CHAPTER 1

1. INTRODUCTION

1.1 Profile of PEARLS INFRASTRUCTURE PROJECTS LTD. Every once in a while there comes an entity that is born to change the status quo, raise the bar and make a difference. Pearls Infrastructure Projects Limited is one such organization. Pearls Infrastructure Projects Limited is an ISO 9001:2000,14001:2004 and OHSAS18001:2007 certified real estate company having pan-India presence with versatile portfolio of Townships, Residential Apartments, Shopping Malls and Commercial Complexes. In tandem with India's rapid economical growth, Pearls has been shaping landscapes with foresight and Innovations for future requirements of resurgent India. Pearls Infrastructure Projects Limited is creating a legacy for generations to come, by developing new competencies in Townships, Residential Apartments, Shopping Malls and Commercial Complexes. Pearls Infrastructure is committed to meet the future and define new benchmarks with their iconic residential spaces, state-of-the-art office complexes, market leading retail offerings and fruitful investment opportunities that meet the buyers' full spectrum of lifestyle needs. PIPL has significant presence across 15 states namely, Delhi, Uttranchal, Rajasthan, Maharashtra, Goa, Chattisgarh, HP, UP, Karnataka, Kerala,Tamil Nadu, Madhya Pradesh and Punjab.
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The attention to detail, world-class style and emphasis on quality are the mainstay of Pearls brand philosophy of "Touching Hearts - Building Confidence".

1.2 Mission Statement

Pearls Infrastructure Projects Ltd provides high-quality, comfortable Luxury flats and Affordable Housing to meet the buyers' full spectrum of lifestyle needs. Pearls apartment offer state-of-the-art living conditions reflective of the rapid advancements in technology and a growing need for quality housing. Our company is dedicated to provide a hassle free living environment in which our Clients can enjoy all of the benefits. Unlike many other realtors that are solely concerned with churning profits, our primary objective at Pearls is to maintain the highest level of Client safety, happiness & customer satisfaction.

1.3 Vision Statement

To build a bright and glorious future across the nation using our clear vision and unfettered imagination to create a world where we set the benchmarks on style, class, comfort and uncompromising quality in every diverse and varied project. Working to become the preferred partner of choice - for investors, industry and customers.

1.4 Values

Touching Hearts - Building Confidence Attention to even the smallest detail Creating world-class style Enhancing quality of life Commitment to giving value Providing a platform to attract knowledge Bringing a truly national perspective to any project or undertaking Anticipating expectations and demands/requirements/needs Keeping the customers needs and requirements a top priority Changing the real estate landscape

The following map illustrates the locations of PIPL developments, projects and lands across India, as of 30TH JUNE 2010

1.5 Organisational Structure

Pearls Infrastructure Projects Ltd.

NORTH

Regional CE Regional Head - Land Regional Head - Legal Regional Head - Marketing Regional Head Business Dev.

1.6 Pearls Projects Townships PEARLS CITY , MOHALI UPCOMING PROJECTS: PEARLS CITY , BATHINDA PEARLS CITY , NAGPUR PEARLS CITY , LUDHIANA PEARLS CITY , PUNE PEARLS CITY, BANGALORE PEARLS GATEWAY , MADURAI PEARLS CITY , BANUR(PUNJAB) PEARLS CITY, MUMBAI PEARLS CITY, LONI(DELHI) Residential Apartments GATEWAY TOWERS, SECTOR 44 , NOIDA GATEWAY TOWERS, VADODARA PEARLS PARADISE , DEHRADHUN NIRMAL CHAYYA TOWERS, ZIRAKPUR PEARLS GARDEN VIEW, KOCHIN PEARLS RESIDENCY, MOHALI Shopping Malls PEARLS OMAXE , NEW DELHI PEARLS W MALL, NEW DELHI PEARLS BEST CITY WALK, BATHINDA Commercial Complexes PEARLS BUSINESS PARK, NEW DELHI PEARLS BEST HEIGHTS, PITAMPURA PEARLS PLAZA, NOIDA
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CHAPTER 2

2.

LITERATURE REVIEW

2.1 The impact of business outsourcing on corporate real estate in India Type: Research paper Author(s): Kiran Naidu, Richard Reed, Chris Heywood Source: Journal of Corporate Real Estate Volume: 7 Issue: 3 2009

Abstract Driven by Western companies' requirements for efficiency and effectiveness, a trend towards outsourcing of business activities to India and other low-cost countries commenced in the early 1990s and has continued to grow at a surprisingly fast pace. In a relatively short timeframe India has become a global hub for back-office services, although the effect on the urban cities is yet to be fully comprehended. As American and European companies continue to relocate their information technology services and other back office works to the subcontinent, there has been a considerable flow-on effect on Indian corporate real estate. This paper addresses two key questions. Firstly, the factors important for Western companies' outsourcing of organisational activities to India, and secondly, the effect of business outsourcing on corporate real estate location requirements in India. A survey of corporate real estate representatives in India and the UK was conducted with the results providing an insight into the present state and possible future direction of outsourcing for India. This research presents a unique insight into the impacts of Western business outsourcing on corporate real estate in India, and presents findings that are useful to both organisations seeking to relocate business activities to India and for property market analysts looking to understand drivers behind this sustained demand for Indian corporate real estate.

2.2 Impact of the Asian financial crisis on corporate real estate disposals Type: Research paper Author(s): Kien Hwa Ting Source: Journal of Corporate Real Estate Volume: 8 Issue: 1 2006

Abstract To examine the stock price reactions to the announcements of corporate real estate disposals by listed non-property companies in India and whether disposals under different economic conditions lead to different price reactions. This research applies the event study approach .It is found that the cumulative abnormal returns associated with the property disposals differ significantly in different economic conditions. Price reaction for property disposals before the Asian financial crisis is consistent with the normal investor expectations of increasing shareholder value. However, property disposals during and after the crisis have negative wealth effects .The research is limited in that it has considered only the Asia financial crisis. Further research might explore the impact of other forms of economic conditions on wealth effects of corporate real estate disposals .The research clearly identified the need to consider economic condition as a factor affecting wealth effects of property disposals. The findings of this study are useful to decision makers of multinational companies which have significant corporate real estate investments in China, India and developing countries. The paper argues that the wealth effect of corporate real estate disposals is affected by economic condition.

2.3 The impact of information and communications technology on commercial real estate in the new economy Author(s): Tim Dixon Source: Journal of Property Investment & Finance Volume: 23 Issue: 6 2007

Abstract This paper seeks to critically review the conceptual frameworks that have been developed for assessing the impact of information and communications technology (ICT) on real estate. The research is based on a critical review of existing literature and draws from examples of previous empirical research in the field. The paper suggests that a socio-technical framework is more appropriate to examine ICT impact in real estate than other deterministic frameworks. Therefore, ICT is an important part of the new economy, but must be seen in the context of a number of other social and economic factors. The research is based on a qualitative assessment of existing frameworks, and by using examples from commercial real estate, assesses the extent to which a socio-technical framework can aid understanding of ICT impact. The paper is important in highlighting a number of the main issues in conceptualising ICT impact in real estate and also critically examines the emergence of a new economy in the information society within the general context of real estate. The paper also highlights research gaps in the field. The paper deconstructs the myths of the death of real estate and productivity increase means jobs loss, in relation to office real estate. Finally, it examines some of the ways in which ICT is impacting on real estate and suggests the most important components for a future research agenda in the field of ICT and real estate impact, and will be of value to property investors, facilities managers, developers, financiers, and others.

2.4

International Research Journal of Finance and Economics Issue 24 (2009) http://www.eurojournals.com/finance.htm TOPIC: Prospects & Problems of Real Estate in India

Abstract

The present paper entitled Prospects & Problems of Real Estate in India is an attempt to reveal the issues concerned with real estate investment sector in India. This paper is concerned with the investment on real estate in India and the trends in the concerned industry. The paper has been divided into three sections. Section one deals with the fundamental factors affecting the real value like demand, supply, property, restrictions to use and site characteristics. Section two and three explains the causes and the constraints to the present real estate boom respectively in India. The paper also presents the suggestions and future prospects of real estate in the country. Keywords: Real estate, property, prices, market, investment, income etc. The paper aims to examine the present scenario of real estate in India. In this broader framework, an attempt has been made to achieve the following specific objectives:-1. To study the fundamental factors affecting the real estate value. 2. To examine the present factors of real estate boom.3. To present the future constraints of real estate investment in India. Sample Size Out of the total companies working in India in the field of real estate 50 major players have been selected for the purpose of the study. The present study is of analytical and exploratory nature. Accordingly the use is made of secondary as well as primary data. The secondary data is collected mainly through various newspapers, magazines, Internet and RBI review. To supplement the secondary data, some primary data has also been used which is collected through interviews and personal visits to the various companies to know the present situation of the market.

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CHAPTER 3

3.

PROBLEM FORMULATION

3.1 Understanding Real Estate as a Growing Sector in India Real estate in India will continue to rock. Profound economic suggest that the realty sector would grow at 30% per annum to reach to $45 to 50 billion by 2010 from the existing $12 billion. To achieve this growth real estate in India would require huge investments over the next five years. By 2015 it is projected that the market size would grow to $ 90 billion. Estimated suggest that the urban housing sector would require investments to the tune of $25 billion (Rs 1.10 lakh crore) over the next five years. Prices have remained buoyant as new construction lags. According to surveys there is a shortage of 19.4 million units (12.7 million units in rural areas and 6.7 million units in urban areas) in the country about three years ago, which will require real estate in India. Real estate in India will trigger economic growth infrastructure development and enabling government policies would help trigger growth. Real estate in India will help high economic growth has fuelled the demand for real estate. Cities continue to attract interest from IT and ITES companies that are either establishing a base or are looking to expand which will give rise to real estate developer in India. It is the suburban locations that are witnessing development activity due to easier availability of land construction of large floor plate and offer of built to suit facilities thus helping housing construction company in India. According to one estimate the IT and ITES sector are creating 200,000 jobs per annum which itself will create a demand in commercial space of 15 million square feet. Besides it will generate a huge demand for residential flats. So more need for luxury residential apartments in India. Real estate in India assumes that 25 % of the work force joining the IT/ITES sector required independent housing there would be demand for 50 million sq ft of residential accommodation every year to meet the need of the workforce joining the IT/ITES sector alone. The demand has been aided by the ease in documentation and formality of property registration in India. It leads to boost property developer in India.

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The Indian realty sector would see unchanged interest from N R Is aided by the relaxation in FDI norms in real estate. The government has also helped by permitting banks to advance home loans to N R Is. The report acknowledges that the government had also played a pivotal role in the development of this sector .It had aided the sector by giving income tax benefits to consumer and benefits to developers. It initiated the rationalization of stamp duty and repealed the Urban Land Ceiling Act in 9 states. A number of state governments are moving towards computerization of land records. Real estate in India has a bright future .The report also pointed out certain issues, which need to be addressed by the government to ensure rapid growth. Some of the issues are absence of large listed companies in these sectors, which has affected fund flow. Foreign still cannot buy or sell undeveloped land, and reassessment of the legal aspect to stamp duty and rent control. At last, changing demographics, low interest rate regime, rising disposable income, and fiscal incentives have provided huge demand for housing. Further nuclearization of Indian families has accelerate the demand for mortgages and for fresh housing thus give rise to more real estate developer in India. Political reforms in relation to real estate: The government is quite rational when it comes to infrastructure and development in the country as it is required to achieve and maintain a growth rate for the economy. The real estate sector being directly related to it, is being given due importance. The government has made suitable amendments in the FDI regulations, taxation structures and various land acts in order to attract more foreign investment into the country. Economic factors: The lower interest rates and ease of credit availability is fueling the demand for real estate in the country. This scenario coupled with the huge potential for consumer credit penetration in India is favoring the real estate sector. Demographic factors: Demographic factors like increasing literacy rates, higher disposable incomes, and increasing urbanization in the country are important factors propelling the demand for real estate in the country. The above factors are going to generate huge demand for residential space, which comprises 80% of the total real estate demand in the country.

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3.2 Objectives The present study of the real estate sector in India revolves Around the following broad objectives: To understand the real estate sector in India and its growth pattern. To find out the pros of the companys projects by a detailed study of the project. To evaluate the effectiveness of major real estate players. To do the comparative analysis of the projects undertaken with the competitors.

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3.3 Research Methodology Mainly exploratory research would be carried out for both primary and secondary research. Primary Research: - To probe and interview individuals for information in the area which is being probed as the present problem of the study, locate and study competitors in real estate. ORAL REFERENCES PROBING INTERVIEWING Secondary Research: - Secondary data from different sources would be collected and used for certain aspects of research like operation of market strategies, their comparative advantages and their future prospects. INTERNET SEARCHING COMPANY BULLETINS REAL ESTATE MAGAZINES

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CHAPTER 4

4.

DISCUSSIONS

4.1 The Key Drivers Identified Behind This Growth Are-In Case Of Residential Property: Higher affordability (higher salaries, easy credit); tax benefits to borrowers; existing shortages; social structural changes in urbanized areas (splitting of joint families). In case of Commercial: IT/ITES sector expansion, the local consumption story leading to higher growth in corporate earnings; order books full; corporate expanding, multinationals entering India to service huge middle class. In Retail sector: Getting organized (3% of retail is organized as against 17% in China); foreign brands and local brands seeking visibility, new formats being developed; disposable incomes rising; younger population earning and spending well.

In terms of infrastructure Indian real estate sector is relatively poor to global standards: If we compare Indian real estate sector with the global real estate industry, we fare very poorly in terms of our infrastructure. While in the US, no matter where you go, you have access to high quality infrastructure (drinking water, well-planned roads, greenery, power, communications, healthcare, education, etc.), here in India, even our signature cities are crumbling. We have not been able to create alternate cities in the manner that is required so as to release the pressure on the few that we have. Until new towns/cities come up, the few existing ones will continue to provide sub-standard quality of living and at very high prices. Another sharp contrast is in the sphere of public housing. While more than 50% of Mumbai lives in slums, most of Singapore lives in (subsidized) mass housing provided by the government.

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4.2 Buyers Perspective

1. Quality of Construction Obviously when one buys a property he makes sure that the quality of construction is good. Everyone while buying a new product wants to buy quality stuff. Same applies to the property. Every buyer wants to buy a well built house.

2. Pollution Free Environment The immediate surroundings of the property is always evaluated by the buyer. These days developers give due importance in making the surroundings beautiful with innovative and creative landscaping. They involve landscape architects from different corners of the world to give their customers the best. The NCR is becoming more and more popular among home buyers because of its greenery and pollution-free environment.

3. Water Availability Water Availability, power backup and safety and security are some very important factors which people do consider while purchasing the property. All these factors are hugely responsible for the transition of people from Delhi to housing complexes in NCR as many colonies of Delhi faces problem of shortage of water and power failure while availability of these essential facilities are ensured in housing complexes by the respective developers.

4. Occupancy - Due to increasing crime this factor is becoming more and more important for the buyers. They dont want to settle down in such a place where hardly anyone else lives. People prefer to stay in a reasonably well-occupied housing complex. But its also true that people dont prefer to stay in highly populated areas. 5. Suitability of Home Type Nowadays due to the wide range of options available people can afford to be choosy. Now they dont need to compromise on anything. They dont buy a property till the time all of the essential things match their requirements. Developers do pay attention to the different requirements of different customers. Some want a flat on the second floor while some want a flat with two bedrooms. All these requirements are tried to be met by the developers.

6. Sport Complex / Recreational Facilities All work and no play makes Jack a dull boy. People have started believing in this concept. Now each parent wants that within the complex his/her kids get all kind of sports to play. Even adults want different recreational facilities to be available in the housing complex, which may help them in eliminating work stress.
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4.3 Developers Perspective 1. The major external factors which people consider while purchasing the property are Price, Availability of loan and Proximity to workplace.

2. The major In-Locality factors which people consider while purchasing the property are Quality of construction, Availability of water and Pollution-free environment

Smaller "Tier II" cities are driving real estate growth in the country. IT'S no longer just the `top three' metros that are attracting investor attention in the residential realty market. Many others have joined the `elite list' that was earlier restricted to obvious locations like Delhi, Mumbai, Bangalore and Chennai. Healthy capital appreciation have made other metros and tier II cities as, if not more, attractive. Add to it factors like ease of investment, hectic construction activity and exit options and you have a stream of investors queuing up for a place in the sun, which at the moment seems to be shining brightest in places like Hyderabad, Pune, Kolkata, Chandigarh, Mysore, Nasik and Visakhapatnam. "From an investor's perspective these locations have seen a strong demand by end-users, have a good quality of development and developers and are expected to yield a healthy rate of return," Mr Anuj Puri, Managing Director of Chesterton Meghraj, said, adding that it was difficult to give a similar list for an end user as the purchase decision in such cases is largely driven by emotional factors. "Residential markets across various metros and large tier-II cities have witnessed heightened activity over the last 12 months, particularly Mumbai and Delhi. Bangalore, Pune, Chennai, Hyderabad, Kolkata have also witnessed a rise in construction and absorption. These cities have seen substantial economic activity and, therefore, have a long-term future from a purchase perspective," Mr Sanjay Verma, Joint Managing Director, Cushman and Wakefield India, said. Cushman and Wakefield identifies Mumbai, Navi Mumbai, Thane City, Pune, Kolkata, Hyderabad, Noida, Gurgaon, Chandigarh and Mysore as the 10 most attractive locations for purchasing residential property in 2008. A survey was conducted among leading institutional investors. The survey reveals that close to 80 per cent of the respondents believe that India as an excellent investment destination in the short to mid term
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of 3 to 5 years in comparison to other Asian markets such as China, Vietnam, Indonesia, Malaysia and Thailand. More than 50 per cent of the respondents believe that high growth trajectory of 25 per cent year on year growth will continue for 2-3 years, with 15 percent believing that the trend will continue for more than 5 years. In the next three years, India's realty sector will witness a combined investment of $5 billion, more than 50 per cent respondents said. Around one fifth of the respondents say that the investment could go up to $20 billion. Interestingly, these respondents feel that logistics and warehousing infrastructure will be their preferred asset class for investment. The real estate sector is witnessing growth and attracting immense amount of interest from developers, consumers, investors in India and abroad. The property boom in Tier II and Tier III cities is further fuelled by the factors like opening up of financial sector, rationalization of income tax and loan policies in addition with well-paid IT jobs. However, the rise in prices does not square with the earning capabilities and is being considered as an unhealthy sign in the long run. The upcoming tier-II cities across the country would still remain the best bet for real estate investors, according to Jones Lang LaSalle Meghraj. The real estate consulting company that recently announced an investment of more than $1 billion in the Indian property market says cities such as Chandigarh, Guwahati, Nashik, Indore, Dehradun, Vadodara and Vizag would be the hottest real estate destinations for 2008. US-based Jones Lang LaSalle, the worlds leading integrated global real estate services and money management firm, recently merged with Mumbai-based property consultant Trammel Crow Meghraj. The saturation of metros and other tier-II cities is one of the factors for the drift. It makes more sense for foreign-based companies to offload back-office functions and even serious research processes to India than to undertake these in situ, IT/ITeS companies can operate from anywhere in India, as long as there is access to skilled manpower and necessary resources. Therefore, MNCs would want to benefit from cheaper real estate prices and set up shops in tier-II and III towns, driving up the retail, residential and infrastructure sectors wherever they go.

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4.4

Present Scenario of Real Estate in India

The real sector in India today witnesses a wide spectrum of changes that slowly but surely is expected to make India in to a preferred destination for real estate activity. The real estate market in India is opening up. There are still some barriers to real estate development like unclear titles, tenancy reforms and low property taxes. Two major steps taken by the Government will however be key catalyst in fueling growth in real estate sector in INDIA. Now with reputed builders like DLF, ANSAL API , UNITECH , PEARLS etc and international property consultants joining the fray, this image has strengthened and evolves into a professional corporate image. Recent moves to allow 100% Foreign Direct Investment in India. FDI would be in integrated township which would include housing, commercial premises, hotels and resorts, while the urban infrastructure would comprise roads and bridges mass rapid transit system and manufacture of building material. The minimum average that can be developed is 100 acres designed keeping into consideration the local byelaws and regulations. FDI is not allowed in retail sector. Currently, real estate prices have stabilizes to a great deal as a role played by speculation has started declining. There a lot of change being introduce in the Indian real estate sector especially with the cheap labor, pool of people. Other major event is the introduction of real Estate Investment Trust (REIT). Currently mutual fund are not allowed to have direct exposure in real estate but can make debt and equity investment in the company. The Indian version of REIT-REIS (Real estate investment scheme) would enable investment by small investors in the real estate sector and thus earn dividends on the rental income being paid. The fiscal incentives introduce by government introduce 3 years ago have unleashed the market forces. The credit of housing has gone up and interest rates have come down to 8-9% average. With fiscal incentives and factoring inflation the real interest rates on housing loans is very less. This has brought in a sea change in the profile of the home purchaser across the spectrum. The average age of the home buying customer has been drastically reduced. It has been found that young working people in early and mid 20 also buying residential flats. The other major changes witnesses in the real estate industry currently are the reorganization of country status itself. The Government of India has made it mandatory that 3% of the incremental deposits of the banks would be deployed to the housing industry.

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Today real estate office market is booming IT AND ITE s segment. With lower operating costs being the driver office property have moved from Central Business Districts to suburbs to Class I cities and this market is continue to expand in Tier II and tier III cities. Real estate sector is still facing the main problem of high stamp duty in Indian states. These range in most Indian cities between 10% to 15% Some states even have double stamp incidence first on land and then on its developments even National Housing and Habitat Policy 1998 recommend stamp duty of 23%. Its needed to be reduced by taking the recommendation into consideration which is mentioned in the report otherwise this increasing rates of stamp duty and land cost will give rise to parallel economy which lead to huge loss of government revenue.

4.5 Future Scenario of Real Estate in India

In future the real estate sector will be in very good shape as the demand for both residential and nonresidential property is increasing and in future more houses need to be developed in urban and rural areas as census of 2001 indicates that urbanization rate of 27.78% is expected to go up to 41%(550 million) in the next 20 years (population of 1350 million by 2021). However, Indian government Habitat Policy(NHHP) envisages that by the year 2012 the housing shortage should be removed and everybody should have a house of his own and to meet this target the estimated investment involved is approximately Rs 400000 crore or say US $800 billion by 2012. In future the demand for real estate will likely to touch around1055 million sq ft by 2010 and by this date capital requirement will have bloated to $68 billion and market will require $ 30-40 billion more in future with most companies tying up their expansion plan. The C&W says urban India alone require 12 million housing units with scope of 400 townships in 5 years across 30-35 cities each with 5 lakh population and Indian has potential to grow to those levels as FDI flows into more land intensive sector like retail and manufacturing as there is a shortage of 20 million housing units till 2010. Cushman&Wakefield says smaller towns like Patna, Surat, Lukhnow, Coimbatore, Vijayawada etc have immense potential in commercial and residential sector and by 2015 there will be 45 such cities from 25 odd cities. The US alone committed $ 2 billion for Indian real estate over next 18-30 months. In real estate sector 23 million sq ft of new space came in to market with additional 50 million sq ft expected by 2011.
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4.6 Amazing Boom in Commercial Sector

Future of commercial sector is boom. There is a great demand for office building in India. The demand for new office space alone has grown from estimated 3.9 million sq ft in 1988 to over 16 million sq ft in 2005-6. Cumulative demand for office space in India between 2005-2009 is estimated to be in excess of 85 million sq ft. This represent annual growth rate of 14.5% over the next 3 years or approx.20 million sq ft/year and approx 80% of demand is created by IT AND BPO sector. ITES & BPO segment register a growth of 54%. NASSCOM & Mckinsey study has predicted that I T Es sector in India will provide additional job for over 1.1 million people by 2008, which translate into space requirement of approx.100 million sq ft. Retail is considered the world largest private industry with total sales of over US $ 6.6 trillion with close to 12 million outlets. India has the largest retail density in the world .It is estimated that presently additional 46 million square feet for malls, multiplex is being added in India out of which 32 million sq ft is spread over across 7 major cities. In future 45 malls with over 9.5 million sq ft of retail real estate is expected to come up in Tier II cities like Jaipur, Chandigarh, Ludhiana, Nagpur, Baroda, Kochi etc by end of 2008.It is expected that government will soon permit FDI in retail and this would further increase the demand for shopping malls, multiplex etc. However opening up of FDI in retail trading will not necessarily cause rent to rise as their demand will be offset by additional stock.
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Uneven price growth: Prices of real estate across the country, or even within cities, will have their own unique demand and supply factors. This needs to be understood in detail. A number of transactions and also corporate land bank values are ignoring this basic tenet of real estate investing. Questioning the capability to deliver: Although there have been huge plans of development in all the areas of real estate development whether residential, commercial, office, retail or SEZ, various questions have been raised on the execution capability of the developers in delivering the promised product within the specified time period. Oversupply: With the real estate story getting big in India, major plans are afoot for various types of real estate developments in big cities and small towns. There have been concerns of an oversupply situation arising 2-3 years from now. Still unorganized: India's property market remains unorganized and underdeveloped. This creates risk for investors. In the absence of a clear title to property, the risk of litigation is high. For those foreigners who invest in India via real estate investment trusts, there are no rules on the marking of their stakes to market or on whether they must pay stamp duty on transactions. Relation to the stock market:. The Indian stock market was witnessing a non-stop bull run for an unusually long time. During the last couple of years, share prices surpassed all expectations. The present situation can be compared to Japan's real estate crash in 1991. Prior to the crash, both the stock market and the property market were on fire. Profits from the stock markets used to be transferred to the property market and vice versa. The same thing has happened in India as well.

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4.7 External Environment Commercial which ranks next only to food and clothing amongst basic human needs has always had and continues to have important socio-economic implications. Especially in countries like India which are in the throes of rapid development housing has come to assume a crucial role as it contributes significantly to the national economy and nation building. Arguably, housing has been the only industry in recent times which has not only withstood the recessionary pressures, but has also shown a consistent and healthy growth and if the future is to be interpreted in light of the macro picture, the best is yet to come. Housing and GDP are interlinked and contribute to each others growth. It is, therefore, no wonder that Housing for All is invariably proclaimed as a national priority by all major political parties and adopted as a goal by the Government of India in the National Housing and Habitat Policy document. Integrated housing development not only satisfy the basic human needs but also facilitates holistic development within the parameters of a planned welfare economy. Safe, secure and affordable housing by any means increases employment and educational opportunities for individuals and enriches communities leading to a better civil society and better quality of life. Besides the direct contribution which housing makes to GDP it increases social capital which is intelligible wealth that comes with good social network at the heart of which lies clean environment, hygienic living and quality housing. Housing has often been called the Engine Of Domestic Growth of the Economy. An investment in Housing and construction triggers of a series of investments in various sectors. From Heavy Industries like Steel, Cement to industries like Paint, Furnitures and even to Small Scale Industries, Housing affects as many as 269 industries directly and indirectly. Housing ranks third amongst 14 major industries in terms of total linkage effect in the Economy. The linkage effect, particularly with reference to the Steel and Cement Industries was also underlined by the Government in the Economic Survey of 2002-2003. In terms of contribution to the GDP, for every rupee invested in Housing and construction, 78 paisa gets added to the GDP. Housing ranks fourth in terms of the multiplier effect on the Economy, ahead of sectors like transport and agriculture. The Investments in the Housing sector has steadily increased from Rs. 1150 cr in the First Plan period to more than Rs. 1,20,000 cr in the Ninth Plan period. Estimates of the Tenth Plan peg the figure at about Rs. 7,00,000 cr. Perhaps the greatest socio-economic impact of Housing is in employment generation. Housing is the second largest employment generator in the country after Agriculture. A host of vocations and professions derive their livelihoods from Housing, either directly or indirectly. Construction workers, builders,
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developers, suppliers, civil engineers, valuers, property consultants, furnishers, interior decorators, plumbers the list is virtually unending. In a developing nation like ours, Housing can be the solution to the most nagging problem that any Government faces that of employment. Apart from these various indirect benefits that the economy derives from Housing, the Government itself is a direct beneficiary in terms of collection of stamp duty rising out of acquisition of real estate assets. It is therefore not surprising that the Government has left no stones unturned to support Housing activities. The continued tax incentives on Housing Loans to trigger a higher off-take in credit for retail Housing is a reaffirmation of the Governments committment to aid the sector. Other initiatives like extension of benefits u/s 80 I to mass housing projects, scrapping of the Urban Land ceiling act, implementation of the Securitization Act are all in line with the same objective of propelling growth through Housing. However, it may also be added here that there is scope of further improvement in various areas , mainly with reference to streamlining of laws related to construction activities and rationalizing of stamp duties on transfer, securitisation, etc. With the population of India steadily increasing, it will not be long before India overtakes China and emerges at the top position. Demographic experts have predicted Indias working age population the segment which has the highest demand for Housing to be the highest. This ensures that the demand for Housing is a long and sustained one. Rapid strides in Infrastructure development like the Golden Quadrilateral Project and the National Highways Development Programme, which have progressed at an impressive speed is bound to trigger off a fresh round of Housing and habitation through further development of semi urban and rural areas as well as setting up of new Satellite Townships.

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4.8 Internal Environment The government has provided enough incentives and the drastic reduction in interest rates, making easier for the common man to achieve his distant dream of a home come true. But on the supply side very little has been done to ensure that developers who are the producers of homes get access to the required funds. It is conferences like these that helping us carve out solutions for a better tomorrow. The trade and industry was fairly to blame in the 80s when there were not many professionals in the building trade. It is still one of the largest unorganised sector in the country, but slowly companies deeply committed to housing are becoming more responsible, accountable and transparent. Like other industries, real estate developers are also processors and producers of goods (i.e. the home) which is a tangible product and have enormous cost from concept to completion. It is impossible for any developer firm to bear the entire cost, hence the need for real estate financing. The customer preferences have moved away from under construction to nearing completion or completed projects and hence the investments in the projects have changed. Now coming to the issue of funding developers norms have been laid out and rating should be made mandatory. The one time pure vanilla product construction finance is no longer available and it has out lived its purpose. Now the time has come for innovative products as the market conditions have changed in the past 5 years. Receivable discounting - is one option where projects in advanced stages can be financed. The balance amount receivable against sold flats can be financed by Housing Finance Institutions/banks (practice which is being followed) to infuse liquidity and enable developers to complete the project within stipulated time period.

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CHAPTER 5
5. PROJECT UNDER STUDY

5.1 Mohali City Mohali is a city adjacent to Chandigarh, 18th District in Punjab, India. It is officially named after the eldest son of Guru Gobind Singh,Sahibzada Ajit Singh (SAS Nagar, or "House of Sahibzada Ajit Singh"). It along with Chandigarh and Panchkula form a part of the Chandigarh Tricity or Chandigarh Capital Region. It was earlier a part of the Rupnagar District, and was carved out into a separate district in the recent years. 5.2 Background of the City Mohali was conceived after the trifurcation of Punjab and its capital Chandigarh becoming a Union Territory in late 1966. Today, Mohali and Chandigarh are contiguous areas with only the boundary of Punjab and UT of Chandigarh dividing this area. The original plan of Mohali is in fact a mere extension of the road and design system of Chandigarh without any unique planning. The development earlier was only till Phase VII. The development of sectors and phases from Phase 8 onwards started in late 1980s, and the city got its own bus stand in Phase 8 in mid 1990s. In 2006, Mohali's population is near 200,000, approximately 1/5 of Chandigarh's. The region has been targeted by an increasing number of outsourcing IT companies, who look to capitalize on the rich investment opportunities the city offers. Mohali and Panchkula are under the consideration of Punjab and now a days Mohali is a separate district of punjab. 5.3 City Design Following the success of Chandigarh's sector design, Mohali was similarly planned into identical 800 X 1200 m sectors. Many have yet to be fully developed, as is the case of sector 62, which is earmarked for a future commercial City Centre. Its proximity to the PCA Stadium, as well as unrivaled transportation links to Chandigarh make it a suitable choice. The recent Master Plan of Mohali has been recently extended up to 114 sectors.
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The iconic PUDA Bhawan-official headquarters of the Punjab Urban Planning and Development Authority, initiated by KBS Sidhu, an IAS officer, signifies the towering role of PUDA vis-a-vis Mohali. Now, PUDA's functions of planning and urban development have been transferred to the Greater Mohali Area Development Authority (GMADA); initially DC Mohali had been named as its Chief Administrator, but now a separate and full-time IAS officer has been so appointed.

5.4 Need for Urbanisation in Mohali Mohali city a mere extension of Chandigarh, has seen tremendous growth in terms of infrastructure and development over the years. In the year 2006 , Mohali had become the IT hub, which opened new era of opportunities for the progressing city. With the increasing number of IT companies and various other developments happening in and around the city, became the sole reason for government to think about setting up more residential & commercial places and bringing up projects like townships , group housings, commercial hubs etc. Acc. To the master plan of Mohali it has been now expanded upto Sector 114. GMADA adopted the system of building sectors by dropping the earlier idea of making phases. After this we discuss the initiative of State government in promoting urbanisation in the city.

5.5 Role of GMADA (Greater Mohali Area Development Authority) in Urbanisation New Initiatives

1. Regional and Local Master Planning of area under the jurisdiction of GMADA: With an objective to organise growth at macro & micro level Greater Mohali Area Development Authority is planning to prepare or review Regional Master Plan and six Master Plans under its jurisdiction .The consultancy for master planning , advising on policy matters and regulatory methodology, the services of M/S Jurong Consultancy Pvt. Ltd., Singapore have been engaged. This exercise will facilitate GMADA for the systematic, planned development of area which will encourage grouping of compatible usages and prevent unauthorized, un-regulated growth and ribbon development.

2. Golf Course: A Golf Course in Sector 91 and 93 along the Rivulets Patiala Ki Rao is on the anvil, covering
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approximately 293 acres of land in Mohali for which process to assemble land through land acquisition has already been initiated. This will add one more sport venture in the existing sports facilities in the Mohali district. 3. City Centre Sector 62, SAS Nagar: Planning of City Centre Sector 62, SAS Nagar is being entrusted to M/S Jurong Consultancy Pvt. Ltd keeping the latest trends into picture. The City Centre so envisaged intends to be a State of the Art CBD in the World.

4. Up gradation of existing road from Sector 48 to NH-21: GMADA has approved the work of up gradation of existing road from Sector 48 to NH-21 for which estimates are being prepared. Tenders for part of this road have also been called and work will start shortly. To enable connectivity of this road with NH-21 some land is required to be acquired for which land acquisition proceedings have been initiated. 5. Providing Canal Water to the residents of Mohali: To over come the shortage of water supply for the use of residents of Mohali, Canal Water is being looked at as an option, for which the work of 5th stage of water supply from Kajauli to Mohali has been initiated. 6. Sewerage Treatment Plant: For the prevention of of environmental pollution Sewrage Treatment Plant with ten MGD capacity has been planned in Mohali and for this work estimates are being prepared and land is in the process of being acquired. 7. Golf Range: A Golf Range is under proactive consideration in Sector 48, Mohali where facilities such as Club, Restaurant, swimming pools etc. is proposed to be facilited. 8. Habitat Centre: GMADA has constructed Habitat Centre in Sector 64, SAS Nagar which will be available for holding social, cultural, religious and other family functions to the residents. Guest house facilities shall also be available to the Business Sector for their visitors to Mohali. A larger Regional level Habitat Centre is intended to be created in Sector 68, SAS Nagar where additional amenities are under active deliberations.
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9. Knowledge City: State Government has decided to develop Sector 81, SAS Nagar as Knowledge City. In this Sector following reputed institutions are proposed to be set up:i) Indian Institute of Science Education and Research (IISER)

ii) National Institute of Nanotechnology iii) National Institute of Agri Food Biotechnology iv) Premier Management Institute Land in this sector would also be reserved for commercial use to facilitate easy access to these requirements and to encourage large scale exchange of intellectual thoughts amongst peers in vitalizing environment. It is also proposed to earmark land for the Bio-Technology Park. 10. Expansion of Chandigarh Airport: To upgrade Chandigarh Airport to International level along with creating cargo facilities towards Mohali side is under active consideration with a view to bring far reaching economic benefit to this region. Modalities to enable this transport & communication infrastructure are being worked out. With the expansion of this Airport, it will project this local level facility to an International Airport with direct international flights to the various countries .

11. Existing Land Use Mapping of area of GMADA: GIS based existing Land Use Mapping for entire Region as a base document for the Master Planner was found essential to be prepared on GPRS enabled GIS format. The work was allotted to Centre for Computational Engineering, Punjab Engineering College, Chandigarh (CCE) The map is being prepared by digitization Satellite Images & SOI topo-sheets and Creation of GIS database for further analysis and decision support . 12. Meat & Fish market: A hygienic & State of the Art Fish & Meat market is envisaged with enablement for Airconditioning & refrigeration. To facilitate freshness of left over meat/ fish refrigeration is required for which this additional space for storage and refrigeration units has been provided .Shops of compatible usage would also form part of the complex

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5.6 Master Plan of Mohali and Elaborations

As it can be seen from the above mentioned Master plan of Greater Mohali that designing of this city has been done on the same parameters of Chandigarh. Now, the whole area of Kharar- Landran road has faced tremendous development in the last few years.On the Sidings of this road there used to be villages such as Vill. Saneta , Vill. Raipur Kalan, Vill. Chila Manuali etc. In the year 2006 GMADA made plans to develop this area by cutting them into various sectors.

This was a difficult task as the first and foremost step was the acquisition of land. Acquiring this huge piece of land ( varying around 10000 acres approx) from the villagers could have run the state government into financial crisis. Just to avoid this GMADA came up with the strategy of giving the opportunity to private players in the market. GMADA organised a meeting with all the big and private players in the market and asked them to acquire the land on their own backed by the full support from the government. Now it was at the capability of private players that how much land could they acquire.
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This land acquisition brought big players of real estate into action cause the minimum acquisition that could done was 100 acres and above. Players like Pearls, Emaar MGF, Unitech, Ansals, TDI etc. Participated in this. Now all these players are having there own sectors, description of which will be further described. Having acquired the land, now it was the duty of private players to develop this land into townships, group housing , commercial places etc. And make it available for the public use. Pearls is a leading player in Mohali. Pearls city , Mohali is spread over 3 sectors namely Sector 104, 100 , 99 and 109 (Group housing).

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5.7 Introduction of Pearls City, Mohali

Pearls City, Mohali

A mega township spread over three sectors of Mohali that are 104 , 100 & 99 it approximately covers 500 acres of land and presently offers you variable plots of sizes 150 sq. yd, 200 sq.Yd, 233.33 sq.yd, 256.67 sq.yd, 500sq.yd. Pearls City, Mohali project is one of the best offering from Pearls Infrastructure. Located very near to the beautiful city of Chandigarh, Pearls City Mohali, as the name of the place suggests, is within a strategic reach of important business destinations in Punjab. This integrated township is spread over an area of 500 acres. This township has all the state of the art facilities- making it an iconic destination. Pearls City, Mohali a fully integrated city is conceptualized for self-sustenance to every need. State of the art infrastructure will make Pearls City Mohali an iconic destination for good living and lifestyle.An exclusive area of 50 acres has been earmarked for NRI enclave within the pearls city with international standard infrastructure that spells sheer luxury and class.

Though Mohali was built primarily to help take housing strain off Chandigarh, it emerged as an independent city of the future. It has already been targeted by an increasing number of outsourcing IT companies and is being projected as the next IT destination.

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Situated adjacent to Chandigarh, with rapid infrastructure development, lush green parks and satisfactory law and order condition, the city is already the preferred destination of the Corporate. 5.8 Pros of This Projects

Mohali is adjacent to Chandigarh and well connected with Delhi and other major cities of Punjab and Haryana by roads and railways.

Mohali-Silicon Valley of North India "Dell" - "Quark" have their base in Mohali. Reliance infocom, HFCL, Infosys, Infotel, Spice Telecom, Semi Conductor Complex Ltd., Ranbaxy, NIPER, Godrej - Boyce, ICICI India Ltd., Punjab Tractors and PCA are already in the city.

Proposed Metro Station 0 Kms Just 2.5 Kms. from Mohali Railway Station Mohali Cricket Stadium only 5 Kms. 5 Minutes Drive to proposed Sub City Centre, Mohali Fortis Hospital only 6 minutes drive away Lake - Proposed Golf Course - 5 Kms 20 minutes drive to airport Mohali Knowlede City 1 Km ebiz IT Park 3 Kms

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5.9 Key Features of the Project Over 30 acres of landscaped greens, theme parks, neighborhood lawns and pristine forest areas with water bodies. Elite Lifestyle club with swimming pool, restaurant and plethora of sports and leisure activities. Fully air-conditioned Multiplex cum shopping mall with 100% power back up. Exquisitely designed spacious atrium with Hi-tech escalators and elevators, Large Food Court, Restaurants, pubs and world class fire fighting system. 22 acres of land earmarked for educational projects having well equipped Senior Secondary school affiliated with CBSE, caring Nursery schools, Play schools and creches. State-of-art futuristic Multi-specialty Hospital Battery of specialists and paramedics at your service 24 hour Chemist shop planned within the complex. Well planned infrastructure with commercial zones towards the periphery and residential zone towards the middle. Variable plot sizes ranging from 150 sq yds. (125.41 sq mtrs.) Up to 555 sq. yds (464.04 sq. mtrs.). Wide choice of independent build-up villas with homogeneous elevations, in keeping with International styles and trends. Option of spacious and airy built-up apartments, row houses and multi-storey complexes.

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5.10 Site Plan of Pearls City, Mohali

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5.11 Comparative Analysis of Pearls City with Competitors

COMPANY Sector/ Area Booking Rate PEARLS Sec. 104,100,99,109(G H) 16500-17500/Fresh 11000/- prelaunch Single PLC 5% Double PLC 7% Triple PLC 9% EMMAR MGF Sec. 105,108,95 11500/- prelaunch (No fresh booking) Single PLC5% Double PLC- 10% Triple PLC -15% on Basic Sales price of 11500/- sq. yards. 250/- Sq. yard 671/- to 1850/Resale Minimum 500/- Sq. yard Maximum1500/-Sq. yard Min. 300, Max. 1000 Sqd 50% +100% (PLC) UNITECH Sec. 106,107,97 14800/- Fresh 12500/- prelaunch Single PLC5% Double PLC 10% Triple PLC 15% on Basic Sales Price of 14800 ANSALS Sec. 113,114 TDI Sec. 117,110

No fresh booking 11900/- prelaunch Single PLC10% Double PLC 17% on Basic Sales Price of 14000.

NFB 6500/- Prelaunch Single PLC5% Double PLC-10% Triple PLC15% on Basic

PLC

Transfer Charges EDC Charges Premium (on resale)

Transfer Free --No-Resale Min. 500/- sq. yard Max.1500/-sq. Yard Min. 150, Max 550 sqd

250/- Sq. Yard. 1850/Resale No Premium on 12000/(Booked)

50/-Sq. Yard. 1800/Resale No premium on pre-launch Rate (12000/-)

250/- Sq. yard 1850/Resale 2700/premium on pre-launch (6500/-) Min.200,Max. 1000 sqd

Size Available

Min.358.8, Max.1000 sqd

Min.100,Max 500 sqd

Payment received in first six months Development Stage

45%

50%+100%(PL C)+50%(EDC)

50%+100%(EDC )

45%+50%(ED C)+100% (PLC) Sewerage completed, water works in process. Commercials construction started, possession within 3 months. Gate almost completed.85 % payment received.

Sewerage, water supply completed, all earth work completed under allotted area, all roads, plots are physically marked Water works & landscaping work in full swing of 104-c pocket

The villas (Nos 55) are under construction, 80% plotting development in progress .Commercial (Central plaza) & Group Housing (Flats) Possession within 2010.

Site office set up, all plotting area demarcated, water work, earth work started. 60% payment received for plots.

Site office setup, public health work, roads, electricity, water works, possession within 6 months. Group housing structure completed possession within 8 months.

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5.12 Points of Distinction from Competitors The under mentioned points layout the benefits Pearls is providing to its customers other than its competitors: 1) It is the only township that is offering fresh booking in the current scenario other than this there is no market player except Unitech that offers Fresh booking but there is a huge difference in the scale of Pearls City , Mohali and Uniworld,Mohali.

2) PLC comes into picture when customer asks for a premium location. From the above chart we can see that Pearls is charging the lowest and most competitive rates for the PLC, which itself impresses the customer as his money is being saved.

3) There are no transfer charges being levied by Pearls on its customers. Rest all other players ask for huge sums of money in making first transfer of ownership from company to the client.

4) EDC (External development charge): This is the most important factor in the real estate market of Greater Mohali. As it can be very well seen from the chart above that all other players ask for EDC as extra charges. EDC are to be paid by the customer to the state government and these rates are not fixed meaning they are flexible and are at the discretion of the state government. EDC is not a one time charge like one time lease, but being flexible rates it adds on to the burden of the ultimate customer. Without fulfilling the liability of EDC, no one will get the NOC to get its lease deed done. Pearls is the only player that has no EDC, reason behind this is that they have paid all the State government securities and thus have been set free from EDC, whereas no other player has fully deposited the govt. Security amount because they do not want to block their funds and put pressure on the customer.

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From the chart we can make out the level of increment in the EDC charges as in case of Emaar MGF, in the last few years EDC has gone up from 671 to 1850 per sq.yard that means the cost of the plot has increased by 1850 per sq.yard.

Since government can any time make an hike in the EDC rates thus it will increase the direct burden on the customer.

5) Size availability: Pearls is the only brand that is offering plots of every sizes be it big or small. Its size range starts from 150 to 550 sq.yard. That means they have taken care of all customers of different stratas and income groups. This is a plus point for the pearls city Mohali as customer is open with so many choices.

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5.13 Market Leading Proposition Pearls city Mohali is the most popular township amongst the investors and citizens of Tricity Mohali. It is because of its brand equity in the market, which Pearls has made over the years. Pearls is a market leader in Mohali as compared to its competitors such as Emaar MGF, Unitech, TDI etc. This can be very well understood from the above given analysis of competitor chart. The competitor chart given above clearly outlines the fact why Pearls projects are most famous among the customers. The Truth behind the tremendous success of Pearls is their zeal to provide the customer with full satisfaction and value for money. They always emphasize on customer oriented approach. There are certain points that signify their loyalty towards the customer and never think of pinching the pockets of its customers. It is not only the customers that they care a lot about, but they also have a strong hand in the secondary market i.e the dealers, consultants, financers, investors etc. Pearls group gives the best possible rates to its dealers, sales people and offer best commission rates to them in order to ensure good reputation of the brand name and their loyalty towards the brand. After all secondary market players are the once who make or mar a brand.

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5.14 Live Construction Photographs

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Nirmal Chhaya Towers, Zirakpur

5.15 Introduction of Nirmal Chhaya Towers, Zirakpur Nirmal Chhaya Towers, a world where value for money isn't about a compromise .It's about delivering more for less. It's about redefining the quality of life, and offering the best in its class. It's about redefining the quality of space, in design, dimensions and luxury, Nirmal Chhaya Towers - Zirakpur will provide quality living to the people in the form of premium apartments and duplex penthouses. The wellintegrated flats will be self sufficient in every aspect of a modern lifestyle. Zirakpur, a beneficial and profitable destination in Punjab is closely following the pattern of Gurgaon's magnificence. Being an attractive investment option Zirakpur has attracted vast inhabitants. The planned location of the project invites investors and customers alike. Zirakpur is situated in close proximity to the state capital Chandigarh. It is on the Chandigarh-Delhi highway and a couple of kilometers from Chandigarh airport. Zirakpur's strategic location on three busy highways of Chandigarh-Ambala, Chandigarh-Zirakpur-Patiala and Chandigarh-Zirakpur -Panchkula is proving to be its assets to emerge as the real estate hub of the region. Zirakpur also has an excellent connectivity advantage by a flyover at PatialaT-point-ShimlaT-point. "Nirmal Chhaya Towers" a residential apartments project is situated at VIP road and has direct approach from Ambala -Chandigarh Highway, spread over an area of approx 17.5 acres) and comprises of 830 apartments of 2/3/4 Bed Rooms and 5 Bed Room penthouses with ample amenities and more than 70% open green area. The apartments are self -sufficient in every aspect of a modern lifestyle.

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5.16 Location of Nirmal Chaya Towers

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5.17 Comparative Analysis of Nirmal Chaya Towers, Zirakpur with competitors Price Comparison Chart, Zirakpur

S.no 1.

Name of Builders Project Nirmal Chhaya Towers, Vip Road, Zirakpur Orbit Appartments, Vip Road, Zirakpur Maya Garden, Vip Road, Zirakpur Jaipurias Sunrise Greens, Vip Road, Zirakpur Royal Estate, ChdDelhi Highway, Zirakpur Palm Court, Vip Road, Zirakpur Spring Dale Towers, Vip Road, Zirakpur Surya Towers(Instant Group), Vip Road, Zirakpur Savitry Towers, Vip Road, Zirakpur Rishi Appartments, Chd-Delhi Highway Silver City Flats, Chd-Delhi Highway

Total Land 17.5 Acres 09 Acres 11.5 Acres 17 Acres 18 Acres

No. of Flats

2 Bhk Area

3 Bhk Area 1895 Sq.ft

4 Bhk Area 2358 Sq.ft

Penta Homes 3893 Sq.ft

Rate Per Sq.ft Rs. 2500 per Sq.ft Rs. 2315 per Sq.ft

830Flats 1292 Sq.ft 62 Flats

2.

3. 4.

568 Flats 995 Flats 728 Flats

1250 Sq.ft 1288 Sq.ft

62 Flats(Only 3 Bhk) 1795 Sq.ft 1747 Sq.ft

3240 Sq.ft

Rs. 2395 per Sq.ft Rs. 2100 per Sq.ft Rs. 2700 to Rs. 3000 per Sq.ft Rs. 2200 per Sq.ft Rs. 2125 per Sq.ft Rs. 2225 per Sq.ft

5.

1641 Sq.ft

6. 7.

03 Acres

140 Flats 87 Flats

1698 Sq.ft 1177 Sq.ft 1270 Sq.ft 1655 Sq.ft

1950 Sq.ft

8.

1698 & 1720 Sq.ft

9. 10.

200 Flats

1609 Sq.ft

Rs. 2237 per Sq.ft

11.

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COMPARATIVE CHART FOR POWER BACKUP- ZIRAKPUR Details Jaipuriya Royal Maya Bollywood Silver Estate Gardens Heights City

Orbit Apartments

Nirmal Chhaya Towers

Total Area Total Number of Flats

17.5 acres 826

18 Acres 860

6 Acres 294

8.41 acres 312

10 acres aprox. 350

3 Acres 286

17.5 Acres 900

Power Backup for Common Areas Only

YES

For Old Constructe d Flats which are ready to move

YES

YES

n Silver City HEIGHT S& TOWER S for Common Areas Only

YES

YES

Power Backup for Individu al Flats As Promised

Committin g for 100% Power Back-up

5 KW with silent Generator For New Flats Only

Committin g for 100% Power Back-up but not decided yet how to provide it

5 KW with silent Generator Committin g in Written

For Silver City GREEN 5 KW per Flat

NOT PROVIDIN G

For 2 & 3 Bed - 5 KW For 4 Bed - 7.5 KW For 5 Bed - 10 KW Committin g Written in Allotment Letters

Power Backup Actual Position

Flats Under Constructio n Still No installation of Generators

Flats Under Constructio n Still No installation of Generators

Flats Under Constructio n Still No installation of Generators

Flats Under Constructio n Still No installation of Generators

Charging Rs. 7/per Unit for Power Back-up

N/A

Flats Under Constructio n Still No installation of Generators

Charges for Installing Inclusive Generato r

100000 Extra

inclusive

inclusive

inclusive

inclusive

inclusive

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5.18 Specifications Of Nirmal Chaya Towers, Zirakpur

Total number of 2 Bedroom flats- 231 Total number of 3 Bedroom flats- 395 Total number of 4 Bedroom flats- 100 Total number of 5 Bedroom flats- 20 Total number of EWS flats- 84 Total flats- 830 Total number of towers- 34 Total number of commercial shops- 4

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5.19 Pros of this Project

70% open area 100% covered parking area Spacious common area Every flat corner flat Every flat facing green area Ground+6 story 2 acre main park Community Center RCC frame earthquake resistant structure 5 entry/exit points into the site

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5.20 Site plan of Nirmal Chaya Towers, Zirakpur

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Bibliography

www.pearlsinfrastructure.com www.emeraldinsight.com www.eurojournals.com Journal of Corporate Real Estate Journal of Property Investment International Research Journal of Finance and Economics

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