Wednesday 11 July 2007

Oberoi Udaivilas is the world's best hotel

The Oberoi Group has scored a first by receiving top honours in the prestigious Travel + Leisure World's Best Awards 2007 readers' survey.

The Oberoi Udaivilas, the luxury hotel in Udaipur, has been ranked the best hotel in the world with the highest overall score of 94.36.

This recognition for The Oberoi Group is acknowledged as one of the most revered rankings in the international travel industry, said a media release from the hotel.

In the same survey, The Oberoi Amarvilas, Agra has been ranked the 10th best hotel in the world and The Oberoi Rajvilas, Jaipur has been rated the 11th best hotel in the world.

Nancy Novogrod, editor-in-chief of Travel + Leisure said, "This year's results underline Travel + Leisure readers' ever-increasing embrace of global travel in their search for distinctive and authentic experiences. The extraordinary rise of India among the top hotels and resorts in the world is one sure reflection of this tendency, with The Oberoi Udaivilas ranking number one hotel in the world, and The Oberoi Amarvilas and The Oberoi Rajvilas coming in at 10 and 11 overall."

P R S Oberoi, chairman, The Oberoi Group said, "I am happy and proud that an Oberoi hotel has been ranked the best in the world. This is a significant landmark for Indian tourism and will further encourage tourists to visit the country".

The Oberoi Group operates 32 properties in five countries.

Sabarimala master plan work on

he work on the short-term schemes of the Sabarimala master plan for improving amenities for piligrims visiting the hillshrine has already begun, state Devaswom Minister G. Sudhakaran said on Wednesday.

The government has approved the master plan, prepared by the consultancy agency Ecosmart, Sudhakaran said in a written reply in the state assembly. The minister has also said that the government has asked Travancore Devaswom Board, which manages the temple, to begin short-term schemes like creating a parking lot and augmenting water supply, besides setting up toilet and sanitation facilities.

As part of the long-term plan, the Centre had given clearance for utilisation of 110.254 hectatres of forest land at Nilakkal, about 10 km from the base camp Pampa from where the trekking to the uphill Sannidhanam where the shrine is located.

This area would be mainly used to develop parking lot and camping facilities for the pilgrims visiting the temple in millions during the November-January pilgrim season every year. Besides, 12.675 hectares of land had been allotted between Pampa and Sannidhanam for creating some basic amenities for the pilgrims while on their four-km trekking to the Sannidhanam from the foothills.

Copra industry facing crisis in Kerala

The copra industry in Kerala, the land of coconut trees, is facing an acute crisis with farmers turning to other crops due to declining prices. From as high as Rs 6,000 per quintal two years ago, copra prices have fallen to Rs 3,150 now, forcing farmers to give up coconut cultivation in Kozhikode, Alleppey and Cherthala, the major coconut belts.

"The state Government's failure to implement its decision to withdraw four per cent VAT, increasing cost of manure and several other factors have contributed to the present pathetic situation," said P.P. Abdurrehman, Vice-President of Malabar Produce Merchants' Association.

"Tamil Nadu, where there is no VAT on the product, is giving better subsidies to its growers like free power and water. Also, the price of manure is comparatively low in that state enabling it to take over the prime spot in exporting copra to the northern states now," he said.

Exports from Kozhikode, which was once known as copra hub of the country, have come down from 150 bags (each bag comprising 50 kgs) a day to a mere 20 to 25 bags now, clearly indicating the sharp downfall, he said.

Though the coconut development board is trying hard to revive the sector by introducing fair measures to suit the growers, nothing concrete had emerged so far resulting in the downtrend, says Abdurrehman. "Labour charges are also very high here compared to neighbouring states affecting the farmers who are already threatened by other factors," he says.

Expressing the hope that the state could regain its premier position in the market, he said, "the Government should initiate urgent steps to save the market from crisis by introducing a fair amount of subsidy". "Adding to the existing problems is the 'lorry-turn system' introduced by truck owners in the state recently," says Sasi, a farmer in interior Vatakara, who has to wait for lorries so that his produce is carried to other states.

"Farmers are no more interested in coconut growing as we have to pluck them within 40 days for exporting. But then, we have no appreciative returns for our produce now," he said. "While copra used to be exported to Northern states on a daily basis from here, for the last seven days no load has been despatched," he said.


Kerala seeks more budget flights from AI

Kerala government has asked the Air India to operate more budget services to the Gulf sector, Chief Minister V.S. Achuthanandan said on Wednesday.

Replying to a calling attention on the problems being faced by Non-Resident Keralites, Achuthanandan told the state Assembly that the state carrier, which has budget service Air India Express, has been asked to operate more such flights. On the general amnesty policy declared by United Arab Emirates, he said two officials have been deputed to help those who wanted to avail the facility.

These officials would arrange travel facilities by preparing the necessary documents, he said. The State government was in touch with embassies in Gulf countries to help Keralites now lodged in prisons there, he added.

Tendulkar greatest in modern era: Cairns

Sitting on piles of runs in both forms of cricket and with virtually every batting record in his pocket, Sachin Tendulkar is the greatest batsman of the modern era, according to former New Zealand all-rounder Chris Cairns.

Enjoying every bit of his stint with the Lashings World XI after an illustrious career with the New Zealand team, Cairns was asked to name the best batsman of his era and the Kiwi picked Tendulkar.

Among the bowlers, Pakistani great Wasim Akram was Cairns' choice. Blessed with six-hitting abilities and lively pace, Cairns was hailed as one of the few genuine all-rounders of his era.

The affable Kiwi, however, rates Ian Botham, Imran Khan and Kapil Dev as the three best all-rounders of the modern era.

"In my view Ian Botham tops the list. He has won more matches and could easily turn a match with his effort," Cairns was quoted as saying by 'Gulf News'. "Imran Khan is next as the Pakistani all-rounder could bat at number four and also used to open the bowling.

Britain justifies knighthood to Rushdie

Britain Wednesday justified the award of a knighthood to controversial author Salman Rushdie and asserted that it would not allow terrorist groups to undermine the British way of life. The justification came in the wake of threats issued by al Qaeda's deputy chief to punish the United Kingdom for honouring Rushdie.

"We do not intend to dignify this (al Qaeda's threats) with a response. As the Prime Minister has said, we will not allow terrorists to undermine the British way of life," a spokesperson for Gordon Brown said here. "The British people will remain united, resolute and strong."

Justifying the award of a knighthood to Rushdie, an official of the Foreign and Commonwealth Office said, "It was a reflection of his contribution to literature throughout a long and distinguished career." "The Government has already made it clear that Rushdie's honour was not intended as an insult to Islam or the Prophet Muhammad," the official said.

In an audio-taped message released recently on an Islamic website, the second-in-command to Osama bin Laden, Ayman al-Zawahiri, had said that a response was being prepared to retaliate for the honour. The 20-minute address, titled 'Malicious Britain and its Indian slaves', pointed out that the Queen had sent a clear message to Muslims by honouring a novelist who had insulted Islam (allegedly in his book The Satanic Verses).

Al-Zawahri also appeared to make a direct reference to the failed bomb plots in London and Glasgow. He said: "I say to (Tony) Blair's successor that the policy of your predecessor drew catastrophes in Afghanistan and Iraq and even in the centre of London." "If you do not understand, listen, we are ready to repeat it for you."

Dabur India to merge with Dabur Foods

Dabur India Limited (DIL), a leading Indian FMCG company with turnover in excess of Rs22.33bn, on Wednesday announced plans to merge its wholly owned subsidiary Dabur Foods Limited (DFL) with itself. The Board of Directors of Dabur India Ltd on Wednesday approved the merger, which will be effective from April 1, 2007.

The merger with Dabur India would extract synergies and unlock operational efficiencies for Dabur Foods. The integration will also help Dabur sharpen focus on the high growth business of foods and beverages, and enter newer product categories in this space.

�Dabur Foods is an intrinsic part of Dabur India�s growth strategy and has been one of the fastest growing businesses, reporting a 35% CAGR for the past five years. We believe this merger is a unique opportunity to combine the strengths of a foods company with those of a growing and profitable FMCG business to create an extraordinarily strong and rapidly growing global competitor in the Health and Wellness space,� Dabur India CEO Sunil Duggal said.

�Through this merger, we will be able to invest and expand more effectively due to our combined scale, profitability and global reach� he said. DFL, after the proposed merger, will become one of the business divisions of DIL alongside Consumer Care Division (CCD) and Consumer Health Division (CHD). DIL owns 100% of the outstanding shares of DFL, so no new shares will be issued as a result of the merger.

�DFL was floated as a subsidiary over 10 years ago and has since gained unquestioned leadership and market dominance in the fruit beverage space. With Dabur Foods now deciding to expand its presence in the Health and Wellness sphere, a merger with the parent company is the logical step forward,� said Amit Burman, CEO, Dabur Foods Ltd.


Donald steps up the pace for England

Seeing Steve Harmison storming in with real pace and venom during the West Indies [Images] series was a great sight for England [Images] cricket fans.

Harmison couldn't find his brutal form of the 2005 Ashes series, and was still inconsistent at times, but knowing that a bowling genius such as Allan Donald will be working through the summer with the erratic pace man, makes his future suddenly brighter.

The 40-year-old former South Africa fast bowler was first hired by new England coach Peter Moores to oversee the seamers for a few weeks.

But everything has gone so well the deal has now been extended through the Tests and the NatWest series against India and on until the end of Twenty20 World Cup here in his home country.

"I've greatly enjoyed my time working with the England fast bowlers and am delighted to be staying on in the role until September," smiled Donald when the new deal was announced. "We have an exciting crop of bowlers in the England ranks and I'm looking forward to continue working with them."

Donald believes the vast experience he gained in 72 Tests and 164 one-day internationals can certainly help Harmison and the rest of England's inconsistent pace-men.

"I've asked the technical guys to put together some comparisons from when he was bowling well, right up until now," explains Donald, as he dissects Harmison's action. "At this stage I am just going to observe and take it from there.

"I was a rhythm bowler and I see Harmy as a rhythm bowler as well.

"Sometimes, if there is something missing in your action, it just won't click.

"I am convinced that, as the season goes on, it won't take him long to get back to his best. It's not that he is out of form right now, it's just that every now and again he has been a little bit inconsistent," said Donald, who finished his career with 330 Test wickets and 272 one-day international victims.

"He is a quality, world-class bowler and some high-class players who have faced him have spoken very highly of him, so there is no problem - he will be back."

Donald's appointment has been greeted with delight by critics and former England stars desperate to see their potent weapon renewed.

"Donald has heaps of experience, and his appointment appears to be a shrewd one," says former England captain David Gower. "He should certainly have no difficulty in presenting his credentials to Steve Harmison, Liam Plunkett et al, and they should find it easy enough to respond.

"The bowling department has suffered an inordinate number of injuries since the 2005 Ashes, and that has been the single biggest problem for England.

"The team as a whole has lost focus during the past two years and it is only now, with a new regime in its early days, that things seem to be headed in the right direction again.

"Donald could well be the man to get the bowlers back on track. I hope it works out for him and for the team and that he will be around for some time."

'Seeds of India's rise as IT giant were sown in 1947

The seeds of India's rise as a global powerhouse in information technology were sown way back in 1947, as Independence nudged education into the spotlight and led to the establishment of new universities, engineering colleges and research and higher education institutions.

These initiatives resulted in the availability of skilled technology and engineering professionals, many of whom went overseas in search of green pastures and some of whom came back to clear the forest to create new and greener pastures within the country.

In the global arena, the IT sector has been a catalyst to re-engineer India's image from one built on past clich�s like palaces and poverty. It has been the ambassador of emerging India and helped create a new brand image for the country associated with skilled and hard-working professionals.

With hindsight, looking back at the early days of the IT industry in the late 1960s and early 1970s, it seems a near miracle that the industry even took root, given the complete absence of demand for technology in India and strong foreign currency regulations that forbade import of computers and software.

Indeed, our economic past, characterised by scarcity, has been the driver for today's success. It forced us to be more efficient and do more with less. Not only did we get free lessons in optimising our resources, but it also challenged us to find creative solutions, and then test these in a tough operating environment. It was virtually like getting a free MBA!

What started with small programming jobs in the US, moved to larger projects being done out of India, until an entire ecosystem of talent, academia, training developed into a $30 billion industry. One of many engineers who left California for India and then came back to sell an idea was yours truly. I set up TCS's [Get Quote] US operations in 1979, having returned after my masters at UCLA in 1972.

Now, 'Made in India' has become the benchmark for software and services in the 21st century, just like 'Made in Japan' was the success story in manufacturing, automobiles and consumer electronics in the late 20th century. It is now a brand that epitomises efficiency and innovation that not only our manufacturing sector hopes to emulate but also has attributes that our dominant agriculture sector can ride on as it begins to supply flowers, fruit and grains to global kitchens.

If Indian IT learnt to walk in the West, it is now learning to run in India. Technology is helping bridge the rich-poor divide; distance education, telemedicine and micro-finance are helping achieve this.

Less surprising, perhaps, is that India is creating innovative products aimed at the bottom of the economic pyramid. So products like a Rs 10,000 PC, a refrigerator built to survive voltage fluctuations and, of course, the Rs 100,000 car are all unique, indigenous, cost-effective solutions that could be exported.

We are also deploying technology to ensure that citizens can avail of government services remotely without having to deal with India's mammoth bureaucracy; the current government's new employment initiative for families living below the poverty line uses TCS technology to ensure that the poor get the benefits of public spending rather than corrupt middlemen, and for one of India's leading children's NGOs we have devised and set up a nationwide database and communication system that allows help to get to children in need, in the quickest time possible.

Innovation in technology is helping India. It boasts of the cheapest mobile phones and call rates of just Re 1 a minute and public transportation that runs on non-polluting gas. To top it all, it has a young population bursting with energy and aspirations - probably the only big market where first-time telephone users are cellular phone users that have bypassed landlines.

All this has given Indian IT a seat on the global head table, with intellectual competencies to serve an array of offerings in several domains, technologies, with processes to deliver complex solutions, and to sell and support these in all parts of the world. We are transitioning from simple outsourcing to global sourcing - driving the next phase of evolution in process quality frameworks and practices.

We have a headstart on competing countries in terms of process, track record, relationship management, and technology management. We are building our domain abilities and expressing our value to customers visibly. We have played a globally significant role in the information technology and knowledge based services area.

The fact that our multinational competitors are setting up shop in India is proof of India's competitiveness and the success of our business model. Another proof-point of this success is that Indian IT companies like TCS are being requested to establish operations in countries like Uruguay, Mexico, Brazil, China and Morocco.

At 60, India is at a new inflection point. In the years after Independence, it was the government that invested in capacity building for education and research. Today, industry has to come forward to rebuild the capacity to suit the needs of the future.

Our industry has the responsibility to find ways to collaborate with academic and research institutions in India and abroad so that we can stay at the leading edge of the technology domain and process innovation. Technology as an enabler to address all fields continues to be a critical challenge.

While the increasing numbers of universities and educational institutions in India is heartening, the emphasis on examinations (rather than on understanding, learning or knowledge) falls short of inculcating the intellectual leaning required to prosper.

We need to emphasise the need to innovate, to build intellectual property and maintain the pace of transition, whether it is domain consulting, domain products, shrink-wrapped products, high-quality software services or business process outsourcing.

Our ability to anticipate and, indeed, create successive "waves of innovation" will be crucial as we straddle technologies, domains and processes - and create a self-sustaining process to do so continually.

For many critics, India remains a late bloomer. But it must be remembered that nations are not individuals, and while individuals may look to take the foot off the gas pedal at 60, India remains a young nation, which, at 60, is ready to take its place on the global stage on an equal footing with developed economies.

For the IT-ITeS industry, this means a transition from the technical software services of today to knowledge domain based services enabled by IT tomorrow.

But I am confident that IT will not remain the only global leader in the coming years and decades. If we can continue to build our knowledge skills, the manufacturing and agro sectors will soon be up on the global podium alongside the software giants.

S Ramadorai is managing director and CEO of Tata Consultancy Services.


How much money do you need to retire?

Retirement does not necessarily have to mean working till 60 or the maximum edibility age of your company. Provided you have put away enough funds, you can take an early retirement or a VRS, or just try and figure out if you currently have enough to retire from your current occupation.

It is at this stage that you build your retirement and estate planning strategies. Let us delve further into this, and understand the dynamics of 'income support mathematics'.

Your strategies depend on two important factors:

  • The age at which you can retire out of work
  • If your savings are enough to let you retire today.

These factors are in turn dictated by the following parameters:

  • The income support you seek
  • The savings that you have
  • The investment budget that you currently have
  • The time frame that you have to retire
  • The rate of inflation
  • The risk you wish to take during retirement
  • The risk you wish to take before retirement

The following chart illustrates the impact of the last two factors.

Table A

Current age

40 years

Retirement age

60 years

Expected life

80 years

Inflation

7%

Current Income

Rs 50,000 p.m.

Investment budget going forward

(We assume that there is no previous provision made)

Rs 10,000 p.m.

Retirement income required (accounting for inflation & reduction in lifestyle expenses)

Rs 100,000 p.m.

Post-retirement investment return

9%

Here is the analysis based on parameters 6 & 7 above, ie, based on the level of risk you are willing to take:

Strategy Option

Risk being taken now

Rate of return to be obtained now

Rate of return to be obtained post retirement

Risk level required post retirement

1

Very High (Very Difficult)

18.25%

6.00%

Negligible Risk

2

Quite High

15.00%

11.00%

Low to moderate

3

Moderate

12.00%

16.50%

Very High

4

Low

9.00%

23.00%

Only Warren Buffet has achieved this year after year

5

Negligible Risk

6.00%

31.50%

It is ridiculous to expect returns in excess of 30% year after year!

Note: return levels of 14% and upwards imply a 100% equity portfolio

(Note: return levels of 14% and upwards imply a 100% equity portfolio).

What does the above table mean?

Very simply, we are in a situation where you can save just 10,000 pm towards retirement. We seek to have an income of Rs 100,000 pm increasing annually at 7%. We have five strategy options presented before us depending on the level of risk we plan to take.

To elaborate further, if we take high risk now, ie, expect to earn 15%, we may need to take low to moderate risk during retirement.

The rate of returns you need to earn post-retirement is key to deciding the strategy you implement. Building further on the idea of 'income support mathematics,' I will explain the dynamics of how much more wealth you need to create given the amount of savings you have accumulated.

Take the example of Mr X (Table B):

Table B

Current age

40 years

Retirement age

60 years

Expected life

80 years

Inflation

7%

Current Income

Rs 50,000 p.m.

Investment budget going forward

Rs 10,000 p.m.

Retirement income required (accounting for inflation & reduction in lifestyle expenses)

Rs 100,000 p.m.

Post-retirement investment return

9%

In order to have Rs 100,000 income per month post-tax, increasing each year by 7% on account of inflation, the corpus he will require is about Rs 2.2 crore (Rs 22 million). This means that in the next 20 years, he must build up a corpus of Rs 2.2 crore (or Rs 220 lakh) to retire comfortably.

This money is just about enough and will become zero when he reaches 80.

Strategy

Amount of savings today

Retirement corpus possible in 20 years at age 60 from growth of current savings

Financial gap to achieve target corpus of Rs 2.2 crore (Rs 220 lakh)

Financial gap to achieve target corpus of Rs 2.2 crore (Rs 220 lakh)

1

Rs 2 lakh earning @ 9% p.a

Rs 11 lakh

Rs 209 lakh

Rs 31,000 earning @ 9% p.a

2

Rs 2 lakh earning @ 14% p.a

Rs 27 lakh

Rs 193 lakh

Rs 15,000 earning @ 14% p.a

3

Rs 5 lakh earning @ 9% p.a

Rs 28 lakh

Rs 192 lakh

Rs 29,000 earning @ 9% p.a

4

Rs 5 lakh earning @ 14% p.a

Rs 69 lakh

Rs 151 lakh

Rs 11,500 earning @ 14% p.a

5

Rs 10 lakh earning @ 9% p.a

Rs 56 lakh

Rs 164 lakh

Rs 25,000 earning @ 9% p.a

6

Rs 10 lakh earning @ 14% p.a

Rs 137 lakh

Rs 83 lakh

Rs 6,500 earning @ 14% p.a

(Note: return levels of 14% and upwards imply a 100% equity portfolio).

What does the above table mean?

This is just a situation where Mr X can save Rs 10,000 per month towards retirement. We seek to have an income of Rs 100,000 per month increasing annually at 7%.

We have six strategy options and three scenarios with respect to existing savings of Rs 2 lakh (Rs 200,000), Rs 5 lakh (Rs 500,000)and Rs 10 lakh (Rs 1 million).

The strategy option Mr X must choose depends on the amount of savings he currently has and the level of risk he is willing to take, going forward.

To elaborate further, as per options one and two, if he has just Rs 2 lakh of savings, retirement would be a nightmare for him. Even taking high risk now, he will not be able to create his retirement corpus. Besides, he does not have the monthly budget provision required.

As per options three and four, he will be in a position to retire comfortably only if he is willing to invest Rs 5 lakh into high risk assets and stretch his monthly budget to Rs 11,500, if he is in a position to retire comfortably. Thus, option four is feasible.

As per option five, even if he has Rs 10 lakh of savings, he cannot retire since does not have the provision to invest Rs 25,000 every month. But if he decides to take a higher risk, he will not only be able to retire comfortably but also afford international holidays every two years, or a luxurious domestic holiday each year.

In all the above, we have assessed that he will earn a post tax return of 9% during his retirement years. Of course, the time frame you decide has a huge impact on the income support mathematics.

Moral of the story: it is not your fault if you are born poor, but if you stay poor, it certainly is!

Kartik Jhaveri, an expert at Financial Planning, is a Certified Financial Planner and a Chartered Wealth Manager.

Disclaimer: The contents of the above articles are the intellectual property and copyright of the author, Kartik Jhaveri. No part may be used or reproduced in any form or manner. If you choose to act upon the information contained in the above article it is at your own risk. This article is purely educative and you are strongly advised to consult an expert prior to taking any significant decision.


Oberois to spend Rs.6 billion for three new hotels in India

The Oberoi Group, one of India's leading hotel chains, said Wednesday it would invest about Rs.6 billion within the next four years to build three luxury hotels in India.

'We have several projects in the pipeline that would come up both in India and overseas. In India we would be building three hotels in Mumbai, Goa and Rajgarh (Madhya Pradesh) on our own for which we would be investing about Rs.500-600 crores (Rs.5-6 billion)', P.R.S. Oberoi, chairman, Oberoi Group told a press conference here.

'All these hotels should be up and running by mid 2008 to 2011, which together would make available about 1,200-1,500 rooms,' he added.

The group is also developing luxury hotels near airports that are scheduled come up at Bangalore and Hyderabad.

As part of its overseas plans, the group is building two hotels in Abu Dhabi, one each in Dubai, Cambodia and Maldives, which would be mostly built through management contracts.

The group currently runs 32 hotels and luxury cruisers in five countries under the brand names of 'Oberoi Hotels and Resorts' and 'Trident Hilton' for the mid-market segment.

The Group is also engaged in flight catering, airport restaurants, travel and tour services, car rentals, project management and corporate air charters.

The group's premier luxury hotel in Udaipur, Rajasthan - Oberoi Udaivilas - was declared the best hotel in the world by the Travel+Leisure readers' survey, one of the world's leading travel magazines with a circulation of about one million.

BSNL goes on strike but services remain normal

Employees of state-run telecom major Bharat Sanchar Nigam Ltd. (BSNL) went on strike Wednesday asking the government to place equipment orders for the expansion of its mobile services.

'A section of employees have gone on strike just for one day. But this has not disrupted any of our services. All our exchanges are running normally without any disruption,' BSNL chairman and managing director A.K. Sinha told IANS.

'We are negotiating with them and I am sure we will sort this out by today,' he added.

According to industry sources, the employees went on strike for not being able conclude discussions with the new telecom minister A. Raja and the department of telecommunications (DoT) about the placing of contracts with regard to laying 45.5 million GSM lines to selected vendors.

The employees were not satisfied with the reply they got from the DoT, the sources said.

The union is expected to meet the minister and senior officials from BSNL and DoT Wednesday.


RealEstate some tips and tricks

DO'S AND DON'T ON OWNING FLATS

Are you the proud owner of a flat? Congratulations! But are you aware of your rights and duties?
  • Read the Karnataka Ownership of Flats Act promulgated in 1972.
  • Be sure about regulations regarding ownership of flats.
  • Know your rights and duties with regard to construction, management and transfer of flats.
Rights of an apartment owner
  • Apartment owners are entitled to the exclusive ownership and possession of their apartment.
  • The owner should execute a declaration submitting his apartment to the provisions of the Flats Act.
  • The percentage of the undivided interest of each apartment owner in the common areas and facilities as expressed in the Deed of Apartments will have a permanent character. It cannot be altered without the consent of all of the apartment owners.
  • The Association of Apartment Owners has access to each apartment from time to time during reasonable hours as may be necessary for maintenance and repair.
  • However, no apartment owner will do any work which would jeopardize the safety of the building. He is not authorized to add to or delete any portion of the structure without the unanimous consent of all the other apartment owners.
Top
Contents of the Declaration
  • Description of the land on which the building were to be located, stating the number of floors, materials involved in the construction, approximate area, number of rooms, etc.
  • Value of the property and apartment, percentage of undivided interests in the common area and facilities.
  • A certified copy of the declaration and Deed of Apartment will be sent to the registrar of the sub district registrar concerned.
  • The administration of every property will be governed by byelaws, a copy of which should be annexed to the declaration. No amendment made to the byelaw will be valid unless set forth in an amendment to the declaration.
Top
Transactions concerning a plot or flat
  • Copies of the documents to be given to the purchaser.
  • All documents of title relating to the land on which the flats have been constructed.
  • Specifications of the building.
  • List of fixtures, fittings and amenities.
  • A certificate by an advocate to the effect that he has investigated the title of the said property and was convinced that the title of the vendor was clear and free from claims.
Top
Agreement
  • The promoter shall enter into a written agreement of sale with the intending purchaser before accepting any sum of money as advance.
  • The agreement should mention the date of handing over the possession of the flat, the price of the flat, including the proportionate price of common areas and facilities, the intervals at which the instalments of prices have to be paid.
  • Builders-cum-promoters should enclose copies of vital documents, like land records, encumbrance certificates, no objection certificates while signing construction agreements with buyers.
  • The builders should register important documents like the Deed of Apartments essential for registration of an Apartment Owners' Association.

Chennaibest Pubs

Name Of The Pub Location Phone No Average cost for 2 persons Timings
Fort St George @Taj Coromandel N'bakkam High Road 2827 2827 1000 -
Oakshott @ Taj Connemera Binny Road 2826 0123 1000 11.00am-11.00pm
The Dome @ Le Royal Meridian 1, G.S.T Road 2231 4343 1000 11.00am-12midnight
Westminister Bar @ Park Sheraton 132, TTK Road, Alwarpet 2499 4101 1000 12noon-12midnight
Arcot @ The Trident G.S.T. Road 2234 4747 700 11.00am-11.00pm
Deep Purple @MGM Beach Resorts 1/74, Mahabalipuram Road 2472 4342 700 3pm-7pm
Durrant's Bar @ Chola Sheraton 10 Cathadrel Road 2811 0101 700 12noon-12midnight
Macro Polo @ Madras International Thousand Lights 2826 1811 700 -
Marshall's @ Maurya Internatioanal Arcot Road 2484 0049 700 -
Bamboo Bar @ Savera 69,Dr Radhakrishna Road 2811 4700 400 11am-10.40pm
Champagne & Cider Mount Road 2852 4111 400 -
Clarete @ King's Park E.V.R Periyar Salai 2641 4243 400 -
Geoffrey's @ Hotel Radha Park Inn 171, Jawaharlal Nehru Salai (Inner Ring Road) 2475 7788 400 Monday-Friday(4-11pm), Saturday-Sunday(11am-11pm)
High Time @ GRT Grand Days Sir Thyagaraya Road 2815 0500 400 11am-7pm
Park Town Munro @ The Sindoori Central Hotel P.H.Road 2538 6647 400 -
Sangaree@ Ashok Residency 1\460, Mt Poonamallee Road 2476 1137 200 -
Maharaja @ Hotel Pandyan Egmore 2825 2901 200 -
Marine @ Tulip-Aruna Sterling Road 2825 9090 200 -
Poker @ Shelter Mylapore 2495 1919 200 -
Striker @ Ampa Inn P.H.Road 2374 1999 200 11.30am-11pm
The Cambridge @ Dee Cee Manor G.N.Chetty Road 2828 4411 200 -