MMRDA's plan to convert BKC into smart township

The Mumbai Metropolitan Region Development Authority’s plan to convert Bandra-Kurla Complex into a smart township has seen a lot of companies expressing interest. MMRDA says it has received several Expression of Interest (EoI) bids after it invited the applications last month.

MMRDA plans to make BKC a smart township, but is yet to decide the model through which it will develop the facilities. File pic

MMRDA plans to have high-speed wi-fi connectivity throughout the township and install solar streetlights. The agency also wants to develop better parking facilities in BKC and cover the entire area with a comprehensive video surveillance system.

Officials say many companies are approaching them, wishing to develop these facilities. An official told mid-day, “Recently we met representatives of a few companies who wanted to know about the ‘Smart BKC’ concept in detail. We were surprised to see the number of people coming forward.”

Quizzed about the cost of the project, the official added, “At present I cannot comment on the cost because we have not decided whether we will implement the project on a Build-Operate-Transfer (BOT) basis or some other model.” MMRDA is the Special Planning Authority for the township.

October 28 is the last day for submission of EoI bids online. The MMRDA developed BKC with sole purpose of providing a financial and business hub and also to decongest south Mumbai. BKC already has a number of financial and business houses like National Stock Exchange, SEBI, Diamond Bourse and various national and international private banks.

It also has schools, a hospital, five-star hotels, and consulates of USA, UK, Australia and France, apart from being home to residential quarters for government employees. As per an MMRDA official, BKC provides 2 lakh jobs.

“The Authority has developed 19 hectares of land (E Block) with the presence of prominent institutions such as the Reserve Bank of India, Income Tax, Sales Tax, Provident Fund and many other corporate and commercial establishments.

“Together, these buildings offer 160 hectares of office space with potential to accommodate thousands of workers. Developing the Bandra-Kurla Complex as a smart township will only add on to the features,” the official stated.

- See more at: http://www.mid-day.com/articles/mumbai-mmrdas-plan-to-convert-bkc-into-smart-township-finds-many-takers/15702187#sthash.YavOVCG2.dpuf

Ten management and entrepreneurship lessons from Virender Sehwag

1. On managing tough people: "If there are people who can't be managed its best to leave them alone. They can work wonders for your company or team if not managed. There are people who don't like to be micro-managed. I think am one of them."

2. On lean patches and failures in life: "In hard times and lean patches of life, run the company if not for yourself but for your loved ones. That's what I did in my lean patch. After return from a match in Bangladesh, when I was going through a lean form, I would run daily from about 11 am-2 pm for two months. I lost weight and also spent time with my wife. Do what you really love to do and things would definitely fall back in place."

3.On his journey to the Indian team: "My father would ask me why do I travel 45 km every day toFerozshah Kotla from Najafgarh in Delhi heat with that big cricket kit. I would tell him give me some time and I will show you what I can achieve. When I started playing for India, people would say see its Sehwag's father walking. He felt real proud."

4. On his entrepreneurial venture - Sehwag International School - "I am playing cricket as I can invest back in my school when I can and am able. My father told me once to build a school where poor kids can study for free. Am working towards that. I am speaking at this event also to get marketing mileage for that venture."

5. On how to handle a negative person: "...Just walk away. I prefer not to stay around such people. I stay away from negativity as far as I can."

6. On his best captain: " Anil Kumble," "Because he let me be - just me. And showed full confidence in me. One evening he came to my room and told me and (Gautam) Gambhir, play freely as I am with you and nobody can touch you for the next few test matches. It was a big thing for a captain to come to my room and tell me that. "

7. On Playing with Sachin. "I felt I was playing with a 'lion'. Opening with him instilled confidence in me. It also helped me score as the bowlers would only focus on getting Sachin out. Nobody would focus on me!"

8. On sledging: "Once Michael Clarke start sledging Sachin on an Australia tour calling things like he is getting old and should return back. I sledged him back telling him that Sachin had so many test hundreds under his belt that he hadn't played matches. I sledged back asking him the breed of pup he was. Sometimes it works. Though it doesn't work on older and matured people."

9. On hiring for a company: "It's not necessary that a person with more experience and higher salary will work more or give more benefit to your company than a person who is drawing one-fifth and has less experience."

10. On team building: "I would rather chose a team with 4 star players than all stars who may not work with each other due to ego issues."

Navi Mumbai to house largest solar panel installation on dam

NEW DELHI: The Morbe dam on Dhavari River in Navi Mumbai is going to house something unique: a solar panel installation big enough to generate 20 megawatt of power. 

A three-year-old company that is carrying out the Rs 162 crore project claims the installation to be the largest in the world on a dam barrier, and the first in India. India already has several solar power installations on top of canals, the biggest being an under construction 10 MW project on a Narmada canal in Gujarat, but none on a sloping wall. To make matters complicated, the Morbe gravity dam has an earthen slope, said Rahul Gupta, an IIT-Roorkee alumnus and founder of Rays Power Experts, which got the contract from the Navi Mumbai Municipal Corporation. 

"The other side of the wall will have a huge amount of water, so the construction has to be done in a way that it doesn't puncture the wall," said the 27-year-old. "It also needs to be made sure that future maintenance is easy and the solar panels are not spoilt by salty water." The project is scheduled to be completed by the end of March next year. 

"The safety of the three-kilometer-long dam is our topmost priority, but as a skilled team of 125 young engineers from IITs and NITs, we are looking for newer technical challenges," Gupta said. Solar panels will cover the entire stretch of the dam barrier. Gupta's first assignment was in 2010, the year he graduated. He helped an investor set up a 1 MW facility in his home state of Rajasthan, in his pursuit to make money to set up his own plant one day. 

The following years saw Rajasthan becoming the centre of the proliferation of the solar power industry, with increasing focus of the government and private sector on clean energy. Rajasthan now has the second most installed solar capacity in the country — according to Bridge to India, a market intelligence and consultancy firm, the state had 679 MW of solar power capacity at the end of May this year, compared with leader Gujarat's 859 MW. 

Gupta was one of those who benefited, and he founded Rays Power Experts in 2011. At the end of this September, the company had an order book of Rs 500 crore, and Gupta expects it to double to Rs 1,000 crore by March. 

The company has orders to install 65 megawatt and is also planning to expand its own power generation capacity — it has a 3 MW facility at Gajner in Rajasthan. According to Gupta, bagging big projects in one go is not what he is looking for. "My aim is to make every individual capable to set up his own solar power project and have his own energy to use." 

What Advik Realty learn from Mr Narendra Modi

What Advik Realty learn from Mr Narendra Modi
1. Start early end late.
2. No substitute for hardwork.

3. Plan plan plan.
4. Have no sympathy for opponents.
5. Don't give undue importance to those who don't deserve (Kejriwal)
6. Use technology optimally
7. Think and start preparation before opponents
8. Focus
9. Respect all religions but follow and be proud of your own religion.
10. Don't bother even whole world is against you. Keep yourself calm and maintain composure. Take the bull by horn.
11. What world think and believe about you is not important. What you believe is the only important thing -pursue it.
Thank You Mr Modi

Real estate investment trusts get regulatory push

The Securities and Exchange Board of India (Sebi) is preparing to remove the barriers for launch of trading in Real Estate Investment Trusts (REITs).

A REIT is an investment vehicle that puts money into real estate assets to generate income.

The market regulator has called a meeting on Monday with important stakeholders, including the Reserve Bank of India (RBI) and finance ministry officials, in this regard.

Sebi had issued draft guidelines on REITs in October and invited public comment. The latest move gives hope to the cash-starved real estate sector, apprehending the launch of this product might be deferred.

The capital market regulator was supposed to issue final guidelines on REITs at its board meeting in December 2013. Sebi, however, deferred any decision due to tax-related hurdles.

According to people in the know, next week’s meeting is likely to be attended by Arvind Mayaram, finance secretary and secretary, department of economic affairs, and Urijit Patel, deputy governor, RBI.

“The meeting will discuss what amendments are needed in the REIT draft guidelines to facilitate takeoff. The panel would also ponder upon the representations from market players,” said a source.

Experts said REITs can succeed only if given the status of a 'pass-through vehicle' by the revenue department. The Income Tax Act is silent on the tax treatment of income earned by a REIT or its investors. Sebi and the finance ministry are already in dialogue with the I-T department in this regard.

“The market regulator has done a good job with the (proposed) regulations on REITs. High taxation remains the critical roadblock. It can only be ironed out in the next Budget,” said Gautum Mehra, executive director at PricewaterhouseCoopers. “The meeting gives new hope but one can't expect much till REITs are given the required tax benefit,” said Ruchir Sinha, co-head, private equity, Nishith Desai Associates.

REITs’ assets in India need to be held as a special purpose vehicle (SPV). Real estate players say a tax exemption is needed at both the SPV level in terms of distributions and exemption of capital gains when you make a transfer to a REIT.

The market had also suggested that REITs be allowed to raise funds via a rights issue or preferential issue. Currently, REITs can raise funds only via a follow-on public offer or an initial public offering.

Sebi’s draft regulations on REITs in October had proposed a minimum initial offer size of Rs 250 crore and the minimum public float for a REIT was proposed to be 25 per cent. Also, that a REIT will be set up in a trust form under the Indian Trust Act, 1882, comprising key parties like the sponsor, manager and principal valuer.

Kharghar hills to become Navi Mumbai’s nature park

The hills of Kharghar - currently scarred and scoured by quarry owners and scalped of its green cover by tree-fellers - are going to be turned into an idyllic nature park complete with hiking paths and biking trails. A massive afforestation drive is afoot here by CIDCO and the state forest department to create a second nature park for the metropolis.

At present, the Sanjay Gandhi National Park in Borivali is the only city forest in the country. When CIDCO develops the Kharghar hills, Navi Mumbai too can boast of a city forest, a CIDCO official said.

The hills belong to CIDCO and the state forest department. "We will create nature trails and have a group of mountaineers to take people around on hikes. Tracks for mountain bikes will also be created," Praveen Pardeshi, principal secretary of the state forest department told Mumbai Mirror.

The Pandavkada waterfalls in the area, where many a picnicker has met his death, will be made safer and flanked by three shallow pools, while a check dam will ensure the waterfall itself does not dry up by December, and keeps going until at least March.

`The financial model for the forest is yet to be worked out, he said. But Chief Conservator of Forests K P Singh said indigenous fruit-bearing trees would be planted in the blank patches so that tribals residing in the hamlets in the area can earn a living.

Narendra Modi-led BJP's manifesto likely to focus on creating 250 million jobs, 100 new 'smart' cities

Narendra Modi-led Bharatiya Janata Party (BJP), India's leading opposition party, would aim to create 250 million jobs over the next 10 years as part of an economic development programme that could create 100 new 'smart' cities, its election manifesto will say.


Jobs and urbanisation at the centre of its policy pitch

"The manifesto's priorities, in this order, are jobs, investment, manufacturing and infrastructure," said one party official involved in drafting the document, which is expected to be released next week.
 .

By contrast, the Congress party, which was due to unveil its own election manifesto on Wednesday, is running campaign ads that depict smiling artisans making bricks or weaving by hand - an appeal to its core constituency of poor voters.

Narendra Modi, is also campaigning on his record of economic development running his home state, Gujarat, which on many metrics has performed better than the national average over the past decade.

BJP will propose introducing a national general sales tax - seen as key to getting rid of a hodge-podge of existing levies to make tax collection more effective - and streamlining subsidies, a second source said.

But the party is cautious about opening up so-called 'multi-brand' retail to foreign direct investors such as Wal-Mart Stores Inc. and Tesco, as this could pose an existential threat to millions of small traders that constitute a big voter constituency.

"The domestic retail industry needs to be first
 

Congress unveils its masterplan to win election : Congress Election Manifesto

NEW DELHI // India’s floundering ruling Congress party on Wednesday announced plans to create millions of jobs for the poor and revive the slumping economy in a last-ditch effort to stave off defeat at national elections.

The BJP is ahead in opinion polls and is expected to announce its electoral agenda next week.

The Congress manifesto for elections beginning April 7 focuses on 

India’s decrepit infrastructure, roads and railways US$1 trillion (Dh3.67 trillion) would be set aside for this purpose.

Going to construct a manufacturing backbone that will give millions of millions of people jobs

Next Congress government would be free of corruption, amid seething anger among voters over a string of graft scandals that has embroiled his administration.


Return the economy to eight per cent growth within three years and provide 100 million young people with the skills needed for employment within five years.

Millions would be given access to affordable medical care and housing.

All Indians would have a bank account within five years.

India says no to Chinese high-speed rail

Beijing, March 19:   

 

India has indicated that it will not seek China's assistance in exploring the possibility of setting up its first ever high-speed rail line, dealing a blow to China Railway Corporation, which has been looking aggressively to enter the Indian market, building on its success at home. In China, the company has, in a span of five years, constructed the world’s largest high speed rail network. 

The agreed minutes of the third Strategic Economic Dialogue (SED), which was held here on Tuesday, carried no reference to high-speed rail development, unlike in the previous round. China had pushed for listing high-speed rail as one area of cooperation under the SED’s infrastructure working group – one of the five groups that meet under the umbrella of dialogue. 

The previous SED dialogue, which took place in New Delhi in November 2012, had highlighted three areas of rail cooperation: high-speed rail development programme, heavy haul and station development. 

The minutes released on Tuesday, however, referred to “raising speeds of existing routes” instead of high-speed rail. Indian railway officials said Japan had been awarded a contract to carry out a detailed project report into the feasibility of a Mumbai-Vadodara high-speed rail line. Officials denied that security concerns were a factor in leaving China out of India’s high-speed rail plans. 

“There is no such policy decision,” a senior official told Business Line, saying cooperation was possible in the future, depending on how the Japanese proposal went. Arunendra Kumar, Chairman of the Railway Board, said in an interview cost was the biggest factor. High-speed rail will involve building entirely new track, which would also require significant land acquisition, he said.

Kumar estimated the cost at ₹120 crore per km of track. India is, however, keen to get Chinese expertise in raising the speed on three railway corridors — between New Delhi and Agra, Kanpur and Chandigarh. Chinese officials said they could help raise speed from the current 130 km per hour to 160 or 200 km. 

China has rapidly modernised its rail network, which only three decades ago lagged behind India’s. Express trains run at 200 to 250 km per hour, up from the 110 km per hour speed before a massive modernisation. The Government has also revamped stations to build a network of modern, airport terminal-like rail hubs.

 

High speed network

Indian Railways officials on Wednesday got a first-hand experience of China’s impressive railway network, travelling on a 325 km per hour train between Beijing and Tianjin, from the capital’s sprawling new South Railway station.

While Japan has a far longer history in building high speed rail lines, China has rapidly developed what is now the world’s largest high-speed rail network, building 13,000 km of entirely newly laid track. Wang Mengshu, a prominent railway and tunnelling expert at Beijing Jiaotong University, who advised the Government on its high-speed rail programme, said land acquisition would not be a major factor for India, as in China, most tracks ran on elevated rails and required “minimal farm land”.

But Deputy Chairman of the Planning Commission Montek Singh Ahluwalia, who chaired Tuesday's SED and met with Chinese Premier Li Keqiang on Wednesday, said high-speed rail network may not be cost-effective for India. “In terms of cost effectiveness, we will be the lowest income country to have a high speed rail (network),” he said.

 

Cost factor

“Willingness to pay (may) not (be) that high, and a preference for air will not be easy to get rid of.” In China, however, the Government has defied naysayers: barring one deadly accident, the trains have established an impressive safety record, Wang said. In five years’ time, the high speed rail system has managed to attract twice as many passengers as the entire domestic airline industry, although leaving behind heavy debt. 

For now, India will only be seeking Chinese expertise in heavy haul and in raising speed on its existing rail network, which would require realigning track and strengthening bridges, Ahluwalia said. 

(This article was published on March 19, 2014)

Real Story about Virat Kohli : Come on Champ

One night during December 2006, when Virat Kohli was with Team Delhi in Karnataka for his debut Ranji Season he got a call at 3 am to know that his Father Prem Kohli has died after being on the bed for a month due to a brain stroke.

At that moment Virat was the overnight batsman for Delhi. He was in two minds whether to play or not and called his coach who was in Australia. His coach advised him to play as such chances does not come everyday and it is difficult to make it to the team.

He went on to make 90 (on which he got a wrong decision) in that innings and saved the follow on for his team. He went straight to his dad's funeral after that innings and didnt take part in the rest of the match.

He was only of 18 at that time and even the Karnataka players couldnt resist themselves from applauding him for his commitment and mental strength! :')

His mom's words on this incident-"Virat changed a bit after that day. Overnight he became a much more matured person. He took every match seriously. He hated being on the bench. It's as if his life hinged totally on cricket after that day. Now, he looked like he was chasing his Father's dream which was his own too."

A big salute to Virat Kohli for his commitment towards the game...

Happy Mahashivratri To You and Your Family

Ecofriendly Real Estate : DRDO inaugurates eco-friendly residential complex in Delhi

Mumbai, Feb 26:  
 
The Defence Research and Development Organisation's new eco-friendly residential complex at Timarpur, Delhi, has the anaerobic biodigestor technology, that aims to conserve nature.

The biodigestor technology turns human waste into biogas and odourless compost. It was developed by the research team of the Defence Research and Development Organisation (DRDO) several decades ago. The technology was used by defence personnel in high altitudes.

The technology, to accelerate microbial degradation of organic waste, has now been used in a residential complex for the first time. The entire water would be recycled for various purposes.
``Nature is not something that we have inherited, for our own consumption. Nature is what is entrusted to us to be passed on to our children and future generations,'' noted Avinash Chander, Scientific Advisor to the Defence Minister and Secretary, Department of Defence Research and Development.

He made the remark while inaugurating `Anusandhan Vihar', the first of its kind modern, sophisticated and self contained residential complex at DRDO Estate, Timarpur.

A bio digester park equipped with the DRDO developed biodigester was also inaugurated by Amitabh Kant, CEO, Delhi Mumbai Industrial Corridor Development Corporation.

The complete complex has been designed and developed under the aegis of Directorate of Civil Works and Estates in collaboration with the Directorate of Life Sciences, DRDO. The 5.4 acres eco friendly complex consists of residentail accommodations, along with a sports complex and children's park facility.

As per a study carried out by Defence Terrain Research Laboratory (DTRL), a DRDO laboratory, the ecological balance of the area would be maintained since the complex has adequate amount of greenery. The complete complex has been developed in a record time of 30 months.

Incidentally, memorandum of understandings has been signed with various states, Union territories, FICCI and Ganga Action Plan by the DRDO for installation of more than 18,000 bio toilets across the country, based on the biodigester technology developed by the Life Sciences consortium of the DRDO.

Over 10,000 biodigesters are also being installed in various passenger coaches of the Indian Railways.

Chinese Property Developers Face Downward Cycle: Deloitte

Nearly 60 percent of listed Chinese mainland real estate companies registered a decline in net profit margin in 2012, reflecting the beginning of a downward profitability cycle, according to a research report from Deloitte.

The accountancy firm compared the financial data of 174 property companies listed in Shanghai, Shenzhen and Hong Kong in 2012 against 168 companies in the previous year.

The report, published last week, said the sampled property companies achieved an average total revenue of 7.91 billion HK dollars (1.02 billion U.S. dollars) in the reported period in 2012, against 6.35 billion HK dollars in 2011.

Net profit margin dropped 2.65 percent from 2010, albeit a slight increase of 0.5 percent from 2011. A reduction pattern has emerged for returns on equity, which weakened to 9.98 percent in 2012, against 10.72 percent in 2011 and 11.5 percent in 2010, according to the report.

In 2013, the Chinese mainland property market witnessed a constant increase in volume and prices in top-tier cities, and sufficient demand also continued to provide a shelter for the housing market in tier-two cities against policy risks, said Deloitte China's Real Estate Managing Partner Richard Ho.
"Cooling measures will remain in place this year as there is no sign for any change in policy tone," Ho said.

Overall, lower profit margin will be a likely scenario for Chinese real estate companies amid cost pressures from land, financing, marketing and labor, he said.

In comparison with their counterparts in Shenzhen and Shanghai, real estate companies listed in Hong Kong fared better in terms of their market capitalization, reflecting the better performance in Hong Kong's stock market bolstered in part by global quantitative monetary easing policies, the Deloitte report said.

Meanwhile, real estate companies listed in Hong Kong also showed a better average net profit margin, which is indicative of their higher portfolio composition in investment properties and the associated tax impact.

The report also provides some forecast about the mainland's property market for the future. In particular, there is a strong likelihood for continuous integration within the industry to wipe away weaker companies.

The Chinese government will impose policies that drive the real estate industry from high and extensive growth towards more stabilized but sustainable expansion, the report said.

Also emerging as a long-term trend is the rapid development of energy efficient properties, which adopt green and environmentally friendly concepts, it said.

US real estate prices reach more normal levels

Property prices in the United States have normalised and future rates of growth will be more in line with historical trends, according to the latest analysis report from data provider Clear Capital.
 
Growth in 2014 is likely to be between 3% and 5% year on year and peak prices may not be seen until 2021, says the Home Data Index report.

National home prices are within 2% of the inflation adjusted long run average level, indicating prices have normalized post bubble and future rates of growth will look more like historical rates of growth.
Home prices have typically gained between 3% and 5% a year and at the current quarterly rate of national growth of 1.2% the industry is looking ahead to healthy levels.
In real terms, inflation adjusted home prices at the metro level show 46 out of 50 metro markets’ home price levels at pre 2003 levels, with 25 out of 50 metros reporting prices below 2000 levels.
The report points out that because the majority of markets remain far off peak values, the peak becomes a less relevant point of reference for new investors and home buyers. Honolulu is the only metro out of the top 50 to see home prices within peak levels, with inflation adjusted home prices resting at levels last seen in 2005.

‘This anomaly has, in part, been driven by very unique supply and demand, a benefit of being a highly desirable tropical island,’ the report explains
.
While prices remain far off peak values, current trends continue to moderate across the country and national yearly gains cooled to 10.8%, a trend that should continue over the next several months.
Yearly gains at the metro level are moderating as well, with Sacramento now seeing the highest yearly gain at 25.4%, down from a high of 28% in October. Las Vegas has seen substantial pull back in January with yearly gains of just 21.3%, down from 32.4% in October.

‘The market’s relatively quick moderating pattern indicates it reached an unsustainable rate of growth and is now correcting back to more normal historical rates of growth,’ the report adds. Clear Capital vice president of research and analytics, Alex Villacorta, said that with the majority of metro markets still so far below peak prices, it's time for conversations surrounding price trends to shift away from the 2006 peak as the point of reference, and back to current trends and forecasts.

‘While there are certainly investors and home owners holding real estate assets that will be underwater for seven years or more, the current housing market is positioned to behave very similar or even below historical norms, given the current economic climate,’ he explained.

‘For new deals and investors without legacy assets, the new housing environment should be framed in terms of more typical, moderate rates of growth with tempered optimism for the ongoing housing recovery,’ he added.

Nationally, he does not see evidence of a price bubble forming again. ‘Double digit gains over the last year, while similar to rates of growth in the run up to the bubble, are off a much lower price floor. Phoenix and Las Vegas, however, are showing signs of overheating. These markets skyrocketed off very low price floors as their low tier and distressed market segments exploded with demand,’ said Villacorta.

‘Each market saw yearly gains top out around 30%, and now are seeing price gains cool substantially. Las Vegas has seen more than a 10 percentage point pull back in just three short months, even though prices remain 20.8% below 2000 levels, after adjusting for inflation. Meanwhile, Phoenix's yearly gains are down to 19.8%, with prices now 1.9% above 2000 levels after adjusting for inflation. We'll be watching these markets closely throughout the winter to see how demand holds up,’ he added.

Amusement park in Vashi, Navi Mumbai

NAVI MUMBAI: After Wonders Park in Nerul, the Navi Mumbai Municipal Corporation (NMMC) is thinking about developing another amusement park in Vashi, in a bid to enhance the recreational facilities in the city.

Municipal commissioner Abasaheb Jarhad has moved a resolution in the general assembly seeking Rs 5 crore for developing the second amusement park on a 50,000 sq m plot in sector 26, Vashi, as allotted by City and Industrial Development Corporation (Cidco).

After getting approval from the general body, NMMC will construct a compound wall around the plot. "Our priority is to protect the plot from encroachers," said an officer from the garden department

Executive engineer (garden) Sanjay Desai said that the work of landscaping, electrification installation of equipment, construction of pathways and security cabins amongst others will be executed in the first phase. "It will take about 18 months to complete the park" he added.

NMMC has already developed Rock Garden and Wonders Park in Nerul. "Like Nerul, Vashi is also a developed node. The residents also want an amusement park in their area. However, the basic structure and features of the proposed amusement park at Vashi will be different from Wonders Park," added Desai

Mayor Sagar Naik said that the resolution has been included in the agenda of the general assembly, which will be meeting on Tuesday. "We are planning to enhance the recreation facilities by developing more theme gardens and amusement parks in Navi Mumbai," he said.

Future Group plans virtual grocery stores

NAGPUR: Retail major, Future Group is now planning a virtual expansion, competing with the neighborhood kiranawalla (grocer). Kishore Biyani, the company's chairman who believes that very little real estate is now left in the country to set up physical stores, said there are plans to have kiosks which will enable buying things online by placing an order on the computer.

"The company has recently launched the Big Bazaar Direct model under which goods are directly delivered from the warehouse on the basis of online orders. The kiosks will be next in line," Biyani told TOI. He was in the city to take part in the inaugural function of BJP ex-president Nitin Gadkari promoted Agrovision fair.

There are plans to start 1,000 such kiosks by March and eventually take the number to 50,000 over the years, he said. "It is a new concept, but I feel it will soon get acceptance. We are more than happy with Big Bazaar Direct. There are plans to have teams moving around with I pads this Republic Day when there is an annual sale at Big Bazaar stores. It is hoped that the regular queues on these days are reduced," said Biyani.

Technology is going to be the name of the game in retail sector. This also brings down a lot of investment into the brick and kiln stores. Moreover, there is hardly any space left to set up new stores in the centres where there is indeed a demand. However, Future Group has plans lined up for opening 30 to 35 new stores which will be mainly in the smaller towns, he said.

In fact, the small towns are the growth centres for this business. Nagpur is among the top 10 centres under the Central Mall chain of stores and tops among the three 'I am In' chain for youngsters, in the country. The other two are in Mumbai and Hyderabad. Biyani said the company has made the city its base especially after it set up the warehouse at Mihan, which caters to the Big Bazaar stores throughout the country.

Future Group is also planning to come up with its own branded vegetables though it may still take some time to finally launch the product. "The company recently took over the Sunkist, the American brand of food products. With this an idea emerged that Big Bazaar can have its own brand of vegetables which would have distinct features such as standard size or taste. May be we can start with tomatoes or so," said Biyani. The branded vegetables or fruits would be prices slightly more than that in the unorganized market, he said.