NRIs : Investing in Real Estate in India - Documents & Steps

Documents required

Under KYC norms NRI must submit passport copy and relevant pages of passport having name, photo, date of birth and address and copy of PAN should be submitted. Overseas address is mandatory. Either the permanent or correspondence address must be an overseas address.

Payment Modes

NRI can open, hold and maintain different types of accounts with an Authorized Dealer (bank authorized to deal in foreign exchange) in India without the permission from the Reserve Bank.

NRIs can maintain NRO account for transactions in rupees without any approval from Reserve Bank of India. Payments for investments in real estate must be made only through the NRO/NRE Accounts and cannot be made through travelers’ cheque or foreign currency notes.

Modes of Acquisition

NRI may acquire any immovable property in India other than agricultural land /farm house plantation property, by way of purchase and/or gift from a person resident in India or from a person resident outside India who is a citizen of India or from a person of Indian origin resident outside India.

Documents of Title

Such documents under which the NRI will derive his title to the property including the earlier title deeds, revenue records, land records, no dues certificate and title certificate from a lawyer. Additionally the NRI may seek advice of a Chartered Accountant and a lawyer so as to rule out any legal glitch.

Financial Assistance

NRI may also avail a housing loan in Rupees from an Authorized Dealer (Bank/ Financial Institution).

GST Impact On Real Estate

GST gains: Prices of flats may drop by up to 5%,After allowing for credit for taxes paid on inputs such as cement, steel, paints and other items, the actual burden will be lower

Housing price are likely to fall by up to 5% following the implementation of goods and services tax (GST) after the Centre and states decided to peg the levy at 12% on finished houses or apartments.

After allowing for credit for taxes paid on inputs such as cement, steel, paints and other items, the actual burden will be lower. As a result, the price of a Rs 1-crore apartment may come down by Rs 3-5 lakh, said a consultant.

The net price of houses in the affordable segment, which cost up to Rs 30 lakh (at Rs 3,500 per sq ft of built-up area) should fall by 5%. Once GST kicks in, home buyers will not have to pay the 4.5% service tax on the final price that they shell out while taking possession.

As a result, tax consultants and realtors said that fixing the GST rate at 12% was a customer-friendly move and would lead to either lower tax liability or be tax neutral.

For a premium product, however, Credai chairman and CMD of ATS Infrastructure Geetambar Anand said that at 12% GST, customers will benefit from projects that cost up to Rs 6,000 per sq ft.

A premium project may not gain significantly as developers build high margins into such properties. Manoj Gaur, Credai vicepresident and MD of Gaursons, said that if input credits are allowed properly, the 12% GST rate is favourable to buyers.

Suresh N Rohira, partner, Grant Thornton India, said that GST at 12% would certainly bring down the tax liability in the affordable segment. He said that the taxes on inputs for construction are more than 12% of the final price.

But if a developer is working with a high margin, which is the case in premium project, the net tax will remain significant. Priyajit Ghosh, partner – indirect tax, KPMG India, said that under the GST regime, 12% GST on construction sector would make the sector better off. Because of input credit, the net tax on finished product would have a downward pressure.

According to a Crisil report, at present, a developer pays excise tax and VAT on inputs like cement and steel at 27.7% and 18.1% respectively, which vary from state to state. Now, cement and steel will be taxed at 28% and 18% respectively under GST.

Similarly, other inputs like paints and white goods are going to be taxed at 28%. But the final product that is a housing unit will be taxed at 12%, with the allowance of credit against taxes paid on inputs. But as 12% tax will be levied on entire cost including the land, the amount will be sufficient enough to provide for the input credit, said Ghosh.

He said that 12% tax rate is favourable to the industry. For normal houses (up to Rs 6,000 per sq ft), 12% GST on a finished house or an apartment will be effectively reduced to near zero as the developer will take the credit for taxes he paid on inputs. At the same time, the buyer will not have to pay the service tax4.5% of the price of the house. This will reduce the cost of acquisition of the house. In some cases, even input credit could be more than the GST levied on the finished product, but a developer can claim a maximum credit to the extent of the GST he would be paying on the finished product.

Take a simple example: A developer is completing a housing project where the work has been awarded to a contractor. The cost of construction is around Rs 2,000 per sq ft, the going rate in the market for average quality. The contractor will collect a tax at 18% on the amount at which he is completing the work. In this case, he will collect a tax of Rs 360 on Rs 2,000 per sq ft from the developer. If the developer sells the house at Rs 3,000 per sq ft built-up area, which is the going rate for the affordable segment housing, he will pay a tax at 12 % on the final cost. In this case, it will be also Rs 360 per sq feet.

Therefore, his fresh tax liability would be nil. If other expenses and tax paid thereon is included, the developer could have claimed more. But under GST, he can claim only up to the fresh tax liability. But the service tax that a buyer pays so far at the rate of 4.5% will not be levied now. So the next cost for buyers of not-so-premium houses will decline. But if the product is in the premium segment, the entire input tax credit is not sufficient to bring down the fresh tax liability to nil. 

A premium construction can be done at Rs 5,000 per sq ft. The net tax collected by works contractor would be Rs 900 per sq ft from the developer. But while selling at Rs 10,000 per sq ft, the developer needs to pay Rs 1,200 per sq ft. Therefore, after adjusting against the taxes on input, he will have to pay Rs 300 per sq ft or 3%, which he will recover from the customer. But as the developer will also pay taxes on other expenditures, the net tax liability at 12% GST on finished product would be very small.

Source: ET Realty

Government exempts big realty from obtaining environmental clearance

Going against its own orders, issued six months ago, the environment ministry has decided to exempt big buildings and real estate projects from taking environment clearance, a mandatory requirement under the law for the past more than a decade.

Going against its own orders, issued six months ago, the environment ministry has decided to exempt big buildings and real estate projects from taking environment clearance, a mandatory requirement under the law for the past more than a decade.

The U-turn will take the construction industry out of the environment ministry’s purview and no project could be challenged on environmental grounds before the National Green Tribunal, says experts.

Under the current law, the building and township projects of more than 20,000 square meters size are required to carry out an Environment Impact Assessment (EIA) study to gauge possible impacts of the project on the surrounding environment before starting its construction. If the project is considered safe, the State Environment Impact Assessment Authorities (SEIAA) appointed by the environment ministry, give permission (environment clearance) to the project.

The ministry has now issued a draft notification on April 29 which says the states which will integrate environmental conditions in the building approvals under their Building Bylaws will not have to get environment clearance for construction projects. It replaces the area-specific EIA and environment clearance process carried out by SEIAA prior to starting of the project with standard conditions such as ‘sewage discharge’, ‘water harvesting’ and ‘DG Sets specification’ imposed and monitored by the local urban authorities post construction of the project.

“This will mean, no construction project can be ever stopped or rejected on environmental grounds. Since there will be no environment clearance under the Environment Protection Act, the projects could also not be challenged before the National Green Tribunal which doesn’t have its jurisdiction over the state building bylaws,” said environment lawyer Ritwick Dutta.

The National Green Tribunal has, in the past, penalized developers for constructing environmentally damaging projects. In May, it quashed the environment clearance of a project that encroached and damaged 3 acres of lake in Bangalore and slapped Rs 117 crore fine on the developer. In July last year, the tribunal slapped a fine on Akshardham Temple for carrying out expansion near Yamuna Flood Plains without an environment clearance. The Supreme Court also said in an order in January this year that housing projects coming up without environment clearance were illegal.

The latest position of the environment ministry is a break away from the past. The environment ministry, itself, reiterated in its order on November 10, 2015 that the states should follow the procedure for environment clearance for building projects “in letter and spirit.” To cut the delays, the order insisted that SEIAA will assess the project only on the “thrust environmental areas” while the rest of permissions should be dealt with by the local authorities. The order came after a series of reviews of the need of environment clearance for building projects in the environment ministry including by a High-Level Committee (see box: ‘flip flop flip’).

The latest notification and the change in the ministry’s stance has come after hectic discussions between the environment ministry, the urban development ministry, the Prime Minister’s Office, and the representatives of the construction industry, said an official in the environment ministry. The documents, accessed by HT, indicate the environment ministry sent a proposal to the ministry of urban development in February “regarding incorporation of environmental guidelines in the building bylaws” and the matter was treated by the two ministries as “urgent and important.”

The environment ministry’s notification stresses upon government’s efforts for “ensuring Ease of Doing Responsible Bussiness, and streamlining the permissions for buildings and construction sector”, which, it says, is important for providing “affordable housing to weaker section in urban area.” However, rather than making exemptions for affordable houses which are often smaller than 20,000 sq meters, it exempts all big construction projects such as shopping malls, multiplexes and office complexes.

When asked for the reason of change in the ministry’s stand, Manoj Kumar Singh, Joint Secretary in the Environment Ministry, said in an email reply “The draft notification dated 29.04.2016 proposes to integrate the standard and objectively monitorable environmental conditions with the building permissions starting from built up area of 5000 sq. mtrs. and above. The number of buildings in this category and cumulative built up area of such buildings is much larger than buildings of 20000 sq. mtrs. and more. So here idea is to make more buildings follow the environmental norms.” He insisted the proposed notification will not take out these buildings (20000 sq. mtrs to 150000 sq. mtrs.) from the purview of EIA Notification, 2006 and E (P) Act. “It proposes to integrate these standard environmental conditions with the building permissions,” he added.

(Source: Hindustan Times)

Know Real Estate: RERA FAQs

Know Real Estate: RERA FAQs: What is RERA? The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament of India which seeks to protect home...

RERA FAQs

What is RERA?

The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament of India which seeks to protect home-buyers as well as help boost investments in the real estate industry. The bill was passed by the Rajya Sabha on 10 March 2016 and by the Lok Sabha on 15 March 2016.

What are objectives of Real Estate (Regulation and Development) Act, 2016?

The main objectives of RERA are:

-       To protect interest of consumer in real estate sector;

-       To establish a process for speedy dispute redressal.;

-   To ensure sale of plot, building or apartment, or real estate project, in an efficient and transparent manner;

-    To establish a tribunal to hear appeals from decisions, directions or orders of Real Estate Regulatory Authority and adjudicating officer;

When is this Act expected to commence? Is there any specific date?

The RERA Act was assented by the president of India on 25th March, 2016 and was notified in Gazette of India for public information on 26th March, 2016. However, commencement of specific sections of the ACT will be done in step by step manner. The entire process will take around 12 to 18 months.

What are the key terms that have been defined in the Act?

A number of key terms have been defined. Some of them are:

Advertisement, Agreement for Sale, Allottee, Apartment, Architect, Building, Carpet Area, Commencement Certificate, Common Areas, Completion Certificate, Development, Development Works, Engineer, Estimated Cost of Real Estate Project, External Development Works, Family, Garage, Immovable Property, Interest, Internal Development Works, Local Authority, Occupancy Certificate, Person, planning area, Project, Promoter, Prospectus, Real Estate Agent, Real Estate Project, Sanctioned Plan

What are all situations in which registration of Real Estate Project is not required?

There are three situations:

-   Where area of land proposed to be developed does not exceed 500 sq m or number of apartments proposed to be developed does not exceed 8 inclusive of all phases

-  Where promoter has received completion certificate for Real Estate Project prior to commencement of Act

-         For purpose of renovation or repair or re-development which does not involve

marketing, advertising, selling or new allotment of any apartment, plot or building, under real estate project

How does a promoter make an application – manual or electronic form?

It is stated that RERA shall operationalise a web based online system for submitting applications for registration of projects within a period of 1 year from date of its establishment. RERA is yet to be established. Until a web based online system is established, all applications shall be made in paper format.

Important information to be enclosed by the promoter while making an application to RERA:

-        Details of the company

-      Detail of projects launched by developer in the past five years whether already completed or being developed, including current status of said projects, any delay in its completion, details of cases pending, details of type of land and payments pending

-      Authenticated copy of approvals and commencement certificate from competent authority for real estate project mentioned in application

-      Sanctioned plan, layout plan and specifications of proposed project or phase, and whole project as sanctioned by competent authority

-     Plan of development works to be executed in proposed project and proposed facilities to be provided including fire fighting facilities, drinking water facilities, emergency evacuation services, use of renewable energy

-        Location details of project, with clear demarcation of land dedicated for project along with its boundaries including latitude and longitude of end points of project

-        Pro-forma of allotment letter, agreement for sale, and conveyance deed proposed to be signed with allottees

-     Number, type and carpet area of apartments for sale in project along with area of exclusive balcony or verandah areas and exclusive open terrace areas apartment with apartment

-        Names and addresses of his real estate agents for proposed project

-        Names and addresses of contractors, architect, structural engineer and other persons concerned with development of proposed project

-      a declaration, supported by an affidavit, which shall be signed by the promoter or any person authorized by the promoter, stating:—

·    that he has a legal title to the land on which the development is proposed along with legally valid documents with authentication of such title, if such land is owned by another person;

· that the land is free from all encumbrances, or as the case may be details of the encumbrances on such land including any rights, title, interest or name of any party in or over such land along with details;

·    the time period within which he undertakes to complete the project or phase thereof, as the case may be;

·    that seventy per cent. of the amounts realized for the real estate project from the allottees, from time to time, shall be deposited in a separate account to be maintained in a scheduled bank to cover the cost of construction and the land cost and shall be used only for that purpose:

-      Declaration to be provided by the promoter in his affidavit while making an application to RERA.

What percentage of amounts for real estate project from allottees should be deposited in a separate account?

The developer shall deposit 70% of amounts realized for real estate project from allottees, in a separate account to be maintained in a scheduled bank to cover cost of construction and land cost and shall be used only for that purpose.

What are the rules for withdrawal by developer from such account?

The developer shall withdraw amounts from separate account, to cover cost of project, in proportion to percentage of completion of project

What is the time limit for grant of registration by RERA?

Registration by RERA shall be granted within 30 days from date of application. RERA shall also provide registration number, Login ID and password to applicant for accessing website of Authority and to create his/her web page and to fill details of proposed project.

What is the time limit for rejection of application by RERA?

RERA shall communicate in writing the reasons for rejection of application within 30 days from date of application.

What if RERA fails to grant registration or reject application?

If RERA fails to grant registration or reject application, project shall be deemed to have been registered. RERA shall also within 7 days (from expiry of 30 days) provide registration number, Login ID and password to applicant for accessing website of Authority and to create his web page and to fill details of proposed project.

What is the validity of the registration granted by RERA?

Registration shall be valid for a period declared by promoter for completion of project or phase.

Is the Real Estate Act applicable to Ongoing/Existing Real Estate projects?

Yes, as per section 3(1) of the Act, ongoing / existing projects, which have not received completion certificate are covered under the Act. The said section is reproduced below:

“……Provided that projects that are ongoing on the date of commencement of this Act and for which the completion certificate has not been issued, the promoter shall make an application to the Authority for registration of the said project within a period of three months from the date of commencement of this Act……” (RERA ACT & LAW)

Can the registration once granted by RERA be revoked?

Yes, RERA can revoke registration on receipt of a complaint or on recommendation of competent authority.

What acts lead to revocation of registration by RERA?

The following four acts are lead to revocation of registration by RERA:

1.  Promoter makes default in doing anything under Act / Rules / Regulations

2.  Promoter violates any terms or conditions of approval given by competent authority

3.  Promoter is involved in any kind of unfair practice or irregularities
Promoter indulges in any fraudulent practices

What is the role of RERA after revocation of registration?

-      RERA shall debar promoter from accessing its website in relation to that project and specify his name in list of defaulters and display his photograph on its website and also inform other Real Estate Regulatory Authority in other States and Union territories about such revocation or registration

-    RERA shall facilitate remaining development works to be carried out in accordance with provisions of section 8

-    RERA shall direct the bank holding the project back account, to freeze account, and take necessary actions, including consequent de-freezing of said account, towards facilitating remaining development works in accordance with provisions of section 8

-       RERA may, to protect interest of allottees or in public interest, issue such directions as it may deem necessary

If the registration is revoked, it is the allottees who will suffer? How does RERA tackle such a situation?

RERA may, instead of revoking registration, permit registration to remain in force subject to such further terms and conditions as it thinks fit to impose in interest of allottees and any such terms and conditions so imposed shall be binding upon promoter.

What is the obligation of RERA consequent upon lapse of or on revocation of registration?

-        Upon lapse of or on revocation of registration, RERA may consult Appropriate Government to carry out remaining development works by competent authority or by association of allottees or in any other manner, as may be determined by RERA

-      In case of revocation of registration of a project, who shall have the first right of refusal for carrying out of remaining development works?

-        In case of revocation of registration of a project, association of allottees shall have first right of refusal for carrying out of remaining development works

Does the Act impose restriction on period of extension to be granted by RERA?

Yes, RERA may in reasonable circumstances, without default on part of promoter, based on facts of each case, extend registration granted to a project for such time as it considers necessary, which shall, in aggregate, not exceed a period of 1 year.

Does this Act need consent / ratification from State Governments to be applicable in states?

No, as RERA is not a Constitutional Amendment Act affecting the States, no consent / ratification, by whatever name called is required. States are bound to implement the Act according to the timelines provided therein.

What if the promoter is unable to complete the project as stipulated in the affidavit? Does the promoter have to file a fresh application for registration?

Registration granted may be extended by RERA on an application made by promoter due to force majeure. Also, RERA may in reasonable circumstances, without default on part of promoter, based on facts of each case, extend registration granted to a project for such time as it considers necessary, which shall, in aggregate, not exceed a period of 1 year.

Is there a time limit imposed under the Act for getting the accounts of promoter audited?

Yes, the promoter shall get his accounts audited within 6 months after end of every financial year by a chartered accountant in practice, and shall produce a statement of accounts duly certified and signed by such chartered accountant and it shall be verified during audit that amounts collected for a particular project have been utilized for project and withdrawal has been in compliance with proportion to percentage of completion of project.

I am a promoter and I have an existing project on date of commencement of this Act but completion certificate has not been issued. Is registration still mandatory?

Yes, the promoter shall make an application to RERA within 3 months from date of commencement of Act.

When can Developers Advertise their Project

“Unless the promoters do not register their projects they cannot advertise, whether ongoing or future.” This is in line with Section 3 & 4 of the Act which mandates registration of projects by developers comes into effect from 1st May. These are discussed in more detail below. Section 3 deals with Registration of real estate projects and agents. It states that:

No promoter shall advertise, market, book, sell or offer for sale, or invite persons to purchase in any manner any plot, apartment or building, as the case may be, in any real estate project or part of it, in any planning area, without registering the real estate project with the Real Estate Regulatory Authority established under this Act:

However, if they have projects that have already obtained completion and occupancy certificates, those can continue to be advertised and sold.

Rigidity in Change of a plan 

He can now only change a project’s plan that has been registered with a two-third majority of the buyers of that project.

Functions of a Promoter

The functions of a promoter have been increased as they now have to give the buyer every document that a buyer should have while signing an agreement. He has to take the responsibility of the services he provides until a local body is formed with the society. He will also have to get two-third majority in case he thinks to transfer the project to someone else.

Some Important Rules & Acts Guiding Indian Real Estate

Affordable Housing: Technology

Affordable Housing: Growth Drivers & Trends

Some Iconic Names of Real Estate

Let’s try to go through the life & Business history of some of the persons who changed the Real Estate, created a name for themselves and took the Real Estate to the heights where it is today.

1. Donald Trump 

Business Leader, Reality Tycoon, Next USA President, Television Star 

Companies:

-    Chairman & President of Trump Organization;

-    Chairman of Trump Plaza, LLC;

-    Chairman Of Trump Atlantic City Associates

Net Worth: USD 7 Bn.

He got elected as President of USA as Republican Party nominee. Donald Trump is a billionaire Real Estate mogul and television personality.

His Famous Quote:

“Going through tough times is a wonderful thing, and everybody should try it. Once.”

Synopsis

Real Estate developer Donald John Trump was born June 14, 1946, in Queens, New York. In 1971 he became involved in large, profitable building projects in Manhattan. In 1980, he opened the Grand Hyatt, which made him the city's best known and most controversial developer. In 2004 Trump began starring in the hit NBC reality series The Apprentice, which also became an offshoot for The Celebrity Apprentice. In 2015 Trump announced his candidacy for president of the United States and shortly after the first Republican debate became the party's front-runner & got elected as next President of States.

Early Life and Education

Donald John Trump was born on June 14, 1946, in Queens, New York, the fourth of five children of Frederick C. and Mary MacLeod Trump. Frederick Trump was a Builder and Real Estate developer who came to specialize in constructing and operating middle-income apartments in Queens, Staten Island and Brooklyn. Donald was an energetic, assertive child, and his parents sent him to the New York Military Academy at age 13, hoping the discipline of the school would channel his energy in a positive manner. 

Trump did well at the academy, both socially and academically, rising to become a star athlete and student leader by the time he graduated in 1964. He then entered Fordham University and two years later transferred to the Wharton School of Finance at the University of Pennsylvania, from which he graduated in 1968 with a degree in economics.

Business Career

Trump began his career at his father's real estate company, Elizabeth Trump and Son, which focused on middle-class rental housing in the New York City, boroughs of Brooklyn, Queens, and Staten Islands. One of Trump's first projects, while he was still in college, was the revitalization of the foreclosed Swifton Village apartment complex in Cincinnati, Ohio, which his father had purchased for $5.7 million in 1962.

Trumps became involved in the project and with a $500,000 investment, turned the 1,200-unit complex's occupancy rate from 34% to 100%. In 1972, the Trump Organization sold Swifton Village for $6.75 million.

In 1971, Trump moved to Manhattan and became involved in larger building projects and used attractive architectural design to win public recognition. Trump initially came to public attention in 1973, when he was accused by the Justice Department of violations of the Fair Housing Act in the operation of 39 buildings.

Trump in turn accused the Justice Department of targeting his company because it was a large one, and to force it to rent to welfare recipients. Trump settled the charges in 1975, saying he was satisfied that the agreement did not "compel the Trump organization to accept persons on welfare as tenants unless as qualified as any other tenant."

Trump made plans to acquire and develop the old Penn Central for $60 million with no money down. Later, with the help of 40-year tax abatement from the New York City government, he turned the bankrupt Commodore Hotel into the Grand Hyatt and created The Trump Organization.

New York City had a plan to build the Javits Convention Center on property for which Trump held a right-to-buy option. Trump estimated his company could have completed the project for $110 million but the city rejected his offer and Trump received a broker's fee on the sale of the property instead.

Repairs on The Wollman Rink in Central Park(built in 1955) were started in 1980 with an expected 2½-year construction schedule but were nowhere near completion by 1986. Trump took over the management of the project, at no cost to the city, and completed it in three months for $1.95 million, which was $750,000 less than the initial budget.

In 1988, Trump acquired the Taj Mahal Casino in a transaction with Merv Griffin and Resort International which led to mounting debt, and by 1989, Trump was unable to meet loan payments. Although he shored up his businesses with additional loans and postponed interest payments, by 1991, increasing debt brought Trump to business bankruptcy. 

Banks and bond holders had lost hundreds of millions of dollars, but opted to restructure the debt. The Taj Mahal Casino emerged from bankruptcy on October 5, 1991, with Trump conceding 50 percent ownership in the casino to the original bondholders in exchange for lowered interest rates on the debt and more time to pay it off. 

He also sold his financially challenged Trump Shuttle Airline and his 282-foot mega yatch, the Trump Princess. The late 1990s saw a resurgence in Trump's financial situation. The will of Trump's father, who died in 1999, divided an estate estimated at $250–$300 million equally among his four surviving children.

In 2001, Donald Trump completed Trump World Tower a 72-story residential tower across from the UN Headquarters. Also, he began construction on Trump Palace, a multi-building development along Hudson River.

Trump owns commercial space in Trump International Hotel & Tower, a 44-story mixed-use (hotel and Condominium) tower on Columbus Circle. Trump owns several million square feet of prime Manhattan real estate.

Without personal capital investment, Trump has licensed his name and image for the development of many real estate projects, including  Trump International Hotel & Towers in- Honolulu, Chicago & Toronto and Trump Tower- Tampa. At least two Trump-branded real estate projects have gone into foreclosure.

In 2015, Forbes estimated his net worth at $4 billion. In June 2015, Business Insider published a June 30, 2014, financial statement supplied by Trump. The statement reflects his net worth as $8.7 billion. Of that amount, $3.3 billion is represented by "Real Estate Licensing Deals, Brand and Branded Developments", described by Business Insider as "basically [implying] that Trump values his character at $3.3 billion." 

In July 2015, the Federal election regulators released new details of his wealth and financial holdings when he became a Republican presidential candidate.

Business ventures and investments

The Trump Organization owns, operates, develops and invests in real estate around the world such as Trump International Hotel & Tower in Chicago.

Trump branding and licensing

Beyond his traditional ventures in the real estate, hospitality, and entertainment industries, Trump has established the Trump name and brand in other industries and products.

With mixed success, Trump has marketed his name on a large number of products, including Trump Mortgage(2006–2007), Trump Sales and Leasing (residential sales), Trump Restaurants (located in Trump Tower and consisting of Trump Buffet, Trump Catering, Trump Ice Cream Parlor, and Trump Bar), Go Trump (a 2006–2007 online travel website), Donald J. Trump Signature Collection (a line of menswear, men's accessories, and watches), Donald J. Trump: The Fragrance (2004), Trump Magazine (2007–2009), Trump Golf, Trump Chocolate, Trump home (home furnishings), Trump Productions (a television production company), etc. to name some.

Many developers pay Trump to market their properties and to be the public face for their projects. For that reason, Trump does not own many of the buildings that display his name.

According to Forbes, this portion of Trump's empire, actually run by his children, is by far his most valuable, having a $562 million valuation. According to Forbes, there are 33 licensing projects under development including seven "condo hotels" (the seven Trump International Hotel and Tower developments).

Stock market investments

According to a 2015 campaign claim, Trump made a rare foray into the stock market in 2011 after facing poor returns on bank deposits and being disappointed with the depressed American real estate market.

Trump stated that he wasn't enthusiastic to be a stock market investor, but that prime real estate at good prices was hard to find. Trump said he earned a $27 million profit, with 40 of the 45 stocks purchased generating a profit.

Ups and Downs of Business

Expanding his empire to the south, around this time Trump developed a condominium project in West Palm Beach, Florida, and in 1989 he branched out to purchase the Eastern Air Lines Shuttle for $365 million, which he later renamed the Trump Shuttle. In January 1990, Trump flew to Los Angeles to unveil a plan to build a $1 billion commercial and residential project featuring a 125-story office building.

It was in 1990, however, that the real estate market declined, reducing the value of and income from Trump's empire; his own net worth plummeted from an estimated $1.7 billion to $500 million.

The Trump Organization required a massive infusion of loans to keep it from collapsing, a situation which raised questions as to whether the corporation could survive bankruptcy. Some observers saw Trump's decline as symbolic of many of the business, economic and social excesses that had arisen in the 1980s.But Donald Trump climbed back from nearly $900 million in the red to a reported worth of close to $2 billion by 1997.

2.Mohamed Alabbar,Chairman : Emaar Group

Mohamed Alabbar  is the founder and chairman of Emaar Properties, one of the largest real estate development companies in the Middle East and known for developing the Burj Khalifa, the world's tallest building. He is also former director general of the Dubai Department of Economical Development.

Alabbar is a Board Member of Abu Dhabi-based Eagle Hills, and he also acts as a top adviser to Sheikh Mohammed Bin Rahid Al Maktoum, the leader of Dubai.

Early life and education

Mohamed Alabbar was born in Dubai and is the eldest of 12 children. Alabbar's father was a captain of a traditional trading vessel known as a dhow and raised his children in the Rashidiya area of Dubai. In the 1970s, Alabbar received a government scholarship to study finance and business administration from The Albers School of Business and Economics at Seattle University.

Alabbar graduated from Seattle University in 1981 with a degree in business administration. He also received an honorary doctoral degree in humanities from his alma mater in 2007 and serves on its Board of Trustees.

Career

After college, Alabbar's first job was with the Central Bank of the United Arab Emirates as a banking manager. Later, Alabbar relocated to Singapore and began working for the Dubai government as the director of Al Khaleej Investments, a government-owned company in Dubai with significant real estate interests in Singapore.

Political career

In 1992, Alabbar returned to Dubai and began working for the government as the founding director general of the Department of Economic Development (DED). Alabbar's career led him to establish a close relationship with Sheikh Mohammed Bin Rahid Al Maktoum , the Ruler of Dubai, and he later became one of Sheikh Mohammed's chief economic advisers.

Alabbar worked with Sheikh Mohammed bin Rashid Al Maktoum to drive the development and growth of both Dubai's tourism industry and global reputation. In 1996, Alabbar initiated and organized the Dubai Shopping Festival which attracted over two million visitors for an entertainment and shopping event highlighted by street bazaars, fashion shows, food festivals, folklore and more. That same year, Alabbar was selected by Advertisisng Age as one of their International Marketing Superstars of the year.

Business career

Alabbar has served as a member of the Dubai Executive Council and the Dubai Economic Council. As vice chairman of Dubai Aluminum Company (DUBAL), Alabbar has contributed to the growth of the country's non-oil sector. He also served as vice chairman of Dubai World Trade Center and chairman of Dubai Cable Company.

Alabbar spearheads several business entities in the UAE and in overseas markets. Apart from being the founder and chairman of Emaar Properties, he is the founder and chairman of Africa Middle East Resources (AMER), a private company that works to unlock the value of natural resource opportunities in Africa and link them with large consumer markets in Asia.

Alabbar is the chairman of Tradewinds Corporation, a premier leisure and hospitality owner-operator in Malaysia, focused on developing world-class real estate developments in the country and Southeast Asia. He is also a board member of Eagle Hills, a UAE-based real estate development company focused on large-scale projects in high-growth international markets, and also serves on the board of Manara Developments in Bahrain.

He is the founder and major shareholder of RSH, the leading Singapore-based pan-Asian marketer, distributor and retailer of international fashion and lifestyle brands. Alabbar also sits on the board of Noor Investment Group, an affiliate of Dubai Group, the leading diversified financial company of Dubai Holding.

In March 2015, Capital City Partners, a real estate investment fund led by Alabbar, announced plans to build a new capital in Egypt. Also in 2015, Alabbar, who sits on the board of Eagle Hills, announced plans to develop the largest mall in the Balkans in Belgrade.

Alabbar took the company public in 1997 and in 2000, Emaar was listed on the Dubai Financial Market. By 2004, Alabbar was expanding the company to foreign markets with the establishment of Emaar International LLC. The company has ongoing projects in Africa, Asia, North America, and throughout the Middle East.

In 2005, Alabbar facilitated a partnership with Giorgio Armani and established Emaar Hotels & Resorts LLC in an exclusive deal to launch a collection of luxury hotels in the designer brand's name. Following the opening of The Dubai Mall in 2008, Burj Khalifa was inaugurated two years later in 2010. Her continues to expand the company, and in 2014, Emaar listed its shopping malls & retail business, Emaar Malls Group on the Dubai Financial Market with one of the largest IPOs in the region.

In 2014, Gulf Business recognized Alabbar with the Lifetime Achievement Award for his work with Emaar and the development of iconic buildings and communities in the UAE and other countries.

3.Kushal Pal Singh

-  He is Founder of DLF Ltd, one of the Largest Real Estate Development Firms in India.   Valuation of Company 3.4 Bn. USD.

A real estate magnate, known for being India's largest Real Estate developer was born on August 15, 1931, in Bulandshehar, Uttar Pradesh. He grew up to establish and head DLF Limited, as the chairman and CEO of the company.

Personal background

He comes from a Jat family of successful landlords and lawyers. He is a graduate in science from Meerut College, Uttar Pradesh. For pursuing higher education in Aeronautical Engineering, he went to UK, and subsequently got selected in the Indian Army, by British Officers Services Selection Board, UK.

Thereafter, he joined The Indian Military Academy at Dehradun and was, consequently commissioned into a renowned cavalry regiment of The Indian Army, 'The Deccan Horse'.

He left the army, and joined his father-in-law, Chaudhary Raghvender Singh, who is the founder of the DLF group. In 1960, he joined American Universal Electric Company, which was a joint venture between Universal electric Company of Owosso, Michigan and the Singh family.

Along the line, he promoted another company; Willard India limited, in collaboration with ESB inc of Philadelphia for the manufacture of automatic and industrial batteries in India, and consequently, became its Managing director. In 1979, American Universal Company merged with DLF Universal Limited, placing Kushal on the post of the Managing Director of this new company. K.P Singh is married and is a father to three children. His son, Rajiv, and daughter, Pia are supposed to take care of his property business operations after him.

Chaudhary Raghvender Singh, his father-in-law, shares close ties with him. His father-in law, himself has done infrastructural wonders to various areas in South Delhi, such as South Extension and Greater Kailash, to name a few But the family in general, maintains a low public profile. 

Bold: Virtues

The key man, behind DLF, who has successfully converted Gurgaon, as The Millennium City or The Shopping Mall Capital of India, enjoys a deep passion for Golf.

He differs in his ideas of philanthropy, believing that "The concept of philanthropy is really good, but for that people in our country, first need to create wealth themselves".

His contribution in transforming Gurgaon into a world renowned hub within a decade is practically unforgettable.

His Career

As the director of the new merger company, in 1979, he set out on an ambitious plan to develop property in the rural state of Haryana. He had huge ideas of buying land in the small township of Gurgaon, and envisioned the advantages of Gurgaon's close proximity to the metropolis of New Delhi.

An entrepreneur, K P Singh, could see great scope for real estate development in Gurgaon, and his far-fetched futuristic ideas, paid him well, transforming him into a real-estate business tycoon. As time went by, his dreams turned into realities and plans got executed into action. Gurgaon transformed into India's leading real estate destinations and a hub of business activity. Today, it is commonly referred to as, Millennium City. 

Awards and Achievements won by Kushal Pal Singh

He holds many key positions in regulatory bodies, including the post of the president of the Associated Chamber of Commerce and Industry India and also of the PHD chamber of Commerce and industry.

Currently, Singh also presides over the Central Board, Reserve Bank of India, as its director. He is the director of 31 different private companies engaged in various sectors of the economy.

The prestigious 'Delhi Ratna' award was honored to him for his valuable contribution to Delhi.

DLF Universal- Company Profile

Under Singh's leadership, DLF built and developed DLF city, on the 3000 acre land purchased in Gurgaon.DLF, as a group, played a significant role in attracting a number of MNCs to India, leading to employment generation and international level competition.

It was instrumental in bringing huge brand names to the nation, GE and Nestle, to name a few.

DLF Cyber City in Gurgaon is amongst the biggest integrated technology parks in India, spanning across 125 acres. The only night golf club in India, and one of the top golf clubs in Asia, also attributes its presence to DLF. Recently launched, DLF Emporio Mall in New Delhi stands out as the largest luxury mall of the metropolis. Presently, the company is handling many projects in various cities on a land bank of more than 10,000 acres. Title sponsorship, for the popular Indian Premier League series was also once bagged by this company.

4.Ansal Housing

Company Profile

One of the Premier Real Estate Developers in India and Overseas who have worked relentless for decades, to help build a stronger nation.

Since inception in 1983, Ansal Housing has given a new dimension to Indian infrastructure development. The Company has developed world-class townships, residential complexes, commercial complexes, retail space, hotels and movie-halls that have set new standards in quality and architectural excellence, delivering the best to its customers, stakeholders and investors.

On a Firm Foundation

Ansal Housing & Construction Ltd, stand as the premier company of the 'Ansal Housing Group'. Along with our partner companies. Yearly group turnover exceeds, Rs. 350 crores.

To create an infrastructure organization of the magnitude as Ansal, it takes a highly progressive and professional management team. Company is proud to display its pool of talent that includes experts from diverse fields such as engineering, architecture, construction, information technology, management information system, marketing, finance, exports and other management disciplines.

At Ansal Housing, the most cherished thing is its customer\'s trust, which it has earned with our commitment to quality and innovation.

The Founder

Lala Chiranji Lal Ansal was born on 1st December, 1906, in a modest rural home in Punjab. He started his career as a self appointed school teacher and in a way pioneered the coaching school system in the country. He moved on to become a building contractor, then to a builder himself and finally into a real estate developer of immense repute.

His sheer dedication, hard work and mission to add value to human life, led him to become the founder of the famous House of Ansals, considered one amongst the prestigious building giants of India.

A legend during his own life time, Lalaji is a testimony to what an ordinary Indian with extra ordinary dedication, courage and the spirit of service could achieve through his own Endeavour in his lifetime. He believed in building better life and not just better buildings.

He has left behind a legacy of strong values and a vision, which is today the driving force of Ansal Housing and Construction Limited.

Deepak Ansal: Current Chairman

Company’s basic thrust has been to build townships that would provide quality life to each strata of the society - at locations that are refreshingly away from the din and bustle of the city life, yet within commutable distances.

Ansal Housing has already developed 68 million sq. ft. of area and more than 66 million sq. ft. is under various phases of development. Today, the company is present across 22 cities in India and has created a land bank in excess of 87 million sq. ft.

These lands will be developed into integrated townships with clubhouse and other international facilities. In all, the company has done projects worth approximately Rs. 6000 crores as on 2010.

Board Of Directors

Kushagr Ansal, Whole Time Director

Mr. Kushagr Ansal, an MBA with specialization in Finance from Bentley College, USA, joined the sales and marketing department at Ansal Housing in 2001. He heads the marketing and business development division, in addition to looking after the overseas projects. He has attained state-of-the-art expertise in System Management and is a great source of strength and inspiration to his team members as they successfully choose newer targets.

Karun Ansal, President (Projects)

Mr. Karun Ansal has done his Bachelor of Science, Marketing in May, 2004 from Bentley College, USA and Masters of Business Administration (Finance) from Bentley College, Waltham, USA in 2007.

He has attained state- of- the art expertise in System Management in addition to knowledge of subjects like basic financial markets, equity valuation, mergers & acquisitions, strategic management, sales management, e-commerce etc. During his training and service with Deloitte & Touché LLP and Citizen Bank, a subsidiary of Royal Bank of Scotland, Mr. Ansal got experience in post merger issues, budget analysis, developing and implementation of a financial audit plan, accounting, auditing, Internal control assessment and policy & procedure review.

Ansal Housing & Construction, stand as the premier company of the 'Ansal Housing Group'. Along with partner companies, the company’s yearly group turnover exceeds Rs 350 crore.

To create an infrastructure organization of the magnitude as the company

It takes a highly progressive and professional management team. The company is proud to display the pool of talent that includes experts from diverse fields such as engineering, architecture, construction, information technology, management information system, marketing, finance, exports and other management disciplines.

At Ansal Housing, the most cherished thing is its customer's trust, which the company has earned with its commitment to quality and innovation.

Residential Projects 

Ansal Town Agra , Ansal Town Muzaffarnagar , Ansal Town Indore , Ansal Town Karnal , Ansal Town Meerut , Ansals Courtyard Meerut , Ansals Woodbury Apartments Zirakpur , Ansal Heights Mumbai , Ansals Courtyard Agra , Ansals Tanushree Ghaziabad , Ansal Town Rewari , Ansals Grace Jammu , Ansal Town Alwar , Ansals Palm Court Jhansi , Ansals Elegance Ghaziabad , Perth Paradise Sri Lanka , Ansals Whispering Meadows Mumbai , Ansals Orchid Greens Lucknow , Ansals Suvarna Vilas Shahpur , Ansal Town Yamunanagar.

Commercial Projects 

Ansals Shivam Corporate Suites Ghaziabad,Ansal Plaza Vaishali Ghaziabad, Ansal Plaza Corporate Suites Vaishali Ghaziabad , Ansals Fortune Arcade Noida,  Ansals Corporate Floors Vaishali,Ansals Majestic Tower New Delhi, Ansals Classique Tower New Delhi , Ansals Imperial Tower New Delhi , Ansals Laxmi Deep New Delhi , Ansals Vikas Deep New Delhi , Ansals Pragati Deep New Delhi.

Hospitality Projects

Chancellor Club Lucknow , Chancellor Club Vaishali , Chancellor Club Ghaziabad, Super Stars Noida , The Great Kabab Factory Noida , Marriott Welcome Hotel New Delhi.

Company Financials

Net revenue from operations for the standalone entity increased to Rs. 619.01 Crores from Rs. 435.65 Crores in the previous year registering a growth of 42%. The operating profit (EBITDA) increased by 12.42%, from Rs. 101.25 Crores to Rs.113.83 Crores. The profit after tax for the current year is Rs. 39.02 Crores as against Rs. 38.01 Crores for the year 2013-14.

5.Sheldon Adelson

Chairman & CEO of Las Vegas Sands. He is known as a Casinos & Hotels Magnate. He had a Net Worth of over USD 27.4 Bn. in 2015

Sheldon Gary Adelson (born August 4, 1933) is an American business magnate, investor and philanthropist. He is the chairman and CEO of the Las Vegas Sands Corporation, which owns Marina Bay Sands in Singapore and is the parent company of Venetian Macao Limited which operates The Venetian Resort Hotel Casino and Sands Expo & Convention Center.

He also owns the Israeli daily newspaper Israel HaYom. Adelson, a lifelong donor and philanthropist to a variety of causes, founded with his wife's initiative the Adelson Foundation.

As of June 2015, Adelson was listed by Forbes as having a fortune of $28 billion, and as the 18th richest person in the world. He is a major contributor to Republican Party candidates, which has resulted in his gaining significant influence within the party.

Early life and education

Adelson was born into a poor family and grew up in the Dorchester neighborhood of Boston Massachusetts, the son of Sarah (née Tonkin) and Arthur Adelson. His family was of Ukrainian Jewish ancestry. His father drove a taxi, and his mother ran a knitting shop.

His Famous Quote

-    "An entrepreneur is born with the mentality to take risks, though there are several important characteristics: courage, faith in yourself, and above all, even when you fail, to learn from failure and get up and try again."

-  “Entrepreneurship is essentially identifying the path that everyone takes; and choosing a different, better way.”

He started his business career at the age of 12, when he borrowed two hundred dollars from his uncle and purchased a license to sell newspapers in Boston. At the age of 16, he had started a candy-vending-machine business. He attended trade school to become a court reporter and subsequently joined the army. Adelson attended City College of New York, but decided to drop out.

He established a business selling toiletry kits after being discharged from the army then started another business named De-Ice-It, which sold a chemical spray to help clear frozen windshields. In the 1960s, he started a charter tours business. He had soon become a millionaire, although by his 30s he had built and lost a fortune twice. Over the course of his business career, Adelson has created over 50 of his own businesses.

Business career

COMDEX

In the late 1970s, Adelson and his partners developed the computer trade show COMDEX, for the computer industry; the first show was in 1979. It was the premier computer trade show through much of the 1980s and 1990s.

In 1995, Adelson and his partners sold the Interface Group Show Division, including the COMDEX shows, to Soft Bank Corporation of Japan for $862 million; Adelson's share was over $500 million.

Sands Casino,Las Vegas, Nevada

In 1988, Adelson and his partners purchased the Sands Hotel & Casino in Las Vegas. The following year, Adelson and his partners constructed the Sands Expo & Convention Center, then the only privately owned and operated convention center in the U.S.

In 1991, while honeymooning in Venice with his second wife, Miriam, Adelson found the inspiration for a Mega Resort Hotel. He razed the Sands and spent $1.5 billion to construct The Venetian, a Venice-themed resort hotel and casino.

The Venetian opened May 3, 1999. In 2003, The Venetian added the 1,013-suite Venezia tower – giving the hotel 4,049 suites; 18 restaurants and a shopping mall with canals, gondolas and singing gondoliers.

The Cotai Jet, providing rapid transit between Macao and Hong Kong. In August 2007, Adelson opened the $2.4-billion Venetian Macao Resort Hotel on Cotai and announced that he planned to create a massive, concentrated resort area he called the Cotai Strip, after its Las Vegas counterpart.

Adelson said that he planned to open more hotels under brands such as Four Seasons, Sheraton & St. Regis.

His Las Vegas Sands planned to invest $12 billion and build 20,000 hotel rooms on the Cotai Strip by 2010.

Bethlehem, Pennsylvania

In the late 2000s, Adelson and the company decided to build a casino resort in Bethlehem, Pennsylvania. It is one of five stand-alone casinos that were awarded a slots license by the Pennsylvania Gaming Control Board in 2006.

The casino opened May 22, 2009. Table games began operation on July 18, 2010. The hotel opened May 27, 2011. Adelson said "If we have the opportunity to build an integrated resort, we're going to do it. We think it will attract the customers and the tax revenue to the state of Pennsylvania and the Lehigh Valley and the cities that are in it."

 

The Venetian Macau, the Sixth Largest Building in World

In 2010, during the late-2000s Global Recession, Adelson told The Wall Street Journal "If it were today, we probably wouldn't have started it."

Macau, China

Adelson spearheaded a major project to bring the Sands name to Macau, the Chinese gambling city that had been a Portuguese colony until December 1999. The one-million-square-foot Sands Macau became the People’s Republic of China’s first Las Vegas-style casino when it opened in May 2004.

He recovered his initial $265-million investment in one year and, because he owns 69% of the stock, he increased his wealth when he took the stock public in December 2004. Since the opening of the Sands Macao, Adelson's personal wealth has multiplied more than fourteen times.

Adelson's company is reportedly under federal investigation over alleged violations of the Foreign Corrupt Practices Act relating to payments made to a Macao lawyer.

Marina Bay, Singapore

Marina Bay Sands, Singapore, second most expensive building in world

In May 2006, Adelson's Las Vegas Sands was awarded a hotly contested license to construct a casino resort in Singapore’s Marina Bay. The new casino, Marina Bay Sands, opened in 2010 at a rumored cost of $5.5 billion. It includes a shopping mall, convention center, and 2,500 luxury hotel rooms.

Israeli press

In 2007, Adelson made an unsuccessful bid to purchase the Israel newspaper Maariv. When this failed, he proceeded with parallel plans to publish a free daily newspaper to compete with Israeli, a newspaper he had co-founded in 2006 but had left. 

The first edition of the new newspaper, Israel HaYom, was published on July 30, 2007. On March 31, 2014, Adelson received the go-ahead from a Jerusalem court to purchase Maariv and the conservative newspaper Makor Rishon.

According to a Target Group Index (TGI) survey published in July 2011, Israel HaYom, which unlike all other Israeli newspapers is distributed for free, became the number-one daily newspaper (on weekdays) four years after its inception. 

This survey found that Israel HaYom had a 39.3% weekday readership exposure, Yedioth Ahronoth 37%, Maariv 12.1%, and Haaretz 5.8%. The Yedioth Ahronoth weekend edition was still leading with a 44.3% readership exposure, compared to 31% for the Israel HaYom weekend edition, 14.9% for Maariv, and 6.8% for Haaretz. This trend was already observed by a TGI survey in July 2010.

In 2011, the Israeli press said that Adelson was unhappy with coverage of him on Israeli Channel 10, which alleged that Adelson had acquired a casino license in Las Vegas inappropriately through political connections. The channel apologized after Adelson threatened a lawsuit. This led to the resignations of the news chief, Reudor Benziman; the news editor, Ruti Yuval; and the news anchor, Guy Zohar, who objected to the apology.