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PROPERTY NEWS FOR YOU

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October 2014

Realty stock prices have zoomed up by nearly 9% due to easing of construction FDI by the Government

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Response from Mr Suresh Hari,Secretary, CREDAI Bengaluru: The cost of funds become expensive now. The funding from banks and other financial institutions have become slow, and banks don’t fully invest in real estate. They don’t come forward to invest in developers fully. Borrowing from other sources come at a higher cost. Availability of funds at a good price is a big challenge. Now the Government has relaxed FDI to include smaller projects also. This will kickstart economic activity in real estate sector in a bigger way and funds will be available for many developers. Real estate will be much more attractive for investment. This applies to all aspects of realty business.

The cost of funds will be more competitive. The bottomline of listed real estate companies will go up because their cost of investment will be competitive. Till now, investment on office spaces and malls was only made in city outskirts, foreign investment was possible only into projects spread over a larger area. By easing rules for FDI into projects spread over a smaller area, the Government has opened up avenues for development opportunities within city limits. The 20,000-sq-metre requirement will now open up investment opportunities for those looking at smaller projects inside city limits.

Also, this move will also result in investor interest in smaller cities where the demand is more for smaller office or retail spaces.

Response from Mr.Suresh Kris, CFO, Brigade Enterprises Ltd: The relaxed norms for 100 percent FDI in construction is a welcome move for the real estate industry which is cash-strapped. For developers like Brigade group, who have small land parcels which did not qualify for foreign investment till now, would benefit from this move. With this notification, foreign investors, who were not keen to invest in larger projects, may now start investing in smaller projects.

The notification would also open up demand for land where development of less than 50,000 sq metre only is possible. It is not just the residential segment which would benefit. The relaxed FDI norms would also see investment flowing into commercial and retail spaces, and also some of the mall management companies would stand to benefit.

Doing away with the clause of 50% development to be done in 5 years from the date of approval and restriction to only a three-year lock in period will give the existing foreign investors a lot of room to exit current investments. They can now re-jig their portfolio, and many developers – small and big – would benefit from such an exercise. All these are positives that we have been awaiting for a long time.

Volvo truck new range makes an exciting premiere in India

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Bangalore, 27th October 2014: Volvo Trucks new range has been launched in  India during the press event held at KTPO, Whitefield, Bangalore India with completely renewed product profile. The flagship Volvo FH, voted “INTERNATIONAL TRUCK OF THE YEAR “ in Europe – is on what premium trucks can offer, setting for new bench mark for transportation.

During the launch Senior Vice President of Volvo Group said.” Volvo has invested more than US 3 billion dollars and 14 million engineering hours in this project. And just to make perfectly sure of the outcome, we have tested the vehicles for 21 million kilometres. We are the undisputed leaders of the premium truck segment in India, and this new range will keep moving the bar further in terms of productivity and efficiency for the customers.”

Comprising of Volvo FH, Volvo FM and Volvo FMX, the new range is the most technologically advanced in India. The unique telematics system which allows following on fuel consumption over time, and – together with Volvo Trucks Driver Training Services – coach drivers into further improving their fuel saving skills. Dynafeet also enables customers to see in real time the location of their vehicles and vehicle’s performance data that are critical to have control on their fleet, letting the customer fully focus on running their core businesses.

SAVE BALABROOIE

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Citizens of Bengaluru are extremely distressed to learn that the beautiful historic Balabrooie Guest house is threatened with imminent demolition. The destruction of Bengaluru’s architectural heritage is detrimental to well-being of both the city and its residents and urge the Government of Karanatka  to put an immediate stop to any plans for the demolition of important heritage buildings.bangalore-icon-3_650_102514121756

The Balabrooie is iconic bungalow, 150  years old and has been an integral part of the cultural and political history of this city and state, hosted to eminent personalities like Rabindranath Tagore, Indira Gandhi, Sir M Visveswaraih, S. Nijalingappa, B.D. Jatti, D. Devraj Urs and S.R. Bommai.

Balabrooie is a beautiful specimen of colonial architecture, surrounded by a number of spectacular trees. Many are over a century old. The Clause(f) of Article 51A of the Constitution of India declares that it is a Fundamental Duty of every citizen “to preserve the rich heritage of our composite culture.”

Congestion of Bangalore Business District has been big concern of citizens of Bangalore, the citizens are pursuing city authorities to decongest Bengaluru’s Central Business District for several years, The Construction of Multi – Storied Buildings and Complexes on Public Land and Traffic Junctions already creating horrific traffic bottle necks and will make a bad situation even worse for commuting and business.

The Namma Metro’s Baiyappanahalli-M.G Road stretch completes 3 years on October 20

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Mr.Suresh Hari, Secretary, CREDAI Bangalore says

The FAR for commercial construction around 2-3 km radius of metro stations has been increased from 3.2 to 4. This has given a huge fillip to commercial and retail real estate along the metro route. Currently, though there is good patronage for the Baiyappanahalli – M.G. Road reach of the Metro, the operations have not cleared the infrastructure overload. The completion of important links will have an economic impact. In Chennai too, the elevated MRTS had witnessed the economic impact and infrastructure impact only after the total stretch was completed.

Mr.Viswa Prathap Desu, Vice President, Sales and Marketing, Brigade Group, says

The residential properties will also seen a huge demand especially in 2 to 3 kms radius of metro station. The resale value of existing residential properties in the vicinity of metro has gone up by nearly 30 to 35% in the last 3 years. Once all other reaches are complete, it will greatly improve the quality of life for Bangaloreans. Besides, property prices aling these corridors have also appreciated depending on the proximity as a result of the convenience the metro offers.

CHILAKAMARTHI VAASTU BOOK

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CHILAKAMARTHI PRABHAKAR CHAKRAVARTHY SHARMA WON THE WONDER BOOK OF WORLD RECORD FOR HIS ENGLISH ALMANAC (PANCHANGAM).THIS BOOK IS PREPARED WITH CONCEPT OF SAMAGRA MUHURTHA VIDHANAM AND IT IS WORLD’S FIRST ENGLISH PANCHANGAM WITH MUHURTHA VIDHANAM CONCEPT. HE ALSO RECENTLY WRITTEN AND PUBLISHED “THE GREAT INDIAN VAASTU SHASTRA FOR A COMMON MAN” BOOK. CHILAKAMARTHI PRABHAKAR CHAKRAVARTHY SARMA WORKING AS SENIOR ENGINEER IN AMBICO ENGINEERING INDIA PVT LTD, BANGALORE (M.TECH, M.B.A, JYOTHISHA KOVIDA, DHARMA SHASTRA KOVIDA AND VIDYA BHUSHANA) HAS WRITTEN WORLD’S FIRST ENGLISH ALMANAC WITH SAMAGRA MUHURTHA VIDHANAM (ANY ONE CAN KEEP HIS OWN MUHURTHA BY READING THE ALMANAC) IN 2011. HE HAD ALSO WRITTEN TELUGU PANCHANGAM WITH SAMAGRA MUHURTHA VIDHANAM IN 2013. HE HAD MADE HIS PLACE IN STAR WORLD RECORDS, TELUGU BOOK OF RECORDS FOR HIS WORKS ON PANCHANGAM.HE HAD RECEIVED JYOTISHYA MARTHANDA AWARD FROM TIRUMALA PHEETAM IN 2013.RECENTLY HE HAD RECEIVED WONDER BOOK OF WORLD RECORDS FOR HIS WORKS ON ENGLISH ALMANAC. HE ALSO WROTE A NEW BOOK ON VAASTU SHASTRA IN ENGLISH. ON BEHALF OF THIS HE IS BEING CONGRATULATED IN BANGALORE PRESS CLUB BY TELUGU VIGNANA SAMITHI PRESIDENT DR.A RADHA KRISHNA RAJU.

VISIT @ http://www.chilakamarthi.com/

Brigade Group to invest Rs. 500 crores in GIFT City as Co Developer

Brigade Group to develop 1.1 mn sq ft of Commercial, Residential, Retail and Hotel projects in GIFT City and assessing to expand presence upto 4 mn sft

Bangalore, October 17, 2014: Brigade Group will invest Rs. 500 crores in Gujarat International Finance Tec-City (GIFT City), India’s first globally benchmarked International Financial Services Centre (IFSC) over next few years. Allotment of Development Rights  for 1.1 mn. sq. ft. of Built Up Area (BUA)  has been made to the Group for development of Commercial, Residential, Retail Mall and Hotel projects in SEZ & Non-SEZ Area in GIFT City. The Group has also submitted its  interest for taking additional BUA aggregating to 2.8 mn. sq. ft. of BUA, showing its interest  to take a long position in development of India’s first Global Financial Hub at GIFT City.

Brigade Group has significant presence in southern India, including cities like Bangalore, Chennai, Hyderabad, Kochi etc. and is known for their high standards and quality of development across various facilities.

Shri Saurabhbhai Patel, Hon’ble Minister (Finance & EPD), GoG during the road show of Vibrant Gujarat in Bangalore said, “We are happy that Brigade Enterprises Ltd., Bangalore for the first time participated in Gujarat, and has taken up large development in GIFT City, Gujarat to provide facilities like offices for Financial Services & IT, Residential, Retail Mall & Hotels with an estimated investment of around Rs. 500 Cr.”

Mr. Ramakant Jha, MD & Group CEO, GIFT Company Ltd said, “The investment on such a large scale by south-India based group is a testimony of the opportunities that this project offers. Real estate firms would benefit in terms of return on investment and growth that would make them part of development of country’s first IFSC. Brigade Group’s reputation of developing Grade ‘A’ properties and experience across all real estate domains is in concord with world-class services and infrastructure that GIFT City would offer.”

 Speaking on the development, Mr. M.R. Jaishankar, CMD, Brigade Group said, “We are pleased to be Co Developers in GIFT City which we consider as a real SMART City in the country. The development covering more than 800 acres is beautifully planned with world class infrastructure which we believe will set a benchmark in real estate development in the country. GIFT City provides an excellent platform to present India’s position to international companies as investors as well as for establishing an operating presence in the development. We are pleased to be part of our Hon’ble Prime Minister Shri Narendra Modi’s vision of creating 100 SMART Cities in our country and look forward to making it a success”

“Switch2Green”

An initiative by Racold Thermo Ltd and Green Energy Foundation to generate awareness on energy conservation

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Bangalore, October 17, 2014: After a successful first phase in Pune, Racold Thermo Ltd is spreading the message of ‘energy conservation’ in Bangalore. To generate awareness about energy savings and inculcate a sense of responsibility towards the environment, Racold Thermo in association with Green Energy Foundation (GEF) today announced the launch of the ‘Switch2Green’ in Bangalore. Switch2Green contest is an initiative to recognize the diligent, systematic and serious efforts by housing societies for efficient utilization and conservation of energy The contest is open to housing societies, comprising 100 flats and above in Bangalore City. It requires each participating housing society to form an Energy Management Committee under the leadership of its chairman. The performance of the nominated housing society will be judged through a survey that will be administered through volunteers and then evaluated by a jury panel. Based on the analysis of the energy savings programs and initiatives undertaken by the Energy Management Committees of the societies, winners will be decided and prizes will be given to the housing societies. Plan is to cover 10,000-12000 households in Bangalore through this initiative. The prizes for the top three winning (energy efficient) societies are; Rs. 2 lac, Rs. 1 lac, and Rs. 50,000.

In its first phase, the campaign was successfully run in Pune garnering participation from 8000 households. Through this contest, approximately 48,000 units of energy were saved.

Speaking at the Bangalore edition launch of Switch2Green, Mr. Mathew Job, M.D of Racold Thermo Ltd. said “With the continuing deficit in energy availability vs. demand and keeping in mind our responsibility towards the environment, it is essential to adopt energy-efficient technologies. Efficient and smart utilization of energy resources is not only good for the environment but can help one save money without sacrificing comfort and lifestyle. We at Racold Thermo are glad to partner with the Green Energy Foundation (GEF) to take the initiative “Switch2Green” forward. We are confident of a high level of enthusiastic participation from the highly knowledgeable citizens of Bangalore that will lead to substantial energy savings.” Indian households account for 40% of direct energy use (commercial and non-commercial energy together) and influences 70% of the total energy usage (considering the energy required for goods and services consumed by households).  So, improving awareness and driving action by households has substantial energy saving potential.

Ms. Sharmila Oswal, President of Green Energy Foundation added, “Conserving energy begins at home. Small changes are easier to accomplish than larger ones. Gradual changes are financially easy to implement and provide financial reward in the long run along with the satisfaction of conserving energy to protect the planet and its natural resources. Energy conservation tips are a win-win for everyone involved.”

Ms.Oswal further added “Energy conservation is important from many different perspectives and not just because saving energy means saving our money by lowering our monthly energy bills but also from environmental point of view because we are still heavily dependent on fossil fuels and by reducing our energy needs we are also reducing the global greenhouse gas emissions levels that contribute to climate change and global warming.”

The jury panel comprises Mr Raffael Thomas Chairman of Datamatrix Pvt. Ltd., an eminent energy expert and authorized ESCO by Gov of India ,Mr Gautam Nagar Energy Consultant who has specialized in Energy Simulations Modeling from USA and presently consultant to Shapoorji and Pallonji Mumbai and Vijay Sisodiya Director of Farmland, Bangalore who has specialized in Energy auditing and savings.

Midtown Launches Midtown Opulent: A Grand Life for Bangalore

An exclusive residential project comprising of 2 & 3 BHK luxury apartments – perfect for celebrating the magic called ‘Life.’

Midtown Opulent

Bangalore 14th October, 2014: Bangalore based Midtown Structures launched an exclusive residential project comprising of luxurious apartments in Bangalore. Midtown Opulent is an exclusive residential project of 2 and 3 BHK luxury apartments designed just for those, who envision tranquillity to be the most important pre-requisite of their ideal home.  The apartments are the epitome of meticulously planned living spaces across 2.58 Acres of lush greenery in Varthur. The Varthur Kere (lake) in the vicinity ensures natural breeze throughout the year and a wide variety of thriving flora and fauna – a very rare sight in Bangalore’s concrete jungle.

Midtown Opulent offers you the exclusive vastu compliant apartments, which are well balanced in terms of price and quality. Utmost care has been taken to ensure proper utility of each feature that exists in the plan. Every detail in these apartments is top notch – from the world class emulsion paints to the vitrified flooring; and from the teak frame main door to the latest surveillance system. Sewage treatment plant and rain water harvesting system available at the premises, will give you the pride of green living.

The amenities include club house, gym, swimming pool, library, cricket pitch, party hall etc. There are plenty of options available for indoor and outdoor games which you can enjoy with your family. Power back-up generators, fully automatic lifts and disable friendly architecture aid in comfort living of elderly residents.

The project is located in Varthur, which is one of the most sought after areas for real estate investment due to its strategic location – between the Outer Ring Road and Whitefield. It is also very well connected to Sarjapur Road and NH 207, which leads to Kempegowda International Airport.

Marking the launch occasion, Mr. Shyam Mareddy, Founder Partner, Midtown Structures said, “Opulent is situated between the IT / ITES triangle of Bangalore which hosts 80% of major MNC offices, Varthur is also well connected with city’s leisure and entertainment hubs. Hence buying an apartment here can offer you everything like; shopping, work and leisure, all in close proximity.”For more information visit http://www.midtownstructures.com/aboutus.php

JSW Cement – Leadership in Portland slag cement market

Left to right Left - Mr. Anil Kumar Pillai, CEO - JSW  & Mr. Pankaj Kulkarni, Director - JSW Cement Ltd Cement Ltd

Bengaluru, 14th October, 2014: As part of its sustained efforts to enhance its competitive position in the market, and to emphasize its leadership within the construction sector in India, JSW Group with interests in Steel, Energy and Infrastructure has another feather in its fold viz. JSW Cement in Karnataka State. JSW Cement Ltd, Part of $11 billion JSW Group, has already made significant investments into cement manufacturing and will continue to add capacity to serve the burgeoning cement market.

Speaking on the occasion, Mr. Pankaj Kulkarni, Director – JSW Cement Ltd, said “With new governments in place at both centre and state, we expect the infrastructure sector to get a big boost and the cement sector is expected to grow at 9% year-on-year. Metros like Chennai, Hyderabad, Bengaluru and Kochi will lead the way in the Southern Market. We also are looking at expanding the clinker making capacity in near future by setting up a 3 MTPA plant in Chittapur, Karnataka.”

JSW Cement with a manufacturing capacity of 5.4 MTPA in South India and an excellent distribution network is targeting to become one of the well known cement brands in South India. The focus will be on selling Portland Slag Cement (PSC) as it believes in providing the best quality product which also is environment friendly.

 Speaking on the occasion Mr. Anil Kumar Pillai, CEO – JSW Cement Ltd, said: “JSW Group produces large quantity of highly glassy slag in its steel plants and is fast adding capacity in steel. This slag is being blended with Clinker to produce PSC.” He further explained that presence of slag helps the concrete continue gain strength even after 28 days, whereas ordinary cement stops strength development after 28 days.

 PSC is the chosen brand of cement world over as it combines strength with durability. It provides higher resistance to atmospheric and soil corrosion. PSC consumes less clinker, thereby reducing limestone mining and also reducing CO2 produced during clinker making, thus making PSC cement environment friendly. JSW endeavors to lead PSC sales in South India.

In addition to PSC, JSW Cement has pioneered and popularized use of Ground Granulated BF Slag (GGBS) for manufacturing concrete mix in Ready Mix Concrete (RMC) and site mix plants. Depending on concrete grade, GGBS can replace upto 70% of cementitious material in concrete mixes. The concrete thus produced provides significantly higher atmospheric and soil corrosion resistance, thus providing longevity to buildings and structures.

The flagship integrated cement plant in Nandyal is equipped with German Technology for clinker making as well as grinding clinker and slag. This is the first time in the world where roller press technology is being used for all grinding functions to produce cement of higher fineness with less electrical energy consumption. Within a short span, it has established the PSC cement in South Indian market viz. Karnataka, Kerala, Tamil Nadu, Telengana, Andhra Pradesh. The product is widely accepted by the customers. JSW Cement is venturing into Maharastra, Goa, Gujarat and Orissa markets. Today, JSW cement is reaching out to more than 1,500 dealers and more than 3,500 retailers across eight markets. In Karnataka State, South Karnataka has a presence across 550 key dealers and more than 960 retail counters whereas North Karnataka has a presence across 300 key dealers and more than 500 retail counters.

Anti-land Grabbing victory celebration on Thu; last day of Dharna tomorrow, but a vigilance committee of activists will continue to watch

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October 14, 2014:
37-day protest near townhall against Land Grabbing has yielded results with reports that President of India has signed the Karnataka Land-grabbing Prohibition Act 2007, and the Govt’s order to appoint two new District Commissioners to work independently and specifically on land-grabbing cases.

H S Doreswamy, 96-year old, veteran freedom fighter, who is guiding the agitations, said that “the CM has given personal attention to the matter and his initial actions indicate that the land-grabbing will be addressed duly. So, we will end dharna Satyagraha tomorrow, and hold victory celebrations on Thursday, at 11 Amnear townhall.

AT Ramaswamy, former legislator, added that “however, we will not stop being vigilant. The activists of various organisations, under the guidance of HS Doreswamy, will form vigilance teams to ensure that the DCs will be appointed soon and work of reclaiming and protecting the land from grabbers will proceed in ethical and timely manner.”

Although signed by President, the Govt is yet to notify Karnataka Land-grabbing Prohibition Act 2007 bill as an Act. This bill, once becomes act, will allow for the imprisonment of land-grabbers. Also, the new DCs are yet to be selected and posted.

Over last few days, H S Doreswamy has written specific letters to officials of various departments demanding information on Govt land belonging to various department that has been grabbed, action taken (if any) taken against land-grabbers in each of those cases and reasons if action have not been taken. The departments and officials that have received H S Doreswamy’s letter are Chief Minister’s Chamber, Chief Secretary,  Tahsiladars of Bangalore South, Horticulture Department, Revenue Department, Forest Department, Minor Irrigation Department, Minorities Department, Religious Endowment department, Law Ministry, BDA, District Commissioner of Bangalore, BBMP Commissioner, Chief Secretary of Personnel and Administration, and Secretary of Medical Education.

Former Lokayukta, Justice Santhosh Hegde, Mr. Krishna, former Speaker, Shivarame Gowda of Karnataka Rakshana Vedike, several members of Aam Aadmi Party and 50 other organisations have been supporting this fight since September 8th.

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