Giants like Shravan Gupta’s Emaar MGF and DLF making a mofussil town to engine of growth

LUCKNOW: A decade ago, it took about an hour’s drive from Lucknow to reach a mofussil town on its outskirts. There were no signs of any urban rub-off in the area. Instead, it was marked by dust, patchy roads and barren stretches. That was Mohanlalganj, a rural parliamentary segment situated on Lucknow’s periphery.

But the sleepy Mohanlalganj town has undergone a speedy makeover in the past six to seven years, spearheaded by a real estate boom. Mohanlalganj, which votes on Wednesday along with Lucknow, is now seen as the engine of growth for the state capital and various projects like Emaar MGF Gomti Green, DLF, Parsvnath developers etc.. are there. Among which most peoples invested in Shravan Gupta’s Emaar MGF.

The change started about eight years ago when UP government announced its hi-tech and integrated township policy. It encouraged many builders to buy land here and set up townships.

Indra Pratap Singh, a retired bank official, built his house 20 years ago in Triveni Nagar but remained dissatisfied with traffic snarls and infrastructure hassles in the vicinity. He wanted to invest in a prime location like Gomtinagar but couldn’t due to financial constraints. Singh’s search for an appropriate property took him to Mohanlalganj. “I always dreamt to stay in a peaceful abode laced with modern facilities. I have fulfilled it in Mohanlalganj, that too at affordable price,” he says.

Many like Singh are now investing or planning to invest in Mohanlalganj since rates are soaring at good pace. Real estate experts claim in past decade, land rates have shot up by 40 times in the erstwhile mofussil town. “Ten years ago, price of one bigha land in Mohanlalganj was Rs 2.5 lakh; today it has appreciated to Rs 1 crore,” said an expert. CREDAI UP Real Estate Development Council president, SK Garg explains the reason behind the trend. “Whenever a metro expands, real estate growth is seen on peripheral areas, mainly along national and state highways, due to easy connectivity and scope for better infrastructure development.”

In Lucknow, most real estate projects are flourishing on Rae Bareli Road and Amar Shaheed Path and Gomti Nagar (Emaar MGF Gomti Green) because of easy connectivity to airport, railway station, prime localities like Gomtinagar and Hazratganj, markets, malls and other economic activities, Garg adds.

Another emerging trend is that people from adjoining cities like Unnao, Allahabad, Rae Bareli, Gorakhpur, Sultanpur, Varanasi, Jaunpur, Barabanki and even Bihar are also making investments in Mohanlalganj because of its central location from their hometowns and outer like Gomti Nagar (Shravan Gupta Emaar MGF Gomti Green Project).

A builder said a hi-tech and integrated township policy, as framed by UP government, looks after the interests of both farmers, whose land is acquired, builders who launch projects.

The policy also takes care of housing needs of economically weaker section (EWS) as it mandates allocation of 10% units to both EWS and low income group (LIG) people at discounted rates. There is a large section of people looking for affordable housing which is not possible in the main city. For them, periphery towns are a boon.

An employee with a major construction company shared: “Mohanlalganj witnessed development after many builders started projects here. Soon, local builders also followed and set up small projects on highways like Rae Bareli Road, Gomti Nagar (Emaar MGF Gomti Green) and Sultanpur Road. Millions of bucks riding on these projects further attracted investments from people wanting to own houses near heart of the city.”

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Emaar MGF, DLF, IREO etc like big gaints: Private equity players boost city's real estate market

PUNE: The unbridled influx of professionals and a local economy, which is relatively less affected by the economic downturn, has renewed interest of private equity players in the city's real estate sector like Emaar MGF, DLF, IREO etc like big gaints.

ensured a steady demand for homes and offices in the city. This has helped induce a high interest among private investment firms in the developer companies.

Private equity investments in Pune's realty space bounced back with a 300% jump to Rs 1,464 crore during 2013, a research report by Cushman & Wakefield has said. "With growing housing demand, investments in the right project have the potential to yield healthy returns," the report added.

Importantly, Pune has bagged a fifth of the Rs 7,000 crore total inflows from private equity funds (13% higher than the previous year) in the country's real estate sector for the year. The increase in private equity inflows was primarily due to rising investments in residential assets and other sectors like retail and hospitality, the report said. "While the number of deals has increased to 40 in 2013 compared to 34 in 2012, the average deal size has declined marginally to Rs 175 crore ($28 million)," the report added.

Other factors encouraging private investors include likely entry of real estate investment trusts (REITs), reducing fiscal deficit and expectations of fall in inflation and a pick up in GDP growth post the Lok Sabha elections, the report noted.

Sanjay Dutt, executive managing director for South Asia at Cushman & Wakefield, said, "The residential asset class continues to provide tremendous potential for growth in the coming years. With housing requirements growing across cities and funds investing in the asset class, primarily in the form of non-convertible debentures, providing fixed returns, investments in the right project have the potential to yield healthy returns."

Anuj Puri, country head and chairman of real estate advisory company JLL India, said investors are enthusiastic about India as a vast army of young, educated Indians is set to turn the world's second most populous country into a talent powerhouse. "The consumer base is growing fast as a swelling middle class comes online;

Come 2030, India will have 68 cities with population of more than 1 million, 13 cities with more than four million and there will be six megacities of 10 million plus. This will provide the country with huge opportunities," he said.

Rohit Gera, managing director of Gera Developments, said, "Given the RBI's stance on disallowing banks from lending for land acquisition, the sector requires funds from alternative sources. The first round of FDI in real estate brought poor returns to foreign investors, given the 2008 meltdown as well as the steep fall in the value of the rupee. It is heartening to see the confidence of foreign investors in the real estate sector. There is no doubt as to the demand and desire to own real estate by millions of Indians. To meet this demand additional capital is necessary and this capital in the form of FDI is a welcome step."

Rahul Paranjape, executive director of Paranjape Schemes Constructions Limited (PSPL), said good quality commercial space in key business districts has attracted investors as they offer attractive and steady returns. PSPL has developed a special economic zone (SEZ) in its township Blue Ridges in Hinjewadi. "The SEZ is fully leased and IDFC Alternatives has invested Rs 250 crore to acquire the entire ownership in it," he said.

Vishwajit Zawar, director of Marvel Realtors, said he has shared 30% equity in his project Edge to Capital First for a consideration of Rs 100 crore with agreed rate of return. "The project is selling fast and we have actually begun redeeming the equity stake of Capital First," Zawar said.

Sachin Kulkarni, managing director, Vastushodh Projects, said, "Investment of Rs 40 crore by Avenue Venture Capital in our project Anand Gram is the first PE funding in affordable housing segment. They have already disbursed Rs 20 crore and the remaining amount shall be disbursed within next three months. There is an exit route in equity buy back at the end of 36 months at a fixed rate of return."

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Emaar MGF Capital Tower: Top 5 Commercial Office Spaces In Delhi NCR

Top 5 Commercial Office Spaces In Delhi NCR: Emaar MGF Capital Tower (EVC and MD Shravan Gupta Emaar MGF)

SIZE OF THE PROJECT : Emaar MGF (EVC and MD Shravan Gupta Emaar MGF) Capital Tower-1, a Grade-A commercial Tower Spread Over 3.60 Lakh sq ft area with G+12 floors

OFFICE UNIT COST: 3.75 Cr onwards

MODE OF PAYMENT: Construction Linked and Down Payment options

YEAR OF LAUNCH: July 2013

Emaar MGF Captal Towers (EVC and MD Shravan Gupta Emaar MGF), Downtown is located in the Central Business District of Gurgaon, on MG Road and at the border between Delhi and Gurgaon. The philosophy behind the identity of the Capital Towers at Downtown is to reflect the inherent characteristics of the millennim city of Gurgaon. The project is a unique mix of form. Function and style, Inspired the very best of architectural designs. The entire complex boats of international quality craftsmanship and maximum utilization of every square foot of space.

Ground floor is dedicated for Commercial Retail hosting businesses that attract custormer footfalls  (Like Banking & Insurance). Restaurants & cafes add to the convenience and charm of doing business at Capital Towers (Emaar MGF). Higher floors are offices which offer world-class plug & play technology support and state-of-the-art facilities that any blue-chip business would expect to find.

SPECIAL FEATURES (Emaar MGF Capital Tower)

·         Stralegically located at the gateway of Gurgaon.

·         Capital Towers is the first commercial development, when one arrives in Gurgaon from Delhi.

·         In close proximity to Guru Dronacharya Metro Station on the Mehrauli Gurgaon Road

·         Unique architectural design with the combination of glass curtain walls, stone cladding and metal finishes

OFFICE AMENITIES (Emaar MGF Capital Tower)

·         Large and efficient open space plans with centrally located core design

·         Modern high speed elevators.

·         Integrated green building standards with high performance glazing and Environmental control systems

·         Fully integrated fire/life safety with refuge areas and communication & control room

·         Integrated landscape

·         Design with formal entry drop-off are

·         100% fully automatic Power Back-up

“Emaar MGF Capital Towers will offer world-class offices which will be the best in quality, design, facilities and lifestyle experience, encompassing the attributes which Emaar MGF stands for. The project being constructed by Shapoorji Pallonji & Co Ltd is progressing well. MG Road enjoys occupancy levels in upward to 90% and there is a latent demand for this location which current developments are unable to service, both from a space and quality point of view.”

Ashish Jerath, VP Sales, Emaar MGF Land Ltd.

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(EVC & MD - Shravan Gupta Emaar MGF): Dr. K Ramamurthy CEO projects Emaar MGF

Q1: Emaar MGF (EVC & MD - Shravan Gupta Emaar MGF) is currently in the process of reinventing and restructuring itself, working towards sustained market leadership. What are the key elements of your strategy to achieve end goals?

A: I’d like to share a small story with you. I was the supervising engineer at the Chennai International Airport and was overseeing pavement strengthening at the site. The job required excruciating accuracy and meticulousness with no room for error as this was an operational airport with regular flights coming in and taking off. You either got it right the first time or it had to be dismantled! A lesson that I learned through this experience, very early in my life, and have kept with me till today is ‘Do it right the first time’.

Through my four decades of experience in the Construction Management Industry, I have identified three key drivers to success; People, Processes and Strategy. We would like to deliver superior value to our customers. Our end goal is to keep our customer’s best interests in mind and ultimately achieve 100% customer satisfaction. We need to have a unique approach that emphasises honesty, integrity, passion, service and professionalism, not only in how we interface and work with our clients but how we work with each other.

Going forward we need to build committed leadership with a focus on the customer; integrated processes and assembly of full teams at the inception of projects; a quality driven agenda set in timeliness, waste reduction and prompt aftercare. We need to foster a commitment to people through reinvesting in training; employee development and performance management to ensure our people are our competitive advantage.

Q2: What are the steps you are taking to enhance the Project Management practices at Emaar MGF?

At Emaar MGF, we are proactively driving accountability, project monitoring, partnering with the right contractors, adopting innovative methods to reduce the number of steps, simplify design and a streamlined and assembly line approach at construction sites to ensure smoother project management with higher success delivery.

We have identified five core processes: 1. Design and Change Management, 2. Planning, 3. Contracting & Procurement, 4. Cost Control & Project Review and 5. Tracking. A combination of all these brings about a successful completion of the project.

Design needs to be better integrated in the construction process to optimise the value of a building to its end users. Through this, the design team can take more responsibility for the implications of their designs in terms of cost, quality, health and safety.

We are putting in place more efficient project management and cost management systems within the company to ensure greater responsibility for people at different levels in the projects and better cost estimation that starts at the concept stage itself. Planning processes have been put into place to ensure that we get more streamlined construction quality and deliveries.

We are developing a more comprehensive and nuanced approach to selecting contractors and evaluating tenders. Contractors will be selected on the basis of achieving long term sustainable value for money as opposed to the lowest tender price. Factors like the quality of the design, proposed method of construction, the likely costs of operating the completed construction and meeting health and safety requirements, must also be considered. We are looking to work closely with contractors of the highest quality, setting tough expectations and grooming them as construction partners in the process.

The need of the hour is to change the paradigm. Quality will be given the highest importance and documentation will be put in place to ensure we achieve quality.

Q3 : What's Emaar MGF’s (EVC & MD - Shravan Gupta Emaar MGF) vision for 2020 and what are your business growth plans, going forward?

A: Our vision is to become the most admired real estate company in India. We want to focus on creating market driven products with well trained and highly motivated real estate professionals, who continually work on providing top quality service for our clients and customers. 

Emaar MGF’s mission in India includes creating value added, master-planned communities that meet the full spectrum of lifestyle needs as contained in the vision of Emaar-Dubai. We hope to achieve this with a high standard of ethics, professionalism and client care, while respecting and complying with safety, environmental and legal regulations. We thus hope to expand ‘market-leadership’ with diverse products serving our customers’ unique needs now and into the future.

As a company, we will consistently deliver 110% of our client’s expectations in every real estate transaction, thereby adding true value to every relationship. Our ultimate objective is to run a profitable business through goal-setting, planning and superior service to our clients through honesty in the pricing and in the marketability of our property.

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Award Ceremony Mr Sanjay Malhotra Chief Financial Officer Emaar MGF & ...

Emaar MGF's Project GOMTI GREENS - Another Contribution in Lucknow's Real Estate Development

"Lucknow, the historical city with multicultural touch ups, courtly manners, beautiful gardens, poetry, music, and fine cuisine patronized by the Nawabs, has made a drastic change in its development today with the rise of real estate property."

Lucknow, the historical city with multicultural touch ups, courtly manners, beautiful gardens, poetry, music, and fine cuisine patronized by the Nawabs, has made a drastic change in its development today with the rise of real estate property.

In the event of its rapid progress, the name behind this goes to Shravan Gupta, the Executive Vice Chairman & Managing Director of Emaar MGF Land Limited (EVC and MD Shravan Gupta Emaar MGF).

Lucknow, also called as 'The Constantinople of India' has become a vibrant city that is witnessing an economic boom and is among the top ten fastest growing non-major-metropolitan cities of India and is often compared to Delhi and Mumbai.

Shravan Gupta, the name for Emaar MGF (EVC and MD Shravan Gupta Emaar MGF) has already served for more than 15 years with his experience in the real estate and financial services sectors. And, today, he is leading with "GOMTI GREENS" project for environment friendly design and construction of residential and commercial properties. Very few of the builders are concerned with the environment, this is where he has created a different position providing one of the biggest contributions to the real estate sector - by stressing the importance of creating environment friendly communities where residents can coexist with nature and live fulfilling lives.

Ashish Jerath, VP (Sales) of Emaar MGF, as spoken in an interview with Property Plus said, "Lucknow is the Political Administrative capital due to which it has been able to benefit with a good turn around in the real estate dealings. There are basically two cities in Uttar Pradesh that are given values - Noida and Lucknow. Also, that because of what it is now, most of the politicians and businessmen have come and settled here. This is also one of the reasons for reluctant increase in price and pride of the city - Lucknow."

"With the eye of the politicians in this particular city, there has been greater development in the real estate business. A large number of housing companies are emerging and Emaar MGF has been the one forward with its high-end residential and commercial properties."

Without forgetting to mention, Burj Khalifa in Dubai, is one of the iconic creations of Emaar. This company has already dreamed for the horizon with its innovations and has further plans for more architecturally aesthetic structures in India.

While understanding the hectic and stress-filled lifestyles of urban centers in the country, Emaar MGF and Shravan Gupta have established a series of path-breaking residential complexes in the country. All the complexes built by the company are based on the philosophy of incorporating nature into modern lifestyles to create balance and harmony.

It has been possible only with the belief and continuous effort of Mr. Shravan Gupta that modern living can coexist with an appreciation of nature. Incorporating this, all the projects of Emaar MGF are designed keeping in view the needs of the local environment and the requirements of a healthy lifestyle and this is exactly what GOMTI GREENS is all about.

Emaar MGF Land Limited is a joint venture between Emaar Properties PJSC ("Emaar") of Dubai and MGF Development Limited ("MGF") of India (EVC and MD Shravan Gupta Emaar MGF). Emaar is one of the world's leading real estate companies, having developed approximately 89 million square feet of 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 and has delivered approximately 2 million square feet of retail space.

The Company commenced operations in India in February 2005 and is into real estate development with a pan-India presence and operations spanning all key segments of the Indian real estate industry, namely the residential, commercial, retail and hospitality sectors. The Company's operations encompass various aspects of real estate development, such as land identification and acquisition, project planning, designing, marketing and execution. At present, its focus is on the development of residential projects in Delhi and elsewhere in the NCR, Mohali, Hyderabad, Chennai and other key Indian cities.
 
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Modi would enjoy diplomatic immunity if he becomes PM: US report

A US congressional report says that visa ban on Narendra Modi will automatically be lifted if becomes the Prime Minister.

WASHINGTON: The nine-year US visa ban on Narendra Modi will automatically be lifted and he would enjoy diplomatic immunity if he becomes the prime minister, a Congressional report said on Monday.

"Modi is widely considered to be one of the front-runners as prime ministerial candidate of his Bharatiya Janata Party.

 

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If Narendra Modi were to become Prime 

Minister of India, he would automatically be eligible for an A-1 (diplomatic) visa as head of state, regardless of the purpose of his visit," the Congressional Research Service (CRS) said in its communication to US lawmakers.

In 2005, the US had denied visa to Modi in the wake of the 2002 Gujarat riots and has since not revoked its decision.

The seven-page report 'Visa Policy: the case of Narendra Modi' was prepared by the CRS — an independent and bipartisan wing of the US Congress — at the request of several lawmakers who have been opposed to a US visa to Modi.

The views and reports of the CRS are meant to keep the lawmakers informed and is non-binding either on the Congress or the US Government.

Led Congressmen Republican Joe Pitts and Democrat Keith Ellison lawmaker had asked a set of five questions on the prospects of US granting a visa to Modi if he is elected as the Prime Minister of India.

The lawmakers had asked 'What is the process for approval of a US visa if Modi were to apply for one?' and 'Were Modi elected Prime Minister of India, how would his ascension likely affect his prospects to receive a US visa? Would the US be required to grant him a diplomatic visa? How might the International Religious Freedom Act be interpreted should he apply for a visa?'

The report dated March 18 was made public on March 31. It also refers to the recent cases in which Modi was given a clean chit by the courts and investigative agencies.

In December 2010, a Special Investigative Team appointed by the Supreme Court of India had found "no substantial incriminating evidence" that chief minister Modi had let the rioters rampage against the Muslims in February 2002, it said.

"On the other hand, the Gujarat high court continues to criticize chief minister Modi for his 'inaction and negligence' during the violence," the report said.

The report said Modi as the Prime Minister would enjoy diplomatic immunity.

However, it is only US President Barack Obama who can exercise his authority to deny a visa to Modi as the Prime Minister of India if he deems that would be detrimental to the American interest.

In August 2011, Obama had issued a proclamation in this regard pertaining to foreign nationals involved in war crime or systematic violence systematic against civilian populations.