Mall-ody rocks Punjab

From theme-based malls to product-specific ones, the Land of Five Rivers is going to have them all, asserts Shveta Pathak

Punjab is all set to witness a major retail boom with nearly 40 malls coming up in the state by 2010. More than 30 would be operational in the coming two years. The state, which has been consuming more than others, has become a hot destination for those in this industry. While most major cities would experience the phenomenon, Ludhiana, Jalandhar and Amritsar would be on the top of the chart. Among the categories that are expected to generate maximum expenditure are food, fashion and lifestyle.

Market players, big names

Developing of malls is attracting investment to the tune of thousands of crores of rupees and even more is on the cards. Construction is on at a speedy pace, a fact quite visible in most cities.

The names entering this market include national as well as local players, trying to rope in top brands in domestic and international markets. From MBD, Ansal, Aeren R Enterprises, Subhi International to Freeman’s and even DLF, the queue is long.

Most players have planned more than one malls. MBD, for instance, has planned to come up with malls in Ludhiana, Jalandhar, Patiala and Amritsar. Delhi-based Subhi International will develop malls in Ludhiana, Chandigarh, Jalandhar, Mohali and Patiala.

Facilities to be provided

Each developer claims his mall would offer a “unique experience”. Among those coming up are a gold and wedding souk, a themed mall that would have several malls within a mall, malls that would offer entertainment through cineplexes. Target customer is not only the elite. It is also the upper-middle and middle class. In age categories too, there is no limitation, malls have plans right from kids to youngsters, and seniors.

“Each mall would offer a unique experience not only in terms of its own theme but also through the different brands it would offer. With relaxations in FDI, a large number of international brands would enter, giving customer more options to chose from,” said Mr Vivek Srivastava, Vice-President, Marketing and Corporate Communications, Aeren R Enterprises.

So the state would have facilities like an ice-skating ring, clubs, tennis courts, bridge rooms etc, multiplexes with platinum lounges and agronomical seats, five-star hotels-all in malls, and also malls that would celebrate festivals in a “different style”.

Challenges that lie ahead

The challenges for mall owners lie in not just roping in top brands, but also retaining and sustaining them. Even as it does not directly affect the developer, success of malls in the long run would depend on number of real customers generated- that is those who actually spend in malls.

Apart from strong and reliable infrastructure, they will have to ensure a right tenant mix and also strategies that provide profitable for their tenants.

In case of customers, it will not be the “top segment” customer through whom players would be able to sustain in the long run. The challenge here lies in attracting the middle-class and rural customer, who will look for better options not just in variety but in pricing as well, say market experts.

Customer’s view on malls

By far, residents are excited about the malls that are coming up. However, the reason is more because malls are providing a place to hang out, which most cities in the state lack. Retailers are yet to reap benefits of the boom.

“With the mall having come up here, I can while away my time in the evenings in a relaxed environment. Plus there is no tension of kids getting lost as is the case in case of traditional markets,” says Shalini Malhotra, a Ludhiana resident.

In the existing mall, food outlets are getting an encouraging response but in case of other retail outlets, most people come for window-shopping only.

“A lot of people visit the mall, but its mostly for eating out and window shopping,” a retailer conveyed sentiments of many.

The share of the section of society that is going in for branded products is not very high and most residents complain of high pricing by shops in malls.

“A large number of malls are coming up and providing lot of options but they will have to evolve better strategies to attract customers from varied income groups and ages, which is only how they can be successful. Else, why should we leave our good old shopkeepers who give a better bargain,” Akaash Wig, a resident of Jalandhar opines.

Even as huge potential exists, the real challenge thus remains in tapping it!

High spending, how real?

Studies portray that consumer spending in Punjab is higher than the national average.

Aeren R Enterprises, which is setting up a Rs 250-crore project of Mallz, got a study conducted by a Vancouver -based company, Hudema Consulting Group. The study says that city residents’ retail expenses are set to rise by more than Rs 2,000 crore within the next five years. The retail potential, which is Rs 3,864 crore currently, would increase to Rs 5,940 crore by 2010, an increase of more than Rs 2,000 crore. This figure would go up to Rs 14,131 crore by 2020.

“At least 9 lakh people are expected to be added every five years in this city as the current population of 1.6 million would increase by 16 per cent every five years,” the company said.

Projections are equally positive for other cities as well. Punjab has been consuming more than most other states, and is significantly higher than the all-India average in almost every retailing category, says Images-CII study on “Retailing in Punjab: 2010 and Beyond”. These categories include food and beverages, footwear, clothing and communication. As per estimates, the average per person monthly consumption expenditure during 2004-05 in urban Punjab was Rs.1182.90, which is higher than the national average of Rs.1149.52.

As per study, unlike other states, the unique feature about Punjab is that it has an equal support from urban as well as rural consumers so far as growth in consumption is concerned. This factor points to a tremendous potential for organised retail, as the location choice would not act as a constraint here.

The average monthly consumption expenditure for rural consumers in Punjab is Rs 1,022.05 — only marginally lower in comparison to the state’s urban average, but much higher than the national average of Rs.635.72 per person per month, says the study.

No wonder, investors are quite keen to tap this huge consumption potential in the state.

Shopping along the Zirakpur highway
Pradeep Sharma

Credit it on the strategic location or proximity to the tricity, Zirakpur, the erstwhile sleepy township on Chandigarh’s periphery, is going the Gurgaon way.

As the battle royale among the major realtors to offer state-of-the-art apartments hots up, the township is waking up to shopping mall-cum-multiplex culture with at least seven state-of-the-art shopping malls in the pipeline.

The strategic location on the three busy highways — Chandigarh-Ambala, Kalka-Ambala and Zirakpur-Patiala — coupled with the high-density of population are proving to be Zirakpur’s assets to emerge as the shopping mall hub of the region, real estate observers feel.

And to top it all, the cost factor is also working in favour of the setting up the shopping malls-cum-multiplexes. Since setting up the malls in the tricity is a costly affair, the promoters have taken a fancy for the township, where the civic body had recently taken up major developmental works aimed at augmenting the water supply and sewerage system.

Since all shopping malls are located at prime locations on the highways, the promoters of the shopping malls are eager to cash in on thousands of motorists, who travel on the highway daily. The start of work on the four-laning of the Chandigarh-Ambala highway and building of thousands of apartments, which would be inhabited in the next couple of years, are the other reasons prompting the builders to come up with the shopping malls.

The Silver City Group has taken a lead in starting the construction of the shopping mall-cum-multiplex — Cosmo Plaza.

It will have, among other things, magnificent atrium, international brands, wide frontage, designer boutiques, food courts, four world-class theatres, kids zone and lifestyle stores.” Among the other groups reportedly planning to come up with shopping malls are the NK Sharma Enterprises on the Chandigarh-Ambala highway and the Paras Group on the Zirakpur-Kalka highway and Sun City.

Chandigarh Tourism hotels set for makeover

After Mount View, Shivalik View and Park View are all set to undergo architectural changes, writes Sanjeev Singh Bariana

An artist’s impression of what hotel lounge will look like after the makeover

The Chandigarh Industrial and Tourism Development Corporation (Citco) has initiated a move to restudy the architectural designs of its premises in different parts of the city in order to refurbish them according to the needs of the day. After Hotel Mount View, it is the turn of hotels Shivalik View and Park View.

A senior officer of the administration said: “Times have changed and so have the needs of the city. The population is bursting at the seams and it calls for a natural review of the existing building designs. Multi-storeyed housing buildings, coming up in the northern sectors, highlight the changing trends. Similarly, the demands of the hotels have changed. We are taking a feedback from the experts and the general public. The change in the hotels hints at the possible changes required in the other set-up of the city as well.”

Citco has acknowledged that over the years the demands and requirements of the clientele have changed and sought more value based services. The population has grown and so has the economic upliftment in the society, which has a direct bearing on aspirations.

Citco has engaged the services of Habitat, the Ludhiana-based consultants, for the recommendations on the possible changes in Mount View. In the second stage, Citco will take up the project of the traffic entry and parking at Hotel Park View, besides improvement in the residency facilities. “The entry to Park View, Sector 24, is right through the heart of the sector where the general public complains about traffic interference. We are looking at alterations in the design,” Mr Jasbir Singh Bir, Managing Director, Citco, said.

Citco is also looking at the scope for alterations at Hotel Shivalik View. “The place is strategically located in the heart of the city and is near to the ISBT. The traffic flow on the roads outside would be affected in case there are a number of cars parked on the roads. We are looking into other changes,” he said. “In the first phase, we are just taking up Hotel Mount View. The rest will follow automatically,” he added.

Citco also organised an interactive meeting of the top architects of the city to deliberate upon the proposed changes in Hotel Mount View. Dr Rajnish Watts, Principal of Chandigarh College of Architecture, highlighted “an unimpressive entry and exit design from the V4 roads- not of standard of a luxury hotel”. He said the front lawns needed an expert landscaping to realise the distinct advantage of the sit.

The Habitat Design Consultants in the ‘refurbishment plan’ said that the requirements of the parking have increased manifolds and requires more places.

Realty giants target Holy City

Amritsar wakes up to multiplex culture as property price escalates, observes Varinder Walia

The present real estate boom in the Holy City of Amritsar is mind-boggling. International developers, for the first time, have understood the potential of the city. Till last year, nobody, not even in wildest of dreams, had ever thought of such sky-high prices of real estate that was once badly hit owing to militancy. The recent boom in real estate is attributed to softening of the border.

The borders are considered the ‘best sites’ and the most happening places all over the world. However, the potential of Wagah /Attari could never be exploited due to Pakistan being a hostile neighbour.

Moreover, Amritsar is a window to whole of South East Asia. Mumbai from Amritsar is 2,200 km whereas Kabul is 2,000. Amritsar is soon going to be trading hub, says a property developer. He claims that Amritsar will create history as far as land prices are concerned. This real estate boom has not slowed down nor has it shown signs of steadiness.

The true potential of Amritsar was felt in August last year when a prime commercial land, measuring 10,000 square yards, near famous Ram Bagh fetched Rs 78.50 crore during an auction, conducted by the local Municipal Corporation.

The rate of Rs 78,500 per yard was mind-boggling and this was considered an index of potential growth of Amritsar, which is fast becoming an “International City”.

Malls galore

Now, national and multinational realtors are all set to enter the market in order to secure a pie of the market. It is evident from the fact that more and more companies are in queue to set up state-of-the-art multiplexes in the city.

One of the first such developers is Advance India Projects Ltd (AIPL), the promoters of the Celebration Malls, with more than 15 years of experience in the real estate industry. They have already developed over 1.5 million square feet of commercial space in and around Delhi, with highly-rated clients like Rolls Royce, Star TV, DHL, Ambuja Cement, Ogilvy, Bentley, Ricoh, Mudra and Radio City amongst others.

Besides there are half a dozen more malls in the pipeline, which would dot the landscape of the city and periphery in coming time. Out of these some of them are expected to take shape by the end of this year. Some of the major malls are Today’s, Omaxe, City Centre and Eminent while Central Mall is already operational.

Mr Daljeet Singh and Mr Harinder Singh, both Executive Directors of the AIPL, say that retail boom is catalysing the retail industry to grow faster. They say India is the fifth largest retail destination in the world, with only 2 per cent of the retail industry within the purview of the organised sector.

Apart from providing outlets of international brands, the Celebration Mall would offer various avenues of recreation and world-class infrastructure. It would transform the lifestyle of the people of the town.

Majority of the malls are being constructed in the Civil Line area, besides on the airport road. Celebration Mall is being built on the Batala road where once the popular Gagan Cinema existed.

The mall would host some of the biggest global brands, including McDonald’s. It would be operational by August 2007. Replete with ultra-modern elevators and escalators for all floors and a four-screen multiplex, there would be a strategic zoning i.e. dedicated floors for youth, men’s wear, kid’s zone, food entertainment and multiplex.

Pak factor

Another factor, which is likely to spur buying, is the opening of trade with Pakistan. As per SAFTA reached between SAARC nations, trade between India and Pakistan would be opened this year.

And now for the latest development! RSA Prop Build has joined hands with MGF, a leading real estate company of India. A multiplex-cum-mall called “The Metropolitan” is going to start within a month’s time. This is going to be the biggest mall in Amritsar with over 3 lakh square foot of saleable area. It is going to be a 120-feet high building with 150 rooms of hotel and a four-screen multiplex with a food court and shopping mall with two basement parking for around 550 cars. Other big malls, which are coming up in Amritsar are Omaxe Novelty Mall, Celebration Mall, Maiden Mall and Gold Souk.

An investors’ paradise
Manoj Kumar

With bonhomie in India, Pakistan relations, a large number of investors are showing keen interest in investing in Amritsar — expecting it to emerge as a major trading centre after the opening of border trade in near future.

Under the South Asia Free Trade Agreement (SAFTA), the trade is likely to increase between the two countries manifolds, once the customs duty comes down with effect from July 1. Expecting appreciation in residential and commercial property rates, a large number of big players are queuing to invest in this area.

After the announcement of the DLF Group to invest over Rs 1,000 crore in special economic zone (SEZ) there, other groups have also announced to develop malls and commercial complexes in this town, besides residential complexes.

In this regard, Col. R. S. ‘Pickles’ Sodhi, MD, Alpha G:Corp said: “The easing of Indo-Pak relations has succeeded in bringing a boom for the real estate market in Amritsar. Developers are anticipating the opening of borders and for the customer base to increase which would include visitors from across the border up to Lahore.”

Alpha G:Corp has plans to invest Rs 700 crore in Amritsar to set up hotel and other projects.

He said: “The initial investment for this mega-project in Amritsar will be Rs. 270 crore in Phase – 1 and will be a destination centre encompassing retail, entertainment, luxury hotel and stand-alone boutiques. It will also include the 200-room luxury boutique hotel under the brand name ‘Ista’ from the Ananda group of hotels, which alone will entail an investment of over Rs. 100 crore.”

On selecting the town, he said, the large SEZ planned by the state through private-public partnership is also a motivating factor. “Anyhow, with the major metros becoming saturated with mall developments, a virgin market like Amritsar is the new attraction for developers. AlphaOne will be spread over 25 acres on GT Road and will be the largest city centre development in Amritsar that will cater to the new and old city,” adds Mr Sodhi.

The government’s decision to develop Amritsar Airport as an international airport has also influenced the property rates near Wagah border. On the other side of border, the property rates have also gone up substantially up to Lahore, expecting a good business in coming days.

Problem of plenty in Queen of Hills

Multi-storeyed structures, built up to get good return on investment, lie unutilised, says Rakesh Lohumi

The number of commercial establishments in Shimla has crossed the 3,000 mark and against the norm of one shop for every 200 persons, at present there is a shop for about 50 persons in the Shimla Planning Area

The construction boom in and around the “Queen of Hills” has led to a queer situation. While the mad race for owning multi-storeyed structures continues unabated, a good part of the property, already built up, lies unutilised.

A survey conducted by the Town and Country Planning Department has revealed that 30 to 40 per cent of built floor space lies vacant as there are no takers. The obvious reason is that individuals have constructed much more space than their bonafide requirements in the hope that investment in real estate would ensure good returns. However, many of them, in particular those who have built huge structures by raising loans, are now realising that they have erred in going for such constructions which drained all their resources.

The only redeeming feature is that the value of the property will only appreciate with time and that they could still hope to make a fortune by disposing it off at a later date. With the Tenancy Act, which debars non-agriculturists from purchasing land in the state, in place, buyers who are ready shell out a fat sum, are not easy to find. Moreover, those who are in a position to pay, look for elegant drive-in houses, which is mostly not the case. Buildings have been built haphazardly on steep slopes and do not even have proper pedestrian approach, what to talk of road connectivity.

Construction continues

A survey conducted by the Town and Country Planning Department has revealed that 30 to 40 per cent of built floor space lies vacant as there are no takers as supply exceeds demand

There has been no let up in the construction activity and more and more structures are coming up. The number of dwelling units has increased from 33,766 in 1991 to 45,163 in 2001 in the Shimla Planning Area, which includes the peripheral belt comprising Dhalli, Kufri, Kusumpti, Tutu and Shogi. Another 3,000 structure have come up since and about 2,500 are in various stages of construction. By the time they are complete, the unutilised built-up space will reach 55 to 60 per cent.

The survey analysis reveals that out of total households, 37 per cent are house owners and 63 per cent tenants. It apparently shows that being the state capital, a prominent tourist destination and service centre, most of the persons who are engaged in government, semi-government services and tourism sector are accommodated as on rental basis in private houses. More and more house owners are using residential built-up space for commercial purposes because of the inability of the residents to pay higher rents. As a result, the number of commercial establishments has crossed the 3,000 mark and against the norm of one shop for every 200 persons, at present there is a shop for about 50 persons in the Shimla Planning Area. It has become a fashion to convert built floor space for commercial pursuits.

Only about 10 to 15 per cent of the buildings, which have come along the main roads, that could be put to commercial use are yielding good returns. Besides influential owners, mostly politicians and senior officers, manage good returns by renting out their property to various government and semi-government agencies.

Hotels not viable

Most of the businessmen who have constructed palatial buildings are not bothered much about the returns as they have invested their black money and it’s a convenient way to make it white.

The number of hotels has increased from about 200 to 325 as many residential buildings have been converted into guesthouses or hotels. Most of the new hotels are coming up in the suburbs Kufri , Naldehra and Kachighati. The bed capacity of 7,500 more than suffices, except during the peak tourist season. The overall occupancy is about 40 per cent, which provides a clear indication that hotels are not a viable option.

Since non-agriculturists are debarred from purchasing land in the state, outsiders have been coming up with hotel projects just to get permission to acquire land. An entrepreneur is allowed to purchase land on the basis of essentiality certificate issued by the Tourism Department after the scrutiny of the proposal.

A large number of non-Himachalis have acquired land in this manner but many of them have not constructed hotels and are using the property for other purposes. Director of Tourism Tarun Sridhar said that the government was seized of the matter and notices were being issued in such cases.

HP gets strict with roof-water harvesting
Ambika Sharma

With thousands of industrial units and apartments coming up in the Baddi-Barotiwala-Nalagarh industrial areas, there is an immense pressure on the groundwater in the region. In order to check this excessive strain on the water resources, the Town and Country Planning (TCP) Department has made roof-water harvesting mandatory.

While the industrial work force has almost touched one lakh, a similar number would be added once all industrial units expand to their optimum. Scores of housing colonies coming up in the area have further aggravated the water requirement. In addition to the roof water harvesting structures stress has been laid on putting in place technically designed water recharging structures.

The TCP Department, which has taken up roof water harvesting as a state wide campaign, ensures that no building plan is approved which lacks such a provision. The capacity of rainwater harvesting structures has also been fixed @ 20 litres per sq meters of rooftop area. Hence housing having 100 sq mt. of rooftop will have 2,000 litres of rainwater harvesting tank. The officials will further ensure that before issuance of certificate of completion the rainwater harvesting structure is constructed in accordance with the submitted design.

With a view to regulate and control the development and management of groundwater, the Himachal Pradesh government has recently devised a HP Ground Water (Regulation and Control of Development and Management) Act, 2005. Every user of the ground water in a notified area is supposed to seek permission from the authority. Anyone violating this Act attracts punishment.

With stipulations like minimum distance of 200 meters in case of shallow and 300 meters in case of tubewell from the existing source of water supply scheme or irrigation scheme the authority has laid down provisions to monitor this use.

Devised to check excessive withdrawals this norm is yet to be enforced in letter and spirit. With colonies and industrial units coming up adjacent to each other several underground bores have been made across the boundary walls within meters. This causes maximum harm to the underground water level opines a hydrologist.

As many as three private apartments including Amaravati, Mountview Monal and Hill View have been granted licenses by the Himachal Pradesh Housing and Urban Development Authority (Himuda). About 3,500 flats would be constructed by these builders. The Himachal Pradesh Environment Protection and Pollution Control Board has made it mandatory for these apartments to get an Environment Impact Assessment (EIA) done.

This would check that sewer and other related waste generated by these housing colonies are disposed properly. Any threat to underground water sources due to leakage of solid municipal waste is also checked.

Mr S.P. Vasudeva, member secretary of the Board said: “At least two apartments who began operations without affecting a EIA have been served show cause notices. A month’s time has been accorded to prepare this report after which this assessment would be made. A builder whose proposal entails a cost of more than Rs 50 crore, constructs flats for more than 1,000 persons and has a daily discharge of 50 kilolitres of waste water is supposed to get this EIA done”

“As an added check a consent to operate is issued only after a builder or an industrial unit has put in place a water harvesting structure,” adds Mr Vasudeva.

Expressing concern for ensuring water availability to the apartments a builder, Mr Lalit Jindal says: “An investment of at least Rs 65 lakh has been set aside for erecting water harvesting structures and boring water for the 1,500 flats at Baddi. The fact that these flats are coming up at Export Promotion Park Phase II at Baddi, which is a planned industrial area of the region, availability of water has been found at a depth of 150 feet.”

Though the investors are supposed to erect a water harvesting structure and also ensure recharging, nothing concrete appears to have been done in this direction, said an official. He added that while the investors ensured that the drawings of all such structures were made available at the time of seeking a no-objection certificate, the structures actually put in place were unable to fulfil the requirement. The absence of adequate recharging structures to replenish water sources has further added to the depletion of groundwater level.

This has created a situation where now it is hard to find water even at the depth of 350 feet where as it was earlier available at the depth of 250 feet.

Monitoring growth along NH21

Constitution of SADA a double-edged sword, says Kuldeep Chauhan

Business establishments operating in the area claim that they have treatment plants, but the effluents, partly or wholly, end up in the natural Saketi Khud

Riding high on a slew of commercial ventures, Gutkar, Ner Chowk, Mandi and Sundernagar have witnessed a boom in real estate in recent time, sending the land prices spiralling along the Chandigarh-Manali National Highway 21, more particularly between Mandi and Sundernagar.

Dozens of petrol and service stations, auto-parts shops, retail outlets, dhabas and resorts have sent the land prices in a tizzy, stretching the carrying capacity of the area to its limits.

It is estimated that area generates an economic activity of over Rs 600 crore every year and is still growing. The hardest hit are the local farmers, who are bearing the brunt of the market forces, forcing them to sell their land. Despite the economic boom in the area, companies are not contributing, not even a bit, to develop the basic amenities in this area. The companies claim that they have treatment plants, but the effluents, partly or wholly, end up in the natural Saketi Khud.

Waking up to the haphazard development along the Mandi-Sundernagar stretch along NH 21, the state government has constituted the Special Area Development Authority (SADA), Ner Chowk, restricting “all sale and purchase of land in this area with immediate effect from November this year. Now, all transfer of land and property will have to be cleared by SADA, Ner Chowk under the Himachal Pradesh Town and Country Planning (HPTCP) Act, 1977.

According to government notification, which has come into force here since November 7, all registration of the transfer of land and property and construction would be cleared by SADA, Ner Chowk.

This area under SADA, Ner Chowk, is already bursting at the seam. But nothing has been done to improve the civic amenities in the area between Sundernagar and Mandi, where farmers are under pressure to sell cultivable land, an HPTCP survey reveals.

Auto showrooms-cum- service stations, showrooms, industrial units, hospitals, spare parts’ shops, petrol stations, multi-storeyed concrete houses and private teaching shops have already pushed this stretch along the NH 21 to brink.

“But they do not pay a penny to improve the ecology and basic amenities for the residents, who are facing the unplanned development over the years,” notes the survey. “This is so because this area used to be in the gram panchayat,” it adds.

SADA will cover 1200 sq km area from Dadaur near Sundernagar to Rani Ki Boyi, near Mandi town. Land prices have zoomed from Rs 1 lakh per biswas in 2000 up to Rs 6 lakh now in this area, discloses a property dealer.

The worst hit are the farmers. “We cannot construct, not even a toilet, without getting permission from SADA,” H.S. Guleria, a retired teacher, says. Outsiders are aiming at the land to set up their business or private residences. Property dealers are bribing the local officials to get the registry done, villagers alleged

Now, all transaction of land and property in the revenue mohals of Ota, Gutkar, Chaloh, Bagla, Dohandi, Nagchala, Majhetal, Tawan, Dadaur, Sihuli, Ratti, Dhangu, Ner and Bhangrotu would be approved by SADA, Ner Chowk. These revenue mohals fall in six panchayats of Ner Chowk, Nagchala, Chalah, Dadaur and Bhangrotu.

Member-secretary SADA, Ner Chowk A.N. Gautam says that traders, panchayats pardhans and panches are being sensitised about the idea behind SADA. “SADA is generating its own sources from the residents and owners of the business, which will be used to ensure the planned development, houses, the proper sewerage and wastage management system, the street lights and the green open space and other better amenities,” he adds.

Officials say panchayat pardhans, farmers and traders and the government agencies will pool their resources to develop SADA.

Russia, Taiwan firms to decongest Hyderabad
Ramesh Kandula

The Singapore Class Township is the first integrated township built in Hyderabad.

Hyderabad is all set to be on the fast lane with the proposed Outer Ring Road (ORR) project, kicking off this June. The Rs 3,000-crore infrastructure project is expected to relieve congestion in the metropolitan area and inner ring road and create options for development of satellite townships.

The state government has shortlisted two companies from Russia and Taiwan for the first phase of the eight-lane ORR project. The work on the first phase, costing Rs 515 crore, is expected to commence from second week of June.

The proposed Growth Corridor, along the Outer Ring Road (ORR), is going to be the lifeline of the future Hyderabad. Plans are afoot to develop clusters around the ORR that are integrated and self-sufficient.

“The 162-km ORR should be viewed as road -cum- area development project since the aim is the development of well planned and well connected urban settlements around the Hyderabad Metropolitan area,” says Mr Jayesh Ranjan, Vice-Chairman, Hyderabad Urban Development Authority, the nodal agency for implementation of the project.

It is with this purpose that a special purpose vehicle called Hyderabad Growth Corridor Limited (HGCL) has been incorporated with equity participation from Incap and the development authority.

The authority plans to build as many as 25 integrated townships at par with international standards for balanced development along the proposed growth corridor. The agency has appointed Fishman Prabhu, a Mumbai-based consultant, to suggest locations for the townships after conducting a feasibility study.

An integrated township would have an area ranging between 500 and 1,000 acres with residential, commercial, office complexes, multiplexes, entertainment and recreation areas, along with amenities like schools, hospitals and graveyards. It would be a self-sufficient entity generating employment opportunities.
According to officials, the consultant would inspect all areas surrounding the ring road and submit a detailed project report to the authority in two or three months.

After getting the report, the authority would initiate measures to acquire land and invite global tenders. “The construction of integrated townships will require huge amount of funds. Hence, we propose to develop them under the public-private partnership (PPP) mode,” the officials said.
The townships, along the 162-km ORR, will be built in a phased manner. In the first phase, the authority has proposed to construct townships at Tellapur and Maheswaram. Tenders for the two townships are likely to be finalised within a week. Reputed companies have shown interest in taking up the townships at Tellapur and Maheswaram.

AP Housing Board has already built two international class townships in the city with the help of Singapore and Malaysian companies, which are almost complete. These first of its kind townships in Andhra Pradesh have been lapped by the buyers.

Officials say that the new layouts would not be for competitive bidding and have a fixed sale price. The residential complex in each township would have bungalows, MIG, LIG houses and EWS apartments to cater to all budgets.

The Hyderabad Urban Development Authority recently conducted several auctions in the city for plots, whose prices skyrocketed in the bidding by private parties. A square yard of land at the posh Jubilee Hills, was purchased at a whopping Rs 1.42 lakhs by a consortium including ICICI and Maytas, leaving the common man dazed.

It is for this reason that Hyderabad Urban Development Authority has now focused on the Growth Corridor to provide international standard integrated townships, which will be within the reach of the middle class.

Mega land deals near Dharavi slums

Bandra-Kurla Complex is the new El Dorado, writes Shiv Kumar from Mumbai

Prices in the Bandra-Kurla Complex and the developing Dharavi cluster is expected to see further rise in prices as more high profile residents like the Bharat Diamond Bourse and the American Embassy move in there.

Senior citizen-friendly home!

Install a burglar’s alarm where elders are alone, suggests A.P. Singh

Ensure lawns are well lit and provide a fan for comfort during balmy summer evenings.

Simplicity in design reigns high usually, though without any compromises on elegance for the senior family members. As life progresses ahead, body reflexes slow down in protest of hectic lifestyles they have led. The challenge is to create an environment, which suits evolving requirements, rather than the elderly loved ones always attempting to avoid slipping or bumping into design elements.

Remote-operated locks

Older generation being more health conscious, actively subscribe to the ‘morning walk’ retinue. It’s frustrating when their friends label them a ‘late riser’ whilst they continue to struggle with the locked gate/door with no other family member around to open it for them. Please ensure that locking mechanism must never be cumbersome and iron flap locks are easily operable. Consider installing remote-operated mechanism, which will automatically open and close heavy iron gates for them at the press of a button. This feature is a blessing during extreme weather conditions or at unsociable hours when the elders are driving themselves back home. They don’t need to step out of the car to open the gate in order to let themselves inside the security of their home.

Installing burglar alarm or security system at home is vital, especially where elders are alone at home during the day. However, ensure that security keypad is large enough to use and security codes are easy to remember for the elders to use but difficult for anyone to guess. Writing down security codes anywhere near security pad or key hanger itself would severely defeat the objective of providing security. How conveniently and swiftly can your parents lock up private areas of the house before leaving it even for an hour at the mercy of the housekeepers? Best solution is one or two locks at the most. Entry to servant quarters must be separate from the house and try to have less doors opening outside to decrease the chances of intruder entry.

Prefer unpolished surface

Porch charmingly adds style and status to the facade. Additionally, it saves the hassle of walking in rain to reach main door, and helps when mobility challenges by reducing walking distance from car to enter the house. Gleaming driveways may look attractive, but unpolished surfaces are more practical for unsteady feet and walking sticks. Simplest idea is to use different finishes such as bush hammered, natural, sawed, honed, brushed for both exterior walls and floors. For example, use sanded or honed finish for the walls and opt for natural or bush hammered finish for the floors/driveways.

Lawns are always an inviting attraction for the elders but ensure sweeping graces are maintained rather than cluttering the greenscapes with garden features or elements to hinder their view and movement across the lawns. Raise mounds to raise height rather than creating steps. Include a serene water feature to soothe their frayed nerves. Choose self contained water feature if you don’t have space for an elaborate installed water fountain.

Kitchen garden must

Try to include a small kitchen garden and fruit trees since nothing gives them more pleasure than plucking ripe mangoes or tomatoes to hand over to eagerly waiting grandkids. Ensure your lawns are well lit and perhaps provide a fan/cooler for comfort during balmy summer evenings. How about a raised verandah from where they can watch the world go by without leaving the comfort of their house?

Within the house nothing can beat long passages if possible, since elders will be able to maintain their health regime by walking within the house when the weather is uncomfortable outside. Give them bedrooms, which do not have windows facing south/west, since scorching summer sun will bake them ruthlessly, regardless of the air-conditioning.

Their bedrooms must be completely uncluttered to avoid untoward accidents. Placement of furniture must allow free flow of traffic from main door to the bed and from bed towards dressing/washroom. Don’t scatter area rugs/runners around. Maid/nurse button by the bed, bedside tables must be large enough to keep all their knick-knacks within easy reach. Consoles or dressers at 32” height will ensure that they don’t have to bend down to pick up their medicines, toiletries or magazines. Steps at ground level or staircase must be deep/wide but height restricted at 6”. Seat height in sofas/chairs could be 19”, telephone tables at 30” height and beds 21” high at mattress height to be kind on their knees and back.

One builds the dream home to provide comfort and shelter to every family member in the household; regardless of their age. If a tight hug from your little ones after a hard days work makes it all worthwhile, then parent’s blessings are best way to kick start your day. Let’s include design elements, which will ensure comfort in style for our loved ones who are gracefully walking towards the sunset of life.

The best is yet to come

Indian realty market may lap up $16 billion as FDI in next 5 years, says
R.P. Malhotra

Unfazed by the correction, many of the companies directly or indirectly connected with real estate, have successfully ventured out to raise vast public money through IPOs.

The process is drawing small investors in the fold. On the other side, realty venture funds floated by Indian as well as foreign companies have effortlessly raised millions of dollars from the Indian as well as foreign investors in the apparent bullish market.

On an estimate, foreign direct investment (FDI) to the tune of $16 billion is set to be routed in the Indian realty market within the next five years. Chandigarh capital region, or for that matter entire Punjab, are the most favorite areas for investment in real estate by the leading Indian companies. Apart from many others and Mukesh Ambani-led Reliance India Limited ‘s super mega project, the Reliance Anil Dhirubhai Ambani Group has initiated the process for a world class mega SEZ, spread over more than 5,000 acres in Punjab. Having identified the site, ADAG cites the stable investment climate, well-endowed natural resources, energetic and enterprising workforce and large NRI population as the major factors for the deciding to invest in the area.

Tax concessions to consumers and developers including rationalisation of stamp duty and the repeal of the Urban Land Ceiling Act in nine states, along with the computerisation of land records, have already set the stage for urban renewal, main component instrumental for growth of the sector.

According to a search study done by M/S Celadon Investment Research Company on the future trend of real estate sector in India, urbanisation in India is far below the international standards at only 28 per cent as compared to 32 per cent in China, 41 per cent in Indonesia and anywhere between 75 and 80 per cent in developed countries.

Elaborating further, the study says that substantial increase in salaries and lower interest rates have apparently ensured that the cost of houses, which used to be 20 times the annual income of buyers, is now 4 to 5 times.

Predicting the future trend of the realty market, the study reports that the next 15 months will see a $3 billion investment in the Indian real estate through joint ventures with international funds and developers. This will see a spat of buyouts and joint ventures in the industry. For instance, Dubai-based Emmar plans to invest $4 billion through a joint venture with MGF Ltd to develop smaller cities. In April, the California Public Employees System (CalPERS) caused a flutter by investing $100 million into the Indian realty fund.

Analytically speaking, the overblown market was long overdue for healthy correction. And, as usual, distress sale of speculative holdings, maturing for finalisation, has also prolonged the correction period a little. And now market sentiments are showing signs of recovery.

Hike in the interest rates of home loans, from 7.5 per cent to over 9 per cent may, however, prove a damper.

Rather than withdrawing the home loan freebies, an independent regulatory authority to check the misuse of the facilities should be constituted. Falling in line a clear-cut trading policy for the trading segment of the sector and incentivised policy for the construction segment by according it industry status is also required.

Playing a forceful supervisory role such an authority shall expedite the pace of urban reforms. The foremost task of such an authority shall be to make the sector graft-free as revenue official are openly collecting huge amount of money during each aspect of property deals in shape of bribe. It shall oversee the overall development of both segments of the trade i.e., trading as well as construction by setting standards, ensuring transparency in the trade vis-à-vis construction norms, pricing, documentation etc to ensure transparent and organized trading, free from frauds and hassles.

Realty firms may raise Rs 20,000 crore from IPOs

Real estate growth seems to have come out unscathed by gauging the market sentiments, which is yet to fully recover from the recent turbulent conditions, as investors go gung-ho over both the upcoming initial public offers and already listed realty stocks.

Real estate as well as construction and infrastructure companies are poised to raise over Rs 20,000 crore from the capital market over the next few months, according the information available with the Securities and Exchange Board of India.

Despite the reports of investor sentiments going sour over the recent mayhem in the market and below-expectations subscriptions received by some of the public offers, real estate companies have declined to bow to the heat and are sticking to their buoyant fund-raising plans.

DLF Universal Ltd, one of the biggest players in the realty space, plans to raise Rs 12,000-14,0000 crore through its much-awaited IPO, which accounts for more than half of the total funds to be raised by offers in the pipeline.

While, Unitech Ltd recently bagged the biggest land deal worth Rs 1,582 crore while outbidding DLF by Rs 181 crore.

Besides DLF Universal, Parsvnath Developers, Gammon Infrastructure, government-run Housing and Urban Development Authority (HUDA), Ansal Properties & Infrastructure Ltd, Sobha Developers and Omaxe Construction are among the major players planning to raise money from the market through initial/follow-on public offers.

The recent government directive that has opened further the foreign investment inflow in the real estate sector has boosted the investors’ sentiments towards it, market observers said.

The Commerce and Industry ministry had earlier said Foreign Institutional Investors (FIIs) could take part in pre-IPO placement of real estate companies. FIIs are already allowed to subscribe to shares offered through IPOs by real estate companies.

Parsvanath Developers’ IPO would be the first real estate issue, where Foreign Institutional Investors would be able to invest after the FII investment rules of real estate were changed.

Among other major players, Ansal Properties and Infrastructure Ltd intends to raise Rs 2,000 crore through its upcoming FPO while Akruti Nirman Ltd is looking at a Rs 1,000 crore issue.

DS Kulkarni Developers and Tantia Constructions have already raised a significant amount of capital through their public issues this year.

TAX tips
NRI can remit $1 million per calendar year
by S.C. Vasudeva

Q. I am a senior citizen of India, who migrated to Canada, and am staying with NRI sons there. How can I transfer Rs 28 lakhs to sons by selling property in India?

— Balwant Singh, Mohali

A. The Foreign Exchange Management (Remittance of Assets) Regulation, 2000, provides that a non-resident Indian (NRI)/Person of Indian Origin (PIO) may remit an amount not exceeding $10,00,000 (US Dollar one million only) per calendar year,

(i) Out of the balances held in NRO accounts/sale proceeds of assets/the assets in India acquired by him by way of inheritance/legacy, on production of:

(a) documentary evidence in support of acquisition, inheritance or legacy of assets by the remitter, and

(b) tax clearance/no objection certificate from the Income Tax Authority for the remittance.

(ii) Under a deed of settlement made by either of his parents or a close relative (as defined in Section 6 of the Companies Act, 1956) and the settlement taking effect on the death of the settler, on production of:

(a) the original deed of settlement; and

(b) a tax clearance/no objection certificate from the Income Tax Authority for the remittance.

However, where remittance is of sale proceeds of the immovable property, which is acquired other than by way of inheritance/legacy/settlement, the property/sale proceeds, should have been held/retained as eligible investment cumulatively for a minimum period of 10 years. It is further provided by the regulations that where remittance as above is of more than one installment, the remittance of all installments shall be made through the same authorised dealer. The authorised dealer can make the remittance as aforesaid without the approval of the Reserve Bank of India.

In view of the above regulations, you can remit the amount of Rs 28 lakh to your sons, provided you comply with the regulation applicable to you.

Section 88 redundant

Q. I am a bank employee. I have taken a housing loan from the bank on simple interest. The bank had opened one principle and one interest account. Now the principle amount is finished, only the interest is pending. My question is, whether I will get exemption on repayment of interest under Section 88.

— Rajesh Kumar, Ludhiana

A. The interest payable on loan borrowed for the construction/acquisition of house is deductible from income from house property. The same is not deductible under Section 80C of the Income-tax 1961 (the Act). Section 88 of the Act is no longer in operation after the assessment year 2005-2006.

No-profit, no-loss

Q. I had purchased a 6 marla residential plot at Fatehbad (Haryana) from HUDA on October 25, 2002 for Rs.2,70,284 payable in instalments. After paying Rs. 1.24 lakh, I had sold it on June 29,.2005 for Rs.1.24 lakh at no profit or loss. Kindly advise my tax liability if any, on this particular transaction with calculations. How to show it in the Income tax return for 2006-07?

— R. Chandra, Mohali

A. As you have sold the property on no-profit, no-loss basis, apparently there is no tax liability. However, I would like to invite you kind attention to the provisions of Section 50C of the Act which was introduced w.e.f. assessment year 2003-04. According to the said section, where the consideration received or accruing as a result of the transfer by an assessee of a capital asset, being land or building or both, is less than the value adopted or assessed by any authority of a state government for the purpose of payment of stamp duty in respect of such transfer, the value so adopted or assessed, be deemed to be the full value of consideration received or accruing as a result of such transfer.

It is not evident from your query whether the state government has notified any value to be adopted for the purpose of payment of stamp duty in the city in which the property was located. In case the provisions as aforesaid are attracted, the capital gains tax will have to be paid on the difference between the cost and the value so adopted. The income tax return has a column for showing income from capital gains. The capital gain will be computed by deducting the indexed cost from the sale value. The income/loss will be shown in the column mentioned above. It is not possible to compute the gain on the said basis, as the relevant details as aforesaid are not available in the query.

Investing in bonds

Q. Kindly advise me about the following:

I purchased a plot for Rs. 30,000 in 1984 and paid interest of Rs. 2,700 on raising loan. Another amount of Rs. 27,000 was paid on June 2004 for enhanced price due to court order.

I constructed the house in April 1991 at the cost of 1.5 lakh and paid an interest of Rs. 30,000 on loan.

I plan to sell the house for 6 lakh. Kindly advise about:

(a) The long term capital gain and tax liability.

(b) The amount that I should invest to save tax, as I do not want to acquire a house afresh

(c) Investment schemes available for investing the amount.

— D.N. Das, Khanna

A. The cost of the plot at Rs 30,000 will have to be indexed under the provisions of Section 48 of the Act. The Cost Inflation Index for financial year 1984-85 being 125 and the Cost Inflation Index for 2005-06 being 497, the amount of Rs. 30,000 will be increased by fraction of 497/125. The indexed cost on the said basis would work out at Rs. 1,19,280. The amount of Rs. 27,000 paid as additional cost will have to be indexed by the fraction of 497/480 to ascertain the additional amount of indexed cost which would work out at Rs. 27,956/-. The total cost of plot would thus be Rs. 1,47,236.

The cost of construction of Rs.1.50 lakh will be indexed by fraction of 497/199. The cost of construction on said basis would be Rs. 3,74,623/-. The long term capital gain would work out as under:

Total Sale Price: Rs. 6,00,000

Total indexed cost of land + Cost of construction: Rs. 5,21,859

Balance: Rs. 78,141

You can invest the amount of capital gains in the capital gains tax saving bonds. Such investment will have to be made within six months of the date of sale of property. The investments can be made only in the bonds of Rural Electrification Corporation Limited Bonds and National Housing Bonds. I may add that the question of saving tax would arise if your total income including capital gains is above Rs 1 lakh. In case you have other income which is above Rs 1 lakh capital gain would be charged @ 20 per cent plus education cess of 2 per cent. In case your total income exceeds Rs. 10 lakh, a surcharge on income-tax @ 12 per cent is also payable.

Estate talk
EmGreen targets MNCs for studio apartments
Peeyush Agnihotri

“India has everything to offer except lifestyle and a good standard of living. It is this fact that we kept in mind while conceptualising Opera Garden in the vicinity of Chandigarh,” says Vijay Maingi, Managing Director, EmGreen, the real estate arm of Imperial Group, which is coming up with luxury apartments adjoining Sector 20, Panchkula.

“The proposed project is spread over 19.5 acres. It will have 1,100 apartments, which will be a mix of three-bedrooms, four-bedrooms and studio apartments, besides penthouses,” he told The Tribune.

Established in 1989, the Imperial Group is a diversified entity that is into real estate, construction, hospitality, education, flexible packaging and communications.

Besides Chandigarh, the group is looking at housing projects and malls in North India. “We are looking at Kharar, Baddi, Jalandhar, Karnal and Sonepat for housing projects and at Patiala, Ludhiana and Panipat for setting up malls subject to regulatory approvals,” he says.

He says that Opera Garden, which is to formally kick off in the second week of July, has received a good response. “The positive factor is that all those who have booked till now are mostly end-users,” he says.

Pointing out that studio apartments (one bedroom fully furnished flats) are becoming a rage with MNCs, who are setting up shops at various earmarked SEZ and parks, he says negotiations are on with a few major IT companies who are set to function from the region shortly.

“Housing for employees is going to be a major issue for such companies that are due to operate from the tricity. A few IT super majors are already in talks with us for studio apartments,” he discloses.

Buzz on Bourses
Dawnay forays into hotels

Mumbai: Dawnay Day has announced its plans to foray into the fast growing hospitality sector in India by launching hotels business venture. Mr Alok Vajpeyi, Vice-Chairman and Managing Director, Dawnay Day AV Financial Services Private Limited, told mediapersons: “The company plans to develop a chain of 30 three and four-star business hotels in India within the next three to five years. The company is currently in discussions for acquiring properties in cities such as Chandigarh, New Delhi, Bangalore, Pune, Mumbai, Chennai, Hyderabad and Ahmedabad.” — UNI

TGI Friday buys stake in Bistro

New Delhi: Global restaurants chain TGI Friday has bought 25.1 per cent stake in its Indian franchisee, Bistro Hospitality (P) Ltd, for an undisclosed amount and plans to open 25 restaurants in next 3-4 years. “Our purpose for investing together is to create a catalyst for growth. We aim to triple our investment and number of restaurants in next three to four years,” Chairman Bistro Hospitality (P) Ltd Rajan Jetley told reporters. The 25 restaurants, to be opened in Chandigarh, Jaipur, Pune, Hyderabad, Chennai and Kolkata, besides few more in Delhi and Mumbai, will need investments of about Rs 100 crore, he said. — PTI

DLF posts Rs 411-cr profit

New Delhi: Ahead of its IPO, real estate major DLF has posted a profit of Rs 411 crore for the fiscal 2005-06, which is more than double than what is mentioned in its draft red herring prospectus (DRHP). The DRHP mentions a profit of Rs 199.4 crore only which sources said was on account of changes in accounting norms, wherein sales proceeds proportionate to construction stage are to be taken into account. The method, known as percentage completion method, is being adopted for the five-year period beginning 2001-02 and the same got reflected in the DRHP. DLF Universal is coming out with a largest-ever public issue in June end or early July to mop up estimated Rs 13,000 crore. The company’s land bank stood at 4,500 acres, most of which are in A-grade cities, the sources said. — PTI

GMR IPO by August

Bangalore: The Initial Public Offer of the infrastructure major, GMR Group, to raise around 1,200 crore for funding various ongoing projects, is likely to hit the market late July or early August. The group, which had taken up construction of the Greenfield International Airport in Hyderabad, besides modernisation of the airport in Delhi, had already raised Rs 320 crore with ICICI, chipping in Rs 250 crore at a premium of Rs 251 for a Rs 10 share, while other private equity partner, Quantum-M had contributed the rest, Company CFO Madhu Terdal told newspersons. The price band of the IPO was likely to be finalised by the middle of next month, he said. — UNI

Sundaram Fastners

Mumbai: Sundram Fasteners plans to set up a facility for manufacturing high tensile fasteners, powder metal parts, water and oil pumps in Udham Singh Nagar district of Uttaranchal. In a communiqué to the Bombay Stock Exchange (BSE), Sundram Fasteners informed that it has been allotted land by the State Industrial Development Corporation of Uttaranchal Ltd (SIDCUL), a Government of Uttaranchal Corporation, on long-term lease basis for setting up the project. The project is expected to be operational before the end of this fiscal. The communiqué further stated that Sundram Fasteners has also acquired land on long-term lease basis in the special economic zone (SEZ) at Mahindra Industrial Park near Chennai for setting up export oriented manufacturing facilities. — UNI

Marg Const allots shares

Mumbai: Marg Constructions Ltd has allotted 1.90 lakh equity shares on a preferential basis to Mauritius-based Deutsche Securities Ltd. The board allotted the equity shares at its recently held meeting, the company informed the Bombay Stock Exchange. The company offers customised quality solutions in residential, commercial, infrastructure, township and mall projects. — PTI

Unitech in top-30 league

Mumbai: Real estate major Unitech entered the elite club of 30 scrips with highest market capitalisation on the Bombay Stock Exchange, as its share price jumped this week while shrugging off the overall sluggish trend in the market. Unitech was placed at 30th place in the list, while Grasim Industries, which is present in the 30-share benchmark Sensex moved out of the list. — PTI

‘Dyeing town’ gasps for clean air
Vishal Joshi

Owing to the industrial pollution and unplanned growth, Panipat has emerged as the least preferred towns of the National Capital Region (NCR) to reside in. This can be judged from the fact that Haryana Urban Development Authority (HUDA) has been able to develop only two sectors in the past 25 years.

The leading industrial town of the state is divided into two segments. The first segment comprises of old localities and Sectors 11 and 12, developed in the early ’80s, mostly inhabited by the serving class. The Model Town and a few other plush colonies, developed by the private builders, comprise the second segment, which is now becoming the choice of the affluent class.

Sources in property-dealing community disclose that the town has become the least preferred one due to various factors. Realtors say that industrial pollution and pitiable condition of infrastructure has led to poor development of the historical town.

Realtors blame the state authorities for poor urban planning. Panipat is a hub of carpet, textiles and other fabric-related industry and comprises of innumerable cottage units scattered in haphazard manner. Weaving and dyeing units abound.

A prominent problem is that of industrial pollution. Sources in the administration admit that despite proximity to the Capital, the town has failed to develop on high pace. An official said that the state authorities have failed to put a check on the unplanned mushrooming of weaving and dyeing units in the town.

Construction cost up
Manoj Kumar

After hike in interest rate on home loans, a spurt in cement, steel, bricks and other building material costs has impacted the construction industry and consumers drastically. In fact, the cost of construction material including copper and plastic pipes, have gone up substantial with pressure building up on the supply, thanks to the continuing boom in the housing sector in Asia, West Asia and the US.

Mr Anurag Gupta, MD Majestic Properties, a leading group in construction sector said: “Since the cost of building material, including cement, steel, bricks constitute about 33 per cent of the total construction cost, with the rise in their prices, the builders have been forced to partly pass on the costs to customers.”

The price of cement has risen from Rs 140 per bag (50 kg) to over Rs 200 over the past 12 months and steel has risen from Rs 19,500 to Rs 27,000 per metric tonne in the same period.