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Slumdog lakhpatis!
GREEN HOUSE
DLF cuts prices by up to Rs 13 lakh TAX TIPS
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Slumdog lakhpatis!
WHILE the real estate bubble may have burst, slum dwellers of Shaheed Bhagat Singh Nagar in Ludhiana are on their way to turn lakhpatis by selling land that they had once upon a time occupied illegally. The slum in front of the multicrore City Centre is what promises to turn into a goldmine for the dwellers. In SBS Nagar, land prices touched Rs 50,000 a square yard after the start of the City Centre project. A 40 square yard piece of land in the slum is up for sale for Rs 5 lakh. And those who have shown interest are not slum dwellers but real estate agents, who feel the investment would yield them good returns one day. So much so that several agents have even opened their offices in front of the slum and are luring dwellers to sell the land by just giving an affidavit instead of a sale deed! ‘‘There are many land sharks in the city, who do not mind buying land at throwaway prices even if the sale deed is not registered. They know the same land they buy at Rs 5 lakh would get them Rs 20 lakh when the slum would be vacated. They are sure about getting the paperwork done, thanks to their nexus,’’ said a real estate dealer. The slum came into existence in 1988 when the Improvement Trust, Ludhiana, offered 122 flats of 40 square yards each for the low-income group. Their price was fixed at Rs 2.5 lakh and the money was to be paid in installments. While many paid installments and got possession, others did not pay but forcibly occupied the land, erected shanties and started living there. Thus was born the slum. After four years, the LIT again tried to sell these plots, but the dwellers prevented the sale by refusing to vacate the land. Many even resold the plots for a few thousands against an affidavit. The slum dwellers still have those affidavits and consider themselves to be legal claimants of the land. ‘‘Many of us have sold off the plots. There are several who have actually paid money and bought the shanty. They did not know this was illegal. We too came to know about it later own. We were shocked that people even sold off the slum,’’ said Ashok Kumar, president of the Slum Dwellers Welfare Union that has knocked on the doors of Punjab State Human Rights Commission. He added still there were many who had put their shanty on sale. They have asked the real estate agents to provide them details of interested parties. A real estate dealer said the slum touches the main road and prices were as high as Rs 10-12 lakh for every 40 square yards. The agents had even constructed three-storeyed buildings on these plots. ‘‘The 100 feet road provides a very good location for an office. Nobody knows when the City Centre project would restart; so why not make money till then? And when the slum is vacated, they can still make lakhs for a plot with complete papers,’’ he
added.
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TREND MILL
YOU spend 14 months on an average in bathrooms during your lifetime, a study suggests. So make it good! Really, a bathroom gives you respite from your busy life and you can actually transform it into a personal refuge. Now don’t you think of raising a new bathroom from the debris of the old. Digging up the floor to replace the mottled and flecked marble floor with sparkling new tiles is not a good idea after all. It’s a long and labour-intensive process, especially if your bathroom is king size. The same goes for wall tiles.
Can fixtures make all the difference?
SO what do you do? Well, you can let lavishness and grandeur ooze out by simply replacing the bathroom fixtures. Right, they are no more what they used to be. You actually have taps that can turn on the style for you. Taps? What’s so special about them? Alright, you have single lever mixer taps with sleek curved contours or the ones in angular geometric shapes in the contemporary category. You even have traditional taps in gold and chrome finishes that promise the splendor of the bygone era to flow out. But can they bring about a sea change in the bathroom? If you have been asking yourself this question, ask Chandigarh-based young inside-outside expert Ramandeep Singh. He will tell you all about it. “I include taps in the classification of unique stuff that can instantly transform your washroom from dull to delightful, without really hammering the old order out,” he asserts. “Investing in a new set of bathroom taps is a rather cost-effective way of giving the place a new look.”
RAMANDEEP believes you can, in reality, take your bathroom into the modern era by adopting the latest technology. Or else, flood the room with nostalgia by installing a pair of traditional taps. “Taps can add to the genuineness and bucolic charm of bygone era, or augment the sleek architectural styling of the present-day look, there can be no doubt about it,” he declares. “So conservative or contemporary, it's all a matter of choice. But, before you call up the plumber, make sure you turn on your attention to the tap buying business,” he advises. You should basically go
in for taps that reflect he mood you hope to achieve eventually, and then choose stuff in unusual or eye-catching designs. All the time, pay extra attention to the detail, the technology involved and the craftsmanship.
Also, look to enhance the theme by complementing it with towel rails, bathroom showers and other accessories.
What’s the latest
in taps?
FOOT-OPERATED taps that let your boots to do more than just walking are taking you to new levels of style. Just in case you do not know, listen to Sudhir Gulati. The managing director of Mohali-based Jupiter Aqua Lines, offering bath fittings and bathwares under the brand name of Jal, has all the information for you. “Foot-operated taps involve a semi-automatic water flow control system that puts the convenience of operation at your feet,” he says. “A smooth, splash-free stream of water flows through the faucet as soon as the control lever is gently pressed with the foot.” The system is not only elegant, but also a water-saving device. “The flow of water stops immediately after you ease the pressure on the lever, resulting in saving of precious water.” To top it all, it’s hygienic. “You turn on the tap with dirty hands, wash the germs away and twist the knob again to stop the flow. In the process, you get in touch with the germs enjoying their stay on the tap,” says businessman Vivek Sharma of Amritsar. “As such, the very purpose of washing the hands is defeated. All this makes the foot-operated taps worthwhile. Try it!” Drip-free and hygienic, foot-operated faucets are also useful in hospitals, restaurants, hotels, parlours, kitchens and schools. Gulati says the faucet is going places, including abroad. Costing just over Rs 3,500, it is roughly three times cheaper than sensor-based taps. Also, it is much easier to maintain. So with tap beneath your feet, enjoy style, hygiene and status.
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GREEN HOUSE
THERE would have been an exhaustive list of Wonders of the World had nature been taken into account. Natural expression is amazing and cannot be replicated. This is because there is perfection in formation, artistry and combination of colours. Nature’s sense of colour combination and contrast is excellent (see accompanying picture of Fuchsia). Not far from the madding crowds of the plains, there exists a wealth of flora in the hills and mid-hills in and around Solan. We have made a distinction and call them hill plants but it seems we are wrong. Plants make no discrimination and given a little provision, love and care they may reward you with their best and bloom in your backyard, too. If not commercially, you can at least try some of these. As a gardener, I am sure you will repent not having tried growing these earlier! As a student of botany, I may call the Fuchsia a pendulous flower but as a nature lover I call it nature’s humbleness that blooms bend and hang down as they open. There is a wide range of fuchsias available due to hybridisation. You may find a combination of different hues in petals, sepals and reproductive parts. The plant is perennial and woody in nature. When in flowering, it bears almost all through the year. It may be deciduous or evergreen. It is not only the growing and getting the blooms but the presentation. For display, however, care should be taken to keep it at the eye level. It is only then that you can enjoy its beauty. The fuchsias are available in single, semi-double, double and triphylla group. There is a trailing type of fuchsias too, a good candidate for a basket plant. Alstroemeria is another amazing flowering plant that I have tried to grow in pots in Chandigarh and got a tremendous response. In my pots, the plants gave free flowering in bunches. The blooms are either pure in colour or a mix of two colours with a spray of black or brown on the petals deep near the throat. The conditions provided were the same as in case of fuchsias. It is a perennial plant with fleshy roots. In case of fruit trees, however, I always say a big no. It happens at times that having tasted the Shimla plums, Rajgarh peaches and Solan apricots some enthusiastic gardeners bring plants from the hills and put them in their gardens here with a hope to get same quality fruit. But quality you will know only if there is a single fruit on the tree! The tree ends up putting forth plenty of flowering but no fruiting. This is because of the difference of chilling hours. But do not be disappointed: PAU horticulturists have introduced equivalents of hill varieties that give plenty of fruits in plains as well. (This column appears fortnightly) The writer is a senior horticulturist
and can be contacted at satishnarula@yahoo.co.in
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Luxury housing segment bled most
INDIA’S luxury housing segment got the worst drubbing following the economic meltdown as falling demands eroded prices by up to 15 per cent and is likely to fall further in the National Capital Region in the last quarter. According to global realty consultant C B Richard Ellis (CBRE), the country's luxury residential segment has suffered most due to the economic downturn, with sales falling drastically in recent months and developers stalling new product offerings, as they prefer to focus on off-loading their completed inventories. “Demand in this segment is at an all-time low and prices have eroded by 10-15 per cent across micro markets in New Delhi, Gurgaon and Noida and are likely to drop further,” a CBRE report on Asian Market said. It said investors and speculators have chosen to remain cautious after the rapid price gains witnessed in the first-half of 2008. “Even though the home mortgage rates for smaller budget homes have come down, the rates for this (luxury) segment continue to remain fairly high,” it added. The retail market in the NCR region was characterised by minimal activity during the review period on account of subdued interest from retailers, the report pointed out. The consultant, however, said notwithstanding the slowdown, leasing demand for small-format space or small shops within a shopping complex maintained momentum and the sector is likely to turn upwards in the short to medium term. “Fourth quarter yields for the retail sector remained at the 10-12 per cent level,”
it added. According to the study, the office market in the NCR, including the Central Business District (CBD) and the suburban markets of Gurgaon and Noida, remained subdued during the review period, and were characterised by increasing downward pressure on capital values. “Market sentiment was weak and the investment market in Delhi and its neighbouring business hubs was largely inactive, with investors holding of from making purchases as they expect prices to fall further,” it added. The consultant said joint venture and equity partnership investment deals were still possible, but the poor market conditions ensured that no major transactions took place during the period. On Mumbai’s property market, CBRE said, “Poor market conditions created huge liquidity pressure for Mumbai developers in the fourth quarter as obligations for debt servicing and advance tax payments piled up. Sales were stagnant and prices slid downward.”
— PTI
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UAE realty market to recover in 2011: Report
WHILE 2009 is a year of real estate correction in the UAE, market stability is expected to come in 2010 before rentals and property prices start recovering in 2011, a Jones Lang LaSalle (JLL) report stated. Dubai has two advantages over other markets in Middle East and North Africa region, giving it a quicker recovery time, the global property consultant said, adding these include the place having experienced astronomical growth. “There is nothing surprising that access to real estate financing is important for the market to gain some traction. A clear indicator of the market is transactions and there has been a change in activities from a transactional-led market to a wait and see market,” JLL MENA region managing director Blair Hagkull said. Investors in off-plan properties have become cautious about Dubai's real estate market and are trying to get out of their contracts. Many signed contracts assuming that they would get financing to help pay the outstanding for their unit. However, while this is unlikely in the imminent future. The report also notes that smart developers are likely to do well during this slowdown as construction costs have dropped about 40 per cent since October 2008.
— PTI
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DLF cuts prices by up to Rs 13 lakh
REALTY giant DLF announced up to Rs 13 lakh cut in the prices for the existing and new customers of its residential project in Chennai on account of fall in input costs and slump in property demand. The company's decision to cut rates up to 19 per cent in the 53-acre Chennai project has come on the heels of similar reductions in affordable housing projects at Hyderabad and Bangalore. “The unprecedented events in the global economy have affected the realty sector in the country, bringing quantum changes in raw material cost, home loan rates and property values. Considering this, we are extending superior value proposition to our existing customers,” the DLF spokesperson said. “The reduction would benefit customers between Rs 3.5 lakh and Rs 13 lakh per unit depending upon the size of an apartment,” the spokesperson said. The affordable housing project in Chennai, comprising 3,500 units, was launched last year. The company has so far sold 2,000 units costing between Rs 2,800 and Rs 3,200 per sq ft.
— PTI
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TAX TIPS
Long & short of money gifts
— Gurbachan Singh A. Your queries are replied hereunder:
- spouse of the recipient individual - brother or sister of the recipient individual - brother or sister of the spouse of the recipient individual - brother or sister of either of the parents of the recipient individual - any lineal ascendant or descendant of the recipient individual - any lineal ascendant or descendant of the spouse of the recipient individual - spouse of the person referred to in clauses (ii) to (vi)
Taxability of foreign income depends on residential status
— Inder Singh Sidhu A. Your queries are replied hereunder:
No tax on pensioners’ medical allowance
— Bharat Bhushan A. According to the provisions of section 17(2) of the Income-tax Act 1961 (the Act), any sum paid by the employer in respect of any expenditure actually incurred by the employee on his medical treatment or treatment of any member of his family, other than the treatment in any hospital maintained by the employer or treatment in a government hospital in respect of prescribed diseases, is not to be treated as a perquisite includible as part of the salary. In my opinion, it should be possible for you to claim the exemption of the amount of Rs 3,600 on the contention that the same has been received as reimbursement towards the medical expenses actually incurred by you towards the treatment of yourself and your
family members.
Each of you entitled to deduction of Rs 15,000
Q. My wife died a year ago and had declared me her nominee for family pension payment. She did not leave any will. My question is whether the amount of family pension is to be shared by me with my sons — both major and married? In case it is to be shared, how the standard deduction of Rs 15,000 allowed from the family pension will be taken care of? Whether each of us will be allowed full deduction or that too will be one-third for three of us? — R. Khanna A.
Your queries are replied hereunder:
RD
account You can claim deduction
Q. I have opened a recurring deposit account in the post office @ Rs 5,000 a month for five years. The rate of interest is 7.5 per cent per annum on April 1, 2008. After five years, total interest is Rs 64,450 at the time of maturity. Can I show interest in my income tax return every year? (Rs 2,500 at the end of year one (2008-09), Rs 7,300 at the end of year two, Rs 12,500 at the end of year three, Rs 18,100 at the end of year four and at the end of fifth year (2012-13), total interest-Rs 40,400 = balance) — Madan Lal Singla A. You can include the amount of interest accrued in recurring deposit account for the year in your total income. The bank should provide you a certificate for such accrued interest and as well as for tax deduction at source if the same is deductible for any particular year. You can, thus, claim the deduction for such tax deducted at source against the total tax payable by you for the assessment year in which such income has been reflected. This column appears weekly. The writer can be contacted at sc@scvasudeva.com
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The plant enjoys rich soil with moist feet but at the same time there should not be any water stagnation. Even though they grow well in
hills yet they have to be protected against cold and drying winds and especially frost there which could prove detrimental. 
Q. Please advise if a daughter can give cash loan (money) to her mother where the yearly income of the daughter is Rs 1.75 lakh per annum. Amount to be gifted is a token of love and affection.
Q. My wife and I are Canadian citizens as well as senior citizens. We are holding OCI Card (registration certification, Overseas Citizens of India) that gives us lifelong visa to live in India. We live about six months in India from October to March. My query is as under:
Q. Please clarify whether fixed medical allowance of Rs 350 a month given to pensioners is taxable if supported voucher/expenditure incurred on medical expenses is attached with the income tax statement. I have incurred medical expenditure of about Rs 3,600 during 2008-09 and have voucher to support it.