Wednesday, May 21, 2014

Prestige Westwood Apartments for sale Located at Magadi, Bangalore available with 2BHK, 3BHK and 4BHK Apartments.

Prestige Westwood Multistorey Apartments Area Range 1200 sqft - 2200 sqft, Located at Magadi, Bangalore available with 2BHK Apartments, 3BHK Apartments and 4BHK Apartments.


Prestige Westwood by the famous Prestige group is a novel concept of residential development which is in the pre launch phase introducing people to a life that is much far from the ordinary level of living sited at a most prominent locality of Bangalore. Put forward on the land of 7 acres of Central Bangalore, this innovative project by the Prestige group.

Making living as the very best, the project comprises of a total of 582 apartments with most sophisticated yet classy combinations of a perfect life with perfect placements of very primary & profound necessities. Graced with all modern amenities, high-end specifications and world class features & luxury, [Prestige Westwood] the project has lush green environs and blooming flowers all around that appreciate your senses to live a fruitful life.


Club House
Swimming Pool
Landscaped Gardens
Multipurpose Hall
Kids Play Area
Ample Car Parking
Round the Clock Security

Today, more than at any other time in our history, there is a strong recognition of the need for good governance and ethics in every sphere of business. The voice of shareholder activism has never been louder and the focus of regulators perhaps never so intense. The global financial crisis has taught us that 'infectious greed', which is the greed to boost profits, increase share prices and get higher bonuses was largely responsible in causing mayhem in the global financial markets. As world economies are slowly recovering, regulators have a complex task of understanding the reasons for the breakdown of corporate governance. It is an onerous task as despite regulations being meticulously followed and box ticking done in all earnest, often there are instances when the basic tenets of corporate governance are violated. In the ultimate analysis, good governance has to be imbibed internally its genesis lies in the core values and beliefs, not in a rulebook.

While global investor focus has remained intense on India given the vast investment opportunities, I believe the sector that will propel the country to a higher level over the next decade will be the construction sector. The construction sector encompasses a wide gamut from residential andcommercial real estate to building physical infrastructure and manufacturing plants. Given the larger role that the construction sector is envisaged to play, the role of governance particularly in this sector should assume greater importance.

The real estate sector in India has shown considerable improvement from the loss seen last year following the liquidity crisis in October 2008. Having recovered from a difficult period, now is an ideal time for real estate companies to introspect on what went wrong and revisit their core corporate governance principles. The essential ingredients of corporate governance are integrity, accountability and transparency. If any of these are ignored or sidelined, the repercussions can be severe.

At this juncture, developers must show prudence and refrain from arbitrarily increasing real estate prices. There is a fine line between making profits and profiteering and it is in the interests of the entire sector that developers stay away from the latter. Unrealistic prices and speculation, particularly in the residential segment have detrimental effects across the economy. If the common man seeking a roof over his head keeps getting out-priced from the market, it can lead to social unrest. On the other hand, a system that enables more people to own a home has a positive impact on the socio- economic fabric of society. Affordable housing should not be a segment that get priority only when there is a lull in the high-end luxury residential segment. The demand for affordable housing is unquenchable. Developers who recognize the vast opportunities in this segment will reap benefits in the long run. It is a segment that is recession proof and has demonstrated that it is commercially viable as long as the projects are executed in the right manner.

Real estate is one of the few key sectors in India today that does not have a regulator. Thus the need for consumer protection becomes all the more necessary. Buying a house is the single largest investment a person makes in his or her lifetime. Why is it that time and again, consumers get the raw end of the stick simply because they are unable to decipher the exact liveable space that they are paying for? Why is it that apartments are not sold only on the basis of carpet area but arbitrarily on built up or even super built up area? Surely the real estate developer community can voluntarily imbibe this practice, even if the respective state governments do not mandate it.

Further more, developers have to ensure that projects are completed on time. A majority of the consumers are first time home buyers and they put all their faith and trust in developers. Endeavors to bring about greater transparency, fairness and standardization into the real estate industry should not be resisted. The industry will also benefit from increased professionalism and ethical standards if there are specified norms and qualifications to real estate brokers. Certainly, more efforts need to be channeled in devising a single window clearance mechanism for approval processes. This will not only save time, but reduce costs as well.

If one reflects back over the last ten years, one can see that the real estate sector in India has made considerable strides. In the early 1990s when fly-by- night operators were rampant, today they have been successfully weeded out of the market. A decade ago, even the large developers were local players, today India has several well-reputed pan-India developers. Financials of developers used to be opaque, but today corporatization and listing of several real estate companies have brought in greater transparency in their operations.

While there are several real estate initial public offerings (IPOs) waiting in the wings, one does hope that they will be priced realistically. Overly high valuations of certain recent IPOs are cause of concern. The unrealistic pricing resulted in them listing at a discount to their IPO prices. A failed IPO at this juncture will set a bad precedent and could have serious repercussions on the entire market. One hopes that real estate companies will adopt a cautious approach while tapping the capital markets. Ultimately, markets always differentiate and ascribe higher valuations to those that voluntarily seek to constantly raise the bar of corporate governance standards.

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