Saturday, June 20, 2009

World Elders Day – October 1 – The change has to start at your home

By Jayashankar VS

Nowadays we have different days dedicated for every one and everything in our lives! We have Mothers Day, Fathers Day, Elders Day and even a day for cheesecakes! Strange! Superficially it is a bit weird to celebrate these days in a year but take a closer look. These days can be good reasons to smile, share and enjoy. But is that all? Or do these days convey a deeper significance? I believe so. Let us see an example. The World Elders Day is celebrated in India on October 1 every year. Traditionally, this day is held to honour the elders, give gifts, talk and spend quality time with them. In a nutshell, do everything to make them feel happy! But hey! Think again! Shouldn’t we be doing this to our elders all through their lifetimes? Well, that’s the whole point! It is like eating, and earning money! The only requirement is our willingness.

Why World Elders Day?
Let us put into perspective the need for a separate day like World Elders Day. There is one simple reason: if you are one of those few already taking good care of your elders at home then this day could be spent to reiterate your pledge to continue to do your best, or probably look back to check if you have done enough or make amends. And if you are one of those looking for some reason to start, then this day could be the day!

To begin with, do we celebrate World Elders Day at our homes?
The World Elders Day has a dubious distinction! Today, it is nothing but sheer pain to see that this Day which ought to have been celebrated inside our homes with our elders is celebrated more outside in old age and destitute homes. The reason: today there is an increasing impatience among young men and women and this has forced many elders, willingly or unwillingly, to move into homes for the aged. Frankly speaking either way we are committing the heinous crime of forcing out someone who spent his entire lifetime for us. It may sound clichéd yet it is a fact.

Where are we going wrong?
All of us know that we will be elders one day and join the ever increasing percentage of elderly citizens in the world’s population! And yet some of us continue to show gross indifference and disrespect to our elders in our own families and in the society! Each of us might have countless reasons, logics and excuses for this transgression but I guess this could be due to a combination of many problems. Let us try to put into a right perspective these various problems and what we could do to keep our elders happy.

Psychiatrists believe that fulfilling the physical, psychological and emotional needs of elders is the key to keep them healthy and happy. Intentional or unintentional neglect, impudence and maltreatment inside the families and in the society often lead to high levels of stress among elders. This in turn could lead to various physical ailments, psychological and emotional disorders and even cause death in some cases.

Experts say that elders are like children. Just like little babies, the moods of the elders swing, sometimes too quickly not allowing us enough time to grasp. But with a little effort and time we can make a difference! Again, willingness holds the key. Elders need attention at homes and if we don’t give it, they start demanding it. When the elders begin to feel they are neglected, they adopt ways to attract this attention from us which may be totally or partially raw, and at times irritating. Mental agitation, restlessness, falling sick often, nausea, vomiting and even suicide attempts could be just reactions to this neglect by family members. Immediate medical care, physical and psychological alone may not be enough. It is better to pause and ask us this question: What did I do to be here? Most often the answer will be neglect, intentional or unintentional. Remember, elders need attention.

What is ‘attention’?
Attention to our elders does not mean providing only basic amenities like a place to stay, food to eat, some money and new clothes during occasions. Most of us pat ourselves for providing these to our elders at home and expect them to appreciate it and if not at least stop complaining and save us the embarrassment! Unfortunately, we fail to fulfil their most logical and humane expectation of spending quality time with them. It doesn’t mean that we spend hours together with them; it only means that we find a few minutes of quality time for a heart-to-heart talk with them. In some cases, as psychiatrists point out, even certain things done inadvertently could strain relationships.

As suggested, spend a few minutes daily to talk to them. Do not take them for granted. Find out their interests, their requirements, and their concerns. Show respect to their feelings and consult them on important issues. Make them feel important. It is the only viable solution. It is an unassailable fact that we will also face aging! One day we will be elders too. Let us put ourselves into their shoes and ask us this: Will I be truly happy if my son or daughter provides only amenities but avoid talking to me?

Remember, by helping our elders stay physically fit and mentally happy, we are only helping ourselves and our future. Psychiatrists claim that our children who constantly witness how we treat our parents tend to repeat it when we get older. If we fail to give proper care and respect to our elders at home now we will get the same ugly treatment from our children later on in our lives!

Government too has a role to play in keeping elders happy
During the World Elders Day celebrations, the elders take to the roads to highlight their problems and submit petitions to the authorities concerned for alleviation of their difficulties. The Government too is duty bound to fulfil the logical demands of the elders in the society.

Take for instance the healthcare and health insurance for senior citizens in India. There is a huge void that needs to be fast filled up as far as the standards of healthcare and the rising health insurance costs for elders is concerned. Elder abuse is another issue the Government should take care. Elder abuse can take many forms and could even prove fatal. It is high time the Government of India speed up the effective implementation of the comprehensive policy for older persons it announced in 1999 to help and support older persons in India.

As always said, everyone has to face aging. One day you will be an elder too and you wouldn’t want your son or daughter to ignore you! Would you? Let us pledge to make a difference on the World Elders Day on October 1. Let us work towards bringing the much needed change, right at your home, right now.

No significant development in Hyderabad Real Estate Market

By Prakash Varanasi


Hyderabad Real Estate Outlook
Based on our interactions with the key market players in Hyderabad, the residential segment of Hyderabad real estate market is likely to recover by the third quarter of FY 2010.

Major residential property launches in FY 2009
In FY 2009, Hyderabad has seen significant investments into the residential real estate market from local players, national and international majors across various segments of the market including premium luxury, premium, affordable and low cost housing.

National real estate companies
In FY 2009 national real estate companies have launched the following large projects in the residential market of Hyderabad.

• Lodha Group has launched its premium luxury apartments named Lodha Bellezza at Eden Square - Kukatpally.
• DLF has launched its project - Lake District - The Summit at Kokapet in the affordable housing segment.
• Mantri Group has launched its Celestia a residential and commercial project near the financial district Gachibowli in the affordable housing segment.

Local real estate companies
Leading market players such as Indu Projects, Janapriya, Prajay, Aditya Constructions, Bharat, Ramky, Nagarjuna, PBEL, Sree Srinivasa, Sri Aditya homes, SMR Holdings, and others have launched many new large projects in FY 2009 across various segments of the market, while other major such as Aparna, Aliens, Jain. L&T and others have been executing their large projects.

Market size in FY 2009 has shrunk
In the last two quarters of FY 2009, residential property transactions have come to virtual standstill and have affected players across the Hyderabad market. We estimate that the market size for residential property in FY 2009 to have shrunk by about 60% as compared to FY 2008.

Builders going slow
Leading developers in the city have gone slow on their projects and have prioritized on a few projects due to tight liquidity and working capital issues. While large luxury segment builders such as Lanco are now building only 13 residential towers as against the stated 26 towers in their sales prospectus due slackening demand, others large builders have either postponed their construction activities by a few quarters, restructured their projects or have scrapped the projects altogether.

No significant unsold inventory
Most Local builders in Hyderabad use the JV route to build projects, while large local builders and national players buy land and build projects. In Hyderabad, builders presently do not have any significant unsold inventory of completely build projects. However, many of the projects which lie unsold are projects under execution and are likely to be delivered in the next two years or projects which have been announced and are still under the foundation stage.

Builders under stress to raise capital
Many Hyderabad builders have raised significant capital from VC, PE funds in the period between FY 2006 to FY2009. In most cases, valuation of projects has been very high and VC/PE funds today are stuck with the stock of unlisted companies/SPV vehicles, whose value has declined significantly. With bank credit tough to get in FY 2009, builders have raised capital by selling assets, tapping high net worth individuals, while few have raised capital from foreign friends and investors.

QIP route for Hyderabad builders – ruled out
With very few listed real estate firms in Hyderabad, raising capital through today’s favorite instrument qualified institutional placement (QIP) route for Hyderabad firms might be ruled out. With many builders/companies under stress, vulture funds/high net worth Individuals are on a look out for distressed asset sale.

Changing focus of builders
The focus of builder’s upto the first two quarters of FY 2009 has been on the premium luxury and luxury segment of the market. The market has changed by third quarter of FY 2009 and builders have realized that the market for premium segment has reached a dead end and have gone back to their drawing boards to launch new projects targeting the affordable segment of the market. DLF, which was one of the early entrants to tap the affordable housing market in Hyderabad, has managed to book more than 120 apartments as on April 2009, despite tough market conditions.

Residential Prices – Hyderabad – An analysis
Even in difficult market conditions, builders in Hyderabad have launched new projects in FY 2010. A few large projects launched include:

• Botanika by Koncept Ambience. – A premium luxury segment project near Botanical Gardens in Kondapur.
• Rainbow Vistas launched by Cybercity Builders & Developers Pvt Ltd and Ashoka Developers & Builders Ltd in the affordable housing segment of the market near Kukatpally.

FY 2010 Outlook: Pricing pressure on residential real estate is expected continue, while demand likely to firm up. Residential transactions improving: Builders are witnessing significant enquiries in Hyderabad after the new government formation at both the state and centre. After a long lull, in the month of May 2009, builders have been able to sell properties at new price points in the market for both affordable housing, villas and premium housing. Builders, who have offered value deals to customers, have been able to report best sales in the last few weeks.

Bank Lending rates – To dip further: While RBI has announced sweeping cuts in repo and reverse repo rates in the last two quarters, banks have been reluctant to cut their Prime Lending Rates (PLR) and have been lending to new customers at below PLR rates, while existing customers have been paying at PLR rates. With the likelihood of a further rate cuts by RBI in June 2009, home loan rates are like to soften by a further 50 basis points.

IT Outlook – Uncertain: The outlook for IT sector in FY 2010 and 2011 still remains uncertain on account of global recession and many IT customers who want to buy property are hesitating in view of the difficult market conditions and watch the market developments keenly.

Market Outlook: Industry players in Hyderabad hope for a revival of the market in FY 2010 on account of stable outlook for the Indian economy with a projected GDP of 6%. Likely recovery of the US economy, revival of global markets, stimulus packages to the real estate sector by both state and central governments and finally the likelihood of Telangana issue to be on the backburner for another five years are the other factors which might aid the revival of the market. As of May last week 2009, property prices across Hyderabad in the last one year have corrected by more than 25-35% and today are at December 2007 levels. With declining prices, demand is reviving slowly and is expected to firm up from the third quarter of FY 2010.