Touch of Green

The concept of ‘green buildings’ may be in its infancy in Punjab but projects like the Forest Complex at Mohali are sure to set a trend in this regard says Chitleen K. Sethi

In what could hopefully be the beginning of a greener Punjab, the state forest department has planned the construction of state’s first "Green Building", the state-of-the-art Forest Complex that will be built on a two-acre plot in Sector 68 in Mohali.

The Forest Complex would serve as headquarters of the Punjab forest department housing all wings of the department in Chandigarh.

While this is welcome news for the state, environmentalists would consider this beginning as ‘too little, too late’. Punjab probably has the highest rate of urbanisation in the country and vast areas which were earlier under cultivation are now concrete jungles. However, the concept of environment friendly or ‘green’ buildings, as these are called worldwide, has not really picked up in the state.

To be fair, the shift from conventional construction to ‘green construction’ has been a slow and tedious process in India. Following US footsteps where the US Green Building Council (USGBC) is promoting the shift, a green building council has been set up in India also.

The Energy and Resources Institute (TERI), New Delhi, has a centre for research on sustainable building sciences and green building rating cell. The cell aims at promoting the adoption of efficient and environment-friendly technologies in new and existing buildings. Recently TERI has also started assisting and administering rating of buildings as per its indigenous green- building rating system (Teri Griha).

There are only a handful of buildings in India, which have been recognised as "green buildings". The ITC Green Centre, Gurgaon has a built-in area of 1,80,000 square feet. This corporate office building has been awarded the LEED platinum rating. Wipro Technologies GDC at Gurgaon also has a platinum rating from LEED. The facility houses various software development divisions of Wipro. The Grundfos Pumps facility at old Mahabalipuram Road, Chennai, has a total built-up area of a little over 23,000 square feet and houses around 100 occupants. This is the first building in Chennai to get a LEED rating.

"We are aware of what is happening across the nation. Our building should serve as an example for others to follow in Punjab. Housing and construction industry should take cue from this and come up with more environment friendly projects," said the Punjab minister for forests, Tikshan Sud.

"Climate changes are taking place and it is human activity that is influencing this change. Green buildings lead to 30 per cent cost savings," said H.S Gujral, additional principal chief conservator of forests, Punjab.

"The forest complex would incorporate green building design and would represent a forceful and elegant statement of the purpose and intent reflecting the environmental concerns of forest department. The complex design is truly modern and unique and will stand out in landscape as a hallmark of holistic planning and architectural excellence," said Gujral who is also the chairman of the committee coordinating the project.

The building layout is tortoise shaped and in elevation it represents five tree towers. Total area of the building is 1,30,000 square feet. The department is planning to construct it in two phases, in the first phase construction will be carried out on 70,000 sq. ft. area at a cost of Rs 12 crore. The rest 60,000 sq. ft. area will be constructed in the second phase.

According to the architect Renu Khanna, who is also a national award winner, a green building gives delight when one enters it and blesses the occupants with serenity and health. Maximum FAR with less ground coverage gives more open spaces for landscaping. Rainwater harvesting and irrigation system conserve water resources. Judicial use of natural daylight saves energy whereas heat-reflecting glass reduces heat gain. Grass pavers are used for parking-lots. "Today through green buildings we are rediscovering the Indian ethos of having concern for five elements i.e. earth, water, fire (energy), space and air," she said.

"The department is working on a war footing to complete the building before March 2009. An architectural firm is already on the job and the Greater Mohali Area Development Authority (GMADA) has approved design concept. Punjab Small Industries and Export Corporation Limited has been chosen as the government agency to overlook and supervise the construction work," added Gujral.

Apart from offices, the building will house a library-cum-documentation centre, forest and wildlife gallery, GIS and MIS labs, conference rooms, training facilities, yoga-cum-activity centre, ladies room/creche and basement parking.

Good Earth and green homes

At a time when being environment- friendly is the need of the hour, a group of architects and engineers have come together to create eco-sensitive and sustainable community housing models.

"It is the need for social security in our lives that prompted a group of us friends to come forth and create Good Earth - a community guided by the need to live in an environment-friendly and sustainable neighbourhood," architect Jeeth Iype, one of the founders of Good Earth, said.

The group, which was featured among the four innovators globally by the US magazine, Time, has worked for various clients ranging from NGOs, government departments and private players in tourism, housing, institutional and educational sectors.

Inspired by the work and philosophy of Laurie Baker, Good Earth is exploring the concept of holistic development through ventures like housing, organic farming and tourism for the past 17 years.

Baker, the British-born Indian architect, was renowned for his initiatives in cost reduction and low-cost housing. Good Earth, which is trying to provide green homes that meets the rising standards but provide space that is still in some ways shared, has completed 12 projects involving 200 units and is working on three more projects.

The projects, mainly located in Bangalore and some parts of Kerala, emphasise on designs to create environment that is responsive to climate, location and human needs.

"When one is young, one hardly gives much thought about community living, but as one embarks on a family life, especially with children at home, the need becomes all the more poignant," Iype said.

The group targets its specially-designed dwelling for the upper-middle class and professionals, having an aesthetic sense and commitment to environment. Each unit costs around Rs 40 lakh to 1.2 crore.

"Spaces that enhance the level of visual and thermal comfort comprise of materials that are non-toxic and natural, can positively influence the physical and mental health and efficiency of its users," Iype said. Good Earth aims to double its turnover to Rs 6 crore in the current financial year from Rs 3.98 crore last fiscal.

Currently the projects that are in pipeline are Palmgrove in Bangalore, and Reflections and Oasis in Kochi. — PTI

GREEN HOUSE
Let trees breathe easy

Have we forgotten our primary school lesson that the trees are also living beings and need space to breathe and room to grow, asks Satish Narula while pointing out a major landscaping goof-up

Landscape planning is a major part of any new project be it a food park, fashion park, biotechnology park, IT park, education city or film city. And trees are probably the only essential and permanent features of the landscape planning.

These have to be there along any road, in the middle of any plaza, in any complex or estate to add that green touch to the modern progressive face of the world. But landscape planning is governed by the skyrocketing cost of land. In the development of any project most of the land is allocated for covered areas, roads, pavements, plazas and dividers. The allocation for trees is thus the minimum.

We have seen the fate of old plantations in the cities once the breathing space for the roots is ‘choked’ by concretisation all around. Several majestic trees have been lost as not enough breathing space had been left for the roots. Watering basins are another casualty in this development story. No provisions are left for rainwater percolation. Have we forgotten our primary school lesson that the trees are also living beings? Their roots also need oxygen which they draw from the soil pores. But where is the provision for soil at the base?

When trees are planted along the roads, walls or fences, we do it as close to the edge as possible, not taking into consideration the fact that the small 'plant' is one day going to grow into a 30 to 60 foot high tree.

We also do not leave any scope for future expansion of roads in which case the tree roots are the first causality. In other case, when a tree is planted near a wall, the root pressure bends or lifts the wall itself.

While planting a tree we should provide the maximum clearance available in any given situation. The planting should be at least 10 foot away from a wall or the edge of the road. There should also be minimum conflict of the roots with the underground wiring and of the crown of the tree with overhead cables. Under the given situation I am saying the 'minimal conflict' as one must not forget that the tree roots in general spread as much as the crown of the tree!

Agreed, the concretisation of the plazas and some other open spaces are compulsions, but still there could be a way to provide breathing space to the trees. Even small considerations could prolong tree lives.

The maximum possible soil area could be provided around the tree trunk. There should also be provision of holes along the sides of the pavement or concrete, a la ship side-wall hole that allows draining of the deck water. A non-visible gentle slope in the concrete towards the tree trunk could also perform the function of water harvesting.

Why there has to be a continuous concretisation? It could be with small gaps which could be increased gradually as we approach the tree trunk, of course leaving the soil area undisturbed.

This could be done cleverly by providing some pattern designing.

With various types of tiles and slabs available, one could use perforated slabs or bricks till very close to the crown. This way at least there will be some provision for breathing space which is better than having none at all.

These small points can go a long way in preserving the green cover in the midst of all this development. So all ye friends of the trees, think of proper planning at least now for the Genext.

Those who live in glass houses enjoy the sea

Tsunami scare no more haunts those living by the seaside and fancy houses are now the order of the day, says Arup Chanda

With tsunami scare being pushed to the background, there is an upsurge in the number of persons buying houses by the seaside, especially on the East Coast Road, which leads to Puducherry from Chennai via Mahabalipuram.

Not only the rich and the affluent but top executives, who have the money to spend and indulge in the luxury, too are purchasing such accommodations.

The location is scenic, the infrastructure is more or less in place but living by the seaside is ideal only if one has an interior, which is well thought out and planned.

The latest fashion is to have a glass house on the beach.

Contrary to popular perception, architects feel a well thought out interior with abundant use of glass provides a perfect setting.

Says an architect: “One might be of an opinion that constructing a glass house on the coast line is not a good idea because of the heat and humidity. But that is not true. Using glass can provide a panoramic view of the place, especially if the house has different levels.

An interior designer felt that a beach house should use glass to maximise energy efficiency so that one can capitalise on the natural light. It is also important to use it in such a way that the house is insulated from the heat.

He points out: “A good glass house might increase the cost of construction by eight to 10 per cent but it is important to have laminated or double glass to prevent the house from heating up. Air conditioning is preferable but if the quality of glass is good, the house will be cool despite the heat outside.”

Other important factor for a glass house on the beach is a good foundation.

The architect points out that the soil near the coastline tends to be loose. Thus, having a good foundation is important.

He says: “A good foundation is necessary for any building as it strengthens the construction. While constructing on a sandy area, one has to be extra careful.”

One of the main problems, beach houses usually face, is of corrosion. Strong winds from the sea, direct bright sunlight and humidity increase the problem manifold.

While picking up light and door fixtures one should opt for brass or stainless steel. Initial investment may sound expensive but one always stands to gain in the long run.

The architect says a beach house would look more attractive if one adds a soft landscape with lots of greenery and water bodies.

“Small lawns and fountains not only help in lowering the temperature around the house but also lend a soothing and comfortable feeling,” he says.

A major concern for house owners is the security, as most of them do not want a high wall on the sea facing side. Nor do they prefer grills.

“Grills can be tacky, especially if the house has a lot of glass. Instead, it is advisable to install a high-security system like sensors, motion detectors, fire alarms and access sensors to secure the house,” he said.

And to add warmth to the luxury house by the sea, it is best to keep man’s best friend, a dog, which is water-friendly like a Labrador Retriever, who will keep the company when one goes for a swim or has a drink sitting on deck chairs in the evening!

Zirakpur
Tricity’s answer to Gurgaon

No longer a sleepy, dusty Punjab village, Zirakpur is on the threshold of a mall makeover. With several big players eyeing this potential goldmine in the vicinity of Chandigarh, this small township is soon going to be transformed into a shopper’s paradise, says Pradeep Sharma

Come 2008, and Zirakpur, the sleepy village-turned-township of apartments and shopping malls, will emerge as the next Gurgaon in Chandigarh’s periphery with half a dozen shopping mall-cum-multiplexes ready to welcome tricity residents, highway users and tourists.

In fact, strategic location on four highways connecting the township with Chandigarh, Panchkula, Patiala and Ambala and cash-rich middle class population in the newly-constructed thousands of apartments are the major factors that have brought shopping-mall culture to the township, which till a few years was just another dusty Punjab village.

"While locational advantage was Zirakpur’s USP, the settling of the middle class people, specially professionals and businessmen working in the tricity, in the area is set to make the township shoppers’ and entertainment buffs’ delight," claims Sunil Bandha, director of Zirakpur-based ONS Developers and Promoters, explaining big realtors’ fascination with the township.

The reasons for the mushrooming of the shopping malls are not far to seek. As compared to the tricity, low land costs and availability of large chunks of land in and around the township have drawn big developers to Zirakpur. In contrast to Chandigarh, Punjab still has hassle-free land laws and people-friendly architectural controls, adds another builder Rajiv Bhasin.

Given its location and upcoming infrastructure, Zirakpur’s success in the field of marriage palaces may be replicated as far as the shopping malls are concerned. "Now revellers throng Zirakpur’s marriage palaces and resorts in the wedding season only. However, with the coming up of shopping malls next year, people will make a beeline for the town whole year round for fun and frolic," asserts Pradeep Aggarwal, president of the Zirakpur Hotel and Resort Owners Association.

Interestingly, the year 2008 will also mark the completion of the Zirakpur flyover being constructed as part of the Chandigarh-Ambala four-laning project. Currently, motorists avoid Zirakpur due to traffic bottlenecks following large-scale construction activity. However, the completion of the project would see orderly traffic on the roads, an added advantage for the motorists to venture out for some fun and shopping.

Over the past couple of years, the infrastructure, sewerage system and water and electricity supplies in the township have gradually been upgraded. Besides, some new restaurants and resorts have come up here recently apparently in response to the needs of the residents and motorists signalling good prospects for the upcoming shopping malls and multiplexes. Only recently, the township got a Caf`E9 Coffee Day outlet, bringing world class coffee and fast food experience here.

The resorts and restaurants have already successfully tested waters in the township. Buoyed by their success, the big realtors are ready to cash in on the shopping mall mania in the middle and upper middle class.

Meanwhile, in Chandigarh, Mohali and Panchkula, several shopping malls and multiplexes are set to kick off operations early next year.

With the Punjab government also sparing a thought for the development of the town, things are going to look better in the next year, says realtors. Recently, the Punjab government had approved the upgradation of the Zirakpur nagar panchayat to the level of municipal council. The council will have more power to levy taxes which will ultimately be used for development.

Moreover, Zirkapur, which forms a part of the Banur assembly segment is represented in the Punjab assembly by Shiromani Akali Dal (SAD) general secretary and cooperation minister Capt Kanwaljit Singh. Capt Singh, who is credited with the formation of the nagar panchayat for the township in 2000, has gone on record saying that the government wanted to develop Zirakpur into a state-of-the-art world class city.

Hero group forays into home decor

Amid growing demand for household design, two-wheeler maker Hero Group has ventured into home decor market and initially plans to invest Rs 40 crore to launch 40 lifestyle stores across the country over the next two years.

The company has launched two stores, one each in Gurgaon and Delhi, and would open the third one by November. It plans to open 18 stores by March 2008.

It is also looking to make overseas foray by rolling out a retail home d`E9cor outlet in Dubai.

"We are going to open 40 stores across the country in the next two years with an initial investment of Rs 40 crore," Hero Motors managing director Pankaj C. Munjal said.

The group would open its chain of lifestyle and home decor stores – OMA – in 22 cities, including tier II ones, he said, adding, "smaller cities have a huge potential as they don’t have much choice and variations." It has planned to open five stores in the national capital region and two in Mumbai.

When asked about the revenue, OMA promoter Charu Munjal said: "We are expecting a sale of Rs 3 lakh to Rs 4 lakh from each store." The company has tied up with furniture store, Proform, for its Gurgaon outlet. Out of 40 stores it planned to open, 35 would be on standalone basis.

For this venture, the group has signed MoU with Denmark’s Villa Collection. "We have a supply, interior decoration and new design import contract with the Danish firm," Pankaj Munjal said.

OMA has formed a supply contract with Thailand government’s initiative - Royale Porceliel - and would shortly sign a profit sharing MoU with it, he said.

"We also have an exclusive supply understanding with USA’s DK Living," Charu Munjal added.

She said that 80 per cent of the items are imported and 20 per cent are self-manufactured, mainly silver goods.

The company has also tied up with real estate developer Uppal for interior designing of its residential projects, Pankaj Munjal said. — PTI

TAX tips
Daughters have an equal share in HUF property
by S.C. Vasudeva

Q. I am a 69 year old person owning a residential property in a metropolitan city under HUF status duly bought and built by my own capital as being karta. My two married sons and their families are living in the house with me and my wife. I also have a daughter who is married and is settled abroad. I want to write a Will now and want to know who are the legal heirs to this property. I want that my wife should stay here in her lifetime with my sons. I don’t want to give anything to my married daughter out of this property to avoid the sale of some portion of this property to outsiders. But I will like to give her lumpsum in cash in lieu of her share. Can she or her husband object to this or create any sort of dispute later on over this.

— S.P. Mehra

A. The answers to your queries are as under:

(i) The Hindu Succession Act 1956 has recently been amended and it has now been provided that a daughter by birth becomes a co-parcener in her own right in a Joint Hindu family property. Accordingly, your daughter even though married, has an equal share in the house property owned by the HUF. In case of partition of an HUF therefore there will be five shares - yourself, your two sons, your wife and the daughter.

(ii) In accordance with the amended provisions of Section 6 of Hindu Succession Act 1956, where a Hindu dies, his interest in joint Hindu family property governed by Mitakshara Law shall devolve by intestate succession and the co-parcenery property shall be deemed to have been divided as if a partition had taken place. The Mitakshara Law is applicable to this part of the country and you will thus be governed by this branch of law. In case of an unfortunate happening, your share i.e. one-fifth share would be divided between the remaining three co-parceners (i.e. two sons and the daughter) and your wife equally. The remaining four-fifth will continue to remain as Joint Hindu family property.

(iii) As far as making a Will is concerned, you can make a Will in respect of your share in the HUF property and it may not be possible for you to make a Will with regard to the shares of other co-parceners and your wife.

(iv) In my opinion it would be better to partition the HUF whereby your wife and you can get a particular portion of the house which can be retained by your wife in her own right after your death. You would then be able to make a Will of that part of the property. By virtue of such partition you can pay lumpsum to your daughter in lieu of her share in the house property. I may add that it is open to any member to take more or less than what is his due as also to relinquish or surrender his share without taking any property whatsoever. The Assessing Officer can not question such a partition.

Capital gains tax on bonds

Q. I had invested capital gain earned on the sale of a house property which was a long-term capital asset. The investment had been made in the bonds issued by NABARD in December 2004. I was advised that such bonds are covered for the purposes of exemption of capital gains tax in terms of Section 54EC of the Income-Tax Act. The Income-tax Officer has not allowed the above exemption and asked for the payment of tax on the contention that such bonds no longer qualified as a long term specified asset within the provisions of Section 54EC of the Act.

— R.S. Kapoor

A. The action of the Assessing Officer in disallowing the benefit for the bonds purchased in December 2004 is not correct as the definition of the term long-term specified assets has been changed w.e.f. 1st April 2006. In terms of such amendment the bonds issued by NABARD have been excluded from the term long-term specified assets effective from April 1, 2006. Since you have purchased the bonds in December 2004, you are entitled to the benefit of exemption. You should file an appeal against the order of the Assessing Officer as well as file an application under Section 154 of the Income-Tax Act 1961 (the Act) for the purposes of seeking due relief.

Loan repayment & Section 80 C

Q. I have recently completed the construction of a house. I had also borrowed a part of the funds from a bank. As the borrowed amount from the bank was not sufficient to complete the house, therefore I had to borrow some funds from my relatives for completing the construction. I understand that the repayment of loan to the bank would be considered for the purposes of deduction under Section 80C of the Act. Will I be entitled to a deduction of the amount paid back to my relatives towards the loan raised for the construction of the house?

— Ashok Kumar, Patiala

A. Section 80C of the Act provides that an individual or an HUF shall be entitled to a deduction of a sum not exceeding a sum of Rs 1 lakh out of his total income in respect of the sum or sums paid or deposited in the previous year towards specified items referred to in the said section of the Act. One of these items is the payment made towards or by way of repayment of amount borrowed by the assessee from -

(i) The Central government or any state government

(ii) Any bank, including a co-operative bank

(iii) The Life Insurance Corporation

(iv) The National Housing Bank

(v) Any public company formed and registered in India with the main object of carrying on the business of providing long-term finance for construction or purchase of houses in India for residential purposes

(vi) Any company in which public is substantially interested or any co-operative society, where such company or co-operative society is engaged in the business of financing the construction of houses, or

(vii) The assessee’s employer where such employer is an authority or a board or a corporation or any other body established or constituted under a Central or State Act, or

(viii) The assessee’s employer where such employer is a public company or a public sector company or a university established by law or a college affiliated to such university or a local authority or a co-operative society.

In view of the above provisions of the Act, you would not be entitled to any deduction under Section 80C of the Act for the repayment made to your relative towards loan raised from them.

No tax liability on gifted plot

Q. I have a residential plot which was allotted to me by HUDA. I want to gift this plot to my daughter who, though married does not have her own residential house. She would construct the house thereon. Will such gift attract any tax liability?

— Anil Kumar, Kurukshetra

A. The gift of residential plot to your daughter would not involve any tax liability because the Gift Tax Act 1958 stands re-appealed. Even the provisions of Section 56(2) (v) and 56(2)(vi) of the Act are not applicable to such gift. This is because of the following reasons:

(i) Section 56(2)(v) and 56(2)(vi) of the Act deal with ‘any sum’ of money received by the donor and

(ii) The receipt of ‘any sum’ from specified relatives is not covered by the aforesaid provisions. The term relative for the purposes of above provisions includes a daughter.

I may however, add that such a gift would involve execution of a proper gift deed which will have to be registered with the Sub-Registrar. This would require payment of stamp duty on the basis of the market value of the plot as on the date of the gift.

Long-term and short-term capital gain

Q. What is long-term and short term capital gain with reference to the sale of an immovable property? Would you please also let me know what are the tax implications in both the cases?

A. The short-term capital gain is computed with reference to the short-term capital asset. A short-term capital asset is defined by the Act as a capital asset held by the assessee for not more than 36 months immediately preceding the date of its transfer. Any gain which arises on the transfer of a short-term capital asset would be treated as a short-term capital gain and taxable at the normal slab rates. In other words, such short-term capital gain is added to the other income of the assessee and tax is computed on the total income inclusive of such short-term gain.

The long-term capital gain is computed with reference to a long-term capital asset. The long-term capital asset has been defined as a capital asset, which is not a short-term capital asset. Accordingly, any immovable property which is held by an assessee for more than 36 months immediately before the date of its transfer would be considered as a long-term capital asset and any capital gain arising thereon would be treated as a long term capital gain. The long-term capital gain arising on the sale of immovable property would be taxed at the rate of 20 per cent plus the applicable rate of surcharge and education cess.

I may add that in case of long-term capital asset, the benefit of indexation is available to partly offset the effect of inflation. For example if the indexed cost is to be computed for the year 2007-08 in respect of a property purchased in the financial year 1990-91, the cost of such immovable property will be multiplied by 551 (indexation rate for 2007-08) and divided by the index of 182 (indexation rate for 1990-91). The resultant figure would be treated as indexed cost for the purpose of computing the long-term capital gain. Such indexed cost will be allowed to be deducted from consideration received/receivable on the transfer of long-term capital asset for arriving at the amount of capital gain.

The writer can be contacted at sc@scvasudeva.com

Buzz on Bourses
Unitech to invest Rs 4,000 cr in Mumbai

New Delhi: Unitech Limited, the country’s second largest realty firm, has forayed into Mumbai’s property market and plans to invest Rs 4,000 crore in the next three years on real estate development. According to company sources, Unitech plans to develop three million sq ft, primarily office space, in Central Mumbai in the next three years and is targeting to construct up to nine million sq ft in the next five years. The company would develop the project, spread over about 20 acres, in an equal partnership with a local developer. It has bought equity stake in the special purpose vehicle, which is owning the land, they added. The project in Mumbai is likely to start in the next three-four months. Unitech would lease the office space and is likely to earn a monthly rental of over Rs 100 crore. It may build little bit of retail space and a hotel in the project. — PTI

Merlin Group to build stadium

Kolkata: Merlin Group, which won a bid for a 1.97 acre plot on E M Connector on lease, will build a stadium on four acres and give the Kolkata Metropolitan Development Authority (KMDA) Rs 20.65 crore in cash. “As per terms of the bidding for the plot under PPP model, besides cash we will build a stadium with sitting capacity for 4,000 persons on four acres just beside the commercial plot,” Merlin Group executive director S.Ahmed said here today during launch of commercial project Acropolis. Merlin Group won the bid, racing ahead of some other national and local realtor groups.

The group said it would be a major commercial project of South Kolkata and its estimated value would be Rs 400 crore. Acropolis will be completed by 2010 and will have leaseable area of 7.5 lakh sq ft. — PTI

Puravankara bags Hyderabad project

Bangalore: Amid stiff competition from realty giants, Puravankara Projects Limited today announced it won the tender from APIIC (Andhra Pradesh Industrial Infrastructure Corporation) for the development of a massive project at the prestigious HITEC City in Hyderabad involving an investment of over Rs 3,500 crore. Puravankara’s bid for the land was for Rs 630 crore involving the development of about 6.5 million sq ft, a company release here said. — UNI

Planet Hollywood enters Indian market
Plans hotels in Mumbai, Delhi, Bangalore, Goa & Hyderabad

With a long list of shining celebrities and a two-day unique Hollywood-style bash to grab attention, London entrepreneur Robert Earl re-launched Las Vegas Strip mega resort Planet Hollywood and announced going international by starting five such hotels in India on a planned investment of $15 million.

Earl, 56, the man who invented the Planet Hollywood restaurant chain in which the famous Hollywood actors like Sylvestor Stallone, Bruce Willis, Demi Moore and others have a stake, said, “We are expanding our restaurants and India, due to its strategic posItion, was an obvious choice”.

“We expect to open our first restaurant in Bollywood and the other four will be in New Delhi, Bangalore, Goa and Hyderabad,” he said.

Planet Hollywood is about popular culture and the celebration of all forms of entertainment and Mumbai, which is home to Bollywood, is the huge capital of entertainment. That is what makes this a perfect marriage, Earl told PTI during the relaunch ceremony.

“PH hotels in India will be a unique idea like our other hotels. The moment a traveller will enter the lobby, it will create a mood that is both hip and frenetic. The rooms will not only be elegant, but we will feature memorabilia in each room and the rooms will be a tribute to a specific celebrity or film.

“No two guest rooms will have the same pieces in them, so with each return visit, you will have a different look in your room,” he said.

Planet Hollywood International announced that it has signed a master franchise agreement with Arch Millennium Corp. to develop five Planet Hollywood restaurants in India.

“I am thrilled that we have found the right partners to open in India, a country that has huge potential for the Planet Hollywood brand,” commented Earl. — PTI

India’s first global realty fund launched

ING Investment Management India has launched India’s first Global Real Estate Fund that would invest in listed real estate companies.

The fund will not invest directly in properties but in real estate investment trusts (REITs) and real estate operating companies.

“This fund opens up a new asset class for Indian investors. It aims to offer an investor returns that are better than fixed income product but with lower volatility than an equity fund,” ING Investment Management India’s MD & CEO Vineet K Vohra said while launching the fund.

The scheme will primarily invest in ING Global Real Estate Securities fund registered in Cayman Island.

ING Global Real Estate Fund, an open-ended Fund of Funds would invest in commercial properties across 21 countries such as offices, shopping malls, healthcare facilities, hotels, apartments.

The new fund from ING will act as feeder fund for the larger ING Clarion Real Estate Securities, a part of $145 billion ING Real Estate, the largest real estate investment manager in the world.

The fund has large allocation to Asia-Pacific, followed by North America and Europe.

In selecting investments for the fund, companies that derive at least 50 per cent of their total revenues or earning from owning, operating, developing or managing real estate will be preferred.

The scheme opened on November 20 and will close on December 14, the earliest closure date is December 7.

Minimum application amount to invest in ING Global Real Estate fund is Rs 5,000.

“The fund doesn’t have any exposure to the US sub-prime housing sector as it invests in commercial properties and not residential properties in the US,” ING Real Estate’s Head of Global Research & Strategy Indraneel Karlekar said. — PTI