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Ambala
Tax
tips
IN
conversation
TRIBUNE IMPACT
Nirman Ratna Award
Omaxe bags 200 cr Defence Ministry project
LAUNCH PAD
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Ambala
Ambala is mainly divided into two parts - City and Cantonment. The transit city between the national Capital New Delhi and capital of Punjab and Haryana, Chandigarh, Ambala witnesses a lot of tourist rush as they cross through it en route different locations in Jammu & Kashmir, Himachal Pradesh and Punjab. This locational advantage has directly affected the real estate market in the city with demand for newer commercial properties rising considerably in the past few years.
As the demand for commercial property is there, it has, in turn, given an impetus to the demand for residential properties also. After being in virtual hibernation for good about three decades, the real estate scene in Ambala is on an upswing.
Triggers for demand
The reality index in Ambala seems to be moving upwards now. There are certain blue chip projects lined up. "The four-laning of the Chandigarh-Delhi National Highway, which has reduced the commuting time by about one hour, has played an important role in shaking up the property prices in Ambala" says Vikramjit Singh of Ghotra Properties. Better road connectivity has made Ambala like a satellite town of Chandigarh. Ironically, Chandigarh had been carved out of the Ambala district. Earlier, the entire focus was on the development of Chandigarh. Punjab developed Mohali, and Haryana government developed Panchkula around the union territory. But now as development in these areas has reached a saturation point, the focus of development is now shifting towards Ambala. "Earlier, Chandigarh used to be the favourite retirement abode of ex-servicemen. But with Chandigarh reaching the saturation point in development and with exhorbitant prices and virtual non-availability of property, Ambala that has a large army cantonment and big Air Force base, has become a favourite with ex-servicemen as their retirement home", informs Col. (retd.) B.S. Syal. "Ambala was not the focus of attention earlier, because the leadership of the state was never from Ambala district. So one can say that there was a lack of political intent as well. But with the efforts of the present government, Ambala would shine. We have already got IMT which is Industrial Modern Township to be developed on the lines of Manesar in Gurgaon, sanctioned for Ambala. This township would be fully developed by HSIDC on 2,000 acres, the work on which has already started", adds local MLA Vinod Sharma. Besides this there is also a proposal to set up a 25-acre grain market here. This is being projected as the largest grain market of the region. The project has been sanctioned already. Another factor responsible for the growth in the sector would be the development of SEZ in Naraingarh on the outskirts of Ambala. All major builders like Unitech, Ansals, DLF propose to build settlements over there. Seeing the development taking place in Ambala at a hectic pace, the Haryana Government has recently taken initiative to augment the municipal limits of the Ambala Cantonment (Sadar) from 6.33 sq km to 24.24 sq km. Besides this, a major part of the cantonment area has remained out of bounds for not just the builders but also for residents who could not undertake new constructions as the Centre was the custodian of the land. However, the decision of the Centre to release over 11,000 acres of land falling in the Ambala cantonment to the Haryana Government is likely to bring a change in the development scenario of the city. "If the government is acquiring more land, it means that land available is scarce and there is demand for more, this is an important indicator that real estate in Ambala is in development mode", says Manjit Singh a banker, who has been living in Ambala since 1972.
Realty check
Ambala is the largest cloth market of North, as such a hub of commercial activities. So there is a great demand for affordable commercial premises. There are two shopping malls in Ambala; one is the Big Bazaar which is such a hit that there is no space available on rent. Second mall is the Galaxy Mall and is the home to Fun Cinemas and McDonalds, and as such the footfall in this mall is also good. Vatika - a real estate major from Gurgaon is developing a 180-acre township in Ambala. It is coming up with a group housing scheme which would be followed by the development of commercial property also. R.N Samrat, general secretary of the Ambala Property Consultants Association, sees a bright future ahead as the town is developing at a fast pace. "Buyers are looking for facilities that were given naturally to suburban dwellers in satellite towns like Noida, Faridabad and Gurgaon". In order to give a further boost to new development, HUDA has plans to have three new sectors - 32, 33 and 34, which fall between the cantonment and the city, and the current rate here is around Rs 8,000 per sq. yd. The industrial food park at Saha being developed by the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC), 15 km from the Ambala cantonment on the Ambala -Jagadhari road, is already a major activity hub", says Vinod Sharma. Ambala, thus, is slowly but gradually turning up to be a good market driver. With the surrounding areas of Zirakpur, Dera Bassi being developed, it will be the next stop. With its proximity to Chandigarh and the holistic development Ambala is all set to rock.
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Festive fervour
The Indian real estate market has surely matured, especially in terms of the buyers that drive it. The recent downturn taught property buyers some valuable lessons when it comes to what matters and what doesn’t. For that reason, we are going to see an interesting new variation to the usual excitement that the festival season usually creates on the residential property market.
The two weeks that encompass Pitru-Paksha or Shradh-Paksha are always slow, since many buyers stay away from any kind of property purchases during this period for religious reasons. However, even the most auspicious times during the festival season this year will not create the usual flutter on the market. There is little doubt that we are in a revival phase now, and that transactions have picked up because of a better economic climate and improved sentiments. These factors will continue to play a part during this festive season, but how well developers can capitalise on this period will depend on amenable pricing and other tangible discounts that represent genuine worth to buyers. In other words, it will be value for money that will decide how well residential projects will do on the market, and not the usual freebies that developers offer. The festival season will also continue to see a level of demand by NRIs, but this demand is more cautious than in the past. NRIs are now focus ing more on the correct project type, the viability of location and other aspects that influence ROI. NRIs are showing a marked interest for township properties and residential units in the metros that are in central locations . However, developers are not too stressed over NRIs this festive season, since the greatest demand comes from the domestic market. General demand has increased by 25-30%, depending on specific cities, but NRIs do not account for a large share of the overall demand for residential properties, since they represent only a small percentage of the cumulative Indian real estate market. This is why many developers are focusing more on domestic demand, while some are also launching luxury housing and township projects that zero in primarily on NRIs. — The writer is Local
Director - Strategic Consulting, Jones Lang LaSalle India.
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Celebrating Green
September 23, was observed as Green Building Day and this week is being observed as the World Green Building Week under the aegis of the World Green Building Council.
The World Green Building Week is celebrated annually to draw attention to the role of green buildings in the creation of healthier, more sustainable communities. Green Building Councils and their members from around the world will be marking the week with events and celebrations reflecting the diversity of their cultures and industries. WorldGBC and its member Green Building Councils had celebrated the inaugural World Green Building Day on September 23, 2009 to raise the profile of green buildings globally in the lead up to COP15 in Copenhagen. The day was shaped by a series of synchronised events hosted by GBCs around the world, including the official launch of the Asia-Pacific Regional Network. Key activities for this year include the launch of the WorldGBC Special Report “Tackling Global Climate Change - Meeting Local Priorities” and a series of synchronised green building events hosted by Green Building Councils from around the World.
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Tax tips S.C. Vasudeva
Recently, I have booked an apartment for purchase in Mohali, and I expect to take its possession in December 2010. The cost of the apartment is Rs 36,40,000. For this, I intend to take a bank loan of Rs 30 lakh. Please do let me know if, (a) I can use the sale proceed amount (nearly Rs 24 lakh) of my Lucknow house to partly repay the loan amount and take exemption from long-term capital gain (LTCG) tax. (b) If yes, then when should I sell off my Lucknow house? (c) What can be the other possible ways to save LTCG tax? — Prati Pal Singh A. Your queries are replied hereunder: The liability in respect of tax on capital gain arising on the sale of Lucknow property cannot be avoided by using the sale proceeds of such house towards the repayment of loan which you intend to take for booking an apartment in Mohali, Punjab. It would be advisable to purchase the Mohali property with borrowed funds within one year before the sale of Lucknow property and use the sale proceeds of Lucknow property to pay off the loan after the property at Mohali has been purchased within the aforesaid period. This procedure will enable you to claim benefit under Section 54 of the Act. You can save the amount of tax leviable on the capital gain arising on the sale of residential house in Lucknow by utilising the capital gain towards the purchase of the apartment in Mohali. Such purchase should be affected within one year before or two years after the date of sale of the Lucknow residential house. In case such utilisation is not made before the due date of filing tax return for the previous year in which the sale took place, the capital gain should be deposited in a designated bank account under the capital gain scheme account, and the amount so deposited should be utilised towards the payment of consideration for purchasing the Mohali apartment. The proposed action would enable you to save tax on the capital gain arising on the sale of Lucknow residential house. The above reply is based on the presumption that the apartment purchased at Lucknow and that being purchased in Mohali are in the nature of residential apartments.
Tax benefit on house construction
Q. I have taken a loan of Rs 10 lakh from a nationalised bank in July 2008, I am paying monthly installment of Rs 9,600, including interest w.e.f. July 2009, but the construction of the house is not yet complete. I am paying Rs 2,000 per month as income tax on salary, please guide me whether I am entitled for tax benefit of interest paid by me for the year 2009-10 & 2010-11 or not?
— B.N. Rohal A. You are entitled to claim deduction in respect of the amount of installment of the principal amount paid towards the amount borrowed from the nationalised bank for the construction of a house. The deduction is allowable under Section 80C of the Act, and is within the permissible limit of Rs 1 lakh provided under the said Section. The interest payable in respect of a period prior to the previous year in which the property has been constructed shall be allowable as deduction against the income from house property in five equal instalments. Therefore, in case your property is completed within financial year 2010-11, the interest paid for the financial year 2009-10 would be allowable in five equal installments against the income from house property for the assessment year 2011-12.
Lease plot to HUF
Q. In March 1990, I have purchased a plot for Rs 90,000 in my name as Karta HUF at Patiala. This plot was sold in January, 2007, for total proceeds Rs 11,55,000 and the amount was deposited in capital gains account scheme on June 6,2007 for constructing a house at Nabha, on plot held in individual capacity. Total proceed has been utilised for the above said purpose before December 31, 2009. Please guide me for enjoying rebate in the long-term capital gain tax.
— Pran Gupta A.
The facts given in the query are not complete. You have not mentioned whether the account under the capital gains scheme was also opened in the name of the HUF. It is assumed that it must have been opened in the name of HUF with your signatures as Karta of the HUF. The utilisation of funds of HUF on a plot of land owned in your individual capacity may not entitle you to claim the exemption under Section 54F of the Act. The requirement of this Section is that the house should be constructed in the name of a person in whose case the capital gain had arisen. It will be advisable to lease the plot owned by you in individual capacity to HUF to enable HUF to claim the exemption allowable under the provisions of Section 54F of the Act.
Status of rented property
Q. What would be the position of taxability of a let out property under the new Direct Taxes Code which has been introduced in the Parliament recently?
A. Under the Direct Tax Code the income from a let out property owned by any person shall be computed under the head ‘income from house property’. Income from such a property shall be computed under the said head notwithstanding that the letting of the property is in the nature of trade, commerce or business. The income from house property shall be the gross rent as reduced by the aggregate amount of the specified deduction. The amount of gross rent shall be the amount of rent received or receivable directly or indirectly for the financial year or part thereof for which the property has been let out. The specified deductions are as under: The amount of taxes levied by a local authority in respect of such property, to the extent the amount is actually paid by the assessee in the
financial year. A sum equal to 20 per cent of the gross rent received or receivable towards the repairs and maintenance of the property. The amount of interest on loan taken for the purposes of acquisition, construction, repair or renovation of the property or loan taken for the
purposes of repayment of loan so raised.
Word of caution
Q. I am NRI. I purchased a plot in a house building society in January 2005, spending Rs 9 lakh and built a double-storey house in 2005-2006. I spent about Rs 35 lakh on its construction. I now want to sell it and buy a house in USA. What will be my tax liability? How I can save tax in India? At the same time I have no record of construction materials.
— Inderkit A.
You have not stated the date of completion of the construction of the double-storey house. It is assumed that the same was completed in 2006. If that be so, the residential house constructed by you would be a long-term capital asset and the gain arising on the sale thereof would be treated as a long-term capital gain. The liability on such a long-term capital gain arising on the sale of the house can be saved in case such capital gain is utilised for the construction or purchase of another residential house within the specified period. The construction is required to be completed within three years after the date of sale of the house. The purchase can be effected within one year before or two years after the date of sale of the house. In case the construction or the purchase is not effected before the due date of filing the tax return, the amount of capital gain is required to be deposited in a bank account under capital gains scheme. The amount so deposited can be utilised for the construction or purchase of the house. I would like to caution you with regard to the buying of a house outside India as there are conflicting decisions of the courts in India as to whether exemption would be allowed in case residential house is purchased outside India within the specified period. In view thereof, there is likelihood of litigation being pursued by the department on this issue. As to the non-availability of the record for the expenditure on construction of the double-storey house, it would be possible to support your claim with a report from an approved valuer as to the construction cost. I do hope you would be able to explain the source of such construction cost.
This column appears weekly. The writer can be contacted at sc@scvasudeva.com
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Priyanka's cottage runs into rough weather
Priyanka Vadra’s dream cottage, being built in the wooded Charabra hills near here has run into rough weather — literally. Heavy rains have washed away her plans of having a slate roof and this is now being replaced with steel.
Priyanka was very particular about the slate tiled roof. She had even selected multi-coloured slates procured from the hill state. “There was some fault in the design of the slate roof, and it has been dismantled. The cottage will now have a wooden ceiling with a slanting steel roof,” Neeraj Saini, who was overseeing the construction work at the site, told IANS. He said there was a major seepage problem in the slate roof. “The corrugated galvanised steel is hail, rain and snow resistant. It helps check seepage and dampness in the inside walls. But there will be no change in the hill architecture style,” said Saini, who is associated with newly-appointed Delhi-based architect firm Kohelika Kohli Architects. Kohelika Kohli Architects was allotted the contract of designing the cottage and construction work in
April this year. The under-construction cottage also has some problems in its architectural design. “There is a problem in the columns too. We are redesigning these. Even the size of some of the rooms would be designed again,” Saini said. “We still have to undertake huge construction work, including interior designing. All the works require at least a year. During winter, we have to stop construction for some weeks,” Saini said. Being built in a typical hill architecture style with wooden frames and a sloping roof, the double-storey cottage is coming up at a height of more than 8,000 feet amid thick verdant forests of pine and cedar in Charabra, just 15 km uphill from Shimla. The Vadras had purchased the land for around Rs 47 lakh from US-based Satish Kumar Sood and Satinder Sood in 2007 after the then
Congress government in the state had relaxed norms to let the Vadras buy the land. Under Himachal Pradesh land laws, only the state’s permanent residents can buy land in the state. Others who want to purchase land for non-agricultural purposes have to seek relaxations under Section 118 of the Land Reforms and Tenancy Act from the state government. The cottage, spread over an area of three-and-a-half bigha (one bigha is 0.4 hectare) agricultural plot, is close to The Retreat, which is the summer holiday resort of President Pratibha Patil, and the Oberoi Group’s luxury spa Wildflower Hall.
— IANS
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GREEN HOUSE Satish Narula Take into consideration any premise — big residential complexes, institutions, marriage palaces, clubs, religious places, hotels or schools and colleges — and you will find some areas which are either never developed or are always in a state of neglect. The area or structure may also be vulnerable to repeated damage due to some reason. It is true also of the garden work areas or your own small nursery where manure or manure pits may be lying exposed and serving as an eyesore. In the societies or even public premises, there could be a garbage dump right in the front. Remember, you might have spent a fortune on the construction work to attract people or customers, but any such a place will attract the most attention and mar the overall impression of a place. Thus one can go in for the economical as well as practical option of camouflaging such areas with plants. There are two types of spots that fall in this category and need camouflaging. Firstly, the neglected spots in the corners or inaccessible areas, and secondly, the ones right in the middle of the premises or even in the lawn. This could also be due to the installation of some machinery on the premises in which case the spot cannot be shifted due to technical reasons. For neglected spots where the ‘eyesore’ has to be hidden from direct sight, you could use plants like bougainvillea that can grow on their own. The fast growth in this case is an added advantage. You have to train it only once to the height or spread that you want to hide the place, and thereafter it should be left to grow all by itself. For long stretches, one can also grow creepers like the railway creeper that also has the same quality of growing on its own and also in neglect. It also runs very fast camouflaging even long stretches. Even when there are places with uneven elevations, this climber follows the trail and does an excellent job. It also bears deep bell shaped flowers, aplenty. When you have to hide an object placed right in the middle of visiting areas, then you have to do it in an aesthetically acceptable way. For this you can create some wire mesh structures around the object or in front of it and some climber could be trained on these. However, you will have to select the species according to the availability of sunshine in the area. The use of climbers here also comes in handy as it may hide the place by its cover without even hiding the architectural lines when trained on some wall.
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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IN conversation Geetu Vaid
Italian premium wellness brand, Novellini, a company with 200 million euro turnover, has completed one year in the Indian market. Its products range from shower enclosures, equipped panels, steam cubicles to hydro massage bath tubs. Novellini, has partnered with Cera Sanitaryware Limited, the leading bathroom solutions provider in India, for launching its products. Giovanni Orlandi, Export Manager, Novellini SPA, talks about the presence and performance of the company in India in the past 12 months. What made Novellini enter the Indian market? The Indian market is an important market and for Novellini it’s a strategic move, as we strongly believe that it will be our platform to connect to the Asian market. Also in the near future India will be the operational base for the Middle East, too. Thanks to the continuous growth of the market and preference for the Italian style, we are sure that we will be able to achieve good results in the market despite the fact that we are not as known a brand in Asia as we are in Europe. However, after completing a year, we have started receiving requests from architects and builders. Although our prices are not as cheap as those of the Chinese competitors or a few other known brands that have production in India, but our design and quality is very much appreciated. What is the USP of Novellini in the Indian market? Well, to be honest there isn’t only one selling point. Let’s say that it is a mix of reasons that make our products competitive in the market. The fact is that the products are 100% made in Italy, the Italian design (world wide appreciated), the quality (our products matches all the international standards and we do also give the quality certification on the glasses) and the service (we have our own technical service in India for installation and after sales). Where do you place yourself in the Indian market in this segment? What is your market share as compared to other players in India? Well, I would like to place myself in India as in Europe: at the first place! I am sure that we will be able to be there in the first category in the next few years because we have been successful in every market that we have approached in the past two years after the internationalisation process of Novellini was started, and I don’t see any reason, why we should not be successful in India too. Most of the products are high end luxury products, so don’t you think that it will limit the growth chart of the company in India? Actually, what we are offering is an exclusive product. As mentioned above it is 100% made in Italy and with very high quality standards. Though cheaper products are available in the market, they are all made in China and what we offer is something different. So I am sure that the Indian customers who love quality products with a very good price rate will appreciate our products. As I said the market is full of Chinese low quality products, so if Novellini’s target was only the market share, then we would have started the operation by buying products from China and then re-sale under our brand; but for us, India is a strategic market, we have adopted a different approach, we are establishing our brand, through not only advertising, but through the word of mouth, which is the best system. A satisfied customer is our best investment in advertising. Of course, it will take longer time, but we are here to remain in India, and to build a strong and stable brand and market. We are doing well in the market and are very positive that the growth of our brand and turnover in India will be very high soon. What are your target areas in India? Well, I would say that we are not only interested in main metros like New Delhi and Mumbai, but the whole country for is important for us. In fact, we have our own consultant and flagship stores in New Delhi, Mumbai, Bangalore, Hyderabad, Cochin, Ahmedabad, Chandigarh, Pune, and soon we will target Kolkata and Chennai.
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TRIBUNE IMPACT Shariq Majeed Taking cognizance of the report “Caught in a legal tangle” published in Real Estate (September 4, 2010) highlighting the unabated sale-purchase of land in illegal colonies in the Sangrur area, Municipal Council has installed the boards carrying the names of the illegal colonies at three different locations in the city. The MC notice boards advise the buyers not to buy land in these colonies as no facilities will be provided in these illegal colonies. Sources in the Sangrur MC said the boards carrying names of 41 illegal colonies have been installed by MC at three places, including outside the MC office, DC office and Tehsil office. They added that the message written on these boards is clear that MC will not provide any facility in the illegal colonies and in an indirect message will not pass the maps in case of these colonies. Executive Officer (EO), MC Sangrur, Surjeet Singh said, “Let me make it clear that MC will not provide any facility in these illegal colonies and no map will be passed in case of these colonies”. The Sangrur MC has made a list of more than 40 illegal colonies which have come up in Sangrur city over the past few years. The issue had also come up in a meeting of district grievances redressal committee (DGRC), after one of the members of the Committee had raised this issue.
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Nirman Ratna Award
Vidush Somany, Executive Director of Cera Sanitaryware Limited, was awarded the Nirman Ratna 2010, by Gujarat Institute of Civil Engineers & Architects in the building material and manufacturing category. Nirman Ratna awards were instituted by GICEA and AIM to felicitate professionals, who have made notable contribution in the construction
business.
Somany took the reins of Cera Sanitaryware Limited in the year 2004 immediately after his graduation in Business Administration from Franklin & Marshall College, USA. The `171 crore group Cera launched sanitaryware in India in the year 1980. The company has manufacturing plants in Kadi near Ahmedabad for manufacturing 2.2 million pieces of sanitaryware per annum, making it the largest sanitaryware plant in the India. Apart from sanitaryware, Cera also provides taps and shower products, making it a total bathroom solutions provider. Cera also launched premium designer tiles from Italy and Spain through exclusive tie-ups with leading brands like Rondine, Gigacer, etc.
— TNS
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Omaxe bags 200 cr Defence Ministry project
Omaxe Infrastructure & Construction Ltd (OICL), a wholly owned subsidiary of real estate company Omaxe Ltd. has been awarded another contract from DGMAP (Director General Married Accommodation Project). The contract entails OICL to construct a residential accommodation for defence Junior Commissioned Officers (JCOs) and other ranks (ORs) at Mhow, Indore (MP). The project is pegged at Rs. 202.72 crore. Apart from this, the company had also bagged a contract worth Rs 127 crore to construct a residential complex for defence officers at Nagrota-Jammu and Kashmir recently.
The Indore project would involve the construction of 90 blocks of eight-storey buildings with a total of 1,044 dwelling units. The work also includes internal electrification, internal water supply, road path, area drainage, security walls, fences and gates, street lighting, solar water heater, lifts and fire fighting systems as part of the project. The project is expected to be completed in 25 months. The company is also executing the development of AIIMS at Rishikesh-Uttarakhand, Manyavar Kanshiram Allopathic Medical College and its Associated Hospital at Saharanpur-U.P, Modern Jail at Faridkot and Kapurthala in Punjab. Apart from this, Omaxe group is also engaged in modernisation of ESI Hospitals at Cuttak and Bhubneswar, construction of Convention Centre, Library & Computer Centre at Deenbandhu Chhottu Ram University at Murthal in Sonepat-Haryana and construction of a township at Dariba in Rajasthan. The total value of the infrastructure and contracting projects is pegged at approximately Rs 1180.89 crore.
— TNS
Ashiana Housing in Forbes list of companies
Delhi-based real estate player Ashiana Housing Ltd. has become the only real estate company from India to figure in “Asia’s Best Under A Billion” list of companies compiled by the Forbes magazine for 2010.
Almost 39 Indian companies were able to make it to the list, including Ashiana Housing Limited, which is the only Indian company representing the reality sector. In the entire Asia pacific, only five companies in the real estate space have been able to make it and Ashiana Housing Ltd is one of them from India. Among the 200 companies listed by the magazine, 39 are from India while 71 firms are based in China and Hong Kong. The number of Indian companies has increased from 20 in the last year’s list. “India is in the second place with 39 entities, 19 more than last year, thus making it the biggest gainer. More Indian companies made it to the list this year as the country is less open than many other Asian economies and was, therefore, less affected by the global downturn,” Forbes said in a statement. The Forbes’ ‘Asia’s 200 Best Under A Billion’ list highlights the 200 top-performing small and midsize enterprises having revenues under $1 billion. It picks these firms from close to 13,000 publicly listed Asia-Pacific companies.
— TNS
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LAUNCH PAD New Delhi: The Saviour and Gaursons partnership has launched the Gaur City-2 project in Noida. Located on 130 acres, Gaur City is a fine amalgam of high living ensconced not only by the greenery but amenities such as stadium, mall and multiplex, Olympic size swimming pool, six lakh sq. ft. club, hotel, hospital and schools among others. “The locational advantage of Gaur City is an added benefit, giving a comfortable access from NH-24 Ghaziabad, Noida, and Greater Noida. It is situated at Noida-Greater Noida link Road, next to sector 121 Noida at Plot No. GH-01, Sec4, G Noida. It is just 7 km from the metro station, City Center, Sector 32, Noida, and 11 km from Kalindi Kunj,” said Manoj Gaur, Joint Managing Director, Gaursons. The prices of apartments begin at Rs 16.17 lakh.
Emotions
New Delhi: Paramount Group has announced the launch of its new project Emotions at Noida Extension (GNIDA). Emotions is located in Sector 5, Greater Noida and is spread over an area of 11.5 acres. This project will have 1550 residential units of 2 and 3 BHK, and also a shopping centre. These residential units will be spacious and will posses all the modern amenities. All the units will be three side open and will be designed in such a way that the occupants get a park view.
Speaking about the new project, Ashwani Prakash, Executive Director, Paramount Group said, “Paramount Emotions is value for money to the customers, as this project is a perfect example of modernity, convenience and proximity at a very affordable price”.
Lavanya Apartments
New
Delhi: Vipul Ltd. has launched a group housing project at Sector-81, Gurgaon. Christened as Lavanya Apartments, the project is spread over 10 acres and will carry a realisation value of Rs 255 crore.
The mid segment apartments are aimed at providing an eco-friendly and price-sensitive option to customers who can enjoy the serenity of an open and
natural environment for living while being close to their work places. Speaking on the occasion, Guninder Singh, Chief Executive, Vipul Ltd said, “We have already created a niche for ourselves particularly in Gurgaon by delivering high quality realty projects and we aspire to further strengthen this presence in the region. We have designed Lavanya Apartments to suffice the huge demand for quality housing at affordable rates in Gurgaon. The project is a balance between aesthetics and functionality in best environs, suiting all inhabitants a gateway to high-end living at the epitome of comfort. The key feature of the project is also its strategic location off the National Highway” Lavanya Apartments will have a built up area of 9, 00,000 sq.ft and will offer 470 units spread in 10 residential towers. Customers have an option to choose from the range of 2-BHK, 3-BHK and 4-BHK. The apartments are available at the ticket price of Rs 3,250 per sq ft. The project will be ready for occupancy by 2013. Based on information provided by the builders
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Ambala is mainly divided into two parts - City and Cantonment. The transit city between the national Capital New Delhi and capital of Punjab and Haryana, Chandigarh, Ambala witnesses a lot of tourist rush as they cross through it en route different locations in Jammu & Kashmir, Himachal Pradesh and Punjab. This locational advantage has directly affected the real estate market in the city with demand for newer commercial properties rising considerably in the past few years.
GREEN
HOUSE
Q. I am a government servant. In 1989, I purchased land in a registered society for Rs 47,000 in Lucknow, and gave it to a builder for construction of a house under builder’s agreement; the cost of the house was Rs 2,53,000 (Total cost house = Rs 3 lakh). Both the society and the builder were one party only, and it was all probably done to reduce the cost of registration. I had also taken a loan (Rs 1.2 lakh) from LIC for this house. I have repaid the loan completely, and the registry is in my possession.
— Niranjan Das 