IN PARTIAL
FULFILLMENT OF THE REQUIREMENT FOR
THE AWARD OF THE DEGREE
OF
MBA PROGRAM
By
Harjeet Kaur
Roll No. 820463325
4rth SEM (FINANCE)
Year: 2008-10
SUBMITTED TO:Mr. Sarabjit Singh
(Faculty Guide)
QUEST INFOSYS
AUTHORISED LEARNINIG CENTRE OF
PUNJAB TECHNICAL UNIVERSITY
JALANDHAR
REAL ESTATE MARKET
PREFACE
ACKNOWLEDGEMENT
On completing this project, it is my pleasure to thanks all those who
have helped me during the course of this project.
HARJEET KAUR
CERTIFICATE
This is to certify that Project Report Entitled The Real estate market
submitted as major project in FINANCE is based upon personal
experience and observations gained during the preparation of Project
Report. This project report is submitted in fulfillment of the requirements
for MASTERS IN BUSINESS ADMINISTRATION is an original work
carried out by me under the guidance and supervision of our faculty
guide and this work or any part of it has not been previously submitted
for the MBA.
CONTENTS
PAGE NUMBER
CHAPTER 1:-
8
INTRODUCTION TO REAL ESTATE
1.1 Features of Real Estate
11
14
15
CHAPTER 2:-
17
18
18
19
22
25
28
CHAPTER 3:-
29
36
38
RESEARCH METHODOLOGY
CHAPTER:-5
41
51
FINDINGS
CHAPTER 7:-
53
LIMITATIONS OF STUDY
CHAPTER 8:-
55
CONCLUSIONS AND
RECOMMENDATIONS
CHAPTER 9:-
57
ANNEXURE
Bibliography
58
Questionnaires
59
List of Respondents
63
CHAPTER 1
Introduction
To
Real Estate
WHAT IS REAL ESTATE?
REAL ESTATE MARKET
Real estate is a legal term that encompasses land along with anything
permanently affixed to the land, such as buildings, specifically property
that is fixed in location. Real estate law is the body of regulations and
legal codes which pertain to such matters under a particular jurisdiction.
Real estate is often considered synonymous with real property (also
sometimes called realty), in contrast with personal property however, in
some situations the term "real estate" refers to the land and fixtures
together, as distinguished from "real property," referring to ownership
rights of the land itself. The terms real estate and real property are used
primarily in common law, while civil law jurisdictions refer instead to
immovable property.
Real estate, property and real property defined.Real estate is a form of
property. Property is the right to possess and use. Real property, a
technical legal word, is the right to possess and use land for a time which
may last for a life or lives or longer. All other property is, in the eyes of
the law, personal property. A lease for 999 years, which is not measured
by any life, but which must expire at a definite time, is less in term of
time, in the eyes of the law, than a conveyance of a piece of land, the
duration of which is measured by a life or by several lives.
When we speak of real property we use the words in their technical legal
sense. When we speak of real estate as a commodity and as a business, it
embraces the various parts of the business which engage the attention of
those who follow it as a vocation, and includes interests which in the eye
of the law are not real property, as for example, leases, mortgages, etc.
Every business has in view finally, commercial transactions resulting in
the transfer of property of some kind; so in our study of the real estate
business we have in mind the transfer of title to real property, and
among the various subjects we shall consider, are the interests which
there may be in land, limitations on ownership, the making of a contract,
the conveyances used, the liens which may affect a piece of property
all of which have an important relation to a final commercial transaction,
the transfer of title to real property.
REAL ESTATE MARKET
The methods of dealing in real estate and the laws governing it are not
arbitrary and were not made for the mystification of others or for the
purpose of multiplying legal fees. All systems of law are expressions of
two things, the historic customs of the people whom they affect, and the
modification of those customs, as changes made those modifications
advisable.
The principal divisions of the real estate business are investment,
operation and agency. These differ from one another according to the
aims of the persons engaging in them and the methods by which those
persons expect to make their gains. To conduct either of the first two
divisions of the business, investment or operation, actual money capital
is required. The most important capital in the agency business is the
good will of its customers, and that can be husbanded, increased and
made very valuable.
Investment is the employment of capital in the acquisition of real estate
or interests therein for permanent ownership or actual use of the person
acquiring it.
Operation is the employment of capital in the acquisition or
improvement of real estate or interests therein for commercial
operations.
Agency is dealing in or with real estate on behalf of others.
Investment in real estate is generally made for either of two purposes:
(a) To derive an income,
(b) To hold for resale in expectancy of an increase in value.
10
(1) the derivation of rentalthat is, the direct return for the use of real
property for definite periods, or
(2) the obtaining of income through others upon money lent on the
security of real property.
Operation.Real estate operation may be carried on
(a) for the purchase and sale of land,
(b) for the purpose of building,
(c) for the purpose of lending money upon mortgages.
Tangible
REAL ESTATE MARKET
11
Real estate is, well, real! You can visit your investment, speak with
your tenants, and show it off to your family and friends. You can
see it and touch it. A result of this attribute is that you have a
certain degree of physical control over the investment - if
something is wrong with it, you can try fixing it. You can't do that
with a stock or bond.
Requires Management
Because real estate is tangible, it needs to be managed in a handson manner. Tenant complaints must be addressed. Landscaping
must be handled. And, when the building starts to age, it needs to
be renovated.
Inefficient Markets
An inefficient market is not necessarily a bad thing. It just means
that information asymmetry exists among participants in the
market, allowing greater profits to be made by those with special
information, expertise or resources. In contrast, public stock
markets are much more efficient - information is efficiently
disseminated among market participants, and those with material
non-public information are not permitted to trade upon the
information. In the real estate markets, information is king, and can
allow an investor to see profit opportunities that might otherwise
not have presented themselves.
High Transaction Costs
Private market real estate has high purchase costs and sale costs.
On purchases, there are real-estate-agent-related commissions,
lawyers' fees, engineers' fees and many other costs that can raise
the effective purchase price well beyond the price the seller will
actually receive. On sales, a substantial brokerage fee is usually
required for the property to be properly exposed to the market.
Because of the high costs of trading real estate, longer holding
periods are common and speculative trading is rarer than for
REAL ESTATE MARKET
12
stocks.
Lower Liquidity
With the exception of real estate securities, no public exchange
exists for the trading of real estate. This makes real estate more
difficult to sell because deals must be privately brokered. There
can be a substantial lag between the time you decide to sell a
property and when it actually is sold - usually a couple months at
least.
Underlying Tenant Quality
When assessing an income-producing property, an important
consideration is the quality of the underlying tenancy. This is
important because when you purchase the property, you're buying
two things: the physical real estate, and the income stream from the
tenants. If the tenants are likely to default on their monthly
obligation, the risk of the investment is greater.
Variability among Regions
While it sounds clich, location is one of the important aspects of
real estate investments; a piece of real estate can perform very
differently among countries, regions, cities and even within the
same city. These regional differences need to be considered when
making an investment, because your selection of which market to
invest in has as large an impact on your eventual returns as your
choice of property within the market.
13
14
15
16
CHAPTER 2
Major Investment
Opportunities
And
Reasons Behind
Investment
In Real Estate
17
18
(A) INCOME PRODUCING INVESTMENTS:There are four broad types of income-producing real estate: offices,
retail, industrial and leased residential. There are many other less
common types as well, such as hotels, mini-storage, parking lots and
seniors care housing. The key criteria in these investments that we are
focusing on is that they are income producing.
COMMERCIAL PROPERTY:- The term commercial
property (also called investment or income property) refers to
buildings or land intended to generate a profit, either from capital
gain or rental income. Commercial property includes office
buildings, industrial property, medical centers, hotels, malls, retail
stores, shopping centers, farm land, multifamily housing buildings,
etc. In many states residential property containing more than a
certain number of units qualifies as commercial property for
borrowing and tax purposes.
Types of Commercial Real Estate Properties are as follows:-
1.
Office Property
Offices are the "flagship" investment for many real estate owners. They
tend to be, on average, the largest and highest profile property type
because of their typical location in downtown cores and sprawling
suburban office parks.
At its most fundamental level, the demand for office space is tied to
companies' requirement for office workers, and the average space per
office worker. The typical office worker is involved in things like
finance, accounting, insurance, real estate, services, management and
administration. As these "white-collar" jobs grow, there is greater
demand for office spaces.
REAL ESTATE MARKET
19
Returns from office properties can be highly variable because the market
tends to be sensitive to economic performance. One downside is that
office buildings have high operating costs, so if you lose a tenant it can
have a substantial impact on the returns for the property. However, in
times of prosperity, offices tend to perform extremely well, because
demand for space causes rental rates to increase and an extended time
period is required to build an office tower to relieve the pressure on the
market and rents.
20
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2. Apartments
An individual unit in a multi-unit building. The boundaries of
the apartment are generally defined by a perimeter of locked or
lockable doors. Often seen in multi-story apartment buildings.
3. Terraced Houses
A number of single or multi-unit buildings in a continuous row
with shared walls and no intervening space.
4. Condominium
Building or complex, similar to apartments, owned by
individuals. Common grounds are owned and shared jointly.
There are townhouse or row house style condominiums as well.
5. Duplex
REAL ESTATE MARKET
23
24
DEVELOP
MEANINGFUL
OBJECTIVES
DEVELOP THE
MARKET RESEARCH
DEVELOP A
RELATIONSHIP
WITH A QUALIFIED
REAL ESTATE
PROFESSIONAL
START INVESTING
25
26
shelter benefits? How long are you planning to hold the property before
you dispose of it? What amount of your own effort can you afford to
contribute to the day-to-day operation of running the property? What net
worth are you hoping investing will help you to achieve, and by when
would you like to achieve it? What type of income property do you feel
most comfortable owning, residential or commercial, or does it matter?
3. Develop Market Research
If you're new to real estate investing, you undoubtedly know little about
investment real estate in your local market. So, do market research to
learn as much as you can about income property values, rents, and
occupancy rates in your area. The better prepared you are, the more
likely you are to recognize a good (or bad) deal when you see it.
Here are some good resources:
(a) The local newspaper, (b) A local appraiser, (c) The county tax
assessor, (d) A qualified local real estate professional, (e) A local
property management company
4. Develop a Relationship with a Qualified Real Estate Professional
Working with a qualified real estate professional is a great way for
beginners to get started with rental property investing because an astute
professional can acquaint you with local market conditions, recommend
a property that meets your investing objectives, and discuss strengths
and weaknesses about specific property performance.
Be sure the agent has a firm grip on key financial measures inherent to
real estate investing, knows how to measure profitability and rate of
return, has the ability to present the data you need to make wise
investment decisions, and, most importantly, shows a genuine interest in
how you spend your money. The last thing you want to do is to get
involved with a real estate agent that would throw you under the bus just
REAL ESTATE MARKET
27
to make a commission.
Here's a good way to interview for an agent. Ask them for the property's
cap rate and then request an APOD. If their response (even to these
basics) is to stand there looking at you like a deer into the headlights of a
car, find another agent.
5. Start Investing
Hopefully, this has given you some insight into real estate investing,
highlighted a few things to make you a more prudent real estate investor,
and perhaps alerted you to a couple of things that should be avoided.
28
29
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Realty Funds
The boom in the real estate industry has attracted a large number of
realty funds to tap into this market. Recently, IL&FS Investment
Managers (IIML), the private equity investment arm of Infrastructure
Leasing & Financial Services (IL&FS), announced the closure of a real
estate fund at about US$ 895 million, exceeding its target of US$ 750
million.
IL&FS India Realty FundII, which is the second IL&FS fund focused
on the real estate sector, also exceeds the corpus of IIMLs first similar
fund, which had raised US$ 525 million from international investors in
April 2006.
Real estate has been responsible for India emerging as one of the top
destinations in Asia for attracting private equity investments. According
to a report by global realty consultants, Cushman & Wakefield, titled
The Metamorphosis Changing dynamics of the Indian Realty Sector,
PE funds struck 79 deals in the country during August 2007August
2008 amounting to US$ 6 billion, a rise of 100 per cent over the same
period a year ago.
Global Majors
Foreign direct investment (FDI) in real estate has also been rising over
the years. The real estate sector, thrown open in 200405, saw the FDI
picking up significantly between FY 200405 and FY 200708; it was
US$ 38. 71 million in 200506 surging to US$ 470.18 million in 2006
07 and rising to US$ 2.18 billion in 200708.
REAL ESTATE MARKET
31
32
looking to invest US$ 300 million into realty projects in India in the next
1218 months.
Morgan Stanley Real Estate is planning to invest an additional US$ 1
billion over the next five years. The company had earlier invested about
US$ 750 million in India.
A unit of Deutsche Bank aims to invest more than US$ 1 billion over
three years in Indian construction and real estate projects.
Dawnay Day International, a London-headquartered group with gross
assets to the tune of US$ 4 billion, is setting up a chain of four-star
hotels in India, starting with one in Jaipur.
India Land Ventures (ILVL), a part of the Madrid-headquartered
Americorp Group, will invest US$ 585.48 million in eight infrastructure
projects across the country over the next two years.
Jones Lang LaSalle (JLL), the world's leading integrated global real
estate services firm, plans to invest around US$ 1 billion in the country's
burgeoning property market.
Landmark is likely to invest US$ 993.38 million in 12 projects across
the northern region in the next threefour years.
Israel-based real estate developer, Elbit Imaging (EI), has tied up with
the UK property firm, Plaza Centres NV, a leading emerging markets
property firm, to develop the former's three mixed-use real estate
projects in Indiaat Bangalore, Chennai and Cochinworth US$ 3.4
billion.
Private investment company, Berggruen Holdings (BH), has forayed
into the realty space in India, pumping in US$ 30 million so far and a
likely addition of another US$ 20 million. Its first commercial project in
Hyderabad, for US$ 76.79 million, will kick off at the end of the year.
The other locations include Nagpur, Coimbatore, Mysore, Raipur and
Vizag.
On Home Turf
There is major activity happening on the domestic front as well.
33
Government Initiatives
The government has introduced many progressive reform measures to
unlock the potential of the sector and also meet increasing demand
levels. The government's recently announced stimulus package, coupled
with the Reserve Bank of India's (RBI) move allowing banks to provide
special treatment to the real estate sector, is likely to impact the Indian
real estate sector in a positive way. RBI has decided to extend
exceptional concessional treatment to the commercial real estate
exposure and restructured it to June 30, 2009.
100 per cent FDI allowed in realty projects through the automatic route.
REAL ESTATE MARKET
34
35
CHAPTER 3
Objectives OF
THE
STUDY
36
OBJECTIVES
1)
2)
3)
37
CHAPTER 4
Research
Methodology
38
RESEARCH METHODOLOGY
NATURE
RESEARCH PLAN
SOURCES OF INFORMATION
39
POPULATION SPECIFICATION
The sample size consists of 100 investors, which includes residents of
Ludhiana only. Both male and female above the age of 18 years have
been included for the purpose of conducting the study. It consists of the
following
Employees
Businessmen
Professionals
Self-Employed Persons
40
CHAPTER 5
Data Analysis
And
Interpretation
41
50
Between
50000-100000
Above 100000
No.
No.
No.
No.
12%
15
14%
22
30%
44%
Between 25000-50000
Between 50000-100000
Above 100000
Between
Less than 25000
25000-50000
12%
14%
Above100000
44%
Between
50000-100000
30%
42
The graph clearly depicts the income level of the people that generally
invests in real estate. It clearly shows that people who have their income
above 1, 00,000 have the highest percentage of 44%
Q No. 2 What are your considerations behind investing in Real Estate?
1) High Return
42%
2) Future Benefits
31%
3) Fund Safety
19%
4) Tax Benefits
8%
42%
45%
40%
31%
35%
30%
19%
25%
20%
8%
15%
10%
5%
0%
High Return
Future
Benefits
Fund Safety
Tax Benefits
The above graph states that the main consideration for the people
investing in real estate is the return that they get from their investment
and least consideration they pay to is tax benefit i.e.: 8%
REAL ESTATE MARKET
43
61%
39%
Residential Real
Estate
39%
61%
Commercial Real
Estate
The above graph states that most people wants to invest to invest their
money in residential sector which is 61% as compare to commercial
sector which is 39%
2-3%
3-5%
5-8%
REAL ESTATE MARKET
38%
36%
22%
44
8% And Above
38%
40%
4%
36%
35%
30%
22%
25%
20%
15%
10%
4%
5%
0%
2-3%
3-5%
5-8%
8% And Above
This graph shows the rate of return that people generally expects from
their investments. It shows that people generally expects 14-18% of
growth in their property.
45
Agents/property
dealers
Friends and family
Internet
Others
7%
57%
32%
7%
4%
4%
32%
Agents/property dealers
Friends and family
57%
Internet
Others
This graph shows that 57% of the people get all the information
regarding investment in properties from property dealers and agents
followed by family and friends 32%
46
47%
43%
10%
Risk Averter
47%
Moderate Risk
Taker
43%
The above graph depicts the amount of risk that people are ready to
undertake while investing in real estate. It clearly indicates that 47% of
the people are risk averters and 43% are moderate risk takers. Only 10%
of people having very high income group are high risk takers.
47
80%
Urban
Town
Mountain Area
74%
15%
3%
Suburbs
8%
74%
70%
60%
50%
40%
30%
15%
20%
3%
10%
8%
0%
Urban
Town
Mountain
Area
Suburbs
The graphs show that 74% of people like to invest in urban areas
followed by towns15% and only 3% of them invest in mountain area.
48
Leasehold
22%
Freehold
78%
22%
Leasehold
Freehold
78%
49
SATISFIED
56%
NEUTRAL
DISSATISFIED
34%
10%
56%
60%
50%
34%
40%
30%
20%
10%
10%
0%
SATISFIED
NEUTRAL
DISSATISFIED
Series1
50
CHAPTER 6
FINDINGS
51
52
CHAPTER 7
Limitations
Of
Study
REAL ESTATE MARKET
53
54
CHAPTER 8
Conclusions
And
Recommendations
55
56
CHAPTER 9
Annexure
57
BIBLIOGRAPHY
http://www.investopedia.com/university/real_estate/real_estate3.as
p
www.surfindia.com
http://www.livemint.com/2009/03/27113651/E28F8F2B-D8224E2A-85C1-16771F917D2AArtVPF.pdf
http://www.blanchardonline.com/investment_news/vol5_advantag
es.php
58
QUESTIONNAIRE
2) 2, 5000-50,000
3) 50000-100000
4) Above 100000
59
1) High Return
3) Fund Safety
2) Future Benefits
4) Tax Benefits
2) 3-5%
3) 5-8%
4) 8% And Above
1) Agents/Property Dealers
3) Internet
60
Investments?
1) Highly Satisfied
3) Neutral
2) Satisfied
4) Dissatisfied
5) Highly Dissatisfied
8. In which type of environment would you like to invest?
1) Urban
2) Town
3) Mountain Area
4) Suburbs
2) Free Hold
Amount ( In Rs.)
Specify Reason
Gold
Insurance
Equity
Real Estate
Mutual Funds
Total
500000/-
61
11. Will you prefer investment in Real Estate to your friends/ Family
Members?
1) Yes
2) No
62
LIST OF RESPONDENTS
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VIVEK
VIPIN
VINEY KUMAR
VINEY GUPTA
VIKAS JAIN
VIJAY
VEENA LOOMBA
VARUN
URMILA GUPTA
SURINDER SINGH
SUBHASH CHANDER
SOM NATH SAHNI
SIDDAHANT RANA
SIDAK PREET KAUR
SHUBHAM JAIN
SHIVAM KUMAR
SHASHI ARORA
SHAKUNTLA DHAWAN
SATYA PAL JAIN
SATVIR KUMAR
SATNAM SINGH BAWA
SANTOSH
SAMRITI JAIN
SAMRIDH JAIN
SACHIN OHRI
RUCHITA JAIN
ROHIT JINDEL
RITESH VERMA
RISHI
REKHA JAIN
RAM SINGH SOOD
RANJIT KAUR
RAJAT SOOD
RAJKUMARI
RAHUL CHAWALA
PUNEET BANSAL
PERM AGGARWAL
PIYUSH
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
9779504411
9872802195
9888494568
9463458704
9878936360
9915200567
9780508500
1615037709
9988880812
9815536716
9855480008
9779440844
9876959246
9888250011
9216830002
9465480303
9888511660
9464530274
9463091701
9815417297
9872857742
9872847742
9988256415
9872904587
9478807673
9914256455
9888964376
9988162070
9356156795
1613241649
9814693515
9814795006
9872901500
9872170008
9464370298
9814132536
9023077156
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PARMANAND
PARAMJIT SINGH
P.K,JAIN
P.D.JOSHI
NIYAMAT GUJRAL
NITU
NEERU CHAWLA
NEELAM BHATIA
NARATA RAM GUPTA
MR.MADAN
NISHA
MEHAK JAIN
MEENAKSHI
MANRAJ SINGH BRAR
NANMOHAN
MANJU CHADDA
MANISH MEHTA
MANGAT RAM
MADHU AGGARWAL
MADAN LAL
M.S.BHANDARI
LOKESH MALHOTRA
KOMAL
TEJWIR SINGH
KANWAR SAIN
JOGA SINGH
JASWINDER KAUR
RASIK BIHARI
JASWINDER SINGH
VED PARKASH
SACHIN KUMAR
KRISHAN SWAROOP
LALIT CHAWLA
DINESH GUPTA
GAUTAM AGGARWAL
ANUREET KAUR
PARAMVEER SINGH
DIPINDER SINGH
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
9888084138
9872098100
9914327117
9914388752
9465201500
9465202564
9915003293
1613069093
9463482774
9815854698
9988205750
9872896184
9780644009
9814841513
1612720229
9914747174
9464622251
9464529086
9781977100
9780337388
9876722222
9855965934
9587762588
9826544783
9964822547
8195463258
9815854698
9872589654
9878633225
9878224223
9465206018
9008434830
9817359152
9815700820
9876624650
9780337878
9988866556
9569526260
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102
TUSHAR ARORA
JUGDEEP SINGH
SANDEEP SINGH
HARPREET BEDI
DIPIKA RAWAT
SONIA VERMA
YOGITA RANI
KEWAL SHARMA
SUGANDHA SHARMA
BALKAR SINGH
DEV RAJ
BALJIT KAUR
BALDEV SINGH
BALDEV RAJ KUMAR
BALBIR SINGH
BAL KRISHAN JAIN
ASHOK KUMAR
ASHA RANI
ARUN
ARPIT DHIWAN
ANMAN BANSAL
ALKA
AKSHEY OSWAL
AKASH VADERA
AJAY
ADAESH BALA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
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9811555654
9988700366
9876330804
7837079430
7814151035
9888878688
9876142994
9317990294
9915425557
9464325846
9465793309
9876616811
9914728282
9464823228
9216830032
9417710340
9814791197
9872201326
9914717469
9465182156
9988900343
9915003296
9257309600
9216122676
9217260178
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