|
|
|
| REAL ESTATE |
|
|
|
Of shattered dreams
Live life King size!
Trend Mill
Ground Realty
Tax Tips
|
|
|
|
Of shattered dreams
Sensing Bathinda to be an upcoming city of Punjab, various top of the line companies are trying to cash in on it by developing it as a city of malls. However, receiving poor response from investors, many of them are now finding the going tough, because of which no mall has been able to see the light of the day.
Recession is being cited as the major reason for this but no one is ruling out that people of the region are still far from taking to mall culture. The taste of consumers as well as of investors is diluting the expectations of the developers so deeply that the success of the upcoming malls has become a distant dream. As of now, five shopping malls, including those with multiplexes, are under construction in Bathinda. Some of them are ready but very few people have shown interest in making investment there. Sources informed that hardly any mall could get satisfactory response from the targeted clientele. Alluring customers to book the showrooms, they are making the best of efforts but are yet to succeed. A mall-cum-multiplex developed by Satya Developers in the heart of the city is waiting for investors for the past couple of months. Of the 100 shops there, very few have been purchased or leased out. In cases where lease/sale agreements had been made out with entrepreneurs, agreements were not signed. As a result, mall authorities had to issue refunds to lessees and buyers. Executives of a reputed mall, seeking anonymity, informed that due to various reasons — procedural formalities, recession and lack of charm among investors — their company ordered them to slow down the completion process. Irked over breach of contract, some investors with whom the company had reached agreements, left the project after getting back their amount giving other investors a reason to go on the back foot. Bathinda already has two renowned readymade clothes markets —Dhobi Bazaar and Mall Road — catering to customers of all surrounding districts for the past many years. Due to high footfall of customers, prices of shops in both markets are touching the sky. Despite this, investors prefer buying shops in these markets to the swank shopping malls. Moreover, entrepreneurs running exclusive showrooms of renowned brands also term the malls as “not a good option”. Ashok Singla, who runs two franchisees of Nike and Levi’s on the Mall Road, says, “I have spacious showrooms where I can maintain a huge collection of these two brands. But if I think about moving to any of the malls, the area there would not allow me to stock entire collections. Moreover, I have seen people visit malls for entertainment purposes and not shopping.” Rajnish Bhardwaj of the Wrangler exclusive store outside Dhobi Bazaar echoes Singla’s views. “Why would I shift from a well-established and known market to a mall?” he asks. Ravi Sharma of the Reebok exclusive showroom on Bathinda-Goniana road, too does not believe in the potential future of the malls. “As per latest trends, companies believe in the open market. So, franchises are being allotted to those who accept the terms of the company. The number of customers could not increase up to the expectations, resulting, in the division of sale and many of us are now even finding it tough to meet our expenses. So thinking about investment in upcoming malls is out of question,” he says. At Mittal’s City Mall, which would have all attractions like a hotel, swimming pool, multiplex and huge shopping floors, a well-known cinema company refused to set up cinema screens there. General manager Col JS Chaudhary says, “There was some problem but after some delay, the company has now started setting up its equipment. So we are hopeful of a bright future.”
|
|
Live life King size!
You really don’t even have to be the Queen of England to majestically spend a night of aristocracy in the Buckingham Palace, or the son of nobility for living life king size in the Royal Palace of Oslo. Just by adding a touch of opulence, you can renovate your existing living quarters into a castle — Rosenberg, Prague… the choice is yours entirely. Now, don’t you scratch your pretty little head with anxious fingers thinking of how to live in the Palace of Wilanov in Poland without even leaving the cool comfort of your home! Also, just drop the idea of logging on to new housing concepts on the Internet just to see if they have something on patrician living styles. “It’s really easy, folks! In fact, you have inside outside experts ready to make a prince charming out of you by kissing goodbye to the testimonies of your mundane existence in form of dull rooms with duller décor,” say Chandigarh-based builder Kamal Joshi. So, just grab your chequebook and gear up for living in one of the great palaces of the world from where you can rule your microcosmic empire, adds Joshi of J.J. Constructions. Call up the experts. They offer “luxurious indulgence with its extravagant themes of great palaces as an interior solution for your homes”. “The idea is just too good,” agrees Ludhiana-based housing solution expert Payal Nanda. “People have money and are willing to spend it. But they just do not know how to go about it. Rather, they do not know what they want; and in the end they land up with just additional balconies, massive gates and gables in the houses; nothing more, nothing less. Little wonder, the concept of making your humble abode into a palace is an idea worth perusing”. Just by loosening your purse strings, you can have a room in your house designed as the Rosenberg Castle in Denmark, Buckingham Palace in London, Castle of Sans Souci in Germany, Castle of Prague in the Czech Republic, Palace of Wilanovin Poland or Norway’s Royal Palace of Oslo,” say people at the Dolphin Mart Limited. Just in case you do not know, the company with 16 years of experience in lifestyle retailing has come out with an “exciting one of its kind concept showroom for home solutions” in Faridabad. It has “six theme rooms' created out of inspiration from some of the great palaces of the world” for you to translate at your home. Ask the company management and they say “each room is a piece of art reflecting opulence and grandeur of the great palaces”. The collection, for sure, is mesmerizing and breathtaking. Rooms with golden touch that make you feel like King Midas with the golden touch; impressive chandeliers throwing light on your good taste; plush carpets for your feet to sink in luxury as you walk though temptation; and artifacts reminiscent of grandiose existence — all ready to form a part of your home. Now fellows, what are you waiting for? Diwali is just round the corner and you were anyway thinking of giving the house a facelift. So, forget about just getting the house repainted, changing the furniture, or pulling down the entire structure for raising a new one from the rumbles of the old. Just convert a room
|
|
TREND MILL
Following the Punjab Government’s decision to reduce the minimum required area for a plotted housing colony, Mariners Buildcon India Ltd (MBIL), a Delhi-based Real Estate Company working for Indian Mariners, NRIs and high-end professionals, has announced its next housing project in the region.
This new project — Mohali Oceanic — will offer 200 independent villas exclusively for mariners. The first of its kind project in the region will offer expandable villas on a plot area of 300 sq yrds with very high specifications and great quality work. The project is likely to be started in November 2009, says H S Anand, managing director of the company. “We awaited the correction to time the bottoming up of the prices, which all signs indicate has been achieved. Now the project will also be more manageable as the Government of Punjab has reduced the minimum required area for a plotted housing colony from the existing 100 acres to a more reasonable 25 acres,” he says. MBIL has already started a new office in the area “It will undoubtedly be one of the most prestigious projects coming up in the Tricity, and like all our other projects, it will also focus on providing high quality of living and all high-end facilities for its dwellers,” adds Anand. Mariner’s Home Gurgaon, the first residential complex developed by MBIL, offers almost all types of modern amenities to its dwellers at attractive rates. The project has become the talk of the town for its high quality of living and all the high-end facilities offered to the prestigious families living in the 42 elegant units of the Residential Complex. The investments of owners have swelled several times over within these last few years. Mariners Paradise is a luxurious residential heaven offering high specifications and high standard of living along with the assurance of quality. Situated in the upcoming area of Sec 87, Nehar Par, Faridabad the project is strategically located to South Delhi. This ongoing project of offers 4BR with a servant quarter to suit individual lifestyle. The upcoming residential project of MBIL Neptune’s Haven at Sec 67, Gurgaon is for those who aspire to own a quality apartment at an affordable price and become neighbors to an elite community. This project also has a substantial number of mariners and NRIs enrolled along with other professionals.
— TNS
|
|
Ground Realty
Door closers are available in light, medium and heavy-duty models. The closing force is governed by the width and weight of the door to be closed. For proper functioning, door width should not be greater than 1100 mm and its weight under 80 kg. Very heavy doors close slow and don’t allow the closer to maintain enough push for latch bolt negotiation. Recently, a German company, Dorma, has launched closers suitable for 1400 mm wide doors. Closers mostly come in golden, sliver, aluminum or dark brown colour. Aluminum alloy door closers are anodised. Other door closers are polished or painted to produce black iron finish, satin chrome finish, polished brass finish, brushed nickel finish. Here is a guide on selection and right fixing of door closers:
z
Know your closer: When surface mounted door closers are selected, thickness of door leaf doesn’t matter as the machine has to be mounted on the surface. However, for concealed closers, the shutter needs to be at least 45 mm thick. Nowadays, slim line door closers are also being produced. These require a door thickness of 40 mm. z
Careful choice: Choose heavy-duty door closers for doors of width greater than 900 mm (three feet). For lesser width doors, light duty closers will do. Concealed closers produced by Dorma completely hide themselves in the door and the frame and retain the beauty of the door. Most closers are reversible and suitable both for left and right hand doors. However, do check this point with the supplier while buying. z
IS Mark: Indian hydraulic door closers should be IS 3564 marked. Closers covered under this mark are hydraulic only and not concealed or mechanical type. Also, this mark is for door closers for doors weighing not more than 80 kg. For concealed type hydraulic door closers, look for IS 14912 mark. BIS has issued IS marks only for hydraulic door closers and pneumatically operated ones. Pneumatically operated door closers can serve only very light weight doors and are not the preferred choice. However, IS mark for these door closers is IS 6343. If the seller is trying to sell you IS 6343 marked door closer, know that it is not a hydraulic one. z
Testing time: Door closers should be tested for undergoing a minimum 5 lakh cycles. Their hold-open range should be up to 120 degrees. Door opening angle can be even up to 170 degrees in case surface mounted type closers are used but for concealed type, the restriction is of maximum 120 degrees. To check the right operation of door closers, these should return the door from full right angle opening to about 25 degree opening in an instant. Thereafter, these should slowly close the door to full. In doors provided with latches, the end speed should be such that the door latch gets operated automatically. If the door remains open with the latch lock resting against the frame, then the closer has not performed satisfactorily and has failed. z
Speed screw: Look for the speed adjustment screw on door closers with spring action. It should be located where it can be easily operated as it is adjusted to vary the closing force of the closer. z
Good brands: Door closers produced by Dorma, Hardwyn and Hafele give best results. Hardwyn is an Indian company producing door closers since 1965. Other good Indian manufacturers include Everest, which is much and cheaper in comparison to Hardwyn, Dorma and Hafele. Classic Queen door closer of Hardwyn is chosen mostly but this door closer is fit for a weight capacity of 50 kg only. For higher weight capacity, one chooses Gazel, Eddy, Scorpio or Mytel series. Heaviest door closer produced by Hardwyn is Camery that can handle a weight of 120 kg. Dorma’s TS 71 series offers cheapest door closers of German make. Its TS 83 model is spring operated and costliest among projecting arm series.
Sliding doors
THE trend of one or two sliding doors in the house is growing, space constraints being the main reason. Sometimes, a wall is not available to open a door against it. In such cases, an open-able door remains hung in the open and acts as an obstruction in the circulation area. Sliding doors, therefore, offer the best option. Here are a few guidelines on choosing sliding doors in your home: z
Weight-care: Know that good quality sliding doors hang on roller brackets that have to bear the weight. Therefore, don’t make the door very heavy. Heavier the door, stronger and costlier fittings for it. z
Rollers: For doors up to 100 kg, choose top track in aluminum and double rollers with brackets to hang the door. Fix one bracket on each top edge of the door and allow the rollers to run freely in the track. Tracks are available in lengths varying from five to twelve feet. Choose the required one and ensure rollers come with high performance ball bearings. Also check that rollers carry height adjustment feature for smooth running of door and maintaining a gap of 3-6 mm between the track and the door. For heavier doors with width up to 6 feet and weight around 200 kg, choose four rollers a panel. z
Floor guide: Always provide a floor guide for each door. It can be surface mounted and screwed to the floor. For surface mounted floor guides, a plastic channel is usually set into the bottom of the door. Floor guides can also be running in a groove at the bottom of door. Otherwise, full width metal channel recessed in floor can be provided to guide the door. z
Other fittings: Provide recess type handles at the top to operate them instead of pull or protruding type handles. Use sliding door locks with hook bolt. Prefer stainless steel or brass polished locks. Provide track stoppers at the end of tracks, which are available with the track supplier. Slip the track stopper on the end of the track and tighten it with a hex key specially provided for this purpose. This column appears fortnightly. The writer is deputy chief engineer, civil, PSEB
How do closers work?
DOOR closers close doors automatically using a hydraulic or spring speed damper. These can either be surface mounted or concealed type. Surface mounted door closers have a projecting arm. Door closers are made of alloys in zinc, aluminum or cast iron. These have a clamp fixed to the doorframe. From the clamp, an adjustable arm extends and connects to the main arm, further connected to the door closer’s shaft. The shaft is enclosed in the main body of the door closer along with a hydraulic or spring damper which restricts the speed of the door to avoid its banging against the frame. The body of the door closer rides a vertical plate fixed to the door.
|
|
Tax Tips
To partly share her burden and to be eligible for house rent from my employer, I bought through regular registration one third of the plot from her. However. the plan of the construction of the house was passed in joint name of my mother and myself from the municipal committee in year 1980 (for the total plot). Inspite of the fact that my sisters had no problem with this arrangement, my mother through a registered will bequeathed her share in the house in my name, as her part of the house was built with the proceeds of my share of agricultural land. After the death of our mother, my sisters got the agricultural land mutated in their respective names. The said house has been mutated in my sole name in municipal records. My queries are as follows: n
Is change of mutation in municipal record sufficient to exercise my legal rights: to sell or will it in the name of my children? n
Is there any legal requirement to get mutation changed in revenue records also? n
Is there any need to get the probate of will with respect to my mothers’ registered will? Please elaborate the entire legal aspect with respect to Haryana state laws. Kindly suggest the best way to protect my legal rights for conveyance of property for sale/inheritance.
— Surjit Kaur A. Your queries are replied hereunder: n
It is assured that the land on which the house was built in 1976 and inherited by you is freehold land situated within the city limits. In such a case its mutation in the municipal records is sufficient. However, in case the land is situated in an area that was agricultural land earlier, mutation in revenue records would be required. The mutation so made should enable you to exercise all legal rights in respect of the said property. n
The issue raised stands replied in (a) above. n
It would be advisable to get the probate of the will in respect of your mother’s registered will.
Q. Can an individual make a will of ancestral family in favour of adopted son when there are no members of his family surviving? What about self-acquired property — can he execute a will? Can a will be registered in favour of son so that the property may not got to daughter?
— Sita Ram
A. Your queries are replied hereunder: n
The facts in the query indicate that you are the only surviving member of the Hindu Undivided Family owning ancestral property. On the basis of these facts it should be possible for you to make a will in favour of your adopted son. n
A person can execute a will in favour of anyone in case of self-acquired property. n
Law does not require registration of a will. However, the registration is normally effected so as to prove the authenticity of the Will. In case the Will has been executed in favour of your son and is duly registered, it may be very difficult for anyone to contest such a will.
Co-purchasers have to pay tax on interest accrued
n
Will the above income will be taxable for all co-sharers or exempt. If yes, under what section? n
How will the income tax department treat the balance proceeds of Rs 1.37 crore
(Rs 1.45 crore-Rs 8 lakh)? White or black money? — Saha A. From the facts, it seems that the purchase of 15 acres of agricultural land at Kurukshetra was for Rs.1.5
crore, which has been deposited in the bank on the directions of the court. The reply given hereunder is based on this presumption: n
The amount deposited by you towards purchase consideration of the agricultural land in Kurukshetra does not belong to sellers of the agricultural land as the sale of such land is yet to be effected in the favour of co-purchasers. The interest accrued on the amount of Rs 1.5 crore should, thus, belong to the co-purchasers of agricultural land and, therefore, be taxable in their hands. The claim for TDS against such income will also have to be made accordingly. n
The entire amount of Rs 1.45 crore should be shown as consideration for the sale of agricultural land. If this is done, it would reflect the correct position.
Plot sale: Accepting cash payment is fine
Q. I sold my HUDA plot for Rs 9 lakh and received cash by hand in March 2009. I had purchased this plot in August 1991 for Rs 1.25
lakh. Now, I again purchased HUDA plot in another sector for Rs 8 lakh, CD is due in June/July 2009. My query:
n
What is my tax liability? n
Can I give cash to new party via draft/by hand? n
What have I done wrong? Please suggest remedial measures as CD is due. — Ruchi Gupta A. Your queries are replied hereunder: n
On the basis of the facts given in the query, the capital gain in respect of the plot sold by you would work out at Rs 5,34,422. This is based on the cost inflation index for the financial year 2008-09. The tax would be payable for assessment year 2009-10 @ 20 per cent plus education cess of 3 per cent, which work out at Rs 79,191. n
You can give cash to the party from whom you purchased the plot, provided the cash is out of the funds received towards the sale of the plot or withdrawn from your bank account. n
The fact that the payment for the purchase of the plot has been made in cash should be duly recorded in the sale deed to be executed in your
favour. I do not think you have committed anything wrong by accepting cash payment in respect of the sale of plot.
HUF split: Ensure property is mutated in your name
Q. I am a NRI settled in Norway. In the 1960s, as a result of HUF split, I inherited a property in Bathinda that I now plan to sell. I also have a commercial flat in Connaught Place that I rent to an international company. I want to gift to my two sons, born in Mumbai but now settled in Norway. I bought this in 1975 for Rs 3.5
lakh. The rental income is about Rs 1.10 lakh a month. Please advise. — Brij
Moonga
A. Your queries are replied hereunder: It is assumed that the partition of the HUF is duly supported by a partition deed on the basis of which you have become the owner of the property in
Bathinda. Further, in case the HUF was an assessee, a finding as to partition has duly been given by the tax department as required under section 171 of the Income-tax Act 1961 (the Act). You will have to ensure that mutation in your name has been made in the municipal records before taking any action with regard to the proposed sale. In such a case it should be possible for you to dispose off the said property. n
A proper gift deed will have to be executed in favour of your two sons based in Norway. This would involve the payment of stamp duty on the market value of the flat that has been let out.
|
Sensing Bathinda to be an upcoming city of Punjab, various top of the line companies are trying to cash in on it by developing it as a city of malls. However, receiving poor response from investors, many of them are now finding the going tough, because of which no mall has been able to see the light of the day.
Recession is being cited as the major reason for this but no one is ruling out that people of the region are still far from taking to mall culture.
Royalty is not just for monarchs. No, not anymore! It comes discounted, and, just for about Rs 75 lakh. Interested?
Well, you can get the princely feeling of living life kingly in a grandiose palace of your own. That’s right, folks! Blue blood gushing through the veins is not a pre-requisite for the innate overflow of kingly emotions. You really don’t even have to be the Queen of England to majestically spend a night of aristocracy in the Buckingham Palace, or the son of nobility for living life king size in the Royal Palace of Oslo.
Following the Punjab Government’s decision to reduce the minimum required area for a plotted housing colony, Mariners Buildcon India Ltd (MBIL), a Delhi-based Real Estate Company working for Indian Mariners, NRIs and high-end professionals, has announced its next housing project in the region.
This new project — Mohali Oceanic — will offer 200 independent villas exclusively for mariners.
Of sliding doors & how to choose the perfect closer for your doors
Royalty is not just for monarchs. No, not anymore! It comes discounted, and, just for about Rs 75 lakh. Interested?
Well, you can get the princely feeling of living life kingly in a grandiose palace of your own. That’s right, folks! Blue blood gushing through the veins is not a pre-requisite for the innate overflow of kingly emotions.
Helical door springs on wire gauge doors make them shut with a bang. Panelled or flush doors provided with helical springs on the inside to keep them in shut position create a noise on every operation. Not just that, these doors tend to peel off at edges because of repeated strikes against the frames (chowkhats). This has made people to switch over to door closers, which ensure smooth and silent door operations. Increased use of door closers has made manufacturers bring out a variety of them.
Q. My father inherited some agricultural land that he willed in the name of our mother with explicit instructions to be subsequently passed on to his three daughters (he had no son). After his death, my mother wanted to construct a house. She sold off one third of the land holding (intended to be my share), to build the house, with verbal understanding and consent of three of daughters. She bought a plot in an urban area in 1976.
Q. I sold 15 acres of ancestral agricultural for Rs 1.45 crore near Dehradun. My mother and brother are the other co-sharers. But the sellers got registered the document of sale for just Rs 8
lakh. The other co-sharers and I agreed to purchase 15 acres in Kurukshetra but the sellers retracted agreement and I moved court. On the court’s directions, I deposited Rs 1.5 crore in bank as time deposit and the case is still on. The bank deducted income tax of Rs 1.56 lakh for the financial years 2006-07, 07-08 and 08-09. Please advise: