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Pidilite Knowledge Seminar

Leading architects and interior designers in Delhi participated in the Pidilite Knowledge Series seminar organized by Pidilite Industries in association with IIID (Institute of Indian Interior Designers)at Casuarina Hall, India Habitat Centre, New Delhi, on October 16, 2008.

Importance Of Valuers’ Role Underlined

Valuers are an arm of the judiciary, as the judiciary depends on them for valuation of property, ” said A.K. Ganguly, Chief Justice of the Chennai High Court while inaugurating a two-day seminar organized by the Institution of Valuers at T Nagar, Chennai on October 17-18, 20008. The event dwelt on techno-legal aspects of valuation of immovable properties.

S.J. Mukhopadhyaya, a judge of the High Court, remarked that “valuers play a crucial role in activities including sale, purchase, mrortagage of land and buildings; creation of trust for charitable purposes; constitution, dissolution of partnership firms, dissolution, amalgamation of companies; obtaining succession certificates, will, probate, partition, gifts; furnishing security to the court of law by delinquent persons and assessing loss of fixed assets.”

He urged the valuers to acquaint themselves with the latest Acts and the rules for better valuation and advised the industry associations to organize more training courses in order to raise the level of professionalism in the industry. P.R. Seshadri, seminar convener, Institution of Valuers, Chennai, and R.S. Baabu, Chairman, Institution of Valuers, also participated in the seminar.

Indian Realty: Needs And Challenges

The Realty 2008 :The Changing Paradigm In Indian Real Estate, organized by the Confederation of Indian Industries (CII) in New Delhi on October 24 and 25 in the backdrop of global financial crisis, deliberated upon the key challenges and opportunities that the industry is facing. The fifth international conference on real estate brainstormed the supply and demand factor, current dynamics of the industry, and going green.

The need for according industry status to the real estate sector, establishment of an independent regulator, permission for ECBs to function and lowering of interest rates were reiterated across the sessions. The panelists highlighted that recession also brings along opportunities like availability of cheap raw land. Slowdown does not stay for long and anticipates a dynamic consumer drive. Green projects are catching up as a trend. Among the panelists were Harpal Singh, Deputy Chairman, CII (Northern Region) and Chairman, Ranbaxy Laborotries; Kuldip Chawlla, Director, Red Fort Capital Advisors Pvt. Ltd.; Navneet Chak, Director, Sobha Developers; Arun Khanna, Head–Corporate Real Estate, HSBC Global Solutions; and Kamal Meattle, CEO, Paharpur Business Centre & Software Technology Incubator Park.

On the second day, the conference advocated a strong need for a regulatory body to standardize the sector and offer a fair platform for the operating companies to address their concerns.

Harpal Singh asserted that ”India has not been affected by the global financial crisis as much, credited to prudent policy initiatives adopted by banks and lending institutions. This held India in good strength, although the country has felt the heat. The sector urgently needs an independent regulator, with a mandate to ensure fair competition and protection of consumer interest.”

The speakers also suggested giving industry status to the sector. The policies towards real estate should be encouraged, and banks and institutions incentivized to lend to real estate. Access to concessional banking, fiscal incentives, and admittance to subsidies were also stressed upon.

Contracts In Realty A Big Issue

CREDAI NCR and Guru Gobind Singh Indraprastha University, Delhi jointly conducted a two-day workshop on “Contract Management in Real Estate” on September 26-27, 2008 in Delhi. The theme of the workshop revolved around effective management of legal issues in contracts to ensure profitability of business organizations.

At the inaugural session, Kuldeep Chander, Professor, Building Engineering and Management, School of Planning and Architecture, and Principal Consultant, Centre for Research in Real Estate and Infrastructure, Indraprastha University (IPU), and Kailash Gupta, Vice-President, CREDAI NCR, dwelt on the increasing importance of efficient contract management practices in order to control costs, check delays in the completion of projects and save the contracting parties from the hassles arising out of disputes.

L. R. Gupta, former DG (Works), CPWD, discussed at great length the management of public, private and NGO sector business affairs and contracts, as well as the requirements of understanding of the intricacies involved in contract formulation, interpretation, review, performance, enforcement, negotiation, as well as remedies in case of its breach, and the strengths, weaknesses, risks and the missing terms before signing a contract.

Jagmohan Lal, Ex-Additional Director, CPWD, deliberated on the Indian Contract Act and Arbitration and Conciliation Act, elaborating the case studies on resolution of disputes through arbitration.

An open house discussion was also organised towards the close of the second day of the workshop. Kuldeep Chander acted as the moderator and the eminent panel consisted of H S Dogra, former Director-General (Works), CPWD, G S Sharma, advocate and Jagmohan Lal. CPWD.

Budget Homes A Major Draw

PBAP Mega Property Exhibition, organized by Promoters & Builders Association of Pune, was held from October 3 to 5 at SSPMS Grounds. According to PBAP, this year’s was one of their largest and biggest exhibitions till date that had more than 28,656 units available for sale. There were 35,000 visitors, 11,833 registrations and 1,113 bookings. The small budget flats were the main attraction of the expo and drew the maximum number of buyers.

Another highlight of the fair was that the PBAP eased the inflation pain for their customers and worked out a deal with the HFIs to offer interest rates at 10% which was 1.75% lower than what the market currently commands. The subsidized rates acted as an incentive for the home buyers and pushed up flat bookings. This discount is available up to the end of October/November.

‘Great Opportunity For Green Homes’

A seminar to promote the Green Building movement in India was held under the aegis of the Indian Green Building Council (IGBC) and Confederation of Indian Industry (CII) in Mumbai in the last week of September. Called the “Green Building Congress 2008,” its goal was to raise the status of India so that it can to be recognized as one of the leaders in promoting this ecologically sustainable movement.

Over 100 green building products/services displayed at the exhibition attracted more than 10,000 business visitors. The Guest of Honour, Niranjan Hiranandani, MD, Hiranandani Group, inaugurated the expo and said “well thought out lighting plans in building passages, planting and nurturing trees, implementation of small sewage recycling plants at corporate and individual society level, and smart water management projects will go a long way in conserving resources and serve as a clever investment for the future.”

CII has set up the CII-Sohrabji Godrej Green Business Centre (GBC) in order to bring in the best practices from across the world and set benchmarks in systems and processes. Describing GBC as an all-encompassing concept that covers green buildings including waste management, water management and recycling and energy efficiency, J.N. Godrej, Chairman, CII-Sohrabji Godrej Green Business Centre, stated that “GBC will now focus on climate change as a critical factor in this area. We also plan to set up a Water Institute soon in Jaipur in order to encourage newer techniques in water recycling and management.

Prem C Jain, Chairman, Indian Green Building Council (IGBC) observed, “Real estate offers a great opportunity for green homes in India, since ours is a growing economy.” While delivering the special address, Ajay Mathur, Director-General, Bureau of Energy Efficiency, congratulated Mumbai for ‘turning the corner’ and setting a precedent for India in adhering to energy efficiency norms and green buildings.

A book, titled “Green Homes” and written by architect R. K. Gautham, was launched on this occasion.

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