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VOL 1 ISSUE 1 FOR PRIVATE CIRCULATION ONLY MARCH 2017 Confederation of Real Estate Developers Associations of India Bengaluru Whitefield is turning magical 102 Acre Residential Community 2 to 4 Bed Apartments Villas 8880 7555 55 1800 313 0080 www prestigeconstructions com A Prestige GroupMRG Group Joint Venture Artist rendition not actual Whitefield Sarjapur Road Disney Themed Design
VOL 1 ISSUE 1  FOR PRIVATE CIRCULATION ONLY  MARCH 2017  Confederation of Real Estate Developers    Associations of India ...
CREDAI TIMES II MARCH 2017 2
CREDAI TIMES  II MARCH 2017  2
VOL 1 ISSUE 1 FOR PRIVATE CIRCULATION ONLY MARCH 2017 Confederation of Real Estate Developers Associations of India Bengaluru INSIDE QUICK Readers Contest Catchy Words Big Money Pg 5 BEYOND DESIGN Will Sagrada Familia be the eighth wonder Pg 16 HURRAH Now Online Sanction of Building Plans Pg 4 CITIZEN S CORNER Read what lies between the RERA lines Pg 6 CREDAI EXPO hottest properties in town Pg 17 AMAZING Workforce power New Centre of Excellence Pg 5 ADMIRE City s iconic building and the man who made it happen Pg 7 CORNER STONE Bengaluru tops global charts INDIA S TECH CAPITAL HAS TOPPED THREE GLOBAL STUDIES RATING REAL ESTATE PROSPECTS HOWEVER THE CITY COULD BE ABOUT TO FACE ITS BIGGEST CHALLENGES TAKE MY WORD FOR IT by Alex Frew McMilan These are heady days to be building in Bengaluru The southern boomtown long ago cemented its place as India s high tech hub Now all of a sudden its prominence has reached global proportions The Karnataka capital recently topped three rankings rating it as the most vibrant city for real estate in Asia and in one case the world Both the Urban Land Institute ULI and Jones Lang LaSalle JLL have come to that conclusion in separate polls that come at the property industry from different angles The conclusions are much the same however They suggest that professionals in real estate development construction and investment would do well to pay the rapidly evolving city a visit quick While Bengaluru most certainly has its shortcomings particularly in terms of leadership the positives for now outweigh those misgivings Bengaluru ranked No 1 in terms of both investment prospects and development prospects in the ULI s report Emerging Trends in Real Estate Asia Pacific 2017 It attributes that pole position both to the city s cornering of the market in business process outsourcing and its more recent success fostering research and devel opment facilities for the tech industry Fast progress in the two industries led to an increase in office supply of 12 7 million square feet completed last year massive by any standards the ULI states and similar to the two previous years too That makes it India s largest source of office uptake by some considerable stretch Caution The fast pace cannot of course continue forever The commercial brokerage CBRE anticipates that new supply will fall to 9 8 million square feet this year and just 3 9 million square feet in 2018 Investors have reaped the rewards Call centers and other outsourcing operations have delivered annual rental growth of 15 to 20 in the last few years for those investors who put up money early Financing has also been dropping in cost one fund manager noted to the ULI Bengaluru remains a compelling story because you can still turn up in India and buy fantastic Grade A office buildings at 9 yields with financing rates going down and tenant demand remaining strong the investor said The respondents are identified at the end of the survey but not named within it Institutional capital often from abroad is funding a top tier of large local developers that are completing the work CONTINUED ON PAGE 8 Who wants to be a smart city by Minal Khona With so many blessings falling upon and all around it should Bengaluru the only city selected from Karnataka really hanker after becoming a smart city Having narrowly missed the Smart City tag in the second round by a meager 0 5 the city is working around the clock trying to grab its last chance in the third and final list of smart cities under the Government of India s smart city mission I agree with Dr Sumetee Pahwa Gajjar from IIHS Indian Institute for Human Settlements in Bengaluru who feels strongly that in pursuing smartness the city will waste its energy on temporary measures instead of addressing and overcoming the over 30 years of unsustainable urban growth She suggests that her city would be smarter to adopt an integrated social ecological frame of existence Assuming Bengaluru does get the Smart City tag globally what can it do for this IT capital of India Will it lead to more business coming into the city Or will it make life easier for those MNCs already here with provision for better infrastructure There is a way we can do both By all sectors holding hands in unity delighting in Bengaluru s grand progress and moving it from strength to strength Anybody agree
VOL 1 ISSUE 1  FOR PRIVATE CIRCULATION ONLY  MARCH 2017  Confederation of Real Estate Developers    Associations of India ...
CREDAI BOARDROOM WARM WELCOME CREDAI TIMES II MARCH 2017 4 THE TIME HAS COME New builders customers and prospects can carry forward the growth story and lead the progress A J C Sharma President CREDAI Bengaluru T the very outset let me say that CREDAI TIMES is an attempt to create a win win situation for all the stakeholders I urge all members and public to join hands and make this endeavor a grand success Established in 1999 CREDAI is the apex body representing 11 500 real estate developers spread across 23 state level chapters and 166 cities in India CREDAI TIMES will be the voice that will raise concerns seek views and delineate newer ways to address those concerns affecting our industry It will safeguard the interests of the real estate developers while protecting the rights of buyers and homeown ers Issues like real estate Regulation and Development Act 2016 transparency governance timely delivery quality demonetization and many more will feature on its pages In the coming days CREDAI TIMES will become a powerful voice of its members and will articulate real estate issues that are relevant and topical Its target audience consists of prospects customers government agencies trade bodies NGOs media and larger public on issues directly affecting the sector Post RERA and with other favorable government announcements like the Smart Cities Mission AMRUT Atal Mission for Rejuvenation and Urban Transformation and Housing for All Pradhan Mantri Awas Yojana has not only spurred the demand for more quality homes but created a transparent environment for dialogue between the developers and their customers New build ers customers and prospects can carry forward the growth story and lead the progress It is with great pride that real estate developers in Bengaluru are seen with greater respect and credibility delivery excellence transparency and living up to the expectations of their customers Apart from just being the voice of real estate Bengaluru CREDAI TIMES will give members an opportunity to advertise their products and new launches A reasonable and standard rate will be applicable for all With a platform specifically for the real estate industry CREDAI TIMES will be an ideal place for the developer community to maximize their reach at competitive rates With rich relevant unbiased reporting this is bound to emerge as a strong reputed and credible platform from the house of CREDAI Bengaluru When CREDAI Board members get together the air sizzles with anticipation of new steps to progess in the real estate industry T Nagaraj R Chairman CREDAI Karnataka HE good news is that from 1st April all building plans will have to be submitted to the Bruhat Bangalore Mahanagara Palike BBMP online for approval The great news is that CREDAI Bengaluru has sponsored the software that will equip BBMP to do the needful It is an Urban Land Digital Approvals initiative In manual operations the prevailing approval system takes around 10 to 12 months Once the new program is implemented effectively a plan can be approved within 21 days Look around the globe digital inclusion is an essential part of commercial undertakings everywhere We at CREDAI are looking forward to speedy Digital Governance in Property approvals which will bring down the cost of investment in real estate as well stepping up transparency We need to be a part of this transition with e governance or we will be left behind The truth is that in the near future there will be no paper Central Government has been announcing so many schemes and slogans like Digital India Make in India etc but how much effort has been put into digitization or paperless transactions in the real estate sector However BBMP and CREDAI are serious about making the process work in our state We at CREDAI are looking forward to a speedy Digital Governance in Property approvals which will bring down the cost of investment and the ultimate beneficiary will be the home buyers This initiative will also encourage us to shape a dynamic and contemporary nation At the core of any city s well being lies the real estate sector Errol Fernandes Treasurer CREDAI Bengaluru R EAL estate professi onals and their clients have a new destination to connect CREDAI TIMES Welcome to our inaugural issue Developed as a resource for real estate professionals along with homebuyers and sellers CREDAI TIMES Bengaluru displays professional and in depth articles that will offer timely useful information to help make the process of buying or selling a home smoother for everyone involved including governmental stakeholders Bengaluru once called the Garden City of India has now transformed itself into the Silicon Valley of the world At the core of any city s well being lies the real estate sector and Bengaluru has done exceptionally well on this front with its population exceeding 10 million and infrastructure There was a crying need to have a focused publication on the real estate sector its problems and solutions with this in mind the CREDAI TIMES is launched It is indeed ironical that in spite of driving not only a significant portion of Government revenue but also the GDP of the city CREDAI did not have a voice of its own Nevertheless all that is now history We will be bringing you news and views from those that matter along with an in depth analysis of the complex laws and bylaws that govern our industry In addition we will be bringing you the best investment opportunities from Bengaluru s most reputed builders all under one roof Berean Bay Media House the team behind CREDAI TIMES has spent more than 40 years in publishing design and journalism and created this tabloid to fill a void in the industry We saw the need for a quality publication that caters not only to real estate professionals but to their potential clients as well The goal is to bring together developers and clients in a personal and enjoyable manner that provides opportunities for every reader to learn something new in each issue Feedback is invited anticipated and will be welcomed CREDAI Times queries and feedback can be mailed to the Editor at editor credaitimes co www credaitimes co
CREDAI BOARDROOM  WARM WELCOME   CREDAI TIMES II MARCH 2017 4  THE TIME HAS COME    New builders, customers and prospects ...
HAPPY NINGS UP CLOSE WORKFORCE POWER T HIS is an initiative to empower the construction workforce as well as fortify our homes and buildings Prestige Group and Rustomjee Group have launched a Center of Excellence in Construction and the first batch of eager to learn students who started classes on 4th February 2017 were treated to a state of the art vocational education and training center The training material designed keeping international standards and practices in mind and CREDAI TIMES II MARCH 2017 5 assigned a standardized digital address number an eight digit alpha numeric code which will later be replaced by a centralized repository which will contain addresses Once the digital numbering system goes live each house will automatically be tagged on the global positioning system GPS which means your house will be visible to one and all on Google Maps But as always there is a catch To get this amazing new technology Bengaluru needs to qualify in the Smart City competition The digital numbering system is one of the five proposals that the state government is presenting If it gets a green signal from the Smart City Mission the Bruhat Bengaluru Mahanagara Palike BBMP will kick of the project by surveying 25 lakh houses and making a database which will contain information about the owners taxation as well as roads within the BBMP limits We will know about this some time during March 2017 Well it was nice dreaming was it not v v TIMES CONTEST KNOW TO SPIN LIKE TO WIN Then win some Big Money by completing this sentence using a maximum of 15 words Now is the best time to invest in Real Estate in Bengaluru because __________________________________ __________________________________ There will be cash prizes for the first 3 winners 50 000 IST PRIZE v v v v YOUR HOUSE IF NOT YOU H REALTY BITES E is about to get famous No longer will you have to test your patience giving landmarks to guests and delivery agents calling endlessly for directions to reach your house a unique digital numbering system based on geo spatial location is being developed by the Centre s Smart City Mission Project This entire system will be built along the lines of the Aadhar card Initially each address in the city will be MEMORY KEEPER Dear Chief Minister We appreciate all you are doing for our beautiful city A gentle reminder During the Pre Budget meeting held at Vidhana Soudha recently CREDAI Bengaluru has requested you dear and honorable Chief Minister Sri Siddharamaiahlto reduce the stamp duty for first time buyers of apartments since the purchasers are already bearing the VAT and Service Tax on the sale consideration The government can charge the regular stamp duty to buyers of resale property lto reduce the Stamp Duty on affordable houses being built by developers lWith regard to Sec 79A 79B Karna taka Land Reforms Act need to be removed of all lands which are falling under Development Plan Best regards from CREDAI Bengaluru 2ND PRIZE 15 000 3RD PRIZE TERMS CONDITIONS 1 The Contest is intended for Readers of CREDAI TIMES EXCEPT CREDAI Bengaluru members their staff the staff of their subsidiaries and affiliated companies advertising and promotion agencies and their immediate family members who are ineligible to enter the contest 2 To be eligible to participate in the Contest you must be above 21 years of age 3 A maximum of one entry per entrant is allowed 4 To participate send in your answer completion of the sentence with your name address and phone number to contest credaitimes co 5 Subject of your e mail should be CREDAI TIMES CONTEST MARCH 2017 6 The last date for sending your entries is April 10th 2017 Winners will be notified by email Winning sentences will appear in the April 2017 edition of CREDAI TIMES Bengaluru along with photographs of winners 7 Winners will be selected by a panel of judges appointed by CREDAI TIMES and their decision is final 8 Winners should submit hard copy of this contest form while claiming the prize My inspiration is my father Mr Razak Sattar It was his dream grit and foresight that laid the foundations of Prestige way back in 1956 says Irfan Razack Managing Director of the Prestige group focused on upgrading and up skilling existing employee skill sets is ideal for employees at a PAN India level in mechanical electrical plumbing and water proofing finishing and concrete technologies quality management systems finishing technology real estate sales construction supervision and project management Note safety measures and norms are an important part of the curriculum CREDAI has also partnered with the project to ensure that that industry standards and benchmarks are being met every step of the way 35 000 GOOD NEWS FOR THE CHHUK CHHUK GADI COMMUNITY G OOD news for those who still love their train rides Bengaluru Cantonment and Yeshwantpur railway stations are about to get a facelift This project will be executed under the Public Private Partnership PPP model After fierce bidding wars the private builders that win will be given certain parcels of land for commercial use and the revenue from those properties will fund the entire redevelopment project So far 2 25 acres near Cantonment railway station and 20 acres near Yeshwantpur have been set aside for the PPP model Suresh Prabhu the Railway Minister announced that 23 stations are being revamped But for Railway Minister Suresh Prabhu us Bengaluruans we are super thrilled that the project will kick off with Cantonment and Yeshwantpur Mmmm lovely to think of our lowly stations turning world class
HAPPY-NINGS  UP CLOSE  WORKFORCE POWER  T  HIS is an initiative to empower the construction workforce as well as fortify o...
CITIZEN S CORNER CREDAI COUNSEL CREDAI TIMES II MARCH 2017 6 DECODING RERA YOU ASK EXPERTS ANSWER Confused about any aspect of Real Estate or wanting to clarify struggles you are facing during the building or purchasing of property This is the space to post your query Write to credaicounsel credaitimes co with subject title CITIZEN S CORNER For this introductory issue we are presenting questions sought from associates and acquaintances to a prominent expert on the subject I am looking with interest and concern at the new regulatory acts proposed by the Government which are to be enacted soon The Government seems to be fixing one side of the issue which is the developer s side but there is no commitment regarding the government approval and regulatory aspect of things So while they are getting tough on developers I cannot find any reassurance from their side on action regarding the ease of approvals single window clearance etc which will ensure graft is not the norm i e fixing the said problem externally but not NEED TWO HANDS TO CLAP By Ajesh Kumar of AKS Law Associates HURT OR HELP With reference to RERA the Government seems to be focusing on the real estate sector and trying to bring a massive change any particular reason for this Frankly from what I perceive this Government has been largely negative for real estate from an ongoing business point of view demonetization tax laws etc that seem to be made more to hurt than to help How should we in the builder community respond to the situation N K Thomas Hennur CREDAI COUNSEL The number of cases in the High Court of Karnataka by builders seeking directions to be issued to the local authorities to sanction plans is itself evidence of the extent of delays Furthermore the action of the authority issuing notices for purported construction on storm water drains has diluted the very sanctity of the licenses or approvals given by the very same body In every Act there is a time stipulated for performance by the Authority and in many instances there are deeming provisions whereby the act shall be deemed to have It is all well for the finance ministry to proclaim it has made a realty friendly Budget 2017 I consider it hogwash Is it not a fact that because of RERA fears private equity firms are renegotiating contracts and investors are either looking at diluting their stake or inserting clauses in contracts whereby their liability would reduce What s so realty friendly about that A R Saran Bengaluru REMOVE THE BLINKERS CREDAI COUNSEL H Narayan Richmond Town There are a lot of initiatives by the finance ministry in the Budget 2017 for the CREDAI COUNSEL The Government of India having recognised that the basic infrastructure in Urban Areas cities towns suburbs is crumbling is unprepared or else unable to deal with the population growth that has taken place So it has come out with initiatives like the Smart City Project in order to renew and retrofit cities Providing homes or plots to people is largely by the private real estate sector being the second largest employer after the agriculture sector in India contributing 5 to 6 of its GDP With this as the backdrop the Government has felt the need to regulate construction projects in a transparent efficient manner The objective is for increased consumer protection RERA is the Government s solution to the problem Considering the sheer size of the real estate sector and the fact that every decision of the Government is going to impact the builders and their employees self regulation by builders and the establishment of higher standards of transparency efficiency and setting up consumer redressal forums will probably be effective in pre empting interference internally What can be done about this LET S BE OPTIMISTIC I personally feel that the Center is doing its bit for RERA and consumer protection but I don t think I am imagining it when I see that there has been a lot of dilution at the state level and push back from states to implement the Act After all RERA will be applicable from the date of the Occupation Certificate so if the bill is delayed by the state the builders have more time to get the Occupation Certificate Are these deliberate delay tactics and if yes what is the Center s plan B to ensure this is not diluted and made into a mockery Dr C R Lobo Frazer Town CREDAI COUNSEL The Government of India has recently given instructions to State Governments not to been done The Karnataka Sakala Services Act 2011 is an Act to provide for guarantee of 151 services covering 11 departments These include Urban Development Department and Revenue Department that are most critical for citizens in the State of Karnataka A detailed schedule of each of the services and its stipulated timeline are listed in the said Act Application status is also available online Any delay entitles the citizens to receive compensation Despite the legal provision there is a need for the State to give importance to the real estate sector by establishing a single window for overseeing and enforcing time bound grant of licenses or permissions transparently real estate sector like affordable housing capital gains for development and sale etc The added impact of demonetisation in India Brexit US elections has caused a lot of uncertainty in various industries like IT etc and they form a large segment of buyers A positive consequence of demonitisation is reduced rates of interest in home loans and offers by builders Investors are concerned about the security of their capital and assurance of their returns with possibility of increasing it therefore in such times of uncertainity investors would renegotiate their contracts for increased security or for increased returns pass rules which directly or indirectly dilute the Act Any rule which defeats the object of the Act can be challenged RERA Act and the Rules do not suggest exclusion of any project Promoters of all ongoing projects that have not received Com pletion Certificates shall make an application to the Regulatory Authority Therefore do not confuse its applicability with the issue of the Occupation Certificate as the Occupancy Certificate can be obtained for partial completion of projects Great opportunities for end users B UDGET 2017 was awaited with great anticipation from the real estate sector hoping for various incent ives sops There were positives as viewed by the industry of infrastructure status for affordable housing the capital gains period being reduced to 2 years etc Somewhere in the fine print was the Set off of loss under Income from House Property has been restricted to Rs 200 000 per annum whereas currently the loss under the head property mainly arising on account of interest on home loans on let out properties can be set off in full against income from any of the other head of income So it means whereas earlier individuals would buy houses for income tax ben efit your CA will no longer be advising you to buy a house for income tax benefit On a broader level this means that come next financial year many people will be advised by their CA s to sell their residential units which were bought for income tax benefit Most limited to the ones which have a loan of more than 30 lakhs of these residential units being on rent only then income tax benefit is applicable and have a high likelihood of coming into the secondary read resale market next fiscal The FM has further incentivised the selling vs holding renting of residential units by lReducing long term capital gains to 2 years Thus making it more attractive for individuals to sell their residential units Ray V K MRICS is in Corporate Finance Real Estate lChanging the indexation base year from 1981 to 2001 This enables individuals to claim a higher base price and thereby reducing their tax liability During this period the indexation benefit was about 4X whereas the price s have moved by over by 10X lAdditional Investment Options The gains upto 50 lakhs from sale of property can be now invested in more avenues previously restricted National Highway Authority Rural Electrification Corporation bonds The overall strategy from the govt is likely to result in significant residential supply entering the market in the short term which would keep a check on prices There are great opportunities for end users in the residential sector in the near term
CITIZEN   S CORNER  CREDAI COUNSEL   CREDAI TIMES II MARCH 2017 6  DECODING RERA  YOU ASK, EXPERTS ANSWER Confused about a...
ICONIC BUILDING WORLD TRADE CENTRE BENGALURU CREDAI TIMES II MARCH 2017 7 THE PRIDE OF BENGALURU By CREDAI Times Network I n the heart of Malleshwaram West lies one of the most coveted townships in South India Brigade Gateway Developed by the Brigade Group this township boasts a World Trade Center premium residences Sheraton Grand Hotel Orion Mall Columbia Asia Hospital Brigade School and a man made lake The World Trade Center Bengaluru WTC is a licensed member of the World Trade Centers Association This architectural marvel made its debut in 2010 spreads over 2000 sq meters and has over 900 000 sq feet of car park housed in two basements and seven upper levels Standing over 30 storeys tall the WTC is the tallest commercial building in South India and a few of its occupants are McKinsey Amazon Siemens Regus Business Centre Rakuten Toyota KPMG ABB Bank of Tokyo Samsung The Canadian consulate IEEE and many others The rooftop restaurant High Ultra Lounge offers a breathtaking view of the city and delectable Asian cuisines to enjoy Orion Mall at Brigade Gateway is one of the most happening shopping destinations in Bengaluru It offers patrons the best shopping dining and entertaining options For those who want to do some serious shopping you ll love the mix of International and Indian brands GAP Benetton Wills Lifestyle Ritu Kumar RayBan Swarovski Westside among others The dining options are just as delightful Chili s Caf Noir Toscano Mainland China and Mr Hong PVRs eight screen multiplex and Gold Class is another important stop for those looking to catch the latest movies The residential part of this premium township offers well designed one two three and four bedroom apartments Columbia Asia Hospital and a 5 Star Deluxe Sheraton Grand Hotel are an integral part of the township In the middle of this glamorous property sits a manmade lake which provides the perfect spot to catch up with friends or just sit back and enjoy some solitude M R Jaishankar CMD Brigade Group THE STATS World Trade Center Bengaluru situated in multi award winning Brigade Gateway Campus occupies a big part of every Bengalurean s heart To think we live in a city that houses an iconic tower like this gives a nice proprietorial feeling Here are just a few of the dozens of let s gloatand float facts lAt 30 storeys and 128 metres is the tallest commercial building in South India lIncludes 1255 premium residences a 5 star hotel a mall a school club and a referral hospital lEquipped with a helipad and observatory deck on the highest floor lMassive 32 level RCC structure with two basements ground plus 29 floors lOver 1 million sq ft of A grade office space lMore than 10 000employees work out of the WTC Bengaluru lThe 900 000 sq ft car park can accommodate in excess of 2000 cars The WTC Bengaluru has changed the landscape of the city and put Bengaluru prominently on the world map It has changed the way office spaces are viewed in the city by providing an international environment to global and Indian companies giving their businesses a real boost The WTC Bengaluru promotes the economic region as a global destination for international business and investment by complementing the efforts of the local chambers and associations and help them to traverse the global stage
ICONIC BUILDING  WORLD TRADE CENTRE, BENGALURU   CREDAI TIMES II MARCH 2017 7  THE PRIDE OF BENGALURU By CREDAI Times Netw...
GLOBAL TOPPER WIN SOME CREDAI TIMES II MARCH 2017 8 The RE IT Connect I Elza Abraham is an editorwriter with an IT background in Bengaluru have begun to see them as two sides of a coin Bengaluru is a veritable haven for real estate investors With the World Economic Forum WEF endorsing Bengaluru as the most dynamic city in the world investors are vying for realty in the Silicon Valley of India On the other part of the spectrum the use of technology key factors for a dynamic city include livability affordability environment and housing makes Bengaluru offer affordable property prices with easier rent out investment Because of the formidable IT sector most home buyers find Bengaluru a perfect place to settle and retire The overriding factors that characterize the world s most dynamic cities are technology and innovation and cities that best absorb adapt and leverage these drivers come out on top states the WEF I believe that from an investment point of view experts advocate Bengaluru as a stable realty market because of the salubrious climate IT ITeS sector and infrastructure development The burgeoning IT industry in Bengaluru has kicked in a steep growth in realty with 2017 to witness the highest office absorption seen in the last six years With 40 of India s IT industry located in the city the presence of international IT giants together with the largest number of high tech start ups of any Indian city is providing added impetus to Bangalore s entrepreneurial growth states the JLL report No wonder the Union Budget 2017 has provided so many positive measures to strengthen the edifice of the Indian real estate sector including the facilitation of capital gains taxation norms and the tax on gains to be paid only once the entire project is completed and not before that Realizing that housing and infrastructure are two important pillars to increase GDP and accelerate economic growth the Government has promised in its budget affordable housing for all Who needs housing more than the IT fraternity that is also carrying the weight of national expectation on its shoulder The year 2016 had India crippled with much challenge and uncertainty and yet our prize winning IT sector continued its growth in terms of revenue which according to Strategic Review 2016 by NASSCOM was 142 billion Despite that glorious fact the Union Budget 2017 18 disappointed the IT sector which felt left out of any encouraging initiatives like the kind other sectors had received Apart from the TDS tax deducted at source for business processing outsourcing BPO companies being reduced from 10 to 2 most of IT recommendations wishlist to the finance ministry were ignored especially the proposals for extended research and development credit to software developers easing of procedures for the import of electronic goods and relaxations in the angel tax In spite of that the IT Bengaluru continues to be upbeat with the WEF honor recognizing its true worth Real Estate and IT both have gained international prominence and awards and now have to work at living up to it as well as raising the bar A combination of efforts and ongoing plans will produce a synergy that will leave onlookers gasping and is something whichCREDAI TIMES looks forward to with confident expectation CONTINUED FROM PAGE 3 The 10 biggest players have blue water between them and the second tier of developers one interviewee said and will therefore be the prevailing force in the market for years Challenges Bengaluru does face challenges While demand from the IT sector is still strong prospects for the business process outsourcing industry look mixed The industry is adapting in a way that favours automation and artificial intelligence both of which result in reduced headcount That workforce streamlining could have a major impact on commercial space one Delhi based interviewee said with the BPO wave already not as strong as it once was The separate ULI studies rate Asian cities according to views expressed by global investment managers real estate consultants property owners and developers institutional investors and banks In all the ULI and PwC interviewed 94 individuals and got survey responses from another 604 people Bengaluru also and for the first time rates No 1 in Jones Lang LaSalle s City Momentum Index released in early February Subtitled Which cities are changing the fastest this fourth version of the index tracks the speed of change of a city s economy and commercial real estate Bengaluru the commercial brokerage decides has the most dynamic urban economy in the world right now What s more India as a whole has supplanted China when it comes to the world s most dynamic cities according to the JLL index Six Indian cities Bengaluru Hyderabad Pune Chennai Delhi and Mumbai rank in the Top 30 although their rankings are compromised by poor environmental sustainability Upward Mobility Bengaluru finds few peers in terms of its socio economic Bengaluru tops global charts momentum and upward mobility Only Ho Chi Minh City in Vietnam scores higher in that category in JLL s eyes Bengaluru also rates well in terms of the current momentum of its commercial real estate Long term momentum however is not its strong suit it s low to middling in that category As India s leading information technology hub it has lured multinational technology companies as well as fostering its own start ups That is driving the strong real estate demand that backed by exceptional levels of growth has driven the city to the top ranking in JLL s index The city is challenged however by the question of whether it can sustain that rate of growth Infrastructure is lacking JLL notes there s a lack of planning and the environment is being degraded Those criticisms are picked up by Bengaluru citizens themselves Bengaluru made its name in the days of the British Empire as a retirement and holiday retreat its temperate climate drawing official bigwigs in their twilight years More recently it is the call center industry that has left its mark the ring road fostering the emergence of suburban business parks far from the crumbling infrastructure of the city center Critics contend that the city has slipped since the glory days of the late Raj The local government is so lazy now one Bengaluru native who did not want to be identified said No one picks up the garbage It just sits there on the side of the road She has no problem with the call centers mushrooming on the outskirts since they fuel the economy But she has little time for the bureaucrats who overtax businesses and then squander the funds away Hyderabad s Edge City leadership is stronger in Hyderabad according to the City Momentum Index with the Telangana capital luring major investment from companies such as Microsoft Apple and Uber That has helped it keep pace with Bengaluru recently although the latter had a head start Infrastructure specialists construction companies and real estate project managers would do well to study Hyderabad s example then and petition the Bengaluru government to put similar plans in place Alex Frew McMillan Hong Kong writes on Real Estate in Asia for CNN Forbes Reuters New York Times Asian Investor Institutional Real Estate Inc and now this exclusive piece for CREDAI TIMES
GLOBAL TOPPER  WIN SOME   CREDAI TIMES II MARCH 2017 8  The RE-IT Connect I Elza Abraham is an editorwriter with an IT bac...
CREDAI CARES ABOVE ALL CREDAI TIMES II MARCH 2017 9 Dear Buyer Here are your Legal Options Most buyers are unaware that CREDAI has a Consumer Grievance Redressal Forum CGRF to redress buyers complaints against CREDAI member developers By M V Sundararaman Varuni Mohan Crestlaw Partners complaint against the unfair practices of the builders before the Competition Commission of India CCI The CCI is empowered to investigate anti competitive practices and impose stringent penalties on builders who use their dominant position against that of the buyer who has invested money in the project The punitive measures prescribed by this law are aimed to promote fair competition in the market that will ultimately benefit the prospective buyer A complaint before the Competition Commission can be made against that builder only who is a dominant entity in the market Buying a home in India even today is one of the largest investments an individual makes in his lifetime not forgetting the high sentimental quotient that the buyer attaches to that investment It is not uncommon that the route to buying a home in India is often fraught with countless legal and regulatory hurdles and the buyer is unwittingly caught in the crossfire between the builder and statutory agencies The verbiage and the legalese in the sale documents do not make the buyer s job any simpler More often than not buyers are clueless when their agreement with the builder hits a roadblock and they are constrained to seek advice from friends and family who have had similar issues with their builder Ascribe it to the lack of public education or plain ignorance buyers are not fully aware of the legal remedies available to them when disputes and differences arise in the course of acquiring their dream home Here s a brief overview of the legal options available to an aggrieved buyer RERA Rules Against Violations The proposed Real Estate Regulatory Authority RERA Act 2017 is empowered to issue directions to the promoters in relation to grievances and complaints from buyers and such directions would be binding on all concerned The builders and promoters are now focused on completing the projects and making delivery on a timely basis The fresh set of rules laid down by RERA such as compulsory registration of projects setting up of Separate Accounts by developers for depositing 70 of the amount realised from any project enables it to be investor friendly Violations of any of these rules are likely to attract stringent penalties on builders Remember Consumers are protected The Consumer Protection Act has established a three tier mechanism for re dressal of consumer grievances The District Forum is at the lowest rung of the hierarchy invested the jurisdiction to entertain complaints where the value of services or the compensation claimed does not exceed Rs 20 00 000 The District Forum is empowered to entertain a variety of buyers grievances including complaints related to delays in delivery of possession misleading representations faulty title refund of monies paid failure to deliver amenities as promised unfair trade practices etc The fee payable on these complaints is a maximum of Rs 2000 There is no prescribed format for complaints and even complaints in letter form are entertained by the Consumer Forum Grievances of larger value above Rs 20 00 000 to the tune of Rs 1 00 00 000 are entertained by the State Commission and claims exceeding the above by the National Commission The Relief of Special Performance of Contract Buyers are empowered to sue the builder before a Civil Court for committing breach of its promises One of the most important remedies that a buyer can obtain from a civil court is the relief of specific performance of contract which when granted would direct the builder to perform its obligations towards the buyer under the supervision of the court The Supreme Court in the Fariq Chand case has established that a consumer has the right to enforce specific performance and or claim damages by approaching the civil court against the builder The buyer is also enabled to sue for damages and interest Zero Tolerance for Attempts to Delay Proceedings Today almost all contracts drawn up for purchase of immovable property in India incorporate arbitration clauses After drastic changes were introduced to the arbitration law in India resolution of builder buyer disputes today are in most cases resolved through arbitration Arbitration is a private court appointed by the parties The Arbitrator can be a person of the choice and qualification that the parties desire The venue procedure and paper work for the arbitration are mutally Jot down the National Consumer Helpline decided by the parties before the process commences The latest amendments to the arbitration law prescribe a strict 12 month window for completion of the arbitration with strict penalties imposed on the party which attempts to delay the proceedings CREDAI Mediates Rescues Cares Most buyers are unaware that CREDAI has also established a Consumer Grievance Redressal Forum CGRF to redress buyers complaints against CREDAI member developers The CGRF resolves consumer complaints and prompts bestselling practice amongst the developer fraternity in a cheap and expeditious manner The role of CGRF is that of a mediator The Secretariat accepts grievances from consumers against any member of the association only The CGRF then seeks comments in writing from the member against whom the grievance has been made This reply is forwarded to the complainant and if the complainant is not satisfied the CGRF hears both parties separately initially A joint meeting of the parties is also held to mediate any further disagreement between the parties and the CGRF may lay down certain modalities to be followed and carry out inspection at site In absence of an amicable settlement the CGRF issues observations after hearing both sides and closes the matter In case the decision of CGRF is against the member it will be obligatory on its part to comply with the directives of the CGRF In case of non compliance by the member the Association may expel him from membership and will make the public informed of such expulsion through newspapers If the concerned member desires to appeal the CGRF decision the appeal lies to the State CREDAI within 30 days following the CGRF decision Step in Competition Commission One of the main objectives that the Competition Act 2002 intends to achieve is to safeguard the interest of the consumer This law enables the buyer to lodge a The National Consumer Helpline NCH a project of the Union Ministry of Consumer Affairs which aims at providing telephonic advice information and guidance to empower consumers NCH provides a National Toll Free No 1800 11 4000 Texts can also be sent to 918130009809 charges apply mentioning the name and city A consumer can call to seek information advice or guidance for his queries and complaints Book a Crook Though recourse to criminal law would not entitle the buyer to compensation or secure a mandate to the builder to perform its contractual obligations the provisions of the Indian Penal Code 1860 can be usefully employed to complain against blatant cheating misrepresentations and falsehoods of builders The Future is Bright A buyer s dilemma does not cease even after he has chosen his dream home In fact he must step up his vigil after he has identified his builder and is considering signing up with him Proper paper work timely correspondence obtaining proper receipts etc would all be tenable evidence in any potential dispute with the builder A long drawn legal proceeding is not what any buyer would desire But that becomes inevitable sometimes when an amicable settlement becomes remote The existing legal framework available to the Indian buyer today may not be as efficient or expeditious as it is in most western jurisdictions However it must be noted that there is an ever increasing body of precedents of Indian courts granting drastic reliefs to buyers and enforcing their rights against builders With new stricter laws and highly sensitised adjudicatory mechanisms the future of the Indian buyer definitely looks more promising and brighter than the scenario a decade ago 1 Supra Note 5 2 http credai org cgrf 3 Section 37 and 38 of Real Estate Regulation and Development Act 2016
CREDAI CARES  ABOVE ALL   CREDAI TIMES II MARCH 2017 9  Dear Buyer, Here are your Legal Options Most buyers are unaware th...
CREDAI TIMES II MARCH 2017 10 JOINING HANDS BETTER WORLD CREDAI Bengaluru Supports the HAPPY SCHOOL Project Happy Schools is an initiative of the Rotary India Literacy Mission It selects elementary schools and provides them with infrastructural upgrades and scholastic facilities stimulating a more positive learning environment From 2015 CREDAI Bengaluru joined hands with Rotary Clubs in Bangalore to establish 14 Happy Schools These schools were selected by the Rotary Club from in and around greater Bangalore CREDAI Bengaluru has committed to sharing five out of the eight criteria identified 1 Painted well maintained and secure school building 2 Clean and hygienic toilets for boys and girls 3 Safe and adequate drinking water for children and teachers 4 Well stocked library 5 Uniforms and footwear for every child 6 Play material games and sports equipment 7 B enches and desks for better student teacher interaction 8 Well maintained space for teaching staff This CSR initiative has spread tons of happiness to both teachers and students and CREDAI Bengaluru hopes to add many more schools to the Happy School project By Suresh Hari ConvenorCSR CREDAI Bengaluru
CREDAI TIMES II MARCH 2017 10  JOINING HANDS  BETTER WORLD   CREDAI Bengaluru Supports the HAPPY SCHOOL Project Happy Scho...
THIS THAT ALL THINGS CREDAI TIMES II MARCH 2017 11 How affordable is affordable housing going to be Anupama G S PIC DEEPAK A nd what does it mean anyway One man s meat is another s poison What if one man s affordable turns out to be another s sure doom If you like me are the type who gets overwhelmed by BUDGET and NUMBERS and gives a miss to the BUDGET circus on TV that plays out during January February every year you would have surely missed this piece of good news I would have too but for this headline in a newspaper that caught my attention post budget Big relief for home buyers affordable housing gets boost Not wanting to miss what it was all about I quickly skimmed through the report to gather that home buyers were in for a bonanza of sorts with the Centre giving infrastructure status to affordable housing The report raised more questions than the answers it sought to provide What is affordable housing and how does giving it infrastructure status help home buyers How exactly will prospective home buyers benefit from these decisions Dozens of questions whizzed through me We all have rudimentary knowledge of how the real estate sector works and the prevailing housing market in cities and metropolitans All of us at some point or the other would have done the rounds of the offices of real estate agencies and property developers either as prospective home buyers or to check out properties for rent Affordable housing means homes that people within a specific income range can afford The RBI has laid out norms for housing units to be considered under affordable housing and this segment refers largely to middle income and lower middle income groups So what does the new budgetary announcement hold out for people like you and me Before getting there let s try to understand what affordable housing means Affordable housing means homes that people within specific income range can afford The RBI has laid out norms for housing units to be considered under affordable housing and this segment refers largely to middle income and lower middle income groups By giving infrastructure status to affordable housing the government is basically giving incentives to real estate developers to focus on providing affordable housing to all and helping it realize its ambitious goal of providing housing for all The tag of infrastructure status to affordable housing means giving developers a lot of incentives to play around with For example developers can access cheaper sources of finance such as bank loans as this sector will now get priority lending status Developers can also look at other avenues to raise funds for their housing projects With a lot of financial backing from the government and its agencies developers can then pass on the benefits to home buyers not just buyers in the affordable housing segment but to all in one way or the other Besides to encourage developers construct units that can be tagged as affordable housing a carpet area of 30 and 60 sqm would be considered instead of the prevalent built up area This is set to increase the number of projects falling under this segment and offer larger affordable housing units to buyers To be eligible for this the deadline for completion of these projects has been extended from three years to five years Unsold units being the bane of developers the government has announced a one year tax break for unsold homes that have the requisite completion certificates In addition to targeting builders of the affordable housing segment these decisions are also meant to encourage big builders to venture into affordable housing and construct housing projects for the masses mostly middle income and lower income classes of people who have so far not been able to easily dream of owning homes in urban areas This in effect means developers who till now targeted the high end niche segment of buyers can focus on other segments of buyers as potential customers expanding their existing real estate market All these measures are set to open up exciting avenues for both developers and home buyers For people like you and me Though the actual impact of these changes and decisions can take time to show we can hope that a more level playing field is created for home buyers When there is an Accident at your Site GUEST POST by Anmol Kumar W hat is the first thing you should do There was a recent report about a work related fatality at the construction site of a new block of buildings in Hennur Police and fire investigators have determined that the truck driver s death was a workplace accident and not a crime The delivery truck driver was reportedly crushed by a bundle of rebar being unloaded from his truck It s the third worker death at the construction project Examples like this are good reminders of the lessons to learn when investigating or handling an accident on a construction site These include lDon t wait for the accident to happen It is important to prepare before the accident by having a checklist or best practices protocol to follow if an accident should occur This should include identifying chain of command for notice purposes identifying internal investigation team members identifying who will be a company spokesperson and identifying your risk management team insurance and legal lDon t panic when it does happen Don t waste all that preparation time before the ac cident and then not follow your protocol Make sure medical issues are resolved immediately and lock down the site for evidence preservation Make a list of all witnesses Photograph and video the conditions lGet promptly on to post accident activities There may be contractual obligations regulatory requirements and public relation issues that will come after the accident occurs Make sure that you review your contract to comply with any notice requirements that may need to be given Prepare for the investigation with your safety team and risk management team lKeep the accident records in tip top order While on the job site an investigator may ask to see certain records such as the logs safety manuals first aid medical records training records safety meeting minutes inspection records and accident reports In order to keep track of what has been requested and provided to the investigator make a list of all requested documents and keep a transmittal log of how various documents were transmitted lKnow and understand your privileges Please note that accident reports should be reviewed by your attorney prior to production to any investigator Accident reports should be limited to the facts and should not contain any speculative theories
THIS   THAT  ALL THINGS   CREDAI TIMES II MARCH 2017 11  How affordable is    affordable housing    going to be  Anupama G...
INVESTOPEDIA WISE SIZE inBESTment Equity Harvesting Investing in property is sound strategy for building wealth But knowing exactly how to do so in a way that suits your lifestyle and budget as well as maximizes your returns is the real key to investment success Credai Times provides 5 tips to get your started MARK MOZ 5 ways property pays off 1 Rent it out There will be many takers Caution Do your research first Not every property makes for a good investment it must be in a highly desirable location and appealing to prospective renters 2 Develop it 3 Equity Harvesting This tip is not for the fainthearted Property development could encompass anything from investing in large scale projects building your own properties or even simply subdividing land Caution Anyone considering developing property should do considerable due diligence to assess the risk versus the reward ratio This refers to realizing the best land utilization strategy and or best improvement to the dwelling strategy to achieve the best financial gains possible There are many full time renovators who make an excellent living this way and also untold investors who use this process as a secondary source of income Caution Avoid the temptation to do too much 4 Capital Growth Ideal for the investor with a long term view Caution Picking the right location and property is a science which if mastered can help you strike property gold 5 Tax management Reducing the tax liabilities of any investment you make is crucial to maximizing your profits Caution Check the amount of depreciation schedule of the property so you do not miss out on possible tax deductions CREDAI TIMES II MARCH 2017 12 Lack of knowledge will cost you big time I inMESSment was a 25 year oldMBA graduate working as a research analyst and living with my parents Translate that to young naive with money to spend invest As a good Indian boy I sought the advice of my parents and well wishers and was told Buy a house It is a great asset prices never fall etc etc Going by their advice I went hunting for Real Estate with no real knowledge of the market I narrowed down my search to 10 projects I took brochures price sheets did price comparison on carpet area SWOT and all kinds of analysis to figure out the better projects After having narrowed down the list to three I finally settled for what I believed was the best one I paid the booking amount signed some allotment letters which I barely read and within a matter of a month paid 20 of the price of the apartment I was informed the next payment had to be made in another month My savings being depleted I applied for home loans in 3 banks and chose the lower interest rate home loan and got the loan processed The builder sent across the agreement with an additional 10 demand notice I read the agreement and felt the first stirring of discomfort as it seemed to be largely in favor of the developer However when I mumbled about this I was informed that this is the standard format and banks and builders do not negotiate on clauses I stilled my misgivings by thinking this must be the way the industry works and I continued to sign wherever they asked me to as I trusted the banker to have done the diligence as it was an LESSONS TO LEARN 1 Buy a house only when you are ready It s a large investment so don t rush into it prices don t always go up in real estate like everything else they go down and move sideways as well 2 Do your Homework Ask for Legal Diligence Report Architect Surveyor Report etc Hire your own lawyer and consultants it may cost you a little extra but it s worth the money approved project The developer was to construct the house in a 3 year time frame Every quarter I received a demand notice the bank would oblige and within 3 years I had paid more than 90 of the cost I reached the 3 year mark and asked the developer when I would get my ready to occupy house I received a bunch of vague answers After 6 years from the booking year the developer told me the OC had come and offered me possession of the house I had paid for I went to inspect the house and it was quite different from the model flat shown I was expecting a compensation of Rs 5 s ft for every month of delay but instead I was handed over an invoice with extra items cost escalation etc which was at least 20 over and above the original agreed value When asked about the compensation and the basis of extra costs the developer pointed out in 3 Paperwork and Documentation Document the minor details of the transaction things promised by developers verbal conformations etc Maintain a file for the paperwork if things go wrong these will be a lifesaver 4 Actively track your Development Ensure the development is on track if delays the appropriate reason join consumer groups etc Don t take any shortcuts and don t expect others to be vigilant or diligent on your behalf the agreement a clause which stated that the compensation would be paid ONLY when all the demands raised by the developer were paid on time Any delay in payment would result in a penal interest of 18 Additionally there was a blanket clause stating the developer can pass on any additional charges including but not limited to statutory costs etc I was devastated After all it was my signature on the agreement and this was a large amount of my savings not including the interest cost over the last 6 years My advice to you today Don t take any shortcuts and don t expect others to be vigilant or diligent on your behalf Don t let your dream of owning your first house turn into a nightmare an expensive one that too by Mr Wise better late than never Where there s a will there s a house inTESTment A t the outset this clari fi ca tion When I say will I am referring to human desire not that power packed piece of paper that gives you a legacy I was 18 years old living in Mumbai and I badly wanted a house There was only one problem I did not have a penny in my pocket I was not going to let that little fact stop me from getting my house Even the stars in heaven seemed to bow down before my determination This was the year of national emergency and rumors were brewing the Government was going to take all excess property so people were selling apartments overnight at dirt cheap rates One such apartment came my way It was a beautiful one BHK in a treasured area atop a hill near Mount Mary s Church in Bandra on the ninth floor with the sea visible on both sides My pocket was still empty The price of the house was Rs 75 000 of which I had to pay Rs 35 000 overnight The balance was provided for buyers by loans from the Syndicate bank to be paid in equal installments of Rs 500 a month over the following five years My first step was to go to my parents for money When I get married I will not ask you for money I was given Rs 15 000 Next step was to go to my boss at STARDUST the film magazine I worked in as a fledgling journalist I had tears streaming down my face and in between bouts of weeping I said If employers do not help us who will He was horror stricken he pressed the buzzer nonstop sent for the accountant and said Give this person whatever she is asking for just get her out of here I asked the accountant for Rs 10 000 which was given to me to be repaid at the rate of Rs 300 a month until fully paid no interest Only 10 000 more to be garnered My editor at that magazine was Shobhaa now De and a team of really darling journalist colleagues I asked them for their bank pass books all of us had accounts in Dena Bank and cleaned up their savings accounts some had 3000 others 2000 and one even had only 1500 but I took it all went straight to the Glaxo Office at Worli and paid for the flat Not yet 19 and I had a lovely apartment on the ninth floor of the prestigious apartment complex Of course the aftermath was a time of great sacrifice and stinginess A few years ago I sold that apartment in Mumbai for a price 5000 times over what I had purchased it for and brought a house of my dreams in Bangalore Insignificant chota mota girl from backward town Ajmer not a penny in pocket then now living a life of utter bliss in God s promised land and home for me in Bengaluru Moral of the story All you need is to have the will to own your own house and everything else will fall smoothly in place Don t delay a minute more Delay will like the no smoking film ad says in a deep throat voice COST YOU by Ingrid Albuquerque Author international writer
INVESTOPEDIA  WISE SIZE  inBESTment  Equity Harvesting Investing in property is sound strategy for building wealth. But kn...
TRENDING DESIGN HOME BESTIE CREDAI TIMES II MARCH 2017 13 PRESS REFRESH everything s changed Raja Arjun W hen it comes to home d cor 2016 was the year of everything from woven wall hangings to Scandinavian inspired interiors As 2017 has just begun soon enough your thoughts will most likely wander to a home refresh So it s worth exploring the top decorating trends that will likely be on repeat in homes across the country and possibly in your own abode We craft homes for some of the most influential people and we get to explore choices from around the world to make these spectacular homes We have used this experience to collate some easy pointers on how to make them your own These trends are chic inspiring and fortunately don t require a complete room overhaul Green Green the color of life renewal nature and energy is associated with meanings of growth harmony freshness safety fertility and environment Green is strong again From lime green to emerald the hue works throughout the home whether it s as a wall color or a room filling rug If you re not too keen on the idea of using green in large doses we have a simple suggestion Add real ly fun emerald glasses to your regular white plates and suddenly you ve got that up to the minute look Tropical Prints It s no secret that interior design takes cues from the runways and this year we ve seen the likes of Marc Jacobs Prada and Emanuel Ungaro experiment with all things tropical The print will continue to appear in wallpaper and designer fabrics But don t worry if such in your face prints are out of character for you We suggest to throw pillows boasting the trendy pattern Always buy a plain sofa and change it up with new pillows It s just like buying a great piece of classic clothing You can certainly refresh it with a new bag and shoes Texture Weaving texture into an interior makes it more inviting and the idea of mixing fabrics and materials will be on the rise Texture is really important We are seeing more and more texture in every form from brushed brass tables to light fixtures to fabrics and wallpapers A quick way to test the trend Drape a nubby wool throw over a leather chair or mix fabrics used for decorative pillows Marble Brass Combinations We see that marble and brass will continue to dominate in 2017 We re going to see this trend in both kitchens and baths It s that combination of something very natural and clean like white marble and something industrial hard and a little bit glamorous with the brass Muted Colors Does the thought of bold colors anywhere in your home make you feel a tinge of anxiety Don t fret it s all about neutrals in the year ahead Whites beiges pale grays camel and blush pink are super on trend Geometrics Your goal should always be to create a home that feels curated and an easy way to accomplish this is through pattern We ll see inventive geometrics that speak to ancient cultures whether it is African or Asian patterns but they ll be modernized Think simple lines geometric designs and triangles Quirky Lighting Think of lighting as an accessory for your home it s the perfect way to show off your unique design sensibility A quirky lighting fixture looks great in a dining room It s a great space to go for it and do something unusual Also consider sprucing up your bedside lamps with something truly memorable Artisan Crafted Furniture PICS PIXABAY This new year will include an emphasis on uniquely crafted furniture People will be going back to furniture that is more of an investment furniture that is very well made We recommend antique shopping for pieces that will add character to your home Gray Gray was a prominent color in 2016 interiors and it will continue to reign in 2017 We will see different tones of gray a lot of gray and white and gray in deeper colors It s the sort of color that complements a full spectrum of shades from bold red to mellow ivory Bronze 2017 will bring loads of bronze a metal that warms up any space It s a lot more classic in a sense as it complements a myriad of decorating styles We suggest it in lighting and accessories whether it be vases lamps or decorative bowls for the kitchen The author is Founder of Office of Cognitive Design OCD Printed Published and Owned by CREDAI BENGALURU 607 608 6th Floor Barton Center M G Road Bengaluru Printed by Brilliant Printers Pvt Ltd Office 72 Lottegollahalli RMV 2nd Stage Bangalore 560094 We stand indemnified against any claims arising directly or indirectly from the publication or non publication of an advertisement All rights reserved No part of this magazine may be reproduced without the prior permission of the publisher All trademarks and trade names mentioned in this magazine belong to their respective owners Print Publishing does not take the responsibility for returning unsolicited publication material All disputes are subject to the exclusive jurisdiction of competent courts and forums in Bengaluru only Opinions expressed in the articles are of the authors and do not necessarily reflect those of the editors or publishers While the editors do their utmost to verify information published they do not accept responsibility for its absolute accuracy All opinions expressed herein shall in no manner be construed as advise in any manner whatsoever This publication is not for sale re sale and has a limited circulation to certain persons members only Conceptualized edited designed and produced for CREDAI Bengaluru by Berean Bay Media House Pvt Ltd 98 14 Wheeler Road Extension Cooke Town Bengaluru 560005
TRENDING DESIGN  HOME BESTIE   CREDAI TIMES II MARCH 2017 13  PRESS REFRESH     everything   s changed  Raja Arjun  W  hen...
LEISURE PLEASURE TREASURE UNWIND TIME CREDAI TIMES II MARCH 2017 14 Your Guide for the week by Jacqueline Olivia I worked very hard and neglected my family Wipro chairman Azim Premji confessed very recently during the Earthian awards in Bengaluru Our culture is always looking for the fountain of youth but even in the youth obsession we forget that there is a special kind of wisdom that can come only with aging priceless gems that those who have gone before can offer to the younger ones on their upward climb To those who want to love their work but not get gobbled up by it to the extent of neglecting their families and other dimensions of life CREDAI Times presents a selection of after hours leisure pleasure and treasure troves to relax and rejuvenate in LOG OUT TUNE IN Embassy Golflinks This is the dream come true workplace for employers and employees This heart of the city business park off Intermediate Ring Road spreads across 2 7 million sq ft consists of 21 buildings and is occupied by the best of the best IBM Cushman Wakefield Target Mercedes Benz OLA Developed by the Embassy Group it truly is a place where the world comes to work So the question is what do these 43000 employees do after they log off Well considering there is Indiranagar and Airport Road just a hop skip and jump away it s the jackpot of party destinations Here are a few popular hangouts for all things fun INDIRANAGAR AIRPORT RD Snazzy watering holes Microbreweries have become a rage owning one and visiting one Visit Toit Vapour Pub Brewery Murphy s Brewhouse and one will find it overflowing with expats locals and out of towners If you want to know more about beer then sign up for Toit s Brewery Tour which takes place on the 1st Saturday of every month Find out how Toit s Dark Knight Colonial Toit and Basmati Blonde are made Enjoy one and a half hour of beer sampling food pairing and don t forget to collect your free Toit T shirt Big Pitcher on Old Airport Road offers its thirsty and hungry patrons their very own version of pubtainment six hot and happening places under one six storey building take your pick barbeques at Sizzling Street Indian Pan Asian Italian Mediterranean and Continental delicacies in Club Kahuna the wild wild west at Splitwood dancing at Studio 4121 a funky and contemporary discotheque Star Lounge a more sober romantic place for young and very much in love couples or last but not the least The Big Pitcher which offers custom made sweet citrusy and fruity beers So if you ve had a hard day or want to celebrate you won t have to go to far WAYANAD Another lung friendly place filled with beautiful vistas One can enjoy trekking explore caves enjoy safaris and boatrides cooped up in your cube and don t mind traveling 5 kms to Gopalan Signature Mall on Old Airport Road then you ll love the twelve lane brand new Brunswick bowling lanes So whether you are looking to play some friendly games with colleagues or participate in national or international tournament then Go Bowling is the perfect choice for you COME CLOSER GETAWAYS UNLEASH THE SINGER If you missed your chance at American Indian or Australian Idol don t you worry Just walk into Loveshack Big Pitcher or Rewind on Wednesdays Xtreme Sports Bar or Take 5 on Thursdays 380 Down on Fridays and show the world just what they missed MORE SERIOUS FUN Are you an enigmatologist What s that you re wondering Someone who loves solving puzzles So if your idea of unwinding is with a good puzzle then what you need is ninety minutes at the The Escape Hunt Experience Based on the popular online game Escape the Room you and a team of detectives your colleagues friends or random strangers need to solve a murder mystery EVERGREEN BOWLING If you are feeling more sporty and need to expel some energy after being DOWNTIME For the hardcore movie buffs and I don t have anything else to do on Friday night people here are some of the most anticipated Kannada English Hindi and Tamil movies that are making their debut in March Kannada Kaal Kg Preethi EradaneSala Galbaski Bharjari Leader Tamil Kuttram 23 Bruce Lee Enkitta Mothathe English Bleed For This Hell Or High Water Logan Kidnap Kong Skull Island Beauty And The Beast Pirates Of The Caribbean Dead Men Tell No Tales The Zookeeper s Wife etc Hindi Commando 2 Badrinath Ki Dulhania Phillauri EVENTS Tap into your musical skills and sing your heart out Joyride a fun class between 7am to 8 am every Sunday If you want to take in a class to add some muscle to your resume then you won t want to miss out on the Global Integration Bootcamp on March 25 organized by BizTalk360 Topics covered Logic Apps Service Bus Enterprise Integration Pack API Management On Premise Gateway Hybrid Integration and Microsoft Flow For the more outdoorsy folks here are a few treks that you maybe interested in Block the 24 March in your calendar grab those shoes your snack pack and go and catch that sunrise and bond with nature join the Kodachadri Trek or Nishanimotte Trek For those who love parasailing Horizon Adventures offers Parasailing If you are looking for something a little outside Bangalore say less than 150 km travel time then here are a few ideal locations Ramanagara known for rock climbing bird watching wine tours Bheemeshwari perfect for fishing boat rides nature camp Nandi Hills ideal for trekking and contemplating about life but please don t sit too close to the cliff while doing that SUMMER BREAK Your children s exams are over or getting over and you probably need a break more than them Here are a few holiday destinations for families Couples and singles we haven t forgotten about you here are some great locations for you too to unwind and chillax Ladakh one of the most beautiful places in North India hire a bike and travel light The views are to die for but keep your eyes on the road as the paths do get treacherous Bachelors and Bachelorettes this trip is unofficially known as the I have to find myself trip so don t put if off anymore Manali There is a reason why families and couples love Manali There are so many thingsto do horse riding paragliding white water rafting zorbing trekking and places to see namely PirPanjal and Dauladhar Range Coonoor Beautiful green expanses thanks to endless tea estates gardens breathtaking views and a beautiful train ride Coorg Another green gem few hours away from Bangalore offers visitors tea plantation tours wildlife safaris and a lots of clean air
LEISURE, PLEASURE   TREASURE  UNWIND TIME   CREDAI TIMES II MARCH 2017 14  Your Guide for the week by Jacqueline Olivia   ...
GLOBAL INDIAN OYSTER WORLD CREDAI TIMES II MARCH 2017 15 5 PLACES TO VISIT ON YOUR BUCKET LIST I Some things cannot be explained They need to be experienced Like places says Ritu Agarwal never lusted for travel Coming as I do from a simple middle class professional family of Uttar Pradesh we used travel as a bonding tool in our growing up years Simple trips into the Uttrakhand hills and some vacations stay overs at family homes But in the last one decade work took me on an incredible journey around the world And I stand today a changed being Travel is transformative Be a tourist or be a traveller it doesn t really matter but get out of your comfort zone Go explore see new civilizations meet new people eat food different from yours and collect memories The only way in today s explosive world to save it from annihilation is more people going beyond borders and appreciating what lies on the other side THE MALDIVES ZAMBIA LIVING THE ISLAND RUNNING WITH THE ZEBRAS CHURCHILL CANADA EYEBALLING POLAR BEARS I am on the fringes of the Arctic It is snowing outside and there is a polar bear eyeballing me through the window of my bunk bed The annual movement of polar bears along the western shore of Hudson Bay in Canada as it freezes over creates one of the greatest wildlife viewing spectacles on earth And this travel editor one November month finds herself taking four flights Delhi Brussels Toronto Winnipeg Churchill heading to the heart of polar bear country in sub Arctic Canada It is snowing and freezing cold And that brings the big bears out This one is a dream trip It is expensive and takes some preparation The arrival at the Royal Livingston Lodge s plush splendor on the banks of the Zambezi River almost right where the Victoria Falls plummet to earth is dramatic in water taxis landing on the pier with bobbing hippos swimming alongside us the entire way The night sky is an extravaganza of stars With little light pollution and a sparse human population there are few places on earth where you will experience the many wonders of the night sky with this degree of clarity Africa is an absolute must in every traveller s bucketlist ONTARIO CANADA GOING BEHIND THE NIAGARA FALLS I was a bit of cynic when I landed in Canada Having seen so many images and documentaries on the Niagara Falls I was sure like most things reality was going to be a bit of a disappointment As I tog up in a blue Macintosh and board the boat for the Journey Behind the Falls I did not realize I am headed for a journey of a lifetime The awesome spectacle of one fifth of the world s fresh water crashing down to the basin below has to be experienced to be believed As your boat bobs behind the cascade and you stand awestruck in the mist thank me for suggesting this trip Ritu Agarwal I WAS all of 28 years old recently divorced Grappling with chaotic emotions turbulent finances and a new job When the phone rang and my father on the other end suddenly said how much money do you have to spare I really didn t know how to react What for I queried My parents are doctors with high ethics and strong middle class family values typical of India It mystified me that question It panned out that a friend of Dad was selling off a small house in Lucknow my hometown And my mother was insisting that it was bought for me Since I was now single again it was crucial she felt for me to have a roof over my head Now don t get that wrong My parent s house has been always open I am hanging out in an over water hammock Reading a book dipping my toes in the Indian Ocean while a powder white sandbank with a single palm tree stands framed in my view like a painting It s almost unreal But life couldn t get better On the equator and deep in the vast Indian Ocean lies a captivating group of over 1 190 coral islands the Maldives None of the islands have mountains or rivers and the islands are merely two meters above sea level making them the world s lowest country in elevation I don t know whether it is a myth or reality that The Maldives are sinking and may disappear Global warming is an urgent problem that needs to be remedied immediately Photo credit Zambia Tourism THAT FIRST HOUSE THE HOT SHOT I want to share with anyone who loves travel or dreams of it a handpicked selection from my world travels that have changed my life and I will recommend them for anyone wanting to change theirs for me Wide With my brother and his family adding a lot of love warmth and security to it So at that moment I reacted a bit violently Buy a house Why I am earning so little trying to survive and yet have a decent life Besides I am not even 30 But my mom s will always prevails in our household Over the next few days I was cajoled to cough up whatever I could pull out from my little savings The folks added their bit And we picked up a housing loan for the rest I flew into Lucknow Waited impatiently at the registrar office and soon found myself clutching a deed that proclaimed thatRituAgarwal was the owner of a house Time passed I moved from Kolkatta to Bengaluru to Delhi seeking new jobs reinventing myself and never living in that little house which was rented out But my dad always made sure that each time I was home I went and met the tenants and visited the place Soon over the years I started feeling a sense of affection and possession This was MY NATIONAL PARK PLITVICE CROATIA GETTING STUNNED BY NATURE As we check into Plitvice Hotel within the park and quickly set off for our first walk to the upper lakes we are just not prepared for the breathtaking sights which await us Sixteen lakes inter connected by a series of waterfalls and set in deep woodland sprawled over 300 sq km We literally walk over water Wooden trekking paths boats and shuttle trains its like Harry Potter land with bubbling turquoise crystalline pools wooden walkways and hiking trails traversing the porous karst limestone we walk awestruck That night we go to bed with the vivid blue and green images lingering in our dreams Do it while you are young and don t necessarily wait for a dream home Buy the best in what your budget allows at that point as it really is a Catch Me If You Can game house Something that belonged to me The feeling was incredible When the house next door to this place was bought out and demolished the people building a grand big house sent out feelers if we want to sell out as well and give them more space That was the first time we got it evaluated I was pleasantly surprised at how much it was worth at that point But it was when I suddenly found myself out of a job at the age of 48 did I truly understand what it meant to own a house I knew I had a roof over my head no matter what And I also knew I had an asset which could be sold reverse mortgaged or whatever if I was in need At 28 I had felt it was so unnecessary But I was young enough to cut down on silly expenses and repay the EMIs which spread over a period of 15 years did not add up to a huge amount each month At 48 with an unexpected job loss and uncertainty hanging thick around me I simply could not thank my parents enough for persisting over me I see most youngsters these days wanting to buy experiences and not things Travelling has become a huge priority Living a good life looking good eating gourmet all arethe done thing in India 2017 While I am totally for not being obsessed with material goods buying a house early on in life is something I will vouch for Nothing makes you feel more secure in life than owning a house Do it while you are young and don t necessarily wait for a dream home Buy the best in what your budget allows at that point as it really is a Catch Me If You Can game As you grow professionally and your earnings grow as well you can buy the second house or swap for a bigger one I have single working women as friends who have invested over the years in two properties One to live in and the other to rent out to keep the home fires burning says one of them who is fairly sorted in her investments Sounds like a good retirement plan to me Ritu Agarwal is a lifestyle journalist Ex Editor of India Today s premium travel magazine Travel Plus
GLOBAL INDIAN  OYSTER WORLD   CREDAI TIMES II MARCH 2017 15  5 PLACES TO VISIT ON YOUR BUCKET LIST I  Some things cannot b...