Expect sales of Rs 2000 crore in FY13: Prestige Estates

Business & Economy, Leaders

In an interview to CNBC-TV18, Irfan Razack, chairman and managing director of  Prestige Estates Projects says, he expects sales of Rs 2,000 crore in FY13.

Below is the edited transcript of his interview on CNBC-TV18. Also watch the accompanying video (at http://www.moneycontrol.com/news/business/expect-salesrs-2000-crorefy13-prestige-estates_695590-0.html)

Q: I will start with your Chennai project where we understand there has been quite a strong response which has been received. Can you just take us through the details of that first?

A: The Chennai project is in Porur. Name of the project is Bella Vista. We launched it on the Pongal day this year. It has done amazingly well. It is totally more than four million sq ft and it has 2,600 apartments. As of date, we have sold little over 50% of the project, which is fantastic, in just about three months time.

Q: Can you give us an idea of the Bangalore commercial market? We understand that office rents, especially commercial property rents are improving there. On a six months basis year-to-date 2012, how much better is it compared to 2011?

A: In the fiscal year 2011-2012, we have been fortunate, we have leased out something like 3.1 million sq ft of office space. The demand is still there and leasing is still going on. I believe even this year i.e. 2012-2013 we will touch another three million sq ft of leasing. When I say it is our company, overall I think last year Bangalore leasing was something like ten million sq ft. So, pretty much we get a 30% market share here.

Even in Chennai, we completed one of our developments called Prestige Palladium of Mount Road, on Greams Road, even that has done very well, the entire building has been leased out as of date at good rental yields. I believe though the supply may have slowed down because people would have been a little cautious, hence the offtake is quite good. So, the rents also have stabilized and are doing well.

Q: What is the trajectory on rents? Since you spoke about volume as well, give us an idea of how it compares with year ago levels both volume of property that is moving as well as the rents at which they are moving?

A: The rents have gone up. Infact, they have to go up, there is no choice because the input costs have gone up. Also, the good thing is that the supply is getting slowed down a bit, hence the demand-supply ratio gap is not that great and hence the rents also have got pushed up. On the Outer Ring Road, today, we are talking of rentals between Rs 45 and Rs 50, which a year ago we would have been talking of between Rs 38 and Rs 42.

Q: What your project pipeline for FY13 would then look like? Also what sort of pricing do you expect because there are some brokerages which do expect you not to move that much on pricing in order to increase volumes?

A: Infact, I would probably not want the prices to move up because again if I breach my affordability barrier, my volumes and my selling stops. So, as far as I am able get my product in place, the pricing and my costing right, I would rather keep on producing and offering it to the customers at a very reasonable and affordable number.

When I say affordable, it could be affordable in any bracket that is there. Like last year it has been a fantastic year for us, we had given a guidance of Rs 1,500 crore of sales in the FY11-FY12. We have exceeded the Rs 2,000 barrier. I think we are in the range of Rs 2,100 crore is the sales that we have done in FY11-12.

I believe even that same trend will continue in this current year. Though my guidance, I won’t be giving Rs 1,500 crore, but I will be giving a guidance of Rs 2,000 crore for the next year. Hope, we exceed that.

But price range, we are trying to see that even if it goes up, it goes up marginally. So, it helps by us to keep buying and the product doesn’t go out of their rich. Now, with the interest rates going down by half a percent and the likelihood of it going down further because hopefully the economic factors provide for it, I think there will be much more activity.

Q: You said Rs 2,000 crore, you mean FY13 revenues, is that what you are referring to?

A: I am talking about sales. There is a difference between what sales I clock during a financial year and what revenues I book. Our revenues are linked to completion of 30% and occupancy certificates and all of that. So, sometimes the revenue trigger doesn’t kick in. But if you look at it, the volume of sales we have done at some 3,500 in 68 units in FY11-12. We have crossed Rs 2,000 crore barrier. In the year 2012-2013, it will be a guidance of Rs 2,000 crore.

Q: I was looking for a guidance on revenues, what kind of percentage growth in revenues you can expect?

A: Revenues will be lumpy. Though I will have this in the pipeline, ofcourse FY13 booked revenues will be much larger than FY12 because all the sales that I have done in 2011-2012 and 2010-2011 will start coming in for recognition in financial year 2013. Margins also will be pretty much the same as what we have had in the current year. I think margins will hold out.

Q: What is your debt and your debt/equity?

A: Right now, we are looking at a debt/equity ratio of about 0.5 with an overall net debt of about 1,000 crore. Even this debt more than 50% probably even 60% of this debt is basically leased rental discounting, most of our debt that we have is more for capex project. Even if there is some debt on my residential, it is only just to see that there is some bit of flexibility. It is where the capex projects, whether it is hospitality or retail or even office where we are retaining for rental, those are the ones that will consume the cash for the debt.

source: http://www.monecontrol.com / MoneyControl> Home> News> Business>  Business News / source: CNBC-TV18 / Monday, April 23rd, 2012

Rural life is my inspiration to write: Hamsalekha

Arts, Culture & Entertainment, Leaders

Caption: Hamsalekha interacting with kids during Belli Hejje programme yesterday. Karnataka Chalanachitra Academy Chairperson Tara looks on.

Mysore, Apr. 22

Music director and lyricist Hamsalekha, who composed the famous song Kurak Kukralli Kere for the Kannada film Nenapirali and bagged an award for it, participated in an interaction programme Belli Hejje at Vanaranga of Rangayana on the banks of Kukkarahalli lake last evening.

The programme was organised by Karnataka Chalanachitra Academy. Journalist and music critic Suresh Chandra interacted with Hamsalekha and asked questions based on his life and works on behalf of the audience.

Born as Govindaraju Gangaraju in Kannambadi village near KRS, he got the pen name Hamsalekha after entering the film industry. He has directed music for 300 Kannada films and has scored background music for more than 3000 film.

“I entered the industry as a lyricist with the song Neena Bhagavanta for the film Triveni in 1971. I debuted as a musician with the 1981 film Rahuchandra,” he said.

“My father was a stage artist. I too would accompany him on stage and got attracted by the rural language. This was my inspiration to write songs,” he added.

When asked about the secret of his success, Hamsalekha said, “Those in music field, in addition to their style of composing, should learn to love life. Only then can they succeed. Many who practice classical music hesitate to experiment. But, we do not hesitate. This is also a reason for my success.”

On a suggestion from the audience to write a song on the soldiers who protect our country, Hamsalekha assured to do so.

A documentary on Hamsalekha was screened on the occasion. District In-charge Minister S.A. Ramdas released a booklet on Hamsalekha. Academy Chairperson Tara Anuradha explained the purpose of extending Belli Hejje to other districts instead of just in Bangalore.

source: http://www.StarofMysore.com / General News / April 22nd, 2012

Mysore Dasara to get World Heritage tag soon

Arts, Culture & Entertainment, Historical Links, Pre-Independence, World Opinion

 

Caption: K.R. Ramakrishna, Commissioner, Department of Archaeology, Museums and Heritage.

 

 

Mysore, Apr. 20

The historic Mysore Dasara will be included in the list of World Heritage, said the newly-appointed Commissioner of the Department of Archaeology, Museums and Heritage, K.R. Ramakrishna.

Visiting the city for the first time after assuming office, Ramakrishna, in a tete-a-tete with SOM on Wednesday, recalled that though the State government had attempted to get the Mysore Dasara listed under the UNESCO, it had failed to effectively portray the festival as of having heritage value.

“Dasara does not mean the present day Yuva Dasara, Mane Mane Dasara, Rangoli Dasara, Yoga Dasara etc. Accept it or not, it is a legacy of the erstwhile rulers of Mysore kingdom, the traditional grandeur of which has been retained and followed to this day in the form of Dasara celebration. This aspect should have been impressed upon the UNESCO delegation. We have prepared a list of drawbacks and will make attempts to eliminate them. Then we will portray Dasara in its original form before the UNESCO,” said Ramakrishna and expressed confidence that it would be accepted.

Asked if preparations were on for it, Ramakrishna said that the matter had already been discussed with the DC. Though the Republic Day is celebrated on a large scale, it cannot be termed as traditional. It portrays the achievements of the Government and the Defence forces. But Mysore Dasara portrays the royal grandeur of the yore and historical significance.

“We have Police and other security personnel with modern equipment and modern uniform. But at the Palace, we will try to create the ambience of royalty, with security personnel and other staff clad in regalia, giving the Palace a heritage touch,” he said, adding that discussions were held with the Principal Secretary of the State government, who also is the Chairman of the Palace Board.

Regarding the conservation of heritage monuments in Mysore, Ramakrishna said that Mysore has been declared as a Heritage City, along with Srirangapatna, Kittur, Bijapur, Gulbarga and Bidar.

“A total of 269 monuments have been listed as heritage structures in Mysore. They will be conserved as new guide-lines. Some buildings owned by private persons that were erected close to the heritage monuments have been demolished,” he said and added that the Bidaram Krishnappa Rama Mandira on Narayana Shastri road will be conserved as a heritage monument.

source: http://www.StarofMysore.com / General News / April 20th, 2012

Guidelines for conservation of heritage monuments

Arts, Culture & Entertainment

Caption: K.R. Ramakrishna (second from right), Commissioner, Department of Archaeology, Heritage and Museums, looking at the display of heritage monuments at Mahajana Tourism Development Institute in city yesterday as former AIISH Director Dr. N. Rathna, Institute Secretary Srinivas and Director Prof. K.S. Nagapathi look on.

Mysore, Apr. 19

Guidelines for the conservation and protection of heritage monuments in the State will be formulated in three months’ time, said K.R. Ramakrishna, Commissioner, Department of Archaeology, Heritage and Museums.

He was speaking after inaugurating the World Heritage Day celebration held under the aegis of Mahajana Tourism Development Institute in city yesterday.

“There are 769 heritage monuments and buildings in the State and conserving them will be a priority for which guidelines will be formulated,” he said and added that under the 13th Financial Plan, a sum of Rs. 25 crore has been granted for this purpose from the Centre while Rs. 14 crore has been granted under the Department of Archaeology and another Rs. eight crore under the Heritage department.

A programme will be formulated to utilise these grants, he said, adding that conserving the heritage structures of Mysore was considered a priority.

“At present, we are facing shortage of manpower to take up conservation works. Hence, plans are afoot to form Heritage Conservation Clubs, involve local people and use their services for conservation works by paying them wages,” he added.

source: http://www.StarofMysore.com / General News / Thursday, April 19th, 2012

 

27th Himalayan expedition flagged off

Sports

Mysore, Apr. 21

The 27th Himalayan Expedition to Nanda Devi East Base camp organised jointly by Rotary Mysore Adventure Corps and International Academy of Mountaineering & Allied Sports (IAMAS) was flagged off this morning at Rotary Centre on JLB Road here by Col. Satish Sharma, Commanding Officer, 1 Kar Engr. Coy, Mysore.

The tricolour and expedition flag was handed over to the expedition team of 28 youths including 8 women who have reportedly come from Mysore, Bangalore, Calicut and Cochin.

The team will fly to Delhi enroute to Manali. The 10-day expdition will cover various base camps through an arduous trek at Himalayas with a panoramic view of the glaciers, a true test of adventure spirit and grit of the team members, according to the organisers. Rotary Mysore President T.K. Chittaranjan, IAMAS Chairman Anil Kumar, Secretary T. Rajeev and Founder D.S.D. Solanki were present.

source: http://www.StarofMysore.com / General News / Saturday, April 21st, 2012

Sparsha Trust works for the uplift of abandoned street children, beggars & drug addicts

Inspiration/ Positive News and Features, Uncategorized

Sanju Rao, Excalibur Foundation, Bengaluru

On a Sunday last February, in a cloister close to Ramaiah Hospital, Bengaluru, over a hundred children in green uniforms participated in Sparsha Trust’s Annual Day Function: dancing, rangoli sketching, performing acrobatics, competing in relays.

These children were the poorest of the poor: the abandoned, the orphaned, the ones wandering the streets in search of a meal or menial work or secluded pavement spaces to sleep on runaways, drug addicts or beggars.

Sparsha was founded by a handful of young graduates with master’s degrees in social work. They began in June 2006 by building a centre –  Shikshana Mitra- in the slums of the Yeshwanthpura Singh communities. The centre was imagined as a shelter where the  slum children would be safe, where they would be nurtured, tutored and transitioned into mainstream schools.

After three years, Sparsha’s first batch of seven children aced their exams and graduated from school. Today, five of them are attending top universities.

Other batches of children followed, tutored by Sparsha staff, brought up to speed with the syllabus in mainstream schools, and subsequently admitted to these school. The children attended school during the day and were tutored and mentored by Sparsha staff in the evenings.

Over time the local community came to appreciate Sparsha’s work. Sparsha encouraged them to get involved with Shikshana Mitra – to value superior aspirations for their children as they excelled in studies.

Over a few years, Sparsha was in a position to hand over the management of the centre to the community itself. Some children – products of Shikshana Mitra – also took ownership of the centre and of the responsibilities entailed with running it. They eventually made the centre their own – independent of Sparsha – and self-sufficient.

Sparsha’s staff spent days, weeks and even months entreating parents to send their children to Sparsha’s centres where children can be cared for and educated. Most parents prefer that their children work alongside them at construction sites or beg or look after their shanty homes.

After conducting awareness programmes spanning over six months among a community of pavement dwellers, Sparsha’s team convinced parents to send their children to Chinnara Thangudhamma in Shivaji Nagar – away from the streets and squalor – where children were provided de-addiction programmes, offered a clean home, fully furnished hostel with bathrooms, trunks for their belongings, smart uniforms, toys, school materials and three nutritious meals daily courtesy an immaculate kitchen and a versatile cook; essentially everything to lead a nurturing, healthy life.

They are taken to playgrounds; those requiring psychiatric treatment are admitted to Nimhans; all children receive health check-ups, medical treatment and dental care. They are also taught sex education, counselled to deal with psychological and emotional problems, motivated to equip themselves with literacy – the means to deliver them from destitution.

Like Chinnara Thangudamma, every Sparsha centre is designed to provide children their right to lead lives of dignity – away from degrading streets and hazardous construction sites where they toil under the scalding sun.

The safety, comfort and education from Sparsha inspire in them the confidence and ambition to pursue careers that empower them to climb out of poverty.

Sparsha has built a sophisticated, resourceful children’s library and a ‘Multi-Dimensional Learning Center’ for computer training. The founding members of this young  NGO, that now has over 180 children directly under its aegis,have set themselves a new target – Mission 2015 – a shelter home to house and care for up to 1,000 children.

source: http://www.articles.economictimes.com / Home> News> News by Industry> ET Cetera> Education / April 18th, 2012

 

Karnataka awards contracts for 80 MW of photovoltaic and Concentrating Solar Power

Science & Technology

Karnataka Renewable Energy Development Ltd. (KREDL, Bangalore, India) has allocated the first 80 MW of solar photovoltaic (PV) and concentrated solar power (CSP) projects through the Karnataka Solar Energy Policy.

 

Karnataka awards contracts for 80 MW of photovoltaic and Concentrating Solar Power

Karnataka Renewable Energy Development Ltd. (KREDL, Bangalore, India) has allocated the first 80 MW of solar photovoltaic (PV) and concentrating solar power (CSP) projects through the Karnataka Solar Policy, following a delay due to legal complications.Contracts for 20 MW of CSP and 60 MW of PV projects were awarded in this first round of bidding. The lowest bid came in at INR 7.94/kWh (USD 0.152/kWh) by Helena Power Pvt. Ltd. for a 10 MW PV plant and the highest successful bid at INR 8.50/kWh (USD 1.63/kWh) by Welspun Solar AP Pvt. Ltd. for a 7 MW PV plant. 

Other successful bidders include Sunborne Energy Services India Pvt. Ltd. and Atria Power Corporation Ltd., each with 10 MW CSP plants, and Jindal Aluminum Ltd., GKC Project Ltd. and Sai Sudhir Energy Ltd. each with 10 MW PV plants.

Additionally, ESSEL Infrastructure Ltd. – Gulbarga and ESSEL Infrastructure Ltd. – Badami will build 5 MW PV plants, with United Telecoms Ltd. finishing off the batch with a 3 MW PV plant.

Under the terms of the program, CSP projects must be commissioned within 30 months of signing a power purchase agreement, and PV projects within 18 months.

The total amount of CSP allocated was shifted from 30 MW to 20 MW due to insufficient interest. Bridge to India states that this is due to project sizes being limited to 10 MW under the program, which is a less economically viable size for CSP plants.

www.kredltest.in

source: http://www.evwind.es / Inicio> Home> Wind and other RE / April 20th, 2012

Anil Kumble 10 Wickets in an Inning

Amazing Feats, Sports
Anil Kumble from India takes 10 wickets in an inning against Pakistan, 2nd Test, 2nd Innings at Feroz Shah Kotla Delhi on February 4-8-1999. India won the toss and electing to bat, India found the off-spin of Saqlain Mustaq too hot to handle and were all out for 252 early on day two. With the pitch providing generous assistance to spinners, Kumble and Harbhajan Singh bowled out Pakistan for a measly 172.
Anil Kumble takes 10 wicket in that Inning and becomes the first Indian bowler to achieved the historic feat of grabbing all ten wickets for 74 runs in 21.3 over spell. India won by 212 runs, India went into the match already 1-0 down in the two match series, eager to avenge the narrow 12-run defeat by Pakistan in Chennai a week previously. 2 match series drawn 1-1. Player of the match Anil Kumble for 14 wickets.
Uploader:  Sreejith Sree
source: http://www.Cricchamber.blogspot.in / Cricket Chamber / Uploader:  Sreejith Sree / April 19th, 2012

Cost-effective liver transplant treatment soon

Science & Technology, Uncategorized

Bangalore:

Health Care Global (HCG) enterprise is planning to bring cost-effective liver transplant treatment to Bangalore soon.

According to doctors, most patients travel to Delhi, which is the hub of liver transplant. In a year, less than 30 liver transplants have been done in Karnataka, in comparison to 300 in Delhi.

Despite HCG starting the service in Bangalore in September last year, not many have come forward for the treatment.

The group plans to bring down the cost of the treatment to `14 lakh, which now ranges between `18 lakh and `30 lakh.

“The need of the hour is to create more awareness on organ donation in Karnataka, which could save many lives,” said Dr B S Ajaikumar, Chairman of HCG.

Dr Subash Gupta, Liver Transplant Surgeon, HCG, said, “In liver transplantation, the failure rate is 20 per cent because of the disease recurrence and the patient’s indiscipline in sticking to strict medication.”

Dr Gupta, said, “Liver transplant is done in anticipation of liver failure, unlike in kidney failure where people can be on dialysis for a longer time. People need to understand this difference and come out to donate liver.”

source: http://www.ibnlive.in.com / South> Southern News> Bangalore / The New Indian Express , Express News Service / Bangalore, April 18th, 2012

 

City Equestrian for Intl. show jumping championship

Sports

Mysore, Apr. 17

Arun Mariba Shetty, one of the top equestrians of the country from Mysore, will be representing India along with Ajai Appachu and Yeshan Khambata at the International Show Jumping Championship to be held at Seoul in South Korean on April 18.

The event, which will see top show jumpers from across the world, will conclude on Apr. 26.

Arun Mariba Shetty, who is also the Public Relations Officer of Vidya Vikas Institute of Engineering and Technology (VVIET) on Bannur Road in city, is the son of Mounted Police Commandant S.G. Mariba Shetty, who has garnered several awards at the national and international level in equestrian events.

Ajai Appachu and Yeshan Khambata are associated with the Embassy Riding School in Bangalore for many years and have taken part in several national and international events.

Show jumpers from Australia, United Kingdom, New Zealand, Japan, China and Middle East will be taking part in the competition which is unique as the riders have to prove their skills on ‘borrowed horses.’ Normally each rider has his own stable of three or four horses which are attuned to the rider and vice versa but in this case it requires a high degree of knowledge of horses and an ability to understand them and make them do the rider’s bidding.

source: http://www.StarofMysore.com / General News / April 17th, 2012