Friday, October 31, 2014

Wanna be a real estate consultant?

Wanna be a real estate consultant?

The lowdown
A real estate consultant deals with high-value property assets. S/he needs to have a clear understanding of what each client, generally an high net worth individual, is looking for. They are supposed to align the customer’s requirements with the broader market
scenario and be able to deliver value in a complex and unstructured marketplace. Services of real estate consultants may range from showing properties, analysing area sales statistics, and examining contracts before making offers or closing deals etc. Good negotiation skills are absolutely mandatory to succeed in this field and according to industry insiders, these skills are best picked up by observing seasoned veterans

Clockwork
9am: Reach office
9-10am: Review list of clients being serviced, new assignments to be handled etc
11am: Speak to clients and check their requirements to advise them on new opportunities
11.30am: Take clients for property visits, facilitate negotiation meetings between parties, interact with advisors like lawyers, architects, developers etc 
5 to 6.30pm: Meet developers to review their new product plans, advise them on current market demands, understand their requirements etc

The payoff
A trainee can earn upwards of 
Rs. 3.5 lakh a year while a senior manager can expect Rs. 12 lakh a year. Salary structure of the senior management and directors varies depending on the firm

Skills/TRAITS
* Assertiveness
* A strong marketing/sales mindset; customer orientation
* Organisation skills
* A fair understanding of the dynamics of the real estate sector

Getting there
There is no fixed criteria for anyone wanting to enter the business of realty consulting. However, it helps to have a background in business management and marketing communication. However, if you want to get into the technical side of the business, a background in architecture or civil engineering would be ideal

Institutes and URLs
* Specialisation in real estate management (non- technical courses) is not available in India. However,  institutions like
NIREM
www.nirem.org 
NICMAR
www.nicmar.ac.in
IIRE
www.iire.co.in are doing some pioneering work
Pros and cons 
* Exposure to HNIs is quite high
* Ample opportunities to sharpen customer service skills
* Work on weekends, as most clients are free on weekends

Buying a house is everyone’s top priority. Hence, the demand would always rise. Monetary returns are also very good Kamal Batra, managing director, Buniyad Properties, Noida


Promoter stakes in private banks: Case for a higher cap

Promoter stakes in private banks: Case for a higher cap

SpiceJet promoters to raise stake by 10%

SpiceJet promoters to raise stake by 10%

Company to allot warrants, which will be converted as equity shares in 2015 & 2016; The additional stake would cost around Rs 312 cr

Maran and Kal will subscribe for fresh in two tranches; the company plans to allot 81,680,629 shares in the first and 107,410,479 shares in the second.

The company did not respond to a detailed questionnaire in this regard till the time of going to press.

Sources said the promoters would subscribe to a fresh issue of 189.1 million warrants, to be priced according to the Securities and Exchange Board of India’s formula for preferential issues. These warrants will convert to equity shares in two tranches—-in April 2015 and April 2016.

The sources added so far, the promoters had infused about Rs 1,300 crore into the airline. Maran had acquired for Rs 750 crore in 2010 and an additional Rs 550 crore was invested later, by way of equity.

Meanwhile, the airline has said its management had decided not to add this financial year.

Following a cut in capacity in the quarter ended June this year, the level would remain unchanged through the next two years, said the company’s annual report.

Last year, SpiceJet had inducted seven Boeing 737NGs and redelivered one aircraft, taking its fleet size to 58. One domestic (Dharamshala) and one international airport (Muscat) was added to the airline’s network.

In its new network and schedule (from March 30, 2014), 26 routes and seven stations were discontinued, along with capacity reduction on 14 routes. The stations discontinued included Bhopal, Allahabad, Pondicherry, Tiruchirappalli, Guangzhou, Riyadh and Bangkok.

“The company will strive to increase its asset utilisation to produce more seat-km, depending on windows of opportunities,” the annual report said.

The airline said it planned to enhance ancillary revenue and cut costs by optimising resources, increasing asset utilisation, etc. It also planned to improve on-time performance, aircraft cleanliness and instant communications.

It added the profitability of all airlines was stressed due to high fuel and dollar rates. SpiceJet’s operating profits continue to be hit by various factors, particularly high aircraft fuel costs, significant depreciation in the value of the rupee and pricing pressures from competition.

For 2013-14, SpiceJet reported a net loss of Rs 1,003.2 crore, compared with losses of Rs 191.1 crore for 2012-13 and Rs 605.8 crore for 2011-12. Yields and load factor were under pressure due to the tough economic environment, the airline said.

SPICING UP
  • The additional stake will cost the promoters about Rs 312 crore
     
  • Maran and Kal Airways will subscribe for fresh equity shares in two tranches
     
  • The company plans to allot 81,680,629 shares in the first and 107,410,479 shares in the second
     
  • The promoters are likely to subscribe to a fresh issue of 189.1 million warrants
     
  • Maran had acquired SpiceJet for Rs 750 crore in 2010
     
  • SpiceJet reported a net loss of Rs 1,003.2 crore in 2013-14, compared with losses of Rs 191.1 crore for 2012-13 and Rs 605.8 crore for 2011-12
Source : T E Narasimhan, http://www.business-standard.com

Food Babe cuts with a sharp knife

Food Babe cuts with a sharp knife


US-born Vani Hari takes on industry biggies to eliminate toxic ingredients from their products; says fast food needs rehaul

 

US-born Vani Hari takes on industry biggies to eliminate toxic ingredients from their products; says fast food needs rehaul 

She got Subway to remove azodicarbonamide (a food additive) from their sandwich bread. Vani Hari of Charlotte, North Carolina, is the food babe. Although Hari's family hails from Punjab, her parents moved to the US in the 60s and wanted to fit right in. "My only regret growing up was eating American fast-food to fit in. It is only later in my life that I started eating Indian food regularly," says Hari.
About a decade ago, as a fresh college graduate, Hari quickly fell into a routine eating catered food and as a result put on a lot of weight and fell ill. "I realised there is a correlation between what I eat and how I feel and I decided my health would be my first priority." A nationally ranked debater in school, Hari channeled her energiesBSE 4.99 % into researching food. "What I have found out has surprised me immensely." 

She was urged to share her knowledge and that was how foodbabe.com began. With 7 million page views every month, Hari is being heard. From a local frozen yogurt chain to big names like Subway, Kraft, Chick-a-fil, Starbucks and more recently, pizza big-wigs like Domino's, Pizza Hut and Papa John's, she has tackled a variety of problems. "All these places add monosodium glutamate (MSG) to your food, which tricks your mind into craving more. So far no pizza company has reached out to me." 
Kraft has different ingredients for the USA and the UK. All the harmful ingredients are taken out for the UK market, but not in the US. "This double-standard was maddening. We deserve better," Hari says. The most shocking revelation is that alcohol in the USA is not FDA-regulated and it has additives that are most upsetting. "I encourage corporations to reach out to me. They need to realise that I am not an enemy. I am just a voice of the people. Very recently, Starbucks reached out to me and wanted to set up a meeting and this transparency is a very welcome." 

Hari quit her job as a management consultant last year to follow her passion for food. She also has a book coming out next year which promises some big surprises.

Food Babe cuts with a sharp knife

Source : ET Bureau; http://economictimes.indiatimes.com; Satya Kandala 

Tuesday, October 28, 2014

BSE plans foray into commodity trading; board gives nod for new platform


BSE plans foray into commodity trading; board gives nod for new platform 

A proposal to start a new platform for commodities trading was approved by the BSE board on October 20, said two sources.


A proposal to start a new platform for commodities trading was approved by the BSE board on October 20, said two sources. 


Asia's oldest stock exchange BSE will soon make a foray into commodity trading. A proposal to start a new platform for commodities trading was approved by the BSE board on October 20, said two sources familiar with the development.
 
BSE's rival in equity trading, the National Stock Exchange (NSE), already has a presence in the commodity segment through a stake in National Commodity & Derivatives Exchange. Bourses such as BSE entering commodity trading are eyeing the passage of Forwards Contract Regulations Act (FCRA) that could boost trading volumes as it allows launch of further derivative products in the segment. 

Earlier this year, the Kotak Group bought a 15% stake in the Multi Commodity Exchange (MCX). While the FCRA Bill was tabled in Parliament last year, the previous government did not pass it in the wake of a major scam at spot exchange NSEL. Despite the severe crisis post the NSEL scam, MCX still dominates commodity trading in India with close to 80% market share. 

Experts said new players are hopeful that the supremacy of MCX could be challenged with advanced technology. Akin to the equity market landscape where NSE and BSE are the only two national-level exchanges, the commodity space is divided between two bourses — MCX and rival NCDEX. Data from the Forwards Market Commission showed the two share 99% of the total commodity market turnover with MCX leading with 80-85% market share. 

There are a dozen other commodity exchanges, including National Multi-Commodity Exchange of India and ACE Derivatives and Commodity Exchange that see a negligible turnover. Commodity trading gained popularity in India after MCX was launched in 2004 and it saw a sustained growth till 2013. The segment witnessed trades of over Rs 6 lakh crore every fortnight. 

Levying of a Commodity Transaction Tax, however, resulted in a near 50% drop in trading volumes in 2013. MCX is a leader in bullion, oil & gas and energy contracts while NCDEX focuses on futures trading in agricultural commodities. 

Snapdeal, Flipkart and more: A look at investments in Indian e-commerce

Snapdeal, Flipkart and more: A look at investments in Indian e-commerce


In another mega-deal in India's e-commerce space, Japan's SoftBank, a major investor in the global internet space announced today that it will invest $627 million in Snapdeal. SoftBank is also leading a $210m investment in Ola Cabs, which has an Uber-style taxi app.
Investors are committing billions of dollars to India's e-commerce sector.
Here's a look at the two biggest e-commerce giants in India and the kind of funding they have recieved so far.
SnapFlip

How village boy-turned-visionary K P Singh of DLF built India’s first ‘smart’ city

How village boy-turned-visionary K P Singh of DLF built India’s first ‘smart’ city

How village boy-turned-visionary K P Singh of DLF built India’s first ‘smart’ city
Representational image. DLF image

It was, by his own account, a chance encounter with a scion of the Gandhi political dynasty that turned former soldier Kushal Pal Singh into the man who built a city from nothing and made billions in the process.
Singh was toppled from his spot as India's richest property developer this week, when his company DLF Ltd was hit with an unprecedented three-year ban from capital markets, accused by the regulator of failing to disclose key information at the time of its record-breaking 2007 market listing.
Investors wiped more than $1.3 billion off the indebted company's market value after the decision.
Village boy turned visionary developer, Singh may be largely unknown outside India. But as the man who built "boom city" Gurgaon and fostered the outsourcing industry - with a little help, he says, from ex-General Electric boss Jack Welch - he has been among the most influential Indian names of recent decades.
His political links, to the Gandhi family in particular, have also placed him among the more controversial.
To its cheerleaders, Gurgaon, the city he imagined and built 15 miles outside India's capital Delhi, is a prototype of where young, upwardly mobile Indians want to live and work. The outsourcing boom has made the city India's third-richest.
"It is India's first smart city," said Rajeev Talwar, executive director at DLF. "Its infrastructure may be creaking ... but there is a new part which supports a new kind of life."
To its detractors, though, Gurgaon is the epitome of the fervid real estate speculation and dysfunctional urban sprawl that threaten India's cities as populations boom. Water and power are unreliable, social problems abound and private contractors have had to step in where the police have failed.
Its population has ballooned by about three-quarters to 1.5 million people in the decade to 2011.
BOOM CITY
It has been a difficult year for Singh, whose fate from the start has been closely tied to that of the Gandhi family. Haryana, the state neighbouring Delhi and including Gurgaon, has long been a stronghold for the family and the Congress party.
After a decade in power, the Congress, led by Sonia Gandhi, was ousted in May's general election by Narendra Modi's Bharatiya Janata Party. Haryana's voters threw out the Congress in a state election this week and strongly backed the BJP, exit polls show. Results are due Sunday.
"There are businesses that have benefited from managing their political connections, and real estate is one of them," said an executive whose company works with DLF, but did not wish to be named because of the sensitivity of the issue.
In Singh's case, the link goes back decades.
In his autobiography, Singh describes how in 1980 he accidentally met Rajiv Gandhi, Sonia's husband and India's prime minister from 1984 to 1989, when the latter was travelling to Gurgaon and had stopped for water to cool his car's radiator.
Singh, whose family property firm had been pushed out of the capital by strict development laws, says he shared his plan for the dry and desolate Gurgaon region, and his fate was sealed.
The chance meeting served DLF well for several years during which Singh - even at 82, a sharp dresser with military bearing - amassed 3,500 acres of land in Gurgaon, some of it still undeveloped.
"A salute to the old man to have at that time thought of putting together the entire site and not be tempted to gain by selling parcels of land to other developers," said Anuj Puri, chairman and country head of Jones Lang LaSalle, a property consultancy that advises DLF.
In 2007, DLF listed in what was then India's largest IPO. The atmosphere at DLF, one employee recalled, was "electric".
However, politics also cost Singh dearly - DLF has been pulled up several times by opposition party members and anti-corruption activists who accused it of improper land deals with family members of Congress chief Sonia.
It is familiar ground for Singh whose fallout with Haryana's Congress party chief minister in the 80s cost DLF nearly a decade of lost development opportunities.
But the timing of the regulator's order this week, two days before the Haryana state polls, has strengthened views that DLF's close ties with the Congress could also work against it.
For the regulator, it is simply about targeting the big fish, in a bid to boost investor confidence. DLF and its supporters say they will seek to work with the government, regardless of political shades.
But even detractors say it is not the end of the road for Singh or DLF.
"It is not the end of the road for them. These companies don't disappear," said Prashant Bhushan, a veteran lawyer and anti-corruption activist who has long campaigned against DLF.
Source : Reuters

L&T to build Statue of Unity, Modi’s pet project, for Rs 2,979 cr

L&T to build Statue of Unity, Modi’s pet project, for Rs 2,979 cr

L&T to build Statue of Unity, Modi’s pet project, for Rs 2,979 cr
Reuters


Gandhinagar - The work order for Prime Minister Narendra Modi's pet project 'Statue of Unity' - the world's tallest statue of India's first home minister Sardar Vallabhbhai Patel, was issued by the Gujarat government today, to leading engineering company Larsen and Toubro (L&T).
Work on the 182-metre tall statue of Sardar Patel is to be completed at a cost of Rs 2,979 crore, said Gujarat Chief Minister Anandi Patel who presided over the function of handing over the work order.
"This huge construction work will be completed in four years at a cost of Rs 2,979 crore. The contract has been given to the country's leading construction company Larsen and Toubro," Patel said in her address, while giving the contract order to L&T.
"Rs 1,347 crore will be spent on the main statue, Rs 235 crore will be spent on the exhibition hall and convention centre, while Rs 83 crore will be spent on the bridge connecting the memorail to the main land and Rs 657 crore would be spent to maintain the structure until 15 years after it is completed," Patel said.
The 182-metre-tall 'Statue of Unity', which would be double the size of New York's 'Statue of Liberty' (93 metres), would inspire future generations, Patel said.
"The project will include an exhibition hall and audio-visual presentation on the life of Sardar Vallabhbhai Patel, which will become the centre of attraction for tourists from the all over the world," she said.
Patel also said that 75,000 cubic metres of concrete, 5,700 metric tonne of steel structure, 18,500 steel rods and 22,500 metric tonne of bronze will be used for the project.
Patel claimed that the 'Statue of Unity' project will generate employment in the tribal area of Narmada district as well as boost the tourism sector.
The 'Statue of Unity' will be built at Sadhu Island approximately 3.5 km south of Sardar Sarovar Dam at Kevadia area in Narmada district of the state of Gujarat.
The project was launched by the former Gujarat Chief Minister and Prime Minister Narendra Modi on October 31, 2013, on Sardar Patel's birth anniversary.
Modi had also launched a country wide campaign to collect iron to build the 'Statue Of Unity' and the Gujarat government has claimed that iron was collected from around seven lakh villages across the nation.
The Gujarat state government had invited expression of interest from all over the world for the project.
After completion of the tender process, L&T has been given the contract of to execute the 'Statue Of Unity' project.
Leading construction company Turner Construction, which built Dubai's famous architectural structure 'Burj Khalifa', is a consultant to the project.

FTIL exits MCX: Completes 15% stake sale to Kotak Mahindra Bank

FTIL exits MCX: Completes 15% stake sale to Kotak Mahindra Bank

Financial Technologies (FTIL) today said it has completed the deal to sell its 15 per cent stake in commodity exchange MCX to Kotak Mahindra Bank for Rs 459 crore, marking the company's exit from the bourse.
"FTIL today completed the sale of 15 per cent equity stake in Multi Commodity Exchange of India (MCX) to Kotak Mahindra Bank for a consideration of Rs 459 crore. With this, FTIL's shareholding in MCX is nil," Jignesh Shah-led company said in a statement.
Reuters
Reuters
Last week, FTIL concluded a long-term 10-year technology contract with MCX for providing software support and managed services on mutually agreed terms and conditions and further renewal as may be mutually agreed upon, it added.
The technology agreement with MCX paved the completing of the deal with Kotak Mahindra Bank.
"I am confident that Kotak Mahindra Group will contribute as significant minority shareholders towards the growth of exchange. We look forward to a constructive partnership with MCX as their technology partner," FTIL MD & CEO Jignesh Shah said in a statement.
India's largest commodity exchange MCX was set up by its erstwhile promoter FTIL in November 2003. The exchange became the country's first exchange to be listed in March 2012.
FTIL originally held a 26 per cent stake in MCX. It has divested stake in MCX after market regulator FMC had declared the company unfit to run any exchange in the wake of Rs 5,600 crore payment crisis at group company National Spot Exchange Ltd (NSEL).
The regulator had asked FTIL to reduce its stake in MCX to 2 per cent from 26 per cent.
To begin with divestment process, FTIL had sold 6 per cent stake in MCX, including about 2 per cent sale to billionaire investor Rakesh Jhunjhunwala, in two rounds for about Rs 220 crore, bringing down its shareholding to 20 per cent.
Then in July, FTIL announced sale of 15 per cent stake in MCX to Kotak Mahindra Bank and last month the company sold residual 5 per cent stake in the bourse for over Rs 200 crore.

Saturday, October 25, 2014

Old News - Super-luxury Rs 100-cr flats in India

Why Indian Luxury Residences Don't Match Up to International Standards



(L-R) NCPA Apartments, Mumbai; One Hyde Park Apartment, London. Image courtesy: BCCL, Reuters
Mumbai is no exception to the global trend of fancy duplex apartments in exclusive residential enclaves fetching astronomical prices. A 10,000 sqft apartment in the 60-storey Imperial Heights at Tardeo fetched its developer S D Corporation over Rs 90 crore a few years ago. But a company official said the price was "much, much lower" for the five-bedroom apartment with a deck. Recently, a sample flat of 4,000 sqft on a lower floor went for Rs 32 crore.

At Nepean Sea Road, the upcoming skyscraper Lotus Villa built by the Satellite Group on the erstwhile Morarka bungalow property, is touted as one of the most expensive buildings in India. Sources said a few duplexes-over 10,000 sqft each-sold in excess of Rs 60 crore each. The builder had earlier quoted Rs 100 crore for each flat, but failed to receive any offers at that price.

On Pali Hill, Bandra, two apartments in the newly constructed 20-storey Sandhu House are believed to have been sold for Rs 38 crore each to a Dubai-based NRI. The super-built-up area of the flat is 6,700 sqft, but the actual carpet area is around 3,500 sqft. At Worli Seaface, a politically connected builder recently bought a 10,000 sqft apartment for around Rs 70 crore.

Architect Hafeez Contractor said the quality of construction of luxury buildings in cities like London and New York is far superior to those in Mumbai. "The construction cost there is five times what it is here. However, land prices in Mumbai are far more astronomical than in these global cities," he said.

Mumbai's Luxury Buildings Inferior to Global Standards
Piramal Group chairman Ajay Piramal, whose Piramal Realty builds premium apartments in Mumbai, said although local developers are matching the amenities, the "finishing and construction quality is far superior abroad". In Mumbai, people want to use every square inch of FSI, he added. Piramal said cities like London attract businessmen from all over the world as they find it a safe investment destination and safe to live in.

Property developer Ravi Vaswani said the Indian consumer is not always willing to pay a premium price. A Mumbai developer said Indians want to do their own furnishings and interiors. "Our larger flats are offered as bare shells. Abroad, such condominiums are fully furnished," he said.

Richard Osborne-Young, the London-based director (residential) of property consultants, Jones Lang Laselle, said there is strong demand for luxury apartments mainly from buyers in Russia and the Middle East. Prices in the premium segment range from £2,000 (Rs 1.48 lakh) per sqft to £6,000 (Rs 4.44 lakh) per sqft. "Larger the apartment higher the cost per square foot," said Osborne-Young. "London developers realized overseas money the city attracts is mainly for large apartments. They offer more security compared to a house, which is more vulnerable," he said.

A Mumbai developer said that prices in New York are based on carpet area while in Hong Kong and Mumbai rates are 50 per cent higher than the carpet area.

Source : Nauzer K Bharucha, http://luxpresso.com

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New set of Rs.100 crore homes rises in Mumbai

Areas such as Worli and Lower Parel are emerging as the new tony neighbourhoods in Mumbai

At the World Towers project in Upper Worli of Lodha Developers Ltd, homes are priced between `12 crore and upwards of `100 crore in three towers, World One being the most expensive. Photo:
At the World Towers project in Upper Worli of Lodha Developers Ltd, homes are priced between Rs.12 crore and upwards of Rs.100 crore in three towers, World One being the most expensive. 

Home sales, especially of luxury apartments, have been tepid in most large Indian cities, but that hasn’t deterred a clutch of Mumbai developers from launching apartments priced at about Rs.100 crore each, or a little more than $16 million. 

That’s about $300 per square foot for an apartment. To put that in perspective, the median price of a luxury apartment in Manhattan was $4.2 million, Bloomberg reported in July. 

With conventionally expensive south Mumbai localities such as Malabar Hill and Altamount Road becoming saturated, areas such as Worli and Lower Parel are emerging as the new tony neighbourhoods in the country’s financial capital.

Forthcoming projects in these areas, many of which are replacing dilapidated housing societies and slums, may not offer the quiet and privacy of an Altamount Road address, but make up for that in terms of size, a view of the sea and a promise of exclusivity.

It’s not that demand for luxury residences has suddenly revived, but several of these projects are coming up in prime neighbourhoods where real estate firms can’t price the homes any lower than a few crore rupees. To maximize profit, the builders are adding larger residences at far more exorbitant prices that only the seriously rich can afford.

In the last week of July, Omkar Realtors and Developers Pvt. Ltd, a mid-sized developer that focuses on slum redevelopment projects in Mumbai, launched Omkar 1973 Worli. The 400 apartments here are being marketed as so-called bespoke sky bungalows (made to the customers’ specifications) of 2,500-18,200 sq. ft. and priced at Rs.15-100 crore.

In the Rs.100 crore category are 25 apartments, one per floor, that will offer a 360-degree view of the city. 

Omkar Realtors’ officials said the pre-launch reception for the project was positive and all the apartments in one of the three towers had been sold.

“We hope to sell off the entire stock in three-four years,” said Bharat Dhuppar, chief marketing officer at Omkar and chief project officer of 1973 Worli.

Another four acre project in Worli, being developed by K Raheja Corp., claims to be more exclusive, with 80-90 homes of 5,000-20,000 sq. ft. While the apartments at Omkar are priced at Rs.38,000-40,000 per square foot, at K Raheja Corp.’s 42-storey single tower project, the rate is about Rs.50,000 a square foot; the larger apartments here cost Rs.90-100 crore or more.

“It’s a niche project and will not have a proper launch because it doesn’t require any marketing or publicity. Work has already started and sales will happen to a select group of buyers by word of mouth,” said a company official, declining to be named.

Mumbai was ranked the 16th most expensive residential location in the world in the last quarter of 2012, according to the Wealth Report released in March by property advisory firm Knight Frank. Monaco, Hong Kong and London topped the list. Mumbai was the only Indian city in the top 20.

For wealthy individuals with net worth upwards of Rs.25 crore and annual income of Rs.3.5-4 crore, the key factors in buying a luxury home are: location (25%), interiors (18%), size (16%), exclusivity (15%), architecture (13%), automation (8%) and price (5%), Kotak Wealth Management and Crisil Research said in their Top of the Pyramid 2013 report released this week.

Developers have selectively and cautiously launched luxury projects in large property markets such as the national capital region centred on New Delhi, Bangalore and Chennai in the recent past, wary of the demand these would generate.

According to Om Ahuja, chief executive of residential services at real estate consultant Jones Lang LaSalle (India), there is good demand for residential apartments priced at about Rs.10 crore from interested, but choosy customers who haven’t been hurt by the economic slowdown.

“Density, reputation of the developer, location, neighbours are some of the criteria they look at before buying, and when you consider all these they have limited choice,” said Ahuja. “Worli continues to be a hot spot among buyers.”

But sales of luxury residences have dropped in most cities, said Pankaj Kapoor, managing director of Liases Foras Real Estate Rating and Research Pvt. Ltd.

“The luxury segment grew the most between 2006-08, after which it didn’t revive fully. However, in the last two-three years, there has been a huge supply of luxury residences in Mumbai in newer areas such as Lower Parel, which don’t match the standard of south Mumbai,” Kapoor said.

“In Mumbai, because of the many redevelopment incentives that are given to developers for projects in south and central Mumbai, there is a lot of supply coming in,” he said. “But where are the buyers?”

Developers aren’t unaware of the risks. To attract a wider range of buyers, many builders of luxury residences are selling smaller homes at lower prices than the larger, costlier homes. 

At the World Towers project in Upper Worli of Lodha Developers Ltd, homes are priced between Rs.12 crore and upwards of Rs.100 crore in three towers, World One being the most expensive.

The most expensive homes in the World One tower—duplex flats—occupy two entire floors and offer 360-degree views of the city, set at a height of about 1,000 ft. above the city. The residences have double-height living rooms, private pools and private gyms, said chief marketing officer R. Karthik. 

A Lodha Developers spokesperson said around 60% of the project had been sold so far. It was announced in 2010.
Property analysts said Lodha’s proposed project in Altamount Road, a property it acquired from the US Consulate last year, will be in a similar price category. Lodha hasn’t disclosed its plans yet.

At Sunteck Realty Ltd’s Signature Island project in Bandra-Kurla Complex, a business district in Mumbai, two levels comprising 16 residences have been reserved to be sold later. The developer is looking for tie-ups to make these more exclusive than those in the rest of the project. For the other units, the sale price is Rs.50,000 per square foot.

“For the right location, the ultra HNIs (high networth individuals) are sometimes willing to pay staggeringly high prices, irrespective of the general state of city’s property market,” the Kotak-Crisil report said.
However, even these individuals are beginning to postpone big-ticket purchases. “The supply of luxury houses is high, but the UHNIs have become very cautious. There is a double-digit drop in the demand,” said Manoj Mohta, director (customized research) at Crisil Ltd.
Source : http://www.livemint.com, Madhurima Nandy, Unnikrishnan S. 

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Mumbai finds no takers for super-luxury Rs 100-cr flats

The 55-storey Sasen building. (IE Photo: Pradeep Kochrekar) 
The 55-storey Sasen building. (IE Photo: Pradeep Kochrekar) 

The palatial 15,000 sq ft duplexes in the under-construction 55-storey Sasen building on tony Napean Sea Road offers the country’s costliest residences at Rs 100-120 crore each. But for six years now, the project, earlier known as Lotus Villa, has not sold a single unit.
Since the 2006 boom, similar islands of super-luxury residences carrying price tags of over Rs 20 crore each have come up in the city. However, almost half of these remain unsold, reducing new launches to a trickle, according to data compiled by real estate research firm Liases Foras.

The city has a total marketable supply of 1,000-odd apartments spread across 27 premium residential projects priced at Rs 20-100 crore each. According to the available data, 85 per cent of such projects were launched between 2006 and 2010.

Over the last two years, just one new project — 1972 Omkar in Worli — has been launched in the Rs 20 crore-plus segment.

The pattern of unsold stock repeats itself across big ticket projects that are on offer from listed players like Indiabulls Bleu in Worli, D B Realty’s Orchid Heights and Orchid Turf view in Mahalaxmi and Razzak Heavens by Orbit group on Napean Sea Road.

Pankaj Kapoor, managing director, Liases Foras, said at today’s rate of absorption, it will take another 100 months (over eight years) for the existing stock to be sold.

“The ideal rate of absorption in a healthy market should not be more than 20 months in the super-luxury segment. In fact, our data on unsold super-luxury houses itself is an underestimation. If the stock being held by investors rolls back into the market, the actual

Source : Shalini Nair, http://indianexpress.com

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Rs 100-crore apartments are hot!


At a time when prices are merely notional if the address is right, it's hardly surprising that the cost of residential properties in New Delhi and Mumbai are going, quite literally, through the roof. Hold out long enough for the right buyer and even the most generous estimates by real estate agents or consultants could go awry.
And as Indians gain the confidence to spend as well as aspire to A-lists everywhere, a few more crores are hardly likely to matter when the price of even an apartment matches that of a decent, mid-sized company!
Only a week ago, the Oswals bought a bungalow on an acre of land on New Delhi's Tilak Marg (in prestigious Lutyens Delhi) for Rs 100 crore (Rs 1 billion). Other industrialists who own houses in the neighbourhood are steel tycoon Lakshmi Mittal, Bharti Enterprises managing director Sunil Bharti Mittal and DLF chairman K P Singh.
The most a property in this central part of Delhi has fetched is a whopping Rs 137 crore for a bungalow on Amrita Shergill Marg, becoming the most expensive residential real estate to change hands in India. The one-acre plot was purchased by Sanjay Singal of Bhushan Power & Steel.
Lakshmi Mittal, who bought a 12-bedroom mansion in London's Kensington Palace Gardens in 2004 for $125 million (Rs 550 crore), also got a slice of Delhi's residential pie for a more modest Rs 40 crore (Rs 400 million) on Prithviraj Road. Today it is valued at Rs 80-100 crore (Rs 800 million- Rs 1 billion).
According to real estate anaysts, Treveni Infrastructures picked up a 2.8 acre property on Sikandra Road for Rs 115 crore (Rs 1.15 billion). In another recent transaction, the Jindals bought a 3.2 acre property on Mansingh Road for Rs 125 crore (Rs 1.25 billion).
If Lutyens Delhi is the city's power address, in its Tony Khan Market or Jorbagh areas you should expect to pay Rs 3 lakh per sq yard. On S P Marg, where liquor baron Vijay Mallya owns a house, the going rate is around Rs 5 lakh per sq yard.
There is news now about highrise apartments being developed in central Delhi's Connaught Place. These 4,000 sq ft apartments could cost as much as Rs 16,000 per sq ft or Rs 6.4 crore (Rs 64 million) overall.
DLF is building a nine-storey apartment complex on 2.5 acres in W-block of Greater Kailash II, in south Delhi. These 6,000 sq ft apartments are being sold for over Rs 21 crore (Rs 19,000-25,000 per sq ft), by invitation only. Sources tell us about a possible development of apartments and individual bungalows by DLF in GK-II's E-block.
DLF also has a plan for very high-end villas in posh Chanakyapuri. These 6,000-7,000 sq ft villas could cost between Rs 12-14 crore (Rs 20,000 per sq ft).
Gurgaon too has some big ones. The top-end penthouse at Ansal's The Ivy could cost between Rs 5-8 crore (Rs 50-80 million). A 2,500-4,500 sq ft apartment at DLF's new Park Place and Park Tower ranges between Rs 1.75-3.15 crore (Rs 17.5-31.5 million). Omaxe's The Forest Noida offers apartments ranging from 4,000-6,500 sq ft for Rs 2.25-4.5 crore (Rs 22.5-45 million).
Delhi may have raised the bar where expensive residential rates are concerned, but Mumbai is still leagues ahead on average.
"Every second building in Mumbai commands a huge price, anything above Rs 25,000 per sq ft to sometimes even upto a whopping Rs 75,000 per sq ft," says architect Hafeez Contractor.
The NCPA Apartments at Nariman point are among the most expensive in Mumbai with an uninterrupted view of the sea. Rs 60,000 per sq ft is the current rate there. The vice-chairman of Reliance Capital, Amitabh Jhunjhunwala, recently bought a 2,880 sq ft apartment at NCPA for Rs 18 crore (at Rs 63,000 per sq ft).
Other expensive areas in Mumbai are Cuffe Parade, Napeansea Road, Carmichael Road, Altamount Road and now Worli and Bandra as well.
Shah Rukh Khan's bungalow Mannat, on Bandra Bandstand, is currently valued between Rs 70-100 crore (Rs 700 million-Rs 1 billion). The approximate rate here is Rs 30,000-plus per sq ft, as opposed to Rs 15,000-20,000 per sq ft at Juhu, where Amitabh Bachchan owns a bungalow.
Indiabulls promoter Saurabh Mittal recently bought a 5,500 sq ft apartment in Maker Building on Cuffe Parade for Rs 40 crore (Rs 400 million). The rate here is a whopping Rs 72,000 per sq ft.

A recent transaction in Sunita Building on Malabar Hill for a 3,450 sq ft apartment, where the rate is even higher, fetched Rs 1.03 lakh per sq ft. Leading stockbroker Rakesh Jhunjhunwala bought a 4,400 sq ft apartment at El Palazzo on Malabar Hill for Rs 25 crore (at Rs 57,000 per sq ft).
Among the most impressive buildings under construction in Mumbai is Shapoorji Pallonji's Imperial Towers on Kambala Hill. Two 65-storey towers, with the first 12 storeys reserved for car parking, have two 25,000 sq ft penthouses on top. At a conservative Rs 50,000 a sq ft, each of these penthouses could cost Rs 125 crore.
Standing tall at 36 storeys, the building on the old Chattan Bungalow site at Altamount Road, being developed by K Raheja Universal, will blow your mind. The first 12 stories offer just amenities.
The remaining 24 storeys have 12 duplex apartments stacked on top of each other. Each apartment has its own huge terrace and an elevator to take the car right up to the living room. The whole building itself is on a hill, enhancing the view.
The view might be better from the top, but luxury living seems to be a goal in itself.
Source : Ravi Teja Sharma, http://www.rediff.com
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Mumbai's Rs 100-cr flats

Jacuzzis and sit-out decks are standard in these high-ceiling, 13,000-sq ft homes high above the city









The loud whirring of machines and generators from nearby industrial premises is cut off as one enters a soundproofed glass building at the site of Omkar 1973 in Worli. This is one of the few recently-launched super-luxury projects, where somewill claim an astounding Rs 100 crore and where outrageously rich buyers are being courted. Six months after sales opened, three of the seven premium flats have been booked, says Babulal Varma, managing director of Omkar Realtors.

As one might expect in a Rs 100-crore home, everything gleams gracefully. The supple rugs are cut out for John Lobbs or Jimmy Choos .

Each adornment is picked after careful deliberation and sourced mainly from foreign countries, the developers declare. Lodha tied up with Armani/Casa, the luxury interiors division of Giorgio Armani, for its World Towers, with mansions set at 1,000 feet above the city. At the Omkar project, in the living room decorated by Hirsch Bedner Associates, the chandelier with leaves fashioned from crystal and silver came from the Czech Republic. The furniture - velvety sofas and swanky wooden tables - was imported from Spain and Germany.

These homes are palatial flats or duplexes, spread across 13,000-18,000 square feet, with ceilings that are 14 feet high. "In Delhi, you have the concept of farmhouses, which are often worth hundreds of crores. There is a similar clientele inbut geographic restrictions don't allow us to build farmhouses," says Varma. "So we wanted to create that kind of luxury in an apartment."

The Rs 100-crore apartments have 360-degree views and because they are landscaped and dramatically elevated, the temperature is (according to brochures) at least 5 degrees cooler even without air conditioning. The living room has a sit-out deck with informal furniture while the bathroom leads to a deck with an open-air jacuzzi. A number of buyers are said to prefer gardens to jacuzzis on the deck. Not entirely surprising in a city starved of green spaces.

Habitation often starts around the 10th or 15th floor, the lower levels being reserved for parking and common entertainment areas. For exclusivity, there is a dedicated concierge service, personal lifts that open into the living room and a separate entry and staying area for the household help.But many developers also make bare-shell home that buyers can decorate according to their desires. "The buyer has his or her own thought process and expectations are sky high," says Mudassir Zaidi, national director, residential services at Knight Frank. Also, since the core and key beams on the exterior walls bear all the weight of the structure, the inner walls can be demolished and remodelled as buyers please.
* * *
Big businessmen and industrialists are willing to part with enormous premiums to minimise the commute, prompting plush residential projects to emerge around commercial hubs such as Worli, Lower Parel and Bandra-Kurla Complex. ICICI Bank CEO & MD Chanda Kocchar and a top cricketer are rumoured to have scouted for such apartments in central Mumbai. A few are located in old, celebrated parts of south Mumbai, including Altamount Road and Nepean Sea Road. All homes are sold "by invitation only", which means buyers will share an address only with fellow members of the swish set. Developers reach out to the high-net-worth individuals or request those interested in buying these flats to send them a profile. Appointments are given after a thorough screening. Besides Omkar, Lodha Developers, Avighna Group and Sunteck Realty are some other developers in the space.
Source : Ranjita Ganesan, http://www.business-standard.com  

Saturday, October 18, 2014

Meet Soumya Rajan who quit Standard Chartered Bank job to start Waterfield Advisors

Meet Soumya Rajan who quit Standard Chartered Bank job to start Waterfield Advisors


After rising through the ranks from a management trainee all the way to chief executive officer of a business at the age of 38 over a 15-year period, Soumya Rajan decided to chuck it up and pursue her entrepreneurial instincts by starting Waterfield Advisors, a boutique firm that advises India's family offices on succession planning and creating trusts.

(She decided to pursue her…)

She had two compelling reasons to leave her job. One, her two immediate bosses quit. Shyam Srinivasan left to head Federal Bank and Peter Flavel moved to JPMorgan. Second, she got inspired by the success of Byron D Trott, a former vice chairman of investment banking at Goldman Sachs who started BDT Capital that later became known as the 'goto' I-bank for legendary investor Warren Buffet and many family offices in the west.
"It could have been a midlife crisis on what to do," says Rajan, 44, MD of Waterfield Advisors, who is also the sister-in-law of RBI governor Raghuram Rajan. While the decision rattled her parents, she got the unstinting support of husband Mukund Rajan, the Tata brand custodian.
"I wanted to do something different for the rest of my life." She named her venture after the road in Bandra, Mumbai, on which the ANZ Grindlays office where she began her career was located. She stayed with ANZ and later Standard Chartered Bank, which bought it, throughout her working career before setting up her own venture.
"I had run the length and breadth of the road to get new accounts as a management trainee in 1994," says Rajan, a mathematics graduate from St Stephen's College in Delhi. A year after she quit Standard Chartered in 2010, she partnered with Sanjay Teli, owner of executive search firm ESP Consultants, to look for staff.
She found many of them in her former bank and started the company in 2011 in a 400 sq ft office, which had once been occupied by her former employer. "Talent is critical, it can make or break an institution," says Rajan, who now employs 12 people and wants to double this by 2016. She relied on three factors to build her business — destiny, the goodwill of clients cultivated during her banking career and the rational, logical thinking of a mathematician. "I am a child of destiny," she says, referring to meeting husband Mukund atOxford with a scholarship in her great grandfather Sarvepalli Radhakrishnan's honour, getting her ANZ job through a random application, her career advances and, now, her own venture.
Mukund, who encouraged her to take up assignments overseas, backed her to the hilt when she started building her own firm. "Earlier he used to frequently drop in for lunch in my office," says Rajan. "But now as part of the new team at Tata Sons, he hardly gets any time." Two years into the business, she has a client list of 30 Indian business families, of which 10 are in the Forbes 100 list. Unlike a bank, Waterfield doesn't have the pressure of selling products to these families. "Our business is pure advisory for our clients."
In India, family offices are set up by groups with wealth of more than $25 million (.`112 crore) while in the West this value is 10 times more. Last week, the Patnis came on board as stakeholders. After selling the IT company that bore their name to iGate in 2010, they were looking for just such an opportunity. Last October, Waterfield had sent them a client's proposal seeking funding from Nirvana, a PE fund owned by the Patnis.
"We were looking at establishing an independent platform for multi-family office space and wanted to back the right entrepreneur," says Amit Patni. He and brother Arihant Patni purchased a significant minority stake in Waterfield and will get a seat on the board. With this fresh infusion, Waterfield is now looking to get into other areas.
"We will now diversify into non-financial services, travel and wellness, leisure holidays, and family events for our clients," says Soumya, who wants her firm to also be a lifestyle manager for families. "I want to build a company that will live beyond me," she says. When she's not working, she has two hobbies that engage her. One, she's a western classical singer and, two, she's into interior designing. Other than that, she likes vacationing with her twin sister in London.
Source : Baiju Kalesh, ET Bureau; http://waterfieldadvisors.com
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