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Downpour of housing projects
TAX TIPS
IN CONVERSATION
Flexi office furniture
DON’T LET GREEN FADE
Loan groan? Not yet
REALITY BYTES
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Downpour of housing projects
When it comes to securing a reasonably priced house in Chandigarh’s periphery the best is yet to come, as there is good news for those who have not been lucky enough to get a plot in the Aerocity project.
Buoyed by the overwhelming response to Aerocity, which was billed as the largest housing project launched by any government agency in the past decade, the Greater Mohali Area Development Authority (GMADA) would soon be offering about 30,000 free-hold plots in five major housing projects in the Greater Mohali Region in Chandigarh’s periphery area. It would not be out of place to mention that the residential projects would give the private realtors in the area a run for their money.
Projects galore
V.P. Singh, GMADA Chief Administrator
Projects on the cards n
Information Technology Increase in housing demand in Greater Mohali Region
With increasing urban development, there would be a commensurate shift of population from the rural area to cities. Hence it is projected that 3.8 million people or 85 per cent of the total 4.5 million people envisaged in this region by year 2056 will reside in urban areas. The housing projects would be punctuated with leisure, re-creational, commercial and institutional zones. Beginning with IT City, which will be spread over 1,500 acres (with at lest 60 per cent residential and commercial component) near the upcoming International Airport, the GMADA would be offering plots at two urban estates in the Mullanpur Local Planning Area — one near Mullanpur village and the second near Palheri village. Another urban estate has also been planned in Sector 123 near Chandigarh’s Sector 39. The urban estate would come up along the proposed Kharar bypass and would have connectivity with the Chandigarh-Kharar National highway. GMADA is also keen on reviving its project of an urban estate in Zirakpur. Officials said another urban estate spread over an area of 600 acres in Sectors 88, 89 and 90 in Mohali had been planned. It would be an extension of sectors 76 to 80. The officials expect that the land that was under litigation would soon be free for development in light of a recent Supreme Court judgment regarding Knowledge City in Sector 81. GMADA’s Chief Administrator said the authority was initially keen on offering an urban estate at IT City and the other one at Mullanpur. To vacate the court stay at Mullanpur, GMADA would be soon moving an application in the Punjab and Haryana High Court for early hearing.
Bridging the gap
The main purpose of all these projects is to bridge the gap between the demand and supply in the residential sector. GMADA has already completed the land acquisition proceedings under Sections 4 and 6 of the Land Acquisition Act, and was about to announce the land compensation rates when the landowners went to court. Though officials are non-committal about the rates that will be offered in Mullanpur, sources said the rates being offered by Omaxe and other upcoming projects could serve as a benchmark while deciding upon the rates in the proposed urban estate. Officials admit that learning from Aerocity experience, certain conditions would be added in the scheme to check the role of property dealers’ cartels.
Connectivity issues
Unlike many of the private housing projects in the Mohali master plan area that still don’t have proper road connectivity, GMADA urban estates would be carved out along an already developed road network Keeping in mind the proposed road connectivity between the local planning areas of Mohali, Kharar, Mullanpur and Zirakpur, the urban estates would be carved out accordingly. “Road link between different local planning areas in the Greater Mohali area has already been approved.
Wooing NRIS
NRI money has been a key player in the realty market of Punjab and GMADA wants a lion’s share of this. The proposed IT City project has been planned primarily to cash in on the interest evinced by NRIs from Punjab in property in the area close to the international airport. This project will also interest those who have failed to get plots in the aerocity project. Officials in GMADA say the area has been specifically chosen as expansion of the future city has been envisaged towards the southeastern edge of the existing Mohali city.
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TAX TIPS S.C. Vasudeva Q. Someone had sold my plot by impersonation. The accused were, however, arrested after I lodged an FIR, and are now out on bail. They have offered to pay my losses to work out a compromise.
1. The sale amount (Rs 24 lakh), and compensation amount (Rs 5 lakh) comes out to Rs 29 lakh. So will this be the total amount for LTCG purposes, and if I purchase a house for Rs 40 lakh will a sum of Rs 29 lakh or Rs 24 lakh be exempted from tax? 2. If this amount is deposited in bank and a house is purchased within two years, then the interest computed on this amount will be exempted from tax as the amount of new house will be more than Rs 29 lakh plus interest? — Tajinder Singh A. On the basis of the facts given in the query, it will not possible to come to a conclusion that the amount of Rs 5 lakh would become part of the full value of consideration received or accruing on the sale of the plot. The amount of Rs 5 lakh being in the nature of compensation for the cost of mental agony which you must have passed through, should not in ordinary course be taxable as it may not be possible to classify the same under the definition of term ‘income’. However, the decision of this issue would rest on the entire facts and circumstances of the case after taking into account the agreement entered into between you and the impersonator. The full value of consideration in my opinion should be Rs 24 lakh for which the sale deed would be executed provided the said amount is not less than the value assessable for the payment of stamp duty. In case it is less than the assessable value, such assessable value would be deemed to be the full value of consideration for the sale of the property. The interest earned on the amount deposited under capital gains scheme account is taxable and would not be exempt even if the same is utilised for the purchase of a house.
Best way to invest capital gains
Q. My father had purchased a plot in year 2004 through a draw for a total cost of Rs 5.5 lakh. He sold this plot by Sale Deed in May 2010, for Rs 19.5 lakh. He deposited the sale proceeds in his account. Now please explain:
What is his position regarding long-term capital gain? What is the total amount of LTCG from the sale of this plot? What is the best way to invest the sale proceeds of the plot to save tax, and what is the time limit of investing? What is the stipulated period within which one has to buy another plot or to buy or construct a residential house or invest in REC Bonds out of the sale proceeds of the plot (to claim exemption under section 54)? Can the amount of sale proceeds of the plot remain in the account till this stipulated period of time? How this transaction will be shown in the income-tax return? — Mohinder Singh A. The plot was purchased in 2004 and sold in May 2010. The capital gain arising on the sale of the plot would be treated as a long-term capital gain. The capital gain arising on the sale of said plot would be Rs 11,35,313. This is after indexing the cost of Rs 5.50 lakh. The capital gain can be invested in the acquisition of tax saving bonds within six months of the date of sale. The maximum investment permissible in these bonds in a financial year is Rs 50 lakh. Presently, these bonds are issued by the Rural Electrification Corporation Ltd. or National Highways Authority of India. The tax on the capital gain can also be saved in case net consideration arising on the sale of the plot is invested in the purchase or construction of a residential house. ‘Net consideration’ for the above purposes would mean the amount of consideration accruing on the sale of the plot less expenditure, if any, incurred wholly and exclusively in connection with the sale. The purchase is to be effected within one year before or two years after the date of sale of the plot. The construction is to be effected within three years after the date of sale. In case the tax on the capital gain arising is to be saved by utilising the net consideration for purchasing or constructing a residential house within the period as aforesaid, it will be essential to deposit the unutilised amount of net consideration in a bank account under the capital gains scheme deposit account before the due date of filing the tax return. The amount so deposited can be utilised for the purchase or construction of the residential house within the specified period. The income-tax return has a relevant column wherein the particulars of cost, indexed cost and the sale price have to be reflected.
Entitled to claim benefit
Q. My HUF, of which I am the Karta, owns a house at Panchkula and I, along with my wife, have been living in this house since its purchase. I am not paying any rent to the HUF. A portion of the house has been given on rent. Now, one of my sons, who is a member of the HUF, has been transferred to Chandigarh and has started living in the portion that had earlier been given on rent. My query is whether the HUF can charge any rent from my son? If so, then can my son claim exemption from tax allowable under Section 10(13) on the house rent allowance being paid to him by his employer?
— Farangi Lal Kansal A. In accordance with the provisions of Section 10(13A) of the Income-Tax Act 1961, (the Act), any special allowance specifically granted to an assessee by his employer to meet expenditure actually incurred on payment of rent in respect of residential accommodation occupied by him is exempt from tax to such an extent as may be prescribed having regard to the area or place in which such accommodation is situated and other relevant considerations. The exemption in respect of the said allowance is granted provided the residential accommodation occupied by the assessee is not owned by him and assessee has actually incurred expenditure towards payment of rent in respect of the residential accommodation occupied by him. You seem to satisfy both the above conditions, and therefore, you should be entitled to claim the benefit under the aforesaid Section subject, however, to the limits prescribed under Rule 2A of Income-Tax Rules 1962.
The writer can be contacted at sc@scvasudeva.com
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IN CONVERSATION Geetu Vaid Revival of the realty market has not left the commercial segment untouched. There has been a steep hike in the rates of commercial property in the past few months. This hike has made Mumbai seventh and New Delhi 11th in the list of most expensive office spaces in Asia. Keeping in pace with the intense competition, the builders are trying out more inventive methods to be different and customised. Parkash Mehta, MD, Ocus Skyscrapers Realty Ltd, talks about the upward trend in this segment and the investment opportunities. What is the state of commercial real estate market in the northern region post-slowdown? The real estate market in India, especially in the northern region, is on a high growth curve on the back of a booming economy growing at the rapid rate of 7-8 per cent, favourable demographics and liberalised FDI regime, opening up immense potential and ensuring profitable return on investments. With the burgeoning Indian retail industry now placed at $320 billion and expected to cross $600 billion by 2010, not only the domestic entrepreneurs like the Bharti Group, Reliance Industries Ltd and Tata Group are planning to foray into the retail segment, but the foreign players like WalMart, Liberty International, Carrefour, Tesco and Casino are also eager to have a share in this untapped market. This would surely result in increased demand for commercial real estate. Development in the NCR and Delhi region is on fast track owing to infrastructural developments such as construction of expressway, flyovers, and metro and other projects due to the Commonwealth Games. In the past few years, suburban locations, including Gurgaon, Greater Noida and Faridabad, have witnessed a substantially higher percentage of growth in capital value due to extensive commercial activity for office spaces being leased and purchased in these areas. The increased development of the commercial belt has resulted in a concurrent demand for quality residential space in these as well as the neighbouring areas. Areas like Manesar are also being developed. What new trends you see in this segment? Some of the factors that have given a boost to the Indian real estate market are the FDI policies have increased the amount of Foreign Investment in India. Owing to this our country ranks second most preferred location in the world for investment in this sector. After agriculture industry, real estate has become the second highest employer. The large number of people getting education in India will demand over 100 million sq feet of office and industrial space. More so, India has been a host to Fortune 500 companies which in turn attract more companies to make this country their operational base which will also require more office space in future. Thus, it is evident that the real estate sector in India will see a lot of work in the years to come. A demand for flexible office suites with state-of-the-art facilities is the future. Which new areas your company is trying to explore in the commercial segment? A new segment that we see will really catch up and in times to come is that of built-up office suites. These are in fact, offices that will have a washroom, pantry, and flooring provided by the developer to the user at the time of delivery. This will save a lot of time and money that is usually required to set up an office. All this packaged with A-class corporate facilities and a retail arcade will fulfill every need of a buyer. Above all, this all will be priced at par, if not lower than, a two-bedroom apartment. This is a segment with huge potential as SME as well as first time investors/ property owners do not get such options in Gurgaon, leave alone Delhi. Due to the huge investment required to buy a commercial property, anywhere in the NCR, it is not generally favoured as a primary investment. Commercial space in Delhi in areas like Nehru Place, Bikaji Cama and others district centres is in very poor condition, but still very expensive to buy and the options in the NCR are large in sizes and bring along with them a back-breaking maintenance bill, all this cumulatively acts as a deterrent for our middle and upper middle class to look at it as an primary investment and SMEs from purchasing their own office rather then remaining on rent. We have introduced the office suites concept to fill this void and it has received an overwhelming response from the market giving thumbs up to our concept. You mention affordable offices, how do you make that happen? A number of factors make this happen. These include: Nominal maintenance cost as we are providing split ACs; using modern means of construction to help reduce cost which we have passed on to the consumer; flexible office sizes starting from 464sq.ft. to satisfy the need of every pocket; proving high efficiency hence giving consumer better value for money; making washroom, pantry, flooring and air conditioning for every office hence reducing cost due to economical scaling, otherwise it will be very expensive for each to make their own washroom, pantry, flooring and air conditioning. What are the investment opportunities in this segment and is this the right time for investors to jump in this segment? Flying high on the wings of booming real estate, property in India has become a dream for every potential investor looking forward to dig profits. All are eyeing Indian property market for a wide variety of reasons: It’s ever growing economy which is on a continuous rise with 8.1 percent increase witnessed in the last financial year. The boom in economy increases purchasing power of its people and creates demand for real estate sector. India is going to produce an estimated 2 million new graduates from various Indian universities during this year, creating demand for 100 million square feet of office and industrial space. Real estate investments in India yield huge dividends. 70 per cent of foreign investors in India are making profits and another 12 per cent are breaking even. Apart from IT, ITES and Business Process Outsourcing (BPO) India has shown its expertise in sectors like auto-components, chemicals, apparels, pharmaceuticals and jewellery where it can match the best in the world. These positive attributes of India is definitely going to attract more foreign investors in the near future. So demand in this segment is going to increase massively in the next few years and it surely is a good investment option.
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Flexi office furniture
Designed for the Asia Pacific market by Herman Miller, Arras — the new age take on workspace — allows one to be able to sit and work anywhere and at any time. Freedom to sit anywhere fosters the organic development of relationships and encourages communications and collaboration. “Arras promises a free and easy solution to work stress – one should be able to sit anywhere and at any time; your decision informed by work schedule, available space, the nature of your task, relationships with others, and of course, personal preference. I would describe it as a perfect fit for every modern Indian office,” says Kartik Shethia, National Sales Manager, Herman Miller India.
The open and welcoming design of this furniture range establishes everyone at the same level, creating better opportunities for collaborative work and knowledge sharing. The Arras power channel features pivoting wings that open smoothly, and recede gently into a vertical pocket to remain uplifted as you wish, and return to the closed position with a reassuring click. Arras delivers an imaginative palette of photogenic colours and finishes to accommodate almost every taste. Available in all major cities of India with showrooms in Bangalore, Cochin, Chennai, Hyderabad, Kolkata, Delhi, Ahmedabad and Mumbai. According to Shethia, “The NCR region on the whole is the target region with Delhi, Gurgaon and Noida being the prime targets in North India with two stores launched at Okhla Industrial Estate and Noida and the third one on the anvil in Gurgaon”.
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GREEN HOUSE Satish Narula If we don’t attend to the roses now, then soon it will be too late and would literally mean a gap of almost a year to carry out all the operations, from pruning to planting. The pruning process has to be carried out judiciously otherwise you may lose the plant altogether. In this region, the pruning of rose bushes is carried out once a year, in the first fortnight of October. This, in fact, is the most important aspect of growing roses as the lifespan of the plant and uniformity of blooms in the bed depend on this factor. We want to caution you on one very important aspect of pruning i.e. the root exposure. Say a strict no to this. We have been strictly advocating leaving the roots alone and not to expose them at the time of pruning. This is normally done by almost all gardeners and the explanation given is that the plant roots need air and light for rejuvenation. This is not correct. The roots don’t move out towards light but downwards, towards darkness as these are photonegative in nature. In case there is some requirement in particular plant species, then the cause is different and the nature grows aerial roots on the plants on its own. In the process of exposing the roots we damage the feeder roots that are confined to the upper few inches of soil. The injured plants are thus exposed to all kinds of soil-borne fungi. This shortens the plant’s life span and there is a continuous decline in plant health and they keep dying one after another. Either we don’t fill the gap as we don’t get the plants of the same variety or we fill the gaps with fresh plants and these don’t match with the old lot in the bed. Thus the bed uniformity is lost. The dead mass of roots makes the soil sick, and it also becomes a source of infection for the healthy plant roots. In order to rejuvenate the plants at this stage see that the plant is not infested with red scales. These can be identified by having a close look at the twigs that are dull green reddish or even of off-white colour. Scrap it a little and the original green colour of the stem will be visible. In that case, prune the plant and destroy the pruned wood by burning. In the home gardens you can also give individual plant treatment by rubbing and cleaning the twigs with an old used toothbrush while dipping it repeatedly in rogor solution prepared by dissolving rogor at one milliliter to a liter of water. You can also use phorate granules, the Thimet 10-G application in soil at one tablespoon per bush to be applied at the time of pruning. Don’t handle the granules with bare hands. And also don’t also forget to apply a disinfectant at the pruned ends or else there will be die back disease that may even kill the plant. You can prepare blitox slurry for the purpose by adding a few drops of water in blitox powder.
Fortnightly alert
This is the last call for those who want to plant trees, shrubs, climbers etc as the plants need to establish roots before the winter sets in. Since the plants are subjected to transplant shock, they need some time to establish roots before the winter sets in. And we hardly have any time left as the weather seems to be taking a turn.
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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DON’T LET GREEN FADE
Green is the buzzword these days. From Commonwealth Games venues to vehicles, everyone is talking “green”. But more than just being a fashion statement, it is a pre-requisite for our future and the need of the hour. A building is not green just by the colour or the green surroundings. It becomes “green” due to the material used for construction, the land where it is constructed, the technology used in its designing and most importantly, the manner in which it is maintained. It is the practice of creating structures by employing a process that is eco-friendly and energy-efficient throughout the life-cycle of the building. A “green” building follows a specific technique right from citing the development area to its designing, construction, operation, maintenance, renovation, and deconstruction. It uses less water, optimises energy efficiency, conserves natural resources, generates less waste and provides healthier spaces for occupants. Builders and developers are now increasingly using innovative concepts like a courtyard as a microclimate generator, use of AAC blocks despite conventional bricks to provide better insulation, a sunken court and fins to ensure maximum diffused natural light entering the basement, use of grass pebbles or green pavers to reduce day glaring, a light well to produce an aesthetic language, use of double glazed glass to reduce green house effect and creating a green roof. Water harvesting and recycling, product recycling, use of solar energy are some of the other techniques used in green buildings. But just as these buildings are created with immense hardwork and presented to the customers with pride, a similar response is expected even after possession. No matter how sustainable a building may have been in its design and construction, it can remain so only if it is managed responsibly and maintained properly.
Educating
One of the main aspects towards maintaining a green building is raising the awareness levels of its residents on how to sustain the aesthetics of the building while deriving optimum savings over the course of time. By the time signs of wear and tear start showing, the carelessness towards minute details may seriously affect the condition of the building in the long run, for example; replacing a CFL bulb with a non-CFL one or replacing the dirty filters with the cheap quality ones or painting the rooms with bright new colours, but with paints containing VOCs. All such activities can significantly degrade the building’s energy efficiency, cost effectiveness and air quality. The basic nuances of maintenance have to be taught, and, better still, have to be self-ignited among the residents.
Evaluating performance
Any item that is overused leads to normal abrasion. The performance of green buildings should be evaluated from time to time in order to ensure that the technology utilised in the construction and performance is intact and is helping to reduce environment pressure. If this is not the case, then it is time that the building needs an overhauling.
Responsible attitude
The residents have to develop a positive attitude towards the changes in the “green” building, which begin to appear once the inhabitants fully utilise the resources. Here, the happy-go-lucky attitude will not help in maintaining the quality and the standard of the building. The replacements and other activities would require everyone to hone a much more responsible attitude to make sure that the actions conducted do not lead to degeneration of the quality of their own homes. Society needs to be a bit more captivated with the future rather than with the glory of the past. Merely expressing the desire to dwell in an atmosphere which is 100 per cent environment friendly is not enough. What is required is a full commitment to ensure that the promise made today of not damaging the environment, is kept even in the coming years. — The writer is the Director, 3C Company
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Loan groan? Not yet
The message from the RBI’s move clearly indicates an upward bias in interest rates, but unless there is pick up in credit, there may not be a hike in lending rates. It is also possible that deposit rates may go up first and then the lending rates, subject to credit demand. Teaser rates are likely to continue as no bank is ready to withdraw these. The SBI is also not in a mood to discontinue teaser rates. Housing Development Finance Corp (HDFC), the country’s largest mortgage lender, would continue its teaser rates as long as other banks offered similar schemes; it seems that it is a product that can stay, even permanently, unless all banks decide to discontinue it together. Recently, HDFC launched a repackaged dual rate home loan scheme, which is part fixed and part floating. Under this offer, loans will be available at a fixed rate of 8.5 per cent till March, 2011, 9.5 per cent for the period between April 1, 2011 and March 31, 2012, after which the applicable floating rates will apply. Such dual rate home loan scheme has been launched by almost all the public sector banks. The State Bank of India (SBI), the pioneer of the special home loan scheme, has extended its special home loan scheme to December 31, 2010. SBI did a cost analysis and realised that it is possible to continue with the special home loan scheme without the bank’s net interest margin being hit, said a senior SBI official. The special home loan offers loans at 8 per cent for the first year, and then 9 per cent for the next two years after which it will revert back to the floating rate of interest that would be decided by the bank. The special home loan scheme has held SBI in good stead with the home loan book of the bank being the largest at Rs 75,000 crore with the loan book growing by Rs 3,500 to 4,000 crore per quarter. The reason why banks will like to continue with the special home loan scheme is to give a push to the credit growth said Mr. V.A.Ghai, former assistant general manager of the bank. The credit growth during the year from March to date has been around 11 per cent. During Dussehra and Diwali, there is a spike in home buying. Therefore, SBI wants to cash in on this trend with the reduced teaser rate. Property purchases had risen over the last two quarters, but this rise was fuelled by improved sentiments that came after the economic revival and stability, and increase in home loan rates is not likely to dent the market substantially, says Mangat Rai Baboota, a property consultant from the tricity. Naresh Duggal, who has recently retired from Punjab University, Chandigarh, and is planning to purchase a house, feels that buyers are still getting good rates. The interest rate of around 8 to 9 per cent is acceptable to the customers as well as to the banks. So the prospective buyers can side-step the increased rates by finalising deals before Diwali.
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REALITY BYTES New Delhi: The Greater Mohali Area Development Authority (GMADA) has awarded a Rs 70.4 crore contract to Omaxe Infrastructure and Construction Ltd (OICL), to construct highway and three high level bridges in Punjab. OICL is a wholly owned subsidiary of Omaxe Ltd. OICL will build 200ft wide road form Mullanpur/UT boundary upto T junction of Kurali-Siswan road at SAS Nagar, Mohali, Punjab. The total length of road is 8 km. In addition, the company will also build three high level bridges and culverts on the same road. The project is expected to be completed in 16 months. Confident about the strategic diversification, Mr. Rohtas Goel, CMD, Omaxe Group, said “This is our first venture in highway construction and we are determined to provide superior quality development and maintain consistency in our work. We are committed to Government’s vision of developing world class infrastructure and this project will be a model for future projects. We are extremely delighted that on-going projects are in sync with the proposed timelines making it easy and credible for us to bag more such contracts.” — TNS
Hinduja Realty to invest 5,500 cr
Mumbai: Hinduja Realty Ventures will invest Rs 5,500 crore in the next 3-5 years to develop four projects in Hyderabad, Bangalore and Chennai.
The projects, which will have a total of 30 million sq ft of saleable area, will have both residential and commercial spaces. “We will invest Rs 5,500 crore in the next 3-5 years to develop four projects comprising 30 million sq ft of saleable area,” Hinduja Realty Ventures Chief Operating Officer Ravinder Babbar told reporters on the sidelines of a FICCI-E&Y Real Estate Summit in Mumbai recently.
— PTI
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Revival of the realty market has not left the commercial segment untouched. There has been a steep hike in the rates of commercial property in the past few months. This hike has made Mumbai seventh and New Delhi 11th in the list of most expensive office spaces in Asia. Keeping in pace with the intense competition, the builders are trying out more inventive methods to be different and customised. Parkash Mehta, MD, Ocus Skyscrapers Realty Ltd, talks about the upward trend in this segment and the investment opportunities.
Designed for the Asia Pacific market by Herman Miller, Arras — the new age take on workspace — allows one to be able to sit and work anywhere and at any time. Freedom to sit anywhere fosters the organic development of relationships and encourages communications and collaboration. “Arras promises a free and easy solution to work stress – one should be able to sit anywhere and at any time; your decision informed by work schedule, available space, the nature of your task, relationships with others, and of course, personal preference. I would describe it as a perfect fit for every modern Indian office,” says Kartik Shethia, National Sales Manager, Herman Miller India.
GREEN
HOUSE
Green is the buzzword these days. From Commonwealth Games venues to vehicles, everyone is talking “green”. But more than just being a fashion statement, it is a pre-requisite for our future and the need of the hour. A building is not green just by the colour or the green surroundings. It becomes “green” due to the material used for construction, the land where it is constructed, the technology used in its designing and most importantly, the manner in which it is maintained. It is the practice of creating structures by employing a process that is eco-friendly and energy-efficient throughout the life-cycle of the building.
We want to bridge the gap between demand and supply. The Aerocity experience has shown that there was demand for housing and the government is keen to fulfill this demand. Though the housing projects, GMADA would be offering a large number of plots in varying sizes over the next few years. 
I had purchased the said plot in 1992, and they had sold it in April 2008, for Rs 24 lakh. Now they are offering me Rs 5 lakh as compensation. And the Intekal of the plot will be done in my name. After this I will be able to sell it to any other party. My questions are
The hike in repo and reverse repo rates by 25 basis points and 50 basis points, respectively by the RBI is not likely to be effected before Diwali as banks are all set to announce festival discounts, especially on home loans, as it is understood that there will be credit demand during the festival period.