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Striking gold at Mullanpur
TAX TIPS
HOME DECOR
REALTY BYTES
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Striking gold at Mullanpur
From a sleepy village with dusty roads to being the first proposed eco–town of Punjab, is indeed a transformation and a metamorphosis. This is what Mullanpur Garibdass, a tiny settlement located on the outskirts of Chandigarh, has gone through. Mullanpur is all set to become the first eco-town of Punjab. The foresight of the Punjab Government backed by in-depth research and master planning by the renowned Jurong International of Singapore have rightly given birth to Punjab’s first ever eco-town. As of now, it is a desirable cake in the real estate market. Every realtor worth the salt wants to set up shop in the vicinity of Mullanpur.
Originally inhabited by farmers, who led a simple life and earned their livelihood through dairy farming, the area has not only seen a change in geographical features but also in the lifestyle of its inhabitants. One can see almost all of them moving about in swanky sedans, telling the story of their prosperity which was inevitable as their land turned into a virtual goldmine. The area is being seen as an ideal site for better planned real estate development. Bhupinder Kumar, a Chandigarh-based real estate consultant, says, “With space constraint becoming a
perpetual problem in Chandigarh, the developers are left with no option but to explore its extension. No other location in the vicinity of city beautiful is better than Mullanpur since it is the real extension of Madhya Marg , and all the major institutions — be medical or educational — are closeby”.
Pricing mix
It is a ‘rags to riches’ transformation for Dilbagh Singh, who was a dairy farmer earlier and now his son is a local financer. “The price of my land quadrupled in the past six years”, says Dilbagh Singh. GMADA is acquiring land at the price of Rs 1.35 crore per acre. “We at DLF started building our land bank around four years ago. The prices were sky high at that time, but afterwards there was a slump, but prices have now again started picking up”, says Rahul Mehta. With the route connecting Baddi to Punjab being six-laned, and passing through Mullanpur, the land prices have gone up due to increased demand. It being an extension of Madhya Marg, a lot of people working in Baddi would want to have a house in Mullanpur or the nearby areas. Plots in various areas are available in the price band of around Rs 15,000 per sq. yard, which two years ago were available in the price range of around Rs 11,000 per sq. yard. According to Amardeep Singh, “the base sale price of our plots was Rs 15,300 per sq yard, which increased to Rs 15,700 per sq yard in just three days, and we finally closed at Rs 15,900 per sq. yard after we started the sale”. Now the plots in Omaxe are available at Rs 16,800 per sq. yard in the secondary market. Since the real estate is being developed at a frenetic pace, many buyers have started investing over here just for investment purpose. With the spurt in the demand for housing, the rental value also has seen positive growth in the area. People who have their offices in
Chandigarh prefer having Mullanpur as their residential address as the rents are quite cheap as compared to Chandigarh. Rohit Kumar, who works in a software company, says, “Rents here are almost half than those in Chandigarh and still the place is just a stone’s throw away from the heart of Chandigarh. I pay Rs 6,000 for a 2 BHK accommodation, which anywhere in Chandigarh would not have been less
than Rs 10,000”.
Looking Ahead
In the masterplan of Mullanpur, a state-of-the-art health village, knowledge village and eco tourism-related activities have been planned along the foothills of Shivalik Hills. With Mullanpur coming under the notified green belt, the brick kilns, which were earlier a dampener in the development of the area, would cease to exist as per the notification of the Punjab Government. With Ansals and Emaar MGF also expected to start projects here, Mullanpur is poised to become a shining star of real estate market. But more importantly, it is because of Mullanpur that Madhya Marg is now connected to Punjab also.
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Trend watch
Western comforts in a house in Ludhiana. Sounds outlandish!
But, it is soon going to be a reality for the city residents, as a number of builders are coming up with exclusive European and American-style villas thereby offering a new concept of housing in this industrial hub of Punjab. Cashing in on the Ludhianvis love to live a life of luxury, these developers are offering a taste of international lifestyle to them. The architecture, design and location of these houses promise to provide a relief from the mad rush and pollution of the city. Two groups — Omaxe and Eldeco — are coming up with European-style villas on the two different ends of the city, while another company — IREO — is offering an American-style township nearly 10 km away from Ludhiana. And it seems that the residents, too, were waiting for the new style as they have lapped up the idea with an equal enthusiasm. ‘‘We sold all the 96 houses we had planned to construct in phase-I of the project and 112 houses in phase -II. We actually had to prepone our phase-II as we got three times more applications for the houses on offer,’’ said Avneet Soni, Director, Omaxe, a company whose project — Royal View — is coming up on the Pakhowal Road near Thakarwal village here. He said they conceived the idea of offering such houses after studying the demand in the city. ‘‘We observed they would go abroad to shop and come back. Where else could we find such a clientele? We came with it and here we are,” added Soni, overwhelmed with the response. The houses have been designed by engineers after studying the European architecture extensively. The company offers the provision of having interiors also designed in European style. ‘‘But this would come for an extra price, ’’ said Soni. The row houses being constructed on 36 acres, are priced between Rs 34 and Rs 39 lakh, and have a floor concept with four units in one tower. The second such project is coming up on the Jalandhar road ahead of the Sutlej. Coming up on 78 acres, these lane houses boast of fully secure complex, 24-hour power back up and many other features. Providing a picturesque view, these villas would be ready within 18 months. ‘‘The price ranges between Rs 71 lakh and Rs 86 lakh. Depending upon the size of the family, these villas have two to six bedrooms, ’’ said Parminder Singh, a real estate promoter. ‘‘The villas provide a singular architectural look. One feels like being in some other country here. The model villa is ready and work is going on at the fast pace in other houses also,” he added. The Waterfront, offering American way of living is coming up on 500 acres in Issewal and Detwal villages. The township offers a swimming pool, a sauna bath, guest rooms and lawn tennis court. While all the three companies are providing exclusivity, a special emphasis is on having a thick green cover in the townships. ‘‘As the green cover is withering, an intense thought has been given to having more and more trees around the houses. Omaxe has covered only 30 per cent of space with concrete jungle. The rest is all for green cover. Who would not want to stay there?’’ asked Parminder Singh. And it seems difficult
to disagree.
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TAX TIPS S.C. Vasudeva
— Narender Kaur A. Your wife has to execute a Will in which she has to clearly state that the house at Panchkula would be inherited by you after her death. The following points should be taken into account note while preparing a Will. The Will should clearly indicate the properties owned by the testator (person executing the Will) in respect of which he/she intends to make a Will. The Will should clearly state in whose favour such properties are being bequeathed. The Will should be dated and signed by the testator in his own handwriting. The Will must be attested by two or more independent witnesses each of whom has seen the testator to sign the Will. Each of such persons must sign the Will in the presence of the testator. There is no necessity to use any technical words. However, the wordings of the Will should be such that intention of the testator can be known there from. It is not legally required to get a Will registered but it would be advisable to do so to prove its authenticity. The registration can also be of help in case the original is lost. Q. I have prepared my Will in favour of my son who is living with me and has good relations with me. The Will was prepared and registered in 2001. Is such a Will still valid or invalid after the recent amended provisions of Section 6 of Hindu Succession Act 1956? Do I need to have it revised/amended as it was prepared in 2001 before the amendment took place. — Anil Kumar A. The Section 6 of the Hindu Succession Act 1956, as amended, deals with the devolution of interest in co-parcenery property i.e. in respect of the joint family property. It has no relation with the right of a person to make a Will in respect of his self-acquired property. I presume that the property and assets referred to in your query are in the nature of self-acquired property and have not been inherited as a joint family property. In view thereof, there should not be any necessity of changing the Will executed in 2001. In case you intend to change your earlier Will, then it will be better to incorporate a clause in the new Will that all earlier wills/codicils will have no effect after the execution of the latest Will.
Investing in capital gains
Q. I have transferred a society plot (residential) for Rs 50 lakh on January 28, 2010. The payment for the same has been received by cheque/P.O.; Rs 5 lakh (dated December 3, 2009), Rs 15,06,500 (dated 22.01.2010) and Rs 29,93,500 (dated 25.01.2010). The total amount has been deposited in a nationalised bank. The authorities there have opened a capital gain account with a lock-in period of three years. Option to withdraw any or whole amount any time for future investment in residential property is there. The rate of interest is 3.5 per cent. As per Section 54EC or relevant paras, is it must to invest in capital gains bonds issued by NHAI or REC within six months of the transfer of property? Or As the bank has locked the amount for three years, will this automatically be treated as invested in such development bonds and IT Department will accept that and exemption from income tax will follow. These are observations and ruling of the bank. What is correct and applicable? — Varinder Singh A.
Your queries are replied hereunder: The amount deposited with a nationalised bank under capital gains scheme account can be utilised for the purchase or construction of a residential house. The purchase has to be effected within a period of two years of the date of transfer of the plot and the construction can be effected within a period of three years of the date of sale of the plot. The said deposit cannot be considered as an investment in a long term specified asset. For the purposes of Section 54EC presently long-term specified asset mean any bond redeemable after three years issued by the National Highway Authority of India or Rural Electrification Corporation Limited. The said investment has to be made within six months of the transfer of a capital asset.
Eligible for LTCG exemption
Q. I entered into a deal for the sale of my land (non-agricultural) that was purchased in 1992 for Rs 1 lakh. The Agreement to sell was inked in January 2008 for Rs 25 lakh and the buyer gave me part payment as earnest money. The sale agreement was to be executed in August, 2008. In July, 2008, I purchased a residential plot totally out of the earnest money amount, with an intention to construct a house on the same after the execution of the deal. Unfortunately, some misunderstanding arose between the buyer and myself and the deal lingered on. Finally the sale deed was executed in March, 2010, and the balance amount was paid to me in March 2010. I deposited the money immediately in capital gain fixed deposit scheme account with State Bank of Patiala, as I wanted to construct a house from that money on the plot purchased from the earnest money. I don’t have any other house in my name. Please clarify the following: Whether construction on the said plot will qualify for the exemption against long-term capital gain? Whether the cost of plot will qualify for the exemption against LTCG? What other option is available to save LTCG? — Ram Naresh A.
On the basis of the facts given in the query it should be possible for you to claim the exemption under Section 54 of the Income-tax Act 1961 (the Act) from the leviability of tax on the capital gain arising on the sale of plot purchased by you in the year 1992. The exemption, however, would be allowable subject to the condition that the construction of the house is completed within three years of the date of transfer of the plot which took place in March 2010. It should also be possible for you to claim that the amount of earnest money utilised for the purchase of a residential plot should also qualify for exemption from the leviability of tax on capital gain arising on the sale of land. The consideration towards the sale of the land less earnest money having been deposited under the capital gain scheme account, it may not be possible for you to adopt any other option except to utilise the net consideration towards the purchase or construction of a residential house within the specified period.
Separate repayment
If wife is the owner of land, and as per Section 64, the property is registered in the names of both husband and wife and they take loan for the construction and register the property in their names, then can they avail deduction u/s 80c for the principal and 24B (for interest) as per their payment to bank? — Vinay A.
If the land has been registered in the name of both husband and wife, and the borrowing from bank for the construction of a property is also made by both of them. In such a case, it should be possible for both of them to claim deduction under Section 80C of the Act with regard to the repayment of the installment. It should also be possible to claim the deduction for the interest paid/payable in respect of such a loan under Section 24 of the Act. It would be advisable for the husband and the wife to repay their share of installment towards loan and interest separately from their own bank account.
The writer can be contacted at sc@scvasudeva.com
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GREEN HOUSE Satish Narula Fruit-bearing plants are an essential part of a garden, be it the ancient Mughal, English or a Japanese garden. All these gardens all had fruit trees. In the home garden, the suitable fruit plant species specific to the geographical area are included. Innovative gardeners have found and selected many fruit species that have ornamental value only. Today we will discuss some of the citrus species fruit trees that should be ‘a must grow’ in home gardens. Medicinal value
Citrus fruits are valued for their multi-nutritional and medicinal value. They are a very rich source of vitamin C, which is essential for providing resistance against diseases besides checking scurvy, gum diseases etc. Aegal marmelos, (bel) is valued for its immense medicinal value and is extremely good for stomach ailments. It also has religious value as its three leaflets are offered to Lord Shiva. Citrus is being successfully grown in Punjab, Himachal, and Haryana. In fact, the kinnow cultivation has brought about an “orange revolution” in Punjab. Gardens in Hoshiarpur, Ferozepore and Faridkot districts are very suitable for the cultivation of this fruit. Sweet orange is successful in Ferozepore, Faridkot, Muktsar, Bathinda and Mansa districts. This classification, however, does not mean that these can’t be grown in home gardens in other parts of the state. Another important but lesser known species of citrus fruit is grapefruit. In the USA this is called the “breakfast fruit” and people like to take its juice in the morning as it has medicinal value. Not everyone develops a taste for this, however, due to a tinge of bitterness in the juice of fruits of some of the varieties. Some people commonly call these chakotra. But there is a difference between grapefruit and chakotra. The grapefruit bears in bunch whereas chakotra bears singly on the stem. The skin is also thicker in this case. Lime and lemon are two of the “must grow” fruit trees in home gardens. Lime is not recommended for sub-mountainous regions, but lemon trees can be grown in these areas with success. It is due to the lime being prone to anthracnose disease that dries the twig terminals where the fruit is supposed to be borne. In the category of limes, there is another forgotten species, the sweet lime (mitha), that is also valued for its medicinal value. Besides the fruit bearing species, there are some ornamental species, too. Kumquat is one such species that is strategically grown in the home gardens as an emphasis plant. This is due to its bearing habit as the plant is laden with miniature oranges. These plants are also a favourite with Bonsai lovers. There are two species of kumquat, one with round fruit and the other with oval fruits.
Problem areas
Citrus plants have their own problems, too. There is decline due to mismanagement, due to the wrong use of root stock, nutritional mismanagement or attack of insects, pests or diseases. But there is an answer to everything if the plant is brought from a reliable source and is given due care, for various species and varieties, you can approach the Horticulture Department of Punjab Agricultural University or the state Directorate of Horticulture.
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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HOME DECOR Manisha Yadav
“Curtains, room dividing screens and folding doors are the usually used room decorators. Room separators can be made to look more effective and interesting in many ways. Using a book shelf till the ceiling height could work really well. It should be open on both sides and interesting props and books can be kept at all angles. Bamboo screens, too, serve as good room dividers. They can be painted in various bright colours to add brightness to the rooms. Lazer-cut felt or wooden screens in interesting patterns are also a good option if you want to jazz up your living areas”, says Anuja Gupta, Director, Apartment 9. With studio apartments becoming popular, the concept of partitions, too, is catching on. This can be gauged from exclusive range available in the market. Painted wooden partitions, glass partitions, photo panel partitions are the various types of partitions available in market. Silk and handmade paper partitions are other delicate and elegant choices available. “We offer wooden partitions made up of teak boards, MDF boards with the minimum range of Rs 8,000 to 12,000 for 8 x 4 inches size. To give a luxurious effect one can also use gold and silver leafing partitions in their rooms”, says Suneet Trehan, Manager, Bench Craft. While wooden screens are in the affordable price segment, the ones with gold and silver leafing fall in the expensive and exclusive price bracket. To add this gold and silver elegance to your room, you may have to shell out between Rs 35,000 and 50,000. One can also customise these partitions with the choice of texture, style, polish etc. Walnut, wenge are the famous polishes used in manufacturing these products. They provide long lasting and anti-termite surface to the wood. An important factor while choosing a partition is to match it with the décor and colour scheme of a particular room. If there are sheer curtains in the living room then delicate silk and handmade paper partitions will go well. A partition should never be too bold or visually heavy to take away attention from the delicate décor of a room. The choice of material and colour can make or mar the overall effect of a room. So go ahead and make an elegant statement with these. USES AND STYLE n
The folding screen style of room divider typically has three or four panels, but can build it according to usage. It stands on its own when the panels are set at slight angles. n
If you have small rooms that need some pizzazz, a room divider has many decorative uses, putting a room divider in a corner, can add a new dimension to the room. It takes away the harsh angle of the corner and adds interest. n
When one chooses a room divider, one should be sure to get partition that matches your overall decorating theme. It can even be used as divider flush against a wall and it won’t take up any extra room but will add a lot of spice to the decor. n
These can be used as backdrop for things like pianos, art work or sculpture as a platform.
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REALTY BYTES Floraville New Delhi: The Paramount Group has launched Floraville, an Energy Efficient Project. This residential project is located at Sector 137, Expressway, Noida. Spread over an area of 12 acres, the project will comprise two and three BHK apartments. Floraville has the most spacious apartments at the Expressway, Noida, with a count of 1,000 units surrounded by greenery. The project will embrace a standard living, which will have an inbuilt facility of controlling almost every electronic appliance of your home from faraway places. Solar energy based streetlighting- which will make it an energy efficient project, security and surveillance in the society, Wi-Fi connectivity, fireaAlarm system, intercom, boom barriers, digital locking system for doors and ample and ventilated basement parking space. The project will be a true example of luxury and comfort and will provide its inhabitants with facilities of play school, salon, swimming pool, indoor games, club, spa with sauna, steam bath, cafeteria, shopping centre, battery operated cars for visitors and medicare facility. — TNS Vivante
Noida: Gulshan Homz has launched its Rs 250 crore Vivante project on the prime expressway location in Sector 137 Noida. Located right on the Noida-Greater Noida expressway in Sector 137, it offers natural retreat as well as excellent metropolitan convenience and vibrance. Going beyond simple rectangular living, Vivante’ offers a sleek, infinitely flexible, multi-dimensional and open life. According to Deepak Kapoor, director of Gulshan Homz, “Like with all our previous projects Vivante’ promises smart gains for every rupee of the buyer’s investment. The apartments come in comfortable sizes that fit well in budget.” Convenient construction linked payment plan and wide finance support from leading banks and institutions takes care of the customers’ varied financing needs. “Price would be Rs 2,452 per sq feet on down payment exclusive of other expenses, and Rs 2,580 per sq feet for corporate inclusive of all expenses”, added Kapoor.
— TNS
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From a sleepy village with dusty roads to being the first proposed eco–town of Punjab, is indeed a transformation and a metamorphosis. This is what Mullanpur Garibdass, a tiny settlement located on the outskirts of Chandigarh, has gone through. Mullanpur is all set to become the first eco-town of Punjab.
GREEN
HOUSE
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Mullanpur is the natural extension of Chandigarh, so we propose to have our land bank over here”, says Rahul
Mehta, Executive Director (North) DLF. DLF is close to acquiring about 1,000 acres, and plans to have a mega project with all the recreational facilities alongside a golf course over there. “Since it is a proposed eco-town, our settlement would be planned in such a way that there is lot of greenery and green space with recreational facilities all round”, adds Rahul
Mehta. 
Q. My wife has a plot in Panchkula (under construction). She wants to Will it in my name. Kindly let me know the procedure.
In over enthusiasm and hurry some of the gardeners have started planting lawn grass at this time. But this is not correct. This, in fact, is the time to let the soil and weed dry and expose insects to sun. Freshly planted grass also needs regular watering, which is difficult due to water shortage and restrictions. So it is advisable to plant grass in the last week of June or at the onset of monsoon.
The marriage of utility and style is the quintessential element of a functional and elegant home. There are several décor elements that serve this purpose, partitions or room dividers are one of these. Whether you want to divide the kitchen into separate cooking and dining areas, spice up the decor of the living room or hide the clutter in the study, partitions are the best choice. Partitions are an ideal solution to create an illusion of space and to help maintain privacy.