MANI TIRUMALA, PROMISE TO BE DELIVERED: 100%

MANI GROUP

Bhubaneswar fast becoming realty hub of the East

Trust, confidence and that 'extra' bit

The Mani Group is one of eastern India's leading realtors. Though known more for the massive mall Mani Square on the Eastern Metropolitan Bypass of Kolkata, Mani Group has built homes in more than 50 locations in the past 30 years. Today it has around 1 crore square feet under development across the country. The Group has diversified into several others sectors such as education, IT and energy from wind power. From the beginning the USP of the Mani Group has been its obsession with quality. A Mani property has never shown up to have had faulty construction, an attribute of the Group CEO Sanjay Jhunjhunwala is proud of. The next great attribute is that 'extra' bit that the Group always provides to its customers over and above what it has commited. It may be anything: from providing a connecting road to a double-height ceiling in the lobby! But that is where the Group has always scored over all its competitors, and that is why Mr Jhunjhunwala clearly maintains that the Mani Group "has no competition". "You remember when your milkman used to come to your house to g i v e m i l k ? " s a y s M r. Jhunjhunwala. "You wanted a certain amount of milk and he would carefully pour it out for you, and then, quickly, he would add another little bit, for free. That is the goodwill he built. That is the way our philosophy works. We deliver the best, we deliver on time, and we deliver more value than what you pay for." These attributes have taken the Group's credibility to such a high that word-of-mouth publicity has been immense.

Mani Group sets ball rolling

Real estate biggie sets eye on Bhubaneswar, finalises blueprint on 1.2 million square feet high tech residential development
By a Special Correspondent
Bhubaneswar: Orissa's capital city is set to break through the real estate glass ceiling. For the first time, the city will get top of the drawer technology in residential units promising high class living and eco-friendly landscaping all around. When German architect Otto Knigsberger built this city in 1946, it was one of the cleanest planned cities of modern India, after Chandigarh. But with the growth path that India has taken, the city has now swerved into the fast lane. According to recent Assocham figures, Orissa ranks second among the favourite destinations of India Inc's investment plans, breathing down Gujarats neck. The Orissa government has laid special importance to the IT sector and has been successful in attracting all the IT majors of the country as well as some from overseas. In the changed scenario real estate investment in Orissa is also geared for a qualitative transformation. The comprehensive development plan for Bhubaneswar prepared by IIT Kharagpur says: About 30 lakh people need to be accommodated in the city by 2030 as against 13 lakh now. As advised in the plan, close to 10,000 acres have been earmarked for developing adequate dwelling units for the burgeoning population of the city. The ready availability of land, a rarity in the metros of the country, has attracted some of the biggest names in the real estate development to Bhubaneswar. Meanwhile insufficiency of residential units in Bhubaneswar has been pushing property prices northwards for sometime now. The price band has now reached the orbit of highquality development. Accordingly some important national players in the realty space, known for benchmarking quality in their developments, have taken up strong positions in the city. One such project is Mani Tirumala, a high quality residential condominium presently containing 1.2 million square feet of living space on Nandan Kanan Road. It is being implemented by Kolkatabased Mani Group led by Mr Sanjay Jhunjhunwala in the business of realty for more than 30 years. The Mani Group, has to its credentials Mani Square, arguably the best Mall in Kolkata, and Pink Square, arguably the best mall in Jaipur, along with millions of square feet of residential space spread over the length and breadth of Kolkata. The group is coming up with a 250 mtrs tall skyscraper in Chowringhee in Kolkata. This is expected to be the tallest structure in eastern India. In addition to this, the popular J.W. Marriot in a prime location in Kolkata is also on the anvil. Mr Jhunjhunwala says that in Bhubaneshwar, the Nandan Kanan Road has been his chosen location for a number of reasons. First, and most important, he believes that Nandan Kanan Road would become the heart of Bhubaneswar in the near future. "I have seen it happening many a time with my developments. Our projects have added tangible value to the entire PIN code," and adds, "A buyer today is certainly going to get the advantages of an early mover." He is right indeed. The area, with all the IT majors located close by, is fast emerging as the showcase of a vibrant Bhubaneswar. This prime residential belt is well connected to the city, the airport and the railway station. In addition, it has all the conveniences of shopping malls, healthcare facilities, and educational institutions as well as a golf course nearby. The Nandan Kanan National Park adds freshness to the ambient air. A s M r. J h u n j h u n w a l a reiterates, "All the presently proposed 11 buildings of Mani Tirumala, each with 13/14 floors, have been designed to enhance the quality of life." On a walkthrough of the proposed development, we find 75% of the apartments are open on 3 sides, a feat unheard of in most of the recent developments in Bhubaneswar. "I have Bhubaneswar in my focus now and am committed to make my first development there a signature project of the Mani Group. Structurally this is a no compromise project with unparallel c o n s t r u c t i o n q u a l i t y, involving some of the best minds in the field. From the d e s i g n a s p e c t i t s a n architect's dream with abundant light and air in every single apartment. You can expect it to stand safe and secure for years together with the trendiest look." The project contains facilities like residents' club, swimming pool with changing room and locker facility, lounge with coffee shop, banquet hall, fully equipped gymnasium, cricket nets, basketball and squash court, children's park, crche, etc. Apart from water treatment plants and power back-up, every single apartment comes with a servant's quarter. To provide high-end security, there is an electronic surveillance system in place. Mr Jhunjhunwala however loves to keep some surprise for his buyers up his sleeve. "We are known for keeping our promises and delivering some extras over and above that. Mani Ti r u m a l a w i l l b e n o exception."

Once a Mani property owner, no client would want to turn to another realtor. Mr Jhunjhunwala is very candid about his objectives. He puts his clients first
and then incorporates their lifestyle philosophy and their philosophy on community living in making his projects adhere to real life issues. Says Mr Jhunjhunwala: "Since we went into business in 1981, there has not been a single instance of any variation between our measurements and the independent verifications conducted by our buyers." It's a great way of saying how much respect he has for his clients. The group has built an incredible portfolio of properties all around and with its deep pockets it assures the client that every bit of land on which it builds is having a clearly owned title and that trust is one important thing that the Group wants from its clients. With the Mani Tirumala project, Mr Jhunjhunwala has brought in a university of experience to Bhubaneswar. "The entire Kolkata experience, including all the benchmarked standards and our extras, flavoured with local culture and passions," says Mr Jhunjhunwala.

Mani Square: Jewel among malls

This is one of Kolkata's most exciting shopping centres. It is a mixed-use development with a shopping mall at its hub, combined with the best of leisure and entertainment, plus a state-of-the-art IT Park with every service infrastructure. Location : Conveniently situated off Salt Lake on the EM Bypass near the Hyatt Regency, Swabhumi and Subhas Sarobar, this is one of the best stretches of the EM Bypass, the main north-south artery of Kolkata. The area is set to be tomorrow's Esplanade. Another plus point is its proximity to the international airport, and Kolkata's booming IT hub. : Sprawling over four acres with a frontage in excess of 80 mtr., the total development size is over 7 lac sq.ft. : The most varied yet distinctive retail chains plus the best of brands.

Size Mall

Food court : Among the best in the city. Cinema : 4 screen Cinemax including a giant-screen.

Bhubaneswar property will only move northward

We caught up with Sanjay Jhunjhunwala, Mani Group's CEO, and snatched some time from his busy schedule for an exclusive on his high-end residential project Mani Tirumala and many other things. Excerpts:
Q: What kind of a property scenario do you envisage for Bhubaneswar five years down the line? A: It will be more attractive than most metros. Let me explain. If we believe the recent economic projections, we are just about to take off to a double digit growth path. On one side the growth will lead to more shelters and infrastructure in the fast-developing areas; on the other it will generate more income in all sections of the society. Given the Indian habit of savings, 30% of the disposable income goes to gold, savings and property. So, on both counts we expect property to shine; both as homes and as investment. Coming to TierII cities like Bhubaneswar, Jaipur or Pune, the growth potential is higher because of the changes in investment destination. So, if pan-India property prices move up by three notches in a given time frame, you can safely append additional 20-30% in case of Bhubaneswar. There is huge demand for dwelling units existing in the city. The Perspective Plan Vision 2030 for the Bhubaneswar Cuttack Urban Complex aims at transforming Bhubaneswar to a world class urban centre. And, with the Orissa government initiating the painful part of the process, like removal of hawkers from major thoroughfares, I see the vision taking tangible shape. Property prices in Bhubaneswar therefore, I'd reckon will be only moving northward in the next decade. Q: But the sub-prime fiasco in the US did impact property prices in Bhubaneswar in a not so distant past. What are the chances of any such debacle? A: Was it an impact or panic? Very well, you have seen the impact and you have also seen the reversal of the impact in an amazingly short time. As a matter of fact, today the impact is considered as a lost opportunity by many investors. The chance of any such recurrence is next to nothing because in India, unlike the US, properties are mortgaged to banks at a much discounted price. And, who would default on an under-priced property? Q: What is the interest level of the Mani Group at Bhubaneswar? A: I love to think more than once before taking the plunge. But once I do, there is no looking back. Focusing on Bhubaneswar was a considered decision, which was not taken overnight. But, since taking the decision, we are deploying significant resources in the city. The current project, Mani Tirumala, is a 1.2 million square feet residential project on Nandan Kanan Road. The project will be much bigger as we have already acquired adjoining parcels and more is getting added. In the next few years I intend to develop not less than 5 million square feet in Bhubaneswar comprising of both residential and commercial properties. Q: But why did you choose Nandan Kanan Road for Mani Tirumala? A: We zeroed in on Nandan Kanan Road as the future of Bhubaneswar will be focused in this part of the city. This will be the location for many high quality residential developments. You have all the IT majors there, creating impressive number of job opportunities and this number will only grow. These IT professionals would certainly want to live close to their workplace. Not only them, a whole lot of professionals from other fields looking for organised, well-structured housing and interested in improving their quality of life in Bhubaneswar will be moving to this part of town. I can tell you, in the very near future you'll see the best of retail, healthcare, education, hospitality and entertainment flocking in and around Nandan Kanan Road. By 2020, Nandan Kanan Road will be a prime location in the heart of the city of Bhubaneswar. Q: You seem to be obsessed with the phrase 'quality development.' Will you please elaborate? A: Doctors and hospitals are talked about if they care well and cure. We at Mani Group look at my customers as stakeholders. The word of mouth they spread as residents in our developments and the return they realise, if and when they sell the properties, are the quintessential elements that constitute our image and goodwill. I have been in this business for over 30 years now I have some reputation to defend. It's the contribution of my customers and I am the trusted custodian. This trust is the foundation of every Mani Group project. So we remain committed in offering our customers the best that is available. It encompasses every possible aspect, ranging from a fire and earthquake resistant structure to keeping 75% of the plot open to landscape and greenery. For such delivery, you need to have a keen eye for the details and a thorough understanding of the residents' profile. But to answer your question in a nutshell, a quality development is an immaculately finished eco-friendly property with zero tolerance to any aberration.

Straight Talk

Mr. Sanjay Jhunjhunwala, CEO Mani Group