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The concrete belt
The Punjab government’s decision to create Mullanpur NAC, including 36 Punjab villages to the west of Chandigarh, will tighten the grip of concrete around the city asphyxiating the green belt vision of Le Corbusier This is the beginning of the end. Chandigarh, the City Beautiful, the dream project of celebrated French architect Le Corbusier is gasping for breath. Already surrounded by its all-concrete satellite towns Mohali, Panchkula and Zirakpur, the Punjab government seems to have put the final nail in the coffin of the city’s ‘green’ image. Following the setting up of the Nayagaon Notified Area Committee (NAC) which includes Kansal, Karoran and Nadah villages in the north of Chandigarh, the Punjab government is now going to create the Mullanpur NAC which would include 36 Punjab villages to the west of Chandigarh. The NAC has been conceived with the justification that it would lead to planned urban development and limit the haphazard urban growth that is taking place in Chandigarh’s periphery. Also the residents of the area would get the basic facilities like drinking water, sanitation, streetlights, wider roads etc. Since for setting up an NAC its population has to meet certain criteria, a preliminary survey of the area has been conducted and a report submitted to the department of local government Punjab. While serious questions have been raised regarding the setting up of the Nayagaon NAC, which has still not been empowered, the setting up of the Mullanpur NAC can only lead to more chaos. Chandigarh’s periphery is bound by the Punjab Capital periphery Control Act 1952. All construction within an area of 10 miles around Chandigarh was banned. The Act was put in place to ensure that Chandigarh retained a green belt around it, which would let the city breathe freely. However, the creation of an NAC and getting it exempted from the Act under Section 11 was discovered as the easiest way to circumvent this tough central government Act. The setting up of the Nayagaon NAC was a last minute decision taken in 2006 by the then Secretary, local government, B.R Bajaj. The secretary was apparently under extreme political pressure to create the NAC. The department of forests objected to the move since the area of two of the three villages was locked under the Punjab Land Preservation Act 1900. The forest department also pointed out to the department of local government that though the union ministry of environment and forests had agreed to ‘delist’ this area from the PLPA, only a conditional approval had been received from the GOI, which clearly banned any non-agricultural activity in the area. The forest department had its way and the then Chief Minister Captain Amarinder Singh asked the local government to set up an NAC that would comply with the forest Acts. Complying with the forest Acts meant that the NAC, when empowered, would only cater to the development needs of only one village, Kansal, while the other two would be left untouched. “This rendered the creation of the NAC infructuous. The NAC was created including the population of Karoran and Nadah. But when this population is not going to be a part of the NAC then the basic criteria for the creation of the NAC is not met. Majority of the population of an area under NAC has to be non-agriculture. When you take out Nadah and Karoran, you are left with Kansal which is not enough to justify the creation of an NAC,” pointed out a senior officer in the Punjab government. The Nayagaon NAC was also created in violation of the government’s periphery policy last revised in January 2006, which clearly states that in case any local body has to be established in Chandigarh’s periphery, then it has to be done after a masterplan of the area is made. The Congress government went ahead with the creation of the NAC without the masterplan in place. The creation of an NAC brings the area under the control of municipal laws and all development is done in accordance with these laws. But has the creation of an NAC really helped regulate haphazard urban development or lead to an improved quality of life for the residents of the area? Take Mohali Municipal Council for example. For the past many years the council has refused to include the villages within Mohali in its jurisdiction on the pretext that these villages would be a burden on the council. These are the villages that gave all their land beyond the lal dora to the government for establishing the township. The villagers who continue to live within the lal dora do so in the filthiest conditions. There is no drinking water, no streetlights, no sewerage and no pucca roads in these villages even when they are located right in the middle of
Punjab’s showcase township. Zirakpur was notified as an NAC in 2000. In the past eight years urban slums have replaced the villages that were included in the NAC. Since municipal laws allow group housing within its limits, there are rows and rows of buildings in the area with virtually no infrastructural support. Roads continue to be narrow, a large part of the city does not have sewerage and even drinking water facilities. The electricity board is unable to cater to the unbridled concrete growth that has come up in the area in less than five years. The residents of villages that were included in the area sold their land to builders. The residents who lived in a semi-urban environment in 2000 are still living in the same conditions. So whom did the NAC creation benefit? It did not even lead to the generation of housing for the City’s middle class with apartments here costing over Rs 30 lakh each. Refusing to learn from its mistakes and in the absence of virtually no protest from Chandigarh, Punjab government is all set to convert the city’s north into another urban disaster like Zirakpur. The Nayagaon NAC, when empowered, would allow dense group housing to come up in the area. Members of the Kansal Rural Society have already submitted a proposal to the Nayagaon NAC to allow them to build apartments. Since municipal building bylaws across the state do not have any restriction on height provided the floor area ratio is within the stipulated limits the Tata Housing Development Corporation has also planned a 31-block complex in Kansal village in which the tallest among the 13 towers would go up to 35 storeys. The Edict of Chandigarh does not allow any construction to the North of Le Corbusier’s Capitol Complex and Kansal village is just at a stone’s throw away from the complex. Similarly the way urban growth has taken place beyond Zirakpur towards Dera Bassi and Lalru, following the creation of the Mullanpur NAC there would be a concrete belt all around Chandigarh and not the green belt as had been envisaged.
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SEZ story not all black
The merits or otherwise of special economic zones (SEZs) are under a raging debate in India but the realty industry is upbeat about the prospect of such zones and says it will drive infrastructure development in the country.
“Establishing world-class industrial infrastructure is an expensive proposition. Encouraging special economic zones is the best solution to create these pockets of growth,” says Rohtash Goel, chairperson of realty major Omaxe. “To meet the demand for housing infrastructure, the government must also create special residential zones,” says Goel, referring to the tax and duty sops given to SEZs in the country. The incentives make development of SEZs a highly profitable proposition. Little wonder then that many developers are setting up projects under the special scheme not just in metropolitan cities but also in smaller towns. Figures, in fact, suggest that 214 SEZs have so far been notified. In addition, formal and in-principle approvals have been given to 439 and 138 such zones, respectively. According to Subir V. Gokarn, executive director and chief economist of credit rating agency CRISIL, “By offering incentives to developers, the government is attracting much required investment.” He feels this eased the financial burden for an important task that has traditionally been the responsibility of state governments, a view that finds support among realty developers. “It was the government’s incentives to developers that established the twin cities of Noida and Greater Noida as a symbol of industrial and realty growth, in less than a decade,” says Arvind Mohan, the general manager of Ansal API. S.N. Sharma, the director for SEZs with another realty major, Parsvnath, has a similar view. “Special economic zones are essential for rapid economic growth as it insulates industry from restrictive local laws, red tape and an army of various government inspectors.” According to industry chamber Confederation of Indian Industry (CII), SEZs have facilitated a rise of 200 per cent in exports and attracted investment of $17.66 billion. Exports from 214 of such special zones are likely to cross $25 billion by 2008-09, with 10,000 additional jobs, the industry lobby said in a study. But the model adopted for SEZs in India has generated protests in areas where farmland was being acquired, which led those being displaced to feel that they were being deprived of their source of livelihood rather cheap. “I would say the fears expressed by farmers are largely based on lack of proper information about the compensatory benefits given to them,” says Sharma. “They are getting a hefty amount. Many farmers in Gurgaon or Noida are millionaires.” Mohan feels those raising objections must look at the larger picture. “Since 70 per cent of India’s available land is farmland, industrial projects may have to involve some parts of it.” Adding another dimension to the story, Sharma says the land acquired for these SEZs is just 0.12 per cent of the available farmland and that some amount of realignment of land use pattern has to be accepted in India. “For this, what is required is a strong political will,” says Gokran. “The government should lay down better policies so that the people whose land is acquired are properly relocated and get employment from these zones.”
— IANS
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Rising high
According to a report by Hong Kong-based human resources consultancy major ECA International released earlier in the week, Mumbai recorded second highest annual growth of 21 per cent in residential rental after 33 per cent for Singapore in 2007. Following the surge witnessed last year, Mumbai has now become Asia’s third and the world’s sixth most expensive location to rent a three-bedroom apartment. This makes it costlier than places like Seoul, Singapore, Paris, Shanghai, Dubai, Beijing, St Petersburg and Amsterdam, ECA found. Earlier, global real estate consultancy major Cushman Wakefield had said in a report that Mumbai recorded the world’s highest rise in industrial property rent in 2007, while IMT Manesar area near the national capital saw fifth highest increase. According to ECA International, New Delhi, the second most costliest in India, is Asia’s ninth and the world’s 22nd most expensive location in terms of residential rentals. Singapore saw the highest increase in Asia with the residential accommodation rental rates for a three-bedroom apartment there increased by more than 30 per cent from 2006 to 2007. Singapore is now fifth most expensive residential location in Asia, after Hong Kong, Tokyo, Mumbai and Seoul. Hong Kong also tops the global ranking in terms of residential rentals, followed by Moscow, New York NY, Tokyo, London, Mumbai, Seoul, Caracas and Singapore.
— PTI
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Housing regulator for Maharashtra
The Maharashtra government is all set to set up a housing regulator similar to stock market watchdog Security Exchange Board of India and telecom authority - TRAI.
The brainchild of Chief Minister Vilasrao Deshmukh, the Maharashtra Housing Regulator, the first such in the country, will aim to regulate and control the laissez faire construction industry so that adequate housing stock is available for the needy. According to sources, the government has prepared a draft Bill and the piece of legislation will be passed during the current session of the legislature. The Maharashtra Housing Sector Regulatory Commission Act 2008, as the law is called will provide sweeping powers to the regulator parallel to a civil court. This body will be provided with a separate budget to function independently and will have the powers to settle disputes, regulate builders and set prices for flats constructed by private and government bodies like the Maharashtra
Housing Development Authority (MHADA). The law which has been on the anvil for the past two years has been cleared by a high powered committee of bureaucrats and representatives of the Congress and Nationalist Congress Party. According to draft legislation, the Housing Regulator will comprise three members and will be headed by a chairperson who is expected to be well-versed in the housing sector. The regulator will have an advisory committee of up to 21 members. Once the office of the regulator is formally constituted, much of zoning in the cities of Maharashtra will come under this body. Officials say, private and government builders will have to be registered with the regulator and this body will look at creating low-cost housing in different areas of Mumbai. Apart from regulating co-operative housing societies and apartment houses bodies, the regulator will also oversee houses built exclusively for rental. At present in cities like Mumbai, houses built exclusively for renting have all but disappeared though even 40 years ago entire buildings were constructed by landlords and rented out. The regulator will also have powers over civic bodies where okaying building plans are concerned, say sources. It will also have policing powers to enable penalising offenders who violate the provisions of the body. Over the past several months, the government has held meetings with elected representatives of elected bodies from Maharashtra’s major cities. Even before the regulator has been constituted, a few bits of information are being leaked out. For one, builders will be forced to sell properties on the basis of carpet area rather than immeasurable concepts like super built-up. The government is also mulling a minimum area of 400 square feet carpet area for residential
accommodation in Mumbai.
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GROUND REALTY Such a huge variety of bathroom fittings is available in the market that knowing the best, most economical and most durable is a tough exercise, says Jagvir Goyal
The Finish: First of all, decide the finish of the fittings. The fittings available today are powder coated, chromium plated, bronze finished, gold plated, silver plated, with platinum finish or brass coloured. Powder coated fittings may allow you to choose ones matching the colour of wall tiles or chinaware fixtures. However, chromium plated (CP) fittings are most popular because of the glitter these add to the bathrooms. CP fittings are available in largest variety and go with any colour of fixtures. Prefer to choose CP fittings. Powder coated fittings tend to look scratched after some time. Only care that CP fittings demand is that these should be well wiped daily with a moist cloth to remove water marks, salt deposits and to keep them shining.
The mixers: There are pillar cocks, basin mixers with or without pop up wastes, Telephone bath shower mixers, swivel mixers, hand showers, swan neck taps with left or right hand and 3-tap hole mixers. Top brands are Kohler, Axor (Hansgrohe), Duravit, Viega. Most of these are from Germany. Next are Jaquar, Marc, Hind and Parryware. Prefer single lever mixers. Further, choose quarter turn mixers than full turn mixers. See that the levers are of brass instead of zinc or white metal. This ensures durability and long lasting shine. Further ensure that the lever has no play. In poor quality lever mixers, a play develops very soon in levers. Wherever a plastic bush is provided in levers, this play gets eliminated. So check for it. As the cost of CP fittings touches the sky, warranty period is also being increased and good companies provide 7 to 10 year warranty. Obviously, choose fittings with high warranty period. Sensor taps: If you are providing a wash basin in the lobby or dining room, try sensor operated tap for it. Water will come out when someone takes his hands below it and will stop itself when he pulls his hands away. Such taps don’t need any touching or turning of the knob or lever (many people wish for that). There is a saving of water also as flow of water stops as soon as one finishes washing hands. Such a tap needs no maintenance as there are hardly any chances of repair because of zero handling. Above all, such a tap will add to your style. Sensor operated taps have a microchip and need a battery that is to be replaced after about 4 lakh cycles. While buying such a tap, ask for a remote to adjust the flow of water and its timing. As these taps are costly, in the range of Rs 11,000 to Rs 15,000, ask for a minimum five-year warranty. While the basic purpose to be served is supply of water, a common urge to have something stylish is satisfied by this kind of tap. Aerators: Look for aerators in the mixers, cocks and taps. These help in getting a foam like flow. Aerators are of single as well as dual type. Both aerated jet as well as wide spray can be received in dual type at the flick f a finger. Aerators help in saving of water. Always take care to clean these aerators at regular intervals. To remove the aerator for its cleaning, most of CP fitting manufacturers provide an aerator key which helps in taking out the sieve insert. Simply rinse it thoroughly in water to remove any dirt or scale deposits or otherwise add 10 per cent vinegar to water and leave them in it for a few hours. Pillar taps: Choose pillar taps if you are not going for mixers. Pillar taps are individual hot or cold taps. Besides checking the shape, make and ISI mark of pillar taps, see that these are nickel chromium plated with high polish. Look for IS 1795 mark. Weight of pillar tap matters a lot. A ½” size pillar tap should weigh minimum 650 grams and should be made of cast brass. See that it is fitted with anti splash device also. A ¾” size pillar tap weighs minimum 1175 grams. Rails and hooks: While choosing towel rails, see that their brackets provide at least 1 ½ inch space between the wall and the rail. Their size varies from 12 inches to 24 inches. Choose depending upon the size of towel you use. Choose a small length rail near the wash basin for hand towel instead of a full ring or semi-ring. Towel put in a ring never dries up. Don’t use plastic hooks. These look cheap and spoil the beauty of the bathroom. Use decorative CP hooks that match in curves with other fittings. Restrict their number. More fittings: Manufacturers have invented countless accessories to choose from for bathrooms. These include soap dishes, tissue paper holders, towel racks, soap dispensers, toothbrush holders, glass shelves, towel trays, waste baskets etc. Keep number of these items to minimum. Bathrooms shouldn’t look like stores. Add an item after thinking twice and only if essentially required. Cockroach traps: Prefer stainless steel cockroach traps. These come in all sizes to fit in any kind of drain. These use a water barrier mechanism to prevent cockroach entry into the house and trap the cockroaches in themselves. Cockroach traps are easily washable also. Generally, people complain of problems in drainage due to provision of cockroach traps as hair locks and particles get stuck in these traps. This need to be viewed in a reverse manner. Cockroach traps in fact prevent blockage of drain pipes by this garbage. In cockroach traps, only the ring is fixed and the jalli, the inner cup and the outer cup are removable. Just take out these three parts from time to time, wash them and put them back in position. Cockroaches as well as blockage of drain pipes are thus avoided. Pop up wastes: For washbasins and bathtubs, choose pop up wastes. These can be operated at the flick of a lever and all dirty water drains out completely. And never forget to provide ‘mosquito nets’ on the mouths of overflow pipes of cisterns. Generally, these pipes are of 20 mm diameter and mosquito nets are available with the dealers. These will not allow the mosquitoes to breed over standing water in the cisterns when the flushes are not in use. Go ahead. Happy building! The writer is Deputy Chief Engineer, civil in PSEB. He can be reached through www.jagvirgoyal.com
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The Tough tread
“Indian property stocks are down as much as 46 per cent in the past three months and have corrected 50-67 per cent from their highs in January this year, but we expect more volatility,” Citigroup Global Markets said in its latest report. India’s property development story is structural, the markets remain tough because of rising inflation, a sharp fall in property transactions, stagnating prices and supply risks, the report added. On December 31, 2007, the realty index of the Bombay Stock Exchange was quoted at 12,727.42 points and it tumbled to 7,554.80 points, a fall of 5,172.62 points or 40.6 per cent, as on March 31, 2008. K.P. Singh-promoted DLF has suffered a loss of Rs 427.30 in the January to March period, while Unitech lost Rs 212.10 during the period under review. The other real estate biggies such as Indiabulls Real Estate fell by Rs 258.65, Housing Development and Finance Corporation shed Rs 488.70, Parsvnath Developers lost Rs 241.35 and Omaxe by Rs 365.55 in the first quarter of this calender year. Citigroup said this decline can be largely attributed to the weakening global economy, sharp reduction in risk appetite and the uncertainty about appropriate valuations for property stocks in emerging markets including India. “Further, with markets likely to remain volatile and capital flows moderating, we see challenging times for India, which is in the early stages of its development cycle and perceived as a high growth, high risk market,” the report said. The latest correction in Indian property stocks has made sector valuations attractive, but as the sluggish residential demand and volatility is likely to continue, investors should be selective in their approach, an analyst said. The Citigroup report also shared similar view and said “valuations seem attractive, but we remain cautiously optimistic as we see more volatility ahead.” Investors should be cautious as the operating environment is still tough, besides the sector is highly vulnerable to capital flows as risk appetite tapers off, the report pointed out. “Indian property stocks have corrected by as much as 50-67 per cent from their highs in January this year, under performing the Sensex by 23 per cent in the first quarter of 2008,” it added.
— PTI
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Give right direction to your business
A booming business and shops buzzing with customers are every businessman’s dream and to realise it more and more people are harnessing positive energy in business outlets by using the principles of vaastu.
Whether a building is to be used for residential or commercial purposes, the basic principles of site selection, shape, direction of road etc remain the same, and whenever the site is not as per vaastu it should be rectified to the maximum possible extent. As most of buildings for commercial purposes are in big cities, builders have to follow the bylaws of the municipality or corporation. Then there are the limitations of FAR (floor area ratio), open spaces, height, parking etc. But the use of the following code can be useful. More open space should be left towards east, north, north-east with green lawn and mini plants. Less open space should be left toward south, south-west and west with lot of tall trees and high compound wall. Basement car parking should be, as far as possible, towards east, north and north-east with lot of openings. The height of building should more in the south-west corner. If the entire basement area has to be used for parking, then try to keep the level in west, south and south-west higher than that in east, north and north-east. Staircase and lift should be in the south-west or south as its height will be more than that of other places. More area should be left for balconies and verandahs in the north, north-east and eastern side. Underground tank, borewell, well etc., should be in the north-east zone only. Drinking water facility on each floor should be provided in the north-east corner. Pooja room or a small place for offering prayers could be located in the north-east corner. Generator, transformer etc should be on the south-east corner only. Correct positioning of windows directs the flow of positive energy so more windows should be provided in the north and east and less in south and west. If possible then the measurement of the building from north-east to north-west should be kept more than that on the south-east to south-west side. Showcases should be avoided in the north-east but should be fixed in southern or western side. Lofts and mezzanine floor should be towards south, west and south-west portion. Weighing machines, lathe machines, stock and heavy items should be kept in the south, west and south-west side and never in the north-east or north or east. Toilets should be in the west, south and south-west zone.
In shopping arcades
If the shop is facing east, then there should be a slight slope in the flooring from west to east and south to north. The cashier should sit in the south-east corner facing east in the south-east corner, then the cash-box should be towards his right. He should never sit in north-east or north-west corner, but he can use the south-west corner facing east or north. In a south facing shop, the slope should be towards north-east corner, the cashier can sit in the south-west corner facing east or north, and when facing east the cash box should be towards his left. In a shop facing west, the slope should be towards north-east. The cashier can sit in the south-west corner facing north with the cash-box to his left. When facing east the cash-box should be to his right. He should never sit in the north-west, north-east and south-east corner of the shop. In the case of a shop facing north, the slope should be towards north-east. The cashier should sit in the north-west corner facing east with the cash-box to his right and when facing north cash-box should be towards his left. Here south-west corner can be used for the cashier but not the south-east and north-east. In a commercial complex building the manager and the proprietor can have their office rooms in the south-east corner but they should sit facing east or north and the door of the office room should be in the north-east corner, and in the eastern or northern wall but never in the north-west or south-east corner.
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Tax tips
Q. I have purchased a flat from the original allotee from Improvement Trust and got it transferred in my name after paying the transfer fee of 5 per cent of the allotted price, the flats are of duplex type with separate ownership at first floor. Plot area is 198 sq yard with covered area of app 85 sq. yard. My question is
1. Who is the owner of uncovered land, which is not accessible to first floor owner? 2. In case of any damage to flat due to earthquake etc.can the owners again build up or repair their flats. — Pardeep Sharma A. Both of your queries are dependent upon the terms and conditions which are contained in the allotment letter and the Conveyance Deed executed by the Improvement Trust in favour of the allottees. The Conveyance Deed normally specifies the terms and conditions which the allottees will have to comply as also their rights of liabilities with regard to the ownership and the status of the land. You may therefore go through the deed executed by the Improvement Trust in your favour for ascertaining the answers to your queries.
Investing long term gain
My father sold a house and the long term gain
was ...invested in Tax saving Bonds of Rural Electrification Corporation Ltd. The bonds were allotted on 31.07.06. The bonds are jointly in my father’s and my name. My father expired in December 2007. I have twice written to RECL about the procedure to be adopted, but no reply has been received, Now please guide what is the income tax law, what should I do now, whether I should get the amount transferred in my name and keep it for a minimum period of three years with the bond authorities or take the money back then what will be my tax liabilities. Please guide me as I have not been able to get any satisfactory reply from any source. — Bharat Bhushan Arora A. The tax saving bonds cannot be transferred within a period of three years from the date of acquisition of such bonds. Since your father has died before the completion of three year period and you were a joint holder, you should approach the Rural Electrification Corporation Limited to delete the name of your father. The bonds would thus be held in your name as one of the survivors. In my opinion such a case would not be covered within the term ‘transfer’ and should be considered as an appropriate alternative in the given circumstance.
Can I claim IT rebate on housing loan?
Q. I am working as Assistant Professor in Mechanical Engineering Department with a leading engineering college near Chandigarh in Punjab. I had purchased a plot in the name of me and my wife for the sole purpose of construction of a house (not for resale) and I want to construct a house on that land after four to five years. For purchasing this plot, I had taken a housing loan from the Oriental Bank of Commerce, and now I am repaying the instalments of the same housing loan to the bank. I plan to take another loan after repaying the present one for constructing a house. Can I claim a rebate in income tax in this context, and if yes than under which clause of income tax? — Nitin Singla, Patiala A.
Section 80C of the Act provides that in computing the total income of an individual assessee, there shall be deducted any payment made towards or by way of repayment of loan borrowed from a bank by such an individual for the construction of a residential house for his own residence. The allowable deduction would be within the overall limit of Rs 1,00,000 as specified in the aforesaid Section. You would thus be entitled to claim the deduction of such an amount under the Section referred to herein above.
Share in inherited property
Q. We are two brothers and three sisters all married having two children each. Our father expired recently after the death of my mother, leaving no Will. The elder son, owing to differences in the family, had left the house in 2002 and our parents had purchased him a separate house, the same was registered in his/his wife’s name. At the time of his separation he signed an affidavit declaring that he will have no claim in my parent’s property. My father has left behind a house (which he inherited from his father) and a shop purchased from his own earnings plus cash savings/jewelry. Both the places are in the possession of my younger brother and his family with whom our parents lived till end. My elder brother also continues to occupy a small shop carved out in the aforesaid house (5’x3’, having separate entrance, no separate electricity connection). My question is that: 1. Who are the legal inheritors of the property keeping in view the latest amendment The Hindu Succession Act, 1956? 2. What is the legal status of my elder brother? 3. If we, the daughters, have a share in the property what legal course we should undertake to get it or if we agree to transfer the property (Shop and house) to younger brother after reaching a mutual consent what type of legal formalities we shall be required to undertake. 4. What legal action can younger brother undertake to get the small shop (in the house) vacated from the elder brother. — J.S. Arora A.
The answer to your queries is as under: i) In accordance with the provisions of the Hindu Succession Act, 1956 the property of a male Hindu dying without making a Will shall devolve firstly, upon heirs being the relatives specified in Class 1 of the Schedule to the said Act. The Schedule specifies a long list of Class 1 heirs. This includes son, daughter, widow, mother, son of a pre-deceased son, daughter of a pre-deceased son, son of a pre-deceased daughter etc. etc. In view of the above, the legal heirs in the case cited by you would be your brothers, three sisters and your mother if she is alive. The above provisions regarding succession would also apply to the house which was inherited by your father provided the same was self acquired property of your grand father. ii) As pointed out in paragraph (i) above, your elder brother is one of the legal heirs. However, his exclusion from the list of legal heirs would be decided by the court taking into consideration the declaration made by him in the year 2002. iii) You can legally ask for your share in the property. The sisters can also relinquish their share by executing a relinquishment deed in favour of the brother in case it is so desired by all or anyone of you. iv) In case the issue is not settled through the mediation of the elders in the family, the other alternative would be to go to the court for the purpose of eviction of the shop. I may add that the above replies are based on my understanding of the subject. Since this is civil law matter, it would be advisable to consult a civil lawyer.
Cost Inflation Index
Q In 1983, after selling my agricultural land situated in a village, I bought two residential plots in a town in my spouse’s name. Now we want to sell these plots. Please advise us who, myself or my spouse, is liable to take into account, the long term capital gain. Kindly mention the Cost Index of Inflation since 1981-82. — S.S. Bhullar, S.A.S Nagar A.
The long term capital gain arising on the sale of plots acquired from the sale proceeds of agricultural land owned by you shall be taxable in your hands in view of the provisions of Section 64 of the Income-tax Act 1961 (The Act). The Cost Inflation Index for financial year 1981-82 and onwards covers twenty seven (27) years. It is not possible to give the same for all these years due to space constraint. The index for the financial year is 100 as a base year. In 1990-91 it was 182 which has gone up to 389 in 1999-2000. The index thereafter is given hereunder:
Financial Year
Cost Inflation Index
2000-2001
406
2001-2002
426
2002-2003
447
2003-2004
463
2004-2005
480
2005-2006
497
2006-2007
519
2007-2008
551
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Realty Bytes
Mumbai: Forging the first Indo-Omani partnership in real estate, Piramal Sunteck Realty and Oman’s W.J Towell group have signed an agreement to partner each other in developing high-end and mixed-use properties in and around Muscat. Construction is expected to begin in the next three months and the project would be completed in 12-18-months, a press note issued here stated. “We are delighted to sign the first Indo-Omani real estate partnership which will look at opportunities in real estate developments in Oman,” Piramal Sunteck Realty’s Chairman, Ajay Piramal, said. “We are confident that the synergies of our partnership would bring immense gains for all stakeholders. We find positive and pro-active intermediary initiating investor-friendly mandates in Oman which are the key ingredients in charting a success story on the path of speedy development,” Piramal added. Future plans include residential as well as tourism projects, he said. W.J Towell, formed in 1866, is one of the leading private sector companies in Oman and is a diversified group with interests in property, trade, industry and services.
— PTI
Parsvnath to
construct apartments in Sidhra
Jammu: Parsvnath Developers Ltd will construct apartments in Sidhra in a joint venture with Mass Housing Building Cooperative Ltd. The seven-storeyed apartments will be constructed on G6 pattern having three bedrooms, three toilets, drawing room, dining room, kitchen, verandah and balconies, an official spokesman said here. “It may take three years to complete this mega project of twenty-eight apartments. While the ground floor will cost Rs 40,13,500 lakh, the top floor will cost Rs 34.9 lakh,” the spokesman said, adding that under various plans, the buyer can also get rebates on the actual cost price of the apartment. However, Parsvnath builders are also taking care of other projects in the state along with local builders and contractors, he said. Earlier, the foundation stone of the housing colony was laid by the minister for agriculture and cooperative Abdul Aziz Zargar.
— UNI
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