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Authorization:This report is submitted in partial fulfillment of the requirements of the MBA program of Christ University, Bangalore. This report document titled: Project Appraisal of Sahara City Homes, Lucknow. Is done by Rahul Jagwani as part of the completion of the study at Sahara Prime City Ltd(SPCL) during my internship program under the Guidance of Mr. Sunil Pandey
Acknowledgement
I wish to convey my gratitude towards those people who are responsible for the completion of the project. First of all I would like to thank Prof. S.Jeevananda for providing all the help and support needed by me to complete this project. As I have learned a lot about the underlying principles of the corporate these days. He provided me with helpful insights and what I was to ask company guide and how to go about the project. Next I would like to thank Mr. Sunil Pandey for helping in completion of this project and giving me a chance to work in such a healthy and learning working environment. I would also like to thank the Head of the Departments for teaching me how the various aspects come together to form a synergy and work together to accomplish such a big project. Finance & Accounts Mr. Abdul Mueed Siddique, Mr. Neeraj Tripathi & Mr. Dwivedi. S.C.M. - Mr. Joy Bhattacharya Planning & Execution Mr. Vishal Srivastava Quality Control Mr. Pankaj Ratan Srivastava Marketing & Sales Mr. Rajesh Singh I would also like to convey my gratitude to the Project Manager Mr. Rajesh Kumar Srivastava who was always with me for any type of help that I needed. I would like to thank all others whose names could not be mentioned and have also helped me a lot about this sector and how to go about working it. I am really thankful to you all for your help in making this project a success.
Table Of Contents
EXECUTIVE SUMMARY
The real estate sector in India has evolved from disorganization and inefficiency to greater organization and transparency, accomplished by various regulatory reforms. In the past, factors such as the absence of centralized title registry providing the guarantee, lack of uniformity in local laws affecting real estate and their application, the unavailability of bank financing, high interest rates and transfer taxes and the lack of transparency in the transaction values led to inefficiencies in the sector.
INTRODUCTION
About SPCL:Sahara Prime City Limited We are one of the largest real estate development companies in India, based on the size of our Land Reserves available for development and number of locations in which our Land Reserves are located, which consist of approximately 8,484.65 acres of land, including 4,194.10 lacs square feet of saleable area, which we own or for which we hold contractual development rights. Our business plan is focused on developing 88 integrated townships under the "Sahara City Homes" brand name and 15 residential complexes under the "Sahara Grace" brand name across 99 cities in India. An integrated township typically will consist of a gated community with residential units in the form of apartment towers, townhouses and individual houses together with ancillary facilities such as schools, a hospital, a hotel, retail and leisure facilities. Our residential complexes typically will be smaller scale developments comprised solely of residential units. Our primary source of revenue is expected to be from the construction and sale of residential units within our integrated townships. We currently have construction under way for nine integrated townships and one residential complex, which in the aggregate are planned to comprise approximately 547.10 lacs square feet of saleable area, 85.00 lacs square feet of which is already under construction. We plan to deliver the first residential units in 2011 in our integrated townships in Indore, Nagpur and Lucknow, which are scheduled to be completed in 2013, 2013 and 2017, respectively. We refer to these 10 projects under development, for which land or land development rights have been fully acquired and construction has commenced, as Ongoing Projects. We have an additional 16 integrated townships for which we expect to commence construction within the next 12 months, which we refer to as Forthcoming Projects, which in the aggregate are currently planned to comprise approximately 884.70 lacs square feet of saleable area. We refer to our remaining 77 projects as Upcoming Projects, which in the aggregate are currently planned to comprise approximately 2,762.30 lacs square feet of saleable area. We are part of the Sahara Group, a major business conglomerate in India. The Sahara Group has operations in multiple sectors, including real estate, infrastructure and housing, financial services, housing finance, mutual funds, life insurance, print and television media and film production and distribution, information technology, medical, tourism hospitality and consumer products. The Sahara Group was founded in 1978 and has grown to an asset base of approximately US $12.0 billion to date. Over the past 10 years, the Sahara Group has completed four township projects under the "Sahara States" brand name, located in Lucknow, Hyderabad, Bhopal and Gorakhpur. During that same period, the Sahara Group completed two residential complexes, in Gurgaon and Lucknow, under the "Sahara Grace" brand name, two additional residential projects in Gorakhpur and Lucknow and five retail centers, for a total saleable area of 110.53 lacs square feet. This total saleable area was comprised of approximately 68.16 lacs square feet of residential area, approximately 23.82 lacs square feet of retail and commercial
area, approximately 8.00 lacs square feet of healthcare-related area and approximately 10.55 lacs square feet of hospitality- related area. The Sahara Group also has developed approximately 150.00 lacs square feet of saleable area, including facilities to be operated by the Sahara Group or leased to third parties, at Aamby Valley City, a large scale luxury township project. In addition, the Sahara Group has developed approximately 85 kilometers of roads, 350 acres of landscaped area, an airport at Aamby Valley City with a 1,200 meter runway, 12 power stations, three dams and 11 artificial bodies of water.
Layout Structure
1. 2. 3. 4. 5. 6. 7.
Entrance gate Hospital Sahara School Shopping Mall & Multiplex Hotel & Club Club & Community Centre Wave Pool
8. Executive Club 9. Central Park 10. Highrise Apartments 11. Midrise Apartments 12. Independent Houses 13. Secure Boundary Wall 14. Bharat Maa Naman Sthal
Location of the Project:Lucknow - (North West of main city on 45.00 m wide road)
Distance from: Main City (Kms.) 15 Distance from: Railway Stn. (Kms.) 18 Distance from: Airport (Kms.) 27 Distance from: Bus Stn. (Kms.) 15
Independent Houses
1. Exotic 2 Bedroom ( Independent Row House) 2. Meridian 4 Bedrooms ( Independent Row Houses) 3. Grandeur 5 Bedrooms (Independent Bungalows)
Designed on the plot area of 1844 sq.ft. these units (unit area 1823.93 sq.ft.) offer all the features of independent living. A patch of green in the front & a private courtyard at the back, the residents shall have their own share of sun, breeze & open sky. The majestic, welldesigned, spacious and comfortable independent bungalow will undoubtedly be the symbol for a princely lifestyle. The entire bungalow has been conceived to fulfill the standards of sophistication and style which are second nature to the connoisseurs of good living. Nothing but the best can be expected from these luxurious homes. These bungalows are planned over a plot area of 473.98 sq. m (5100 sq. ft.) with unit area of 396.12 sq. m (4262.31 sq. ft.)#. The vast lawns, terrace and open spaces exude a touch of class which is discreetly evident.
Price List :-
Proposed Amenities -:
1. 2. 3. 4. 5. 6. 7. 8. Multi Level Security Transport services Central Park Hospital School Mall & Multiplex Hotel & Club Clubs & Community Centre 9. Infrastructure Backup 10. Bharat Maa Naman Sthal 11. Essential Services 12. 100% Power Backup 13. Retirement Home 14. Sahara Care House 15. Environment Conservation 16. Seamless Connectivity
Remain in regulatory compliance all the time. In institutionalising a systematic and collective approach towards IMS. In improving its IMS performance, continually. Enhance its corporate image as a company working towards sustainability Provides a systematic and visible way to lead and operate an organisation that continually improves performance Provides information and supporting evidence of the effectiveness and efficiency of the quality management system Ensures the consistent and visible involvement of top management Ensures all interested parties needs are understood and provides direction to the total organisation leading to visible results Enhance learning from previous experiences Provides an organisation-wide, consistent and comprehensive approach and clarifies roles and responsibilities and linkages to all interested parties
INDUSTRY PROFILE
Real Estate Sector in Lucknow:Lucknow, the state capital of Uttar Pradesh is a city of historical and cultural significance. Amongst the few cities which can boast of rich architectural heritage, it is fast evolving as a modern real estate destination. Increase in economic activity, changing aspirations of the resident population and potential for real estate growth has led to massive changes within the city according to leading global property consultancy firm Knight Frank. he erstwhile old city comprising locations like Aminabad and Chowk have given way to new centres of growth like Gomti Nagar, Mahanagar, Janakipuram and Indiranagar in the suburbs. Though Hazaratganj remains to be the CBD of the city, these emerging growth pockets have led to an increase in commercial activities in the suburbs. Development is now not only limited to the main city and the suburbs but is also active along the highways connecting Lucknow to other destinations. These include Sitapur Road, Faizabad Road, Sultanpur Road, Raebareilli Road, Kanpur Road and Hardoi Road. Major township projects by developers like Ansal, Sahara, Omaxe, Rohtas, Eldeco etc. have been proposed on these roads. Current Scenario Commercial activity in Lucknow, including retail and office sector, is mainly concentrated in and around Hazratganj. Some other destinations like Kapurthala Commercial Complex in Mahanagar have also emerged as alternate business centres. Offices in Hazratganj comprise those of banks, financial institutions, telecom service providers, government agencies as well as those of some well known developers likes Parsvnath, Halwasia, Rohtas, Eldeco, etc. Most of the developments in these locations are on the commercial complex format and have been developed by local developers. IT/ITES sector is yet to pick up in Lucknow and as such there is a lack of specific IT/ITES catering developments. Also, anticipating the future demand, the STPI at Gomti Nagar is being revived. TCS and Wipro are two IT companies going ahead with their plans in the city. Some quality office developments like Shalimar Corporate Park and Pinnacle Towers are coming up in Gomti Nagar. Till some time back, retail activity in Lucknow was largely unorganised in nature and concentrated in locations like Hazratganj, Aminabad, Kaiser Bagh and to some extent in Mahanagar. Over the last few years, with the East End Mall (250,000 sq.ft.) in Gomti Nagar and Sahara Ganj (400,000 sq.ft.) on Shah Najaf Road becoming operational, organised retail has picked up in the city. However, MG Road in Hazratganj is still the most significant retail highstreet of the city and has all major apparel, accessories and food and beverage brands. Fun Republic Mall in Gomti
Nagar is the latest addition to the city mall list and at least 8 more malls are in various stages of planning and development around the city. The residential sector in Lucknow has witnessed a sea change in the recent times. Main city locations like Chowk, Alambagh, Aminabad, Kaiserbagh are very congested and do not offer any new space for further development. Some development in the form of rebuilding the old, demolished houses has however been done in these locations. Hazratganj, Civil Lines and the Mall Avenue are the high-end residential locations of Lucknow and have mainly bungalow style developments. A few premium residential apartments have also come up on Mall Avenue. Indiranagar and Gomti Nagar are the suburban locations which are witnessing hectic residential development. Both these locations have individual bungalows and as well as new apartment style developments. Omaxe, Eldeco, Parsvnath and UP Township in collaboration with the Uppal Group and the Chadha Group are developing apartment projects in Gomti Nagar. Naya Haiderabad, Mahanagar and Janakipuram are chiefly higher and middle-income residential locations. Sahara has developed two projects - Sahara State Homes and Sahara Grace in Janakipuram. Arif Industries Metro City apartment project is being developed in Paper Mill Colony near New Haiderabad. On the outskirts of Lucknow, Sahara is coming up with a 175-acre township called the Sahara City Homes on Hardoi Road. Not very far from there, Eldeco is developing a 200-acre Eldeco Town on Sitapur Road. Towards south of Lucknow, on Raebareilli Road, Rohtas is building 2/3 bedroom apartments Rohtas Icon near Vrindavan Yojna. Also, Eldeco has its plotted row house and bungalow scheme near South City. Just off Raebareilli Road is the 250-acre Omaxe City Township project. This development will have apartments and villas together with office and retail blocks. The township is expected to be operational by early 2008. Besides these, townships by Ansals and Sahara on Sultanpur Road and by Lucknow Development Authority on Kanpur Road have also been announced. Rental and Capital Values The unprecedented rise in demand for residential space has led to a similar rise in capital values. Values in suburban locations like Janakipuram, Gomti Nagar, Indiranagar, Aliganj and Mahanagar have increased by 25-50% over the last 2 years says Knight Frank. Quoted rates for residential developments by Omaxe, Eldeco and Parsvnath in Gomti Nagar are between Rs.1,800-2,200/sq.ft. Residential developments in Jankipuram and Aliganj command a rate of Rs.1,200-1,800/sq.ft. The new residential developments coming up on the outskirts of the city on Hardoi Road and Sitapur Road range between Rs.1,000-1,200/sq.ft. Certain developments on Raebareilli Road are quoting a rate of Rs.750-1,000/sq.ft.
Office space rentals in the CBD of Lucknow of Hazratganj are in the range of Rs.4555/sq.ft. per month while those in Gol Market and Mahanagar are at approximately Rs.30-45/sq.ft. per month. The rentals for commercial space around Charbagh and in Alambagh are about Rs.40-50/sq.ft. per month. The ongoing rentals on the highstreet of MG Road in Hazratganj are in the range of Rs.100-180/sq.ft. per month whereas the capital values range between Rs.15,00020,000/sq.ft. Other important retail markets of the city like those of Alambagh, Aminabad and Kaiserbagh command a retail rental of Rs.70-100/sq.ft. per month, depending upon location and frontage. The capital values in the same locations range between Rs.6,000-8,000/sq.ft. The rentals in the two operational malls of the city, the East End Mall at Gomti Nagar and Sahara Ganj on Shah Najaf Road, are similar and quoted to be in the range of Rs.110-160/sq.ft. per month. Outlook Lucknow real estate market has gained momentum over the last 2-3 years. According to Knight Frank, the city offers substantial potential for future growth and this is being supplemented by proactive policies of the state government. Lucknow Development Authority (LDA) has taken active initiative in all round development of Lucknow. Land banks are being auctioned in specified locations to bring about a planned development of the city. Proper planning of the city's infrastructure and of amenities and utilities is being done to support future growth and development in the city. The entry of a number of national level developers and retail brands in the city points towards the positive outlook for the city. With the backing of quality manpower availability, supportive policies and increasing purchasing power, Lucknow will emerge as a key IT/ITES as well as retail destination of North India.
COMPANY PROFILE
Sahara India Pariwar is an Indian conglomerate company headquartered in Lucknow, Uttar Pradesh, India. Its diversified business has interest in finance, infrastructure & housing, media & entertainment, consumer merchandise retail venture, manufacturing and information technology. The company has a market capitalization of US$25.94 billion as of March 2011. The group is a major promoter of sports in India. It owned the New IPL team Pune Warriors India as well as a supreme sponsor of Indian cricket Team. They own 42.5% stake in Formula One's Force India Formula 1 Team and also sponsors India national field hockey team. The Brand Trust Report listed Sahara in the top 100 most trusted brands of India. The report was published by Trust Research Advisory. Sahara Real Estate The flagship real estate project of Sahara Sahara City Homes chain of townships is proposed to be across 217 cities in India. In 2011 it launched Sahara Grace brand Phase II, a residential complex at Kochi. After Sahara Grace at Gurgaon and Lucknow the Kochi project is the third under this brand which is positioned to provide a product mix of apartments and penthouses to its residents[citation needed]. Other ventures of Sahara real estate business are Sahara States Kanpur, Lucknow, Gorakhpur, Hyderabad and Bhopal, Brand malls Sahara Ganj, Lucknow and Sahara Mall, Gurgaon.
Sahara Sports
Pune Warriors India
The group acquired the cricket team, Pune Warriors India on 21 March 2010 for Rs. 1702 crores. The home ground is Subrata Roy Sahara Stadium.
Sports Sponsorships
It has had sponsorship rights for the Indian Cricket Team since 2001. In the last bid, Sahara had bagged the sponsorship for the Indian Cricket Team for 400 crore (US$79.8 million) for a fouryear period ending December 2009, and had agreed to continue for six more months as Board of Cricket Control in India could not find any sponsors. The group on Monday, 31 May 2010 resecured the sponsorship rights for the Indian men's cricket team till December 31, 2013. Sahara outbid Bharti Airtel for the right to sponsor Team India. Sahara bagged the rights for 3.3 crore (US$658,350) per match. Sahara and Airtel had submitted the eligibility documents and security deposits on Saturday and the bid was submitted on Monday and thereafter, BCCI's marketing committee decided the new sponsor of the India team.
Teams and Events Sponsored by Sahara: o Indian cricket team o India men's national field hockey team o India national women's cricket team o India women's national field hockey team o 2010 Commonwealth Games
Meanwhile, the relations between the BCCI and Sahara took a sour turn when on Saturday, 4 February 2012, Sahara announced to withdraw from the sponsorship of the India cricket team and IPL Team Pune Warriors due to the governing board's reluctance in allowing the its IPL team, the Pune Warriors India to have five international players, instead of the allowed four,
since the team had lost its skipper, Yuvraj Singh, who was recuperating from after undergoing treatment for germ cell seminoma. Subroto Roy, the head of Sahara India Parivar, had said that he was not "rigid" but open to negotiations with the BCCI. Roy insisted the Pune franchise should participate in the IPL that season regardless of the decision taken by Sahara that day. However, on 16 February 2012, confirmed that they were back as the sponsor of Team India and owner of IPL franchise Pune Warriors after sorting out most of its issues with the BCCI after 12 days of intense negotiations.
Media
Electronic Media
The group owns the national Hindi News Channel Samay, consisting of 36 city specific regional news channels Sahara Samay. Sahara One,A General entertainment channel. Filmy,A Hindi movie channel . Firangi,A entertainment channel. Sahara Samay received the "Broadcast Engineering Excellence Award" in 2008 for its network newsroom technology.
Print Media
The group owns one national weekly magazine in English, 7 editions of Hindi Daily Newspaper Rashtriya Sahara, nine editions of Urdu Daily Newspaper Roznama Rashtriya Sahara and one International Urdu Weekly, Rashtriya Sahara
Hospitality
Sahara Star The group owns the hotel "Sahara Star" in Mumbai, a 5-Star Hotel spread over 7.42 acres adjacent to the Chhatrapati Shivaji International Airport. Currently it has 210 guest rooms, 13 suites and 9 restaurants. It contains World's largest pillarless clear-to-sky dome of its kind, World's first Hemisphere-shaped Glass Elevators, Marine Aquarium, Lagoon area, Inward and Outward facing rooms, Glass Roof rooms, Parking and shall have amenities like Sahara Health and Wellness Centre, Multi-cuisine restaurants and Preview theatre.
The group also owns the Grosvenor House Hotel in London (UK).
Finance
Sahara India Life Insurance Company Ltd. (SILICL) is the first wholly Indian-owned Life Insurance Company in the private sector. The company offers life insurance policies catering to individuals of all ages and segments.
Power
Sahara Power has signed Memorandum of Understanding (MOU) with the Government of Orissa for setting up a 1320 MW (2 x 660) Coal Based Thermal Power Plant in Turla Tehsil of Balangir District, Orissa at an investment of about Rs.5604 Cr. Sahara India Power Corporation Limited has also proposed to set up a 2000 MW Coal based power plants in Jharkhand and Chhattisgarh at an estimated investment of Rs. 8000 Cr. each.
Health care
The group owns a hospital in Lucknow. The hospital was opened in 2009. This hospital got operational in February 2009 and is currently operating with approximately 350 beds, including 120 bed Critical Care Infrastructure and expandable to 554 beds. It is spread on 31 acres and as a Multispecialty, Tertiary care destination, Sahara Hospital offers a high order of integrated quality healthcare with the availability of all super specialties and latest generation diagnostic facilities under one roof.
Other Business
IT
Sahara India Pariwar IT Division is named as "SAHARA NEXT". Sahara Next works on different domains like Banking,Finance,Media and Entertainment,Chemical and CRM. Sahara has clients all over the world including Malaysia, Singapore, USA.
Tourism
The group has launched Sahara Global - an integrated travel and tourism service provider for domestic and international services.
Handicrafts
The Araria Jute Project is engaged in creating diversified jute products e.g. Blankets, Carpets, Floor covering, Handicrafts, Jute Chappals etc.
Education
International School Amby - Amby Valley, Pune Sahara College Of Nursing & Paramedical Sciences, Lucknow
PROBLEM STATEMENT
To do feasibility analysis and project appraisal of Sahara City Homes Pvt. Ltd. located In Lucknow.
I.
GENERAL DESCRIPTION
1) 2)
200Acre Rs. 12 lac per acre On 120 mt. wide Sitapur-Hardoi by pass Near IIM Lucknow
3)
Location
4)
Address
Village- Allu Nagar Diguria Tehsil & District Lucknow & village Narharpur Tehsi District Lucknow Quantitative information
II. 1) a)
UOM
Area
166.59 166.59
2) III. a) b)
Balance Land for Procurement FUND UTILISED RELATED TO LAND Land procured through sale deed Stamp & Registration fees
f)
2.83 2159.62
IV
12.96 Acre V i a b c d TOTAL LAND STATUS Land Procured Through Sale Deed Through ATS Through GPA Through Token Advance Total FUND UTILISED RELATED TO TOTAL LAND Acre Acre Acre Acre Acre 191.24 191.24 UOM Area
VI
Rupees
a) b)
2535.46 218.26
c)
Lac Rs.
d)
Lac Rs.
e) f)
Land Use
Total Land Area Area under Gram samaj & Road widening Net Plot area for planning Area under residential Area under commercial Area under other amenities Area under Parks Area under Internal Roads 201.65 acres 23.68 acres 177.97 acres 93.05 acres 8.90 acres 25.15 acres 31.78 acres 19.09 acres
Integrated Management system:Integrated Management System Certificate to Sahara City Homes Townships for taking care of Quality, Environment, Occupational Health & Safety Management Systems and Social Accountability Sahara City Homes holds the laurel to be the first townships certified with Integrated Management Systems (IMS) through RINA Itlay, an international renowned and leading certification body of Italy, for its Lucknow (191.24 acres), Nagpur (106.65 acres) and Indore (88.47 acres) Townships in the year 2009. In Dec 2009 just after six month of certification audit of Sahara City homes Lucknow surveillance Audit of RINA Itlay at SCH Lucknow was faced successfully.
Integrated Management System involves integration of two or more management systems. Sahara City Homes Townships have been conferred with four international recognized standard, ISO 9001:2008 (Quality Management System), ISO 14001:2004 (Environment Management System), OHSAS 18001:2007 (Occupational Health & Safety Assessment Series) and SA 8000:2008 (Social Accountability) as a testimony to its ability to meet its objectives and at the same time ensure that the interests of customer and stake holder are rightly met. Surveillance Audit of Lucknow proved once again the well deserved rights for prestigious IMS certificate for Sahara City Homes Project. The ISO 9001:2008 ensures that the senior management at Sahara City Homes, Lucknow focuses on a strategic approach to their management systems to full fill the customer satisfaction by confirming that the business objectives constantly feed into processes and working practices and also define the process driven working system. The ISO 14001:2004 certificate awarded to Sahara City Homes, Lucknow for its commitment to environment issues and is prepared to work towards improving the environment. The standard is designed to address the delicate balance between maintaining profitability and reducing construction activities impact on environment.
Procurement Process The Indents have been primarily grouped under three categories 1. Capital Items 2. Construction Material 3. Consumable Items
Sl. NO. 1 2 3 4 5 6 7 8
Product Line Building Material Hardware & Paints Sanitary ware &CP Fittings Electrical & Electronics Spares & Tools Capital items Miscellaneous Items Imported Items
Min. Lead Time 15 days 15 days 20 days 15 days 15 days 45 days 15 days 90 days
Max. Lead Time 30 days 45 days 40 days 60 days 45 days 60 days 45 days 120 days
Inventory Management
After raw materials are procured for the site project next step is to manage this huge stock of inventories which is quite a task. For a project like Sahara City Homes, Lucknow it is very important to have proper set of guidelines and instructions to handle it. In Sahara this goes as a step by step process as:-
First Step
Receipt of indent Indent is checked carefully before signing for: Complete specification Dimension/Size Unit of measurement Quantity etc. BOM (Bill Of Materials) in construction material
Second Step
Material receipt at store Checklist for documents upon approval for materials Challan/Invoice bill Name of the consignee Name of the consignor
Third Step
Process for issue of material. Material issued can be grouped under five heads: Issues against indent. Issues to other sites i.e. Stock Transfer Issue for repair/redesign/value addition i.e. for Job Work Issue due to rejection Other Issues Materials will be issued from store only against SIV(Store issue voucher)
Store is recommended to issue material mainly by the FIFO method. According to this method material received first are issued first and so it ensures quality as material is being issued as per date of receipt at stores. However, stores can use discretion if any material has to be issued by LIFO or weighted average method if the material is being damaged there is lack of space, high value of item, etc. But any deviation/decision must be conveyed to head SCM at site or HO through proper channel.
SALES
Sahara City Homes, Lucknow Sales Projections Year 2010 Proposed units to be sold 389 464 619 799 911 988 Sales value of proposed units (in Rs. Lacs) 1205.10 15760.49 24090.43 36347.61 46682.65 57001.24
4180
191937.52
These are the projected sales of the product mix that Sahara City Homes has to offer. These values are very strategically calculated as to maximize the profit as the price as the price appreciation of the property over the time period. But it is not a hard coded plan it can be flexible in nature as anticipating the situation of the market at that time. These values are calculated as of now with average changes in the market over the time period bit if something unforeseen circumstances show up they also have a couple of backup models in case of contingency situations.
Balance Sheet
1.