ENHANCING OCCUPATIONAL WELLNESS

By: Braj Kishor Gupta

Ours is primarily a volatile age. Everything seems to be in a state of flux. Change has become a reality perhaps much more prominent than ever before. Against this background, we need to understand the concept of occupational wellness. It was till recently we only talked about occupational hazards. The focus then was on the limitations and seamy side of life. For instance, the employer would look for an opportunity to find faults with the employee. Today the same employer looks for a chance to appreciate the work done by the employee. This is a case of paradigm shift. This shows a change in our mindset, our desire to explore the brighter side of life. This is a welcome change.

This change has taken place due to the explosion of new knowledge. We live in the knowledge bank society. We are getting enlightened every moment unlike Buddha’s Enlightenment that happened but once. Today we know for sure that human mind is the most precious gift to humankind. It is of paramount importance to have a tranquil mind. To be at peace with oneself is all about achieving mental wellness. There is a direct link between personal wellness and professional wellness. So, there is no point talking about occupational wellness without ensuring that the individual’s needs are met & her/his emotional intelligence is also well taken care of. It is then and then alone that the person besides being at peace internally can be in harmony with the outside world. After all, everything is truly created twice, first in the workshop of mind & then in reality.

Fortunately, occupational wellness can be improved. Among many factors that can contribute to it, the following deserves special mention:

SELF ESTEEM- A person is in fact the sum total of the self esteem. It is important that the employee is made to feel good. It is this feel good factor that would go a long way in maximizing both personal wellness & professional wellness of the person. The person needs to be told about her/his strength time and again. William James, a noted psychologist is right when he says; the greatest desire in human nature is the craving to be appreciated.

LEARNING NEW SKILLS- In order to remain confident in life one has to keep learning new skills. After all, what was relevant till yesterday is fast becoming irrelevant today. We live in an age of obsolescence. There is a need to learn and acquire new skills & knowledge both for our survival and achieving excellence in life. This has a direct bearing on mental as well as occupational wellness.

ATTITUDE OF GRATITUDE- Life is indeed a beautiful blend of good and bad. We need to choose. Man is privileged to be a choosing creature. Hence, we can learn to count our blessings. The more we think of our blessings, the blessings will multiply. The Bible says what you focus on will multiply. Can we begin the day by thanking the Lord for heralding the new dawn & go to bed by showing our gratitude to Him for making our day.

Life is indeed the most precious gift of God. It is our birth right to smile & with smile around mental wellness and occupational wellness cannot be far behind

Mantri Square launches a unique retail training initiative - Mantri Square Edge

Bangalore, November 9, 2010: Mantri Square Shopping Mall today launched Mantri Square Edge, a unique retail training initiative conceptualized by the Mall’s management Team in close association with the Indian Retail School and RetailSpark. The Mantri Square Edge is the first-of-its kind retail training and mentorship initiative in the country by any shopping mall. The objective of this training program is to empower and add an edge to people employed in the retail sector by providing thoughtful mentoring, insightful training and meticulous grooming.

Realizing the importance of and the growing need for polished retail professionals in the country, Mr. Jonathan Yach, CEO Mantri Square Mall, said, “Well trained staff makes for a stronger workforce, better management teams, and impacts business hugely. We recognized the need-gap that exists in the fast paced Indian retail industry for adequately skilled manpower and decided to create this unique training program to meet the demand. We want the entire retail sector to benefit from this program and have therefore invited participation from our in-house retail tenants to enroll their staff members and kick-start the program.”

The Mantri Sqauare Edge training program comprises of an elite panel of some of the country’s finest trainers in the retail space, with practical hands-on experience in a wide range of niche categories. The trainings are holistically developed and begin with identifying specific training needs and then designing, developing and delivering suitable training solutions.

Corporate trainings at Mantri Square Edge include trainings on Retail Fundamentals, Personality Development, Sales & Marketing Skills, Smart U and Communication Skills amongst others. These trainings encompass all the key learning needed for a fulfilling career in the retail sector. Whether the employee is a new sales recruit or an experienced sales manager, the Edge has modules that will sharpen and hone their skills.

The In-store Retail Assessment and Training which is a part of the Mantri Square Edge training program includes observation, guidance and refinement in day-to-day tasks such as body language, communication and team work. The In-store training also focuses on specifics such as identifying the target customer to visual merchandizing, inventory control, conversion rate and even handling complaints. The training modules at Mantri Square Edge involve a rigorous honing of sales and marketing skills, unique personality traits, retail fundamentals, social etiquette, communicative abilities and inter-personal and business relationship skills. The Mantri Square Edge will empower your employees to take greater pride in their work and emerge real winners.

Perty Prices May Crash As Loan Scam Hits Funding

MUMBAI/NEW DELHI: Finance minister Pranab Mukherjee’s direction to state-run lenders to prevent a recurrence of the loans-for-bribes scandal, and banks’ decision to go for a critical appraisal of all real estate loans above Rs 50 crore may stall projects and drive developers to private funds.

Liquidity for the sector may dry up as bankers turn cautious in sanctioning fresh loans, forcing builders to cut prices to improve cash position, helping prospective buyers who have been holding on due to high prices.

DB Realty tumbled 10%, Indiabulls Real Estate lost 5.2%, DLF fell 3.8%, and Unitech declined 6% as a fund shortage threatens to derail their project execution, which had just started to show signs of recovery after the 2008 credit crisis.

The arrest of eight finance executives by the Central Bureau of Investigation on Wednesday on charges of taking bribes to sanction loans does not lead to a systemic risk since the amount involved is tiny, bankers and bureaucrats said. It is getting more attention than it deserves, they said.

“ banks and financial institutions should strengthen the NPA (non-performing assets) monitoring and management in their institutions to ensure that advance action is taken to identify incipient sickness and take appropriate action on it,” said Mukherjee.

A Bank of India official said, “All big-tickets loans, particularly to builders, will come under the scanner now. Recall of loans can happen if there is a fear that the quality of loans may suffer. But as of now, there is no such worry and hence it would not prompt us to recall loans.”

The arrest of finance sector executives for alleged corruption and passing on information regarding these transactions has shaken the banking sector. Bank of India, Central Bank of India and LIC Housing Finance , whose executives were arrested, have said they followed set norms and any violation may relate to individual cases involving specific executives.

“There is no chance of anything becoming NPA as a result of what has happened,” said TS Vijayan, Chairman of LIC, the parent company of LIC Housing Finance. CBI has said, in-custody LIC Housing CEO Ramachandran Nair, has confessed to the involvement of other board members, according to Times NOW news channel.

Some of the telephone conversations of these arrested executives have also been tapped, it said. “There will be repercussions in terms of increased caution by banks while lending to developers,” said Anuj Puri, Chairman & Country Head, Jones Lang Lasalle India. “Borrowing will become more expensive and the process involved in getting it will get lengthier as banks increase their vigilance levels.”

While the panicky bankers would stay from decision-making for a while, there is unlikely to be any recall of sanctioned loans that would be disruptive.

“There is no question of recalling loans since all the procedures of giving loans are followed,” said KR Kamath, CMD of Punjab National Bank , one of the banks named by CBI. “There is no need for any knee-jerk reaction. However, the loans that are sanctioned will be reviewed.”

An unintended consequence of the scandal could be lower prices for home buyers as developers look to sell at a faster rate to improve cash flows. “If one looks at the last three quarters, sales have been dropping and most developers have built lot of debt pressure on their books,” said Pankaj Kapoor, Managing Director of property consultant firm Liases Foras.

`This issue, along with tighter measures already announced by RBI in its policy review, may expedite the process of correction,” he said, estimating the correction to be at least 25%. This scandal need not necessarily be as bad as the ones in 1992 and 2001, when investors lost thousands of crores of paper wealth.

HDFC And JLL Fear Loans Will Be Dearer

NEW DELHI: Major realty players and mortgage leader HDFC on Thursday expressed apprehensions that bank loans would become costlier in the wake of housing finance racket coming to light, but State Bank of India sought to allay any such fear.

Hinting at a price correction in the realty sector as a fallout of the scam, the HDFC chairman, Mr Deepak Parekh said every lender will become “cautious” while lending to companies in the real estate and infrastructure sectors.

“Some developers will bring prices down and sell…The unsold stock with developers is huge across the country. In this scenario, prices cannot go up definitely,” Mr Parekh added.

Global property consultant Jones Lang Lasalle said bank loans would be dearer and lenders would be extra cautious in offering loans to developers following the housing finance scam racket.

“There will be repercussions in terms of increased caution by banks while lending to developers. Borrowing will become more expensive and the process involved in getting it lengthier as banks increase their vigilance levels," JLL India chairman and country head, Mr Anuj Puri said.

State Bank of India chairman Mr O P Bhatt, however, sought to allay any such apprehension saying that the housing finance scam would not have any impact on loans to the realty sector.

“We are always cautious when we lend and you know there are always bad loans… Why should it impact (lending to real estate sector),” Mr Bhatt said.

“I won’t say that (the current system) is perfect. But there is no need for any alarm. I don’t think there is any systemic risk that we are talking about. These are individual cases,” he added.

The Yes Bank managing director and CEO Mr Rana Kapoor too said “it (housing finance racket) is just an aberration. It is exception to the rule so it is not going to have a serious impact”.

Real Estate IREO under Tax Scanner for Black Money Roundtripping

Real Estate is the most Corrupt Sector in India regularly making news for scams and scandals.Most Real Estate Companies in India are under scrutiny for Tax Evasion,Contract Infringements,Siphoning of Pension Money,Consumer Harassment etc.However the game continues on without any conviction or prosecution.Politicians,Judges,Generals and Bureaucrats have all got a hand in this Real Estate Muck which was starkly brought out in the Adarsh Housing Scam.The Sector is riddled with inefficiency,ad-hocness,byzantine regulations which makes it an ideal hunting ground for corruption.

IREO,a new Real Estate Company which is making waves in India’s National Capital Region (NCR) with glitzy projects has now come under the tax scanner for illegal fund inflows from tax havens of Mauritius and Cyprus.It is alleged that black money from India has been roundtripped through these tax havens in the guise of Private Equity Money.It is an open secret that Black Money from India finds its way back to India through tax havens in the form of foreign investment when it just a roughtripping of domestic money.The figure quoted is around $1.5 billion of illegal money pouring into 26 companies associated with IREO.The company came into focus during the Commonwealth Scam and is linked to an Opposition Party leader.As usual their are denials,media circus and the whole thing will end as it does all the time with Nothing Happening.

India Real Estate: SEBI Asks AMCs To Keep Off Realty Debt

MUMBAI: Capital
market regulator the Securities and Exchange Board of India (SEBI) has told
asset management companies (AMCs) to avoid exposure to real estate debt in
certain schemes. According to fund officials, SEBI has directed asset
management companies to mention a 'negative sector list' in their draft
prospectus, and give an undertaking that they will not invest in sectors
that appear in this list.

According to marketing officials at fund houses, the regulator is "prodding"
fund houses to include real estate in the negative sector list. However,
none of the fund houses ET spoke to, has received anything in writing on the
'negative sector list' or to limit their exposure to real estate companies.
"It is only conveyed to fund houses verbally. The directive to include real
estate in the negative list is happening more in the case of fund houses
that are launching capital-protected schemes," said the investment head of a
bank-promoted fund house.

The marketing head of a mid-sized fund house recently said at a press
conference that it has been asked by the regulator not to invest in bonds
issued by real estate companies. The fund house has also given an
undertaking that the capital protection scheme, which it recently launched,
will not invest in the black-listed sector, said the official. SEBI
officials were not available for comment. An email query to SEBI remained
unanswered at the time of going to press.

According to officials at fund houses, SEBI is worried about the debt
repayment ability of real estate companies, which often take on too much
debt. Also, the regulator is not satisfied with the reporting standards of
most real estate companies. Balance-sheet strength, land bank valuation,
authenticity of titles and project standards and execution are areas of
concern for SEBI. In October 2008, many real estate companies were unable to
meet their repayment schedule, forcing mutual funds to borrow externally to
meet redemptions.

"All regulators, including the RBI, are nervous about real estate," said
Anuj Puri, Chairman & Country Head, Jones Lang LaSalle India, a real
estate consulting firm.

"At a broader level, we don't expect any trouble for developers. With
respect to non-payment of debt, we've not seen real estate companies
defaulting in the thick of recession. There was some rollover of debt, but
that was there for a short period. Credit risks have reduced greatly, with
most lenders opting to fund individual projects than capitalising the entire
company," added Anuj Puri.

According to analysts, real estate prices, across cities, have witnessed a
significant appreciation in the recent past. In fact, prices in some regions
have surpassed their highs of 2008. Real estate funding has also been picked
up over the past 11 months. The period between January and August has seen
private equity investors closing 25 real estate deals, totalling $990
million. Developers have raised Rs 1,109 crore by way of debt placements and
Rs 2,225 crore by way of public issues.
  
 
  
 

Indian Real Estate: Documents That Need To Be Registered Compulsorily

The Indian Registration Act, 1902 and the Transfer of property Act, 1882 contain relevant provisions specifying documents that are compulsorily registrable, and those exempted from being registered. Under the law, some documents are compulsorily registrable.These include documents related to property. Registration of a document acts as a notice to the general public.

Under section 17 of the Indian Registration Act, 1902, there are a few documents that require registration compulsorily. These include:

A document of gift of property. Any gift deed irrespective of the value of the gifted property needs registration.

All non-testamentary documents that create interest, right or title in the property. All non-testamentary documents that extinguish any right, interest or title in the property.

Documents that declare, assign, limit or restrict interest, title or right in property.

All non-testamentary documents that acknowledge the receipt or payment of any consideration on account on a transaction pertaining to right, title or interest in property.

All non-testamentary documents transferring or assigning an award of a court which affects the interest, right and title in a property.

The documents may create, extinguish, assign, declare, limit or restrict interest, right or title in a property for the present or in the future.

Under Section 107 of the Transfer of Property Act 1882, lease of property from year to year, for a term exceeding one year, or reserving a yearly rent, must be done only under registration. The term “year to year” refers to a continuous lease from year to year – where the landlord has no option to terminate the lease at the end of the year without notice. The term “reserving yearly rent” means the lease has no definite period, but the annual rent is determined. The word “yearly” means the lease should run year after year or at least for more than one year. As such, any lease for over a year should be registered.

Friendly neighbourhood gladiators

Place: Rajouri Garden - In this posh locality in West Delhi, two neighbouring families hardly miss even half a chance to hurl the choicest and the filthiest of abuses at each other. Apart from common place disputes over car parking slots, they are also at loggerheads as one of them is building another floor on his house. On the surface of it, this should and cannot be the reason for any fight. But the other neighbour claims that while constructing the additional floor, his neighbour is damaging his house.

Take another example. A weekly religious discourse with sound system blaring on full volume is an occasion for another big face-off between residents in a cooperative group housing society in Patparganj and organizers of the soiree.

What then is the remedy if two neighbours fight on one pretext or the other? Sunder Khatri, a Supreme Court advocate, says that the law does not provide any remedy to the aggrieved parties in such disputes. Even if you are aggrieved and take the matter to a court for some kind of remedy, the court may not give you any relief. It only suggests that both parties settle the dispute amicably.

Experts say that unlike the Registrar of Cooperative Societies of Delhi, the Registrar in Mumbai intervenes in the disputes of neighbours of cooperative societies. Zafar Iqbal, a Mumbaikar and expert on land matters, says that neighbours do not fight over petty matters in Mumbai. And even if they have some differences, they do not stoop to the level of their counterparts in Delhi. They apparently take care of their neighbours while keeping a dignified distance from them.

Is it possible that the manner in which you build, demolish, expand, develop or deal with your property would affect the interest of your neighbours? Sunder Khatri is of the view that a sane approach in these matters can save you from bigger trouble. “As the feeling of a neighbourhood is no longer very strong in places like Delhi, it’s better that one settles all their small or serious disputes with neighbours sensibly, without losing temper.

Otherwise, one is sure to invite trouble, big or small.” And if we talk about Delhi, where flaunting money power has become the order of the day, there are many who infringe upon their neighbours’ rights with impunity. And, they rely on ‘influence’ and money power. Most of the times, these things do not work and the properties are locked up in the legal tangles.

There are matters that can be talked over and settled. People assume many things about a neighbour without going into the factual aspects. Complaints are given, notices sent, one rushes to various authorities. It is invariably found that a simple talk or discussion between the two sides would have resulted in an amicable settlement, and saved both parties all the bother of legal wrangles. It is very difficult to have any guidelines to guide people in their attitude towards neighbours.

Neighbours in Delhi and NCR fight pitched battles not only over car parking lots and constructions, but also over a host of other issues. Another source of attrition is when one neighbour violates plans, sanctions, and regulations or permitted use of properties of an apartment block or society.

Another legal eagle says that when an owner develops or otherwise deals with his property, they must think from their neighbours’ point of view also. One must not overlook small things. And, one must never ignore warning signs, legal notices, and communication from the authorities.

‘Public nuisance’ is another common gripe between neighbours. Very often, you will find items in newspapers where neighbours fight after one party refuses to keep music down to a reasonable decibel level.

Another reason is when one puts his property to illegal or immoral use - here, not only will the owner hear from the neighbours, it is certain that he will invite criminal proceedings from law enforcement agencies as well. And converting residential property into commercial use like having small-scale units that pollute the neighbourhood is once again going to invite the wrath of the law.

Compound walls and fences are another source of dispute between neighbours and encroachments can only aggravate matters. These disputes can and should be resolved by having survey, verification of records and title deeds, and most of them can be resolved by having proper talk and legal advice. It is possible that the neighbour has laid large pipes that drain water from a common source. These and other such issues are very difficult to solve except by approaching civic authorities or courts.

It has been seen that problems also arise from trees - from their crossing over into the neighbours’ property! And, also remember that your pet can irritate your neighbours. Ferocious dogs and other ‘cute’ animals can create havoc in your neighbours’ lives. So, you should be very sensitive.

It goes without saying that one should live in a civilized manner so that your neighbours respect you. Talking about his neighbours, a Chinese-origin friend once said there is a saying in his country that they - neighbours - cannot live in a harmonious manner. He made this comment while talking about the strained India-China relations.

It is up to you to prove wrong the Chinese saying or follows the cornerstone of Islam, which instructs its followers to always look after the interests of the neighbours.

Real Estate Outlook for 2011

The final 2010 edition of Global Market Perspective provides our view on the likely shape of commercial real estate markets across the globe in 2011. Over the next 12 months we expect to see a much greater divergence in real estate activity and performance and our top 10 trends for 2011 are:

1. Global direct commercial real estate investment volumes will rise by 25-35% on 2010 levels. A significant weight of equity capital will target real estate and fresh capital-raising will further enliven the market

2. Banks and servicers will adopt a more aggressive approach to the disposal of non-performing assets, leading to the release of more secondary product

3. The CMBS market in the US will continue to gather pace, but will remain well below pre-Crisis levels

4. Leasing volumes will be at their highest level since the Global Financial Crisis, with corporate occupiers displaying greater confidence to do deals - but they will continue to push for the best possible terms

5. Asia Pacific will lead the upswing in leasing markets, ahead of Europe and North America

6. Prime property will continue to outperform secondary. Expect double-digit capital value growth for trophy assets in many of the world’s high-order business hubs

7. Shortages of prime product in Tier I cities will encourage investors to widen their search to Tier II

8. Latin America will continue to build momentum, attracting strong corporate occupier and investor interest

9. A lack of available Grade A stock in many markets will start to limit relocation options for corporate occupiers

10. The domestic corporate sector will come to the fore in Asia Pacific, particularly in India and China

Sustainability And Indian Real Estate

Taking action on India’s environmental crisis is no longer an option – it is a necessity. Sustainable real estate presents India with an unique and enormous opportunity to make concrete progress in the country’s effort to improve its environment. There is greater consciousness towards the environmental crisis in India with terms such as sustainable development, corporate social responsibility and triple bottom reporting becoming more common in the real estate industry. Nevertheless, despite the ever rising construction activity, awareness of sustainability in India has significantly lagged behind countries in the West.

Even so, the Indian commercial sector has begun to make conscious efforts towards creating sustainable real estate. With support from the Indian government, a number of construction projects that are currently underway are registered with the Leadership in Energy and Environmental Design (LEED). LEED is soon emerging as the preferred rating system as it is flexible enough to be applied to a diverse variety of markets and also because it enjoys the greatest recognition of the various international rating systems. This recognition is especially important when one considers that a prime motivator for developers to create a certified sustainable building is to differentiate their project from competition.

The government has introduced several schemes to encourage sustainability such as the Indian Renewable Energy Development Agency (IREDA) schemes for subsidising capital for installation of solar water heaters, encouragement of energy audits and management schemes, mandatory use of fly ash-based construction material, groundwater and rain water harvesting and most importantly increased monitoring of air and water pollution.

Sustainable development can be achieved through synergy between developers and occupiers to establish goals, undertake audits and ascertain where savings and improvements can be made. We need to focus on high-impact, low-cost solutions that can be implemented within a realistic timeframe. The importance of educating occupiers on the impact their use of space will have on sustainability outcomes is integral to the success of a sustainability programme.

To properly educate developers, their patterns of behaviour must be changed to accommodate and reinforce any sustainability features that have been implemented in a building. The main objective of any education and communications program should be to encourage developers and occupiers to follow practices such as energy and water conservation, waste management and improve indoor air quality.

Gagan Singh, CEO – Projects and Development Services, Jones Lang LaSalle India

Indiabulls rejects Bharat Mill ‘stop-sale’ request

INDIABULLS Real Estate has declined to give any commitment to the Appellate Authority for Industrial and Financial Reconstruction (AAIFR) that it will not promote or sell apartments at the proposed residential project on the Bharat Mill property. Indiabulls’ purchase of the mill has been contested by its rival, Lodha Group, two people familiar with the matter said.  The attorneys representing Indiabulls turned down a “request” from the authority to refrain from selling till it disposes of the case, the two people said. Both the companies declined to comment for the story. Lodha Group is contesting that rules for the bid for the mill property which was owned by National Textiles Corporation were not completely disclosed because of which it had lost the bid. The bidders were not told that they could sell proposed buildings even before paying up for the property.  NTC sold the eight-acre Bharat Mill property at Worli, Mumbai, to Indiabulls in August for 1,505 crore since it was the highest bidder. Lodha was the second highest with a bid that was 2 crore less than Indiabulls’. Lodha is seeking a re-bid for the project with a level-playing field and has offered to pay 1,602 crore for the property. Indiabulls, which had last week paid the first installment of 989.5 crore for the purchase of both the Poddar and Bharat Mill properties, had received bookings for over 40 apartments at the proposed residential tower on the Bharat Mill property. The apartments were offered for 18,000 to 23,000 per sq ft, a company official had said earlier. 

Statue Circle to be revamped, more green.

A major hangout for Jaipurites — Statue Circle — is all set for a revamp as possibilities to make it more green, spacious and beautiful are being explored.  The Statue Circle development plan received a major boost as an understanding was reportedly reached to acquire land from the adjoining properties.  The Jaipur Development Authority (JDA) has proposed acquiring a strip of 25-metre around the existing periphery of the circle.  A meeting of the property management and urban development officials were held on Thursday, under chairmanship of urban development minister Shanti Dhariwal, in which the acquisition exercise was approved.  The income-tax office, Birla Auditorium and a few private properties are located around Statue Circle. The affected land owners are expected to be provided compensation in non-monetary terms. The JDA is considering offering additional floor area ratio and other relaxation in compensation for the acquired area.  The private owners have assured unconditional support to the plans. Officials from the income-tax department and Birla Auditorium have no objection, however, a formal approval from senior officials is awaited.  JDA will soon formally start land acquisition and the development of the circle. “The original layout of the circle will not be changed, only the landscaping and plantation will be altered inside the existing circle. The additional land acquired will be used to widen the roads and other development work,” said a senior JDA official.  A prominent landmark, Statue Circle attracts considerable crowds during evening. Its proximity to major commercial institutions and government offices also adds to the number of vehicles passing through the area each day. The Statue Circle Road is estimated to witness a peak hour rush of more than 3,000 vehicles. Thus traffic congestion and parking-related issues have become routine.  Several designs have been previously proposed for development of the circle. A parking project was also proposed at the site. However, the tourism department had reportedly objected to any distortion with the heritage appearance of the circle.  According to the new proposal, the existing circle will only undergo a change in plantation cover. While some of the additional land will be used for road widening, the remaining land will be used of development of green space around the circle. Installation of a marble fountain and other facilities have also been proposed to provide additional attractions for tourists.  LAND TO BE ACQUIRED FROM  • Birla Audtorium  • Income Tax office  • Portion of JMC vacant land  • Hotel Haveli  • Land from two other private bungalows  

New property tax scheme under dispute

Kolkata

With the city poised for a change in the property tax assessment procedure, the civic headquarters at S N Banerjee Road is flooded with queries from citizens over the parameters that have divided Kolkata into seven zones (A to G) based on the level of development that is likely to determine the tax for each locality.

For instance, a host of citizens have questioned KMC’s decision to club Southern Avenue, a posh locality in south Kolkata, with neighbouring localities such as Sadananda Road or Pratapaditya Road under Category C, when the latter are no match for Southern Avenue, if real estate prices are anything to go by.

“How can a posh locality, namely Southern Avenue, be treated on a par with Pratapaditya Road, when residents of the former have better amenities than those residing at the neighbouring areas?” questioned Suman Chatterjee, a resident of Pratapaditya Place. Chatterjee has sent his objection to the KMC authorities. Similar objections have reached the KMC headquarters from residents of Sadananda Road, urging the civic body to either upgrade Southern Avenue to Category B, or place Sadananda Road under Category D.

Similar objections and suggestions are coming from 3,000 property owners across the city after KMC invited suggestions from citizens before it makes amends to its draft proposal. Some, however, have urged KMC to come clear on the parameters that were used to categorise the seven tax zones that civic authorities in other metros made public before introducing the new system.

According to a member of the seven-member municipal valuation committee, that has devised the parameters, necessary changes would be made in the assessment procedure, taking into account the objections and suggestions from citizens.

The huge response has prompted the civic authorities to arrange for “special hearing” sessions for citizens before the change-over to the new assessment method. “We have arranged for such special hearings at each corporation borough from the last week of November. This is the primary level. Later, we plan to arrange for a hearing session at Town Hall, where citizens can air their suggestions or grievances. The interaction will help us make the necessary amendments before we embrace the unit-area based assessment,” a senior official of KMC’s assessment department said.

KMC has sent all the suggestions in this regard to the three-member review committee set up to examine the suggestions and address anomalies. The committee — of which economist Avirup Sarkar is a member — will scan citizens’ feedback before it recommends changes.

The Trinamool Congress-run KMC board is in no hurry to introduce the UAA method for determination of property tax. Though Trinamool chief Mamata Banerjee wants mayor Sovan Chatterjee to adopt the new area-wise method, Chatterjee is waiting for feedback from experts before announcing the switchover.

MMiC Debabrata Majumder, who’s a member of the review committee, however, felt it was too early to introduce the new method. He said that though the city had been divided into seven zones and prices fixed for each zone, the entire exercise might undergo a change after receiving citizens’ feedback.

Compiled by Mr. Ulaganathan

Vasta

Vastu in many parts of India has been a way of life. It permeates your use of color, the direction of furniture, the direction in which the house should face and a host of other issues. However, it is important to remember that Vastu is the way you live your life rather than something remote to be addressed from time to time.

Raakesh Chawla, our expert on Vastu has been advising individuals and corporate houses on how to enhance the quality of their lives with principles of Vastu.

As a large part of the country prepares to switch from one season to another, our expert takes you through the colour change that you have to effect in your house.

By Raakesh Chawla

Can you feel the slight nip in the air early morning and the cool breeze during late evenings. Its welcome winters and goodbye to summers and also time to redress your home according to winter colours.

Colours have a powerful influence on the human mind. Their use is inexpensive and easy. They can make or break the energy. Depending on their use, they make you warm, friendly, calm or irritable. You should choose a colour scheme that appeals to you and which encourages optimism and positivity in life.

When decorating the interiors of your home one should balance colours.

Delicate hues and tones should be balanced to create a soothing haven in your bedroom which is a place of rest and sleep. The colour scheme should produce a calming effect. Don’t forget to place your bed towards the south or east wall and avoid keeping the dressing table in front of it.

Colours should be bolder in the living room which is a place for entertaining guests. One could use bold prints, warm colours and large objects, which would stand out, and yet not go overboard or make the place look gaudy. The idea is to make the room warm and inviting. Palms and money plants or aquarium and water fountain along the north wall would add to the vibrancy of the living room.

A baby’s room should have bright colours, as that is what a baby sees and responds to. A baby cannot differentiate one pale pastel from the other. One could decorate the child’s room in bright pinks, yellows, greens or blues. However too many gizmos in the room is highly avoidable as this will take away the tranquility and make the child feel restless as he grows. For the school going kid, the study should face east. All books should be neatly tucked inside drawers rather than the study table burdened with the load of books above the kid’s head literally.

A small room should be decorated in light soft colours to create an illusion of space. Large rooms can have warm colours. Homes in plains or hot areas should be also be painted and decorated in light colours as this keeps the house cool. Warm colours attract heat; therefore, houses in hills can use lots of red.

It is ideal to paint the ceiling pale blue rendering a feeling of space. Any room getting lots of sunlight should be painted in cool tones of green and blue. A room which is cold and receives little sun, should have warm tones of yellow, orange, red etc.

The colours for principal direction along solar axis depict the rising sun (yellow) and setting sun (blue), where as along the magnetic axis reflects the energies of peace (green) and action (red). The cardinal direction are a derivative there of.

Indo-US Green Partnership

The US and India took a concrete step to actualise the Green Partnership that they agreed to nearly a year ago. On Monday, US President Barack Obama and Prime Minister Manmohan Singh announced the setting up of Joint Clean Energy Research and Development Centre.

“We agreed to deepen our cooperation and pursuit of clean energy technologies, and this includes the creation of a new clean energy research centre here in India and continuing our joint research into solar, biofuels, shale gas and building efficiency,” President Obama said in his opening statement at the joint press conference. The proposed centre is part of the Partnership to Advance Clean Energy (PACE), which forms the core of the “green partnership”. Funding for the centre is expected from national budgets and the private sector. Each government proposes to commit $25 million over the next five years. Other partners in the centre would be expected to make equal contribution. The aim is to drive collaboration between government laboratories, universities, and businesses. Stressing that the partnership in clean energy would benefit both countries, President Obama said, “we can pursue joint research and development to create green jobs; give Indians more access to cleaner, affordable energy; meet the commitments we made at Copenhagen; and show the possibilities of low-carbon growth.” The two countries have also agreed to “new” partnerships, including forestry and sustainable development of land to “help meet the commitments we made at Copenhagen to combat climate change”. Forestry is an important prong of India’s efforts to deal with climate change, given the carbon sink potential of forests. India has formulated a Green India mission as part of its National Action Plan for Climate Change.

TN Board creating problems in redevelopment

Chennai

The trend of re-developing old TNHB apartments is growing but the exercise is riddled with hurdles, mostly caused by the original promoter — the Tamil Nadu Housing Board.

The TNHB has been accused of being reluctant to grant owners a no-objection certificate for redevelopment. Till 2000, it issued sale deeds without properly conveying the rights over the undivided share of land (UDS) to owners. In effect, the buyers own only the footprint of the complexes and have no ownership rights over the thoroughfare, car park and surrounding play area. The Board never even obtained a patta from revenue department while originally developing the land. So, now the owners of TNHB flats don’t own a patta, which is necessary for redevelopment.

For re-development, the CMDA insists on owners/builders obtaining orientation sketch and NOC from the TNHB and patta from tehsildar. The applicant, who has to produce orientation sketch before revenue officials for patta, first pays 10% of the land’s guideline value (running into several lakhs in most cases) for the sketch and NOC. “The Board recovered the entire cost of the project — land cost, development charges, cost of construction and overheads — from the buyers at the time of sale, so there is no justification in demanding more money from the owners. The CMDA should approve projects without insisting on an NOC,” said P V Shanmugam, MD, Kgeyes, who has re-developed 12 TNHB projects.

The TNHB in the past had filled water bodies and promoted projects over them without reclassifying it as residential land. “It is now left to the apartment owners to get it reclassified,” said Shanmugam.

S Sankararaman, whose apartment in Tiruvanmiyur is being re-developed, says the project, started in May 2008, got delayed because of the TNHB and CMDA delaying NOC and approval. “I am very happy about the new building. But I had to wait for a long time,” he said.

D P Yadav, MD of TNHB, said: “It is the Board’s decision to insist on NOC and collect money in cases where the UDS is not conveyed.” The same Board had decided in August 2009 to do away with issuing NOC for re-development of its apartment complexes. The decision was retracted recently. V Jaggannathan, MD of Ramaniyam, said, “Going by the Housing Board’s logic, if footprints of the apartment complexes alone have been sold to owners, nobody can enter their house without trespassing Board’s land. We have no other option than approaching the court for remedy,” he added.

Check List

All owners should have obtained sale deeds from TNHB Owners should jointly apply for the orientation sketch from the TNHB Owners should jointly apply for patta at taluk office Negotiate collectively with builders who have a good track record Ask the builder to fix the selling price for his share, compare it with other nearby projects As the selling price goes up, land owners’ share also goes up Make the builder specify time required for completing the project

Elevated Roads driving Real Estate

That improved infrastructure is often the harbinger of development is eloquently visible in two such road projects in the city. Two major elevated road projects have also created new residential neighbourhoods in the suburbs. In Bangalore south, the 10 km elevated Hosur Road expressway connecting Central Silk Board Junction to Electronics City has reduced travel time to just 10 minutes. In Bangalore north, the elevated Tumkur Road project connecting Yeshwantpur to Nelamangala which will soon be operational from this month will cut down commuting time to a mere 20 minutes.

Elevated Hosur Road to Electronics City

Since being operational from January 2010, the 10 km four-lane elevated road from Silk Board Junction to Electronics City in south Bangalore has helped bridge the tedious commute especially for IT employees, bringing down the travel time from 30 minutes along the ground level road to 10 minutes on the elevated stretch.

According to a senior National Highways Authority of India (NHAI) official, this premier road project has decongested the route along the Hosur Road which is the entry and exit point to Tamil Nadu. Heavy traffic which was a bane for commuters now flows freely on the ground level sixlane road.

To cater to the burgeoning need of the IT industry, the Master Plan 2015 has expanded the hi-tech corridor to include south, east and west parts of Bangalore. In south Bangalore, the hi-tech zone will now include the Outer Ring Road (ORR), Hosur Road and Electronic City as prominent hubs for both the IT and ITeS industries.

Realty potential

The signal-free expressway has fuelled realty developments flanking the route to Electronics City which is emerging as a premium office space with a host of software parks and biotechnology units setting up their centres here. Two biotechnology units, one at Electronic City and the other at Anekal, are coming up and are slated to create employment opportunities to residents around here, hence also spurring residential development.

Several villa layouts, row houses, or three-four bedroom apartments are coming up in Anekal, Bommasandra and around Electronics City, predominantly targeted at the IT workforce. Four major BDA layouts - KHB Suryanagar layout, Devraj Urs Layout, Nijalingappa Layout and the K C Reddy Layout - have been planned here.

Elevated Tumkur Road and Nelamangala

The six-lane Bangalore-Nelamangala highway stretch with a 4.5 km elevated portion will enhance connectivity to Tumkur and to the international airport through NH 207. With the completion of this Tumkur Road project, motorists can now drive between Nelamangala and Goreguntepalya (Outer Ring Road junction) in 15 minutes as against over an hour previously.

“Tumkur Road is NH 4 and a vital entry point from south and north Karnataka, Maharashtra and Goa into Bangalore and 80 percent of inbound traffic to the city comes from this route,” says a senior official of NHAI. “It is one of the busiest highways in terms of traffic and transports 1.2 lakh passenger car units (PCU) daily,” he adds.

Primarily a warehousing and transport area, Nelamangala has come into its own gradually with the city’s exponential growth. It is a taluk and according to the Taluk Industrial Development Plan (TIDP) of the Department of Industries and Commerce, it has potential for the promotion of around 900 units in tiny and small scale industries (SSI) sector, including services, besides 122 large and medium scale industrial units. Such developments are expected to result in creating direct employment for about 60,000 persons and indirect employment for about 25,000. Somapura nearby is emerging as a prime automotive spare parts manufacturing hub.

The improved Tumkur Road is scheduled for inauguration in the third week of November according to the official. The toll fee is minimal at Rs 15 per car for oneway and around Rs 25 for two-way entry. The cost of construction has been pegged at approximately Rs 719 crores.

Realty potential

Tumkur Road was always considered an industrial belt due to the factories and godowns in Peenya and Nelamangala. The completion of this road project is gradually spurring warehousing activity in the surrounding areas of Jalahalli, Dasarahalli, Yeshwantpur, Nagasandra, Madanayakahalli, as well as Peenya and Nelamangala. “This kind of expansion will generate employment for thousands of people in the warehousing and logistics sector. With so many employed in the industries and warehouses looking for accommodation close to their workplace, there is tremendous potential for budget housing along Tumkur Road,” says Zahed Mahmood, Director, Silverline Realty.

A few developers have launched their residential projects along this route, and social infrastructure such as hospitals, residential schools, colleges, showrooms and hotels are emerging on both sides of the highway.

Keep these in mind before buying property

Buying a property is perhaps the single biggest investment made by a person during his lifetime. Therefore, it is a requisite to be extra cautious while on a lookout for purchasing property in India.

The basic thing to keep in mind while investing in real estate is the location. It is the most important aspect in the selection of property as the price is dependant on this. After zeroing in on the desired property it is advisable that the potential buyer studies the market for the market trends about prevalent rates of property in the vicinity and the last known transactions.

A budget should be set for the required property type according to the market standards, as each property dealer has his own set rates and one needs to bargain and bring him down to his standard rates.

The second priority is the builder reputation. If a buyer goes to a good builder, there is no need to verify things beyond a point because a good builder generally takes care of things like permission required for the purchase of the property. At the same time, there is no harm in conducting preliminary inquiries and having a run through with the lawyer. Do not buy a property if the title of property is not clear or marketable as it will cause problem in future and financial institutes refuse to finance on such properties.

The third thing to consider is the list of amenities and facilities associated with the property. Proximity to transport hubs, schools, hospitals, markets, central business districts, entertainment centres etc needs to be verified before finalizing the property. Further, it is also important to assess the potential resale value or the potential rental income of the property.

There are certain points which need to be kept in mind when a buyer is buying a project which is under construction. One should always ask for the allotment letter and the development agreement. The allotment letter contains details regarding the agreed price, payment and construction schedule, house plans, delivery date and builder’s liability in case of late completion or problems after possession. It is issued to the buyer upon payment of the 15% of the property value to the developer.

The development agreement is inked between the builder and the landowner and contains details regarding the terms and conditions on which the landowner has permitted development of his property.

In case of constructed properties, one should ensure that the seller has the title and possession of the property as well as the right to transfer the property. A check needs to be done if the building adheres to relevant municipal/planning authority requirements. Also a check needs to be done on whether dues such as property tax, society, water and electricity bills, etc. have been paid in full or not.

Finally, when the house is handed over to the buyer, the builder needs to give a Completion Certificate. A completion certificate is issued by municipal authorities who verify that the building complies with the approved plan. This is required for registration and other government formalities for the house.