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REALTY BYTES
TAX TIPS
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GOLDEN CHOICE
Major developers had seen the residential as well as commercial potential of the area way back in 2002 when players like Omaxe, Ashiana, Eldeco etc launched their residential projects here. At present there a number of developers like Vipul and CHD have high-end luxury and mid-segment residential projects coming up in the area. The latest to launch a premium residential project being Tata Housing. The company is going to launch its 36-acre project having premium apartments and duplex floors in Sector 72 in the second week of November. DLF Plots at Sector-73 is another ambitious project in the area with which the group will once again develop plots after almost 15 years. The revival of realty market in 2010 has had its effect in this area also as there has been a 20 to 25 per cent increase in residential property prices in the area in the past eight months. "Those who had invested in different projects in this area in January this year, too, have made good profits, even up to 30 per cent in some projects", says Sharad Khurana, of Gurgaon-based Raj Realtors. The prices which were in the range of Rs 4,500 per sq ft in January are now over Rs 5,500 per sq ft, says Khurana whose firm is the authorised channel partner of Tata Housing, DLF and Unitech groups. "Sohna Road has a locational advantage as it falls on NH-8 and thus it boasts of a good connectivity. It is becoming the centre of new age residential space development. It has given a thrust to the real estate development in Gurgaon. Located in proximity to Gurgaon, Sohna Road has gained prominence as an upcoming locality of the Millenium City. The area is already under the radar of business honchos as well as many developers who are now developing their projects at this location offering safety, international quality gated communities", says Guninder Singh, Chief Executive, Vipul Ltd that is coming up with Tatvam Villas project in the area. This is one reason for fast track development in the area. The infrastructure base is strong here and with metro connectivity and proximity to airport the area holds a lot of attraction for NRIs. According to Rohtas Goel, CMD, Omaxe Group, "The strategic location is one good reason for the fast development of the region. The area is centrally located but still away from the hustle and bustle of the city. We have already developed two residential and three commercial projects over there for which we have had tremendous response. As more and more homebuyers prefer gated communities and integrated townships, the builders are coming up with projects in this segment. An upcoming industrial township like IMT Manesar in Roz Ka Meo, 26 km from Gurgaon, is likely to strengthen the industrial and commercial development in the area. The proposed artificial lake project in Sector 72 and 72A will add to the eco-value of the area. So be it villas, penthouses, apartments or commercial space, Sohna Road is brimming with options.
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Divali Décor-II
The festive lights are dazzling like never before. But the light bulb in your brain is yet to blink.
Divali is here; and you are still scratching your pretty little head with anxious fingers
thinking of some bright ideas to light up your house, and your mood, on the occasion.
Of course, you are not dim-witted. But it’s also true you allowed precious moments to slip out of your full-of-activity hands. And, while you neighbour was busy getting his house and his status fixed and touched up for the “D-Day”, you were merely reposing in the easy chair with your fingers tapping the laptop keys. The corner table was gathering coats of dust and the not-so-friendly spider was weaving its web out of your unresponsiveness right from the bend in the walls to the ceiling. But you kept thinking `it’s never too late’, till it was actually too late. And, now when the entire neighbourhood is decked up like a bride with garlands of intelligent psychedelic lights around the made up faces of the residences, you want your abode to stand up to this stiff competition whether it is the inside or the outside. Looking at the villa, you realise broomstick treatment and scrubbing are just not enough for you to give your house a facelift. You need to do something more than just throw the old bedspreads, cushion and pillow covers out. You need a quick solution, but what? Worry not! Do what the Kapoors have done to their humble habitat for brightening up the house without dipping the paint brush in the open can. Putting up in Sector 24, the living room of their not-so-palatial house lacked brightness, as the family whose two sons are settled abroad, found little time to get the house repainted before the Divali festivities. Not the one to let the house wear a gloomy look on the cheerful day, youngest daughter Sarita has come out with a brilliant idea. Young Ms Sarita has hung a picture — a bright cheery painting of blue chuckling mountains overseeing a silvery stream cutting its way through the rocks. You, too, can buy for yourself a nice work of art. These are easily available, and if you buy one of the posters of paintings, instead of the canvas, you do not have to shell out more than Rs 350 from your wallet. To compliment the painting, just toss some bright colored cushions on the sofas and diwan. For cushion covers, mirror work material and artifacts are easily available in the market. You can always stitch round or square mirrors onto the cloth, and in the process make cushion covers, bedspreads, wall hangings and table covers. To top it all, take out a not-so-forgotten sari from the closet and hang it in between the curtains. You may need a stitch here and a stitch there. But then remember you did not follow the basic principle of `a stitch in time saves nine’. Just by spending something like 10 minutes, your room will wear a whole new look. And, don’t forget to pick up some earthen or terracotta bells and diyas. Place them just near the entrance in a corner. They add to the festive spirit and give your house a touch of tradition and piousness. The stuff is not very expensive either. A diya will cost you anywhere between Rs 2 and Rs 20, depending upon the size and the design. “Take home those inexpensive earthenware pots and urns. Decorate them. Dye a thick rope of any colour and put it around with glue,” says Ludhiana-based IT professional Neerja Chauhan. “Or simply, paint the pots”. Aromatic and floating candles also throw light on your `good taste’. “Put the floating ones in a glass bowl, along with some rose petals,” suggests Amritsar-based interior decorator Ritu Sharma. Another thing! Just make sure the Divali lighting has your personal touch — put these around the idols; toss them on the shrubs. They look good just about everywhere. In the end, trace rangoli patterns at the entrance to leave the guests
floored. Concluded
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GREEN HOUSE
In
fact, all the landscape elements belong to Nature. The man has learnt the art of landscaping from the Nature. A close observation of lakes, waterfalls, natural canopies, stones, pebbles, hills and trees has made it possible for him to create these in natural form in his garden either as such or in miniature form when space becomes a constraint. Garden is one such place where the owner relaxes to shed the day’s tiredness. The melody of the falling water and fragrance of blooms is what is required to savour this experience of being in the lap of Nature. Meditation has been the elixir of life for the ascetics and we are reverting back to that. A meditation hut is now created in almost every garden. Some people call it gazebo. The meditation hut is created with the help of RCC by creating bamboo and wood impressions. In fact, initially, the gardeners started making it natural by erecting thatch huts. But it is not very practical as firstly, it is difficult to maintain and needs a replacement every three to four years. Secondly, the thatch would house many insects that would fall from the roof leading to trepidation of meditation. The hard structure however, was sturdy. These have to be constructed as per the space available (See the accompanying picture). No doubt, the space available in the garden here was not a constraint but another factor that its placement should fit in the garden, too, keeping in mind the features around it. The ‘hut’ could be created next to the waterfall. While creating a waterfall keep the height in mind according to the amount of sound effect you want. The sound of falling water should not disturb or be a hindrance when you are talking or listening. For this the water can be made to slide down a slope and that, in fact, would look better as it would become white and frothy. While creating water fall, also give a gentle flow on floor, too, with the provision of stones on which you can sit with your feet dipped in water. But for this make sure that you change the circulating water at least once a week and keep the stones in good clean condition. This water can be used to irrigate lawn and beds. For such locations, the presence of fragrant plants is a must around the spot, and it again depends upon the space available. Planting a tree at a small space would completely cover it and hide the other features. For small kind of fragrant plants you can grow motia, tuberose, narcissus (in the season) and Francisia and raat-ki-rani. Climbers are such plants that can fit in any situation as you can give them a placement of your liking. Jasmine, jhumka bel, and Lonicera japonica are good fragrant climbers. In small stature trees Plumeria is a good choice and champa is a good high tree that gives excellent fragrance.
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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CBRE awarded
New Delhi: CB Richard Ellis India has been named the “Best Integrated Facility Management Company” by The India Chapter of the International Facilities Management Association. The company was also recognised as the Best Real Estate Adviser and the Best Project Management Service Providers for their outstanding Practical and Sustainable services in the country. The awards were conferred during the IFMA Awards of Excellence 2010, held on October 23 in Bangalore. Commenting on the awards, Anshuman Magazine, Chairman & MD, CB Richard Ellis, South Asia Pvt. Ltd said, “These awards are a testimony to our commitment in offering the most professional real estate consultancy services in the country. We would especially like to thank our clients who voted for us for this recognition which reinforces our solid standing in the Facilities Management sector where we have maintained the number one spot for many years now.”
Chennai: Aiming at a pan-India presence, real estate developer Tata Housing Development Company, a division of the $ 70.8 billion Tata Group, will foray into this southern metropolis with a Rs 1,500-crore project. “We would like to announce the first landmark development in Chennai — Crescent Lake Homes. It is our first project in Chennai and part of integrated development...,” the Mumbai -based company’s Managing Director and CEO Brotin Banerjee told reporters in Chennai recently. In the first phase, the company would invest around Rs 650-700 crore for developing 960 apartments, including one, two and three bedrooms, he said adding, the ground breaking ceremony would happen in another two-three months. The first phase will be completed by 24 months and in the second phase the company proposed to build row type villas, three and four bedroom apartments at an additional investment of Rs 750 crore, he said. The project would come up in the industrial corridor of Oragadam situated about 45 km from Chennai. “It is a developing area with lot of MNCs present in the locality ...,” he said. “This is a four-year project and the entire housing apartments will have 2,200 units,” he said. The project coming up on a 25-acre site would be subjected to the Indian Green Building Council conditions and would be of ground plus 18 floors apartments. It would have a school, party hall, primary health centre and recreational facilities. “The cost (of housing) ranges between Rs 14 lakh and Rs 35 lakh,” he said. — PTI
Help for home buyers
New Delhi: Top Mortgage Brokers, an entity which facilitates home buyers to avail loans, today started a new service to help potential buyers to check a property’s authenticity before signing on the dotted line. The service, which is likely to hedge customers’ risk of being cheated by unscrupulous sellers, will initially be available in the national capital and its extended areas of the metropolis. “Proceed: The property report is not only going to help the customers in buying property without fear, as it checks the legal title but will also help him realise the fair deal price of the property that he wish to purchase,” Top Mortgage Brokers’ Chief Executive Officer Sachin Mittal said. While a buyer from Delhi will have to dole out Rs 9,999 for availing the service; in the National Capital Region, the charge is Rs 6,999, he said. Mittal said the company would also do the valuation on behalf of the customer of the target property by taking into account the location, demand-supply situation of the area it is located, civic amenities and safety aspects.
— PTI
Energetic’s
expanding footprint in India
New Delhi: The already overcrowded and fiercely expanding CFL lighting industry in India has a new player, Energetic lighting from USA. Currently the Energetic group of companies manufactures a whopping 360 million pieces of CFLs every year and exports these products to over 50 countries worldwide. In less than year into its operation, the company is already clocking Rs 200 crore annual turnover (for the FY 2010-2011). The internal strategy document forecasts a Rs 500 crore turnover at the end of FI 2012-13. Out of the total Indian consumption of 260 million CFL bulbs per annum, Energetic is already manufacturing 24 million bulbs in its first year of operation which is a 10 per cent market share in the launch year. While putting together the last few pieces of a spanking new CFL manufacturing facilities on the Delhi – Jaipur national highway, Krishan Mehta, Managing Director , Energetic India, quipped, “This factory at Bawal will more than double the current 36 million per annum capacity of Energetic to over 84 million by this year end.” Instead of setting up a hundred per cent subsidiary,Energetic has entered into a 50:50 equity joint venture with an Indian company, V.P Electromech, whose promoters had a long standing experience of manufacturing and branding of luminaries for major electrical players in the country. The strategy behind having a local partner was to make the Indian operation accountable through an entrepreneurship model. According to Mehta, “From a current 8,000 retailers in 40 cities, we would touch a whopping 30,000 retailers in 200 cities in next three years. We have set the shortest possible target for ourselves. We are appointing 20 retailers every day across India and shall continue to do so for next 1,000 days till we reach our target base of covering 30,000 retailers.” Mehta wants to break away from conventional distribution. He says, “Reach and a deeper reach, like any FMCG, is the future of CFL bulb marketing. You should be able to buy a CFL from a store which sells shampoo and bread. Why do I expect the buyer of a bulb look for an electrical store? I want to reach out to him through the kirana store.
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TNS
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TAX TIPS
Daughter’s share in inherited property
We are one brother and one sister. My queries are as under:
— Mehak Singh A. The facts given in the query indicate that the agriculture land has been inherited by your father, and thus, is in the nature of the family property. Replies to your queries are therefore based on the above presumption and are given hereunder:
(i) The daughter is allotted the same share as is allotted to a son; (ii) The share of the pre-deceased son or a pre-deceased daughter, as they would have got had they been alive at the time of partition, shall be allotted to the surviving child of such pre-deceased son or of such pre-deceased daughter; and (iii) The share of the pre-deceased child of a pre-deceased son or of a pre-deceased daughter, as such child would have got had he or she been alive at the time of the partition, shall be allotted to the child of such pre-deceased child of the pre-deceased son or a pre-deceased daughter, as the case may be. Explanation: For the purpose of this sub-section, the interest of a Hindu Mitakshara co-parcener shall be deemed to be the share in the property that would have been allotted to him if a partition of the property had taken place immediately before his death, irrespective of whether he was entitled to claim partition or not”. In view of the above provisions, your father has the right to make a Will of his share in the land owned by the family and the rest of the property shall continue to vest with the HUF.
Can claim exemption
— Raj Kumar A. On the basis of the facts given in the query it is clear that you have deposited the amount under the capital gains scheme account which had not been appropriated towards the acquisition/construction of the residential house within the specified period. The language of Section 54(1) and 54(2) of the Act does not warrant that there should be direct nexus or live link between the amount of capital gain and the amount deposited under the capital gains scheme account. In my view, therefore, you should be entitled to claim the exemption under Section 54 of the Act for the assessment year 2011-12. I may add that in case you do not utilise the amount deposited in capital gain scheme account for the acquisition/construction of the residential house within the specified period, the capital gain deposited under the capital gains scheme account would be taxable as a long-term capital gain in the year in which the period of three years expire from the date of the sale of the house.
Not liable to pay tax
Q. I am confused so I request you to kindly advise me on the following points regarding LTCG and bond as per the details given below:
— H.B. Singh Bakshi A. Your queries are replied here under:
(480) The amount of capital gain would thus be Rs 24.31 lakh. It would be advisable to obtain a valuation report for the cost of construction of the portion which you intend to sell so that the correct amount of capital gain can be worked out.
Wrong info on amendment
— G. S. Bhatia A. Your queries are replied here under:
The writer can be contacted at sc@scvasudeva.com
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With Gurgaon too going the Delhi way as far as the prices of property are concerned, the focus of investors, end users as well as the realtors is shifting towards newer destinations in the vicinity. One such address is Sohna Road, which is being touted as a realty goldmine by industry experts after the Golf Course Road area. A number of residential and commercial projects and certain government endeavours have added to the golden gleam of this area.
First it was the woods, then villages, and finally the cities. Man has moved from the bewilderment of the wild to the hustle bustle of the cities hardly realising that he actually belonged there. Now after the day’s hectic activities, he wants to go back into the lap of Nature. For this he has learnt to create nature’s features around him.
Q. My father owns the following agricultural land within the municipal limits of a city:
Q. I had sold a house on June 30, 2010 for Rs 15 lakh and earned a long-term capital gain of about Rs 10 lakh thereon. I purchased a plot in July 2010 for Rs 12 lakh and sold the same in September 2010 for Rs 15 lakh. The due date for filing the return in my case for the assessment year is July 31, 2011. I have deposited the amount of capital gain of Rs 10 lakh in the capital gains scheme account in the last week of September 2010. Can I get the exemption in respect of the long-term capital gain earned on the sale of my house as I did not deposit the same amount of capital gain which was earned on the sale of the house? 
Q. My wife is going to sell a residential home in Panchkula for approximately Rs 2 crore. After deducting the indexation, the net LTCG is about Rs 1.70 crore. Out of this LTCG, she will deposit Rs 50 lakh in bonds in December 2010, and another 50 lakh in April 2011. My questions are;