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.

House hunting? Here is the check list

Come May, June, and the great movement begins, As the academic year draws to a close, in big cities people look for moving into new houses. Those who have been staying in rented accommodaton, are always on the look out for a bigger, better accommodation. It is also interesting to see many houses suddenly displaying `To let” boards.

A fabulous new job and the promise of a bright career are also good incentives for those working in the private sector to move cities. But when you land in a new city, you don’t find a decent place to live, and start wondering if you have made the right decision. Sometimes, one feels homesick and want to take the next flight home.

House-hunting is not that easy. Shady brokers, demanding landlords and badly maintained buildings are all part of the ordeal. But there are ways to get over them and land in a house of your choice and dreams.

Smart search

If it’s your first time in the city, it’s best to look for a place close to where you work/ study. You don’t want to have trouble finding your way back home or get lost in the maze of traffic for hours. Either friends are colleagues can be of help finding accommodation or certain websites like Sulekha can also help.

Then there are inevitable brokers, both organized and unorganized. Yes, they do charge quite a bit (one month’s rent usually) but they have a nexus which means you find a place faster and they seem to have the keys to all the good places. Definitely, one can avoid them but you will have to do a lot of running around to do and waste precious time and resources.

Home and away

Whatever method you use to scout, make sure you have a basic idea of the home you want. It helps narrow down your options.

It’s one thing to really like a place but it’s quite another to be able to afford it. Sometimes, the rent isn’t exorbitant, the deposit is. The trick is to negotiate a deal that suits both parties. One possibility is that if someone does not want to pay a huge deposit, some owners can agree if the rent is hiked by a thousand. Then they would be ready to reduce the deposit by even half. IT all depends on the negotiator’s skill.

Similarly, you could also negotiate for a lower rent with a higher deposit. After all, the deposit will come back to you at the end of the contract.

PG checklist

If one is opting for a PG accommodation, you will need basic furnishings , a self-contained bathroom, a gas stove/ hot plate/ refrigerator access, 24-hour water supply + geyser , Internet connection, a separate entrance, Liberal timings, Breakfast + dinner provided (though not necessary) are things to look for.

When you live as a paying guest, sharing accommodation with others, make sure to find a place that charges a fixed rent per person. This way if one person chooses to leave mid way; you and the others left won’t have to bear the brunt of a higher rent.

Rent checklist

• Semi/ fully-furnished apartment (It doesn’t make sense to furnish an apartment if you are going to move eventually)
• 4-hour water supply + geyser
• Gas connection, gas stove + refrigerator
• Parking facilites
• 24-hour security

Once you have found the right apartment, make sure to visit it a couple of times before fnalising the deal. If you notice anything broken/ non-functional, ask the owner to have it fixed before moving in so that there is no danger of them refusing to pay for the repairs. Also, go through the agreement properly after it is prepared to make sure that there are no terms you don’t agree to. There are other things to keep in mind:

• Does the property seem secure? Are there security amenities and staff?
• Are your preferred amenities and transport links within easy reach?
• Are there any potential nuisances?
• What are the neighbours like?
• Do repairs need to be carried out? (electrical points, geyser, gas stove etc)
• What other bills are there and what are you liable to pay for? (Check and note all meter readings on the day you move in.)

Shifting

Shifting involves a lot of work from sorting, arranging , packing and unpacking. The process can take days and disturb your daily routine.

Here are a few tips to make it easy:

To start with, collect the basic packing materials well in advance. Make sure that you have plenty of wrapping paper, so save old newspapers. Also you will need many cartons in assorted sizes. All boxes should be in good condition and must have covers on them so that they can be closed and sealed.

Use plastic sealing tape rolls to reseal the cartoons and use whenever required. Get a permanent black marker for your packed cartons to label the contents, which will make it easy while unpacking.

Pack on a room-by-room basis - don’t pack items from the living room in cartons with articles from the kitchen. This will save much confusion later when it’s time to unpack. Bulkier but not-so-heavy articles, such as pots and pans, linen, small kitchen appliances would go in larger boxes. Very bulky lightweight articles such as blankets, pillows, stuffed toys, large lamp-shades, shoes, etc, would go into largest boxes.

Keep a record of the boxes and number each box. Be specific in your descriptions. Cut down cooking utensils and food supplies to bare essentials. Wastebaskets can also be packed while you switch to using bags. It’s best to pack your small kitchen appliances together in boxes rather than with other goods that are bulky or breakable!

Is your office safe?

The recent fire tragedy in Bangalore’s Carlton Towers claimed nine lives and left 60 injured. In most high rise office spaces, it has increasingly been observed that fire safety has a low priority. Future office spaces too will be taller but are they really fire safe? Do we really take measures against fire protection while building our buildings?

Even though fire is one of the most common disasters to strike corporate offices, it is also the most preventable. Most companies think they are well protected, and most believe that fire could never happen to them. Yet, 70 per cent of businesses involved in a major fire either do not reopen or fail. Fires often start in unlikely places because those are the areas where fire safety has been overlooked.

Innovative building solutions in interior construction can go a long way in aiding passive fire protection. Fire protection is achieved through a combination of active and passive fire

protection. Active fire protection operates at the shortest possible time after detection of a fire and is often given good importance in building design. It includes things like smoke detection and alarm systems, fire extinguishers and sprinklers etc.

Passive fire protection is the art of compartmentalization of the fire through the use of walls, floors, ceilings to limit the spread of fire and ensure evacuation of people and protect data for long enough for it to be rescued or fire to be put off. If a simple concept such as this had been implemented at Carlton Towers many lives could have been saved. Recognizing the perils of fire and the consequent importance of using fire resistant materials to minimize damage, the National Building Code (NBC) regulations prescribe stringent fire safety protection norms.

Role of drywells

Gypsum products have been used over centuries in the construction space and are the material of choice because of gypsum’s unique properties. Gypsum is a light weight material which is formed as the result of evaporating sea water in massive prehistoric basins.

Gypsum is used as Plasterboard to create false ceilings and high performance drywalls and partitions. Gypsum based products and systems (Drywalls) provide excellent passive fire protection solutions ranging from 1 hour to 4 hours taking care of all 3 elements of fire protection - stability, integrity and insulation requirements of the system in equal measure.

Gypsum contains approximately 21% water content and about 79 % calcium sulphate which is inert below a temperature of 120 degrees Celsius. The bound crystalline moisture in gypsum content plays a significant role in excellent fire resistance properties which makes gypsum a material of limited combustibility.

Over 80% of all interior construction in the developed markets across all applications is with Drywalls. Gyproc Fire Protection solutions are achieved through a combination of Gyproc Fireline gypsum plasterboard and Gypsteel ULTRA metal framing systems. The Gyproc Fireline plasterboard is made of a pink paper liner wrapped around an inner core made primarily from gypsum plaster.

Three key factors influence the performance of Gyproc Fireline plasterboards:

1. The quantity of gypsum - i.e. board density
2. Board shrinkage - preventing gaps opening between boards and board pulling away from fixings
3. Board integrity - preventing boards from falling. The inclusion of glass fibres and shrinkage inhibitors of fire rated products give a much higher fire protection by limiting the board shrinkage and improving the integrity

Well known brands such as Saint-Gobain Gyproc have a range of drywall solutions which are very popularly used by India’s leading banks, offices, data centre providers etc. to provide 1- 4 hour fire protection for its walls. Saint-Gobain Gyproc India Ltd. is part of the 43.8 billion Saint-Gobain Group and provides innovative building solutions and state of the art products backed by world class technical and service support.

Prime Commercial Properties in Kolkata Metropolitan Area

At Shakespeare Sarani (Theatre Road) Kolkata, in a Prestigious Classic Building s 1600 to 20,000 or more Sq.Ft of Ready Prime (Optional A.C/Furnished) with ample Car Parking, Fire Alarm, Full Power Back-Up and other State of Art Facilities are presently available on Best Deal Rates.

At Camac Street, Little Russell Street, Lower Range, Park Street & surrounding Prestigious South-Central Kolkata Locations 5000 Sq.Ft and more or less Prime Commercial Office s& Showroom s with option of ample Car Parking, Fire Alarm, Full Power Back-Up and other State of Art Facilities are presently available on Best Deal Term s & Rate s on Rent or Sale.

At Salt lake, Sector – 5 & New Town Large & Very Large I T Space s & Commercial Offices & other spaces available on STP, IT Parks & other Prime Prestigious Commercial Addresses on Best Deal Term s & Rates on Rent or Sale. At Ultadanga & PhulBagan near VIP Road & E M

Bypass ‘X’ing 2000 Sq.Ft more or less Commercial Space s available for Educational Training Institute , Bank & other Financial services or

other Office purpose with ample Car Parking, Fire Alarm, Full Power Back-Up and other State of Art Facilities are presently available on

Best Deal Term s & Rate s on Rent or Sale.

At Kankurgachi near VIP Rd. ‘X’ing & Mancktala Main Road Prestigious Premium Showroom s and Shop floor space s of 1000 to 5000 Sq.Ft with option of ample Car Parking, Fire Alarm, Full Power Back-Up and other State of Art Facilities are presently available on Best Deal Term s & Rate s on Rent or Sale. Excellent Space for Departmental Store, Garment, Furniture, Electronics & other hi-class items.

At VIP Road near it’s best Business Destination Area, around 12500 Sq.Ft Commercial Space available on Rent prefarebly for Educational / Computer Training Institute, Coaching Centre & other Office purpose. At VIP Road, New Town, E M Bypass, Salt lake area Stall, Shops, Showrooms, Restaurant and Commercial Spaces, Large & Small Office Space s in Shopping Malls & in Prestigious Commercial Buildings available on best deal s & terms.

At Posh Location s at Ballygange & VIP Road Small Boutique Hotel with Boarder & Business Rooms Restaurant, Lounge & L.ger Bar other facilities’ Available on best deal. On E M Bypass, Raichak near Haldia & other Prime Tourist & Business locations of Bengal Star & other category Hotel s available on best terms. Around E M Bypass, CIT Road, VIP Road, Salt Lake, New Town, LansDown and other area s Prime Utility Stand Alone Building s & other Small, Moderate & Large Commercial Spaces and other Office Spaces Ready or Made to Order is available on best terms.

At Dalhousie, BBD Bag, Bara Bazaar & surrounding area s 300 Sq.Ft and Onward Commercial Spaces Available for Office, Warehouse & other purposes available with best terms & deals. At Kolkata Surroundings & Suburban areas namely Khardah, Belghoria, Behala Thakupukur, Barasat and other Developing Business locations numerals Commercial Spaces & Properties available with best terms & deals.

Please Contact: ASM Commercial, REBI Kolkata. Lake District.

74/1 Narkeldanga Main Road. Kolkata – 54 .

Ph : 033 4000 2801/ 02,

Mobile : +91 90070 04092 (Mr. Dhiman Chakroborty)

Real Estate, the growth engine of Gujarat

Gujarat has been in the forefront of economic growth in the country with its continued leadership in industrial development. With its reputation of being a highly investor-friendly state, the state has a proven track record of attracting large investments and as a result, becoming the most

favoured investment destination in India.

Gujarat is one of the leading industrialized states in the country. Led by entrepreneurial spirit and unfaltering support of the state government, Gujarat has emerged as a manufacturing powerhouse with world class production capabilities and facilities.

Gujarat notifies $21.7 billion Special Investment Region

The notification was issued to the Dholera SIR Regional Development Authority (DSRDA) recently. Following the notification, the process on the ground is expected to pick up speed.

This is the first concrete step in turning this SIR into a reality,

The authority will create the infrastructure in the region and make land allotments to units proposing to set up shop there. ‘The government has already notified 99,000 hectares of land in 22 villages in the region and an investment of Rs. 1 trillion is on the anvil. The investment may ultimately even exceed this figure,

SIR will be a global showcase for Gujarat with a port and an airport in the region coming up in Dholera town, about 30 km from Dhandhuka village of Ahmedabad district.

Industrial Infrastructure Facilities Plan

Continuing its land acquisition drive for development of industrial areas and estates, Gujarat Industrial Development Corporation (GIDC) has proposed to acquire 31,241 hectares of land during fiscal 2010- 11.

About 10,117 hectares land already identified by the corporation, 7,000 hectares are for Dahej estates and 1000 hectares for Khergam and Vagra Vilayat each. Apart from this, around Rs 508.27 crore would be spent in 2010-11 for creating various infrastructures in different industrial estates. The corporation has proposed expenditure of Rs 4, 08.66 crore for different estates, which also include Bhat, Charodi in Ahmedabad, Dahej, Dahej-2, Vilayat, Jaghadia in Bharuch, Savli in Vadodara, Dahej SEZ and Ankleshwar. Nearly Rs 235 crore would be pumped in for Dahej-2 industrial estate.

GIDC also plans to construct common facility center for an apparel park in Ahmedabad and Garment Park in Surat involving an investment of Rs 3.96 crore. The corporation estimates its expenditure at Rs 2,200 crore for 2010-11. It may be mentioned here that Gujarat government has earmarked Rs 178.44 in 2010-11 for Critical Infrastructure Projects scheme of GIDC, which is aimed at upgrading infrastructure facilities of existing industrial estates.

The allocation for the current fiscal is higher than the provision of Rs 152.16 crore made for the purpose in 2009-10. So far, the

government has approved projects to the tune of Rs 1098.08 crore from 159 industrial estates under the scheme, where the state will offer financial assistance of Rs 502.32 crore.

Urban Infrastructure

Urban infrastructure is a generic name of the sector, which includes various types of services like Sewerage network, Solid Waste disposal system, Energy efficiency and Townships provided in the Urban agglomerations. The services provided in the Urban agglomerations in general are;

• Township Development

• Sanitation and waste water management

• Solid waste management

• Energy Efficiency Projects

• Multilevel Parking/ parking related facilities

Moreover to this, development of residential townships is also an important aspect of development of urban infrastructure.

Institutional framework

• Urban planning including town planning

• Regulation for land use and construction of buildings

• Planning for economic and social development

• Roads and bridges

• Sewerage Network for domestic, industrial and commercial purposes

• Rehabilitation & resettlement of slum pockets

To provide all these services in ever expanding cities of Gujarat is an enormous task, which the local bodies are doing with fair amount of success. But as these bodies are engrossed in their day- to- day. activities, they find little time for planning and structuring the new projects to address the ever increasing needs of the citizens of the urban areas.

Petroleum, Chemicals & Petrochemicals Investment Region (PCPIR)

The Centre has signed an agreement with the Government of Gujarat for setting up a Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) at Dahej in the state.

The PCPIR policy is a window to ensure the adoption of a holistic approach to the d e v e l o p m e n t of global scale industrial clusters in the petroleum, chemical and petrochemical sectors in an integrated and environment friendly manner. The idea is to ensure the setting up of industrial estates in a planned manner to achieve synergies and for value added manufacturing, research and development.

The Gujarat Government proposes to set up a PCPIR at Dahej in South Gujarat spread over the blocks of Vagra and Bharuch in Bharuch district. It will cover an area of 453 sq km, with a processing area of 186 sq km, approximately 41.05 per cent of the total area. This is in conformity with the PCPIR policy that states that the minimum processing area for the PCPIR will be about 40 per cent of the total designated area. The balance will be used as non-processing area and will include residential, commercial and other social and institutional infrastructure.

An official press release said the Gujarat Government proposed to notify the Gujarat PCPIR (GPCPIR) under the Gujarat Town Planning and Urban Development (GTP&UD) Act 1976. The State Government proposes to make a Government Company as Area Development Authority, which would be nominated as the PCPIR Authority under clause 6(A) of the GTP&UD Act 1976.

The total investment expected in the Gujarat PCPIR is about Rs 50,000 crore. The proposal mentions committed investment of Rs 22,930 crore. The total employment generation from the GPCPIR is expected to be 8 lakh persons and the estimated direct employment in the PCPIR will be about 1.9 lakhs over a period of time.

The proposal envisages development of physical infrastructure such as roads, rail, air links, ports, water supply, power and soon at a cost of Rs. 7749.70 crore. The PCPIR policy prescribes that infrastructure will be created/upgraded through Public Private Partnerships to the extent possible and that the Central Government will provide the necessary Viability Gap Funding (VGF).

Wherever required, the necessary budgetary provisions for creation of these linkages will also be provided. Accordingly, the Gujarat Government has sought support from the Government of India involving a commitment upto Rs. 80.50 crore, on account of Viability Gap Funding for eight road and two rail projects through the PPP mode.

Processing activities

The processing area includes the two existing estates developed by Gujarat Industrial Development Corporation (GIDC)

- the Dahej Industrial Estate and the Vilayat Industrial Estate. The major processing activities at present in the region are chemical and petrochemical-based. The leading among them are Indian Petrochemicals Corporation Limited (IPCL), Gujarat Alkalies and Chemicals Limited (GACL), BASF, Birla Copper, Gujarat Chemical Port Terminal Company Limited (GCPTCL), Petronet LNG and Welspun. The ONGC Petro Additions Limited (OPaL) a joint venture company promoted by ONGC and Gujarat State Petroleum Corporation (GSPC), is the anchor tenant for the PCPIR.

The development of global scale industrial clusters in the petroleum, chemical and petrochemical sectors in an integrated and environment friendly manner. The idea is to ensure the setting up of industrial estates in a planned manner to achieve synergies and for value added manufacturing, research and development.

The Gujarat Government proposes to set up a PCPIR at Dahej in South Gujarat spread over the blocks of Vagra and Bharuch in Bharuch district. It will cover an area of 453 sq km, with a processing area of 186 sq kms, approximately 41.05 per cent of the total area. This is in conformity with the

PCPIR policy that states that the minimum processing area for the PCPIR will be about 40 per cent of the total designated area. The balance will be used as non-processing area and will include residential, commercial and other social and institutional infrastructure.

The total investment expected in the Gujarat PCPIR is about Rs 50,000 crore. The proposal mentions committed investment of Rs 22,930 crore. The total employment generation from the GPCPIR is expected to be 8 lakh persons and the estimated direct employment in the PCPIR will be about 1.9 lakhs over a period of time.

The proposal envisages development of physical infrastructure such as roads, rail, air links, ports, water supply, power and so on at a cost of Rs. 7749.70 crore. The processing area includes the two existing estates developed by Gujarat Industrial Development Corporation (GIDC)

- the Dahej Industrial Estate and the Vilayat Industrial Estate. The major processing activities at present in the region are chemical and petrochemical-based.]

The leaders among them are Indian Petrochemicals Corporation Limited (IPCL), Gujarat Alkalies and Chemicals Limited (GACL), BASF, Birla Copper, Gujarat Chemical Port Terminal Company Limited (GCPTCL), Petronet LNG and Welspun. The ONGC Petro Additions Limited (OPaL), a

joint venture company promoted by ONGC and Gujarat State Petroleum Corporation (GSPC), is the anchor tenant for the PCPIR. OPaL has planned to set up a grassroot integrated petrochemical complex (1.1 MMTPA dual feed cracker) at a cost of Rs.13,000 crore, which will process C2+streams (ethane, propane and butane) produced from ONGC’s extraction plant and Naphtha fro.

Business hub

Urban infrastructure is a generic name of the sector, which includes various types of services like Sewerage network, Solid Waste disposal system, Energy efficiency and Townships provided in the Urban agglomerations. The services provided in the Urban agglomerations in general are;

• Township Development

• Sanitation and waste water management

• Solid waste management

• Energy Efficiency Projects

• Multilevel Parking/ parking related facilities

Moreover to this, development of residential townships is also an important aspect of development of urban infrastructure.

Petrochemical complex

OPaL has planned to set up a grassroot integrated petrochemical complex (1.1 MMTPA dual feed cracker) at a cost of Rs.13,000 crore, which will process C2+ streams (ethane, propane and butane) produced from ONGC’s extraction plant and Naphtha from ONGC’s plants at Hazira and Uran.

The State Government has already conducted a preliminary Environmental Impact Assessment (EIA) while submitting its proposal. A detailed EIA study will be conducted subsequently and will require a time frame of 13-14 months beginning with the approval of the Terms of Reference for

the study by the Ministry of Environment & Forests (MOEF).

All existing labour laws of the country would be applicable in the PCPIR and SEZs, in the region, if any, would be governed by special laws, as approved by Government of India.

Shamshabad the next hot spot

Over the past decade, we have witnessed changes – somecrests & some troughs in every aspect of our lives. Of course, this is in accordance with nature’s law – growth & change!

However when it comes to our jobs and lives, some of us are still in a comfort zone and no change is welcome. We are averse to face the unknown.

In the midst of all this, it is gratifying to know that there are some who aren’t afraid to operate outside the comfort zone to achieve a breakthrough. For them, every new invention or a shift is a result of breaking away from the paradigms of the past.

These are people with a purpose. They know that their existence on this planet is no accident. They are here to deliver a unique purpose through which they and the society will evolve. They are aware that every challenge is a ‘learning’ necessary to evolve and grow. Call them what you want to – Leaders, Gurus, Trendsetters, Modernizers! One such personality is Lion Dr Y Kiron.

A man who is always thinking ahead of his contemporaries, he is a true believer in the principles of Karma yogi. He is an active humanitarian being a life member of the Blue Cross

and is also the Deputy Director General of the International Biographical Council. When the entire nation is taking about real estate slump, this CEO of Suchir India Developers is busy redefining it.

True to its name, Suchir India has been a cornerstone of prosperity and growth. Suchir India Developers Pvt Limited, established in 2000, strode the real estate arena like a colossus.

This Company is:

- The first real estate company in the country to have ISO-9001:2000 quality standard certification

- The first real estate company rated as A3 by CRISIL for its outstanding performance

- The first real estate company to be part of the studio

In a brief chat with Property Guru, Dr Kiron gives us a glimpse of his journey & his take on real estate…

How did you start your real estate journey?

I started looking for government jobs about 13-14 years ago. I was preparing for an examination for which I moved to Warangal. At the same time I blindly applied for a sales manager’s post in a real estate company. But I forgot about it and soon I got through the examination and got a job in LIC. Just before signing the acceptance letter came the turning point of my life. I felt suffocated for a good 15 minutes and finally I changed my mind.

All I could do after joining this job was to retire as a branch manager. This was not where I wanted to be. I excused myself and entered the world of real estate which always fascinated me. I bought a piece of land out of my savings for Rs 6000 when I was in my 10^th standard. And then it just grew on me…

What do you think will be the future of real estate?

Many companies enter the field with better strategies and change the scenario every now and then. Very soon the oceans should be a part of real estate. One just needs to learn how to evolve with the changing world!

What opportunities and trend do you see in property market?

Any thing booms, real estate booms! Every industry needs real estate at some or the other point. You must know how to align it for that particular one. Even if you want to set up a solar plant you need real estate.

How is AP market performing compared to other markets? What are its prospects?

The AP market has not been doing very well. We shall be in a better place once there is a little clarity about the political issues.

Township and mall culture has evolved in this IT city. What’s your take on this?

In my view, there is an over supply of malls. But there is good scope. Shamshabad is the next destination and will be hot property in the near future. Three or four universities are also coming up there.

With the slowdown in transactions here, do you think that many apartment projects?

The first real estate company to be part of the Foreign Direct Investment (FDI) project builders are going out of the state for marketing their projects? We were already looking at properties outside. The Bangalore real estate market is mostly handled by people from Andhra. So, regardless of the present situation the work is quite widespread.

What initiatives can the government take for the benefit of real estate?

Real estate in Andhra Pradesh was mainly affected in January 2010. An international convention was to take place and investors from 40-45 countries were expected. But it was called off due to political unrest and later shifted to another city. This created a buzz in all circles of business and did a lot of damage to the industry in Hyderabad.

The government could have handled the situation better. At least, later they could have come up with campaigns to rebuild the trust of these investors. It is very necessary for people to believe it’s safe to invest here. But the government had no vision...

What are your goals? Any plans to diversify?

We have already explored some other fields. Along with real estate we are now into infrastructure, mining and hospitality. We have been working with the railway and flood relief agencies. The company is coming up with two resorts and an adventure park which will be the first of its kind. We are also getting into urban entertainment that should include theme parks, water parks, marriage halls and budget hotels.

Will the prices further drop? Or is the process of correction finally over?

The prices never dropped! The facilities were reduced and therefore people were being charged less. The entire package was marketed as cheaper but if you analyse it properly the charges were the same.

If Telangana state is formed and Hyderabad becomes part of that state, what signals will it send to the real estate industry?

Why is the issue being marketed in this manner? It’s not like we are shifting Hyderabad from where it is. The power centers and administration will be different. But the resources will be the same. It’s not like we are leaving the place. One must look at it from a more practical perspective instead of just get carried away by what people around are saying.