Sunday, October 23, 2011

Lower Parel Flies High

!: Lower Parel Flies High

Following the footsteps of Nariman Point and Bandra-Kurla Complex (BKC), Lower Parel is coming up well as the Extended Business District (EBD) at Mumbai's commercial real estate scenario. From decaying chawls and jam-packed lanes to high-rise office buildings, housing some of world's biggest corporate houses, the area has undergone a massive change.

Lower Parel is advantageously located at the inroads to South Mumbai's CBD, BKC and the Secondary Business Districts (SBD) such as Malad, Andheri, Thane and Navi Mumbai. It also has domestic and international airports in close proximity.

Due to the huge tracts of land available, development in Lower Parel is significantly taking place in a planned way. Of late, Lower Parel has witnessed entry of big enterprises in the compounds of the departed mills. State-of-the-art office buildings such as Phoenix Towers and Marathon Heights laid down the standard for more superior and premium commercial projects like Raheja Atlantis and Marathon NextGen.

When Morgan Stanley struck a deal in the swank Peninsula Corporate Park for Rs 410 a sq ft, i.e. Rs 50 lakh per month for 12,000 sq ft, the industry took the notice of prospects in Lower Parel.

The rental values, across Lower Parel, Nariman Point and BKC, have been soaring since past few years. Rentals are between Rs 250 and 350 per sq ft in Nariman Point and between Rs 250 and 275 per sq ft in. BKC, for now, commands between Rs 300 and 315 per sq ft. As per industry reports, the office space supply during early 2008 is going to be sturdy with approximately 2.2 million sq ft of space getting available which is going to stabilize the prices.

The two huge developments coming up in the vicinity of the Lower Parel area includes projects by prominent real estate developer DLF and Indiabulls. Service Apartments are being developed and luxurious residential buildings are also coming up and redevelopment of several buildings is on track as well.

With this, Lower Parel is expected to boast of an exclusively new skyline. According to the real estate industry experts, the success of any new commercial or residential property project depends mainly on location. Considering that, Lower Parel is ideally placed to become the new commercial real estate hub of Mumbai.


Lower Parel Flies High

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Thursday, October 20, 2011

Are Special Purpose Vehicles (SPVs) Legal?

!: Are Special Purpose Vehicles (SPVs) Legal?

A special purpose vehicle (SPV) or a special purpose entity (SPE) is a legal entity created by a (sponsoring) firm for a specific and limited purpose: To house a risk, to carry out some transactions, to own assets, to minimize risks and to maximize profits for the sponsoring firm, sometimes by taking advantage of differences in the legal, regulatory or accounting environment.

There are usually no offices, management or employees. SPEs often consist of a set of legal documents. They can be financing subsidiaries, or a holding company, a limited liability company, a new corporation, a trust, or a partnership. Only imagination is the limit.

SPEs are usually "bankruptcy remote". If the sponsoring firm has financial problems, its creditors cannot seize the assets of the SPE.

Are special purpose vehicles (SPVs) legal?

SPVs are perfectly legal, and almost all major (and well respected) corporations use them. It is not the SPV itself; it is the way it is used that can be illegal.

Special purpose entities are used in financial risk management, as they are excellent ways to segregate specific activities (risks) from a firm's core operations. By isolating high risk projects from the parent organization and by giving to new investors the opportunity to take a share of a very specific risk in a firm with a simple and clear balance sheet (as it is created for a single purpose only, and there are no debt obligations), SPEs definitely can help both, firms and investors.

According to the European System of Central Banks (ESCB), SPEs can be investment funds, financial vehicle corporations, financial corporations engaged in lending, financial holding corporations, security and derivative dealers and "others".

SPEs can be illegal, and can be used for tax evasion, avoidance of regulatory restrictions, money laundering, misstatement of earnings and concealment of problems.

Red flags Is the SPE incorporated in a tax haven? Why? Is the SPE incorporated in a place where there is no activity of the sponsoring firm? Is the SPE raising debt without making it obvious to the investors of the sponsoring firm?


Are Special Purpose Vehicles (SPVs) Legal?

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Sunday, October 16, 2011

Pune Real Estate - Growing Rationally

!: Pune Real Estate - Growing Rationally

Property seekers in Pune have another reason to cheer. Recently, the Estate Agents Association of Pune (EAAP) published and launched a directory of all organisations, institutes, professionals and agents related to real estate. This directory has a database of Pune property registration offices in and around Pune, contact details of the all the members of the EAAP and useful tips for buying and selling property.

Pune's real estate segment has seen a lot of activity in recent times. Civic agencies and private property developers and infrastructure companies have contributed significantly in upgrading the city's infrastructure.

Property registration records also highlight this fact. Property transaction records have posted 17.6% growth in 2008. About 79, 973 new Pune properties were registered with the authorities in 2008, as compared to just 68,004 in 2007. These figures sham the property reports that transactions have nosedived owing to high property prices and rise in construction material like steel and cement.

Prominent real estate builders like Kolte-Patil, Gera Properties, Mutha Group and Kumar Builders are active in the city. Local developers like Aditya Builders, Achlare Associates, Bhujbal and Brothers Construction Co. are also playing a significant part in the city's real estate development.

Pune's central areas like Model Town, Gymkhana, Salisbury Park are a hub of the prime residential and commercial property. These localities are thickly populated and have just no space for new construction. Only remodeling of property (like residential properties being converted into commercial properties) and reconstruction is taking place in these localities.

Most of the new construction is taking place in the bordering regions and the suburban regions on the city. Localities like Kothrud, Vanwadi, Oundh are witnessing frantic real estate development too.


Pune Real Estate - Growing Rationally

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Friday, April 22, 2011

George Washington and His Premonitions of the Three Perils Facing the New Republic

George Washington was not only the first President of the United States, but also wrote before his death, about a visit by an angel warning him of the three perils the new nation faced. This was written down and attached with his will. To a curious reader, perhaps symbolic of certain events that occurred long after his death, with one peril still remaining unfulfilled.

George Washington had retreated for the winter to Valley Forge, snowed in and still fighting a war. He retired one afternoon to his office, and claimed an angel visited him, showing him the three perils, the new nation faced in the future.

Real George Washington

What were these three perils?

George Washington and His Premonitions of the Three Perils Facing the New Republic

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1. The First Peril

The Angel pointed to both Europe and the United States, whilst between them at sea, a cloud rose, and the President saw two nations fighting, his own, and a European nation. This probably was the Revolutionary War.

2. The Second Peril

America was now sprouting new villages and Towns, whilst the angel sprinkled water over these settlements, a dark cloud came over from Africa. And George Washington heard the words," Union," as the angel laid a split flag across the map of the new nation. This to most of us, this could symbolize the first American civil war.

3. The Third Peril

The Angel blew a trumpet, sprinkling water over the continents of Africa, Asia, Europe and North America. A dark cloud gathered over these continents, as armies marched through them, and the United states was also invaded The sky lit up to become a hundred 'Suns," as the angel was reputed to say," Son of the Republic, look and learn," as the North American invasion fails and the remains of the armies that fought remain victorious, in the ruins of a post-war country.

Obviously, the third peril claims at some point there could be a war involving, Africa, Asia, Europe and the United States. Whilst, opposing armies invade and fight in each other territories, the USA is itself invaded. The suns could represent strategic nuclear strikes, during this great war.

These three so-called perils not only were the final mystery behind the first President, but to many "proof" that even the most respected, and some say powerful men, believe in the occult. George Washington was not the first or the last president that has spoken of "angels", or "ghosts." and had premonitions.

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Wednesday, April 13, 2011

George Washington's Estate at Mt Vernon

The visit to the Mt Vernon home of George Washington was on the to do list, merely as a place to go to see as tourists! Staying in the city, we were becoming familiar with both the train and bus services, which in our opinion were excellent. We were glad we did, it was easy taking the bus there as it was only 16 miles south of Washington D.C. A warm clear day augured well for our trip out that day.

The bus dropped us off near the entrance but it was still a reasonable walk to get there, the crowds of visitors clearly evident from the numbers of buses and cars parked everywhere. Apparently, there have been some 80 million visitors through this home since opening to the public in the mid 1800's. The first thing that caught my eye was the miniature of the home with all the detailed miniature furniture. It was so real and painstaking in its reproduction of the period pieces that we would see later in the day.

Real George Washington

Wandering around the grounds as retired farmers, the farm and sheds had a particular appeal. The timber fences added a real touch of the authentic nature of the farm. One could only wonder at the education of the young people in the United States, on overhearing a discussion on the sheep that were penned next to the barn. It was certainly interesting!

George Washington's Estate at Mt Vernon

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What sets "George Washington's Sacred Fire" apart from all previous works on this man for the ages, is the exhaustive fifteen years of Dr. Peter Lillback's research, revealing a unique icon driven by the highest of ideals. Only do George Washington's own writings, journals, letters, manuscripts, and those of his closest family and confidants reveal the truth of this awe-inspiring role model for all generations. Dr. Lillback paints a picture of a man, who, faced with unprecedented challenges and circumstances, ultimately drew upon his persistent qualities of character - honesty, justice, equity, perseverence, piety, forgiveness, humility, and servant leadership, to become one of the most revered figures in world history. George Washington set the cornerstone for what would become one of the most prosperous, free nations in the history of civilization. Through this book, Dr. Lillback, assisted by Jerry Newcombe, will reveal to the reader a newly inspirational image of General and President George Washington.

We walked on to the stables to see the coach and horse equipment. I could swear it still smelt as it had done all those years ago when "George" lived there. To see all the tack hung on the walls one could almost imagine how it was back then. Plenty of slaves would have ensured it was cleaned and maintained meticulously.

The slave quarters were of real interest to me, I had loved the book "Uncle Toms Cabin" and it was a treat to see into the past to see what conditions were like for the slaves. I do not doubt they were better treated here than in many places, but it was still very sad to see the tiny rooms they had to live and sleep in. When you saw the huge rooms and furniture of the estate, you could only wonder how anyone could tolerate keeping people in slavery and the conditions of it. Fortunately, times have changed for the better!

Set on the banks of the Potomac River, the house had outstanding views across it and the estate. Sitting for a while to pretend we owned the place was not hard to do! Tucked behind the house were the house gardens, particularly the walled herb garden. The perfume of all the herbs and plants made a lasting impression on my mind, as well as the types of herbs and flowers growing within in the garden. The fruit trees, espaliered trees, just so much to take in at one time, the sort of place you would want to revisit time and again. It was with some regrets that we left to catch the bus again, it was a wonderful day and an instructive one.

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Sunday, April 3, 2011

Was George Washington Really a Volunteer Fireman?

Historians regularly regard George Washington as the father of our country, serving as our first President and commanding general of the Continental Army during the Revolutionary War. Some sources also indicate he may have been a volunteer fireman and charter member of Alexandria Virginia's first organized fire company. Is there any truth to this? Here is what was learned visiting the Friendship Fire Museum of Alexandria Virginia.

In August 1774, the Friendship Society, later Fire Company formed in Alexandria Virginia. Alexandria is a colonial era riverside port situated opposite and south of Washington DC. George Washington lived not too distant to the south at his Potomac River plantation Mount Vernon in Fairfax County. Washington is often noted as one of the company founders. He did serve from 1760-1774 as Justice of the Peace at the Fairfax County Courthouse then in Alexandria. Otherwise he was at the time a busy planter involved in Virginia politics and the growing discontent with England. As told, Washington has entries in his diary about attending meetings at the society. The Friendship Society, who knows as there could have been others and his diary does not specify. It is unclear if he was ever a company member of if he ever attended fires.

Real George Washington

In 1775, Washington as verified by a receipt, did pay for the Friendship's first pumping engine built by a man named Gibbs of Philadelphia. This suggests that Washington may well have at least been a friend or fan of this early fire company. Maybe he held something of an administrative or associate position. Given the some seven mile distance from Mount Vernon to Alexandria it is doubtful Washington could even hear the fire bell ring let alone ride his horse to the engine house or fire scene in time to be of much service.

Was George Washington Really a Volunteer Fireman?

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The Real Thomas Jefferson: The True Story of America's Philosopher of Freedom

Jefferson is the central figure in American history, and...he may yet prove to be the central figure in modern history. So stated noted historian Henry Steele Commager. And as the English novelist Samuel Butler once wrote, Though God cannot alter the past--historians can. His observation is especially applicable to our changing perceptions of great historical personalities, most of whom are relentlessly reinterpreted by each new generation of biographers.

There is no better example of this kind of metamorphosis than Thomas Jefferson, author of the American Declaration of Independence and third President of the United States. Since his death in 1826, he has been alternately vilified and deified by writers of varying motivations. In The Real Thomas Jefferson, by allowing Jefferson to explain his life and ideas in his own words, we have tried to ensure that his spirit, not ours, will breathe in these pages so that all who read them will become acquainted with Jefferson himself -- not another second-hand interpretation. His biography is set forth in Part I, and Part II brings together the most insightful passages from his writings, arranged by subject.

Highly acclaimed by many, including Glenn Beck of the Fox News Channel. Published by the National Center for Constitutional Studies, a nonprofit educational foundation dedicated to restoring Constitutional principles in the tradition of America's Founding Fathers. The National Center for Constitutional Studies...is doing a fine public service in educating Americans about the principles of the Constitution. -- Ronald Reagan, President of the United States

Still it is fun to regard good old George as a volunteer fireman that at least helped this company acquire its first apparatus. As for the Friendship Fire Company, they were ordered by the Alexandria Fire Chief to cease fighting fires on May 17, 1872. Later efforts to reorganize did not bring them back to service. In 1952 the organization became a philanthropic entity their last circa 1855 built firehouse at 107 South Alfred Street converted into a museum as stands today.

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Saturday, March 26, 2011

Cool Guys Do not Look in explosion

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