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From backwaters to
forefront
A view of HBN Sunrise City, which has the latest sewage disposal system throughout the Hi-tech city and a sewage treatment plant.
GREEN HOUSE
TAX TIPS
REAL TALK
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From backwaters to forefront
Bathinda and its adjoining areas have been known as the backwaters of Punjab for a long time. But the picture seems to be changing now, especially in the rural areas of Malwa, if one considers the growth in the real estate sector in the area. Land prices have seen an appreciable growth over the past few years. The area has caught the fancy of major realtors and builders. The town is undergoing development at a brisk pace and there is a lot of activity in terms of industrialisation, too, that is acting as a catalyst in the sturdy growth of the realty sector in the area. The changed socio-economic profile of the area has resulted in greater demand for planned and affordable housing with a wide array of facilities. Its proximity to Haryana and Rajasthan makes it an ideal place for traders, who are frequent travellers, to have some of a base here. Along with this a healthy inflow of work force for various industrial projects, too, has increased the demand for housing, and affordable housing at that, in the area. No wonder then that the town has attracted major realtors like a powerful magnet, taking the real estate prices on a northward ride. Another factor that has triggered the building activity here is that the builders are being offered several concessions in Bathinda that has been declared a low-potential area by the state government. Developers & housing
Avneet Soni, Director of the Omaxe Group that is developing a township in Bathinda says, “It is an upcoming city of Punjab because of the several industrial projects here. Moreover, the concessions given by state government make it an attractive investment proposition”. The township project, which was launched in January 2009, is being developed over 72 acres. “Out of 500 plots earmarked for sale, about 45 per cent have already been sold out”, adds Soni. Being one of the early birds, the Mittal Group has surely cashed in on its 58-acre Ganpati Enclave project that was launched in 2006. “Since the Mittal Group had already developed some projects on the outskirts of Delhi, our Chairman Rajinder Mittal decided to start an integrated township in Bathinda. Ganpati enclave was the first township to be developed in Bathinda,” says Labana, OSD to Mittal, promoters of Ganpati Enclave in Bathinda. Ansals, in collaboration with Mittals, have also launched Sushant City project here. “Bathinda is virtually the political capital of Punjab, with several major industrial projects and a huge refinery set up here, it was the perfect choice to start our housing project,” says Pankaj Gupta, marketing head of Ansals group. Sushant City is the first mega project in Bathinda that is being developed over an area of 88 acres, with the possibility of adding 18 acres more to its kitty. It is a PUDA-approved integrated township, and will be the first 100 per cent environment friendly township. And this is not all as Pearl Group is another player that has entered the realty sector here with its own project. The group that has a vision of developing a housing project in every major town of Punjab has a project coming up in Bathinda. “The availability of land bank with the company, coupled with the vision to develop housing projects in Malwa, was the prime reason to start our township in Bathinda,” said G.S. Brar marketing manager of the Pearl Group. The Pearls township in Bathinda was launched in October, 2009, and the area which is being developed is around 290 acres. The USP of the township is that it is a self-contained township with special emphasis being given on parks and open spaces. “Out of the 585 plots that were earmarked for sale, about 60 per cent have been sold out,” adds Brar. Buoyed by the success of Ganpati Enclave, the promoters have started another project by the name of Sheesh Mahal to be developed in over an area of 43 acres.
Reason to be there
With major industrial projects coming up here, a large number of people are expected to descend here to make it their workplace. This creates demand for affordable housing. Keeping these sentiments in mind, Omaxe group is selling out 200 sq. yd villas at a cost of 17.5 lakh. Since working population is going to descend on the city, affordable houses have to be the benchmark. Adds Jeewan Bansal, of Ganpati Enclave, “The occupancy of our township is good, with about 50 families already residing and about 80 per cent of our villas have been already sold out”. The offer price of our plots when we launched the township in 2006 was Rs 5,100 per sq yd that has quadrupled up to Rs 18,000 sq yd as of now. On the day of launch of Pearl township in October 2009, the plots were offered at Rs 7,000 per sq yd and just in six months time the market price of these has risen to about Rs 7,600 per sq yd. Soni says, “We had promised our clients that October10, would be the date of possession of the villas. Our project is on schedule and we would hand over the possession on the same date”. If you go on property search in Bathinda, the good localities within the town like Veer Colony, Mall Road with all civic amenities have a price band of about 16,000-18,000 per sq yd. While in the townships in the periphery of the city that promise world class living facilities, the prices range between Rs 6,000 to 7,000 per sq yd. Going by the thumb rule that prices would appreciate here also, so it makes sense to invest in these projects. Another indicator of the fact that investment in these projects can fetch good appreciation is the fact that Bathinda Development Authority (BDA) recently auctioned a 4.5 acre commercial site in Bathinda for Rs 184 crore. Ramnik Kumar, who is from Himachal Pradesh and works in Bathinda says, “24-hour power back up, coupled with uninterrupted supply of clean drinking water with round-the-clock security check up were the influencing factors which made me buy a built-up villa here.”
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Growth boosters
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Looking ahead
With these exquisite and swank structures coming up,
the residents of Bathinda are gearing up for a change in their
lifestyle. Sushant City, is marketing itself with the tagline “The
city of Bathinda is all set to witness the dawn of a Canadian lifestyle.
Sushant City will provide the people of Bathinda a well-planned,
self-contained township.” As promised by the builders, Millennium
School has opened one of its branches in Sushant City making it a fully
self-sustainable and integrated township. HBN colonisers, who are
developing “HBN Sunrise City”, are installing the latest sewage
disposal system throughout the Hi-tech city and a sewage treatment plant
with adequate capacity would also be there. According to Mandir Singh, a
real estate consultant, “these townships located on the periphery of
the main city are easily approachable and with the affordable prices,
these built up houses in are selling like hot cakes”. In times to come
with more and more working class people are expected to settle in
Bathinda, and the housing demand is bound to increase. So these
townships which provide affordable housing are all set to conquer the
real estate scene in Bathinda.
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Impeccable Turf Satish Narula Every season has its merits and demerits. The sweltry weather may be a cause of concern for gardeners in some respects, but it has its own advantages, too. If you are planning to have a new lawn laid in the garden, then this is the best opportunity to initiate the process.
One very effective way of controlling the weeds in the lawn is to ‘burn’ them. This can be done by exposing them to the summer sun. Do not, however, hurry into the process and make it short. Take your time. Expose the soil of the lawn by digging deep, say at least a foot and more and remove all the growth that you can lay your hands on. Leave it as such for at least 10 to 15 days. Exposing soil in this manner also takes care of insects underground. Their breeding place is also exposed and there are fewer incidences of insects like ants making colonies. After about a fortnight the process of turning the soil upside down and picking of weeds is done. It is better to repeat the process at least thrice. In case there is rain in between, it is better as the left out weeds will germinate again and it will be easy to eliminate them. You can also give water after two to three turnings and pickings to encourage the weeds to come out. This operation should be carried out at least till the end of June or till the onset of pre-monsoon showers. After effectively carrying out this operation add superphosphate, at one kilogram to a marla (25 square meters) of area, and mix it well with the soil. You can also sprinkle some powder insecticide to take care of white ants. Now comes the most important part of laying out the lawn — levelling. In case there are depressions in the lawn, the uneven surface will hold the water unequally causing different shade patterns in the lawn. At times there could be yellowing or browning of the lawn. In order to ascertain the level, one could water the area and see if there is some water stagnation and correct it. The thumb rule is that the levelling should be like the table top. At the time of planting the grass, keep a gap of three to four inches between the plantings. This will give you the turf in no time. Keep watering everyday till the grass establishes and also keep the weeds, if any coming out, under check. This column appears fortnightly. The writer is a senior horticulturist at PAU and can be reached at satishnarula@yahoo.co.in
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Buying two houses from CG S.C. Vasudeva Q. A residential house that was acquired by me in 1990 was sold in March 2010. The Capital Gain, after adjusting the Indexed cost of acquisition and construction of the house, is Rs 55 lakh. I want to avail myself of the exemption available on Transfer of Residential House Property under Section 54. My questions are as under: (a) Do I have to invest the entire Rs 55 lakh in buying one residential house/ flat, or can I split this amount between purchase of a flat worth Rs 30 lakh, and invest the balance Rs 25 lakh in buying a second house property? (b) If the answer to (a) is yes, can the second property purchased with Rs 25 lakh, after buying the flat worth Rs 30 lakh, be a plot on which I take up construction within the next three years? I already have three houses after the sale of the house from which capital gain has arisen. I believe the number of houses previously owned by me should not matter, as I am seeking exemption under Section 54 and not under Section 54F.” — Satinder Singh A. Your queries are replied hereunder: (i) You can choose the option as suggested in the query. (ii) The exemption under Section 54 of the Act can be claimed for buying two residential houses. Though the Section refers to the term ‘a residential house’, the courts have interpreted that there is no restriction of buying two houses as far as the claim of exemption under Section 54 is concerned. (iii) You can adopt this option provided the balance amount of Rs 25 lakh is deposited in a bank account under capital gain scheme before the due date of filing your tax return and such an amount is utilised for the construction of the house. (iv) Your contention as raised in the query is correct.
Family arrangement
Q. In case a joint family’s assets/property are transferred in the name of brothers by way of family arrangements, then would such arrangement amount to transfer as per the Income-tax Act? Also let me know if it would attract any capital gains tax liability? — Triloki Nath A
family arrangement is an agreement between the members of the same family intended generally and reasonably for the benefit of the family by compromising doubtful or disputed rights so as to preserve the family property and the peace and security of the family by avoiding litigation. The family arrangements are covered by the principles that are not applicable to dealings with the strangers and the family arrangement amongst the members of the family is for the interest of the family for a harmonious way of living. The realignment of interest by way of family arrangement among the family members is not construed a transfer. No liability of capital gains tax should arise in such cases. It is a settled law that the validity of family arrangement is not to be judged with reference to whether the parties who raise disputes or claim right of certain property had in law any right or not (CIT vs. A.L. Ramanathan 245 ITR 494, Madras).
Housewife’s property
Q. I am a housewife and have no source of income. A plot was allotted to me by PUDA in 1990. The earnest money and subsequent yearly installments were paid from my personal savings (shagun/gifts etc). But the bank drafts for this purpose were issued by debit to my husband’s account, who is an income tax payee. Now I want to sell this plot. Will there be tax on long-term capital gain? If yes, then what is the rate of tax, and what measures I can take to save it? — Dharam Kaur A. The query does not clearly indicate as to why the payment of earnest money and the yearly installments were made by issuance of drafts by debit to your husband’s account. I hope that the amounts for the issuance of such draft were paid by you to your husband prior to the issuance of such drafts and such amounts paid by you were out of your own sources i.e. gifts and shagun money received by you from your relatives and friends. The capital gain arising on the sale of the plot will be taxable at the rate of 20 per cent plus education cess of 3 per cent thereon. The above rates are applicable for assessment year 2010-11 (year ended 31.03.2010).
The writer can be contacted at sc@scvasudeva.com
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Innovation holds the key Pradeep Sharma Director of Zirakpur-based realty firm ONS Developers Sunil Bandha is a builder with considerable experience. A builder credited with innovations in the construction industry in Chandigarh’s vicinity, particularly in the Zirakpur-Dera Bassi belt, Banda says that the future belongs to innovative concepts. Q. Did recession affect the realty prices in Chandigarh’s periphery? A. The genuine buyers were always there even during the worldwide recession. But there is no doubt that investors and fly-by-night operators had a really tough time during the slowdown bringing short-term crisis for the realty sector. With the economy back on the track, the sector is poised for a major boom now. Q. How do you see the realty sector growing in India in the coming year? A. With housing still being the basic need of the lower and middle class, the real estate sector will grow by leaps and bounds. With the government and private sector going in for major projects, the realty sector is set to rock in the years to come. There was never a more appropriate time for investing in this sector. Q. Are government rules and regulations favourable to the real estate sector? A. In fact, the government agencies are also waking up to the fact that the hassle-free rules would go a long way in the development of the Indian economy in general and real estate sector in particular. Q. Which new concepts you see in this sector? A.
New concepts like specialised services are the in thing. For instance we are coming with the concept of an office-mall in Zirakpur where business, entertainment and other facilities would be under one roof. Besides this the integrated concepts, both residential and commercial, having state-of-the-art facilities are the other new concepts in the construction industry.
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Charandeep Singh
Satish Narula
The biggest problem in the home gardens is the space constraint. The limited lawn area is the only place where garden lovers can unwind in the lap of green. But maintaining a lush green lawn is no child’s play. However, careful one may but over the years there is compaction of soil and the lawn starts deteriorating. Weeds start appearing in strength and rather overpower the delicate grass. This is a warning signal to re-lay the lawn. As the weather heats up, the time gets right for making preparations for perfect grassing. Unlike the broad leaf weeds like dhoodhi, senji, the persistent and obnoxious weeds like dila and motha are almost impossible to control. However, if a proper procedure is followed to prepare soil, then the appearance of such weeds could be delayed by a few years.