property & wealth august issue
DESCRIPTION
Say Yes To ProsperityTRANSCRIPT
News Desk 13
Hot Spots 17
Mullanpur gets Hotter with GMADA Plans 26 The Homes Of India’s Super Rich 30
Real Estate Funding – The India Story Today 32
The Importance Of Estate Planning 34
7 Point Startup Watchlist 36 When You Hate Your Job 38
Quote Magic 40
Understanding Employee Provident Fund 42
Save Fuel Save Money 44
Planetsavers 46
COMMON MAN UNCOMMON STORY
Six months after he became a national
sensation on television when he won
the grand prize of Rs 5 crores, Sushil
Kumar is back on another happening
show. While we saw him sitting across
the legendary Amitabh Bachchan
on the former show, we now see him
dancing his heart out in the presence
of another Bollywood icon, the one and
only Madhuri Dixit. Lucky man!
13
36
42
08contents August 2012
PROPERTY & WEALTH VOL 1, AUGUST 2012, ISSUE 1204
property watch
earn
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COVER STORY
Publisher & Editor-in-ChiefJasmeet [email protected]
Editor Pankaj Sharma [email protected]
Feature Writers Satpal Kataria, K.Singh, Rupinder PD, Sheetal Singh
Art Director Rajesh Kumar
Graphics TeamGagan, Sanju
Advertisement & SalesSandeep Kapoor (M) 9818510511 [email protected]
Sales & SubscriptionMr. Ajay Gupta(M) 9216841278
Photography Rohit Bhatia
Pre Press Team: NBC, GopalProduction Team: Upinder, Vikas, Vijay
Advisory BoardHarpreet Pooja & Associates Architects Rajiv Gupta & Associates
Chartered Accountant Vikas Chatrath, Advocate
Printed & Published by Sh. Jasmeet Singh at Plot No. 437-A, Industrial Area Phase-2, Chandigarh.Owned by Sh. Jasmeet Singh,220, Sector 19-A, Chandigarh & Printed at Savitar Press, Plot No. 820, Ind. Area Ph-2, Chandigarh.
CONTRIBUTORS AND ASSOCIATES
Be a Prosperity Seeker 48
Renunciation In Action 50 Bookshelf 52 Eye-Catchers 53
48
56
contentsAugust 2012
live inspired
soft corner
05PROPERTY & WEALTH VOL 1, AUGUST 2012, ISSUE 12
editorial
about this issue
It was in November 2011 that life took a rosy turn for
Bihar-based youth Sushil Kumar. He’d in fact become an
overnight sensation, having won the bumper prize of Rs 5
crores in the fifth season of Kaun Banega Crorepati. For
someone who was barely able to make ends meet, such
an achievement could easily be called his biggest leap
forward in a lifetime. Since its launch in the year 2000,
just six individuals and two pairs of contestants have made
it past the coveted ten million mark on Indian television’s
greatest ever quiz show. And having managed to cross
that mark five times over with the highest ever jackpot on
the show, Sushil Kumar became KBC’s ‘top scorer’, an
uncrowned king.
Now, about seven months later, we get to see the same
smiling face again on television. And he isn’t answering
multiple questions this time. The new millionaire is
contestant number 13 on Jhalak Dikhla Ja, one of the
most widely viewed, popular dance shows on television.
Madhuri Dixit, one of the judges on the show, has named
him antarmukhi (an introvert). But it is surprising how a
non-dancer like him has been able to hold his own against
competitors, most of who belong to the entertainment
industry. Is it his passion to learn a totally new skill or an
inclination to make the most of things? That is anybody’s
guess.
“Not everyone has that sort of luck”, someone said to me.
But if there is a lesson we could learn from this simpleton
from Bihar, it is to dream big. No matter what situation
you find yourself in today, don’t limit your goals. Life is full
of surprises and you never know when your most wishful
thoughts, may manifest. Landing you close to unseen and
distant shores, which are just figments of your imagination
today.
Dare to Dream
Jasmeet Dhamija Editor-in-Chief
Prosperity is for all. Doesn’t matter who you are, what you
do and where you live, everyone is entitled. It’s like getting
a ticket to the Olympics with nothing much written on it.
You get to choose whether you go there or not; whether
you want to play or just watch others play. And if you do
choose to play, your success depends on how you go about
your game.
With Sony TV’s Kaun Banega Crorepati Season 6 around
the corner, our Cover Story this month is about the winner
of the highest jackpot ever won on Indian television.
A commoner who became a household name, Sushil
Kumar won a phenomenal Rs. 5 crores in KBC Season 5.
Incidentally, he’s back on our television screens nowadays,
in a totally different ‘dancing star’ avatar.
You’ll find many interesting articles in this month’s issue.
In the WORK Section you’ll find an article each for aspiring
entrepreneurs as well as for salaried people. While there
are many pitfalls to be avoided if you’re starting off with
a new business, life is no less challenging for employees.
It’s common to fall out of love with your job! Get to know
about Employee Provident Fund and you can gain a few
tips on how to save fuel in the SAVE Section this month.
Mullanpur New Chandigarh is going to be the next big thing
as far as property development in the region is concerned.
Read up on our special article on the same in BUILD
Section. You also get to read some special articles sent in
by acclaimed property development experts.
Pankaj SharmaEditor
Cover Story
08
how Sushil Kumar met ‘his’ Stars!
Since its launch in the year 2000, just about six
individuals and two pairs of contestants have made it
past the coveted ten million mark on Indian television’s
greatest quiz show – Kaun Banega Crorepati. In
fact the most successful of them all, a young man
from Bihar, actually managed to cross that mark five
times over! And now, about six months after that
feat, crorepati Sushil Kumar is a special attraction
on another happening show.
COMMON MAN UNCOMMON STORY
PROPERTY & WEALTH VOL 1, AUGUST 2012, ISSUE 12
With Kaun Banega Crorepati Season 6
likely to go on air from September 6,
2012, KBC fans eagerly await another
entertainment packed innings of the
popular TV quiz show hosted by the
legendary Mr Amitabh Bachchan. As we all know, KBC
has yielded many success stories over the years since its
launch in the year 2000, bringing joy and cheer to various
people and their families across the country. Perhaps
most of the contestants who made it past the ‘fastest finger
first’ round must have fancied their chances of achieving
the ‘crorepati’ feat on KBC. But as we’ve seen, it isn’t the
world’s easiest game yet. Out of so many hopefuls, just
about six individuals and two pairs of contestants have
been able to claim the title of crorepatis on the show. And
there is one man in particular who has managed to stake
that claim five times over! KBC fans would remember
watching this diminutive young person with a pleasant
smile create history when he hit the biggest ever jackpot
on Indian television. An astounding Rs 5 crore jackpot.
The run up to this fantastic common man’s victory was
telecast on two dates. On day one, his affable host
introduced him as a computer operator employed under
Mahatma Gandhi National Rural Employment Guarantee
Act (MGNREGA) for a meagre Rs 6,000 p.m. and taught
tuitions as well. Viewers were then shown a video clip in
which they showed how badly the contestant wanted to
win a handsome amount on KBC to be able to restructure
09PROPERTY & WEALTH VOL 1, AUGUST 2012, ISSUE 12
the family’s dilapidated house.
‘Hot’ Seat Victory
The KBC episode telecast on 2nd of November, 2011 will
forever be etched in the memories of millions of viewers
across the country. Despite a few hiccups, Sushil Kumar
had managed to play extraordinarily well. Displaying
sound general knowledge and great presence of mind,
he’d successfully navigated all thirteen questions which
flashed consecutively across the computer screens placed
in front of him and his famous host. And to his credit, Mr
Bachchan was every bit his encouraging self, all through
the game.
The thrilling final moments of the concluding episode are
still a treat to watch on videos available on the youtube
website. Sushil Kumar puts to good use his last helpline
to zero down to what he feels is the correct option to the
final question. As customary on the show, he asks Mr
Bachchan to ‘lock’ it. Mr Bachchan takes a long glance
at his computer screen. He doesn’t look up to affirm the
correctness of the answer but suddenly erupts in his rich
baritone... “Adbhut! Adbhut!! Adbhut!!!” which means
“Amazing! Amazing!! Amazing!!!” Sushil Kumar picks
up the Bisleri bottle in front of him and spills it over his
head! He then wraps his arms around Mr Bachchan, as
his family members make a beeline for them, eager to join
in on the celebrations.
Starry Dreams
In the initial moments of his interaction with his host
on the quiz show which changed his life, Sushil Kumar
makes a very interesting statement. He says “main inter
mein padhta tha jab se KBC aa raha hai aur shayad koi
din aisa nahin hoga jis din mujhe yeh na laga ho ki main
aapke saamne baitha hoon” (I was studying in Inter when
KBC first started and I have imagined myself to be sitting
in front of you, every single day, ever since). Imagine
holding onto a dream for eleven long years. A dream to
be seated in front of a quizmaster, whose questions if
you successfully answer, could well put you on the path
to a prosperous and thus, much easier life. A dream to
escape poverty through a test in general knowledge and
awareness, conducted on a popular TV show which lies
open to millions of people spread over all parts of this
country. Amazing, isn’t it?
The ‘Jhalak’ Challenge
Well, there’s more to be amazed about in this common
man’s uncommon story. Approached in the past by
a number of television companies for other popular
shows including Bigg Boss, Sushil Kumar spurned
them all, eventually giving in to Jhalak Dikhla Ja’s team.
Interestingly, the reason for his emphatic consent in this
case he attributes to the presence of another Bollywood
celebrity who happens to be one of the three judges on
the show. The gorgeous Madhuri Dixit.
Sushil Kumar perfectly fits the bill as the surprise package
of the current season on Jhalak Dikhla Ja. While his
friends warned him of a possible broken limb or back if he
participated on the show (given his poor dancing skills),
it didn’t deter our hero. He says that he was content in
the knowledge that no matter what happened, he just
couldn’t afford to let go of a golden opportunity to meet
his favourite Bollywood heroine in person. And though
he doesn’t watch too much television himself, it was wife
Seema who further encouraged this post graduate in
Psychology to participate in ‘Jhalak’ as it is referred to
these days. So, now we have the aam aadmi from Motihari
turned crorepati competing on stage with celebrities like
Gurmeet Chowdhary, Giaa Manek, Pratyusha Banerjee,
Jayati Bhatia, Sanath Jayasuriya, Talat Aziz, Ravi Kishan,
10 PROPERTY & WEALTH VOL 1, AUGUST 2012, ISSUE 12
Isha Sharvani, Archana Vijaya, Shibani Dhandekar,
Darsheel Safary and Bharti Singh for the title.
The Dancing Millionaire
Out of the prize money of Rs 5 crores, Sushil Kumar
received Rs 3.5 crores after tax deductions. Since he
wants to build a house big enough to accommodate all
16 family members of his joint family, he has purchased
a plot in his hometown worth Rs 22.5 lakhs to fulfil his
ambition. He has also removed a big burden on his family
by repaying loans to the tune of Rs 15 lakhs which his
parents had taken and there are no more loans to be
repaid. Interestingly, the jackpot winner still rides a bicycle
despite his celebrity status in town and does not want to
resign from his job of a computer operator. He is also
preparing for civil services examinations in order to fulfil
his ambition of becoming an IAS officer. The overnight
millionaire has also been named the brand ambassador for
Mahatma Gandhi National Rural Employment Guarantee
Act (MNREGA).
Cut to current Jhalak Dikhla Ja episodes. Show hosts
Ragini Khanna and Manish Paul give Sushil Kumar and
his dancing partner a warm welcome on stage. The duo
goes through various dance routines to impress the three
member panel of eminent judges. When their performance
comes to an end, they stand to rapt attention as the judges
take turns to give their ‘expert comments’ and award them
points. He’s done remarkably well, they say, for someone
who started off as a complete ‘non-dancer’ as he openly
admits. His heart must take a leap when he gets called
on stage by Madhuri Dixit herself, who likes to refer to
him as a “real life hero”. But although Sushil Kumar alias
‘Mantu’ has put on his dancing shows to impress her on
stage today, if you ask him, that’s not how it all started.
It all began with a poster of the diva he’d bought when
he was in Class 7. He must get goose bumps when he
prepares to go on stage in her presence today, but he also
doesn’t hesitate in declaring that he’d gone so far as to
marry her in his dreams a long time ago!
11PROPERTY & WEALTH VOL 1, AUGUST 2012, ISSUE 12
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Presenting
newsdeskREAL ESTATE & INFRASTRUCTURE NEWS
14
regional
Final changes are being made in
Chandigarh’s Master Plan and the
document would soon be sent to the
ministry of urban development after
peer review by architects in Delhi. In
keeping with the projected population
figure of 16 lakh in the year 2031,
many policy changes have been
incorporated.
The Delhi high court on Tuesday asked
the Centre and Delhi Development
Authority to resolve the dispute of
extra flats built by private developer
Emaar MFG in the Commonwealth
Games village, since it hindered
smooth allocation of flats to buyers.
Justice G S Sistani asked the Urban
Development Ministry Secretary and
the DDA vice chairman to convene
a meeting with the builder to find a
solution before August 9 so that the
flats could be handed over to the
buyers.
Route identification for the ambitious
265 km Delhi-Jaipur Expressway
on the line of Yamuna Expressway
to Agra has been completed. The
starting point from the national
capital for the expressway, for which
the detailed project report has been
finalised, would be the Indira Gandhi
International Airport.
Realtors’ body CREDAI today said
it will fund construction of houses
for families of 31 differently-abled
persons in the national capital
region. As part of its corporate
social responsibility, CREDAI NCR
would help Habitat for Humanity
India and Madok Foundation
in developing these houses at
Mundka and Bahadurgarh area.
Each house comprises of a living
room, a kitchen and an attached
toilet with underground septic tank
providing good living conditions to
the underprivileged section of the
society.
Best Times Property Expo - 2012 Venue: Hotel Majestic Park PlazaDate: 11 to 12 Aug 2012
Best Times Property Expo - 2012 Venue: Epic Center, Apparel HouseDate: 18 to 19 Aug 2012
The ‘Land Pooling Scheme’
announced by Haryana Govt. recently
provides an option to the landowner-
farmers to get ‘developed land’ in
return for their acquired land. The
‘Land Pooling Scheme’ paves the
way for a land owner to get a 1,000
square yard residential plot and one
commercial plot of 100 sq yards for
each one acre of land acquired by
the government for development of
residential sectors by HUDA.
Master Plan CWG Flats
Delhi-Jaipur Expressway CREDAI for Differently-Abled
forthcoming events
Land Pooling
Chandigarh New Delhi
New Delhi New Delhi
90 Crores for 9 Villages Gurgaon
Chandigarh
The Municipal Corporation of Gurgaon
(MCG) has got an approval from the
state government sanctioning an
expenditure of Rs 90 crore for the
development of nine villages falling
under the corporation limits.
The municipal corporation will have
the responsibility for the progressive
development of the villages as well as
for providing basic infrastructure like
sewerage, water, roads and electricity
in the villages.
GurgaonLudhiana
PROPERTY & WEALTH VOL 1, AUGUST 2012, ISSUE 12
newsdesk
national
15
US banking group Goldman Sachs
has agreed to take on lease 1.6 million
sq ft of office space – an area the size
of nine football fields – in Bangalore,
in what is the biggest recorded
commercial property deal to date
in India. The two-step transaction,
according to people familiar with the
transaction, will see the New York-
headquartered investment bank
initially taking up one million square
feet. Another 600,000 square feet
will be taken up in the second step of
the transaction.
Contrary to the popular belief, it was
not the country’s Capital city Delhi
but Chennai in down South which
witnessed maximum increase in
prices of residential properties as
high as 166 per cent — among major
cities in five years since 2007.
According to the Economic Survey
2011-12 tabled in the Parliament on
Thursday by Finance Minister Pranab
International Building Materials Expo Venue: G.V. Fair GroundsDate: 17 to 19 Aug 2012
Infrastructure Conclave 2012 Venue: Hotel Vivanta by Taj, Gomti NagarDate: 24 Aug 2012
After the Calcutta High Court struck
down the Singur Act brought in by
the Trinamool Congress government
last year, Chief Minister Mamata
Banerjee reiterated her government’s
commitment to return land to all
those farmers of Singur who did not
accept price for their land that was
acquired for the Tata Motors factory.
Goldman Sachs
Residential Property
forthcoming events
Bangalore
Succumbing to pressure from
builders and realtors’ lobby, the
state government has amended
the order (GO No. 45) and gave
them relief from reserving 20% of
developed land or housing units to
economically weaker sections (EWS)
and low income groups (LIG). The
municipal administration and urban
development (MA&UD) department
issued GO Ms No 245 exempting
housing projects in five acres from
reserving 20% of the developed land
for EWS and LIG.
In a major relief to the infrastructure
firm Lanco Infratech, the Supreme
Court on Tuesday stayed orders
of Andhra Pradesh High Court
issued last month that prohibited
the company from continuing
EWS
Lanco Infra
Hyderabad
Hyderabad
Chennai
Singur ActKolkata
Following the accident on the under-
construction Eastern Freeway that
brought to light glaring gaps in safety
measures at the construction site,
the city’s development authority has
decided to ensure strict barricading
and a ‘no parking’ rule at all other
project sites, especially at monorail
and Metro construction sites.
No ParkingMumbai
Lucknow Coimbatore
Mukherjee, residential property
prices soared by 54 per cent during
the period in Delhi.
construction activities at its major
township project in Hyderabad.
The high court had on 3 April observed
that the land on which Lanco is
building its integrated township
project belong the Wakf Board and
stayed construction activities on the
disputed land till further orders.
PROPERTY & WEALTH VOL 1, AUGUST 2012, ISSUE 12
newsdesk
16
international
According to global property advisor
CBRE Group, Hong Kong is the
world’s most expensive shopping
destination as significant inbound
tourist flows and continued increases
in domestic wealth fuels occupier
demand from international fashion
and luxury retailers. The CBRE
rankings of prime global retail rents
saw little change in the first quarter
of 2012 (Q1 2012) compared to the
previous quarter. Hong Kong remains
at the top of the rankings with retail
rents at US$3,864 per square foot
(psf) per annum.
Hilton Worldwide recently signed an
agreement with Inveravante Group to
introduce two new premium hotels in
the historic city of Tangier. Located
within Morocco’s modern business
district in the heart of Tangier, the
two properties, Hilton Tanger City
Center Hotel & Residences and
Hilton Garden Inn Tanger City Center,
represent the first Hilton Worldwide
hotels in Tangier, one of the country’s
fastest growing commercial cities.
A multi-million-dollar, 80-story office
tower and transportation hub are on
the drawing boards for Tel Aviv, the
financial capital of Israel. At least
2,500 housing units are also planned
near the tower in an area northeast
of the Defense Ministry’s Kirya
compound in the center of Tel Aviv.
Oil-rich but shelter-poor Saudi Arabia
is finally getting some much-needed
new housing. Abu Dhabi-based Gulf
Capital announced it will be entering
Saudi Arabia’s real estate market for
the first time with a planned, multi-
phased $267 million residential
undertaking in Riyadh.
The Mail & Guardian, one of South
Africa’s oldest newspapers published
in Johannesburg, alleges a top crony
of Zimbabwe President Robert
Mugabe is a key figure in a major
money laundering scheme.
The paper alleges Robert Mhlanga
is using profits from diamonds
India at Your Doorstep Venue: Sydney Olympic Park Athletic Centre Date: 19th August 2012
iProperty.com EXPO Venue: Mid Valley Exhibition CentreDate: 24 Aug to 26 Aug 2012
Most Expensive Retail Market
Hilton Hotels
Tallest Building
forthcoming events
Hong Kong
Morocco
Israel
$267 M Residential
Diamond Laundering
Saudi Arabia
Zimbabwe
Argentina President Cristina
Fernandez plans to use pension
and treasury funds to provide almost
cost-free housing loans to 400,000
residents who have been on a
government mortgage waiting list
for years. The loans would have a
maximum level of $77,000. Interest
would be 2 percent to 14 percent,
depending on an applicant’s net
wealth. The loans would be repayable
on either a 20-year or 30-year basis.
The program is called ProCreate.
Low Cost HomesArgentina
Kuala LumpurSydney
PROPERTY & WEALTH VOL 1, AUGUST 2012, ISSUE 12
smuggled out of Zimbabwe to buy
prime real estate on the Durban north
coast and in one of the plushest areas
of Sandton in Johannesburg.
newsdesk
hot spotsCHANDIGARH CAPITAL REGION PROJECTS
1. Zirakpur R Zone 1
2. Zirakpur R Zone 2
3. Mullanpur - New Chandigarh
4. Kansal
5. Aerocity
6. Mixed Land Use & Industrial Sectors 82, 66, 66A
7. Landran - Banur Road (Right Side)
8. Landran - Banur Road (Left Side)
9. Kharar Landran - Road
10. Balongi - Kharar Road
Disc
laim
er: M
ap is
not
to s
cale
and
pur
ely
for
illus
trat
ive
purp
ose.
Acc
urac
y of
the
map
is n
ot g
uara
ntee
d.
HOT SPOT IN FOCUS
20 PROPERTY & WEALTH VOL 1, AUGUST 2012, ISSUE 12
Disclaimer: Map is not to scale and purely for illustrative purpose. Accuracy of the map is not guaranteed.
Location: Mullanpur, New Chandigarh Highlights: Artistically crafted
landscaped vistas. environment
friendly parameters like Rain Water
Harvesting, Water Recycling, Solar
Energy
Options: Plots 250, 350 & 500 Sq.
Yds.
Muirwoods by Altus
BudgetPlanner
BudgetPlanner
in lakh
0 10 20 30 40 50 60 70 80 90 100 150 >200
DISCLAIMER: Features, information & Budget Planner given above are indicative only. Please contact respective builder for more specific & accurate information. Property & Wealth is not responsible for any decisions taken through use of above information.
Sales Organisers/Dealers: Call 9216841278 to Adveriste in this space
Location: Mullanpur, New Chandigarh Highlights: Nestled in the Shivalik Foot Hills at 6 km from Madhya Marg,Chandigarh on a 200’ wide arterial road. Low Population density of 100 persons/acre.Options: Plots: 100,200,300,400, 500 Sq. Yds.
GMADA Eco-City
BudgetPlanner
BudgetPlanner
in lakh
0 10 20 30 40 50 60 70 80 90 100 150 >200
Sales Organisers/Dealers: Call 9216841278 to Adveriste in this space
Location: DLF New Chandigarh, Mullanpur, PunjabHighlights: Part of 200 acres eco-friendly township, build to global Standards.Options: Independent Floors, 1880 sq ft GF, 1st Floor, 2nd Floor with life, on 350 sq yard plots
DLF Hyde Park Terraces
BudgetPlanner
BudgetPlanner
in lakh
0 10 20 30 40 50 60 70 80 90 100 150 >200
Zigma Wealth: 8146992437
HOT SPOT IN FOCUS - MULLANPUR NEW CHANDIGARH
DISCLAIMER: Features, information & Budget Planner given above are indicative only. Please contact respective builder for more specific & accurate information. Property & Wealth is not responsible for any decisions taken through use of above information.
PROPERTY & WEALTH VOL 1, AUGUST 2012, ISSUE 12 21
Location: DLF New Chandigarh, Mullanpur, Punjab Highlights: Punjab’s First Eco Town, Foothill of Shiwaliks, Club House, 11 acres of greens 100, 120 feet wide approach roads. Options: 350 & 500 sq yds plots. Launching soon Independent Floors on 350 & 500 sq yd plots.
DLF Hyde Park Plots
BudgetPlanner
BudgetPlanner
in lakh
0 10 20 30 40 50 60 70 80 90 100 150 >200
Sales Organisers/Dealers: Call 9216841278 to Adveriste in this space
Location: Sector 1C & 1D, New Chandigarh, Mullanpur, PunjabHighlights: Highlights : “Live & Celebrate the Festival of Life”, 0 K.M. from Chandigarh, located on New Delhi to Anandpur Sahib - Manali proposed road. 200 Acres Integrated TownshipOptions: 250, 300, 500 Sq. Yds.
Chandigarh West Township
BudgetPlanner
BudgetPlanner
in lakh
0 10 20 30 40 50 60 70 80 90 100 150 >200
Sales Organisers/Dealers: Call 9216841278 to Adveriste in this space
Location: Extension of Madhya Marg, ChandigarhHighlights: pioneer in its own sense, being the tallest structure of the regionOptions: Approx 450 sq ft and multiples
Omaxe International Trade Tower
BudgetPlanner
BudgetPlanner
in lakh
0 10 20 30 40 50 60 70 80 90 100 150 >200
Sales Organisers/Dealers: Call 9216841278 to Adveriste in this space
PROPERTY & WEALTH VOL 1, AUGUST 2012, ISSUE 1222
HOT SPOT IN FOCUS Disclaimer: Map is not to scale and purely for illustrative purpose. Accuracy of the map is not guaranteed.
23
DISCLAIMER: Features, information & Budget Planner given above are indicative only. Please contact respective builder for more specific & accurate information. Property & Wealth is not responsible for any decisions taken through use of above information.
PROPERTY & WEALTH VOL 1, AUGUST 2012, ISSUE 12
Location: Gazipur, Zirakpur, Near ChandigarhHighlights: Premium 3 BHK & 4 BHK Duplex apartments near upcoming Golf CourseOptions: 3BHK & 4 BHK Duplex aprartments.
Sushma Crescent
BudgetPlanner
BudgetPlanner
in lakh
0 10 20 30 40 50 60 70 80 90 100 150 >200
DNA Realtors: 9814334259
Location: Gazipur, near proposed Golf Course, ZirakpurHighlights: Keyless biometric entry, every flat is corner & facingpark, hi-tech securityOptions: 3BHK only
Aero Homes
BudgetPlanner
BudgetPlanner
in lakh
0 10 20 30 40 50 60 70 80 90 100 150 >200
Property Manthan: 9582898136, 9582898136
Location: Chandigarh-Ambala HighwayHighlights: Designed by R204DESIGN, leading US architecture firm Professional Cricket Practive Pitches, Golf Putting, Designer Swimming poolOptions: 3BHK flats 1885 sq ft.
Sushma Chandigarh Grande
BudgetPlanner
BudgetPlanner
in lakh
0 10 20 30 40 50 60 70 80 90 100 150 >200
Vinayak Estates: 9356821021
Location: Gazipur, Zirakpur, Near ChandigarhHighlights: Premium 2 BHK apartments near upcoming Golf CourseOptions: 2BHK aprartments 1276 sq. feet. WiFi zone, round the clock security with CCTV.
Sushma Green Vista
BudgetPlanner
BudgetPlanner
in lakh
0 10 20 30 40 50 60 70 80 90 100 150 >200
Location: Gazipur, ZirakpurHighlights: Excellent Layout Plans situated near upcoming Golf Course & Express Highway in Zirakpur. Options: 3BHK (1663) & 4BHK+Servant (2630) Flats
Green Valley Towers, Gazipur, Zirakpur
BudgetPlanner
BudgetPlanner
in lakh
0 10 20 30 40 50 60 70 80 90 100 150 >200
Location: Gazipur, ZirakpurOptions: 3BHK, 1685 and 1825 sq ft.Highlights: 360 degree view with 6 balconies.
Sushma Elite Cross
BudgetPlanner
BudgetPlanner
in lakh
0 10 20 30 40 50 60 70 80 90 100 150 >200
HOT SPOT IN FOCUS - ZIRAKPUR R ZONE 1
Sales Organisers/Dealers: Call 9216841278 to Adveriste in this spaceSales Organisers/Dealers: Call 9216841278 to Adveriste in this space
Sales Organisers/Dealers: Call 9216841278 to Adveriste in this space
WEEKEND/HOLIDAY HOMES
Location: 3km from Solan on Solan Sabathu Road.Highlights: Registry for built up area for built area Even for non Himachlis. Enjoyable weather round the yearOptions: 1 BHK 671 sq feet, 2 BHK 111 sq feet and 4BHK duplex cottages 2475 sq feet.
Amravati Hills
BudgetPlanner
BudgetPlanner
in lakh
0 10 20 30 40 50 60 70 80 90 100 150 >200
Location: Kasauli Hills at 5000 feet, nearly 15kms from Kasauli amidst pristine environment.Highlights:Each Villa & Apartment providing a panoramic view of Mountains. Landscaped Gardens, Swimming Pool & Gym. International 5 star Hotel Options: Villas and Apartments
DLF Samavana
BudgetPlanner
BudgetPlanner
in lakh
0 10 20 30 40 50 60 70 80 90 100 150 >200
Location: Dagshai HillsHighlights: Situated at height of 5500 sq feet. its un spoilt nature at its best with Villas, plots, 5 star resorts.Options: Luxurious independent villas, residential plots
Pine Wood Resorts
BudgetPlanner
BudgetPlanner
in lakh
0 10 20 30 40 50 60 70 80 90 100 150 >200
Location: Dharampur Sapatu Road 2 kms from Hotel Victoria IntercontinentalHighlights: Panoramic View of the valley. Non Himachalis can buy in their own name. Specially imported pre fabricated apartments.Options: 1BHK/2BHK on 400 sq yard Plot
Hill Farms
BudgetPlanner
BudgetPlanner
in lakh
0 10 20 30 40 50 60 70 80 90 100 150 >200
Location: Kais Village, KulluHighlights: First of its kind group housing in HP, Unique terraced landscaping all around.Options: Exclusive low rise designer apartments and Luxurious villas
Kaisville
BudgetPlanner
BudgetPlanner
in lakh
0 10 20 30 40 50 60 70 80 90 100 150 >200
Location: Solan Simla Old Road, Kumar hattiHighlights: Beautiful fully furnished apartment With un spoilt view of the mountains.An ideal hill farm house.Options: 2BHK and 3 BHK
Pine Wood Cottages
BudgetPlanner
BudgetPlanner
in lakh
0 10 20 30 40 50 60 70 80 90 100 150 >200
24
DISCLAIMER: Features, information & Budget Planner given above are indicative only. Please contact respective builder for more specific & accurate information. Property & Wealth is not responsible for any decisions taken through use of above information.
Sales Organisers/Dealers: Call 9216841278 to Advertise in this space Zigma Wealth: 8146992437
Sales Organisers/Dealers: Call 9872635220 to Advertise in this space Mega Marketing: 9815740230
SS Associates: 9876500036 Call 9815601347
PROPERTY & WEALTH VOL 1, AUGUST 2012, ISSUE 12
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While property market is not looking up in most
parts of the region, Mullanpur seems to be a
hot destination in the city periphery with Punjab
government announcing several development plans. The
area which is officially notified with a prime address of New
Chandigarh is being eyed by prominent developers, who after
plotted development are now venturing into independent
floors to cater to the growing demand for housing.
Interestingly, GMADA has also got a lot of takers under the
land pooling scheme during the land acquisition around the
Mullanpur area, which is about 15 minutes drive from PGI in
Chandigarh.
Under the revised policy for every one acre acquired from
a private land owner, he gets 1,000 sq yards of residential
space in the project planned on the land acquired, plus 100
sq yards of commercial space.
Mullanpur gets Hotter with GMADA Plans
PROPERTY & WEALTH VOL 1, AUGUST 2012, ISSUE 12
Deepak Nayyar, Vice President, DLF India Ltd. and DLF Hyde Park, Mullanpur project head says, “I firmly believe that New Chandigarh will be the most sought after destination in the coming years due to its proximity to Chandigarh, well thought through master planning and ambitious development plans of Punjab Government. We at DLF promise to deliver the best to our customers as always. Hyde Park will be a self-sustained township giving a distinct advantage to all the privileged customers there.”
27
As per GMADA figures under the first land pooling scheme
launched for the Aero City project, as against 771 acres
acquired @ Rs 1.5 crore per acre for development, 155
acres were acquired under land pooling scheme. In Eco
City project, under revised land pooling scheme, out of
419 acres acquired 392 acres were under land pooling
scheme. In Sector 88-89 Mohali scheme, out of 662
acres acquired @ Rs 1.69 crores per acre, 648 acres
were under land pooling scheme. For Medi City project,
out of 97 acres acquired so far, 74 acres were under land
pooling scheme.
Now a 1686 acre Knowledge Park in Mohali (separate
PROPERTY & WEALTH VOL 1, AUGUST 2012, ISSUE 12
All the government projects, including Eco City and Medi
City, and private residential developments launched so
far are slated to be completed in three years, after which
the area is likely to be the most sought after extension of
Chandigarh.
A senior GMADA official says Mullanpur is being developed
as an important destination by the government. He said
there is a lot of pressure on PGI, GMCH-32 Government
Multi-speciality Hospital-16, hence Medi City planned on
300 acres, of which 90 acres has been acquired so far.
Land has been set aside for constructing a Metro Rail
head at Mullanpur. Work on 6-laning of the Siswan
road, which is going to be the main approach road to
Mullanpur, is progressing well, both on Chandigarh and
Punjab side.
GMADA officials explain that PCA has already announced
plans to construct a cricket stadium. They are planning
to approach GMADA for a mega project to be spread over
45 acres which will also include a hotel project alongwith
the stadium.
Eco City Phase II Coming This Year
Eco City Phase I spread over 400 acres is already sold
out while there is a plan for Eco City Phase II which
would be spread over 370 acres. Land acquisition
proceedings under way and the project will be launched
at the end of this year, informed GMADA officials. DLF
and Omaxe have already launched their townships in
the area while IAS Society is at an advanced stage of
developing its residential complex. Greater Punjab Co-
op House Building Society also has plans to develop a
residential complex.
from Knowledge City where ISB and IISER are housed)
is coming up close to the international airport. Here 530
acres had so far been acquired @ Rs 1.70 crore per
acre.
Mullanpur Master Plan spreads over 6,000 hectares of
which 1400-1500 hectares are to be green areas. Low rise
and low density development will be allowed in the area.
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30
The Homes Of India’s Super Rich
PROPERTY & WEALTH VOL 1, AUGUST 2012, ISSUE 12
India is reeling under the continued onslaught
of inflation, petrol price hikes and generalized
insecurity about where the economy is headed.
Against all expectations, property prices in our
metros have held firm and even show signs of
upward movement. While the man on the street continues
to wonder when he will be able to buy a modest home of
his own, India’s super-rich are raising palatial homes at
truly astronomical expense.
Antilia, Mukesh Ambani’s 27-floor fortress at Altamount
Road in South Mumbai, is already being talked of as
Mr. Anuj Puri, Chairman and Country Head - India, Jones Lang LaSalle
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the most expensive home in the world. Vijay Mallya has
levelled his 4.5 acre ancestral home on Vittal Mallya Road
in Bangalore to make way for the 82-apartment ‘White
House’, in which he will be occupying an acre-sized
‘palace penthouse’ on the 33rd and 34th floors.
WHAT LIES BENEATH
On the surface, India’s super-rich appear to operate in an
entirely separate dimension which has no overlap at all
with the ‘real’ world. There is certainly an element of truth
in this – wealth tends to beget more wealth, and at some
point a perpetual motion machine grinds into motion –
a cycle of money generation which vibrates on a rather
unique frequency. The question is – does this frequency
broadcast an ever-widening social divide? Not quite.
There are more elements to these super-homes than
meets the eye. The trend of India’s extremely high
networth individuals building palatial homes needs to
be viewed from various angles. Of course, it is to a great
extent a lifestyle statement that broadcasts the fact that
the individual and his family have ‘arrived’ and should
be numbered among the country’s wealthiest and most
influential people. This statement alone brings inalienable
social benefits with it.
Fundamentally, these palaces serve the same purpose
that the homes of other affluent people do. At the same
time, they also encompass a number of practical functions
– they serve not only as residences but also as business
centres and entertainment complexes. In other words,
these residences have strategic importance to their
owners and are not mere indulgences.
They also generate considerable employment and
commerce in and around the localities they occupy. For
instance, Ambani’s Antilia will provide jobs to no less than
600 people from all levels of the services industry. Many
of the supplies that go into building such houses and
keeping them operational must necessarily come from the
local markets. Coupled with the employment-generation
factor, they should be seen as economic dynamos in their
own right.
HOW THEY AFFECT PROPERTY PRICES
Beyond doubt, the homes of the super-rich create a
certain upward pressure on the price tags of luxury and
premium homes in the immediate vicinity. However, it
is also true that the real estate market in general is not
affected, as these luxury developments represent a
minuscule segment of the wider fabric.
It must be remembered that the Indian residential
property sector operates on three distinct levels. The first
is affordable or budget housing, for which the demand
is constant and highest. Such housing does not occur
anywhere near the prime areas where HNIs tend to build
their homes, and remains entirely unaffected by these
developments.
The next is mid-income housing, which is most sensitive
to price movements. Though certain mid-income housing
projects do happen near the prime areas of our cities,
buyers in this segment have very little tolerance for
unnatural spiking of property prices. Builders of such
projects have to keep the larger market in mind and can ill
afford to price themselves out of the market. This segment
is therefore also not significantly affected, either.
This leaves premium and luxury housing, which does
happen in the neighbourhoods in which India’s mega-
rich build their homes. This rarefied segment caters to a
class of buyers that tends to be, at least to a large extent,
insulated from the usual financial concerns of home loan
interest rates and percentile increases in property rates.
In the super-luxury housing segment, home buying is also a
lifestyle-related undertaking. Increased property rates can
and are often borne as long as there is a commensurate
increase in the capital value and aspirational quotient of
the property. Ironically, for this segment, a higher ticket
size is sometimes valued more as it attaches an esteem
value to the property and limits its accessibility to the
masses.
Many tend to look at these super-luxury residential
properties as irrational extravagances. However, the
ground reality is that the homes of India’s super-rich play
their own role in boosting commerce, even as the larger
industry remains democratized and oriented to the needs
of the masses.
PROPERTY & WEALTH VOL 1, AUGUST 2012, ISSUE 12
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Real Estate Funding – The India Story Today
PROPERTY & WEALTH VOL 1, AUGUST 2012, ISSUE 12
Shobhit Agarwal, Jt. Managing Director – Capital Markets, Jones Lang LaSalle India
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Over the last year, there has been an
unequivocal crystallization of Indian cities
that continue to attract serious investment
into real estate. This is directly correlated
to the economic dynamics now working in
the country. If India is to achieve even a conservative GDP
growth of 6% per year, it emerges that only three cities
– Mumbai, Delhi and Bangalore – have the potential to
deliver. The reason for this is that close to 2/3rd of the
overall development of office space in the country is now
taking place in Mumbai, Delhi and Bangalore.
The Unbeatable Trinity
In fact, these three cities have been displaying an extremely
fast pace of real estate growth exceeding 30% per annum.
This means that they generate the bulk of employment
in the country and therefore empower their citizens with
the highest spending power. It follows naturally that the
demand for commercial and residential real estate is also
the highest in these three cities. Axiomatically, whatever
capital is now chasing real estate in India is almost
exclusively focused on Mumbai, Delhi and Bangalore.
That said, the days when international capital was seduced
by the Indian real estate are over – at least for now. Today,
it is only domestic fund companies and managers such
as IndiaReit, Kotak Realty Fund, Red Fort Capital and
ASK that are carrying the show. Global funds have turned
a jaundiced eye on the Indian real estate story, largely
because of the negative press and ongoing policy paralysis
that continue to plague the sector.
The picture that this presents is not geared to attract
global fund managers, who require a reasonable degree
of stability and transparency before they venture into any
market. Whatever FDI remains is very selectively allocated,
and in close consultation with local investment agencies.
On the other hand, domestic fund managers who are more
informed and wired into the Indian real estate sector find
the overall operating environment is extremely promising.
Rules Of Attraction
As things stand now in Indian real estate:
· The cost of debt is north of 16% for construction and
20% for acquisition finance
· Developers’ input costs are staggering, with the cost of
construction per square foot up by at 20% over what it
was last year
· Property valuations are at what could be termed an all-
time low.
At the same time, demand for the right projects in the
right locations remains high. For domestic investment
managers, this is the best time to invest into the sector.
Seduction Points
Residential projects continue to be the high-focus area for
the international and domestic funds that are still focused
on real estate. However, they have clearly lost their taste
for affordable housing. This yesteryear poster boy of the
Indian real estate story has fallen off the capital markets
hit parade because of the low returns it yields and the
higher gestation period involved.
Likewise, luxury housing is also out of favour because the
project sizes are not large enough to warrant FDI or attract
domestic funding. Today, 80% of all available capital for
real estate is being plugged into mid-income housing
(projects with units price-tagged between Rs. 50 lakh to
Rs. 1.5 crore).
Funding Eligibility
At Jones Jones Lang LaSalle Capital Markets, the bulk of
our business is currently happening via debt syndication
through domestic funds. This is currently the most viable
business model because these funds are secured, easy
to handle and enable quicker execution from a developer
perspective. Capital markets services are provided to
developers based on their overall track record as well as
the viability and marketability of their projects.
In order to increase his eligibility for funding in today’s
market climate, a developer must be able to demonstrate a
sufficient degree of financial discipline and accountability.
For example, there needs to be verifiable proof to the effect
that there has been no cross-usage of funds allocated to
projects, and that every project represents a flawless case
of financial closure.
PROPERTY & WEALTH VOL 1, AUGUST 2012, ISSUE 12
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Estate planning is not only about property, but
about all assets that one has secured in one’s
lifetime. Technically, the concept of estate
planning includes assets such as automobiles,
insurance policies, bank accounts and fixed
deposits, stock market shares and mutual funds, pension
plans and anything that can be considered an asset.
However, it is also true that in most cases, property
constitutes the largest investment that we will make in a
lifetime.
Planning all aspects of one’s property holdings is therefore
of utmost importance. Regardless of whether an individual
owns only a single residential property or a multi-property
investment portfolio, estate planning cannot be ignored.
There needs to be complete clarity on:
• Who will eventually inherit one’s property
• What the tax implications to those who inherit it will be
• Whether the property will be free of financial
encumbrances after it is inherited
• Where funds to pay off any outstanding debts on the
property will come from.
Estate planning is no longer just for the wealthy. Today, most
middle-class people have made significant investments
and live in fully owned or mortgaged properties. This
means that estate planning is a pertinent consideration
which touches more lives than ever before.
Estate planning with regards to property does not end
with making a will. Leaving property to one’s spouse or
The Importance of Estate Planning
PROPERTY & WEALTH VOL 1, AUGUST 2012, ISSUE 12
Kishor Pate, Hon. Secretary
CREDAI (Maharashtra)
offspring without any provision for meeting the implied
tax burdens will not help the beneficiary much. Moreover,
one needs to make sure that the will is not at odds with
the existing laws.
Obviously, one would wish to avoid the possibility of
legal confusion between family members when the will
becomes effective. However, there are now specific laws
which come into force with regards to property – for
instance, when a married couple decides to part ways.
One needs to make sure that the law does not dilute
the intended effect of a will when it comes to residential
property. Also, the effectiveness of a will will depend on
whether or not the property in question was inherited or
purchased during the owner’s lifetime. It is very important
to discuss the contents of one’s will with a competent
lawyer.
Also, any existing debts on the property owner could cause
the creditors to contest the will after his or her demise.
In such a case, the beneficiary of the will may become
responsible for covering this debt. The debt may even be
greater than the value of the property.
This can happen if the property owner had taken business
loans for which his or her personal assets can be attached
in case of default. These aspects needs to be carefully
scrutinized by an experienced chartered accountant.
For mid-income home owners who have purchased their
property with a home loan, proper estate planning would
include a term insurance policy. The proceeds of this policy
should be sufficient to cover any outstanding payments on
the home loan, and also all other outstanding debts. Also,
a property owner must make all family members aware of
the contents of his or her will. This can go a long way in
reducing the possibility of legal confusion at a later stage.
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7 Point Startup Watchlist
PROPERTY & WEALTH VOL 1, AUGUST 2012, ISSUE 12
1
Starting your own business during trying times like
these is no walk in the park. But trying times or
not, people who’ve made up their minds would
do everything to realise their dreams. For them,
the lure of taking control of their career, setting
their own schedule and making their own decisions is too
strong. They don’t want to be too careful and most of the
time they’re right! Business is actually about taking risks,
whether calculated or not. But still, it is important to consider
and re-consider one’s plans to avoid embarrassment in the
future and the following pitfalls are best avoided:
Skipping the Business Plan
More often than not, in case someone doesn’t seek outside
funding, a formal business plan is dropped from the scheme
of things. It is important to understand that writing out a
detailed business plan can go a long way in honing one’s
vision. Take time out to pen down everything that comes to
mind; business plan, marketing strategy as well as forecasts.
37PROPERTY & WEALTH VOL 1, AUGUST 2012, ISSUE 12
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You need to keep your notes ready when you need them
to review your situation from time to time!
Past is Past
Remember, starting start-ups isn’t like preparing for a gold
medal in Olympics. You don’t need to get too attached to
your original plan if it doesn’t seem to work. While an
Olympic medal is something like a well-defined problem,
one needs to find one’s way towards a favourable business
situation. And that might mean discarding old ideas and
adopting better methods as per changing requirements.
Don’t Hire Friends
Experienced entrepreneurs would tell you how blind faith
spells trouble for your startup. At times, employers tend
to latch on to their less deserving employees, reluctant to
let them go. The person in question might be a friend or a
relative they’ve engaged at the beginning of their venture.
Unfortunately, the same people can let them down the
most, and it can be difficult to keep feelings aside and say
your goodbyes if the situation so arises.
What’s on Offer?
It’s critical to know your end buyer. Do you have a
specific user in mind? And if you do, do you understand
them well enough? These are critical questions which
can decide the fate of your startup. Simply stated, it’s
impossible to solve problems you don’t understand. But
then again, have patience. It might be a while before you
could develop better solutions for your buyer but for that
to happen, you always need to be in the hunt. If you can
figure how a new idea can fit into your company’s overall
goal and vision, go ahead and create a plan for how to
make that happen.
Spend Control
It can be hard to distinguish spending too much from
raising too little. It’s common for new entrepreneurs to
say either was the cause, when they run out of money.
One of the classic reasons for such a situation is by hiring
a lot of people. Not only does that increase your costs, it
also slows you down. In other words, be careful of your
hiring.
Half-Hearted, Half Done
So often have we heard about some project a couple of
guys started on the side while working on their daily jobs.
Some time later, they tell you nothing really got anywhere
and that project was gradually abandoned. If you go by
statistics, the most important thing to do to avoid failure
would be to quit your day job. That’s what most founders
of successful startups did and most founders of failed
ones didn’t. At the same time, it’s also true that starting
a company requires a certain amount of determination.
The reason some founders invest less time in their startup
is because they somehow know its a bad investment.
Fear of Failure
Thomas Edison wasn’t the only inventor who was
developing light bulbs but it was him who got it to the
finish line. It is widely accepted that he tried thousands of
times before he discovered the best filament to use for the
first practical, long lasting light bulb. An entrepreneur’s
life can be a real roller coaster, his path uncharted and
sometimes bumpy. A determined entrepreneur wouldn’t
let fear prevent him from following his dreams.
38
When You Hate Your Job
PROPERTY & WEALTH VOL 1, AUGUST 2012, ISSUE 12
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The pain and the despair of ‘hanging’ on to
a job you hate is no mean feat. It’s actually
tough to go to work every day when you hate
your job; but that’s exactly what so many
people do. They keep telling you how they
hate their job, their company and/or their boss. After all,
if everybody loved their jobs, they probably wouldn’t call
it work.
Given the tough job market these days, any ideas of
quitting without having another job lined up is just too
risky. However, if you ever find yourself saying the sort of
things your complaining friends do, you need to get rid of
that mood soon. The following tips will help you cope with
some of the ‘adverse’ situations you might find yourself in
at your workplace:
Stop Advertising
It makes sense to keep your “I Hate My Job” thoughts to
yourself, your family or close friends. Restrain advertising
the gloomy situation too much. A lot of people do that
and you could search Twitter for “I hate my job” to see
for yourself. Social Media stopped being harmless a long
time ago. For example, Twitter Tweets show up in Google
search. Carelessly maintained Facebook privacy settings
can also land you in a lot of trouble.
Nothing’s Ever Permanent
As per the findings of a recent survey by global workforce
solutions provider Kelly Services, 30% of Indian employees
are frequently thinking about quitting and 60% are
planning to look for a new job with another employer within
a year. Changing your job every few years isn’t taboo any
more and one shouldn’t think that a few years here and a
few years there is a warning sign on your resume.
Seek Time Out
Breaking the monotony of a routine you’ve come to hate is
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PROPERTY & WEALTH VOL 1, AUGUST 2012, ISSUE 12
a must. If you can choose an activity that you enjoy, like
an exercise routine or reading a paper; try and apply it to
your morning routine. Seeking time out for yourself in the
morning is a monotony killer. You start getting up for the
activity, rather than the job.
Fun at Work
Giving yourself a little break from your workday can well
be the solution to all your problems. Workdays can be
long and seem longer when you’re grumpy and in low
spirits. It’ll be wrong to say that people work all of the time
at the office. Things start looking rosier if you’re able to
follow Sachin’s score in a match you didn’t want to miss.
Or you could take a peep at the latest news stories of
the day on NDTV.com. Stepping out for lunch can be an
excellent stress-busting activity.
Keep that Sense of Humor
Laughter remains the best medicine. Nothing can bog
you down if you can keep your humor going. That makes
us start looking at the brighter side of life and making
unbearable company bearable. Also, if your problem
at work is that it has become a grind, chances are that
some of your co-workers probably feel the same way. You
could suggest an activity to liven things up a bit and help
everybody in the process.
Want to Stay? Stay
It’ll be wise to consider the alternatives before you make
a decision to quit. Finding a new job isn’t always easy
and if there is a fix, it’s definitely worth pursuing. If there
is anything you could be doing to be happier at work, it’s
time to find that out. Perhaps a transfer or a shift change
is all that is required to set your thoughts right.
Want to Quit? Quit
Even if you decide to leave your job, you don’t want to
leave it on bad terms. And it would be wise to make all
the effort you can to keep from destroying relationships,
since that can have a bearing on your work too. Your
performance in your current job can determine if you get
your next one. Maintaining a positive attitude will always
go a long way in getting you out of a bad situation.
40
A man is but the product of his thoughts what he thinks, he becomes.Mohandas Karamchand Gandhi
PROPERTY & WEALTH VOL 1, AUGUST 2012, ISSUE 12
42
Every month your employer deducts an amount from
your pay towards your Provident Fund (also known
as Employees Provident Fund or EPF in short). EPF is
a retirement benefit scheme that is available to salaried
employees. Under this scheme, a stipulated amount
(currently 12%) is deducted from the employee’s salary
and contributed towards the fund. This amount is
determined by the Central Government.
Statutory Requirement
The EPF is maintained solely by the Employees Provident
Fund Organisation of India. As a statutory rule, any
company having more than 20 employees, have to
register with the EPFO. The employee contributes 12%
of his pay (Basic + Dearness Allowance to a ceiling of Rs
6,500 for most industries) and the employer makes an
equal contribution to the fund. The Employee Provident
Fund Organisation sees to it that the employer makes
regular contributions and credits interest to the fund. The
accumulated funds in the EPF account go to the employee
on his retirement (or resignation). On switching jobs, the
employee can either withdraw the PF amount or transfer
the balance to his account with the new employer.
Early withdrawal is allowed for buying property or in case
of wedding or educational expenses as well as for medical
requirements. On a withdrawal request, the employee gets
the accumulated sum in the fund along with the interest
as a lump sum. PF contribution is deductible from the
total taxable income (under Sec. 80C of the Income Tax
Act). The receipt of the accumulated balance in the fund
is also tax exempt. If you are looking to add to your savings
through your PF, you are welcome to make additional
contributions to the fund.
Pension and Insurance Benefits
In addition to provident fund benefits, the members of
an EPF scheme are entitled to some other benefits too.
From the employer’s PF contribution, 8.3% actually goes
towards a pension fund. Even better, the government also
contributes 1.16% of the salary (Basic + DA with ceiling
of Rs 6,500) towards pension fund for employees. On
Understanding Employee Provident Fund
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retirement (post 58 years), the employee becomes eligible
to receive pension. The pension amount, however, is not
just the accumulated amount in the pension fund - it is
calculated on the basis of pensionable salary and the
employee’s years of service.
In case of death of an EPF member while in service, his
family is eligible for benefits under a life insurance policy
(under Employee’s Deposit Linked Insurance Scheme).
Every employer has to mandatorily make a contribution
(0.5% of basic + DA) to the Provident Fund authorities
to provide for life insurance of his workers. The ceiling
for death benefit under EDLI is Rs 1.3 lakh. An employer
can, however, choose to take up a group insurance policy
with a private insurer in the place of the EDLI scheme
. Here however, the employer should give a higher sum
assured to the employee.
Why Contribute to the EPF?
The contributions to the EPF come with a host of benefits.
Here is a peek into what it has in store for its members,
and what makes the investment worthwhile:
Safety of Returns
The EPF is the safest debt instrument to invest in. Backed
by the Govt, it guarantees safety of principal as well as the
interest earned, making it suitable for long term financial
goals. Since the investment is regular, it also brings about
an automatic discipline in investing.
Loan Options on EPF
Most companies offer you a loan against EPF as a security
at reasonable rates of interest. And the higher your PF
balance, the more is your eligibility for such loans. In
times of crisis, you could avail loan from EPF.
Tax Benefit on EPF
The contributions you make towards your PF gets you a
tax benefit u/s 80C, up to a maximum limit of Rs. 1 lakh.
Also, the maturity proceeds are tax free, if contributions to
the fund have been for a period exceeding 5 years.
Withdrawal facility in EPF
The complete amount from your PF could be withdrawn on
Retirement at the age of 55 years or due to early retirement
on account of some disability etc. Partial withdrawal of
money from the fund is permitted occasionally to meet
expenses of marriage, medical costs or for building or
purchase of a home.
Interest Earned on EPF
The rate of interest earned on a PF account is fixed every
year during the months of March or April by the Govt. The
EPF currently for the financial year 2012-2013 carries an
interest rate of 8.8%. This interest rate is guaranteed and
risk free.
Shifting of Jobs
In case an EPF member shifts his job, his PF balance
could be transferred from one employer to the other.
Quitting of Job
There is a provision to withdraw from PF if you quit your
job and provide a declaration that you do not intend to
work for the coming six months.
EPF and The Power Of Compounding
The EPF is a perfect tool to build a substantial retirement
corpus for investors. It works on the basic principal of
compounding, giving a high effective net yield on your
investment. Compounding is the system where the
interest earned on the principal is accumulated back
into the investment to give more earnings. The more the
number of times compounding takes place, more the
growth in money. The prudence thus lies in letting you
EPF investment grow so that it serves as a perfect social
security and monetary support on retirement to lead a
comfortable life ahead.
44
Let’s face it. No matter which Govt. comes to power at the
Centre, fuel prices never go South. And the way things are,
it’s futile to hope that prices would ever head the other way.
It is, after all, a non-renewable resource. So, what do we do
while fuel prices continue to burn holes in our pocket? As far
as finding alternates to fossil fuels is concerned, it’s a subject
the whole world is interested in at the moment. There have
been several attempts and some of them might lead us to a
lasting solution too. But clearly, no one really knows when
that might happen.
Squeezing a big more distance out of each litre of fuel can
add up to a lot of money over a period of time. There are in
fact many small ways in which you can aim to do just that. By
adopting some of the guidelines given below, you can expect
to see your car’s mileage improve and decrease your visits to
the petrol pump:
Save Fuel Save Money
PROPERTY & WEALTH VOL 1, AUGUST 2012, ISSUE 12
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2
3
Slow Down
The faster you drive, the more fuel your car consumes.
Efficient driving means developing a smooth driving
style whereby you accelerate and decelerate in a linear
and gradual manner. Driving within the speed limit
recommended by the manufacturer also helps save fuel.
Check Tyre Pressure
Keeping the car tyres inflated as per manufacturer’s
specifications is probably the simplest thing you can do to
decrease fuel consumption.
Morning/ Late Evening Refills
Petrol density is highest during morning and late evening.
Remember, fuel pumps measure volumes and not
densities of fuel concentration.
45PROPERTY & WEALTH VOL 1, AUGUST 2012, ISSUE 12
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8
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Lighten Your Load
Carrying around excess weight will result in additional
work for the engine.
Car Maintenance
Keep air filters clean and change engine oil regularly to
avoid frequent trips to the petrol pump.
Keeping Cool
Limit air conditioner use when driving at lower speeds.
An air conditioner that is on dramatically reduces
fuel economy, although driving over 45 mph with the
windows down creates drag on the car that increases fuel
consumption.
Fuel Quality and Additives
Stay clear of petrol pump attendants who try to convince
you to try higher octane fuel and additives. Sticking to one
brand of fuel, however, is always for the engine.
Avoid Clutch Driving
Placing your foot on the clutch not only reduces mileage
but also wears out the clutch plate, replacing which isn’t
cheap.
Park Right
Try finding a cool spot to park your car. Heat causes
evaporation. Also, parking in the shade means keeping
the car cool, hence reducing the requirement of
airconditioning.
Don’t Drive!
Last but not the least, look for alternatives. Consider car
pooling while going to work and walking the short distances
when you can to avoid starting it up every time.
46
It sounds almost too simple, but don’t forget that
you can save a lot of energy, and therefore money,
by making sure to turn off the lights when you leave
a room. It does not require any equipment and the
energy savings can be significant.
PROPERTY & WEALTH VOL 1, AUGUST 2012, ISSUE 12
planetsavers
48
Known as the “plant of immortality” by the ancient
Egyptians, Aloe Vera versatile plant that can be used
both internally and externally; offering multiple benefits
for the skin as well as the inside of our bodies. Perhaps
the most widely recognised herbal remedy in the world
today, Aloe Vera is a semi-tropical succulent plant
originally from North Africa and now grown worldwide.
Choose to cruise if you want a hassle-free vacation
on which you pack and unpack only once, no driving
around looking for a hotel or wondering where you
should eat next. It’s the grandest way to escape smog,
pollution, alarm clocks, stress and ringing telephones. A
cruise trip is about sea, sky and landscape. And you’re
pampered like nowhere else.
Find time to CRUISEAloe Vera
be a prosperity seeker
PROPERTY & WEALTH VOL 1, AUGUST 2012, ISSUE 12
49
Someone aptly said that we are born with the gift of
laugher and it’s being serious that we learn. Not only
does laughter make us feel better in the moment,
research shows that the health benefits of laughter are
far-ranging. Unfortunately, however, many people don’t
get enough laughter in their lives. In fact, one study
suggests that healthy children may laugh as much as
400 times per day, but adults tend to laugh only 15
times per day.
Laughter, the best medicineThe Law of Attraction simply states that
you attract into your life whatever you
think about.
...good health, a great mind & lots of money!
PROPERTY & WEALTH VOL 1, AUGUST 2012, ISSUE 12
50
Renunciation In Action by Swami Parthasarathy
Renunciation In Action
PROPERTY & WEALTH VOL 1, AUGUST 2012, ISSUE 12
51
Action is the insignia of life. The law of life
proclaims that none can remain without
performing activity. Everyone is made to act
according to one’s own inner temperament.
If you choose to remain idle, you lead yourself
to destruction. Look at Nature. Observe the stagnant pool
and the running brook. Where water stagnates it turns
filthy and dirty, whereas running water is clear and pure.
If you are to succeed in life, if you wish to be prosperous
and peaceful, you must adopt the principle of running
waters. Follow their line of action. The river keeps moving,
overcoming all obstacles, ever-progressing. It never stops
until it reaches the ocean. So must you pursue the path
of action until you reach the abode of Truth. Vedanta
highlights the gospel of karma action. It emphasises the
importance of fulfilling your obligatory functions in life.
Scriptures caution us that even to maintain your body, you
must be active. If any part of your body remains inactive for
a period of time it loses its strength and vitality. Your body
needs to be kept in constant repair. You must exercise
daily. But people detest the idea of physical exercise.
Instead, they choose to indulge in sensual pleasure.
But even enjoyment of sensual pleasures needs proper
maintenance of the physical body. Neglect of physical
exercise would prove detrimental to your material and
spiritual wellbeing. Hence, the first spiritual lesson Swami
Vivekananda gave to his followers was: ‘Go, play football!’
Vedanta insists on work, work and work. Equally so, it
glorifies renunciation. There is an apparent contradiction.
How can action and renunciation go together? The
answer is: Real work is founded on renunciation of the
ego -- which is work performed without the egoistic
feeling, ‘I-am-the-doer. I am the sole architect of all that
I do.’ Real work is turned out when the body plunges
into action while the mind is attuned to an ideal set for
it. A true worker is one who pours out his efforts for a
higher cause beyond his selfish interest. It has to be done
without an egoistic arrogation of doership. That is the spirit
of renunciation to be practised. Such work commands
success and prosperity concurrently with peace and bliss.
You can practise it in your home, in business, in society,
everywhere. There is no need to retire to the forests for
living a life of renunciation.
The idea of working in a spirit of renunciation has confused
people. People either become attached, entangled in their
work or turn cowardly and seek escape from it. Realise
that action is inevitable. You cannot avoid your obligatory
functions. In the epic Mahabharata, a great battle was
fought between two royal forces. Arjuna was a warrior-
prince leading one of the armies. He aimed at destroying
unrighteousness and resurrecting righteousness in the
country. The stage was set for the battle to commence.
At that crucial moment Arjuna wanted to withdraw from
the scene. The warrior declined to fight. He shrank from
his obligatory duty. It was then that Krishna gave Arjuna
the sermon of the Bhagwad Gita. He advised him of the
necessity and art of right action and how action embraces
the principle of renunciation. He asked Arjuna to renounce
his ego and fight the battle impersonally for the welfare of
the people. Empowered by this knowledge, Arjuna fulfilled
his obligation as a warrior and won the battle.
PROPERTY & WEALTH VOL 1, AUGUST 2012, ISSUE 12
“It is not the brightest who succeed,”
Gladwell writes. “Nor is success simply
the sum of the decisions and efforts we
make on our own behalf. It is, rather, a
gift. Outliers are those who have been
given opportunities — and who have had the strength and
presence of mind to seize them.”
What is an outlier? According to one dictionary definition,
an outlier is ‘something that is situated away from or
classed differently from a main or related body’. But
Gladwell uses the word with more metaphorical flexibility.
For him, an outlier is a truly exceptional individual who, in
his or her field of expertise, is so superior that he defines
his own category of success. Bill Gates is an outlier and so
are Steve Jobs of Apple, Robert Oppenheimer and many
others Gladwell speaks to or writes about as he seeks to
offer a more complete understanding of success.
In 1968, when Bill Gates was 13 years old, his school,
Lakeside Academy in Seattle, Washington, acquired a
computer, a terminal on which Gates could program non-
stop for the next few years, a once in a lifetime opportunity
to practice something that would have unforseen value. At
the age of 16, Gates learned that a mainframe computer
was available for free in the middle of the night at the nearby
University of Washington. Unbeknown to his parents, the
young Gates snuck out each night to write code between
2 a.m. to 6 a.m. Good fortune played an critical role in Bill
Gates’ success by allowing him significant programming
practice time that very few others his age had during a
critical juncture in computer history.
Why is Bill Gates a billionaire? He’s smart, of course, and
he has tremendous ambition. But he probably wouldn’t
have started Microsoft (MSFT) if he hadn’t been born in
1955. That made Gates old enough to take advantage of
the opportunities that opened up with the introduction, in
1975, of the Altair 8800, the first do-it-yourself computer
kit. But he wasn’t so old as to be too settled in his life to
take a leap of faith.
Gates also was fortunate to attend Lakeside, a private
school in Seattle with its own computer. The Lakeside
machine was one of a new generation of computers that
shared processing power with a much larger computer
downtown. That meant he could learn programming
without being slowed by the laborious punch-card process
used for computers just a year or two earlier. Gates had
thousands of hours of programming under his belt when
the Altair became available, making him perfectly prepared
to take maximum advantage of the PC revolution.
In Part II of Outliers, Gladwell shifts his focus from
circumstantial good fortune and serendipitous timing to
the cultural legacies we inherit from our forbears. Key
among the illustrations in this section is that of agrarian
Chinese from Southern China, who for thousands of years
engineered, built, and toiled in rice paddies. The work
is famously grueling as well as surprisingly complex, and
Gladwell contrasts Chinese commitment in this rigor to
the lassitude of peasant farmers in Europe, pointing to the
differences in the different systems that evolved around
the two forms of work. Through a string of narrative
that also references studies of mathematical learning,
Gladwell leads us deftly to very plausible explanations for
the truth inherent in cultural stereotypes about Asians in
academia.
OutliersThe Story of Success
Malcolm Gladwell
52 PROPERTY & WEALTH VOL 1, AUGUST 2012, ISSUE 12
Indian-American record-setting astronaut Sunita Williams along with her two colleagues took off for her second space odyssey on a Russian Soyuz rocket, which blasted off successfully from Baikonur cosmodrome in Kazakhstan. Born in Euclid in Ohio and raised in Massachusetts, Williams, who had earlier lived and worked aboard the ISS for six months in 2006-07, will further extend the record for the longest stay in space for a woman astronaut.
56
Soft Corner
Twice been listed among the 100 most influential people by TIME Magazine, Businessman Azim Hashim Premji, Chairman of Wipro Technologies is one of India’s richest business leaders. Awarded with the titles of Padma Bhushan as well as the Padma Vibhushan by the Govt. of India, he is a role model for many young entrepreneurs around the world. With a net worth of over $15 Billion, the Electrical Engineer from Stanford University considers his social responsibilities as his greatest priorities in life. He established the Wipro Equity Reward Trust in the year 1984 to allow employees to own a fraction of the company’s profits and successes through stipulated shares. In the year 2001, he founded Azim Premji Foundation, a non-profit organisation which works in the area of improving public school education in India. In December 2010, Premji pledged to donate $2 billion for improving school education in India. The Azim Premji University established in Karnataka trains teachers from rural and impoverished schools and helps them improve the condition of elementary education in the country.
Azim Premji, The Greatest Entrepreneurial Philanthropist of India
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