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PROJECT REPORT
ON
SUCCESS STORY OF AN
ENTREPRENEUR
COURSE CODE: IBM 902
COURSE NAME: PROJECT MANAGEMENT AND ENTRPRENEURSHIP
PROGRAM NAME: BE+MBA
SEMESTER: 9TH2014-15
SUBMITTED BY
PRATEEK AGGARWAL (UM10405)
ABHISHEK SACHDEVA (UM10801)
VIVEK SINGH (UM10510)
ARASHDEEP SINGH (UM10804)
SUBMISSION: NOVEMBER. 2014
SUBMITTED TO
Dr. RAHUL KANWAR
Panjab University
Sector-25, Chandigarh -160014
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CHAPTER 1
REAL ESTATE MARKET IN INDIA
Scenario of Real-estate market in pre recession period-
Commercial real estate sector was in boom in India. In the last fifteen years, post
liberalization of the economy, Indian real estate business had taken an upturn and is expected
to grow from the USD14 billion to a USD102 billion in the next 10 years. This growth canbe
attributed to favourable demographics, increasing purchasing power, existence of the new
customer friendly banks &housing finance companies, professionalism in real estate and
favourable reforms initiated by the government to attract global investors.
Characteristics of the Real Estate Market in India
Growing Market Demand-
Realization of large commercial projects
IPOsby developers
Gradual organizationof themarketsin the Tier-I cities
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Greater availability of information-
Emergenceoftransparency and liquidity
Entryof international real estate consultancies
Governing legal framework relaxed by Government
Competitive pricing
Cause-effects
This scenario is leading to the emergence of organized real-estatemarket in India.The
property market in India has traditionally been unorganized and fragmented. However, the
recent past has seen a consolidation of positions in the market asdevelopersare stretching
theircapacitiestothemaximuminordertomeetthegrowing
marketdemand,whichinturnhasencouragedlargeprojectswithsourcedfinancing.The
IPOsbylargerealestatedeveloperslike Sobha,RahejaandDLFhaveledtoorganization
ofthemarketintheTier-Icities,buttheTier-IIandTier-IIIcitiesstilldemonstratethe traits of an
unorganized market. Whilst the Indian real estate market still lacks
transparencyandliquiditycomparedtomorematurereal-estatemarkets,theincreasing
requirementsofmultinationaloccupiers,aswellastheinfluxofinternationalproperty
consultancieshasledtothe introductionofgreateravailabilityofmarketinformation, both in
published and private formpushing the sector to an organized market form.
DrivingForces-
Statedbelow are the reasons that have led to the real estate boomin the country; booming
economy; accelerated GDP to 8% p.a.
Indiasemergence as an attractive off-shoring destination and availability of pool of highly
skilled technicians and engineers. Development of large captive units of major players
includes GE, Prudential, HSBC, Bank of America, Standard Chartered and AmericanExpress;
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Rise in disposable income and growing middle class, increasing the
demandforqualityresidentialreal-estateandreal-estateasan investment option;
Entry of professional players equipped with expertise in real estate development;
Relaxation of legal rulings and processes by the governing bodies encouraging investments
in real estate;
Improvement in infrastructure facilities
Categorization-
ThedemandfornewofficespaceinIndiahasgrownfromanestimated3.9millionsq.ftin1998toover16millionsq.ftin2004-05.70%ofthedemandforofficespaceinIndia
isdrivenbyover7,000IndianITandITESfirmsand15%byfinancialserviceproviders
andthepharmaceuticalsector.In2005alone,IT/ITESsectorabsorbedatotalofapprox30millionsq.ft
andisestimatedtogenerateademandof150millionsq.ft.officespace
acrossmajorcitiesby2010.Thisdataclearlydemonstratesthegrowthofthereal-estate sector in the
country.
Withreferencetotheavailabilityofinfrastructurefacilities,followingcitiesarecurrently attracting
MNCs/corporate/real-estatedevelopers:
Tier-I cities, Mumbai (Commercial hub), Delhi (Political hub) and Bangalore present day
Bengeluru(Technologicalhub):
i. Preferred option for many new market entrants
ii. Command the highest international profiles and significant proportion of FDI
iii. Offer qualified labour pool and the best infrastructure facilities
iv. Exhibit development of sub-urban commercial real estate
v. Yield of 9.510%
Tier-II cities, notably Hyderabad, Chennai, Chandigarh, Kochi, Mangalore, Mysore,Thiruvananthapuram, Goa, Bhubaneshwar, Ahmedabad and Pune :
i. Yield of 10.5-11.5%
ii. Offer competitive business environments, human resources availability,
telecommunications connectivity, quality of urban infrastructure
iii. Attract high value IT, ITES and biotech corporate houses
Tier III cities, like Cuttack and Jaipur:
i. Low liquidity and still highly unorganized
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SpecialEconomic Zones:
i. 28 operational SEZs in the country, including those converted from Export Processing
Zones (EPZ) to SEZ.
ii. Development of SEZs in various segments such as multiproduct, Information
Technology,Bio-technology,GemsandJewellery,Textiles and technology intensive
industries.
iii. Attractbothdevelopersandcorporatehouses.
Real-Estate and Financing Trends in India
Securitization-Fromtheperspectiveofcompanieswhowanttoselloffassets,securitizationschemes
provide a greater diversity of alternatives to liquidate real estate. Securitization isprimarilyusedbythecorporatehousestoconvertthecorporatereal-estatetocommercialreal estate.
RealtyFunds/ Realty Mutual Funds in India-
InitiatedbySEBI,theREMFstruepotentialwouldbetappedonlyafterthesettingup of
REITs,astheyinfuseconfidenceamonginvestorsbyservingascustodiansoftitle deeds.
(REITspoolvariousreal-estateassets,includingwarehouses,buildings,industrialestates and
parks, malls, commercial and residential premises and get listed on the stock
exchangetoenableinvestorstobuyand sell. Theyaffordanopportunitytodiversifythe portfolio
within that limited sense as well. However, SEBI has not allowed the creation of
REITsinIndiaasyet,thoughREITsarewellestablishedinthemorematurerealestate
markets.)CurrentlytheREMFsintheIndianmarketaretargetedattheHNISand corporate investors.
STAND POINT
Real estate sector is the second highest in employment generation.
Contributes almost 5% to Indian GDP which is expected to be 6% in coming years.
Increase in residential & commercial real estate, hotel accommodation and SEZ
demand.
IT/ITES sector and rising outsourcing trends have driven up demand for premium
offices.
Rapid growth in retail, hospitality, infrastructure makes it most lucrative investment
area for next 5 to 10 years.
It contributes to countrys infrastructure by buildings, roads, flyovers, highways etc.
Overall it can be concluded that a un it increase in real estate sector can generate a
fi vefold increase in national income.
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CHAPTER 2
About Bajwa Developers Limited
Bajwa Developers Limited is a Public Company incorporated on 09 October 2001. It is
classified as Indian Non-Government Company and is registered at Registrar of Companies,
Chandigarh. Its authorized share capital is Rs. 100,000,000 and its paid up capital is Rs.
10,932,900 (as per company website).Bajwa Developers Limited is flagship Company of
BAJWA GROUP of COMPANIES, set up in the year 2001, are the PUDA approved
promoters. And during this short span, it has not only covered many milestones in the real
estate business but also proved itself in colonization and building dream homes for the people
at large. The Company has made the dream houses of the people, an easy and comfortable
effort. Bajwa Developers is committed to share its knowledge and expertise in real estate
development for the benefit of the people and provide them the land at most economical and
affordable cost. It has provided the people the best infrastructure within its townships. Mr.Jarnail Singh Bajwa who is the promoter and Managing Director of the Bajwa Group of
Companies started this concept based on his firm perceptions at the age of 26 years. The
unique way of observing and understanding reality and believing in the action and
implementing the blue prints of his perceptions, are few of the basic qualities of Mr. Bajwa.
Not only a successful businessman and a reputed colonizer, he is above all a very kind and
altruistic person.
COMPANY PROFILE-
a) Established in 2001, Bajwa Developers Ltd. is amongst the pioneer premierInfrastructure Development Company in the region.
b) The groups turnover is poised to be Rs 10,000 million.
c) The Mega Township, Sunny Enclave is now expanded to a sprawling 1800 acres to
2200 acres ( approx.)
Business Overview-
a) To provide plots/houses to customers at a reasonable prices.
b) To give value for money to customers.BajwaDevelopers are committed to provide
best quality infrastructure of road, sewerage, water and electricity.
c) For good life style of our customers, the flagship society Sunny Enclave provides
best quality of parks, street lights, parking areas, markets and schools.
d) Serving customers with best efforts and services.
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PROJECTS-
a) SUNNY ENCLAVE, KHARAR (FIRST PHASE)
b) SUNNY ENCLAVE, PATIALAc) SUNNY ENCLAVE, AUJLA (KHARAR)
d) SUNNY ENCLAVE, KHANNA
e) SUNNY ENCLAVE, PHASE II, KHARR (MEGA PROJECT)
f) Apartments from Bajwa Developers Pvt. Ltd.
Under Construction Apartments:
Bajwa Amazon Towers Bajwa Paradise Apartment Bajwa Unique Tower
WHISPERING VILLAS
Whispering Villas are built up houses constructed by Bajwa Developers. These villas are
developed for sophisticated lifestyle. With ultra modern amenities Whispering Villas is ready
to set high standards for life luxury.
FLOOR PLANS:
http://www.realestatehungama.com/projects/bajwa-unique-tower-4500.phphttp://www.realestatehungama.com/projects/bajwa-paradise-apartment-4501.phphttp://www.realestatehungama.com/projects/amazon-towers-4499.php8/10/2019 Pme Report Final
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Jasmine Villas are built up houses constructed by Bajwa Developers Ltd. The vision of the
company is to provide the customers with very best of facilities and amenities available till
date. Each and every requirement of the end-user was kept in mind while designing the villa.
Floor Plan
PALM VILLAS
Palm Villas are built up houses constructed by BajwaDevleopers Ltd. These villas been
planned ensure the very best of the ultra modern amenities. With state-of-the-art design bothin interiors and exterior Palm Villas is ready to be the benchmark for modern lifestyle.
Floor Plan-
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DAFFODIL VILLAS
Daffodil Villas are developed by Bajwa Developers Ltd. Superior construction material and
state of the art design are key features of these villas. The vision of the company is to develop
strong faith by providing the best of facilities to the commuter.
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CHAPTER 3
Advertisement of Bajwa Township at MOHALI in real-estate
section of leading newspapers....
Sophisticated Li festyle I s the Main Motive of the Project Launched By Bajwa
Developers Named-Ravinder Sharma
6 Marla and 8 Marla independent villa and duplex villas are available. You can buy according to
your budget and requirements. Almost all the houses are integrated with quality facilities for offering
complete convenience to people. You can find shopping mall, hospital, golf course, landscaped
gardens, swimming pool and quality schools nearby Sunny villa. Booking at Sunny Villas in Sec 74-A
Mohali, www.harjirealtors.com/sunny_villas.php is gaining a lot of attention of people these days.
24 hours security, water and electricity facilities along with general maintenance services are
provided to owners. Sophisticated lifestyle is the main motive of the project launched by Bajwa
Developers named Sunny Villas www.harjirealtors.com/sunny_villas.php. This project is well
equipped with almost all the latest facilities to provide an outstanding living standard to people. The
colony is located in Sec 74-A Mohali, and very close to the IT City, Mohali.
This project is positioned at a very prime location and is very close to almost all the major points of
Mohali and Chandigarh. It is located at NH 21 which simply means that it can give you outstanding
returns even after years. Town is well equipped with all the latest materials such as modular kitchen,
graceful wood in the doors and earthquake resistant infrastructure.
You can also buy built up houses in Mohali www.harjirealtors.com/sunny_villas.php as there are
numerous projects launched by Bajwa Developers. All the accommodations in Sunny Villa are mainly
independent or duplex Kothis but you can also buy independent flats, apartments or built up houses at
affordable price rates.
Sunny Villas in Sec 117 Mohali is just like a project in Sec 74 A. Good space for parking is available
and you can park up to 3 cars very comfortably.
On the other hand, you can also consider duplex Kothi in Mohali which is another great option for
people. It is a perfect option as you can buy Kothi at an affordable price rate. These duplex Kothis are
not only earthquake resistant but have good provisions to stop fire.
These 3 bedroom facilities are also well equipped with landscaped lawns and court. Dispensaries and
community center are other facilities which you can access by buying accommodation in Sunny Villa.
So, you can also consider a 4 bedroom house in Mohali in which the above same facilities are offered
to owners. All the public amenities are also available to make the stay comfortable.
It is extremely advantageous to buy a 3 bedroom house in Mohali
www.harjirealtors.com/sunny_villas.php offered by Sunny Villa. It is a suitable option especially for
joint families.
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CHAPTER 4
VISION & MISSION
Vision
To create a progressive organization that provides affordable housing and self contained
mega townships, exhibiting state-of-the-art infrastructure and world-class amenities.
Mission
To contribute towards sustainable development in the region by creating affordable homes for
the larger section of society with emphasis on efficiency, reliability and development.
CMDs PROFILE
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Born in a village named Hayatpur in Punjab, into an agriculture-based family1988, Mr.
Bajwa, manifesting his passion for the motherland, joined the Indian Armed Forces for a
short period of service. In1995, he initiated his own venture in the field of land and property
development, purchased land in Ropar and Zirakpur; wherein he built societies by the names
of Dashmesh Enclaveand SaraswatiViharenvisioned a real estate development companythat would provide a high quality affordable housing with international standards.In 2001,
Mr. Bajwa, commenced a fresh new township project by the name of Sunny Enclave, spread
out over a vast area covering the sectors 123, 124 & 125.
Dissection of Departments at BDL
H.R. Department
Mr JS Bajwa directly heads it. When asked What is your leadership style? My leadership
style is democratic says Mr. Bajwa. All my team members have the right to think and
express their opinion to me.
Flexitime/Staggered Work Time for its employees?
Our H.R. department is working on this new concept to implement it at the grass-root level.
At managerial level, it has already been implemented since 2010.
Real Estate Brokerage Training Academy for aspiring Real Estate agents soon to offer a
combined flavour of classroom learning and practical training, to make anybody fit for
practice in the real estate domain. This includes provision of proper certifications and
designations to all agents after they graduate from the academy.
Marketing Department
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Headed by GM (Sales): AdvSumeet Singh. He Joined the group in 2003 and sales
department is responsible for achieving the sales targets in the different regions.
Promotion departmentdecides on the type of promotion method for the products, arranges
advertisements and the advertising media used. This chore has been outsourced to BR
Advertising Services(advertising agency & marketing consultant).
Expansion Strategies-Current Projects-
Enclave is now expanded to a sprawling 1800 acres to 2200 acres (approx.) NRI Project
targets at providing space and services such as House-keeping to NRIs from Canada and the
USA. Apart from this, the enterprise also boasts of a wide overseas presence in major
countries such as Canada, the USA and the UK, and involved in the development of
residential towers as well as industrial skyscrapers in addition to infrastructure schemes and
retail marts. NowBajwa Developers plan to repeat the history in PATIALA, KARNAL.
Upcoming endeavours in Patiala and Karnal for areas over 100 acres and 25 acres
respectively.
Expansion Strategies-Projects in Pipeline-
1.A proposal of Dedicated R&D Centre to study, analyze secondary data available and
collection of primary data of their concern. Such sort of move would be 1st of its kind
amongst its close competitors in Punjab Region.
2.Based on secondary data from IBEF, Bajwa Developers Ltd has kept provision of at least 1
world class malls to be built in each Commercial Project they undertake after Dec 2014.
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3. Based on secondary data of IBEF, Bajwa Developers Ltd has kept provision of at least 2
world class Educational hubs to be built in each Commercial Project they undertake after Dec
2014.
4.Amazon's Decision to Open First Brick and Mortar Storewhile $150 billion more will be
spent online between now and 2018, $300 billion more will be spent offline during that same
time. Clearly, the physical store is alive and well. Retailers are only beginning to capitalize
on the tremendous opportunities for optimizing this channel.Bricks-And-Mortar Retailers
Have One Big Advantage Over E-Commerce Companies. With no competitor not even
thinking about this big drastic change which might boom the Retail Sector in Real Estate, we
are planning to prepare a blueprint of such possibility Amazon, E-Bay, Flipkart opening its
Brick and Mortar Showrooms in our commercial Real Estate Projects.
Corporate Social Responsibility
A strong believer of altruism and philanthropy, Mr. Bajwa has shouldered the responsibility
of rural development and rural youth.
Strengthening the roots he passionately did his bit to uplift the future of the nation by
supporting various social causes, rural sports and education.
For e.g. running a non-profit school for the children, the Sunny Public School, located in
Sector 20, Panchkula.
THE GREY AREAS TO BE WORKED UPON
I-T raids on realty developers-12 premises of Bajwa Developers and Gil lco Bui lders raided
Tribune News Service Chandigarh, September 2.In a major operation to uncover
undeclared wealth, the Income Tax officials today raided nearly 12 premises of two top
builders - Bajwa Developers and Gillco Developers and Builders, spread in tri-city and
neighbouring areas.
The raids, carried out by as many as 150 personnel of the I-T Department, were conducted
simultaneously at the companys offices and residential premises of the owners.
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According to officials, the search and seizure operations were still on till the filing of this
report at 8 pm and they claimed that several incriminating documents had been seized and
sealed.
SWOT analysis
Strength
i. Employment and training opportunities in the field of construction
ii. Private sector housing boom and commercial building demands
iii. Construction of the multi building projects on the feasible locations in the country.
iv. Good structured national network facilitates the boom of construction industry.
v. Low cost well- educated and skilled labour force is now widely available across the
country.
vi. Sufficient availability of raw material and natural resources in the country is
supportive for the industry.
vii. Real estate development is on high and it is attracting the focus of the industry
towards construction.
Weakness
i. Chances of Natural disadvantage are there.
ii. Distance between construction projects reduces business efficiency.
iii. Training itself has become a challenge.
iv. Changing skills requirements and an ageing workforce may accentuate the skills gap.
v. Improve in long-term career prospects is highly required to encourage staff retention
and new entrants.
vi. External allocation of large contracts becomes difficult.
vii. Lack of clearly define processes and procedures for construction and its management.
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viii. Huge amount of money need to be invested in this industry and inefficiency may lead
to high level of risk.
Opportunity
i. Continuous private sector housing boom will create more construction opportunities.
ii. Public sector projects through Public Private Partnerships will bring further
opportunities.
iii. Developing supply chain through involvement in large projects is likely to enhance
the chances in construction.
iv. Renewable energy projects will offer opportunities to develop skills and capacity innew markets.
v. More flexible training delivery techniques are now available.
vi. Financial supports like loan and insurance and growth in income of people is in
support of construction industry.
vii. Historical cultural heritages like the TAZ MAHAL encourage and provide a creative
platform for the industry.
viii. Remote areas in the country are easily accessible and plenty of land is available in thecountry.
Threat
i. Long term market instability and uncertainty may damage the opportunities and
prevent the expansion of training and development facilities.
ii. Current economic situation may have an adverse impact on construction industry.
iii. Political and security conditions in the region and Late legislative enforcement
measures are always threats to any industry in India. Infrastructure safety is a
challenging task in construction.
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CHAPTER 5
Risks involved in the Real-EstateInvestmentMarket
Liquidity risk
Thereal estate investment market is still in its infant stage. The time required for liquidity of
real estate property can vary depending on the quality and location of the property.
Regulatoryrisks
Intermsofpropertyownership,permissionfromtheReserveBankofIndiaisrequired
forforeigninvestors.Forcapitalrepatriation,investorsneedtoapplyforapproval from
theRBI,andforeigndirectinvestmentislimitedtoalimitedsetofopportunities(e.g. townships).The
REMFsworkwithintheSEBIframework.Beingadevelopingand growing sector, the rules,
regulations and legalities demonstrate frequent changes, making it seemas a cumbersome
investment option to the investors.
Property market transparency risk
TheIndianpropertymarkethaslowtransparencywhencomparedtothemorematureand
developedrealestatemarkets.Althoughmarkettransparencyhasimproved,reliable and
consistentinformationontheIndianpropertymarketisstillnoteasilyavailable.There
arealsomoreprofessionalduediligenceand valuationinstitutionsneeded.Thisholds true even for
the Tier I cities.
Macroeconomic risks
Interestrates, inflation and exchange rate risks are amongst the important macroeconomic
indicatorsandhaveshowndecreased volatility. Theprovisionoffacilitiesisinmany
regions,stillinadequate (education, transport, and infrastructure).Theseriskfactorsarenot likely
to disappear in the near future, impeding the development of the real estate sector.
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Ownershipand Land Title Issues
LackofinformationandlowtransparencyintherealestatesegmentinIndia,coupled
withtheageoldpropertyrelatedissuesdiscouragestheinvestmentofthelargeplayersin the semi
urban and rural areas thus slacking an overall growth of the realestate sector.
NATIONAL REAL ESTATE DEVELOPMENT COUNCIL
NAREDCO's mission is to improve the confidence level of both investors and consumers by
bringing in fair practices through self- regulation. The rating of Real Estate developer and
project would enhance the comfort levels of the consumers while making investment
decisions, and also help developer to mobilise funds for their projects. A number of rating
mechanisms are available in the market, but their acceptance and adherence by the consumers
and developers is hindering the progress of real estate industry.
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CHAPTER 6
Conclusion
Bajwa Developers has become a name to be reckoned with.
The company has not only covered many milestones in the real estate business but also
proved itself in colonization and building dream homes for people at large.
The company has added many feathers to its cap by constructing multitudes of projects
and many others are underway.
Sales, Finance Dept. at BDL seems in good shape, but H.R. Dept. at BDL needs to go
more professional. No layoffs even during the recession period raise many eyebrows.
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Annexure-1
Questionnaire(these replies were given by GM as Mr. Bajwa himself was not available.)
Q.1 How frequently do layoffs occur at BDL?How does it affect the morale of
employees?
Reply- Rare. Our organization is quite small(as I consider) as compared to other Real Estate
Firms in this domain. We select our employees very carefully. So, people hired way back in
2003 are still working with us with same grit & determination which they had when newly
hired.
Q.2 What is the educational background of most senior level executives?
Reply- Earlier we used to hire Managers just on basis of recommendation of our kith & kin,
though all are post graduated either from Indias reputed B-Schools or from abroad.
Q.3 In future,if real estate boom comes,what qualifications do you seek in new hire?
Reply-All new manager level employees to be hired in near future would be MBAs from
reputed firms. Earlier we even used to hire Managers just on basis of recommendation of our
kith & kin (luckily it has worked for us till now),but now we aim to go more professional and
inject our Organization with young blood from reputed B-Schools.
Q.4 Considering all the people youve met in your line of work, what personal attributes
are essential for success?
Reply-As per me, Pin-pointed Focus on what you want to achieve is the only mantra to
success.
Q.5 Industry has changed dramatically in past 5 years. What have you seen from inside
of your company?
-Trend of nuclear families
-A shift of mindset from PAY RENT to PAY EMIs
-A shift from Individual houses to Flats
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Q.6 Wheredo you think the changes will happen in next 5 years?
All above mentioned changes assumed to happen for next 5 years(unless some drastic
technological change occur),other changes possible in Real Estate Sector in next 5 years are:
Amazon's Decision to Open First Brick and Mortar Store
Bricks-And-Mortar Retailers Have One Big Advantage Over E-Commerce Companies
Q.7 How many hours do you work in a typical day?
Reply-24*7(he grins)I tend to sleep less, but there are many anecdotes when a Business
Plan struck me while I was sleeping(laughs sarcastically)
Q.8 How many hours do your employees work in a typical day?
Reply-Timings are 10 am to 5 pm for employees lower to Managerial Cadre, Managers and
above have no time constraints. We work 24*7.
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Q.9 Does your organization allow Flextime/Staggered Work Time for its employees?
Reply-Our H.R. department is working on this new concept to implement it at the grass-root
level, at managerial level,it has already been implemented since 2010.
SOURCE OF INFORMATION
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