100, Year 2, Issue A

pril 2013

18technologyprecast techonlogybringing in a hindrance-free Construction

10

42

24

56

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interviewgulshan homz projectsMarked as a Quintessence for Quality

Cover storyturning the realty on trust and transparencyWith more than 17 year of experience in finance, investment...

in focusWill rbi Cut in lending rate offer any relief ?i have been following the reserve bank of india (rbi)more keenly...

City scanMonaco: a country of gambleif it was not for its size, Monaco might someday evolveinto a goliath...

detoursrabindranath tagore and his historic...it is always a pleasurable thing to read and know theinteresting and mesmerizing...

EventEmpowering delhi police force

EditorHariom Tyagi

Managing EditorAchyut Nath Jha

Consulting EditorsRakesh Purohit

Manoj Chaturvedi

lEgal EditorMakrand Pratap Singh

CorrEspondEntsRajkumar Chaudhry

Amit Agarwal

sub EditorManish Kashyap

salEs & MarkEtingAjeet Tyagi

Shailender Chaudhry

art dirECtorAnwarul Haque

graphiC dEsignErUmang Goel

VidEo and photographErHariom Sharma

adMin.Jagat Kumar

offiCEObserver Dawn Pvt. Ltd.

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c

Briefing

24

Letter From the Editor

The Maken Measures for Realty

Rarely do real estate developers appreciate steps, taken by the gov-ernment of the day, to bring in policy initiatives which could reviveconstruction activities and spearhead the growth. But they are notonly to be blamed as in the past, budget proposals and centralbank's rate cut in repo rate had largely failed to push the property

market both for buyers and investors, let alone the developers. Naturally, amidthese not-so-rosy scenarios, some announcements from Ajay Maken, Union Min-ister for Housing & Urban Poverty Alleviation (HUPA), have attracted enthusiasticresponse from real estate sector.

Providing a major fillip to the construction sector, Maken's ministry recentlymade announcement that Centre is planning to set up a system of single-win-dow clearances for developers. The first positive result of this policy will be: Itwill bring down the approval time for real estate projects in the country. “Thecommittee on streamlining approval procedures for real estate projects has rec-ommended setting up of a nodal agency to coordinate real estate projects,bringing down average approval time from 196 days to 45-60 days,” Maken saidwhile addressing the National Editors’ Conference. The HUPA had set up a com-mittee under the chairmanship of Dhanendra Kumar for Streamlining ApprovalProcedures for Real Estate Projects and the committee had since submitted itsreport. The process involves the submission of a single composite applicationform (CAF), which would ensure simultaneous clearance from the municipal cor-porations, state governments and the Central agencies.

Known in the corridor of power as a minister who takes pro-active and pro-de-velopment approach, Maken also announced the formulation of ‘Housing StartUp Index’ (HSUI) in collaboration with RBI. Only six countries namely Canada,United States, Japan, France, Australia and New Zealand are compiling data re-lated to building permits/housing starts on a regular basis. The HSUI will serveas a tool/measure to reflect the change in housing sector and related industriesvis-a-vis the entire economy. The number of housing starts during a given periodreflects the institutional response to the existing number of building permits,besides the current demand for houses. Maken said that it was felt necessary todevelop the Index which can be used as a tool to monitor the movements inhousing and related sectors of the Indian economy on a regular basis.

The HUPA also intends to table the Real Estate (Regulation and Development)Bill in parliament. The proposed regulator will make it mandatory for developersto launch projects only after acquiring all required permissions. The Bill also hasprovision which says, before starting construction the developer will have tosubmit all relevant clearances to the regulator as well as put up on the com-pany’s website. It has provision to deter builders from putting out misleadingadvertisements related to the projects and carries penalty clause. Earlier, too,Maken has asked for granting 'infrastructure project' status to affordable hous-ing projects in big cities like Mumbai and Delhi. Analysts, then, said that themove will boost the real estate.

It is only hoped that measures announced by the ministry take the logical courseand the looming cynicism makes way for a vibrant real estate.

@harityagi2003

@harityagi2003

@harityagi2003

@harityagi2003

Connect with Hariom Tyagi

6 OBSERVER DAWN lAPRIL 2013

Maken's ministry

recently made

announcement that

Centre is planning

to set up a system of

single-window

clearances for

developers.

Hariom Tyagi

Editor, Observer Dawn

Gulshan HomzProjects Marked as aQuintessence forQuality

10 lAPRIL 2013

INTERVIEW

OBSERVER DAWN

Mr. gulshan nagpalFounder and MD, Gulshan Homz

ExcerptsQ. When did you start your real estate journey?

The journey that started two decades ago by building independent houses in east Delhihas today taken the shape of Multiple Housing Project in Delhi-NCR. Now, we are redefin-ing the market with the exclusive levels of luxury lifestyle.

Q. While selecting the area mentioned here, what did you keep your mind — logistics,infrastructure or demand?

We have selected the Noida Expressway as our location for this project. Noida Expressway,due to its easy accessibility from Delhi and other regions of NCR has become the favouriteplace for all. It is a major hub of MNCs and developers as well. Though, Noida as a whole isa good place to live in, yet there are certain areas which are mostly sought after by all.Amongst such areas, Sec-137 is the best place to live in. Away from the hustle bustle ofcity, Sec.137 is located on Noida Expressway, surrounded by greens. In terms of connectiv-ity, the place is well connected to other places through FNG and Expressway. Proposedmetro station will add charm to the city. Also the logisticsand infrastructure are much easier to receive there only.

Q. The projects your company has started… and whenwill these be completed?

Currently we are having 3 ongoing projects:

Gulshan Vivante – expected date of delivery – December2013

Homes 121 – expected date of delivery – December 2014

Gulshan Ikebana – expected date of delivery – 2016

Q. Real estate outlook is not as rosy as it was and therehas been a lot of assessment about its debt and liquid-ity crunch. How the funding for projects will bearranged?

We have our internal accruals, financial institutions and astrong database of satisfied clients. Because of our com-pany’s credibility, they are always eager to be a part ofour project and ready for funding the same.

Q. Do you agree that the area has potential and requisite infrastructure to emerge asyet another epicenter for real estate activity in NCR?

Yes, for sure. It has already emerged as an epicenter for real estate activities.

Q. How do you differentiate your projects from others?

Gulshan Homz is an institution well forward of others in terms of quality, strategies anddesigns. With the pro-active approach Gulshan Homz is consistently contributing to thedevelopment of good-natured living spaces with full transparency and passion. We have adistinguished reputation of bringing-in projects on time. Our projects have marked aplace for themselves as a quintessence for quality construction and luxury apartmentswith modern amenities. We have not only focused upon the apartments but it is the sur-roundings and other amenities which have been focused upon equally.n

Company Name : Gulshan HomzProject Name : Gulshan VivanteArea of Projects : 6.5 acresNo of units to be built : 778 unitsType of Unit : 6Area Of units : 1080 sq. ft.

1175 sq. ft. 1395 sq. ft. 1560 sq. ft. 2190 sq. ft., 2645 sq. ft.

Basic Price : 5000 per sq. ft.Approximate Date of possession : December 2013We are constructing approx. 7.5 million sq. ft.which will be delivered in next 3 years to come.

Fact Sheet

Observer Dawn closely follows the ongoing projects and highlights steps taken by some ofthe prominent developers. We spoke to Mr. Gulshan Nagpal on several issues includingthose related to Gulshan Homz projects

11OBSERVER DAWNlAPRIL 2013


YOUNG TURK

Q. The young brigade is now scriptinga new story for success in India and asa young Turk how do you explain thisphenomenon?

Every phase is always marked bychanges and these changes are nor-mally brought by young and creativeminds that bring in newer ideas. Theseideas are the result of their exposure tothe ever developing world. But every-thing is incomplete without the experi-ence and guidance of the people whohave been into it for decades.

Q. From an MBA from a prestigious in-stitution to VC and JMD of Gold Souk,that too, in a brief span. Mr. Gupta,how has the journey been so far?

The Journey has been quite satisfying aswe have seen our efforts being wellpaid. Today the company boasts of proj-ects pan-India. We have our presence instates like Kerala, Punjab, Haryana, Ra-jasthan and will very soon be coveringmore areas including the NCR region.

As for me, it is years of experience of mygrandfather and my father which hashelped me grow professionally. I haveseen my father working hard and havelearned the tricks of running businessfrom him. Today we are on a platformwhere we can think of expanding tonewer horizons.

Q. What’s your take on Gold Souks’soverall business strategy? Will thecompany be able to maintain its emi-nent position in the market?

Gold Souk is a four decade old com-pany. This business was started by my

grandfather and carried forward by myfather. We have witnessed every phaseof running a business. Today the groupstands strong with its pan-India pres-ence with several residential and com-mercial projects and the very famousspeciality mall by the name Gold SoukMall in Gurgaon. The group today is adiversified group with multiple businessinterest. We are into Gold Loans andvery soon will be expanding our GoldLoan Division to all the parts of thecountry.

Apart from that we are planning to in-vest Rs 1000 crores in NCR realty andwill very soon be launching multipleresidential projects in the NCR region.With such business plans we can surely

state that the group will easily maintainits eminent position.

Q. Kindly share with us the most recentprojects launched by Gold Souk.

As one of the pioneers of the real estateindustry, Gold Souk Group is exploringnew avenues. Currently, the Group isdeveloping:

India International Habitat Centre atLudhiana (Punjab) -Spread across 1.5Million sq ft, India International HabitatCentre (IIHC) encompasses Hotel, Serv-iced Twin Plug-in offices, ServicedApartments, Exhibition, Convention &Ceremony Centre and Branded Retail.

Habit@ IT/ITES SEZ at Gurgaon(Haryana) - Spread over 30 acres, GoldSouk habit@ is a notified Integrated ITSEZ, it embodies a perfect blend of highquality business space with an amenitycenter, residential apartments, retail,hospitality spaces and an internationalbusiness lifestyle second to none.

Gold Souk Connaught Place at Hisar(Haryana) - Spread over 5,00,000 sq.ft.,Connaught Place is all set to becomethe major landmark in the steel city ofHaryana. It encompassesExpandableready to move in offices, Ramada Hotel,Retail Arcade/Shopping Complex, FoodCourt, Multi-screen Multiplex, BanquetHall and Amphitheatre.

Golden Tulip Apartments at Ajmer (Ra-jasthan) - Spread over an area of morethan 12,00,000 sq. ft with 1600 Apart-ments, Golden Tulip Apartments is anaffordable residential project.

“Gold Souk Group is aggressive

Mr. ashish guptaVice Chairman & JMD, Gold Souk Group

with its plan for expansion inthe coming years”

—Mr. Ashish Gupta, Vice Chairman & JMD, Gold Souk Group


Gold Souk City Kochi (Kerala) - Spreadacross 33 acres, the Gold Souk City is anintegrated residential, commercial,Hotel & Retail development. Gold SoukGrande at Chennai- Spread over an areaof 8,00,000 sq. ft., Gold Souk Grandemall encompasses a brand retail mix ofHypermarket, Anchor, Multiplex, Ra-mada Hotel, Food Court, QSR, Vanillabrands. Chain of 5 Star Hotels in Kochi,Chennai, Ludhiana and Hisar Gold SoukGroup has also launched its financialservices in the name of Gold Souk Fi-nance that offers loan against Gold atvery nominal prices.

Q. What has been customers’ responsefor Gold Souk Grande launched insome prominent cities like Ludhiana,Chennai, Kochi and others?

The customer response has been fabu-lous with us selling out most of theprojects before the planned duration.Today people are always on the look-out to enhance their lifestyle with bet-ter houses or with better commercialplaces. We at Gold Souk Group haveprovided the people with both thethings. Modern technology, better infra-structure, better amenities and facilitiesdominates the demand in realty sector.

Q. Are Gold Souk specialty malls inGurgaon and Jaipur creating a windfall for company, customers and otherstake-holders?

The Gold Souk mall has been an innova-tive idea which has been really liked byeveryone. Buying Gold is always a partof special festivals in our country andmostly it’s the women of the family whodoes it. For women it has always beendifficult to try out new shops in differ-ent locations for better pricing and de-signs. With our Gold Souk Mall, for the1st time a series of branded gold sellingretail outlets have been brought underone roof. Today in our speciality malls,like the Gold Souk Mall in Gurgaon,which only sells gold, people come inhuge numbers as they not just buy goldat good prices but also have an optionof trying out different shops all underone roof.

Q. How much emphasis do you placeon architectural excellence, innovativetechnologies and design in Gold Soukprojects?

Architectural excellence, innovativetechnologies, designs, modern facilitiesand amenities have always been the pri-orities in all our construction. With Realestate in India evolving on a very fastpace, these factors can actually make aproject stand out.

At Gold Souk we have dedicated teamswhich conduct their own R&D to searchfor better and newer technology whichcan be used in enhancing the quality ofall our constructions. In all our projectspan-India, we have stressed in gettingbetter designs and technology. For in-stance, our India International habitatcentre at Ludhiana, Punjab will be oneof the tallest tower built in Punjab.

Q. With a pan-India presence in retail,residential, commercial, township andSEZ projects, is Gold Souk going forfurther expansion and diversification?Or is it time to consolidate?

Gold Souk Group is aggressive with itsplan for expansion in the coming years.Within real estate sector, the group innext 5 years would be focusing on

Delhi/NCR region besides carrying on/completing its projects in other stateslike Haryana, Punjab, Rajasthan, Kerala,Tamil Nadu and Madhya Pradesh. Mostof the company’s projects in thesestates will be completed within 2 years.With existing under construction proj-ects on schedule, the Group will nowaggressively make feel its presence inNCR market with existing good amountof land bank and in addition to newland purchases that they have lined upto launch residential & township proj-ects of world class standards.

Another major area of Growth for theGroup is in the financial services sector,wherein their Gold Souk Finance busi-ness shall spread its financial servicesthroughout India. At present they offerGold Loan services in Delhi/NCR region.

The Company in next 3 years plans to in-vest around INR 1000 crores in develop-ing residential projects in the NCR region.The company plans to launch multipleprojects depending upon the locationand the demand in those areas. n

Could you elaborate on thecompany's plans for the In-dian market?

Indian Economy has been witnessing aphenomenal growth since the lastdecade. The country is still holdingground despite global economic melt-down.

Due to the phenomenal economicgrowth India is witnessing an individualeconomic boom. The new group of in-dividual millionaires with an exclusivetaste are the target audience, unfortu-nately this segment remains untappedin as far as Hardwood Flooring Sales isconcerned. This is mainly due to thelack of awareness about HardwoodFlooring in the upcoming millionairesegment. Junckers therefore is launch-ing a special drive to make this segmentaware about the good and rich qualitiesof Hardwood Flooring.

How is the company lookingat maintain brand visibilityin the Indian market? How islooking at placing its posi-tion considering the intensecompetition from variousfloor tiles brands in the In-dian market?

Junckers currently does not have anycompetition! We do not have competi-tion to Laminated Wooden Flooring nor

do we have any competition relating toEngineered Wooden Flooring. Boththese varieties of wooden flooring caterto different segments. In the HardwoodFlooring we do not see any brandedflooring with which Junckers can com-pete or has competition with. Moreoverthe unique process by which Junckers isproduced is hard to get from anybranded or unbranded product theworld over. We are proud of the fact thatJunckers has created a unique identityof its own whereby it is the most accept-able wooden flooring throughout theworld. Once a Junckers user always aJunckers user!

What is the investment andmarketing strategy that thecompany is looking atadopting in the Indian mar-ket?

As already conveyed in the conversationabove we are trying to make the poten-tial buyers aware about the good quali-ties of Hardwood Flooring versus theother products available in the market.

There was a vacuum for over 5 yearswith respect to the market awareness ofHardwood Flooring during which timeEngineered Flooring grabbed the mar-ket share by posing as an alternate toHardwood Flooring. Junckers is thinkingabout a long term Sales Policy in Indiaand not a Short lived policy. Our firstand foremost task is to educate poten-tial buyers about the quality and aes-thetics of Hardwood Flooring.

Junckers may shortly establish theirown set up in Delhi. The plans are on theway.

Could you highlight the newtrends dominating in theflooring segment in the In-dian market as well as glob-ally?

The World market on Flooring had real-ized the utility and aesthetic values ofWooden Flooring over 20 years back.

14 lAPRIL 2013

INTERVIEW

OBSERVER DAWN

“We need to make in roadsinto the retail market”

—Mr. Mansukhani

In a formal conversation with Observer Dawn, Mr. Mansukhani share’s his company’s strategy to expand its presence in Indian market.

Mr. Mansukhani

In India the changing trends have al-ready started showing results. The tiles/ marble and granite are now being setaside due to the heavy weight / pricing/ and the messiness of installing thesame. In its place is now seen either theLaminated Wooden Flooring / Engi-neered Wooden Flooring / HardwoodFlooring depending upon the budgetand requirements of the buyer.

At one time about 8-10 years backwhen wooden flooring made its pres-ence felt in the Indian market the com-petition to wooden flooring wasconsidered to be Granite / Marble / Tiles.How true it was Marble / Granite andTiles are now facing the heat from theWooden Flooring market.

Any upcoming projects in theRealty Sector in India?

Yes Junckers is now tied up with a fewbrands in the Realty Segments both inDelhi and Mumbai. The high end LuxuryApartments by leading groups are al-ready in talks with Junckers and we ex-pect a huge order from a few projects,just like we bagged the JW Marriott –Mumbai and Bangalore Orders to thetune of around 20000 Square Meters-2,00,000 Square feet and have justcompleted the despatches to both thehotels .

What are the company'sgrowth plans for the future?

Major Growth plans are that we needto make inroads into the retail marketby making the potential buyers aware

about our products which would bethrough wide spread publicity on theprint and electronic media.

We would make our specifier basestrong for which we need to educatethem on the good qualities of the prod-uct both aesthetically and technically.We would also like to make inroads intothe Hospitality Industry too though weare quite thorough in that segment butnew players are getting into the fieldand we need to cater to their demandsas well.

Last but not the least – Commercial andOffice Segment which had been tappedshall also be tapped by Junckers. n


16 lAPRIL 2013

REalTY

OBSERVER DAWN

Shirdi happens to be one of themost frequently visited spiri-tual abode of the saint Sri SaiBaba. Sanctity exists in everynooks and corner of the land.

Innumerable numbers of touriststhrong the town each year to seek theblessings of Shirdi Sai Baba. A city nearly300 km from Mumbai and approxi-

mately 180 kilometer from Nasik; it at-tracts tourists and devotees from allacross the world to its sacred lands. It isa town located in the district of Ahmed-nagar in Maharashtra. This was the placewhere the saint Sai Baba lived till attain-ing Samadhi in the year 1918. There areother places of interest that devoteesvisit like Dwarkamani where Baba med-

itated and rested on alternate nights.Near Dwarkamani, in a corridor is thedhuni or eternal flame that burns dayand night. Other places of importanceare the Gurusthan, the Kandoba Temple,Shani Mandir, Narsimha Mandir,Changdev Maharaj Samadhi and theSakori Ashram. Shirdi, the abode ofrevered Shirdi Sai Baba, provides tran-

Sandal Suite on

The Trail of

Shirdi Shrine


quility to the visiting devotees, rejuve-nating their soul and showering themwith eternal peace and serenity.

Sandal Lands Pvt.Ltd, promoted byMr.Neeraj Gulati (Managing Director-As-sotech Realty), is a leading real estatefirm having been delivered over 5 mil-lion sq.ft of projects worth $300 million;is now consolidating its foothold in thePan-India real estate market. Pioneers inestablishing the concept of ‘ServicedResidences’ in Delhi/NCR and havingsuccessfully experimented under itsflagship banner Cabana Serviced Resi-dences at Indirapuram NCR, the com-pany is now on expansion drive in panIndia. Plans for launching a spree ofserviced residences across India, underthe brand Sandal Suites, a four/five starlevel offering. The first phase of expan-sion includes Noida, Shirdi, Ahmed-abad, Goa & Katra (Jammu).

Sandal Lands delves in commercial,retail, residential and hospitality sectors,under the leadership of Mr. Neeraj Gu-lati the managing director of the com-pany, an astute finance professional,responsible for drawing the blueprintsof the said concept and materializing itfor the company which was establishedin the year, 2003; further he has beenable to carve a niche for the company inpositioning themselves as leaders inDelhi NCR in the office space realty seg-ment, and also, has reputed residentialprojects under its belt developed in andaround Indirapuram and Noida.

With the percentage of visitingdevotees doubling every year at Shirdi,the Hospitality Industry has bolsteredwith most of its hotels experiencing oc-cupancy levels as high as 90%. More-

over, encashing this opportunity several3 star Hotels and 5 Star hotels haveopened up in Shirdi. According to in-dustrial sources, there is no prevalenceof chain of 5 Star Hotels or Serviced Res-idences across the religious circuit ofIndia. Today, religious destinations areone of the most attractive investmentoptions for the Indian Real Estate sectorto invest in Serviced Apartments.

‘Sandal Suites’ at Shirdi would be aLuxurious, 5 star level Service Residencecomplex, strategically located less thana km from the main temple and in thevicinity of the existing 5 star hotel,across a sprawling 2.5 acres of land.Conceived by the thought of reckoningthe needs and aspirations of the pil-grims, who spend so much time de-voted to the hectic life at office, theefforts were made to meet their ‘medi-

tation, rejuvenation-aesthetical stay’, re-quirements all under one perimeter andproviding them with a holistic ambi-ence for serene unhindered relaxationaccommodation options.

All Suites comprise of a kitchenettewith a dining area in addition to the liv-ing and bedroom. The suites are aes-thetically designed paring with vastubased architecture which are elegantlyfurnished with all modern amenities.The provisions has set new standardever since its inception, for the corpo-rate executives seeking tranqility for thepurpose of mental and religious peaceof mind. The complex claims to boast125 uber cool units with Landscapingwith Foliage Patterns and Water Bodies,a yoga center, a havan and worshipingplace, walking trail, library with loungeand a good collection of books from allreligions, swimming pool, state of theart gymnasium, meditation center, PureVegetarian Multi-cuisine Restaurants,Banqueting and Conferencing Facility,Souvenir Shop for the elderly,Concierge and Travel Desk to cater tothe its customers.

The company also offers lucrative in-vestment options where there is a re-turn on investment for the investors. Inparticular, it is a golden opportunity forinvestors who desire a recurring returnon investment. As these residences,which are strategically located near thepilgrimage may give (20 – 25) % returnannually. The occupancy levels are ex-pected to remain high throughout theyear and are expected to hover around90%. In addition to the investment theinvestor are given a privilege of free stayfor a limited period across India alongwith a club membership with the com-pany and discounts on Food & Bever-age.

The concept is a unique blend ofhospitality and real estate creating anew pool of investor and target groupof its own. Sandal lands aims at bringingone an ideal place to find solace in be-tween hectic work schedule which isimbibed with the pristine luxury offer-ing peace and tranquility both spiritu-ally and aesthetically. An ideal place toseek solace and redemption, Sandallands envisages the opportunity anddreams of delivering an Internationalstandard project to its end users.n

Sandal Suites’ at Shirdi would be a

luxurious, 5 star level Service Residence

complex, strategically located less than a

km from the main temple and in the vicinity

of the existing 5 star hotel, across a

sprawling 2.5 acres of land.

Mr. neeraj gulatiMD, Assotech Realty


TECHNOlOGY

In a country that has a staggeringhousing shortfall of nearly 27 mil-lion houses and inherent projectexecution challenges includingshortages in skilled manpower,the current execution capacity

based on traditional brick and mortaris hugely limited. Housing as an indus-try is still hand crafted and heavily de-pendent on manual labor and on-siteconstruction, which leads to largeamount of material wastage, labor in-efficiency and delay in project delivery.To overcome these problems, the pre-cast technology is the best solution.

In precast construction, the struc-tures are not made of mortar and ce-ment but of beams, columns, panels,slabs and standard concrete. Such con-struction does not need plastering asthe surface made is very smooth andrequires very less maintenance. The

technology strengthens the overallsolidness of the house much more thana traditional house. With the use of thistechnology, a hindrance-free construc-tion can be carried out in any seasonsaving up to 64% of time as comparedto the construction time of a brickhouse.

At Supertech Limited we are thefirst real estate developer to introducea new innovation in construction calledthe Precast Technology. Consideringthe challenges faced in traditional styleof construction, Supertech team, afterimmense research and effort haslaunched this technology under thebrand name of Supertech Precast Tech-nology Private Limited. The companyhas set up a manufacturing unit in anarea of 60,000 meters in SectorEcotech-16, Greater Noida, UttarPradesh, India. This unit will have a pro-

R. K. arora, Chairman & Managing

director of Supertech limited elucidates

about this technology – why there is a need

of such a technology and how does this

work.

r. k. arora, CMd Supertech Limited



TECHNOlOGY

duction capacity of 5.0 Million sq. ft.area per annum where roofs, walls andfloors of a precast house will be con-structed. The Company has also set uptwo separate units in this factory – onefor Hollow Slab and the other for Pre-cast Wall Pannels. All machines andunits required to execute the process ofconstruction is being imported fromGermany.

Supertech, being the pioneers inPrecast Construction will offer the tech-nology to other players in the industryfor the construction of high rise, lowrise, villas, townships and many morestructures.

In India, affordable and mass hous-ing needs an approach which is of com-ponent based off-site production withsupply chain linkages to the materialsuppliers and backward linkages to cre-

ate skill manpower. This will helphouses to be manufactured rather thanbuilt. Due to this extensive demand ofhousing units, the real estate marketneeds mass production where thistechnology will be of greatest help.With speedy production process a largenumber of units will be delivered inshort span of time at an affordable cost- this technology cuts down the con-struction cost by 10-15%. Also, as thistechnology doesn’t need skilled man-power which has a huge shortfall inIndia, with less manpower and ad-vanced production process, the tech-nology will help the real estate sectorgrow in a big way consequently helpingthe masses of India.

The technology can be used in con-struction of high rise buildings whichwill prove beneficial to both the devel-opers as well as the customers. Metrocities of India such as Delhi, Mumbai,Bangalore, Kolkata and Chennai are fac-ing a lot of space crunch with more andmore people migrating to the citieseveryday creating further demand forhousing. With this technology, con-

struction of high rise buildings is alsopossible, which is an added advantageof this technology.

Precast Concrete Technology has al-ready proved its worth in Europe,Dubai, Malaysia, Singapore and manyother countries worldwide. The bestpart of the technology is that it not onlyspeeds up the construction work butalso enhances the quality of the finaloutput. Also, it helps in creating biggercarpet area, which is of utmost importance to any customer. In a precast house, a defined space is left for windows, doors and all fittingssuch as Electrical, Plumbing, TV, Tele-phone, etc., which shall be laid beforeconcreting. Everything will be controlled and monitored throughcomputer which ultimately helps inmaking the structure stronger and bet-ter shaped. The technology has neverbeing used in constructing the real es-tate projects in India. As of now, thetechnology has been used only in developing infrastructure like bridges,flyovers, stadium, halls and also theMetro Rails. n

Some Important

Aspects About

Precast Technology

8 The use of this technology expe-dites the construction work

8 The quality of the constructionis better compare to normalmethod

8 It is independent of weatherconditions

8 The precast panels helps in cre-ating bigger carpet area

8 The use of this technology doesnot need plastering because itmakes the surface very smooth

8 Precast concrete material is cor-rosion resistant and can be usedin very aggressive environment

8 Structures like sports stadiumsand halls can be constructedthrough this technology as thematerial used is such which isfree from noise vibration

8 Customization in structures ispossible – Precast structurescan be molded as per conven-ience & utility

after captivating realty’s landscape in Mathura and Vrindavan withlandmark projects, SHRI Group has ventured into several locations atplaces such as Noida, delhi, Gurgaon, Pune, Nasik, Hyderabad, Udaipur,Jodhpur, Baroda etc.

from l to r: Mr. ram agrawal,director, Mr. suresh Chand kaushik, director,Mr. sudeep kumar agrawal, director, Mr. pradeep kumar agrawal

24 lAPRIL 2013

Cover Story

OBSERVER DAWN


With more than 17years of experiencein Finance, Invest-ment and Real Es-tate Servicesm a n a g e m e n t ,Tarun Shienh, CMD,

Premia Projects Ltd. is a householdname. Within a brief span, Shienh suc-cessfully positioned himself as the realgame changer of Indian real estate andthe sojourn continues till today, captur-ing the attention and interests of every-one who matter and have a say on this

Turning the Realty onrust and ransparency

26 lAPRIL 2013

Cover Story

OBSERVER DAWN

“I am committed towards changing theoutlook as well as the face of the

InDIan ReaL esTaTe arena.”—Mr. Tarun Shienh, CMD, Premia Projects Limited


Tarun Shienh has become a renowned name in the In-dian Realty sector of today. With innovative ideas likethe Premia Corporate City, he has captured the imagi-nation of the young and aspiring investors. A one-on-one with the man reveals that he has much more tooffer than just the investment avenues we see today.His thoughts run much deeper than the mere prospect

of making profits. He has envisioned changing the realty sector inthe Indian scenario and is set out to make these changes armed withall the knowledge and expertise he has amassed in the years goneby. Here, we present excerpts from the parley with the “Real EstateGuru”, Tarun Sheinh, revealing his secret armour (read visions and in-novative ideas) and how he came to be, what he feels the future hasin store for the industry and his organization and how he plans toleverage on his abundant experience. All this and much more…

Q. The beginnings are always humbler than the conclusions. Hasthis been the case with you? Yes, I absolutely agree. The beginning has seen me starting as a hum-ble financier. But the most significant thing in taking you to the toprung is build up on the experience and stay sharp at all times. Thecorporate world, with all its fierceness, needs you to be constantly onyour toes and thinking on your feet is immensely crucial. And that iswhat I have been able to do throughout my career. I have alwayskept my mind on the more important things like client satisfactionand interest and this has paid off well for me in the long run.

Q. Could you share your journey till now with us to give our readersa better understanding of how you got to the present pedestal?I am an MBA with a Post-graduate degree in Financial Managementand have spent almost 18 years in the Finance sector and workedwith several big guns of the industry like HDFC, Max, and Allianz etc. Ihave headed the investment products for HDFC for entire north for along period of time. Apart from this, I have held positions like branchand region head for Insurance organizations such as Max and Allianz.Now, I have ventured into the Realty Sector, hitherto unexplored byme personally. Though I had always followed the real estate develop-ments, I hadn’t served with a realty organization before. I have also

Tarun Sheinh,

revealing his

secret armour

(read visions

and innovative

ideas) and

how he came

to be, what he

feels the

future has in

store for the

industry and

his

organization

and how he

plans to

leverage on

his abundant

experience.

28 lAPRIL 2013

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OBSERVER DAWN

been associated with some other realestate organizations and worked to-wards driving them to excellence.Q. Your outstanding career speaksvolumes about you, as a prolific ex-pert and as a strategist. How did youmanage to leverage these qualities inyour company, Premia?It was during my term in the financialworld that I understood the needs ofcustomers while investing. I saw agreat potential in the real estate sectoras there was a lack of organized corpo-rations as per the clients’ perceptions.This was the gap I saw and focused myenergies on. I envisioned an organiza-tion that gives its clients a wholesomeservice experience, an experience thatleaves an impact on their minds. Thevision is to have a symbiotic relation-ship with my clients, wherein my in-vestors see their money grow and I, inturn, benefit from the lasting relationthat I build with the clients in theprocess.

Q. For achieving this position, youmust have faced some bumps alongthe road. How did you cope with themand turn those hurdles into steppingstones?I have always been blessed with a keeninsight and a fighting spirit. These arethe very things that helped me alongthe way. It is almost impossible to havea career as a long as I have had and notstep into some potholes. But the mostimportant thing is to stand up again,dust yourself off and start building onyour strengths. One has got to have apositive attitude at all times and tocome out on top of situations everytime requires a lot of grit and commit-ment. Execution is another importantaspect that has to be given the duediligence. It is a combination of allthese that has helped me survive thelow tide.

Q. Who are your role models or inspi-rational forces who motivated you toachieve success in your life?My biggest motivation has alwaysbeen my work and my clients. It is to-wards them that I direct all my effortsand it has always been a source of in-spiration for me. Apart from this, therehave been numerous figures in my ca-

reer and life that I have looked up toand got an impetus including my su-periors at various points of times and ano. of colleagues.

Q. What’s your assessment of the pre-vailing economic environment? Whatare the bottlenecks and challengesfor the real estate industry?I see the current economic environ-ment to be under serious turmoilowing to the global economic slow-down. There has been a lot of indus-trial commotion that has resulted inthe overall marketplace not respond-ing as per the expectations. As far asthe bottlenecks in the Real Estate in-dustry are concerned, there are a lot ofthem. Regulatory policies and regula-tory authorities have been less thansupportive and there appears to be animpasse at times leading to loss forboth the clients and the realtors. But asI see it, the biggest shortcoming is theabsence of transparency with theclient. This is something that will al-ways help an organization in thelonger scheme of things and must bepresent so as to build trust and toprosper.

Q. Last year has been a tough year forthe Indian real estate sector, with de-velopers' expectation of a sales re-vival turning out to be a pipe dream.Are you hoping for an improvementthis year?Well, hope is all we live for, right? Any-ways, the real estate sector does seemto be on a revival stint and the marketis starting to get a tad better. This,combined with certain policy changesthat are on the cards, should see theIndian Real Estate through to bettertimes. In any case, the kind of dedica-tion and commitment we have showntowards our clients and the projectswe are coming up with are sure tograb the clients’ attention and wewould hopefully be on the track as thetime goes by.

Q. Premia is bringing in luxury prod-ucts in the housing segment. Kindly,share with us about the projects, theirtime line and base price.Yes, we are bringing the clients a wholearray of luxury products coupled with

the ever-so-elusive affordability factor.An immaculate example is the “PremiaCorporate City”- first of its kind in India.This city is one investment avenue thatgives the investors a wide range ofchoices whilst still maintaining the coststo a level that make them a not so dis-tant specter.

Q. What’s your take on Premia’s over-all business strategy? Will Premia beable to achieve an eminent positionin the market?Premia’s primary business strategy istransparency to the customers. This isthe theme that we have built our busi-ness around. This is, I think, the singlemost important component for a busi-ness strategy to be successful. Sec-ondly, we believe in buildingrelationships with our clients. It is onvirtue of these relations that we hopeto attain firm footing in our initialyears. As for what Premia will be ableto achieve, we, at Premia, certainly as-pire it to transcend all our expecta-tions and with the efforts everybodyhas been putting in, we most defini-tively are moving in the right direction.

Q. How do you see the residential andcommercial realty shaping up? Doyou see any emerging trend?Both the residential and commercialreal estate projects are going to see aperiod of growth much higher thanthe current one; that is what I feel. WithIndian economy gaining in strengthand importance in the global market,it is expected that the real estategrowth will be exponential as moreand more MNCs and corporate giantsset foot on Indian soil. Time will decidehow long the growth continues for butright now, I see no ceiling to this.

Q. How much emphasis do you placeon architectural excellence, innova-tive technologies and design in Pre-mia projects?As an organization, we strive towardsdelivering nothing but the best to ourinvestors. Having said that, I think themost crucial thing for us to do is to at-tain excellence in all walks of our field.We employ the best architecturesaround the world for designs of ourstructures. As far as innovation goes,


I am committed

towards changing

the outlook as

well as the face of

the Indian Real

Estate arena. I

have, in my stints

in the financial

sector, gathered

that there are a

host of

shortcomings in

real estate in

India and I wish

to see the things

progressing in

the right

direction. Our

industry is a

customer-centric

one and we have

to prioritize the

customers’

satisfaction and

trust.

30 lAPRIL 2013

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we have overlooked no part and combined absolutely the most in-genious and one-of-a-kind technologies and designs to present thebest outputs. I have always believed in the integrity of a being andthis is the best way to make our familiar with ours.

Q. As always, customers look for products which give them valuefor their money. And they also have great expectations. What hasbeen customers’’ response for projects being developed by Premia?So far, the projects we have developed have been received well inthe market. We have been able carve a niche for ourselves and areplanning to stick to it by all means possible. The major reason for thisis that we have presented the investors with exactly what they werelooking for. We, as I mentioned earlier, have coupled luxury with af-fordability and on top of it, we have been able to build the clients’trust in our organisation. Believe me; that is as potent a combinationof factors as you will ever find and it has worked like a charm. Wehave been able to put together a healthy customer base.

Q. How does Tarun, as an expert in finance and one who knows thenitty-gritty of policies associated with it, sees the RBI’s policy initia-tives like rate cuts in repo and CRR, taken on regular intervals?These are positive steps that help boost housing demand and en-courage foreign investment in the sector. This also leads to a reduc-tion in interest rates for buyers as well as builders and developers.These are small but necessary positive moves to boost investmentsas well as demand in the real estate sector. These growth orientedmonetary measures combined with the government's fiscal meas-ures augur well for the industry. These reductions in the CRR andRepo rate bring in some liquidity into the banking sector. These arepositive moves and tend to reduce interest rates marginally, whichgenerally helps the real estate industry.

Q. In his latest avatar as a realtor, Tarun Shienh is out to change theway Indian real estate works. Agreed??Yes, I am committed towards changing the outlook as well as the faceof the Indian Real Estate arena. I have, in my stints in the financialsector, gathered that there are a host of shortcomings in real estatein India and I wish to see the things progressing in the right direc-tion. Our industry is a customer-centric one and we have to prioritizethe customers’ satisfaction and trust.

Q. What is the secret behind the unprecedented success you haveachieved so far? Do you see yourself as a role model for young realestate entrepreneurs?There is no secret to whatever I have been able to accomplish. What-ever I have managed to actualize is because of the values I have beeninculcated with. It is just that I built upon my experience and theknowledge in finance sector and have been able to execute what-ever I planned with great success and precision. It is very importantthat one doesn’t forget the lessons learnt and doesn’t fail to executethe plans. That is all it takes to do things right. As for being a rolemodel for entrepreneurs, I don’t know about that. But there is some-thing I would like to propound; be true to your values and yourclients and keep their best interests at the top of the priority list. Thiswill help you grow to the highest level. And remember, there is noth-ing more important than a commitment made to a client.n

Premia’s pri-

mary business

strategy is trans-

parency to the

customers. This

is the theme that

we have built our

business

around. This is, I

think, the single

most important

component for a

business strat-

egy to be suc-

cessful.

Secondly, we be-

lieve in building

relationships

with our clients.


i n dindustry. At a time when industry is look-ing for a push from government agenciesand bankers to stave off liquidity crunch,Shienh's emergence shouldn't have takenplace at a more opportune period.Equipped with diversified expertise whichhe gained during his association with top-notch banks and financial institutions,Premia chief heralded a new era in thespace where business can be done inquite a transparent ways and every stake-holders share the benefit. With a no-non-sense approach, a hard-workingtemperament, a professionally skilledteam and strong will power, Shienh per-sonifies simply the best and most-sought-after developmental phase in realty. As ago-getter entrepreneur, Shienh has spelta magical grip in the sector while manag-ing, branding, re-inventing and leveraginghis skills for the growth and sustenance ofreal estate sector. With an unbridled driveand passionate zeal, he conceptualisesideas, creates them accordingly andlaunches them to the benefit of everybuyers and investors.

Premia Corporate City at GreaterNoida (West) is poised to be next five-starcorporate address and preferred shopperor corporate destination. India's First Cor-porate City is geared up to attain master-piece status with innovative world classdesign complimented with socially re-sponsible attitude toward environmentand other social causes of importance.Corporate City concept is latest trend inthe industry, where every service, amenityand facility for corporate houses andMNC's will be provided in a single loca-tion. From luxury 5-star hotel, world classretail mall, corporate offices, serviced stu-dios, amusement park, 5-star clubs, worldclass gym and spa to three-tier security,one can find almost everything in a Cor-porate City. Premia Projects Ltd, Noida-based Real estate company, is known bestto deliver highest standards of projectswith innovation and commitment. Itsideal location, world-class infrastructurefacilities, and close proximity to business,cultural and economic hubs, has alreadyattracted overwhelming response.

Riding high on tremendous responsefor its Corporate City Project, Premia iscoming up with several residential andcommercial projects in various parts ofcountry. n

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Investment Volume ( USD Billion)

India among Top 20Global Real Estate Invest Market

Rank Country 2012

1 China 304.12 USA 267.13 UK 56.34 Germany 45.65 Japan 34.76 Hong Kong 27.67 Australia 24.68 Canada 23.29 France 20.610 Singapore 16.711 Sweden 15.412 Taiwan 9.913 Norway 8.614 South Korea 8.215 Russia 8.016 Denmark 8.017 Switzerland 6.318 Netherlands 4.619 Poland 3.720 India 3.4

Announced PE Deals Volume - INR billion

City 2011 2012Bengaluru 16.1 32.5Mumbai 13.2 13NCR 12.6 7Others 15.9 9.6Total 57.8 62.0

—a Cushman & Wakefield Report

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according to Cushman &Wakefield’s latest report,International Invest-ment Atlas, the globalproperty investmentmarket recorded a mod-

est 6% rise in activity during 2012 withvolumes reaching US$929bn(€714bn). In what was a difficult yearin most markets, investment volumesrallied in Q4 signaling the beginningof real momentum and a return ofconfidence in the market which couldsee volumes this year increase 14% toexceed US$1 trillion mark (€815bn) forthe first time since 2007.

India was (20th) among the top 20real estate investment markets glob-ally with investment volume of INR190 billion (USD 3466 million)recorded in 2012. Majority of the in-vestment in India were through insti-tutional sales (67%) while remainingwere through private equity (PE) in-vestments (33%). The market wit-nessed institutional sales (excludingapartments) of INR 128 billion, con-centrated in commercial developmentsites and office segment includingstand-alone and pre-leased officebuildings. However the investmentsin institutional sales saw a decline of37 % over last year. On the other handprivate equity investment in India in-creased by 7% in 2012 and was notedat INR 62.0 billion.

In terms of value, majority of thePrivate Equity in Real Estate (PERE) in-vestments were noted in ready in-come generating / operational officeassets at INR 32.3 billion saw an in-crease of 34% over 2011. Under con-struction residential projectscontinued to witness the highestnumber (25) of PERE deals in 2012 and

witnessed private equity investmentsat INR 28.5 billion. Sanjay Dutt, Execu-tive Managing Director, South Asia,Cushman & Wakefield, said, “Invest-ment in ready income generating /operational office assets have gainedstrength over the last few years due tolower risk and steady cash flows asso-ciated with this type of investment.With increase in number of high valuetransactions in this sector, the marketis moving towards a mature phase.”

China remained the largest globalinvestment market overall thanks tothe surge in land sales seen in late2012. Nevertheless, the US began toclose the gap at 2nd position followedby the UK in 3rd place.

In 2012, China and the USA weretwo key engines of the strong finish –the former benefitting from a recordhigh in land right sales and the latterseeing a rush of activity to beat year-end capital gains tax hikes. Howevergrowth was far from limited to thesetwo global heavyweights and a rangeof other markets in all regions saw afinal quarter rally notably Spain,Poland, Norway, Switzerland, India In-donesia, Thailand, India and Australia.

India City Performance in PEREmarket

Bengalu ru witnessed the highestnumber and value of private equity in-vestments at INR 32.5 billion in 2012,recording more than double of invest-ment over last year, followed by Mum-bai with INR 13 billion and NCR withINR 7 billion of investments. However,Mumbai witnessed a marginal declineof 2% while NCR witnessed a declineof 44% in total value of investmentscompared to 2011.

Sanjay Dutt added, “Bangalore wit-nessed some high value investments

in pre-leased office asset which hasled it to be the top runner in the PEREmarket. However NCR and Mumbaicontinue to be preferred locations forinvestments due to the opportunitythey offer. NCR market in 2012 sawlower number of investments, as it isan active residential sales market,which obviated the need for PE fund-ing in many projects.”

Asia Pacific - investment activity torise 15-20% in 2013

Improved macroeconomic condi-tions with sustainable growth acrossthe region will boost activity and per-formance resulting in 15-20% increasein investment activity forecast. Invest-ment demand will increase as faithgrows in China’s soft landing but de-mand will also broaden and othermarkets such as Australia and Japanwill be an increasing target for over-seas investors while markets such asIndia and Indonesia are likely to be onthe rise.

According to John Stinson, Head ofCapital Markets in Asia Pacific forCushman & Wakefield, “The likelihoodof slower growth in Asia has been un-derlined by the desire of the authori-ties to better control the propertysector, with new measures recentlyannounced in China and Hong Kongfor example, aimed not just at the res-idential market but at the commercialsector as well. This could hit tradingactivity but could also push up prop-erty prices due to scarcity value andcould also increase interest in otherparts of the region such as India, In-donesia, Malaysia and Singa-pore.”n


renewed interest

affordable Housing sees

slew of new entrants

Buyers too have more borrowing options now. While the supplyof low-cost housing remains low, at least 10 housing financecompanies are willing to lend to buyers in this space

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India’s Rs.5-20 lakh housing segment is seeing renewed in-terest with a slew of new developers, investors, home fi-nance firms and corporate groups planning pan-Indiaexpansions and investments in advanced technology inthis space.

The first flush of such developers—including Tata HousingDevelopment Co. Ltd and Ramesh Ramanathan’s JanaadharConstructions Pvt. Ltd—entered the so-called affordable hous-ing space, traditionally a government-dominated domain, in2009-10.

Potential demand for homes priced Rs.5-10 lakh is about22 million units, management consultancy Monitor Deloittesaid in an October report, estimating the market size for suchhomes at about Rs.11 trillion. In the Rs.10-25 lakh category, thedemand is for about five million homes, it said. The survey wasdone in seven cities where mortgage finance is availablebroadly.

More developers and financiers are emerging to cater tothis segment of buyers. Sheltrex Housing Pvt. Ltd, a new com-pany with plans to build homes priced at about Rs.15 lakh in


eight cities, launched its first project last week, a developmentspread across 150 acres on the outskirts of Chennai.

Sheltrex, backed by two-year-old private equity and land-banking group Brick Eagle Capital Group, positions itself as adeveloper of townships with amenities enhanced by technol-ogy. The Pune-based firm has bought about 2,000 acres of landacross cities. “The mission is to capitalize on affordable housingdevelopment, where we invest in acquiring land in partnershipwith the local developer. This is a low margin-high volumegame,” said Rajesh Krishnan, managing director and chief ex-ecutive, Brick Eagle, which invests in and advises low-costhousing developers. Bangalore-based Ramanathan, whoseJanaadhar Constructions launched its first affordable homesproject in Bangalore in 2010, said the thrust in such develop-ments now will be on execution. “But it needs to be driven byappropriate policies at the state level that ensure things like asingle window clearance for certified housing projects,” he said.Janaadhar has entirely sold the first phase of its project in Ban-galore and will launch the second phase shortly with two-bed-room apartments priced at about Rs.16 lakh. It is planningthree more projects, in Bangalore, Gujarat and on Chennai’soutskirts, Ramanathan said.

Tata Housing’s managing director and chief executiveBrotin Banerjee said many developers stay away from the af-fordable housing segment because of the low prices and lim-ited access to funds. “However, the recently announced UrbanHousing Fund, which is to be set up and regulated by the Na-tional Housing Board and RBI (Reserve Bank of India), respec-tively, and with a corpus of Rs.2,000 crore, will work as a poolfund for developers strapped for cash,” he said.

New sources of capital dedicated to affordable housing areopening up.

LICHFL Urban Development Fund, the maiden real estatefund of LIC Housing Finance Ltd, was set up last year to singu-

larly look at investing in affordable housing projects.The fund, which has invested in a Pune residential project

so far, is looking to deploy most of its capital of around Rs.500crore in a year or so. “We are looking at the larger cities as wellas smaller markets such as Jaipur, Nagpur and Indore,” said A.K.Sharma, chief executive of the fund. The fund will invest Rs.25-100 crore in each deal and is expecting internal rates of returnof around 22%, he said.

Another firm Element Capital Advisors Ltd is also raising afund to invest in the affordable housing space, said chief exec-utive Sharik Currimbhoy.

Buyers too have more borrowing options now. While thesupply of low-cost housing remains low, at least 10 housing fi-nance companies are willing to lend to buyers in this space,from just two a few years ago, said Ashish Karamchandani, ex-ecutive director and head of Monitor Deloitte’s inclusive mar-kets team. Among the older lenders is Home First Finance Co.India Pvt. Ltd, set up about two years ago by Jaithirth Rao andP.S. Jayakumar. The firm, which lends to buyers of homes pricedRs.5-25 lakh, now has a loan book of around Rs.100 crore, saidchief executive Manoj Vishwanathan.

But despite the renewed interest, only a few large develop-ers have entered the space, said Rahul Nahar, managing direc-tor and chief executive of Xrbia Developers, which launchedits affordable housing venture last year. Among corporategroups, Mahindra Lifespace Developers Ltd has announcedplans to enter the affordable housing sector shortly.

Rao, also the promoter of Value and Budget Housing Corp.Ltd , a pioneer among affordable housing developers, saidwhile many new companies are entering the segment, the reg-ulatory environment has worsened. “But because it is a very at-tractive market and its sheer size, people will come in and tryto find solution, but it won’t be easy.”n

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sandhya Singh is an artist, but aformally educated one, and soshe has a trained, disciplinedmind. This is an asset, but whatone notes, Poring, over her ear-

lier and Present compositions ( oil on can-vas ), is her take has on earlier and shastricmusic. The keys of a sarangi or gitar are hermade to play a vital role in their sinuouspassage from work to exciting work. Thebackgrounds to her compsitions lyricallywarm, floral, and tenderly green-cum-yel-low. So goes her rhythmic imagination,and with which she has formed a freshgenre to delight herself, and as of coursethe \ respective wiewer.

The nature of her pictorial music beingrhythmic, it animates the various struc-

tural units of her art worksbeing almost as if ragas fuges,sonatas, or symphonies. It givesthe lot a variety in unity. The relation-ship of note to note, phrase to phrase,movement to movement is governedwith rhythm, and it is the proportion ofthese parts to one another that lays the

foundation of musical form, or design, toher step by step moving, and as thoughon the ogten veena playing composi-tions.

In what I call her ‘sonata’ form, for ex-ample, the first movement grows from thesubject the Indianized exposition into thedevelopment section in which the fantasyof the composer-painter unfolds and elab-orates them and leads, the Paint throughinto the final phrase, namely, recapitula-tion. This is the broad outline within whichcountless marvellious possibilities ofmelody, rhythm and varied structural de-vices are made to exist. The whole canvasis set out in a sequence of bars having acertain numerical value or variation in

time, within which the relativeproportion of note to note, phrase tophrase, and so forth, may be patternedout, together with all ‘adornment ‘ of har-mony, counterpoint and instrumentation.

This pictorial music is however allied toa geometric imagery. The rhythmicalbases of both music and painting is obvi-ous, except in that in plastic art, the detec-tion of rhythm is more difficult.Nevertheless dhgajis compositions richlypartake of rhythm, the very life-line of ourlives as of a bee moving across a field, oreven railway tracks seemingly unwindingslowly into the horizon. The work then hasexciting musical colours. The artist’s suc-cess therby lies in this direction. It cer-tainly rises to the condition of music,surelly a divine one. n

RaIsIngTHesPIRIT

The rhythmical bases of both music and paint-ing is obvious, except in that in plastic art,the detection of rhythm is more difficult


art

Sandhya Singh

Indians (NRIs)How is this Differentin Case of non-Resident

40 lAPRIL 2013

home loan

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Owning a home is a dream for most of us, thanks tothe diverse home loan schemes available. How isthis different in case of non-resident Indians (NRIs)?Is it equally easy for them to obtain a home loanand own the property of their choice? NRI homeloans are now easily available in India, subject to

fulfilment of certain conditions.

Who is nRI?When it comes to defining an NRI, all banks and financial institutionsgo by the definition specified by the Reserve Bank of India (RBI), i.e.,“An Indian citizen who holds a valid Indian passport and staysabroad for employment or carrying out business or vocation undercircumstances indicating an intention for an uncertain duration ofstay abroad is an NRI. So those eligible for home loans under thiscategory would be those employed or carrying out business outsideIndia, those posted abroad by the Indian government or companies,or those Indians serving in international agencies like the IMF, UN,World Bank, etc.

Properties eligible for loanHome loans can be availed for any propertyready for possession or under construction,construction of property on an ownedplot or for alterations to the existingproperty. Buying of a plot also quali-fies for a home loan.

Maximum amountof loan allowedand other condi-tionsIncome and educational qualifi-cations play an important role indeciding the maximum amountof loan available to an NRI. Banksallow an advance of 80-85 per centof the value of the property, subjectto the gross monthly income (GMI) ofan individual. Maximum amount of loangranted is in the range of 36-40 times GMI.Some banks also go by the ratio of equatedmonthly installment to net monthly income (EMI/NMI).

For example, State Bank of India puts a limit of 40 per cent ofNMI against EMI for NRIs with annual income up to Rs. 2 lakh. Forthose earning Rs. 2-5 lakh, it is 50 per cent of NMI, and for individualsearning more than Rs. 5 lakh annually, it is 55 per cent of NMI.

Few other banks set different criteria depending on educationalqualifications, place of residence, etc. For example, with ICICI Bank,for those residing in the Middle East, the minimum annual salary re-quired is 36,000 dirhams if the tenure is within five years and fortenures of 6-10 years the income requirement is set at 48000dirhams. For those residing in the US, the respective limits are$30,000 and $42,000. The criteria differs for self-employed, depend-

ing on the educational qualifications.

It is important to note that only graduate NRIs can avail homeloans in India.

Tenure of loansWhile a resident can avail loans with a maximum tenure of 30 yearswith some banks, the tenure for NRI home loans is restricted. It isavailable within the range of 5-15 years. Extension beyond the termof 15 years is solely at the discretion of the bank and in exceptionalcases only.

Rate of interestThere is a higher rate of interest charged on NRI home loans to coverthe higher risk involved. There is generally a margin of 0.25--0.50per cent charged.

Documents requiredThe documentation required for NRI home loans is different fromresident home loans. Documents normally required are copies ofthe passport, valid visa and work permit, contract of employment,

work experience certificate, salary certificate and state-ments of NRE/NRO accounts. For those residing in

the Middle East, a copy of the employment cardis also required. The salary certificate should

be attested from the embassy if thesalary is not credited to a bank.

submission of documentsYou need not wait for your nexttrip to India to apply for a homeloan. Many banks havebranches in places like Dubai,Singapore, London, etc. whereyou can apply for home loans.Few banks like ICICI, HDFC and

Axis Bank also extend the facilityof online submission and status

updating.

However, you would require execut-ing a general power of attorney in favor

of a resident Indian who would act on yourbehalf with the bank. If the power of attorney

is issued while you are abroad, it needs to besigned in front of the embassy official.

Repayment of loanThe repayment of these loans can only be through non-resident ex-ternal (NRE) or non-resident ordinary (NRO) accounts with remit-tance from abroad. No other funds can be used for repayment ofthese loans. The repayment needs to be made in Indian rupees only.

Change in status from NRI to resident:When there is a change in status from NRI to resident the loan is re-worked according to the revised income and interest applicable ischarged and the tenure is also revised.n

Offer Any Relief ?

Will RBI Cut in

Lending Rate

42 lAPRIL 2013

in foCuS

OBSERVER DAWN

on march 19, rBi cut its short term lendingrate or the repo by 0.25 per cent to 7.5 percent. the central bank left the Crr unchangedat 4%. the rBi cut the repo rate by 25 basispoints to 7.75 percent in January after leavingrates on hold for nine months


Ihave been following the ReserveBank of India (RBI) more keenlythan you, business journos,” saidmy friend, Ashutosh Kumar. Not toconfuse him with any economistwhose job is to analyse banking

policies and their impact. Kumar is atypical home loan borrower and alwayslooks at nation's bank, hoping it to givesome relief to his installment he hasbeen paying as Equated Monthly Install-ment (EMI) which takes away a substan-tial amount from his salary. Thus anyreduction comes as a source of relax-ation in budget management. One caneasily experience the pain of financialburden on every home loan borrowerlike Kumar. He is hopeful that the latest

RBI cut in repo rate will reduce his EMI.But as things stand now, he will have towait to see the benefit coming to him,depending on how eagerly lendingbanks, both public and private, pass thecut to the loan takers.

For a beginner, the RBI is the apexbanker whose fundamental task is tomaintain price stability, regulate the fi-nancial markets, and ensure flow ofcredit. And to do all these, it has underits control all the requisite monetarypolicy tools such as the repo rate, the re-verse repo rate and the cash reserveratio (CRR).The repo rate is the rate atwhich the RBI lends money to commer-cial banks. If the RBI wants to floodfunds into the system, it lowers the repo

rate. The reverse repo rate is the rate atwhich the RBI borrows money fromcommercial banks. Increasing this ratedrains excess funds out of the bankingsystem. The cash reserve ratio (CRR) isthe amount of funds banks have to keepwith the RBI. If the CRR increases, theamount available with the banks to lendcomes down. Thus we see that increasesor decreases in the repo rate impact theinterest rate on loans, mortgages anddeposits.

To put the matter clearly, after all, it'sabout basic economics, one need toknow about the much-talked about'base rate'(the minimum rate at whichbanks can lend).Depending on the costof deposits, administrative costs, its

as major banks are yet to disclose thestand, real estate players have shownmixed reaction’s:

Mr. Pankaj Bansal Director, M3M

“A 25 basis point cut in key policy rates is a welcome move from Reserve Bank, indicating that monetary policy is mov-ing towards growth. This will allow home buyers to get loans at affordable rates and help clear the real estate inven-tory. In such scenario real estate sector can expect equity inflow for the projects having good earning potential. Afurther reduction expectation will give encouraging outlook to the economy and we can expect more inflow towardsequity market as well. We would like to see further cuts in policy rates to boost investors’ sentiment.”--

Hemant KanoriaCMD, Srei Infrastructure

Finance Limited

“The 25 basis point cut in the policy rates was on expected lines. I congratu-late RBI for complementing the Finance Ministry's reform initiatives. And at

this juncture, a fillip to industrial growth is imperative in order to keep thegrowth engine running. Thus, the policy rate cut is very timely. We expect Fi-

nance Ministry and RBI to take co-ordinated steps so that the Indian economycan return to the growth path while keeping a lid on inflation.”

“The RBI has delivered on its promise to boost economic growth through reductions in keyinterest rates as and when economic conditions provide the legroom. The reduction of 25basis points is a small but significant gesture for all industries and service sector companiesthat are faced with a decidedly slow growth period. This measure supports the Government’sinitiatives to boost overall economic growth without causing any major economic imbal-ances. However, the RBI has also indicated that cutting interest rates in every monetarypolicy review is not going to be the solution to boosting economic growth as other more sys-temic negative trends such as the stubborn inflationary trend, wide gap in the CAD, etc needto be taken care of. If this rate cut also translates in further lowering of loan interest ratesby banks for businesses and for home-buying consumers, then we can definitely expect tosee some momentum in a slow and anxious real estate market that was left largely disap-pointed by the Union Budget.”

Mr. Sanjay DuttExecutive Managing Director,

South Asia, Cushman & Wakefield

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Achyut Nath Jha

profitability and other parameter, eachbank sets its base rate Loan rates arebased on this. So, when the repo rategoes down, banks can obtain funds at alower rate. This benefit may be passedon to customers, in the form of reducedinterest rates on loans. So, like Kumar,next time, there is talk about RBI's policyinitiative, better to open your ear andready for its impact, positively or nega-tively.

On March 19, RBI cut its short termlending rate or the repo by 0.25 per centto 7.5 per cent. The central bank left theCRR unchanged at 4%. The RBI cut therepo rate by 25 basis points to 7.75 per-cent in January after leaving rates onhold for nine months. Analysts from in-

dustry and market described it as a well-thought step to boost growth and re-vive investment. However, very soon,this sentiment turns into a bit of pes-simism as they soon found that the im-pact may not be visible immediately.Several banks are reported to be sayingthat they would wait for current fiscal toend before passing on the benefit tohome, auto and corporate loan seekers.But, even if the rate cut has no immedi-ate impact, it has certainly sent a posi-tive signal, say some of topnotchexecutives. Talking to media, Adi Godrej,president, CII said, “At a time when in-dustrial production is showing nascentsigns of an upturn, current accountdeficit is slated to drop on account of

improved global conditions and thereare expectations of a normal monsoon,it is necessary that the RBI provides theboost to green shoots of recovery.”

However, with second repo rate cutback-to-back, RBI signaled that it is wellaware of the need to revive growth andinvestment. Though some bankers hadbeen hoping that it would give anotherCRR cut to ease the continuing liquiditystrain, the central bank has not done sothis time. The RBI statement is quiteclear about it. In its commentary on thestate of the economy, the central banknoted that the growth of the Indianeconomy was slowing but it did nothave enough room for reducing rates asexpected. n

Mr. Praveen TyagiCMD, VVIP

"The move will help curb to some extent the negative sentiments in theeconomy in general and real estate sector in particular. The signal will serveas a boost for the sector with sentiments of buyers turning favorable. Banksmay pass the benefits to the consumers by easing lending rates. Home loans

may get cheaper, facilitating the buying decision of the consumers."--

Mr. Ashok Gupta MD, Ajnara India Ltd

"Looking at the current situation we expected the RBI to reduce more and not just 25 basis points.We expected the RBI to soften its stand by looking at the realty sector which is already reeling underhigh input costs and borrowing rates. More reduction should have surely helped in boosting demand

in the realty sector. We are waiting to see how much this affects the home loan rates."-


"The real estate sector is rate sensitive the market believes that any rate cutwill help push demand. From a customer's point of view this will improve liq-uidity and reduce the interest burden. However the stand of all the banks isyet to be disclosed and we hope that the home loan rate is reduced furtherwhich will boost the demand in the market."

Mr. Deepak KapoorDirector, Gulshan Homz.

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MONAcOA countryof GAmble


If it was not for its size (2 square kilometers), Monaco mightsomeday evolve into a Goliath of a tax haven. Extending onlyfour blocks from the sea, Monaco’s three casinos, the oldfortress like Palace of Prince Rainier (“the Rock”), and the high-rise apartments for the rich and famous along “Avenue Princess

grace”, leave little room for construction of 20th century style bankand office buildings. Monaco’s attraction is her magnificent me-dieval buildings, interspersed among splendid restaurants, gardensand small stores, and a harbor chock full of luxury yachts from allcorners of the Mediterranean. Very simply, there just isn’t muchroom left for high-rise office buildings in pint size Monaco.

monte carlo cityThe Principality of Monaco is the official name for the country.

Monte Carlo (the city) is the name most people associate with thearea around Monaco’s famous gambling “Casino”, a Gothic structurearchitecturally similar to the Paris Opera House. Across the street atthe Loew’s Hotel is yet another casino where high-rollers from LasVegas, Atlantic City, Beverly Hills, and Palm Beach meet to gambleand socialize. The streets and parking lots outside are replete withRolls Royces, Maseratis, Ferraris, Cadillacs, Lamborghinies, Porsches,antique Deusenbergs, and Mercedes. If you see a license plate with“Monte Carlo 1”, it means Prince Rainer or Princess Stephanie issomewhere close-by chaperoned.

Aside from the very rich and famous, the aristocrats and multi-mil-lionaires, Monaco’s 30,000 permanent residents are just middle and

upper-middle-class folks sharing in the good life. While French isthe official language, English, Italian and German are spoken by al-most everyone. About 1,000,000 tourists pass through Monacoeach year, with approximately 25,000 Americans and Englishmenamong them in any given month. A friendlier more lovable placeyou will never find.

no Personal Income taxesThe Grimaldi family has presided over Monaco’s constitutional

monarchy for over 500 years even while France was being torn bywar and revolution. For a brief period between 1793 and 1813Monaco did become part of France, but independence was later re-instated. In 1918 France and Monaco signed a treaty providing thatshould the Grimaldi dynasty die out Monaco would revert to theFrench.

After WWII Monaco developed into a favorite tax haven for Frenchindustrialist looking to escape France’s rising tax rates. This loss oftax revenue from French coffers prompted former President Charlesde Gaulle to declare Monaco’s tax haven status dangerous to France,and a new treaty was forced upon Monaco’s rulers and signed in1963.

Under the new treaty French citizens who take up residence inMonaco after 1957 would have to pay income taxes. Luckily, thetreaty provides that Monegasques and foreigners could stay ex-empt from French income taxes.

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Today, companies doing more than 25% of their business out-side Monaco are subject to tax. Monaco’s corporate tax rate is a flat35%, but this can be circumvented with a little planning. Typically,to avoid taxation on one’s foreign profits, a Monaco base companywill keep only its administrative offices in Monaco while organizingsubsidiaries in other tax havens. Under such a set-up the base com-pany would pay a 35% Monegasques tax on 8% of its office ex-penses. If office expenses amount to US$50,000 a year the taxwould amount to US$1,400.

Artists, consultants, authors, script writers and others withoutpermanent staff can do business from one’s own apartment pro-vided the business is neither labor intensive nor a nuisance. TheGovernment encourages such enterprises, not even calling for suchoperations to be registered.

The rock-bottom cheapest room available in Monaco wouldcost you about $75/month, but unless you’re hiding from the IRS orKGB you probably wouldn’t want to live there. A pleasant studiowith a decent view, marble floors and good appliances can berented for as little as $450. Those with means seeking the best ac-commodations should checkout the apartments on “AvenuePrincess Grace Boulevard”. Here rents begin at $2,000 per monthand move upward. Almost all the apartments buildings in this areaof town are owned by the wealthiest family in Monaco – the Pas-tores.

estate, Gift & Inheritance taxesAssets situated within Monaco are subject to estate taxes. For thosein direct-line (wife, parents, or children) to the deceased the tax iszero regardless of the amount.

Gifts or inheritances to brothers and sisters are taxed at 8%; un-cles, aunts, nephews, nieces at 10%; other blood relatives at 13%;

unrelated parties and foreign charities at 16%. Securities held by aMonaco bank are subject to inheritance taxes. To avoid Monaco’sestate, inheritance and gift taxes, an offshore trust or holding com-pany located in a no-tax haven is recommended.

real estate transfer taxesReal estate taxes in Monaco, France, Italy and Spain are more or lessnonexistent. This however, is not a windfall or loophole the investorcan exploit because transfer taxes on the sale of a real estate prop-erty situated in Monaco can amount to 16% or more.

Monaco requires all transfers of real estate to be registered, witha 7.5% fee going to the State. More fees of 3% to a Notaire, and 3%to 6% to the real estate agencies can be expected. Turning-over areal estate property for a quick profit is not possible with expensesthese high, but there are some steps you can take to duck these

the rock-bottom cheapest roomavailable in Monaco would costyou about $75/month, but unlessyou’re hiding from the iRs orKGB you probably wouldn’t wantto live there. a pleasant studiowith a decent view, marble floorsand good appliances can berented for as little as $450.


transfer taxes.

Acquiring your Monaco apartment or condominium with an off-shore holding company will allow you to avoid the transfer taxes.Use of bearer shares is sometimes recommended. Later, when youwant to sell the Monaco property, you simply sell the shares in thecompany to the buyer in the offshore tax haven. The State ofMonaco recognizes that such transactions happen frequently, butthere is no change of ownership as far as the Monaco tax authoritiesare concerned.

Place where hangout

museum of Prehistoric AnthropologyBoasting an invaluable series of burials originating from around thePrincipality, this museum retraces the most significant milestonesin the history of humanity.

The mission of a museum, as defined by the International Councilof Museums (ICOM), is to preserve, ensure continuity and commu-nicate to society the value of cultural and natural heritage world-wide, in the present and the future, in its tangible and intangiblestates.

For several months now, the team of the Nouveau Musée Na-tional de Monaco (or NMNM) has been reflecting, making invento-ries, organising, questioning... The consultation has includeddiscussions with historians, restorers, designers, lighting engineersand meetings with artists aiming at renewing our outlook on theconcept of heritage and the way it is transmitted to the public.

This collective work has been called "Training for a Museum". Itfocuses on enabling the residents and the public to understandwhat a National Museum is and how it fits within contemporaneity.This training will continue until the opening of a building that will

accommodate such an ambitious museographic project.

Villa Sauber 17, avenue Princesse Grace and Villa Paloma 54,boulevard du Jardin Exotique are open every day from 11am to7pm By proposing at least two exhibitions a year, the NMNM willreveal a long-ignored heritage and develop the discovery of thecontemporary scene. As of now, "Training for a Museum" has deter-mined the programmes of the Villa Sauber and the Villa Paloma ac-cording to two themes that are intimately linked with cultural,historical and artistic heritage of the Principality: Art and Perform-ance at the Villa Sauber, Art and Territory at the Villa Paloma.

With a world-wide reputation, this exceptional museum is dedi-cated to all marine sciences. Its collections of marine fauna collectedby Prince Albert 1st are invaluable.

Its famous “Aquarium” where the rarest species of fish in mag-nificent shapes and colours swim about in 90 pools, offers agrandiose spectacle.

the mission of a museum, as defined by the internationalCouncil of Museums (iCOM), isto preserve, ensure continuityand communicate to society thevalue of cultural and natural heritage worldwide, in the present and the future, in its tangible and intangible states.

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Its latest creation, the “Shark Lagoon”, a giant pool of 450 cubicmetres, reveals the diversity and extraordinary colouring of thecoral reef and the creatures which populate it.

formula-1 Grand Prixl April to June, 9.30am – 7pml July and August, 9.30am – 7.30pml September : 9.30am – 7pml October to March, 10am – 6pm

museum of napoleonic SouvenirsThis museum contains sometimes emotive, precious objects anddocuments on the history of the Principality, in particular the periodof the First French Empire.

museum of the chapelAgainst a 17th century baroque background, this museum housesthe masterpieces of sacred art by Rubens, Zurbaran, Ribera and themasters of Italian baroque.

the museum of Vieux monacoThis museum is open free of charge on Wednesdays and Fridaysfrom 11am to 4pm between June and September. It displays ob-jects relating to Monaco’s heritage; ceramics, paintings, furnitureand costumes, and sets out scenes of daily life in days gone by on"Le Rocher" In 1924, representatives of old Monegasque families,

who wished to fight against the risk of losing their national identity,set up "Le Comité National des Traditions Monégasques" (The Na-tional Committee of Monegasque Traditions), which includes in itsmissions :

l The preservation of civil and religious traditionsl The preservation and promotion of the Monegasque lan-

guagel The preservation of the Monegasque heritage

Civil and religious traditions have been maintained. Even thoughthe Monegasque language is not in everyday use any longer, it istaught in the schools in Monaco and can be taken as a subject inthe baccalaureate. It is also taught to adults so as to encourage fam-ilies to use it on a day-to-day basis.

exhibition of monaco’s Vintage carcollectionLocated on the Terraces de Fontvieille, this remarkable exhibitionbrings together almost 100 classic cars of all ages, made by thelarge companies in Europe and America as well as six coaches be-longing to HSH, Prince Rainier III of Monaco.

museum of Stamps and coinsOf modern design, this museum contains rare philatelic specimensfrom the postal history of the Principality, as well as all the docu-ments used to print the stamps since the first “Charles III” in 1885to today. The area used for coins and bank notes shows visitors thenumismatic quality of the Principality since 1640. n


Sony Xperia Z

LG Optimus G E975

The value for money smartphoneSony has taken the Android smartphone war to the other level with the launchof its flagship device Sony Xperia Z. The phone was unveiled in India by the famousBollywood actress Katrina Kaif. The Sony Xperia Z is the first device of the com-pany which comes with s 5-inch Full HD display and a pixel density of 1920x1080.The display is also equipped with Mobile Bravia Engine 2 at 443 ppi, which furtherenhances the quality of the display. The main highlight of the device is that IPS57certified which makes the device dust and waterproof.

The smartphone runs on Android 4.1 Jelly Bean operating system and is pow-ered by 1.5 GHz quad-core Qualcomm Snapdragon APQ8064 processor. Along withthis it also consists of Adreno 320 GPU which improves the graphic quality of thedevice. On the memory front, the Sony Xperia Z has 2GB RAM, 16GB of internalmemory which can be expanded up to 32GB through microSD card. The device isequipped with a 13-megapixel autofocus primary camera with flash and 2.2-megapixel secondary camera for video calling. The camera also has some ad-vanced features like Exmor RS sensor for HDR images and video, face detection,image stabilisation, panorama and many others. n

New fighter S from SamsungAfter the success Galaxy S, S2 and S3 the South Korean Giant Samsung has announced the Galaxy S4. The devicewas recently showcased at an event in New York and it is soon to be launched on the Indian soil. It is the firsthandset of the S series which comes with a 5-inch Super AMOLED display with 1080x920 pixels resolution. Italso utilizes corning Gorilla Glass 3. The smartphone runs on Android 4.2.2 Jelly Bean operating system and ispowered by 1.9 GHz and 1.6 GHz Octa-core processor. It is the first phone ever which is launched with an 8 coreprocessor, but the phone will be using 4 cores at a time.

Like the choices in processors the memory is also available in three variants 16, 32 and 64 GB as internalmemory. However, it also comes with a support for 64 GB microSD card. The user interface is simple as everand is based on the Samsung’s Touchwiz technology. On the camera front, the device boasts a 13-megapixelrear camera with flash and a 2.0-megapixel front facing camera for video calling. The secondary camera isalso capable of dual video calling. Along with this it has unique features including Smart Pause, Smart Scroll,S Translator, S Travel (Trip Advisor), S Voice Drive, S Health and lots more.

The connectivity options include, 4G LTE LTE cat 3 100/50Mbps) / 3G (HSPA+ 42 Mbps), Wi-Fi 802.11 a/b/g/nand a/c, Bluetooth v 4.0, MHL 2.0, GPS/GLONASS and NFc. It packs a powerful battery of 2,600 mAh. Being aflagship device the company has pieced it at Rs 43,000.n

LG enhances smartphone experience with Optimus G LG launched the LG optimus Grecently in the Indian market. The phone comes with excellent looks and features.It comes with 4.7-inch True HD IPS display and the pixel density of 1280x786 pixels.It is also guarded by Gorilla Glass corning 2 for scratch resistance. The phone runson Android 4.1.2 Jelly Bean operating system and is powered by 1.5 GHz quadcore processor. It also has Adreno 320 GPU for better graphic quality. On thememory front, the smartphone has 2GB RAM and 32GB internal memory.But there is no support for microSD card so the memory cannot be ex-panded. The LG optimus G is equipped with 13-megapixel rear cam-era with LED flash and 1.3-megapixel front facing camera. Thephone can easily record video with 1080 resolution and has sup-port for 30 frames per second. The device also comes withaudio video player which supports Dolby mobile sound en-hancement. The connectivity options of the smartphoneinclude 3G HSPA +, WiFi 802.11 a/b/g/n, Bluetooth4.0, GPS / aGPS, NFc. The device is backed by the2,100 mAh battery and is priced by the companyfor Rs 30,990. n

Samsung Galaxy SIV

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Nokia Lumia 620The affordable Windows Phone 8The Finnish handset manufacture Nokia has finally launched its affordable WindowsPhone 8 the Nokia Lumia 620. Earlier this operating system was limited only toLumia 920 and 820 which are priced at a higher price segment. But the Lumia 620is a mid range phone and comes with 3.8-inch TFT WVGA display with 800x480 pixelsresolution. The display supports the clearBlack technology, which reduces thepower consumption of the device. The device is powered by 1GHz dual core Snap-dragon S4 processor and is also comes equipped with Adreno 305 GPU for bettergraphic quality. The smartphone has 512MB RAM and the internal memory of 8GBwhich can be further expandable up to 64GB via microSD card. The 620 boasts a 5.0-megapixel rear camera and a front VGA camera for video calling, not many Windowscomes with the facility of video calling. On the connectivity front, the device offers3G, NFc, WiFi and Bluetooth 3.0. Along with all this, the company is also giving 7GBskyDrive space free with the device. Moreover, the phone is available in 6 colour op-tions cyan, Green, White, Magenta, Yellow and Black. However, like the other Win-dows phone the Lumia 620 also not have FM radio in it. The Lumia 620 is the mostaffordable Windows Phone 8 and comes with a price tag of Rs 14,999. n


Atwo day National Seminar on Sufism in Contemporary India: AnInclusive Framework was organ-ised on March 13-14, 2013 at theDr. K.R.Narayanan Centre for Dalit

and Minorities Studies in Jamia Millia IslamiaUniversity in New Delhi. The seminar was or-ganized in collaboration with New Age IslamFoundation and served as the forum to dis-cuss and deliberate upon the significance ofSufism in contemporary times.

In the inaugural session held at EdwardSaid Hall in the university, Prof. Azra Razzack,the Director of the Centre welcomed the par-ticipants and said that the seminar with theaforesaid theme is being organized by theCentre as in an age of conflicting views, theissue of inclusion is close to the Centre. Con-cepts of egalitarianism and acceptance of dif-ference is at heart of Sufism and on theseconcepts one can build framework of inclu-sion.

Dr. Meher Fatima Hussain, the seminarConvener delivered the thematic introductionto the seminar. She said that at a time whenthe society is witnessing conflicts and com-munalism is being consciously constructed,developing an understanding on model of in-clusion is the requirement. To address themalaise of exclusion, one needs to revisit thesocio-cultural repositories to work out av-enues of integration. She said that the reper-toire of Sufism may shed light on manyaspects of inclusion as they were the oneswho gave the Indian society one of the earli-est lessons in inclusion. Exclusion in myriadforms with serious insidious implications isrampant that is being attempted to redressthrough policies of affirmative action. Lawsand regulation is imperative but they are

more a corrective to a fault and by the timejustice is dispensed, the loss is already done.It is important is to address the deep rootedprejudice and bias from which discriminationsemanate. Here philosophy of Sufism acquiresimportance as the Sufis were able to weavedifferences into harmony ensuring dignity ofthe individual and stability in the society.

The Sufis always regarded inclusion andintegration more a subject of social responsi-bility than a subject of law and preached theirmessage in common language of the people.Not only Urdu, in promoting vernacular lan-guages and regional dialects, the Sufis playedseminal role. In the processes of promotingtheir message of peace and harmony theyalso cemented linguistic bonding. Often theytravelled to distant corners of the country pro-moting inter-regional synthesis as well.

Dr. Fatima emphasized that the seminarwould be a meaningful step towards explor-ing possibilities of integration through sufisticmodel and its inclusive relevance in contem-porary times. The Dr. K.R. Narayanan Centrefor Dalit and Minorities Studies may not onlyidentify aspects of social exclusion but moreimportantly can act as a pivotal institutionwhere aspects of Indian inclusive culture canbe researched.

The Inaugural address was delivered byeminent scholar and historian from AligrahMuslim University, Prof. Iqtedar Husain Sid-diqi. He spoke on the composite culture ofIndia with special reference to Hazrat Moin-uddin Chishti, Hazrat Nizamuddin Auliya andBaba Farid Ganj Shakar. He talked about sufibeliefs and practices that won a receptive au-dience in India and popularized Sufism in thecountry.

In the key-note address delivered on the

Dr. Meher Fatima Hussain, Assistant Professor at the Dr.K.R.Narayanan Centre for Dalitand Minorities Studies, JMIwas the Convener of the seminar.

Sufism incontemporaryIndia—observer Dawn bureau

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scholars,

historians,

academicians,

poets, writers and

activists gather

together in what

could be said as a

rare occasion to

engage in

intellectual

discourse on

sufism.

theme Developing an Inclusive Society in In-dian Sub-Continent: The Role of Sufis, emi-nent historian from Aligrah MuslimUniversity and Gaddi Nashin, Ajmer SharifDargah Prof. Syed Liyaqat Hussain Moinidelved on the contemporary relevance ofSufism with special emphasis to Quranicreferences to sufi thoughts.

Syed Shahid Mahdi, Ex-Vice PresidentIndian Council for Cultural Relations andformer Vice Chancellor of Jamia Millia Is-lamia was the Chief Guest and he particu-larly emphasized on the relevance of thetheme of the seminar and praised the In-dian cultural milieu for Sufism to flourish.He also quoted Rumi, the Persian poet, the-ologian and sufi who preached concept ofSufism to be like the sun for grace andmercy, like running water for generosityand like the Earth for modesty as some ofthe basic essence of Sufism.

In the different sessions during the twoday seminar scholarly papers were pre-sented by the participants from AMU, JMI,

MANUU, JNU and DU, Baba Farid Centre forSufi Studies in Punjab and Rampur Raza Li-brary, Rampur.

The seminar was structured into foursessions namely, Historical Aspect of Su-fism, Sufi Activists, Sufi Literature & Re-gional Impact, and ContemporaryRelevance in India.

Different speakers who presented theirpapers during the seminar included Prof.Nashir Naqvi , Director, Baba Farid Centrefor Sufi Studies in Punjab who read hispaper in Urdu entitled ‘Tassawuf: Haqiqat,Shariyat Aur Tareeqat and emphasized theimportance of social behavior towardsreaching sufic goals.

Dr. Kailash Kumar Mishra who repre-sented New Age Islam Foundation also

chaired a session and he presented hispaper on Mystic Charm of Poa Mecca: A Liv-ing Secular-Sacred-Sufi Public Space in LowerAssam’;

Prof. S.M Azizuddin Husain, Director,Rampur Raza Library presented his paperentitled Role of Khanquahs as Centre ofConflict Resolution and Peace during Me-dieval Period’ and emphasized the fact thatcorpus of sufi literature lie untapped thatdeserves study and research. He alsochaired one of the sessions during theseminar.

Dr. Sameena Hasan Siddiqui read herpaper on Historical Aspect of Tasawwufand Ms Geeta Arya spoke on ‘Pre ColonialAwadhi Literary Discourse: Embodiments ofComposite Culture’. Dr Maksud AhmadKhan in his paper ‘The Concept of WarriorSufis in the Historical Perspective’ said thatthough sufis had served royal armies intheir initial phase of life but had later ab-jured violence and devoted themselves topromoting social amity and harmony.

Dr. Maula Bakhsh, Head of Departmentof Urdu, Dayal Singh College, Delhi Univer-sity presented his paper on “Tasawwuf aurPunjab ka Mushtarqa culture” and said thatthe spirituality of sufis were in fact practi-cal in consequences and sufis remainedconcerned about to social welfare and notmerely remaining confined to darghahs.

Dr. Malik Rajkumar, a Hindi story writer,poet and a researcher on Siraiki Folk Liter-ature presented an interesting paper onKhwaja Gulaam Farid ki Kavya mein prem,in-saniyat aur prakriti .

Dr Waseem Begum Assistant RegionalDirector of MANUU presented paper onHazrat Nizamuddin Auliya Ki Talimaat andDr. Aleem Ashraf Khan read his paper onTraces of Universal Brotherhood and Human-

istic Traditions of Hazrat Nizamuddin Auliyain Fawaid-ul-Fowad’;

Prof. Kuljit Shellie highlighted the cou-plets of Bulle Shah dealing with emotionsof women in her paper The Image ofWomen in Punjabi Sufi Poetry. Prof. S. BilqisFatima Husaini’s paper was entitled Tas-suwwuf Hindustan ki Mushtarqa Miraas andDr. Akhlaque Ahan read his paper on SufiPoetry of Amir Khusrau and Bedil”.

Ms Sadia Dehlvi, a sufi activist andwriter reiterated that the need of the timeis to revisit trends of Inclusion and Sufismis one answer to address issue of social ex-clusion. She also emphasized the pointthat Sufism is part of classical Islam andshould not be treated as separate from thereligion.

Prof. M. Aslam Islahi an eminent ArabicScholar and Dean, School of Languages,JNU presented his paper on KashfulMahjoob and its Social Relevance

Dr. Mohammad Aleem’s paper was en-titled as “Sufi Poetry of Love and Compas-sion.”

Prof. M. Mujtaba Khan, Director Aca-demic Staff College, JMI, chaired a sessionand spoke on the contemporary relevanceof Sufism and expressed his concern ongrowth of Wahabism that is casting awedge in Islam;

Dr. Manindra Thakur spoke on Tantraand Sufism: Exploring the self and saving thehumanity and Dr. Rashid Anwar spoke onSufi Literature and its Relevance in ModernLife.

Dr. Abdul Wahid spoke on Contempo-rary Relevance of Sufi Teachings (Talimat-e-Sofia ki Asri Maanawiyat)

Ms Priyanka Chanana spoke on Dar-gahs of Two Women Sufis at Delhi: Historyand the Present and brought to light therole of two women sufis namely Hazrat Fa-tima Bibi and Hazrat Zulekha Bibi. n


Ms Sadia DehlviWriter and social activist

His historic visit toIrAn

It is always a pleasurable thing to read andknow the interesting and mesmerizing aspectsof one’s life. And if that person is a poet andwriter and a great visionary, it entices youmuch more than others. Nobel laureate andgreat poet, Rabindra Nath Tagore gives us an

ample amount of things and opportunity to broodover his writings and teachings. In this turbulenttime, when our day-to-day talks are always lacedwith pessimism and violence and uncertainty aboutthe future, we need him more than any other timeto soothe our tensed nerves and minds. For every writer, poet and artist, visiting to somealien land and its people gives a unique opportunityto know not only their lives and culture but alsohelps him or her in broadening his or her vision.

Every culture and land, hold some important lessonsfor everyone and keeps a treasure trove for creativeinspirations.Tagore was not different in that sense. He had beenachieved his greatest successes in the field of litera-ture and art but to get something new was alwayshis lust and a dream to fulfill. So when he receivedthe invite from the king of Persia, His majesty,Ahmad Reza Shah Pahlavi to visit his country andgrace with his dignified presence to his people, hedid not think twice to accept that offer though hewas on his much advanced stage of life and was alsonot keeping good health for some time and avoidedbeing going distant from his homeland, Bengalwhich he loved the most. But his reputation as aworld poet had been firmly established and every-body knew that he was the first recipient of theNobel Prize in Literature from Asia. It was no doubta proud moment for everyone. When we recall thatepoch vividly, we find ourselves under the shamefulyoke of the British colonial empire. We were livinglike slaves in our own country. But in that situationwhen our voices were scuttled badly to reach out-side the boundary of our beloved nation, a man rec-ognized as a great poet of the world was worthpraising and worth remembering.

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Mohammad Aleem

in the centenary year of tagore’snobel, revisiting Persia(modernday iran) that inspired him


Nobel Laureate Ravindra Nath Tagore

Perhaps it was that charm and feelings thatmight have inspired the great king of Persia to invitehim to his country. Many writers and critics havetried to get different views and meanings from hishistoric journey. Some have said that the King hadinvited him because he wanted to use him as a na-tionalist poet and thinker to spread nationalisticfeelings among his subjects and it was very muchneed of the time. In India, a nationalist movementwas also on its peak and Rabindra Nath Tagore wasvery much a part of that movement. He had metMahatma Gandhi and Jawahar Lal Nehru and manyother great nationalists and all had left a lasting im-pact on his mind. He was especially in awe of the fa-ther of the nation, Mahatma Gandhi. The poet hadalso made him mesmerized by his great literarypower and his nationalistfeelings. One single inci-dent is enough to sufficethis claim. I quote the firstPrime Minister of Inde-pendent India, Jawahar LalNehru. He writes in the in-troduction of the bookcompiled by Sahitya Acad-emy on his writings in thefollowing words:

“I have always been fas-cinated by these two tower-ing personalities, Gandhiand Tagore, both by theircontrasts and what theyhad in common. Externallyand in the course of theirlives, there was a great dealof difference, and yet bothwere close to each otherand had great affectionand admiration for one an-other. Both were rebels intheir own way and fearlessin denouncing what theyconsidered evil.”

He says further in the same piece of writing:“During my last visit to him I requested him to

compose a National Anthem for a new India. He partlyagreed. At that time I did not have “Jana Gana Mana”,our present National Anthem, in mind. He died soonafter. It was a great happiness to me when some yearslater after the coming of Independence, we adopted“Jana Gana Mana” as our National Anthem. I have afeeling of satisfaction that I partly responsible for thischoice, not only because it is a great national song, but

also because it is a constant reminder to all our peopleof Rabindra Nath Tagore.”

These two extracts are enough to prove some-how the claim of those critics and writers who seethe nationalist feeling of the king of Persia for invit-ing him to his country. It seems that he was trulyaware about his personality, great work of literatureand bent of mind. He had read some of his poemsin Persian translation and was in complete awe ofhim.

There might be another many reasons for invit-ing him also. But as a poet and a writer, it was nodoubt a great privilege being invited by a king whohardly devotes time for any literary pursuit.

Rabindra Nath was truly amazed to receive thatinvitation and quite pleased. How he reacted and

what went into his mindand heart could be trulymeasured by his own fewwords which he had writ-ten after receiving the invi-tation. He says:

“I have had my invita-tion as a poet and a thinkerfrom different people of Eu-rope and of the Orient. ButI could never imagine thatsuch an invitation wouldcome to me from thosewho are at the helm of ad-ministration, the kings andrulers of nations. Yetthough it is unusual thatthis rare privilege from myfriend, Dinshaw that an in-vitation was coming to mefrom His Imperial Majesty,Reza Shah Pahlavi, king ofPersia.”

Tagore was trulytouched by this generousinvitation from the king. He

had not expected that a king would invite him likethis. But he had done so and he had accepted it alsovery graciously. It was a rare opportunity to visit aland of great poets of one of the classical languagesof the world, Persian.

The language Persian and its literature werenever alien to Indian people, ever. People whocome from the Urdu background especially under-stand it very well. I vividly remember my Maktabdays when our education was first started with thePersian alphabet and after getting some knowl-

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Reza Shah Pahlavi, King of Persia

edge of reading and writing of our mothertongue, Urdu; soon we were given a book of Per-sian grammar and then the great books of SheikhSadie, Gulsitan and Bostan. We could read thosebooks in beautiful Urdu translation along with itsPersian texts.

Rabindra Nath was also aware about thebeauty of this language and its great literary fig-ures. He recalls how in his adolescent days, his fa-ther used to recite him the verses of the greatpoet of Persian, Hafiz. He says:

“My father was a great scholar. He was intoxi-cated with Hafiz’s verses. When I was a boy I oftenused to listen to his recitation of those poems, andhe translated them to me with fervor of enjoymentthat touched my heart.”

Tagore soon started preparing for his journeywith a childlike enthusiasm. He was so close to na-ture and his mind was so supple to every emo-tional thing, he would not escape the alluringimpact of those moments for a long time. Whenhe started his journey in the summer of 1932, oneof his closest aides was also with him.

His name was Kalidas Nag. He writes in one ofhis articles as follows:

“In 1932 the poet received a personal invitationfrom the builder of Modern Iran, Reza Shah Pehlavi.Tagore then in his seventy first years, flew to Tehranand to Baghdad and amidst the glorious roses ofIran, his birthday was celebrated with banquets andpoetic recitals, evoking truly Iranian grace and glam-our. Shah also made gifts of the enduring nature tothe poet by sending in his party to Shantiniketan, thecelebrated poet and scholar, Pure Daoud, togetherwith some rare manuscripts from the Royal Library.Thus Iran also joined hands with India.”

The other most pressing reason also was touse the opportunity to collect some funds fromabroad so his brainchild, the international univer-sity, Visha Bharti, could be benefited because itwas in dire need of funds to carry out its academicand artistic activities.

Writes great scholar, Sisir Kumar Das in the in-troduction of his book, “The English Writings of Ra-bindra Nath Tagore” as follows:

“The longing for distance-‘I am restless, I longfor the distant- Visa Bharti is like a vessel which iscarrying the cargo of life’s best treasure’, he wroteto Gandhi- were strong enough motivation for hiscontinuous travel. But the other important reasonwas his commitment to the new responsibility ofrepresenting India. These travels to different coun-

tries had an especial significance in his life.”How the poet felt and experienced during the

start of his journey to Iran is another interestingthing to notice. He writes in one of his articlesabout the experiences of his flight from Calcuttato Tehran that what he felt and observed when hewas sitting on the seat of the airplane. He writes:

“Up to this time we had not felt its motion verymuch, but suffered from the intolerable din of its pro-peller there was no possibility of communication be-tween passengers. My ears stuffed with cotton wool,I could only look about me. In the front row wasDane, employed in a sugar-cane plantation inManila, now going home. He had been busy follow-ing our route on a partly rolled-up map occasionallyhelping himself to bread and cheese, or chocolates.He had brought along with him a pile of newspaperswhich he perused one after another. There were alsothree wireless operators who taking turns, sat in theircorners with the apparatus strapped to their ears,taking notes or writing their reports between inter-val of eating and dozing. Together with the pilotsthese comprised our little community, snatched offthe earth into isolation, perusing a course throughinfinite solitude.”

Tagore’s around two weeks long visit wasquite hectic and packed. He met many peopleand talked with a diverse background of people.In one of his lectures he says:

“The vision of Persia was invoked in my imagina-tion by the voice of your own poets, who brought tomy mind’s sky breath of your spring breeze with theenchantment of its blossoming roses and nightin-gales’ songs. My arrival in your land today is a con-tinuation of the same enchantment, and I am gladto mingle my voice with the rejoicing of life whichhas broken out in the air of your beautiful countryfragrant with the perfume of orange blossoms.”

He also met many fellow Indians and Armeni-ans and opined his views and ideas in subtle ways.In his long address at the Tehran Literary Societyhe expressed his views in greater detail. In one ofhis poetic outpouring of feelings, he says:

“This world is a world of images. The clouds, theskies, the mountains and rivers are part of a com-mon being to which we belong. The trees standsilently around giving us the delight of an intimatecompanionship, we enjoy the pageantry of leavesand flowers and fruits, the colors and forms in whichthey abound.”

He further says in his same address:“I had some knowledge of Persia even before my

mohammadAleem is a

prolificwriter.

Known for outstandingnovels andplays, he is

the winner of

various national

level awardslike

SanskritiAward inliteratureand urduAcademy

DelhiAward.


coming. I had read something about your historyand geography, and formed some idea of your peo-ple and your country. My imagination was arousedthrough your great poets whose call had come tome even though I had no direct access to them. Iused to dream of a Persia where Bulbuls made loveto the roses, where in dreamland gardens poets satround their wine cups and invoked visions of ineffa-ble meaning.

I have visited Sadie’s tomb; I have sat beside theresting place of Hafiz and intimately felt his touch inthe glimmering green of your woodlands, in blos-soming roses.”

Sadly, these days, this great nation of love andpoetry is under a vicious cycle of world politics.War mongering America and Israel and the wholewest are trying hard to destroy this very profoundand pleasurable images of that society and na-tion.

But Rabindra Nath Tagore reminds us how heloved that country and looked forward always tosee her at the forefront of the developing world.He says in the same address which he had deliv-ered on 9 May 1932.

“This, my friends, is all I have to say to you, I whobelong the brotherhood of a useless tribe calledpoets. You must use your wisdom in mastering me-chanical power; there you have a great field of work.But let me remind you of your responsibility in thehuman world of love. I claim no right to recommendyou, to speak from a higher platform, but I claim acorner of your hidden heart where I can talk to youas a friend. If I am fortunate you will receive me thereand recognize me as one who seeks to fulfill God’sown dream of love.”

Tagore was very happy that he was given sucha welcome only some film stars could imaginethese days. He bestowed with love everywhere hewent. Daily newspapers wrote lengthy articles onhim. His birthday was celebrated as he was thebeloved son of their own soil. It was that alluringcharm which had stolen the heart of that greatpoet. When in one of the interview sessions, theeditor of “Isphahan” asked how he found ourcountry and has so far enjoyed your tour, he said:

“Your country is beautiful and your hospitality isoverwhelming. I have had a most enjoyable time inall the places I have visited.

I am sure when I leave Persia I shall carry homewithin my heart experiences which will be of perma-nent value to me. As yet I have seen only a few places

in your country- Bushier is a port town situated prac-tically in a desert, yet with great care you have pre-served some gardens within it. Shiraz is lovely withbirds, blossoms, trees and its springtime climatewhich I enjoyed very much. In Khaliabad garden, Iused to watch the purple outline of the hills in thebackground; shade trees gave me rest.”

But he was aware that Iran was a Muslimcountry and most of the population follows Islamas a religion. But he was also admiring of its greatsecular tradition.

It was that Iran when Islāmic revolution hadnot taken place and people were very much freeto express their feelings. They were free to writeas they wished and live the life as they desired.But Tagore was aware of the fact that if the thingshad been otherwise, he would not have thechance to come here. He says in a talk withDashty, a member of the Iranian Assembly:

“If you were rigidly pious ‘Mullahs’ correspon-ding to our Hindu priests, we could not have daredto invite you. Unfortunately two of our biggest com-munities in India have yet too many representativesof this type of bigotry and that is why we cannotcome together. I claim the collaboration of yourscholars and artists whose influence will unite usculturally and change our differences which are notreally fundamental.”

In the end, I would like to recite one of the poemshe wrote during his Iranian visit:

Iran, All the roses in the gardenAnd all their lover birdsHave acclaimed the birthdayOf the poet of a far-away shoreAnd mingled their voices in a pair of rejoicing.

Iran, the brave sons has broughtTheir priceless gift of friendshipOn this birthday of the poet of a far-away shore,For they have known him in their hearts as theirown.

Iran, crowned with a new gloryBy the honor from Thy handThis birthday of the poet of a far-away shoreFinds its fulfillment.And I return I bind this wreath of my verseOn thy forehead, and I cry: Victory for Iran. 1932 n

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From Left: Commissioner of Delhi Po-lice Shri Neeraj Kumar, Hon'bleUnion Minister for Water Resource -Shri Harish Rawat, Guru MataMangla and Secretary General,Foundation for Social Awakening(FSA) - Shri Anurag Dhondiyal

Checkup of police officials

DelHI PolIce forceEMPOWERINGEMPOWERING

5

5

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From Left: Secretary General, Foun-dation for Social Awakening (FSA) -Shri Anurag Dhondiyal, DirectorDept. of Cardiovascular Surgery,Fortis Escorts - Dr. Y. K. Mishra, Direc-tor, External Affairs - Ranbaxy - ShriA. S. Krishna, Commissioner of DelhiPolice - Shri Neeraj Kumar, Hon'bleUnion Minister for Water Resource -Shri Harish Rawat, World RenounedSpritual Leader - Guru Mata Mangla,AGM-Marketing, Muthoot Group -Shri Avinav Chaubey and ManagingDirector, RG Group - Shri RajeshGoyal

5

Police officials attending workshop

Token of Thanks towards Contribution

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Lamp Lightning5


Checkup of police officials5

A GALA High on Star Gathering

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Richa and Sushanto Roy with baby Roshna, who was the cynosure of all eyes

Swapna and Subrata Roy

Jaya Prada

Ram Jethmalani and Subrata Roy Anil Kapoor and Abhishek Bachchan

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Diana Hayden Abhishek Bachchan and Hariom Tyagi

Sridevi

Hema Malini and Bharat with Esha Yuvraj Singh and Umang Goel

Raj

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Raj Babbar

Sonu Nigam

Hariom Tyagi, Baba Ramdev and Umang Goel

Mohammad Azharuddin and Hariom Tyagi

Farooq Abdullah and Hariom Tyagi

Suresh Raina and Ashok Dinda


Hariom Tyagi, Umang Goel and Lalu Prashad Yadav and others

Anil Kapoor and Hariom Tyagi

Virat Kohli and Sonu NigamHariom Tyagi Introduced with Vivek Oberoi and Pankaj Singh BJP Leader

Hariom Tyagi, Kashif Usmani and Evelyn Sharma

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CREDAI’s New Mantra: Quick approvals, affordable housing

The Confederation of Real Es-tate Developers’ Associationsof India (CREDAI) is the apexbody for private real estate de-velopers in India. CREDAI rep-

resents over 8,800 developers through20 states and 114 city chapters acrossthe country. Its numerous initiatives andactivities help developers come to-gether and work towards better prac-tices, improved customer service and astronger realty industry.

The newly elected leadership of CREDAIhas embarked on a multi-prongedagenda to work closely with the variousgovernments with focus on affordablehousing, green buildings and water har-vesting and skill development amongconstruction workers.“The task force report on affordable

housing is already with the governmentand we will impress upon the con-cerned departments to facilitate its im-plementation for ensuring that themillions of homeless fulfill their dreamsof owning a house,” said Mr Lalit KumarJan, newly elected Chairman of CREDAI.CREDAI also announced the setting upof its Youth Wing reflecting the increas-ing number of young and qualified en-trepreneurs joining the profession.Mr. Jain stressed that CREDAI has beencampaigning for long for streamliningthe approval processes across the coun-try. “In fact the centre should issueguidelines to States regarding onlineapprovals and single window system,”he said and pointed out that the Stateslike Punjab which have implementedSingle window system are doing verywell. This will help check corruption to a

large extent and the money savedwould definitely benefit the end buyer,he said.Secretary Housing and Urban PovertyAlleviation, Mr Arun Mishra, who wasthe guest of honour, also unveiled thefirst every Coffee Table Book on real es-tate. CREDAI’s new managing commit-tee also took charge in Mr. Mishra'spresence.

Mr. Jain pointed out that CREDAI sug-gested changed in the Land Acquisitionand the Real Estate Regulator Authoritybills to make them much more effectiveand beneficial for the home buyer andnot one particular section.Referring to the delays in approvalsfrom the environment ministry, Mr Jainsaid “A lot needs to be done for speedyapprovals so that projects do not get


help up indefinitely. Mr C Shekar Reddy, newly elected National Presi-dent of CREDAI, said the apex body will also campaign with the FinanceMinistry and RBI for reducing the risk weightage given for funding thereal estate projects. The current negative approach is helping neitherthe banks nor developers, he said.CREDAI will focus on educating the fellow developer community on de-veloping green buildings, using non-conventional energy sources andwater conservation. Recycling of water for flushing and gardening pur-poses should automatically be part of all new projects, Mr Reddy said.On skill development, he said the industry would need close to 40 mil-lion skilled workers on an incremental basis in next ten years or so.The government which has been collecting 1% as labour cess has nowbegun to use it for skill development and labour welfare. The centre hasmade a good beginning and some States like Andhra Pradesh too areimplementing it. “We hope other states will follow suit,” he said.n

BuddhistArchitecture

the existing stupa at Sanchiencloses the original stupaand has been enlarged andenclosed within the stonerailing or balustrade, whenstone was adopted in theplace of wood

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Another excavated cave about a hundred years lateris the magnificent prayer hall or Chaitya, at Karle inthe Poona district. This too has been excavatedfrom the living rock and is unparalleled for its loftyand elevated impression. The size is truly stupen-

dous, 124'x46-1/2'x45'. With well proportioned great and bulkypillars, carrying capitals of great originality holding up avaulted roof that has real rafters of timber inserted into it, a rib-bing inherited and copied from wooden structure. Thecolumns are strong and bulky, surmounted by sculptured cap-itals. In the far distance there is a stupa with a wooden um-brella on top and astonishingly the original wood has survivedunharmed to this date.

Chaitya Hall, Bhaja, Maharashtra

1. Indian Architecture. Indus Civilization. Buddhist Architecture. Temple Architecture. Indo-Islamic Architecture. Modern Architecture

2. Indian Sculpture. Indus Civilization. Buddhist Sculpture. Gupta Sculpture. Medieval School of Sculpture. Modern Indian Sculpture

Sanchi Stupa No.1, Full View, MP

The Buddhist Stupa is another form of architecture, comprisinga hemispherical dome, a solid structure into which one cannotenter. The stupa is a glorified, beautified, enlarged funerarymound: what was once the resting place of the bones andashes of a holy man. Tradition has it that after the great demiseof Lord Buddha, Emperor Ashoka decided to construct a largenumber of stupas throughout his dominion in memory of theMaster and enshrine in them relics such as pieces of bones,teeth, hair etc., over which the Stupas were constructed. Orig-inally the stupa was made of bricks and surrounded by awooden railing. The existing stupa at Sanchi encloses the orig-inal stupa and has been enlarged and enclosed within thestone railing or balustrade, when stone was adopted in theplace of wood. To the stupa which consisted of a domical struc-ture, a base, sometimes circular, sometimes square, was addedin the 1st century B.C., a circumambulatory path as well as thestone railing with four elegantly carved gateways in the fourcardinal directions. In place of the original wooden umbrella,which was put up to signify the stupa represented and wasbuilt over the ashes of the Lord or his immediate disciples, asign of royalty and dignity, developed in the course of time aninteresting composition on top of the dome, the Harmika; asquare Buddhist railing from which rises the shaft that holdsthe imperial umbrella, sometimes single and later on multi-plied to three or even more, diminishing in size as they go up-wards.

The railing and gateways at Bharhut, Sanchi and Bodh Gayaare the most famous in the north and at Amravati and Nagar-junakonda in the South. Upright pillars and cross bars, basedon wooden construction, were made and provided the occa-sion for dome of the finest low relief carvings to be found any-where in Indian art. On these surfaces are carved the favouritesymbols of Buddhism, the lotus, elephant, bull, lion and horseand some of the Jataka stories of the previous births of Bud-dha, depicted in low relief with such exuberant details thatthey are considered a land-mark in the story of Indian art. TheSanchi Stupa has a diameter of 120' and a height of 54'. Aboutthese gateways one thing stands that most of early Indian ar-chitecture was of wood and timber and that these are true im-itations in stone of early wooden construction.n


CITY WISE HOUSING PRICE INDEX (UPDATING UPTO

QUARTER OCTOBER-DECEMBER 2012)

NHB ResidexBase Year: 2007 = 100

Jan- Apr- Jul- Oct- Jan- Apr- Jul- Oct-

Mar Jun Sept Dec Mar June Sep Dec

2007 2011 2011 2011 2011 2012 2012 2012 2012

CITIES Index Index Index Index Index Index Index Index Index

Hyderabad 100 83 91 84 79 86 85 84 90

Faridabad 100 165 220 206 218 217 217 216 205

Patna 100 146 146 141 140 129 140 138 151

Ahmedabad 100 165 169 163 167 164 174 180 191

Chennai 100 218 248 271 296 304 309 312 314

Jaipur 100 67 64 65 64 80 78 85 87

Lucknow 100 157 160 154 165 164 171 175 189

Pune 100 148 150 169 184 181 200 201 205

Surat 100 128 149 139 152 144 145 138 150

Kochi 100 86 107 97 82 72 73 80 87

Bhopal 100 167 224 208 211 204 207 206 216

Kolkata 100 211 194 191 190 191 196 191 209

Mumbai 100 175 181 194 193 190 197 198 217

Bengaluru 100 88 92 93 100 92 100 98 106

Delhi 100 126 147 154 167 168 172 178 195

Bhubneshwar 100 161 164 168 172

Guwahati 100 157 159 158 166

Ludhiana 100 163 171 168 179

Vijayawada 100 184 186 181 185

Indore 100 208 203 196 194

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Encouraged by Govern-ment of India’s recent ini-tiative to provideaffordable housing in the

country, Wave Group, the leadingreal estate, sugar manufacturing, malls

and multiplexes conglomerate an-nounces its foray into affordable hous-ing. Wave plans to launch this segmentfor all who want to realize their dreamof owning their home. With a huge gapin demand to supply of affordable hous-ing in the NCR region, this affordablehousing project would cater to themasses, providing them with unmatchedamenities of a smart city, social infra-structure, connectivity, unbeatable loca-tion and price. Finance minister in hisrecent budget announcement increasedthe cap of home loan interest deductionlimit from Rs 1.5 lakh to Rs 2.5 lakh forfirst home buyers, an addition of Rs 1lakh for new home loans of up to Rs 25lakh. This move is expected to drive af-

fordable housing in the country, espe-cially in National Capital Region, ournew housing venture caters to this seg-ment,” Rajendra kumar Panpalia, Man-aging Director at Wave Group said in astatement. Going with its vision to bridgethe gap between housing mismatch inIndia, Wave group is launching “DreamHomes”.n

Wave forays in affordable housing

According to a survey, the NationalProperty Index (NPI) went up byover 3 per cent in the October-De-cember quarter. NPI is a weighted

average of supply and prices across 11

cities. Nine cities saw amarginal rise, while onerecorded stable values andthe other registered a smalldrop in the city index. “Ghazi-abad, Mumbai, Hyderabad, Pune,Delhi, Kolkata, Chennai, Gurgaon andNoida witnessed a rise in city index val-ues. Ahmedabad registered stable valuesand Bangalore remained largely stable,”the report said. Cities such as Ahmed-abad, Hyderabad and Bangalore receivedgreater demand for premium propertiesas compared to Delhi and Mumbai.According to the report, multi-storeyapartments remained the most preferredproperty type across the country. Six outof 11 cities witnessed over 65 per cent de-mand for multi-storey apartments.n

National Property Index up by 3%

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Rajendra kumar Panpalia, MD,Wave Group

Honda Motorcycle and ScooterIndia (HMSI), the Indian two-wheeler arm of Honda, has ex-panded its motorcycle portfolio by

unveiling its new 150cc bike, CB Trigger.

This is the first bike in thecountry to offer CombiBrake Systeam (CBS) as anoption and is targeted atyouth, mainly between 18-24years.The pricing of CB Trigger is yet tobe announced, however, the com-pany said it expects to sell about 1 lakhunits of the bike in 2013-14. This is thefourth launch in the 150cc segment bythe Japanese based two-wheeler manu-facturer after the CB Unicorn, Dazzler andCBR150R.Honda has claimed that the CB Triggerwill have a mileage of 60kmpl. It comeswith features like fully digital instrumentpanel, LED-tail lamps, alloy wheels andmono-shock at the rear. The 150-180ccsegment currently contributed up to 10per cent of the total two-wheeler salesin the country and with the CB TriggerHonda plans to increase its sales andpenetrate this segment deeper.n

HMSI Launches CB Trigger

Mahindra and Mahin-dra launched its all-electric four-seaterpassenger car, the

e2o, with price starting at Rs.5.96lakh, in March this year.

The car is developed by MahindraReva Electric Vehicles (formerly RevaElectric Car Company), and will replaceits predecessor Reva, India’s first electriccar.Terming the launch as ”an importantmilestone for the Mahindra Group”, thegroup Chairman Anand Mahindra said,“This is not just about selling a car, it isabout telling people to change theirlifestyle. We are working at creating anecosystem that includes mobility solu-tions along with other environment-

friendly innovations”.The group also has plans to extend theelectric mobility technology to its two-wheelers.n

M&M launches its electric car


Advance India ProjectsLimited (AIPL), one ofIndia's premier real estatedevelopment companies

with a multi-dimensional realty, com-mercial and residential portfolio; rede-fines the country’s residential space byintroducing ‘The Peaceful Homes’ at Sec-tor 70A in Gurgaon.

Envisioned with an earmarked invest-ment of approximately Rs. 600 crores,the premium residential project is setacross 19 acres of tranquility and offersan unhindered view of the Aravallis. ThePeaceful Homes’ comprises of high-rise2/3/4 BHK homes & penthouses, whichseek to redefine the concept of elegantliving in Delhi-NCR. Well connected toNH-8, Golf Course Extension Road &Southern Periphery Road (SPR/ NH-236)Sohna Road, it offers residential units of

two, three and four-BHKs, in sizes of 1,565sq. ft., 2,150 sq. ft., 2,350 sq. ft., 2,475 sq.ft. and 2,925 sq. ft. respectively. Nestledamongst the foothills of Aravallis, ‘ThePeaceful Homes’ project is located in thevicinity of three Golf Courses, which of-fers the residents complete serenity andtranquility.n

The Peaceful Homes, at Gurgaon

The government has given nod toprojects worth Rs 74,000 crorewhich were stuck for years due tolack of various clearances. Amid

concerns in the government over the

prolonged delays in proj-ects, the impetus cameafter the formation of theCabinet Committee on Invest-ment (CCI) in January. Al-though, energy sector is the keybeneficiary of the policy initiative asseveral oil blocks were stuck, process ofstreamlining the mega projects are alsobeing started. The CCI decision has pavedthe way for investments. The processesof granting environment and forest clear-ances for mega projects have beenmade easier in cases such as renewal ofmining leases.n

A major push to infrastructure

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Godrej Properties, the real estatedevelopment arm of the GodrejGroup, has inked a joint develop-ment agreement with a housing

society in Malad suburb of Mumbai. The

developer is planning todevelop a luxury residen-tial project through rede-velopment of SunderSangam Cooperative HousingSociety spread over 1.3-acre inMalad west. The project offersaround 95,000 sq. ft. of free sale areato the company. The existing membersof the society will also be rehabilitated aspart of the project. This project fits wellwith Godrej Properties' strategy of build-ing our presence in high quality locationsacross Mumbai. We hope to create anexcellent luxury development in this proj-ect," said Pirojsha Godrej, MD & CEO, Go-drej Properties. As part of its growth strategy, the devel-oper has been entering into joint devel-opment agreements with housingsocieties in Mumbai. Under these redevel-opment agreements, real estate develop-ers get access to free sale area in lieu ofproviding rehabilitation to society mem-bers in the same project.n

Godrej Inks Redevelopment Plan

Real estate developerswill move against aproposed tax onproperty sales. They

feel that the tax will slow thegrowth of a sector which is strug-

gling to cope with. The new tax ondevelopers was proposed on the basis ofassessed valuation of a property at thetime of transfer by inserting Section43CA in the Income Tax Act. The gov-ernment looks to raise additional re-sources though this route. But developerssaid that the proposed tax may put buy-ers in a spot and reduce property sale ina slowing economy. This will defeat thegovernment's plan to revive the real es-tate sector. The move has left both thesellers and buyers baffled. After thebudget announcement, some developers

were seen persuading buyers to registertheir property before the new tax kicks in.n

Realtors against tax proposal


The unique synergy of the‘villa’ and ‘apartment’ giv-ing rise to a hybrid andmodern living solution; the

villament. This 400 Cr project offers ex-actly that! Welcome to the Silicon ValleyLife, in Bangalore! Nitesh Palo Altobrings alive the concept of villaments inthe heart of Bangalore's technology hub,the Sarjapur-Marathalli Ring Road withluxuries and facilities inspired by the Sil-icon Valley lifestyle. Nitesh Palo Alto of-fers 251 villaments, 3 & 4 bedroomduplex and simplex spread about 12acres. It will be priced at Rs. 1.9 – 3 Cr.Villaments bring together the conven-iences of apartments and the privacy af-forded by villas. These villaments areinspired by Silicon Valley in more waysthan just the name. A host of technol-ogy based services integrate seamlesslywith your lifestyle. That apart, Palo Alto

sets apart the desiring from the deserv-ing. Launching the project, Mr. AshwiniKumar, Executive Director and COO,Nitesh Estates Limited said, “Staying atNitesh Palo Alto will be like staying inthe Silicon Valley home with its offeringof Wi-Fi connectivity and high technol-ogy automation system.n

Nitesh Estates’s Latest Project

The wait is finally over! Ajnara IndiaLtd, a major realty player inDelhi/NCR has launched its semi-luxurious affordable venture by the

name of Ajnara Panorama F-1 on Ya-

muna Expressway. Thecompany recently launchedthe project by conducting agrand bhoomi-pujan at thesite. The residential project isone of its kind projects with astrategic location and world class facil-ities and amenities and a view of For-mula-1 racing tracks. Established in 1991, Ajnara India Ltd. is arenowned name in the real estate sectorwith an experience of almost twodecades guiding through its growth Delhi,Noida and NCR being its centre of oper-ations, Ajnara has successfully completedvarious projects, both residential andcommercial in nature, on land acquiredfrom DDA, GDA & Noida Authoritythrough bidding and auctions. In all theventures so far completed.n

Ajnara at Yamuna Expressway

78 lAPRIL 2013

deSk newS

OBSERVER DAWN

India’s leading Real Estate Developer‘Ansal API’ has launched the Iconic‘Ansal Plaza’ Mall in its Township inGhaziabad today. This mall is located

in Sushant Aquapolis, Ghaziabad which is

an Integrated Townshipapproved by U.P Govern-ment. Sushant Aquapolis isalready known for its capti-vating and alluring naturalsurroundings, opulent apart-ments, independent residences andplots.Ansal Plaza, Sushant Aquapolis has excel-lent connectivity with Delhi, Noida andGreater Noida . This mall will be anabode of the best brands, top restaurantsand will provide excellent cinematic ex-perience too. It has six levels of retail ex-perience with an exclusive premiumhotel block.The mall will be a complete family des-tination offering not just shopping, but anunforgettable experience through itsunique mix consisting of leading interna-tional and Indian fashion, entertainmentand dining brands.n

Ansal Plaza Mall in Ghaziabad

Emaar MGF Land Ltd.(EMGF), a leading realestate and infrastruc-ture developer, has an-

nounced the launch of ‘ImperialGardens’, a fine conglomeration of

luxury and fine living, in sector 102,Gurgaon. The company plans to develop9 high-rise towers comprising 580 unitsof 3BHK apartments with floor area of2000 Sq. Ft. each. The project offers 3 BHK flats with familylounge and luxury specifications in amodern gated development spreadacross approximately 12 acres of landalong Dwarka Expressway. The project isstrategically planned just outside Delhi toprovide residents a permanent stay inthe upcoming commercial hub with

easy access to the national capital. Imperial Gardens has 9 towers arrangedaesthetically to ensure all homes facegreen areas inside the project and thearea surrounding it.n

EMGF Launches Imperial Gardens’


OBSERV

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pril 2013