REAL ESTATE
 


NRI money may cheer realtors
Come Christmas and it’s boom time for Punjab realtors thinking of making it big through Non-Resident Indians (NRIs), who start trickling in during this time of the year. With the rest of the world limping out of recession and Indian economy surging ahead, NRIs do bring some cheers to the real estate business in the region through their moderate to heavy investments in properties.

Most preferred investment option
Real estate remains the preferred choice of urban Indians for long-term investments, scoring over equities, gold and state-run savings schemes, says a leading industry lobby.

TAX TIPS
Get registration for Service Tax
Q. 1) Whether following deductions are allowed as deduction out of gross rent received for a commercial building, while calculating tax liability under "Income from House Property".

n Deduction on rental income
n HUF facts
n Claim exemption
n Selling under-construction flat

GREEN HOUSE
Caring for lawns in winters
Reading about the lawns at this time may surprise many. But I always try to discuss a subject when I receive innumerable queries about a particular garden element.

HOME DECOR
Rustic charm
Rustic look for your home involves giving a natural country-style look to the interiors. Rustic home decor has always been in trend. The rustic theme calls for the use of neutral, natural and earth tones from the nature. Choose colours that are warm and have different tones of woods. Brown, green, rust, a muted cousin of vivid and grey-blue reflect the natural look. Powdered versions can also be used to achieve the colour correctness. For the bathroom, choose several shades of complementary dark green, with pure white or a dark or a lighter shade of brown for the perfect rustic color palette.

REALTY BITES
NAREDCO convention in Jan
National Real Estate Development Council (NAREDCO), the apex body for real estate and housing sectors under the aegis of Ministry of Housing & Urban Poverty Alleviation, Government of India, is organising its 10th National Convention and NAREDCO Realty Exhibition to address the housing requirement of urban India. The two-day convention, will be held on January 8 and 9 in New Delhi.

Villa project in Goa
Bangalore-based Nitesh Estates Ltd has announced the launch of its prestigious high-end villa project in Goa - Nitesh Fisher Island.

Challenge for real estate investors
LONDON: Real estate investors face a challenge in devising strategies for 2011 due to the varying speeds of recovery across the global economy, a report from LaSalle Investment Management said.





 

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NRI money may cheer realtors
R.M.S.Atwal

Come Christmas and it’s boom time for Punjab realtors thinking of making it big through Non-Resident Indians (NRIs), who start trickling in during this time of the year.

With the rest of the world limping out of recession and Indian economy surging ahead, NRIs do bring some cheers to the real estate business in the region through their moderate to heavy investments in properties.

Property pundits predict that the Doaba belt may see an annual rise in housing prices by the end of February, the time for NRIs to pack up and go. December, January and February are considered to be the key months for the property business when NRIs invest in plots and flats in cities, and elegant ‘kothis’ in villages.

On the other hand, the dipping mercury may not change the buying and selling moods, but the change in political climate in the state is surely believed to push up land prices in the region during the coming months. Some property dealers and real estate agents consider a particular political party lucky and good for their businesses.

“Since NRIs usually go for wide open green spaces, they prefer to invest Rs 25 lakh to a crore in 10-12 marla plots,” says Rajeev Chawla, a property dealer and builder in Jalandhar Vihar, adding that “following a slump during the past few years, the property business is picking up now, thanks to NRIs. I get a good number of enquiries every day from my regular NRI customers abroad.

But NRIs have also learnt some bitter lessons from the world recession. With their host countries still licking their wounds, they seem to have put brakes on their “urge to splurge” while on vacation in India. Now many of them are going for property investments of a different kind promising a year-round income helping jack up their NRI accounts.

Little wonder, builders and property dealers are changing their business strategies accordingly. Taking a cue from the West, some key builders and colonisers in Punjab and elsewhere are constructing elite apartments solely catering to the needs of NRIs’ elegant lifestyle. This is in tune with people’s paradigm shift from expensive villas to comfy apartments a la abroad.

“With the US economy still recovering and India already on the upswing, I think it is wiser to invest here in urban properties, where we can get good returns,” says Dalbir Singh , 60, who came with his wife from New York last week. Singh’s two sons are into trucking and restaurant businesses there. “Since we have decided to put our grand-children in good schools in Jalandhar, we are going for a decent flat on the Nakodar road,” he added.

So, move over expensive villas, here comes five-star flat culture in this agriculture-dominated region which does not have too many five-star hotels anyway but may see ‘flat-hotels’ in times to come. These flats will have all modern amenities seen in good city hotels. Obviously, soaring home prices are no deterrent for the high and mighty.

Plans are afoot to provide NRIs five-star hotel hospitality in the state-of-the-art apartment complexes in the Doaba region. All they have to do is invest their money in dream homes away from their ‘homes’ abroad, and enjoy their stay even close to their native village and also well within their own city.

“We normally get a lot of NRI customers this time of the year who are keen on buying and living in our flats but are worried about their maintenance and security rest of the year,” says Rajan Chopra of PPR Group of Builders, Jalandhar, who plans to build 50 such flats on the Kapurthala road.

“So, now we will rent out their (NRIs’) flats on a profit-sharing basis to other NRIs or corporate houses. They will enjoy five-star hotel facilities in our flats for around two months here and make money on their investment during the rest of the year. We will take care of their flats upkeep. It’s a win-win situation for them,” feels Chopra.

On the flip side, while it is true that urban NRIs prefer to live in high-rise city apartments to enjoy all modern amenities, rural NRIs still prefer to live among their near and dear ones in villages. This is the result of close bonding they have with their native villages and their ancestral agricultural land.

“A majority of NRIs are different and enjoy their own lifestyle when they come home around Lohri. With all modes of modern transport and means of communication, including the Broadband internet available in Punjab villages, which keep them connected to the world, they prefer to live in their own ‘kothis’ in the Doaba belt,” according to Dharampal, a ‘kothi’-builder in the region.

His construction business flourishes because of NRIs’ passion of building their own “kothis” in their villages. It is another matter that most of the time during the year these ‘mansions’, some say white elephants, are occupied by their “bhaia” farm labour from Bihar and Uttar Pradesh.

“Since money is no problem for NRIs, there is a rat race going on among them to see their ‘taller kothis’ compared to their neighbouring NRIs in the village. Today, they are even ready to spend Rs 70-80 lakh or even a crore to see a kothi of their dream in their villages. They love to have several washrooms in a single house with all modern facilities of bath-tubs all fitted with televisions,” adds this rural builder.

All said and done, after a summer of discontent, sunny days are likely ahead for realtors in the region. In return, NRIs can hope to get a good return for their hard-earned money.

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Most preferred investment option

Real estate remains the preferred choice of urban Indians for long-term investments, scoring over equities, gold and state-run savings schemes, says a leading industry lobby.

"Sixty-five per cent of working individuals in urban India prefer to invest their hard-earned money in real estate for the long term," said the Associated Chambers of Commerce and Industry (Assocham) survey "Current Investment Patterns in working Urban Indians".

The report said the majority of the 1,500 persons surveyed believe investments in the real estate sector guarantee higher returns without exposing them to the risks faced by other volatile options such as the stock market, equities, mutual funds and gold.

"Real estate guarantees them higher future returns and on the other it helps them stay off other investment options involving more risk like stock market, equity, mutual fund, gold, etc," the report said.

According to Assocham secretary general D.S. Rawat, the real estate sector is a lucrative investment option because of the growth and development of the sector which has led to the soaring property prices.

"Hefty escalation in price with growth and development in the area is significant factor that attracts working individuals and propels them to invest in property," Rawat said.

The survey further pointed that the bulk of those interested in investing in the realty sector (65 per cent) want to do so in tier-II and III cities because the prices are more affordable and these cities have future growth prospects.

Investment in gold retained second position as 20 per cent of those surveyed preferred to invest in it. They considered investment in gold as a safe and trusted valuable commodity which is encashable anytime. Saving schemes such as mutual funds and insurance products were least preferred with only 15 per cent of the respondents going for them. — IANS

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TAX TIPS
Get registration for Service Tax

Q. 1) Whether following deductions are allowed as deduction out of gross rent received for a commercial building, while calculating tax liability under "Income from House Property".

n Whether interest paid on arrears of municipal tax pertaining to previous years, demanded by MC paid in current financial year.

n Re-payment of loan and interest, paid to bank, for loan taken for installation of lift in a commercial building;

n Salary payment to lift man, in addition to the allowed 30 per cent deduction under Income Tax Act.

2). Whether it is necessary to apply for Service Tax number, if the annual gross rental income from a commercial building, is Rs 9.30 lakh p.a.

n In case, a tenant pays Rs 90,000 per month as rent, and pays service tax, extra also, to landlord, (premises given on rent w.e.f. June 1, 2010) and another tenant paying Rs 2500 per month, (gross rental income comes to Rs 9.30 lakh for 2010-2011), then whether Service Tax number need to be applied and file service tax return also.

— R. K. Sharma

A. You queries are replied hereunder:

n In accordance with the provisions of the Act, Municipal taxes (including services tax such as fire tax etc) are deductible from the gross annual value provided such taxes are borne by the owner and are actually paid by him during the previous year. Interest levied on the arrears of municipal tax would not be allowable as deduction since the same is not in the nature of a municipal tax.

n Interest paid/payable in respect of loan raised for purchase or construction of commercial property would be allowable as deduction. Lift has to be taken part of the building construction process in the case of a commercial building, therefore, interest paid/payable in respect of loan raised for the installation of a lift should be allowable as deduction being in the nature of interest paid/payable on loan raised for the construction of a commercial building.

n Deduction of 30 per cent is allowable to cover other expenses incurred in connection with maintenance of the building. In my opinion, no separate deduction for salary of lift man would be allowable from the rental income.

n It would be necessary to get the registration for Service Tax done in the name of the provider of taxable service even though the gross rent receivable less than Rs 10 lakh. At present the requirement is that any provider of taxable service whose aggregate value of taxable service in a financial year exceeds Rs 9 lakh should obtain mandatory registration.

n On the basis of facts given in the query, you should get yourself registered as the gross rent receivable is Rs 9.30 lakh.

Deduction on rental income

Q. In case of income from rent, I am allowed a statutory deduction of 30 per cent. Whether the same deduction is allowable in case of rent from commercial property where the builder is giving an "assured rent" as return even before the building is actually rent out. My contract is with the builder who even after actual renting will continue to collect and transmit the rent to me. Further he will collect a charge of Rs 5 per sq. ft. per annum as rent collection charges. Can I claim this charge as a deduction from the rental income separately than the 30 per cent gross deduction? I am taxed as an individual.

— R. Khurana

A. A deduction of 30 per cent is allowable in respect of rental income from property. If the property is not let out, then the assured return from the builder shall not be the rental income rather it will be taxable as income from other sources. Therefore, you cannot claim deduction of 30 per cent therefrom. You can, however, claim any actual expenditure incurred by you for earning the assured return from the builder. The rent received by you would be taxable as income from house property as and when the property is let out. In such a case, you will be entitled to 30 per cent deduction. No other expenditure in the nature of collection charges would be allowable. Only statutory deduction of 30 per cent would be allowable from the rental income.

HUF facts

Q. Kindly let me know regarding HUF. I have purchased 10 acres agricultural land on my name as well as 10 acres on my wife's name. The above mentioned is not our ancestral land. Both me and my wife are pensioners.

Can I make an HUF for agriculture income for Income-Tax purposes? If I can, let me know, how I can open an account in bank, whether it should be saving or current account?

— Harnet Singh

A. A Hindu Undivided Family (HUF) must satisfy the following two conditions:

n The family must possess property

n There must be a Hindu coparcenery i.e. members of the family who can claim a partition of the family property.

Any male member (coparcener) of a Hindu family can convert his self-acquired property into a HUF property by throwing the same into common hochpot (common stock) as being considered to be that of HUF. You will have to, therefore, put the agricultural land which you intend throwing into the common stock of HUF. You would have to make a declaration to such an effect. The declaration can be oral or in writing. It would be advisable to make such declaration in writing on a stamp paper. I may, however, point out that in accordance with the provisions of Section 64(2) of the Income-tax Act 1961 (The Act) if a property is thrown into a common stock of HUF, the income from such property will continue to be taxable as the income of the transferee after a declaration is made. A declaration evidenced by a document in writing should enable you to open an account with the bank in the name of HUF. It can be a current account as well as a savings account. To open a bank account it would be advisable to throw an amount in cash in the common stock with which the account of HUF is to be opened.

Claim exemption

Q. My father had a house property in Amritsar and resided therein with all of us for several years. Later during militancy days he shifted to Gurgaon. The house in Amritsar was sold in 2009 and a plot of land was purchased in Gurgaon for which an advance of Rs 20 lakh had been paid. The transaction took place in October 2009. Unfortunately, my father died in December 2009. The sale deed in respect of the said plot was eventually registered in May 2010, in my name as I am the sole legal heir. I have taken up the construction of the house which is expected to be completed by March 2011. Am I entitled to claim exemption on capital gain arising on the sale of property by my father?

— Ram Parkash

A. On the basis of the facts given in the query, it is evident that there was a transfer of the house property, the income of which was assessable under the head "income from the house property" and that the advance was paid by your father for acquiring a plot for construction of a house property so as to avail the exemption allowable under Section 54 of the Act.

The capital gain earned on the sale of property in Amritsar was chargeable to tax in the hands of your father if he had been alive. However, on account of his death you would have assessed as the legal representative for the purpose of the tax liability arising on the capital gain earned on account of such sale. There is an old decision of the Madras High Court, which is reported in 4 Taxmann 432 (C.V. Ramanathan vs. CIT) which does permit the availing of benefit under Section 54 of the Act in such a case. You may, therefore, claim the benefit on the basis of said decision.

Selling under-construction flat

Q. I have booked a flat during pre-launch period. Though the flat has been allotted to me, the possession of the flat will be given after two years. If I sell this under-construction flat and buy another flat, will I be liable to pay tax on the capital gain? The new flat will be higher in value.

— Ashok

A. The under-construction flat is nothing but a right in property, and is in the nature of a capital asset. Any transfer of such right would result in the exigibility of tax on capital gain arising on such a sale. Thus, if you sell the property under construction, any gain arising on such transfer shall be subject to tax. In case such a right in property is sold within a period of three years of your holding the right, it will be a case of short-term capital gain and any investment thereof in a flat would not enable you to claim exemption from the taxability of the capital gain.

The writer can be contacted at sc@scvasudeva.com

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GREEN HOUSE
Caring for lawns in winters
Satish Narula

A  lawn with supportive landscape features.
A lawn with supportive landscape features. Photo by the author

Reading about the lawns at this time may surprise many. But I always try to discuss a subject when I receive innumerable queries about a particular garden element.

The queries most received are that the lawn is turning brown in the middle or has spots or it is almost dead or due to the non-availability of sun in winter, it is dying and so on. What ails your lawn is not difficult to handle. It needs a little care and proper handling at the right time.

The browning of lawn at this time of the year is normal and this may be due to the fall in temperature. This could be one of the reasons but not the only one. Those who had mowed lawns late in the season, when the temperatures had started falling may see this problem more. The new growth of any plant is tender and so is also in case of grass which may get affected. It is better to keep the lawn soil lightly moist. The moisture gives strength to the plant to fight cold or even frost. When such stresses as cold weather are prevailing, those reasons that were otherwise not contributing to the damage also get aggravated and supplement the damage process. One such factor is the uneven leveling of the lawn. This leads to drying browning. Due to winter, the water starts accumulating in the depressions in the lawn and those spots become brown. It is advisable to give a thin layer of sand at such spots and make up the level. If the level is still down repeat sand application after about a month when grass appears from below. Do not give a thick application in one go.

Shade is another factor. The movement of sun is different in winter and where we had plenty of sun in summer may be a shade corner now. Due to this reason, the grass at such spots dries. it is therefore advisable to make lawn only at the place where it gets full sun all through the year. At other spots features could be developed with your creative instinct involving the use of decorative earthen pitchers, pot, terracotta toys, statues, pebbles, stone, shade loving plants etc.

Those who do not take the weeds seriously suffer at this time of the year when some of the broad leaf weeds that had otherwise covered the ground with their spread making it apparently green disappear now. It is due to this reason that we find new gaps in lawns during winter. Be vigilant all through the year and keep getting rid of them as they appear, mechanically or using chemicals.

There are other than the above mentioned reasons which we hardly think about and that is the infestation of white ants severely damaging the roots that leads to browning. Though the damage is less during winter months it is more so in summer months or the intervening period. Once you are sure about such a cause, it is better to give white ant treatment to the whole of lawn. You can do it yourself. For this the lawn is first irrigated and then the next day or when you can walk on it, start pouring the chlorpyriphos, mixed with water at one milliliter to a liter of water and cover the whole surface waking slowly. For this a garden fountain could be used. Repeat the process after a few days if the need be.

Fortnightly alert

Now when you have worked hard to establish your winter seedlings, this is the time to be very vigilant against appearing of insects and diseases. This is more so as any damage to the seedlings will affect your presentation of beds and the time for gap filling is past.

This column appears fortnightly. The writer is a senior horticulturist at PAU and can be reached at satishnarula@yahoo.co.in

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HOME DECOR
Rustic charm
Paresh Shah

Rustic look for your home involves giving a natural country-style look to the interiors. Rustic home decor has always been in trend. The rustic theme calls for the use of neutral, natural and earth tones from the nature. Choose colours that are warm and have different tones of woods. Brown, green, rust, a muted cousin of vivid and grey-blue reflect the natural look. Powdered versions can also be used to achieve the colour correctness. For the bathroom, choose several shades of complementary dark green, with pure white or a dark or a lighter shade of brown for the perfect rustic color palette.

Use rugs to enhance the look of the flooring. Make sure you use the area rugs with colours that blend well with the colour of the flooring. Make sure you carefully study the specific style, and colour scheme then carefully coordinate the colours for each element of your décor like walls, wood-work, carpets, country curtains, furniture coverings, lamp shades, and sofa pillows. Ensure that the flooring used for this theme blends with the remaining elements of interior decoration, like furniture and wall colour.

Flooring is that one aspect that plays a very important role in creating this look. For giving an innate look to your dwelling you can choose the stone floors, rough textured tiles or wood with natural polish as flooring. All these type give the floor a completely rustic look. Stones require less maintenance and give warmth as well as beauty with a complete natural look. Antique wood gives an instant rustic look. Tiles in rustic finishes are perfect choice to create the look. The colours are warm and earthy in these tiles that give you the same great variegation and natural look as other stones. People use travertine tiles for walls, floors and countertops to achieve that earthy and elegant look.

Colours range from soft ivory to the pale cream, all the way to rich shades of golden honey and silvery greens to deep mocha browns depending on where they were formed. The colour tones vary and veins or bands of contrasting colour run throughout the stone. No two stones or tiles are alike.

You need not give rustic feel to every element of your interior. With some innovative ideas and beautiful accessories implementation of rustic theme becomes easy.

The writer is Director Euro Ceramics Limited

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REALTY BITES
NAREDCO convention in Jan

National Real Estate Development Council (NAREDCO), the apex body for real estate and housing sectors under the aegis of Ministry of Housing & Urban Poverty Alleviation, Government of India, is organising its 10th National Convention and NAREDCO Realty Exhibition to address the housing requirement of urban India. The two-day convention, will be held on January 8 and 9 in New Delhi.

The convention will be coupled by a parallel NAREDCO Realty Exhibition with participation of leading real estate developers with projects spread across the country. The exhibition will showcase both low-cost and premium housing options to new home buyers. "Over 360 million people live in urban India today as against 285.3 million in 2001 with the housing shortage estimated at 26.53 million units (11th Plan, 2007-12). Since economic growth is projected at 8 - 9 percent per annum in the coming 5 years and urban population expected to be 410 million by 2015, there is an urgent need to augment housing and infrastructure shortage. Housing shortage is pre-dominant in the lower income segment which is estimated at 95 per cent. This in itself offers an opportunity for massive new housing development particularly in urban areas. The Conference aims to put across all the factors that can bring about a catalytical change in the housing scenario for all," said Rohtas Goel, President, NAREDCO.

In the wake of scarcity for low cost housing in the country, the highlight of the convention will be an opportunity to discuss and debate important issues at the highest level with the objective of defining strategies for augmenting housing supply for low, middle and high segments of population including major issues pertaining to affordability of housing with special emphasis on housing for poor. Other issues to be discussed will be, Promoting PPP in Rajiv Awas Yojna, Land availability and policy approach, Rental Housing - Road blocks and solution, Role of private equity and emerging options for housing, Housing finance companies - the challenge, Role of Government, Banking and Micro finance institutions in housing finance for the masses, Innovative materials and technology, Standardisation of design for low cost housing, Success stories in affordable housing, Sustainable Urban Development and Sustainable green townships.

Housing project announced

The Penta Homes Group has announced their second project called Penta Residency and AC Market III in Zirakpur. After the success of their first 'affordable houses for masses' project, Penta VIP Towers, the group now is ready to build a luxurious and modern living complex.

"The new project comes after a gap of four years" exclaimed Mr. Bhinder, MD, Penta Home Pvt. Ltd. Explaining the reason for this gap he quoted "if the desire is to create an unparalleled landmark, exactly the way you dreamt of, you need enough time to perfect the idea, as no compromise is acceptable.

With an aim to provide both residential as well as commercial facility, this project stands apart with its unique features. The Residential complex, Penta Residency, boasts of its high end offerings like state of the art modular kitchens, exclusive parking space and much more.

Speaking on the occasion Mr. Bhinder further stated "Penta Residency is for those who like to live in style and our residential project offers the best of contemporary facilities. It is our aim to provide quality and value for money and we make sure that we continue the trust that people have reposed in us".

The AC Market III is mega mall concept, which will provide shoppers with an international level shopping experience. The most unique feature; the AC market III, is the 'Ice Skating Rink' which will be one of the firsts in this region and residents of 'Penta Residency' will have free membership of Ice Skating Rink club.

"Indoor Ice Skating Rink, will be a completely new experience for people and we will be the pioneers in bringing this exciting sport to the region", said Mr. Bhinder.

This project, in a nutshell, provides you with a 'live, shop and enjoy at the same place' experience, thereby redefining the way you live.

Agro Dutch - the group company, laid its foundation with the mushroom business. Today, Agro Dutch is the biggest name in the mushroom industry with its prominent presence in the international markets. From growing, canning and exporting, the company today stands tall as the world's largest integrated grower & exporter of canned mushrooms.

The group is also the pioneer of the concept of 'Mall' in the region. The company introduced high end air-conditioned malls like AC Mall in Patiala and Calibre Plaza in Ludhiana city way back in 1998-90.

The Promoters' ability to look beyond the ordinary and the zeal to provide the best has given the character and the exclusivity to these palatial shopping complexes.

Its other venture called Penta VIP Towers, gave the residents of the region the most affordable and the most quality oriented residential complex. With the promise of delivering quality and over 700 flats to offer; Penta Homes built & delivered all 9 towers & 712 flats at the same time and sold each & every accommodation in the complex, setting a new precedent for the competitors.

Now after the glorious success of Penta VIP Towers, comes another residential complex called Penta Highway Towers in Zirakpur. Promising commitment and quality yet again, this residential complex will offer high end facilities and offer stylish living. It has 664 - 2BHK & 112 - 3BHK apartments (G+6 stories) and ground floor is full of green areas, picturesque landscaping, walk ways as no vehicular movement will be allowed on the ground floor thus keeping in view the safety of children and senior citizens.

Excavation work for 'Paras Seasons'

Paras Buildtech India Pvt. Ltd. has announced that the excavation work has completed for all the eight towers of 'Paras Seasons'. Notably, another project by Paras Buildtech India Pvt. Ltd. Paras Tierra, which was launched around 10 months ago, is witnessing frenetic construction. This is a proof of the seriousness to deliver product on time to the buyers. 'Paras Seasons' is an affordable premium housing project in sector - 168, Noida, with options available from 650 sq.ft. to 1625 sq. ft. in 1, 2 and 3 BHK variants. Price range here starts from Rs 18 lakh onwards, which suit every budget. Based on country's four seasons, the project would have four key towers named Autumn Court (G+14), Winter Court (G+16), Summer Court (G+14) and Spring Court (G+16). The USP of these courts are that the surrounding landscaping would be based upon the season names given to each towers.

Speaking on this occasion, Mr. Harmit Chawla, VP - Sales & Marketing, Paras Buildtech India Pvt. Ltd. said: "We are happy that we have completed the excavation work on time. This shows our commitment to live up to our promises and give possession to the end user as soon as possible. We have kept in mind the feedback from our old and prospective customers to make this new venture unique in many respects. The project is destined to change the way of life in Noida and create benchmarks in National Capital Region."

As Paras Tierea has a beautiful concept of 'sky garden', Paras Seasons would also set new standards with 'Sky Bridge' in luxury and style; it would give buyers an opportunity to experience the world-class living and the best amenities that it offers. 'Paras Seasons' will have several features adding convenience to living by having 70% open spaces and creating a new lifestyle that customers desire for. All lifestyle amenities like club house that includes jogging track, amphitheatre, yoga pavilion, children play area, swimming pool, squash courts, shuttle courts, billiards, restaurant, beauty salon, commercial centre and lots more will be spread across the project giving a new meaning to life, which will make the project an integrated self contained development.

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Villa project in Goa

Bangalore-based Nitesh Estates Ltd has announced the launch of its prestigious high-end villa project in Goa - Nitesh Fisher Island.

The Rs 300 crore project spread over 9.3 acre will comprise 36 high-end villas, exclusively designed for the who's who of the country, is expected to be completed in two to three years time.

The villas are priced between Rs 8 crore and Rs 10 crore. Speaking about the amenities, Ashwini Kumar, Chief Operating Officer of Nitesh Estates said, "Luxury knows no bounds and the properties are designed for those jet-setting people who are looking to steal quality time and are looking for a resort-like experience, complete with spas, a private swimming pool, water sports, a jetty and everything that one could desire for.

These villas are designed by international architects CPG and the interior design firm is also an international firm - Warner Wong. More than 70 per cent of the area is covered with landscaping and water bodies - all carefully designed by Belt Collins, an international landscape firm."

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Challenge for real estate investors

LONDON: Real estate investors face a challenge in devising strategies for 2011 due to the varying speeds of recovery across the global economy, a report from LaSalle Investment Management said.

In Asia Pacific, where there is strong growth, development and leasing will provide some of the best investment opportunities, while edge-of-core properties will be attractive in the UK, France and the US, economies where there has only been a modest rebound, the group said.

"Investment performance in the rapidly growing countries will be volatile, due to the waves of liquidity that wash over these less mature markets," Jacques Gordon, Global Strategist at LaSalle, a unit of Jones Lang LaSalle.

"Growth strategies that take advantage of rapid urbanisation and a burgeoning middle class will be most successful," Gordon said, adding the best opportunities include selective residential developments in China's second-tier cities.

For countries seeing low growth, such as Japan, the United States, the United Kingdom and in the eurozone, LaSalle said real estate investment performance could get a boost from low interest rates and a rising flow of debt and equity capital.

"While investor appetite for risk starts to grow once again, value-add and opportunistic investing will be more attractive in the States, with core investing showing the most signs for improvement," said William Maher, LaSalle's head of US strategy.

He forecast US transaction volume at between $150 billion and $200 billion by the end of 2011, with the most attractive core opportunities in technology, healthcare and entertainment.

He said some of those areas would benefit from pent-up demand and could outpace the national average. In Europe, investors seeking higher returns, especially in the UK, Spain, Germany and France should look to banks that are trying to reduce their exposure to property as a potential source of deals, the report said.

It also recommended focusing on retail and central London offices and avoid regions outside the UK's South East, and to target retail and logistics in Germany and France, as well as offices in France. — Reuters

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