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Prime periphery
Japanese city near Rohtak
GROUND REALTY
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Prime periphery
After Chandigarh and tricity the periphery areas, too, have become a sort of realty goldmine. The area has become a Shangri-la for builders with almost every major realtor coming up with a project here. Some of the construction giants have launched even two projects simultaneously. The bookings have happened; construction has started and in some projects where plots had been sold reselling, too, has started giving some neat profits to the original
allottees. Slew of projects
"Our market study revealed that a sizeable number of people want to live in Haryana only and likewise there are people who want to live in Punjab only. Going by these two inferences we proposed two new projects — the DLF Valley in Panchkula and second our proposed new township in Mullanpur", informs Mohit Gujral, Vice-Chairman of DLF India. Ireo is another group that is coming up with a proposed 200-acre township in Panchkula which would be launched in February. Ireo has already launched a mega township in Mohali where the group is offering group housing settlements. "So far we have sold around 50 units, and I expect in another 6-8 months all of the 382 units on offer would be sold", adds Amir Husain, General Manager of Ireo. Close to Ireo project in Mohali, Shiwalik Builders are coming up with their second project called 'Shiwalik Avenue', on the bypass of Mohali-Kharar road. "The fantastic response to our first project — Shiwalik City in Sector 127 —prompted us to envisage this new project — Shivalik Avenue. This time we launched our project to public only after the construction was about 70 per cent complete. We launched it in August and possessions would be given by January end", claims Amandeep Hira from the Shiwalik group.
Hunt for the best
With so many settlements coming up quite close to each other, it is a tough take for homebuyers to decide on one particular project. What then, is the striking factor that makes a property buyer to zero in on a particular deal? "Ours is the first green project of the tricity. The entire parking is in the basement. As there would be no vehicles on the surface, we will have a lot of green space and area for landscaping. Another USP of our project is that we ensure 'housing for all'. The cost varies from Rs 24 lakh to Rs 48 lakh," adds Husain. High appreciation of property value and with a majority of people buying residential units for investment purposes, many "real" buyers fear whether these projects will actually be inhabited or would just have "proxy" owners waiting to make a good profit after a few years. Limited occupancy in a project leads to a lot of problems for those living there. But builders have taken this factor also into consideration. "The entire phase of DLF Valley has been sold to either government officers or defence personnel. We are giving constructed units, just to ensure that people come and live and the population thrives. Our township would never be a ghost township as actual users would inhabit the place as it is going to be a built up colony", reveals Gujral.
Emerging star
Apart from Zirakpur, Dera Bassi and Kharar, Mullanpur is now being seen as a good option by developers to develop a township on the periphery of Chandigarh as they consider Kharar an extension of Mohali, and Zirakpur has a haphazard setup due to faulty planning. "Mullanpur is the only place which is actually on the outskirts of Chandigarh, so we decided to have our township over here. Our township would be having a total area of 350 acres out of which 140 acres we are developing in the first phase. Moreover, the master plan of Mullanpur is superb as it would be the first eco city of Punjab, and it is proposed to be a low density area. So it means construction would be posh, plot sizes would be big and quality of life would be superb", says Ritesh Sehgal, Vice-President of Omaxe.
Pricing Prices have been appreciating in this belt pretty fast. Recently the Greater Mohali Area Development Authority (GMADA) had launched its Aerocity project. After the draw of lots the plots were resold at a premium of around Rs 15,000 per sq yd against the base price of Rs 12,000 per sq.yd. "Considering the fact that we are quite close to the proposed Aerocity project, asking a price of Rs 15,000 per sq. yard, I suppose is justified. Moreover, the response that we got to our group housing in the first phase makes us confident enough to pull off another victory in our second phase as well", says Soumik
Bandhopadhyay, CEO of ATS Infrastructure who are developing a 300-acre township — ATS Golf Meadows — in Dera Bassi. In the second phase ATS is coming up with villas measuring 350, 450 and 500 sq yds and the pricing would be in the range of Rs 1-Rs 1.25 crore. "We launched the first phase at Rs 2,350 per sq yd and the market rate as of now is Rs 3,200 per sq yd. Our township in Panchkula is fully integrated, but there has to be a lot of residential activity before we develop anything commercial or recreational. The recreational facilities would be of no use if we don't have people to enjoy these? So, as of now our focus is on developing only residential structures which would be completely built up in nature", remarks Gujral. Since property rates in Chandigarh have sky rocketed, and the trend in Mohali and Panchkula is also the same, one buy affordable houses in this belt. "Even GMADA is planning to sell 5,000 plots in the Mullanpur area, which would be a big bonus for our township. Our first phase it 80 per cent sold out. We launched our project at Rs 15,300 per sq yd and the existing price is Rs 17,500 per sq yd. With metro line being developed and a 200-ft wide road approved as National Highway connecting PGI to Baddi, I see the prices to be in the region of Rs 23,000 per sq. yard in the next one year. Moreover, we are developing our township as a luxe proposition with minimum plot size being 450 sq yard, plus we would be developing a club of international standards", informs Ritesh of Omaxe. It is so far so good in Shiwalik Avenue also where 200 out of 250 villas have been sold and the current price is around Rs 15,000 per sq. yard, up from Rs 13,500 at the time of the launch of the project. The realty sector is upbeat and so are the builders about their projects. Buyers have a lot on their platter. Mega plans are there in the offing, and the finished product is also now expected to be swank The authorities should now ensure that everything goes as per the plans approved, so that the periphery of tricity gets converted into a veritable living zone acting as befitting extension of the City Beautiful.
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Japanese city near Rohtak
Rohtak, the home district of the Chief Minister of Haryana which has been in news for various major projects and its promising march towards speedy all round development, has more to offer now. The district will soon have first Japanese city in the state. The city is likely to come up near Madina village in the district about 15 km from Rohtak on the NH 10.
The state government has given a green signal to the proposal of setting up the Japanese city after a meeting of the Japanese entrepreneurs with the Chief Minister Bhupinder Singh Hooda in Chandigarh recently. The Japanese delegation was led by Kensaku Konishi, President and Chief Executive of Cannon India Private Limited. Cannon is presently having its head office in Gurgaon. The company has a turnover of Rs 1,000 crore in India and has expressed interest in expanding its operations further, said an official of the state government. The state government will get a feasibility study conducted for setting up the city which will be similar to a Special Economic Zone(SEZ), claimed the authorities. The delegation had reportedly told the Chief Minister that a large number of industrial units and companies from Japan were interested in investing in Haryana due to investor friendly atmosphere in the state. One Japanese city has already come up in Alwar district of Rajasthan. The city will be self-sufficient as it would have all the relevant infrastructure such as adequate space for industrial units, residential area, market facilities and a adequaute water and power supply with no interference of any agency, claimed the sources in the department. Development of the city would certainly lead to improvement in the basic infrastructure in and around and more avenues for jobs and trade for the residents of the district and the state, claimed an official.
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TAX TIPS
Q. What is the procedure to throw one’s individual property as corpus to create a unit of HUF and change the character of an individual property to that of belonging to the family without any consideration?
— Vinod Kumar A. A Hindu family must satisfy the following two conditions:
n
The family must possess property
n There must be a Hindu
co-parcenary Those members of the Hindu family who are entitled to claim the partition of the family or its properties and are also entitled to have a share as a result of such partition are called
co-parceners. Any male member (co-parcener) of Hindu family can convert his self-acquired property into Hindu undivided family property by throwing the same into common hotchpot (common stock) as being considered to be that of the Hindu Undivided Family. Such a conversion can be made by a word of mouth. It is, however, advisable to make such a declaration in writing in the form of an affidavit. However, at present Section 64(2) of the Income-tax Act, 1961 (The Act) provides that in case of such conversion through the act of impressing an individual property with the character of property belonging to the family without any consideration, the individual shall be deemed to have transferred the converted property, through the family, to the members of the family for being held by them jointly and the income derived from such converted property or any part there of shall be deemed to arise to the individual and not to the family. In view of the above provisions, if the individual property is converted by you to a family property, the income from such property will continue to be taxable as your income. The declaration referred to herein above can be made on a stamp paper which should be duly attested by Notary so as to have evidence in this regard. Apart from the declaration, there should be evidence that the intentions expressed in the declaration have been acted upon. The change in law brought in w.e.f. assessment year 1971-72, as discussed above does not leave any option for creating a HUF without a consideration.
Share in father’s property
Q. I request you to clarify following issues: n My family consists of my widowed mother, we three married brothers and two married sisters. My father was a government servant and mother has always been a housewife with no source of income of her own. My father expired in 2007 and prior to that the house constructed from my father’s income was registered in my mother’s name. My mother has inherited some land (I suppose it is agricultural) from her late father in Gurgaon district. n
Now my eldest brother has persuaded my mother to sell the house and the ancestral land and they don’t intend to give share to anyone. They intend to buy another property in the name of my mother which she intends to will to my eldest brother. n
I don’t want my mother to sell the house and the ancestral land which is not being agreed to by her. n
Do I have any legal remedy to either stop my mother from selling the house and/or the ancestral land or claim my share in the property? n
What should I do to enforce my right? n
Is my mother right in selling the ancestral land without the consent of her all children? Can any of her children ask for partition of ancestral land? — R. Singh The facts in the query also do not indicate whether there was any Will executed by your father. In case the same was executed and a reference to house property in question was made in the Will, it prevails over the provisions of the Hindu Succession Act, 1956. The issue raised by you is bound to have legal implications and I would, therefore, advise you to consult a competent civil lawyer who will go into the entire records/documents and advise you for a proper course of action.
Utilising money from Shares
Q. My wife and I are joint owners of a house in Gurgaon (held for more than three years). I am planning to sell the said house and buy a residential flat due to security concernes. The cost of the flat would be much higher than the sale proceeds of the house as the flat is on the top floor of the building and has a terrace attached with each of the five bedrooms. I have the following questions: n
Can I sell my shares in various companies and utilise the entire sale proceeds to meet the deficit towards the cost of the flat. These shares have been held for more than two years and would be sold through a share-broker on which security transaction tax would be paid. n
The period of two years for the purchase of the flat will be counted from the date of the possession of the flat or registration thereof in the name of me and my wife. — Devinder A. Your queries are replied here under: n
You can utilise the proceeds from the sale of shares towards the purchase of a residential flat. It is presumed that the shares held by you are those of listed companies. The capital gain arising on sale thereof would be exempt from tax in view of the provisions of the Section 10(38) of the Income-tax Act, 1961 (The Act). n
The period of two years for the purchase of flat in my opinion, should be computed with reference to the date of possession and not from the date of registration.
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Stylish & smoke free
Jagvir Goyal gives tips on choosing the right electric chimney for your kitchen
Electric chimneys were produced about 70 years back. In India, these became available in the market in 1980s but didn’t find many buyers. Yet the manufacturers persisted with their production and supply, hoping that the scenario will undergo a change one day. Today, their moment has arrived. The brick and concrete hoods stand completely eliminated.
Types: Electric chimneys are of two types. One type has a duct or vent with it, while the second type has no vent. In the first type of chimney, the duct is led outside the kitchen where the gases, smoke and odour are released. Second type is of re-circulating type. It removes the smoke, gas and odour from the air, consumes them within itself and re-circulates the air back in the kitchen. Which type to choose: The second type of chimney is provided with a charcoal filter which removes all the smoke and odour. This filter needs to be replaced by the user after a specified time interval. Generally, this time period is three to four months. This chimney has the advantage of easy installation. Wherever, the location of kitchen doesn’t allow the provision of a duct to be led outside, this chimney is the only choice. However, a chimney with a duct is more effective than a ductless chimney. It removes all the smoke, odour, gases and even heat of the kitchen and it consumes less power. There is no need to replace the filter frequently. The only disadvantage of this chimney is the provision of a duct and the job of leading it outside the kitchen. A chimney with a duct is the right choice for Indian kitchens. Check the placement: A kitchen may demand the placement of chimney at different locations. It may not necessarily be fixed against a wall. Some large sized kitchens have the hob located on the countertop in the centre of the kitchen. For such positions, island chimneys are suitable. The chimneys produced can thus be wall mounted, island chimneys, corner chimneys or built-in type. Choose one as per the requirement of your kitchen. Budget check: The cost of an electric chimney can be as less as Rs 3,500 and as high as Rs 1 lakh. However, a good make of chimney with all essential features in it can cost about Rs 15,000. Decide your budget, look for essential features before buying a chimney. Air suction capacity: Manufacturers produce electric chimneys with different suction capacity. The capacity varies from 400 to 1200 cum per hour. Choose a chimney having a suction capacity of more than 750 cum per hour for it to be truly effective. Indian conditions demand this suction capacity to take care of all the frying jobs and both vegetarian and non-vegetarian cooking work. Filters: While charcoal filter is required in ductless chimneys only, all chimneys are equipped with baffle filters. Faber was the first company to launch baffle filter and has patented it. Therefore, other companies have named this filter differently. Charcoal filters vary in thickness. Their capacity to absorb odour and particles depends on their thickness. These filters are replaceable. Baffle filters have metal mesh layers which trap the grease particles in the air. These filters are removable and washable. Stainless steel is preferred over aluminum in these filters. Baffle filter, cassette filter, mesh filter etc used by different manufacturers serve the same purpose. Blowers: The effectiveness of a chimney depends on the number and power of blowers. These create a low pressure suction effect around the cooking area. Look for PDCA fans. These are more durable. PDCA means pressure die cast aluminum. Noise levels: Look for a chimney that makes less than 60 decibel sound. Such a chimney will work almost silently. One company has named the technology as hyper hush technology and some of its chimneys produce less than 58 db noise. A few more brands of chimneys run almost silently. Material: Look for a chimney in stainless steel or its combination with tempered glass. Wood and copper are also used in chimneys but glass and stainless steel chimneys look the best and need minimum maintenance. For duct, you may choose aluminum or PVC. Warranty: Many manufacturers offer lifetime warranty on their chimneys. Choose one with such warranty, execute it carefully with the supplier and secure the cash payment voucher. Secure the manufacturer’s local service contact details for calling them in case of trouble or filter replacement. There is no need to spend money on AMC for a chimney. You won’t need it. Ask the supplier if the installation cost is included in the chimney cost itself. Mostly, it is included including the cost of duct. While getting it installed, leave a vertical space of around 2’6” between the gas stove and the chimney. Other important features: Look for a chimney that has low power consumption. Also see that the chimney is pest repellent. See that the controls are push button type. Check for speed variation feature. A chimney should run at two speeds at least, leaving the choice to the user. For extracting lots of smoke, higher speed may be chosen. Automatic timer is another important feature. As chimneys run almost silently, you may forget to switch them off after finishing your work. Automatic timer will switch off the chimney after the fixed interval of time. Some chimneys have auto cleaning feature also. Look for it only if your budget accommodates it. Look for built in lights in chimney. These illuminate the cooking area. Sophistications: These days, manufacturers are adding heat sensors, gas sensors, remote controls, height adjustment feature, temperature display like features to chimneys. These are not essential but you can always look for these if interested. Go ahead, make your choice and happy kitchen making!
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After Chandigarh and tricity the periphery areas, too, have become a sort of realty goldmine. The area has become a Shangri-la for builders with almost every major realtor coming up with a project here. Some of the construction giants have launched even two projects simultaneously. The bookings have happened; construction has started and in some projects where plots had been sold reselling, too, has started giving some neat profits to the original allottees.
TAX TIPS
A. The facts given in the query are not complete. It has not been indicated by you as to how the house property was being reflected in your father’s tax returns as well as in the declaration filed with the government. In case the property was shown by your father as his property in such papers/documents and your mother was declared as a benami holder of the house property, you have a right to claim 1/6th share in said property. The land inherited by your mother from her father can be sold by her without any let and hindrance and you would not have any legal recourse to restrict her from selling such land. You can claim your share in the house property by filing a petition in the court provided the house property was reflected as your father’s property.
There were times when a big sized concrete or brick hood was constructed above the work countertop in the kitchen and brickwork was raised on it, extending beyond the roof slab to let the smoke and gases out. Later, the brickwork was replaced by metallic pipes to get rid of the odd looking vertical chimney. However, these days everyone prefers to have an electric chimney in the kitchen.
Is it essential? Indian cooking involves lots of frying and tadka work. Therefore, an electric chimney should always be provided in an Indian kitchen. Besides saving the kitchen maker from smoke, grease, odour and fumes, it also saves the wall paint from smoke or charcoal deposits over the years.