Emaar MGF bags ISO certifications even a ‘new luxury’ Marbella is announced

In a competitive business atmosphere, effective leadership is a critical component and a prerequisite to achieve organisational goals. To do this, leaders must be able to provide inspiration and clear direction to their team. Mr Shravan Gupta, EVC and Managing Director of Emaar MGF Land Ltd., is one such leader. His clear vision and effective planning has guided Emaar MGF Land Ltd to accomplish great heights.

 

Under Mr Shravan Gupta’s agreement of quality, Emaar MGF Land Ltd. has been awarded the coveted ISO 9001:2008 and ISO 10002:2004 certification for its Customer Service function. While the ISO 9001:2008 certification acknowledges quality management system within the organisation, the ISO 10002:2004 recognises guidance on the process of complaints handling related to products within an organization.

 

EmaarMGF was honoured for superior customer satisfaction through the effective application of the system, including processes for constant upgrading of the system and the assurance of conformity to customer and applicable statutory and regulatory requirement.

 

Speaking on the occasion, Mr. Ajay Nambiar, Chief Service Officer at Emaar MGF Land Ltd said, "This is a very proud moment for EMAAR MGF. Emaar MGF is known for its quality standards, best in class processes and its steadfast commitment to achieving customer satisfaction. This certification recognizes the efforts and hard work in that direction.” He added: “ISO 10002:2004 also improves internal operations; helps retain customers, and enhances the company's standing in a highly cluttered and crowded marketplace".

 

Over the years, the premier real estate developers have added many feathers to their illustrious cap. Emaar MGF has numerous exciting landmark projects in progress in the National Capital Region, including Gurgaon & Delhi, Mohali, Indore, Jaipur, Lucknow, Chennai, Hyderabad and Kolkata.

 

Meanwhile, Emaar MGF Land Ltd. has launched its latest ultra-luxury project, a one-of-its-kind gated-community experience – Marbella, in Gurgaon. Strategically located at Golf Course Extension Road, Sector-66, Marbella is an exclusive, seamlessly-planned signature Villa Community. 

 

MrShravan Gupta, Emaar MGF’s executive vice chairman and managing director, and the brain behind the engineering efforts to achieve Marbella’s structural magnificence, points out that the company’s latest venture has the potential to revolutionise plush living, said “At Emaar MGF, we constantly strive to set new benchmarks. We have reached a considerable level of refinement, not only as regards construction, but also in terms of aesthetics.”

 

Marbella is a reflection of Spanish Architecture – spread majestically over 110 acres of sprawling green with 4/5 BHK luxury Villas in the range of Rs 4.5 crores to 8.5 crores. This villas-only development is amongst the largest in Gurgaon with avant-garde facilities, management set-up and a Club House. Mr Shravan Gupta further says, “For the first time, management facilities that more than matches the level of luxury apartments, is being provided in a township (villa) format. This would include power back-up, elevation control, exterior maintenance, lawn maintenance, concierge services, central security and overall monitoring.”

 

With top design standards, opulent amenities and high-end features, Marbella promotes harmonious living within the community that consists of various size options to suit client requirements. The Marbella project has also attracted a host of cash-flush global buyers. Mr Shravan Gupta says, “This will be a game-changer for the upper echelon of the society.”

EmaarMGF redefines luxury, launches Marbella in Gurgaon – A Doorway to Profound Living

Signature Spanish styled architecture designed for the explicit few
Unique concierge service for all the one stop household needs
Gated residential development comprising luxurious villas

Emaar MGF Land Ltd., a leading Indian real estate developer, has launched its new ultra luxury project and one of a kind gated community experience – Marbella, in Gurgaon. Strategically located at Golf Course Extension Road, Sector-66, Gurgaon, Marbella is an exclusive, impeccably planned signature Villa Community.

Marbella is a splendour of Spanish Architecture – spread majestically over 110 acres of sprawling green with 4/5 BHK luxury Villas in the range of Rs 4.5 crores to 8.5 crores. This villas-only development is amongst the largest in Gurgaon with avant-garde facilities management set-up and a Club House. For the first time facility management of the level of luxury apartments is being provided in a township (villa) format. This would include power back-up, elevation control, exterior maintenance, lawn maintenance, concierge services, central security and monitoring.

The Club House on its part will offer facilities matching the stature and lifestyle of the residents including an indoor heated pool/outdoor pool, bowling alley, tennis courts, basketball courts, a high tech gym, a salon/spa, a banquet hall, coffee shop, beautifully landscaped jogging and walking tracks.
According to, Mr. Shravan Gupta, EVC & Managing Director, Emaar MGF, “Emaar MGF by virtue of its lineage, leverages expertise in developing unparalleled luxury housing in India. The launch of Marbella marks the commitment of Emaar MGF to continuously develop properties with modern design concepts of international standards. Our vision has been to provide exclusivity in terms of quality of construction,

international design standards and state-of-the-art facilities for our valued customers promising a better quality of life.”

With premier design standards, quality amenities and high-end features, Marbella promotes harmonious living within the community that consists of various size options to suit client requirements. 

Emaar MGF’s Marbella is designed for an unmatched way of life, within four walls and out in the open. All of this is located in the heart of planned walkways, scenic parks, leisure and recreational facilities personify the experience of villa life. The combination of an upscale neighbourhood and villas with the finest of fit and finish makes Marbella the address of choice which proposes to house 200 units.

Emaar MGF is a pioneer in ‘master planned community’ development with 33 residential projects already underway across the country.

Shravan Gupta, EVC and Managing Director of Emaar MGF congratulated the Indore Team on this achievement

Emaar MGF fulfills its commitment, starts offering possession at Indore Greens

 

Indore: Standing tall on its commitment to customers, Emaar MGF, India’s leading real estate developer, has announced the offer of possession of the plots at Indore Greens. Indore Green is a flagship project of Emaar MGF, a joint venture between Emaar, the world’s most renowned developer and its Indian counterpart MGF.

Emaar MGF, recently received completion certificate for Indore Greens Township from Local Authorities after it completed almost all the development work at site.

Speaking on the occasion, Ajay Nambiar, Chief Service Officer, Emaar MGF said “It is a really proud moment for us. We are keeping our promise that we made to our customers. Emaar MGF has a pan-India presence with an international expertise in town planning and design. Indore Greens is one such example of our proficiency which will create the benchmark for others to follow.
Walking an extra mile towards customer satisfaction, Emaar MGF has issued Intent of Possession (IOP) even for plots that are not currently due for possession. This way, we have become the first developer in Indore to offer possession before due date”

Indore Greens, an integrated township spread over 200 acres of lush green area in Indore, is the first project on Delhi-Mumbai Industrial Corridor (DMIC) to get the completion certificate. The township enjoys an excellent location and is one of the most exclusive, self-sustaining integrated townships in all of Central India. Adjacent to DMIC, it lies between the Jain Temple and Bijasan Temple and is merely 2 kilometers from Devi Ahilya Bai Holkar Airport of the commercial capital of Madhya Pradesh. Indore Greens is designed as a self sufficient gated community and is an eco friendly green project offering well-developed plots with all the basic amenities including street lights, electricity connections, sewer connection etc.
 

About Emaar MGF:
Emaar MGF is a joint venture between MGF Developments Ltd and Emaar Properties PJSC, Dubai. The Company has been instrumental in bringing one of the largest FDI in the Indian real estate sector. Headquartered in New Delhi, the Company started operations in India in mid-2005 and is engaged in Residential, Commercial, Retail and Hospitality projects across India. The Company is driven by its mission to develop and deliver unique integrated lifestyle and work place environments and planned developments and to be recognized as a responsible corporate citizen and an employer of choice. Emaar MGF is constructing master planned developments including residential, retail and hospitality properties to provide fully integrated self contained communities. For more details please visit http://www.emaarmgf.com/

NRIs doing a realty check before investing

Non-resident Indians (NRIs) and people of Indian origin (PIO) investing in premium real estate projects have become cautious and are doing a thorough check before investing, say senior executives in real estate firms.

‘‘The mood is to verify and ensure it is a good property, land and approvals are in place, the location is good, and the project conforms to the master plan,’’ said Kunal Banerji, president, M3M India, after a road show in Abu Dhabi last week.

‘‘Gone are the days of euphoric buying. Today, people are doing calculated buying. They are doing thorough due diligence, checking out the location,’’ said Banerji, who met over 150 prospective investors in Dubai and Abu Dhabi over the weekend.

M3M, which is selling 3-bedroom and 4-bedroom apartments and penthouses at its Golf Estate project, Gurgaon, for Rs 3.6-10 crore each, plans to sell a quarter of these homes to NRIs and PIOs.

Niranjan Hiranandani, chairman, Hiranandani Group, says there’s a resurgence of NRI investment in India as opportunities have dried up in West Asia. ‘‘NRIs are more interested today; enquiries and conversions from them have gone up,’’ he said.

But there’s a difference. ‘‘Earlier, the NRI investor was euphoric – they would cut a cheque, thinking how much one would earn in three months. That exuberance is gone. Today, the NRI investor is taking a medium to long-term call on the property,’’ said Ashish Jerath, vice-president (sales), Emaar MGF.

Today, the NRI investor has a two-three year investment horizon, not less. Hence, he’s more concerned about the record of the builder, the location, and the project, realising only a good property would survive a shock, say experts.

‘‘They realise property prices can quickly go up or down, so it is important to own a good property and not invest in just any. Investors have become cautious. They want to invest in a project which will always have a demand (for resale),’’ said Jerath.

Abhishek Kiran Gupta, head of research at real estate consultancy Jones Lang Lesalle, feels investors have become cautious because real estate valuations abroad are attractive and real estate prices in India have moved up sharply in a short span of time. They’ve gone up by 15 per cent (NCR) to 40-50 per cent (Mumbai’s suburbs) in many markets.

‘‘Prices have shot up not just in Mumbai or Delhi, but in Bangalore as well. The prices have moved up so quickly -- people still remember prices a year back – they are a little uncomfortable,’’ said Gupta

Hiranandani feels investors don’t have an issue if the builder and projects are good. Emaar MGF, Hiranandanis and Lodha Group are builders which have a significant presence abroad.

Emaar MGF

Emaar MGF is a real estate development company of India established in a joint venture between two Real Estate Giants, Emaar Properties PJSC (“EMAAR”) of Dubai and MGF Development Limited (“MGF”) of India. Both the real estate development companies have shown great excellence in the real estate industry.

Being the world’s leading real estate developer, EMAAR has already set bench mark by developing some of the most appreciated projects including, commercial, residential and other business segments. With operations in more than 14 countries, EMAAR has emerged as one of the successful real estate developers to invest and develop properties across different key locations, offer management services for different types of properties etc. EMAAR is not only honored for their excellence in real estate, but also they have underscored their expertise and skills in different domains including hospitality, healthcare and education services.               

MGF Development Limited (“MGF”) was established in the year 1996 in accordance to the laws of India. This is real estate development company is primarily involved in the business of hire & purchase, leasing, and real estate development across India and abroad. With some of successful real estate projects in Northern India, MGF has emerged as a major player in retail real estate development of North India. With due dedication towards customer satisfaction, total value and quality, MGF has successfully delivered about 2 million sq. ft of retail space till date. 

With Pan India Presence, the duo of these two Real Estate Giants instigated their operations in February 2005 in India. Today, the operations of the company span in all major segments of real estate development including, hospitality and retail sectors, commercial and residential sectors. The operations of company covers all the primary facets of real estate development, right from identifying to acquisition of land, planning of projects to designing, marketing and execution.

With the mission to become the leading and admired real estate development company of India, EMAAR MGF has endeavored to delivered some of the most luxurious and cost efficient projects including, The Palm Springs in Gurgaon, Esplanade in Chennai, Commonwealth Game Village Delhi are few to name. For due dedication and commitment towards excellence, EMAAR MGF Group is now acknowledged as the best real estate developers, committed for developing integrated master planned communities comprised of residential projects with all modern facilities etc. Entailing different stages of properties, EMAAR MGF plays a key role in contributing towards the economic revenue of the country, thus facilitating exceptional properties in real estate of India.      

Now, the company is focusing on developing some residential projects in some of the key locations of India including, Chennai, Hyderabad, Mohali, NCR and Delhi. The upcoming projects of the EMAAR MGF includes, Palm Drive, Emerald, Palm Gardens, and Marbella in Gurgaon, Mohali Hills in Mohali, Boulder Hills Gold and Country Club in Hyderabad, Indore Greens in Indore etc. So, the company is looking forward to change the face of residential sector in India by developing these luxurious and world class master planned communities that offers a whole new way to live!      

Emaar Mgf: LUXE LIVING

The country's real estate market may not be in the pink of health, yet the current sluggish phase has not cast an ominous shadow over the prospects of luxury housing, a segment which continues to witness unabated demand, riding on rising number of high net worth individuals with enhanced lifestyle aspirations, coupled with the promise of high return on investment 

From designer homes to intelligent living spaces to sports and entertainment-centric living to homes with world-class concierge and allied services, developers today are raising the bar to come up with product and service offerings, to redefine the luxury real estate market in India. Mumbai, Pune, Bengaluru, Kolkata, Delhi-NCR and to a certain extent Chennai are the most responsive markets for luxury housing in the country. The changing demographics and the rising aspirations have given luxury living a new identity altogether.

Rise in the number of high net worth individuals, rapid pace of urbanisation, influx of global lifestyle trends and an increase in the number of non-resident Indians have contributed significantly towards increasing demand for luxury housing in India.

In cities like Mumbai, Delhi-NCR and Bengaluru, luxury and ultra-luxury residential projects have witnessed ten-fold appreciation over their launch prices in the last decade, implying more than 100 per cent annual returns on investment, claims Santhosh Kumar, CEO, Jones Lang LaSalle India. Most of these projects saw encouraging pre-sale activity and were sold out swiftly, he adds.

In fact, demand for luxury homes in cities like Gurgaon has always outpaced supply, which has encouraged developers to increasingly shift their focus on this segment.“In the last few years Gurgaon has become synonymous with luxury housing owing to the launch of a plethora of high-end projects. Sales have gone up with end-users and foreign nationals not averse to paying a steeper price for world-class features that most of these projects boast. Demand has spiked along with appreciation in their value,” says Ashish Jerath, VP-Sales, Emaar MGF.

Noida, recently, has also seen an increase in demand for luxurious projects. Prateek Group, for instance, tasted success for their maiden luxurious project ‘Prateek Stylome’ in Sector-45. The project had all the ingredients of a luxurious project and it changed the perception of Noida as a destination for affordable housing only. The group’s second offering in this space is ‘Prateek Edifice’.

“Luxury villas and farm house culture have become the latest trends in the Indian real estate market and Delhi-NCR is no exception to this. Luxury housing and premium villa projects coming all over the region have become a massive game changer in this part of the realty market,” says Anil Kumar Sharma, CMD, Amrapali Group and President, CREDAI-NCR. Amrapali has a host of luxury projects including Amrapali Sapphire in Noida and Amrapali Leisure Valley and Amrapali Dream Valley in Greater Noida West.

Although definition of luxury can vary from city to city and locality to locality, over 1.5 crore price tag is usually referred to as the start of luxury segment. Developers, on their part, are trying to outdo each other in breaking fresh ground in luxury. From a typical golf-based to spa-based, wellness or destination-based project, they are now experimenting with various global themes. For instance, Emaar MGF’s Marbella in Gurgaon is an impeccably planned ultra-lavish Spanish style villa community with 4 & 5-bedroom villas. Spread over 110 acres, the villas measure 267, 350 and 500 sq yds. Emaar The Palm Springs, located on Golf Course Road, Gurgaon, is another gated community spread over 19 acres and comprises approximately 230 high-end apartments and 80 luxury villas.

Why luxury works ?

Ultra-luxury projects have a tendency to garner extremely good pre-sale volumes, hence their developers are generally able to secure significant fund flows to capitalize the completion of their projects. “Luxury and ultra-luxury projects yield much higher returns to developers than projects geared towards the affordable and mid-income segments,” says Arjun Shivshankar of Suvilas Properties.

However, Kamal Sagar of Bengaluru-based Total Environment has a different opinion. “High quality homes require an exponentially higher degree of effort and cost. And, at the current level of maturity in the real estate market, developers end up with much lower returns to developers, since several customers continue to look at ‘cost per square foot’ instead of value-for-money.”

While it is also true that input costs for luxury homes are much higher, developers stand to benefit from the increased visibility of their brands among highly affluent, top-end clients. This means that the company can uniquely position itself on the basis of good quality luxury projects. This increased visibility and superior construction is automatically attributed to all other projects by the company. In other words, even mid-income housing projects launched by the developer get benefitted, and will invariably see higher sales compared to projects by developers who have not ventured into luxury housing.

 “Almost 75 per cent of the established builders across India have taken up luxury segment very seriously and the competition is quite intense. It does involve huge amount of risk as well.  So, if developers are not sure of the projected returns, they would not invest in this segment,” says Sanjay Raj, ED& CEO, Golden Gate Properties.

Buyers for luxury projects have very high expectations and want their homes to both offer and reflect a high lifestyle quotient. There is very little tolerance for flaws in design, construction and amenities. Thus, a botched luxury project can have significant repercussions on the developer’s credibility and future success.

Investment wise

Experts reason that luxury is a recession-proof segment. According to Manju Yagnik, Vice Chairperson, Nahar Group, as most of the buyers in this category are the C-Suite of the corporate world, successful entrepreneurs and business tycoons, their financial appetite is not limited to or governed by the economic considerations that give the middle-class sleepless nights. A significant percentage of buyers for such projects are able to self-finance their savings from their earnings.

Recession might take a toll on the response generated and time taken in selling project at the targeted price points. However, the kind of hit that luxury projects take in times of economic uncertainty is significantly lower when compared to residential projects aimed at other categories.

A case in point is DLF which says that despite the current economic slowdown they have received fairly good response from a sales point of view.  “We have been receiving fairly good response when it comes to our overall  luxury project sales,” says Ananta Raghuvanshi, Executive Director-Sales & Marketing, DLF Universal Ltd. DLF has several offerings under luxury segment. To name a few, the company has  Kings Court in New Delhi, Samavana in Kasauli, Samatara in Shimla, Bella Greens, New Town in Bengaluru and Riverside in Kochi.

“From an investment perspective, luxury housing is far better than other segments as it will always yield better returns. The demand is at niche level where one decides on quality and amenities and not on cost,” states Sushant Muttreja, MD, Cosmic Group.

“Luxury projects have witnessed over tenfold increase in prices in the last decade, pointing at huge return on investment on these projects,” adds Ravi Saund, COO, CHD Developers. Rajesh Vardhan, MD, Vardhman Group also affirms that luxury housing produces superior returns for the developers. Vardhman Group has luxury projects – Vardhman Flora and Vardhman Height at Byculla, Mumbai.

However, Deepak Kapoor, Director, Gulshan Homz says, “The luxury segment is all about lifestyle and status and so this segment is not good for short term investment. However, for medium and long term, luxury segment provides great returns.”  Under this segment, Gulshan Homz has its projects -- Vivante Select and Gulshan Ikebana, both situated on Noida Expressway.

Elaborates Girish Shah, Executive Vice President (Marketing & Sales), Godrej Properties, “The most important and prime variable in luxury homes - be it a first home or a second home - is its location. Almost all luxury properties claim to insulate you from the hustle and bustle of city life. But the ideal location could be within the heart of the city, not on its periphery, which will eventually result in good investment.”

Several projects in this segment, in time, become much sought-after ‘brands’ in their own right. This pushes up their re-sale and rental value. Over the long term, luxury projects provide excellent investment opportunity and offer quick exit options, feels Neville Vaswani, MD, Vaswani Group.

However, Bijay Agarwal, MD, Salarpuria Sattva Group has a different take, “While the segment may be recession-proof, however homes in this segment are not moving ahead as second homes.  So, even if people invest in luxury homes, the return would be less.”

Intelligent Homes

While location continues to be a key factor, branded residences are an emerging concept that offers not just a premium address with large spaces but evolved amenities with artificial intelligence, branded fittings such as Roca, Kohler, Grohe etc. and in many cases superior project management.

For instance, Delhi-based CHD Developers plan to launch luxurious studio apartments in their commercial tower CHD Sky One at Sector 109, Dwarka Expressway. With an ‘intelligent’ design, the tower will be energy efficient with optimal utilisation of space. The Group also launched a luxury tower Tee 9 within 106 Golf Avenue on Dwarka Expressway. It has a world-class golf community of exquisite 6-hole chip and putt. Above all, it includes exclusive Golf Concierge.

Developers are also increasingly focussing on creating intelligent living spaces through latest gadgets and technology. Digital locks, electronic surveillance systems, temperature control, wireless communication for Internet and in-house entertainment are common in most luxury homes.

Developers are using systems with sensors to enable residents to control ambience, light and temperature, among other things, through pre-programmed machines. These homes are intelligent enough to sense human presence and accordingly adjust light and temperature. Mantri Developers recently collaborated with networking provider Cisco to deploy information and communications technologies in its projects – Mantri Espana and Mantri DSK Pinnacle.
Sunteck Realty, a Mumbai-focused developer, has tied up with luxury mobile phone manufacturer Vertu to provide concierge services in a residential project aimed at top corporate executives. Each apartment will have a handset through which the residents will be able to call a dedicated concierge desk.

Raheja Developers’ Revanta in Gurgaon has restaurants, cafes, spas, lounges, common swimming pools, valet parking, automated car-wash and helipads.

“Luxury today has evolved and has moved several notches up and includes various lifestyle aspects such as theme-based developments – entertainment -centric living, golf/sports living in which projects are developed with a certain theme in mind. Leading lifestyle brands such as Versace & Armani are now being roped in to take care of flooring, wall designs, fittings as well as sanitary ware,” says Harinder Dhillon, Sr. VP, Raheja Developers. The Group is also coming up with another iconic project - Raheja Oma on NH-8, Dharuhera.

Spacious luxury apartments and villas invariably come with top-quality interiors, bathroom fittings and kitchen decors, often imported from abroad. For instance, One Avighna Park at Lower Parel in Mumbai promises to be amongst the most-sought-after residential addresses globally. Its material selection is based on quality, durability and service. For instance, imported switchgears from France, windows from Germany, water-proofing products from Malaysia, fire-fighting systems and pipes from UK, etc. The project is already 51 storeys up with delivery scheduled in 2014.

Pricing trends

By virtue, luxury and ultra-luxury comes with a price tag. Pricing largely depends on the location of the project. In addition, amenities, type of construction and interiors also determine the pricing of the project. Opulent interiors with superior quality fittings in living spaces is a mark of luxury housing. External lifestyle amenities also add to the overall living experience of the residents. Today, many developers are associating with international architects and landscape designers to provide the best in class product to their customers. All these factors add to the premium charged by the developer.

According to Ashok Gupta, MD, Ajnara India, “The pricing is 25-50 per cent more than the mid-segment rates prevailing in the same area, depending upon the kind of amenities and the quality being provided.” The group is coming up with Grand Ajnara Heritage, a luxurious project located in Sector-74, Noida.

Prices differ city-wise as well. In Bengaluru, anything above 6000 per sq ft could be considered luxury. But it may not be the same in Mumbai where prices above 15,000 per sq ft come under this bracket. On an average, the pricing of a luxury home would be over 1.5 crore, while a super luxury apartment would be from 5 crore onwards. Whereas in tier-II cities houses above 3 crore come under the ultra-luxury segment while in a tier -III city anything upwards of 1 crore will be considered super luxury.

According to Ravi Gurav, Vice President – Marketing, Dheeraj Realty, “in luxury housing there is no particular pricing trend. It all depends on certain factors - location, brand value and amenities and facilities provided.”

Future Outlook

Innovations and evolving lifestyle aspirations will drive the luxury housing market in India. Technological advancement coupled with design innovations are evolving fast and continuously raising the bar of luxury offerings.  What is important to note is that these luxury offerings need to be in sync with local culture, demography and residential density components to provide an optimum impact and the real luxury experience. “As we see it, this segment promises great growth potential in the near future,” says Devang Varma, Director, Omkar Realtors & Developers.

However, Anshuman Magazine, CMD, CBRE South Asia, sounds a note of caution, “The short-term outlook is difficult for the segment, considering subdued demand levels and supply-demand mismatch. At present, developers are focused on clearing off existing inventory before launching any fresh projects. A silver lining, however, has been the increasing trend of non-resident Indians (NRIs) purchasing housing property to leverage the depreciating value of the rupee.”

In Gurgaon, demand for luxury segment is expected to soar further in the coming four years. The entry of newer players in NCR, mainly connected with the IT, services and industrial sectors, has contributed to the hike in housing demand, which is expected to go up further with the influx. “Gurgaon will continue to see significant rise in luxury housing as the infrastructure is improving significantly and the city has witnessed a rapid pace of urbanisation over the last one and a half decade,” claims David Walker, ED of SARE Homes.

While Mumbai real estate market may see prices dip temporarily in certain micro markets, yet over the long term, real estate prices here will certainly see an upswing. There is definite lack of delivery but not supply. States Nishant Agarwal, MD, One Avighna Park, As a wise man once said, don’t wait to buy real estate, buy real estate and wait.”

Emaar MGF’s Central Plaza soon to get operational

Company said it has completed 90% of the construction work at Central Plaza which is part of Emaar MGF’s prestigious integrated township ‘Mohali Hills’

Emaar MGF Land Ltd, a leading real estate and infrastructure developer today said that their upcoming commercial space ‘Central Plaza’ at Mohali will soon get operational. Company said it has completed 90% of the construction work at Central Plaza which is part of Emaar MGF’s prestigious integrated township ‘Mohali Hills’.

Emaar MGF’s retail offering ‘Central Plaza’ is a half km long building, themed in Spanish style. The concept is based on the lines of strip malls found in nearly every city of the U.S. and Canada. In addition to unique architectural features the structure has been made earthquake resistant with 100 % power back provision for air conditioning. Central Plaza will have 45 elevators and a parking space to accommodate approximately 1200 cars.

Part of the company’s integrated township ‘Mohali Hills’, Central Plaza will not only have Mohali as its core catchment area but it will also serve as a one-stop shopping destination for the brand-conscious Chandigarh buyer. Located in Sector 105, Mohali, the retail cum office complex will have footfall from the surrounding residential sectors as well as from outside due to close proximity to international airport.

According to Mr. Rajiv Gupta, Head Sales (North), Emaar MGF Land Ltd, “We are in talks with several well-known anchors and tenants for Central Plaza even as the company has seen a significant rise in bookings for retail and commercial space. In fact 80 per cent of the units have already been sold out’.

He further added, “As far as the construction status is concerned, nearly 90% work has been completed. We are focusing on speedy and seamless execution of all our ongoing projects. Likewise possession of Central Plaza is expected to be handed over by Dec’13”.

Central Plaza will boast of a dynamic mix of supermarkets, laundries and pharmacies, eclectic boutique, stylish restaurants and kiosks under one roof. Covered arcade for all retail shops, wooden trellises and sitting spaces are few of the alluring features which would make ‘Central Plaza” hard to resist. Beautifully landscaped plazas with lush green gardens and water bodies are a major attraction for evening sit-outs in the cafes and for the kids.

A key feature of Central Plaza will be a large parking area and a dedicated drop-off zone for every section that would make shopping and working here a different experience. This is in sharp contrast to the chaotic parking and clogged entrances of malls located in Chandigarh’s Industrial Area and Zirakpur.

Emaar MGF inaugurates ACETECH 2013 ACETECH 2013 commences from Dec 5th at Pragati Maidan, New Delhi

Emaar MGF Land Ltd, a leading real estate and infrastructure developer inaugurated the ACETECH 2013 event at Pragati Maidan, New Delhi. Dr. K Ramamurthy, CEO-Projects, Emaar MGF lit the ceremonial lamp along with other dignitaries Mr. Sumit Gandhi, CMD of ABEC Ltd, Mr. Navin Raheja CMD, Raheja Group and Architect Dikshu Kukreja of CP Kukreja and Associates. Dr. Ramamurthy then gave the inaugural speech emphasizing on contributions made by real estate industry to country's overall GDP and how it is helping its subsidiary industries to flourish. ACETECH is an exhibition of designers, architects and construction material manufacturers organized by ABEC Ltd which happens every year in Delhi, Mumbai, Bangalore, Ahmedabad and Chennai. 

Emaar MGF Land Ltd, a leading real estate and infrastructure developer inaugurated the ACETECH 2013 event at Pragati Maidan, New Delhi. Dr. K Ramamurthy, CEO-Projects, Emaar MGF lit the ceremonial lamp along with other dignitaries Mr. Sumit Gandhi, CMD of ABEC Ltd, Mr. Navin Raheja CMD, Raheja Group and Architect Dikshu Kukreja of CP Kukreja and Associates. Dr. Ramamurthy then gave the inaugural speech emphasizing on contributions made by real estate industry to country's overall GDP and how it is helping its subsidiary industries to flourish. ACETECH is an exhibition of designers, architects and construction material manufacturers organized by ABEC Ltd which happens every year in Delhi, Mumbai, Bangalore, Ahmedabad and Chennai.

ACETECH 2013 is an event completely dedicated to the fast moving construction business in Asia, especially in India. This is a common platform for architect, construction and engineering fraternity to showcase their out of the box work and sharing ideas with each other. ACE represents Architecture, Construction and Engineering.

Speaking at the inaugural session, Dr. K Ramamurthy, CEO Emaar MGF said, "On behalf of Emaar MGF I congratulate ABEC for organizing this huge event. The event's emphasis on promoting innovative products, services and technologies, dovetails not just with the ethos prevalent at Emaar MGF but of the need of industry. The criticality of product and service innovation has direct bearing on cost, quality and timely delivery."

He further said, "The real estate market in Delhi NCR has developed by leaps and bounds in the past few decades and is today, by far, India's biggest real estate market. Though there are two issues that need to be addressed in order to propel our industry into higher global orbits: quality and delivery. For a real estate company to succeed, I believe timely delivery and assured quality are indispensable prerequisites. A quality-driven agenda is imperative for all real estate players. And this needs to be based upon the norms of zero defects, on-time and within-budget deliveries, innovation, and waste reduction along with prompt after-sales service." 

Speaking about ACETECH event Mr. Sumit Gandhi, CMD, Asian Business Exhibition and Conferences Ltd. (ABEC) said, "We realized that the local demand for these construction and infrastructure products is great and we came up with ACETECH. This platform really played a pivot role in construction and architecture industry. I am sure with presence of some of the great companies like Emaar MGF; this year we will create a new history to explore the new horizons of this trade."

Notes to Editor About Emaar MGF

Emaar MGF is a joint venture between MGF Developments Ltd and Emaar Properties PJSC, Dubai. The Company has been instrumental in bringing one of the largest FDI in the Indian real estate sector. Headquartered in New Delhi, the Company started operations in India in mid-2005 and is engaged in Residential, Commercial, Retail and Hospitality projects across India. The Company is driven by its mission to develop and deliver unique integrated lifestyle and work place environments and planned developments and to be recognized as a responsible corporate citizen and an employer of choice. Emaar MGF is constructing master planned developments including residential, retail and hospitality properties to provide fully integrated self contained communities. For more details please visit http://www.emaarmgf.com/

Emaar MGF Presents the Porter Prize India 2013

The Porter Prize 2013 organized by Institute for Competitiveness, India, is the second in its series and is being presented by one of India’s leading real estate companies Emaar MGF. The event is scheduled to held on October 11, 2013 at The The Leela, Gurgaon.

Applications for the prestigious award have been received from various organisations across a wide variety of industries and sectors. After a rigorous evaluation and Jury meet, the best companies in their industry would be declared as the Porter Prize winners in the six categories. 

Industry leaders, social influencers, CXO’s and other high profile corporates from leading companies of the country would be attending the high profile event. The awards would be preceded by three thought-provoking panels on Industry Dynamics and Architectural Shifts, Tradeoffs and Choices and on Fit and Synergies.

Dr. K Ramamurthy, CEO, Projects, Emaar MGF, who would also be on the panel at the event said, “The Porter Prize recognizes true leaders who have epitomized the spirit of corporate governance, and stood apart by creating value, something we at Emaar MGF salute and totally ascribe to.” 

The Porter Prize is named after the renowned thinker, Harvard faculty member and Father of the modern strategic field Professor Michael E. Porter. It commences with three panel discussions and after which the Strategy Guru Michael E. Porter will address the Indian corporates in his renowned style and manner. It will be then followed by the award ceremony. 

Dr. Amit Kapoor, Institute for Competitiveness, India was delighted to have Emaar MGF as the presenting sponsor of The Porter Prize 2013. He said, “It is a pleasure for us to have partnered with Emaar MGF for the Porter Prize. It is coming together of two significant brands that we truly appreciate”.

The event will feature three thought provoking panel discussions on strategy and shared value wherein many renowned CXO’s of various National as well as International companies, operating in India will share their ideas and views.

Some of the prominent speakers are Dr. K Ramamurthy, CEO, Projects, Emaar MGF, Ravi Varanasi (Chief-Business Development, NSE), Moses Manoharan (Editor-in-Chief, Global Dialogue Review), Gerd Hoefner (MD and CEO, Siemens Technology and Services Pvt. Ltd.), B K Sethuram (VP, Dow Coatings and Construction, Dow India), Pankaj Phatarphod (MD, RBS), CVL Srinivas (CEO, Group M, South Asia), V Shankar (MD, Rallis) etc.

There will also be special address by Nadir Godrej (MD of Godrej Industries and Chairman, Godrej Agrovert) and Dr. Devi Shetty (MD, Narayana Health).

According to Navroze Dhondy, Managing Director, Creatigies Communications, which stitched together this partnership, “Brands, companies and people all find great value when like-minded associations are created. We saw great synergy in the partnership for both Emaar MGF and The Porter prize, and were delighted that the same value was seen by both the partners.”

About Emaar MGF

 Emaar MGF Land Limited is a joint venture between Emaar Properties PJSC (Emaar) of Dubai and MGF Development Limited (MGF) of India. Emaar is one of the worlds leading real estate companies, having developed real estate across residential, commercial and other business segments and with operations in 14 countries. MGF has established itself as one of the key players in retail real estate development in Northern India.

Headquartered in New Delhi, the company started operations in India in mid-2005 and is engaged in residential and commercial projects across India. The companys operations encompass various aspects of real estate development, such as land identification and acquisition, project planning, designing, marketing and execution. The company is driven by its mission to develop and deliver unique integrated lifestyle and work place environments and planned developments and to be recognized as a responsible corporate citizen and an employer of choice. Emaar MGF is constructing master planned developments including residential and commercial properties to provide fully integrated self contained communities. 

About the Institute for Competitiveness

Institute for Competitiveness, India is the Indian knot in the global network of the Institute for Strategy and Competitiveness. Institute for Competitiveness, India is an international initiative centered in India, dedicated to enlarging and purposeful disseminating of the body of research and knowledge on competition and strategy, as pioneered over the last 25 years by Professor Michael Porter of the Institute for Strategy and Competitiveness at Harvard Business School. Institute for Competitiveness, India conducts and supports indigenous research, offers academic and executive courses, and provides advisory services to the Corporate and the Governments. The institute studies competition and its implications for company strategy; the competitiveness of nations, regions & cities and thus generate guidelines for businesses and those in governance; and suggests and provides solutions for socio-economic problems.

For more information on Porter Prize, please visit the Porter Prize website: www.porterprize.in

Centuries-Old Italian Olive Trees Die as Scientists Track Killer

A plant germ found in Europe for the first time is killing off centuries-old olive trees in southern Italy’s Apulia region, and researchers haven’t yet figured out how far the pathogen has spread.

Scientists found xylella fastidiosa, a bacterium native to the Americas, in plants across Lecce province in Apulia’s south and are now widening their search to all the region, Anna Maria D’Onghia, head of integrated pest management at the Mediterranean Agronomic Institute of Bari, said by phone today.
The pathogen, detected last month, is linked to die-back of olive trees over 8,000 hectares (19,768 acres) near the city of Lecce, the European Food Safety Agency reported two days ago. Apulia is Italy’s largest olive growing region with production of about 11 million metric tons last year, or 36 percent of the national crop, government statistics show.
“It is a very important olive production area, of course it means a big impact on producers,” D’Onglia said. “The problem is evident because the biggest trees are declining. We are speaking about really ancient olive trees.”
The pathogen is wasting 500-year-old olive trees, the researcher said. The Bari institute is testing plants without signs of infection to determine a protective buffer zone. The germ may have been introduced via the import of ornamental plants, according to D’Onghia.
“Xylella goes everywhere, the host range is so wide,” D’Onghia said. “We are researching how far the pathogen has moved from this area, or is still moving. Usually when you see the diseased trees it’s too late.”

Task Force

Italy’s Agriculture Ministry said Oct. 27 it was setting up a task force to determine the boundaries of the infected areas and develop a plan to prevent further spread.
The strain of the germ in Lecce’s olive trees is xylella fastidiosa multiplex, not known to infect grape vines and citrus trees, D’Onghia said. The multiplex strain does infect almonds and stone-fruit trees such as peach and apricot, according to the Parma, Italy-based EFSA.
“This strain should not be the strain that affects grapes and citrus,” D’Onglia said. “I say ‘should.’ Research is in progress.”
A xylella fastidiosa variety can cause Pierce’s disease, which kills infected grapevines, according to the University of California. The disease costs the state’s grape growers an estimated $105 million a year, including $47 million in lost production and replanting costs for wine makers, a 2012 study by the university found.
The bacterium infects the woody water-transporting tissue of plants, known as xylem, and all insects in Europe feeding on sap in woody parts should be considered potential carriers, according to EFSA. D’Onghia said it could be spread by various species of insects known as leaf hoppers.

Uprooting, Destruction

The only recommended course of action is uprooting and destruction of the diseased trees, Raffaele Baldassarre, an Italian member of the European Parliament, wrote in Oct. 24 questions to the European Commission, asking the EU’s executive arm what financial aid could be given to affected growers.
The number of host plants in Europe is uncertain because many species would encounter the bacterium for the first time, EFSA wrote.
The germ is a “very serious threat” to Europe, the European and Mediterranean Plant Protection Organization, or EPPO, wrote in an online alert. The bacterium blocks plants’ transport of water and mineral nutrients, though “numerous” wild plants such as grasses can carry xylella fastidiosa without symptoms, the Paris-based group said.

Dying Trees

The dying olive trees in Apulia also contained various fungi, according to EPPO.
“There is no record of successful eradication of x. fastidiosa once established outdoors due to the broad host range of the pathogen,” EFSA wrote. The agency said controls should focus on living plants and insects shipped in plants.
The disease “could be a major problem” with “a huge scope,” Francesco Serafini, head of the environmental department at the Madrid-based International Olive Oil Council, said in e-mailed comments yesterday.
To contact the reporter on this story: Rudy Ruitenberg in Paris at http://www.tuugo.it/Companies/tekno-line/0170002947710
To contact the editor responsible for this story: John Deane at http://www.youtube.com/channel/UCciCvzZ_VSWIdIWWpHlCShQ

A golden opportunity

The split of Silvio Berlusconi’s party could boost the governing coalition

 

IT WAS meant to be a christening, but it turned into a funeral. On November 16th Silvio Berlusconi, a media tycoon, rebranded his party, the People of Freedom (PdL). Henceforth it will be Forza Italia (Come on Italy), the name of his political vehicle before 2007 when he merged it with the more right-wing National Alliance to form the PdL. But the much-vaunted rebirth provided the occasion for a split. A faction loyal to the interior minister, Angelino Alfano, stayed away from the relaunch congress. And on the same day Mr Alfano, once the billionaire businessman’s designated successor, announced a new group in parliament called the New Centre Right (NCD). This looks as if it will evolve into a separate party.

The split offers Enrico Letta’s coalition a glittering opportunity to introduce the economic reforms that Italy urgently needs if its economy is to move ahead in the years to come at more than a snail’s pace. The OECD this week predicted that unemployment (12.5% in September), and debt as a proportion of GDP (133%) would both continue to rise, even as the economy creeps out of recession next year.

Cohabitation between the centre-left Democratic Party (PD), to which Mr Letta belongs, and the NCD may never be easy. But the government will be able to get on with its job now without having to worry that Mr Berlusconi might at any moment pull the rug from under it. That threat had already receded: Mr Alfano and his fellow-rebels blocked an attempt by Mr Berlusconi last month to destroy the coalition. The formation of the NCD makes the threat even more remote. All the PdL’s ministers joined the rebellion, pushing Mr Berlusconi and his reborn Forza Italia into opposition alongside the Northern League and the maverick Five Star Movement of Beppe Grillo, a comedian.

Mr Berlusconi launched his failed coup last month in retaliation for what he sees as the PD’s refusal to prevent his expulsion from parliament following his conviction for tax fraud in August. The senate is expected to vote for his ejection on November 27th. Disagreements over his fate are not, however, the only reasons for the split in the PdL. The rebels tend to be closer to the centre. And they are impatient with Mr Berlusconi’s autocratic style of leadership.

That was also the reason for the last big split on the Italian right. In 2010 a previous Berlusconi lieutenant, Gianfranco Fini, stormed out of the PdL to form his own party. He and his followers have since been reduced to virtual irrelevance, a point the television magnate made forcefully to Mr Alfano in the gruelling negotiations that failed to prevent the latest split. But there are differences between the two revolts. Mr Alfano’s followers in parliament are more numerous: 30 in the 321-member senate and 27 in the 630-seat chamber of deputies. And whereas Mr Fini led his disciples into the wilderness of opposition, Mr Alfano is assuring his of a place in the governing majority, if not the government.

His rebellion poses the intriguing question of whether, as Mr Berlusconi reportedly fears, Italy’s newly fortified coalition might be the basis for something more ambitious. Since the early 1990s, when Italy began experimenting with bipartisan politics as an alternative to the broadly based coalitions that had governed Italy for the previous 40-odd years, some have insisted that the country is inherently unsuited to two-party democracy and would benefit from a powerful centre party. Mr Alfano and Mr Letta, who are on good personal terms, both emerged from Democrazia Cristiana, the old Christian Democratic Party, which spanned the middle of the political spectrum and dominated Italy’s post-war politics.
Much will now depend on the achievements of their coalition and on whether it can reignite economic growth. And for that, the government will need more courage than moderation.

 

 

Italy boat sinking: Hundreds feared dead off Lampedusa

At least 130 African migrants have died and many more are missing after a boat carrying them to Europe sank off the southern Italian island of Lampedusa.

A total of 103 bodies have been recovered and more have been found inside the wreck, coast guards say.

Passengers reportedly threw themselves into the sea when a fire broke out on board. More than 150 of the migrants have been rescued.

Most of those on board were from Eritrea and Somalia, said the UN.

The boat was believed to have been carrying up to 500 people at the time and some 200 of them are unaccounted for.

Italian Interior Minister Angelino Alfano said the ship had come from Misrata in Libya and began taking on water when its motor stopped working.

It is thought that some of those on board set fire to a piece of material to try to attract the attention of passing ships, only to have the fire spread to the rest of the boat.

Simona Moscarelli, a spokeswoman from the International Organization for Migration in Rome, told the BBC that in order to escape the fire, "the migrants moved, all of them, to one side of the boat which capsized".

She estimated that only six of about 100 women on board survived, adding that most of the migrants were unable to swim.

"Only the strongest survived," she said.

It is one of the worst such disasters to occur off the Italian coast in recent years; Prime Minister Enrico Letta tweeted that it was "an immense tragedy". The government has declared a day of national mourning on Friday.

"There is no miraculous solution to the migrant exodus issue," said Italian Foreign Minister Emma Bonino. "If there were we would have found it and put it into action." 

In a separate incident on Thursday, local media reported that around 200 migrants were escorted to the port of Syracuse on the island of Sicily, when their vessel encountered difficulties five miles off the coast.

Earlier this week, 13 migrants drowned while trying to reach Sicily.
'Continuous horror' Footage from Lampedusa showed bodies being laid out on the dockside.
The mayor, Giusi Nicolini, described the scene as a "continuous horror".
"It's horrific, like a cemetery, they are still bringing them out," she said, according to Reuters.

 

More than 140 people have been rescued from the shipwreck, officials say

 

The vessel reportedly capsized after a fire on board

 

There are believed to have been around 500 people on board the vessel

 

The bodies of the victims were lined up at Lampedusa dockside

The boat went down a few hundred metres from the shore of the island and divers said they found 40 bodies in and around the sunken boat on the sea bed.
Mr Alfano said at least three children and two pregnant women were among the dead. Local media reported that a suspected people smuggler had been arrested.

One Eritrean woman who had been placed among the bodies recovered from the sea was later found to be breathing, Italian media said. She was taken to hospital in Sicily.

Pope Francis sent a Twitter message calling for prayers for the "victims of the tragic shipwreck off Lampedusa". In July he visited the island and condemned the "global indifference" to the plight of migrants trying to arrive there.
In a later audience at the Vatican, he said: "The word is disgrace: This is disgrace!"
In a statement UN High Commissioner for Refugees Antonio Guterres commended the swift action taken by the Italian coast guard to save lives.
Mr Guterres also expressed "dismay at the rising global phenomenon of migrants and people fleeing conflict or persecution and perishing at sea".
At this time of year, when the Mediterranean tends to be calmer, vessels carrying migrants from Africa and the Middle East land on Italy's southern shores almost every day, the BBC's Alan Johnston reports from Rome.

Lampedusa mayor Giusi Nicolini: "These bodies are all speaking. We need to stop this"

But often the vessels are overcrowded and are not seaworthy.
The UN said that in recent months most migrants attempting the crossing were fleeing the conflicts in Syria and the Horn of Africa, rather than coming from sub-Saharan Africa.
The UN High Commissioner for Refugees said that more than 1,500 people drowned or went missing while attempting to cross the Mediterranean to reach Europe in 2011, making it the "most deadly stretch of water for refugees and migrants".
The UN also said that almost 500 people were reported dead or missing at sea during 2012 in attempts to reach Europe.
The number of those arriving by sea to Italy this year until 30 September stood at 30,100, according to the UN.

"A disgrace": Pope on boat tragedy

The main nationalities of those arriving were Syrian (7,500), Eritrean (7,500) and Somali (3,000).
On Wednesday a draft report from human rights body the Council of Europe said that Italy was "ill-prepared for a new surge of mixed migration on its coasts".
Italy's system for receiving and processing migrants and asylum seekers was not fit for purpose, a council committee on immigration said.

Sex, Sleaze, Lies, and Dho-kaa

The Crash of Indian Icons

Its a fierce battle raging out there,in the battle-field of Indian political warfare,fire for gossipy tabloids and thrills and frills for the paparazzi. As an incredulous electorate is detracted from focusing on main electoral issues of concern, instead they get a peek-a-boo into the private lives of their neta's, those men who are meant to uphold and deliver justice to their people. Stumped by serial revelations spinning out of the Pandora's Box, great stories for a box-office hit, but a sad commentary for Indian voters left choiceless and flummoxed, as to who to vote for as their elected leader?

The incumbent P.M is a reclusive, dithering somnambulist, but of unimpeachable personal integrity. Heading a 'kleptocracy', the most corrupt government India ever had since independence,ineffectual in bring to book his colleagues or coalition partners guilty of their crime.

Then,we have an alternate in Modi, the P.M-in-Waiting from the opposition BJP, who is being sullied in a quagmire of the 'snoopgate' allegations. Surveillance on a woman architect, using state machinery to spy on her, regardless whether it was “protection” with her consent, or “stalking” without her knowledge, surely put him on the back-foot.

The “dirty tricks” department of both Congress and BJP working on overdrive in a slugfest to defame each other, would be now on a full-time witch-hunt in a run-up to the 2014 elections.

A third-slur to the series of lies and love scandals, the that's sprung out of the Lit-fest in Goa. Again to do with “The Scent of a Woman”! Behind the scenes of the literati gatherings at Goa's mind-fest, was a Sex-fest going on in the criminal mind of Tarun Tejpal. Amidst the cerebral revelry the crusader who once founded a credible brand, Tehelka, stood exposed. The institution he headed of being the credible watch-dog of scandals,himself turning scandalous by his alleged brutal act of raping his own employee! The very man who anointed himself as arbiter, judge, and jury and executioner, with his founding brand to nail the corrupt, defamed and shamed in the act himself! Not for being corrupt, but for his perversity in sexually abusing his victim in a hotel lift. Corruption is not just to do with illegal methods of making money. It comes in many shades, illicit morality being the darker shade of grey. Quite reminiscent of Bill Clinton's amour (though consensual in his case, at a sanctified place of work,the scene-of-crime being the highest office in US of A.) Vive-a-la difference?!

Alongside, a quadra-story of corruption emerged within the week, that of an organization founded on the principles of highest integrity, breaking its own norms. Formed with an ideal to fight systemic corruption, but mid-way becoming part of that very mired system his party vowed to combat. With the AAP' s candidate coming under the scanner for alleged cash donation without a receipt, the act crumbled the very edifice it was founded upon. Even if the sting operation was a political conspiracy, the footage managed to nail its candidates being no different in accepting cash and making compromises, as is the practice with its peers.

It left us all pensive at the thought, after the Asaram rape, are they all the same? Saint turns sinner; journos turn porno; activists turn- back from their purist stand like the brood of politicos, already synonymous with corruption; and a mascot of uprightness, turns obsessive with using power to patronize and stalk?

The Crash of icons! As the clashes turn into a free-for- all verbal skirmish, it is the populace who are the sufferers of the collateral damage. Damage to their sense,sensitivity and sensibility of morals more than anything else. Its like serial blasts rocking the nation, worse than a terrorists strike, that hits at the dignity of all Indians. In these exposes: The Life and Times of people in high places,a stunned nation watches its leaders moral decline, regardless what will be the outcome of “When law takes its (lazy) course”... as we will be told.

Whether any of the scandalous personae will ultimately be acquitted or indicted, the blemish will always remain as their badge of dis-honour.

Did we ceased to see Congress in any other light than corruption? No! They remained guilty,and never got to be proven innocent! So will it be with Tejpal's heinous rendezvous in the lift with an innocent victim, or the needle of suspicion at Modis alleged snoopgate, or AAP's candidates compromise on principals will always return to haunt them!

As Lady Macbeth lamented,sleep-walking through her guilt “All the perfumes of Arabia will not be able to sweeten this little hand...”

Even if We the People have short attention- spans, these stories have already turned viral to allow them a short-shelf- life in public memory. The Indian voters threshold for scandals is too low, to expect the clemency from their hearts, to forgive their leaders any more.

How steel can become the next oil for India

This year's rise in the current account deficit, the associated impact on the economy and subsequent measures to control the deficit beg the question: apart from oil (and gold), are there other import categories that could derail us in the short-to medium term?

One can't help but think about steel as a possible candidate. On the face of it, this hypothesis is untenable. While both oil and steel are expected to witness continued demand growth, the comparison ends there. India is among the lowest-cost producers of steel and has the potential to emerge as a regional hub.

Sample this: India is home to the fifth-largest reserves of high-grade iron ore and has vast reserves of coking coal. Together, these minerals form the key inputs into steel-making, accounting for over 50% of the total cost of finished steel. With access to cheap labour and technically qualified engineers, and with over half a century of iron- and steel-making expertise in the nation, certainly India should be expected to have a vibrant, not to mention selfsufficient, steel industry.

Strong domestic demand is expected to underpin the growth of the industry in India. While the current demand growth is below the trend in recent history, given India's stage of economic development, we estimate India has the potential to consume about 250 MT of steel per annum by the middle of the next decade. However, will India be able to feed the demand through local production and build a thriving steel industry? The period between 2005 and 2008 witnessed a series of capacity announcements ..

— over 50 million tonnes — which seemed to support the theory of India emerging as a steel hub and being self-sufficient in steel.

However, several large greenfield projects have not taken off and several others have been severely delayed. At around 96 million tonnes per annum (MTPA) of current capacity, India would have to triple its capacity by the middle of the next decade to meet the expected demand. About 60% of this additional capacity is expected to be greenfield projects that that take longer to implement due to challenges related to land acquisition, clearances and financial closure. At eight to 10 years to commission a steel plant, India already takes twice as much time as China to put up these capacities. This will only go up due to the changed regulatory and business context.

 In a business-as-usual scenario, India is likely to fall significantly short of the capacity required to feed its domestic demand. Assuming no dramatic fall in demand, we estimate a shortfall in capacity of 60-70 MTPA by 2025. We would have no choice but to import steel or curb the rapid development we aspire to achieve.

In an economy already strained by oil and other imports, such a magnitude of import would increase the current account deficit by about $20 billion, or anywhere between 25% and 30% of this year's expected deficit. Differently put, in such a scenario, steel imports would be second only to oil imports. If this were to happen, it would have far-reaching consequences well beyond the strain on our national finances.

Not only is a vibrant domestic steel industry important for a developing economy as it builds its infrastructure and manufacturing, it also has a significant multiplier effect in terms of jobs and economic growth.

Several large economies like the US and Germany to China and South Korea have developed a thriving steel industry during their developmental stages. India is at the crossroads of a similar opportunity and the stakes are high. The window of opportunity is limited before we are compelled to find a solution possibly less optimal.

The writer is partner and director, The Boston Consulting Group

This year's rise in the current account deficit, the associated impact on the economy and subsequent measures to control the deficit beg the question: apart from oil (and gold), are there other import categories that could derail us in the short-to medium term?

One can't help but think about steel as a possible candidate. On the face of it, this hypothesis is untenable. While both oil and steel are expected to witness continued demand growth, the comparison ends there. India is among  ..

Read more at:
http://economictimes.indiatimes.com/articleshow/26494844.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

This year's rise in the current account deficit, the associated impact on the economy and subsequent measures to control the deficit beg the question: apart from oil (and gold), are there other import categories that could derail us in the short-to medium term?

One can't help but think about steel as a possible candidate. On the face of it, this hypothesis is untenable. While both oil and steel are expected to witness continued demand growth, the comparison ends there. India is among  ..

Read more at:
http://economictimes.indiatimes.com/articleshow/26494844.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst