REAL ESTATE
 


Affordable luxury
BUYERS IN THE TRICITY AND PERIPHERY AREAS seem to HAVE A FASCINATION FOR HOMES WITH PREMIUM FACILITIES. This has set a new benchmark for affordability, WRITES Charandeep Singh
Housing projects offering better designs and latest facilities are a hit with buyersWhile "affordable housing" remains the sacred and oft chanted mantra for the Indian realty sector, its exact parametres and definition remain engulfed in ambiguity.





A TASTE OF LUXURY:
Housing projects offering better designs and latest facilities are a hit with buyers

Tax tips
Gift to son's HUF
Q. I am a senior citizen and a pensioner. I am karta of an HUF. My son is settled in Gurgaon and has a house. I have constructed a two-room set on the first floor of the said house. Both me and my wife are unable to climb stairs on account of pain in legs and hence I want to gift this portion to his HUF so that rent from this portion is treated as HUF income for him. I also want to give Rs 2 lakh as gift to his HUF. This amount represents my accumulated PPF.

Ground Realty
Not on a high ground
Most of the newly carved residential plots these days are found low lying. Whether a colony is cut by a government body - be it an improvement trust, an urban development authority or a municipal corporation, be it a private land developer or a builder, the plots offered are mostly low lying. Laying of roads on raised sub-grade further makes the plots deeper. It is important to tackle all such plots in a technical manner if the foundation settlement or floor settling is to be avoided at a later stage.

Home decor
Summer suffusion
With summer just around the corner, it is that time of the year when the days start getting long and the air warm, and you just want to throw open your windows, sit back and enjoy. Not everyone has the luxury of moving to the cooler climes to enjoy the "lazy days of summer". But almost everyone can bring the look of summer into their home.

REALTY BYTES
Decline on the cards

Mumbai property prices could decline by 35 per cent over the next two years due to high interest rates and record house prices, according to Liases Foras Real Estate Rating & Research Pvt. Pankaj Kapoor, Mumbai-based founder of Liases Foras said the Indian capital's residential property market will deteriorate in the coming two years until prices decline and align with income levels. "We will see two types of correction in the market," Kapoor said, "a price correction of about 25 per cent in the next two quarters and a time correction where prices will remain flat over the next two years."





 

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Affordable luxury
BUYERS IN THE TRICITY AND PERIPHERY AREAS seem to HAVE A FASCINATION FOR HOMES WITH PREMIUM FACILITIES. This has set a new benchmark for affordability, WRITES Charandeep Singh

While "affordable housing" remains the sacred and oft chanted mantra for the Indian realty sector, its exact parametres and definition remain engulfed in ambiguity.

Many in the region are yet to come out of the shockwaves sent by a recent auction of the Chandigarh Housing Board in which a two bedroom flat fetched a bid of Rs 1 crore and the average price bid came to be over Rs 80 lakh. Are the limits of affordability being stretched or there are some "mysterious" forces at work for conjuring up such figures? Steering clear of the speculative assessment course one can drive home the fact that homebuyers in the tricity area are surely game for premium housing. The projects that have come up here in the recent past as well as the number of bookings bear testimony to the preference for flats and apartments that are in the price bracket that is a notch above the "affordable" tag.

This, however, is no surprise as the city is in the high per capita income league and the paying capacity is more. "A major real estate company's project in the Mullanpur area launched recently received a whopping 20,000 booking applications for less than 1,000 plots with the base price touching Rs 26,000 per sq yd. The large number of people willing to pay close to Rs 1.5 crore for a 500 sq yd plot proves that the buyer here has deep pockets and the same trend is witnessed if we see the bookings for flats and apartments", says city-based consultant Hardish Sharma.

Price no bar

"A large number of my units in the so called "affordable" price bracket of Rs 20-32 lakh were left unsold because of the mismatch of what I offer and what the buyer basically demands. If I fulfill the expectations of my clients and also want to make some profit then the price range goes well beyond the acceptable range of affordability", says Akash Deep of Ambey Builders.

The threshold of affordability, thus, is different and there are not many takers for cheaper apartments when we talk about Chandigarh and its neighbouring areas, he adds.

Hunt for lifestyle

More so in this area a home buyer seems to be looking not only for a house but also for a complete lifestyle solution.

With tricity becoming a hub for the entire North India beyond Delhi a large number of families have come and settled over here from far flung areas for the education of their wards and jobs etc. With the prices of property being sky high in the tricity, the projects being developed by builders are an easy proposition for them. "The price definition of affordability has changed. With home loans becoming cheaper and both husband and wife working, it has become very easy to pay an installment of around Rs 35,000-40,000 a month, so most of the prospective buyers these days are looking at a proposition of anything around Rs 60-70 lakh. This I can say with my experience is the price tag associated with affordable housing in the tricity area", observes real estate consultant G.P.S Waraich.

A majority of buyers want certain lifestyle features and are willing to pay extra for those.

A good neighbourhood is one of the main concerns of a home buyer these days, says R.S Gill, Chairman, Gilco group. "People in the region prefer an elite address and don't mind shelling out extra money for that. Most of the units in our Gilco Tower project, where the price range is between Rs 50 and Rs 69 lakh for a 3BHK and 4 BHK aparments, are owned by people from Bathinda or Ferozepur side, NRIs and faculty of IIT, Ropar", informs Gill. "A colony which sold with a base price of Rs 25-30 lakh will have people from lower middle class residing over there, but one can expect decent service class people living in a premium colony", observes Waraich.

Deciding factors

Approach to the house as well as the surroundings play a major role in finalising a deal.

"I wanted to develop a group housing society. I had the option of developing it either in Zirakpur or in Mohali, but I chose the latter since Mohali with Sector wise address and better infrastructure would make my property a prime property", says Jogesh Kohli of Acme Builders who is developing a 6.5-acre group housing society in Mohali that will have 250 units.

Most of the apartments these days are being purchased by nuclear families where the couple is working, so security of the area is a concern. "With safety becoming a major concern, community living is catching up. Residential apartments within a gated community are slowly sharing space alongside the traditional concept of standalone homes. Our independent floors in 'The Views' are priced at Rs 40 lakh upwards and have features like advanced security system with CCTV, Intercom facility, are just tailor made", says Rajiv Gupta, General Manager, Emaar MGF Land Ltd.

Pollution and parking are also key deciding factors for a prospective buyer. "Keeping these two factors in mind our project at Mohali, we have ushered in a new concept of vehicular free pedestrian movement. The entire parking is underground and sufficient space has been given to lawns and other areas for landscaping", explains Amir Husain, General Manager Ireo and their Mohali project named 'Ireo Rise' is priced around Rs 55 lakh for a 3BHK apartment. If a property is coming at a price of Rs 30-35 lakh then quality has been compromised to a large extent, else the competitive pricing would not make the project economically feasible for the builder. "I am giving my clients fully furnished lifestyle solutions. The entire unit is centrally air-conditioned, kitchen is fully modular with RO systems, with floors of Italian marble and my bathrooms fittings are of international brands. I am even offering geysers, lights, fans etc. So when the structure is complete the buyer just needs to walk in with his travelling bag and start living", informs Kohli, who has tentatively priced his apartments at a base price of Rs 80 lakh for a 3BHK apartment.

The price bracket of Rs 50-75 lakh seems quite attractive from an investor point of view also. One can even get plots, villas and even some swank apartments. "Right now in this bracket one can get great deals in Mullanpur. The built up floors on 300 sq yard, with a lawn on ground floor and that too priced at around Rs 60 lakh makes sense in investing considering the connectivity and the proximity that area is having with Chandigarh", says Salil Gulati an investor.

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Tax tips
Gift to son's HUF
S. C. Vasudeva

Q. I am a senior citizen and a pensioner. I am karta of an HUF. My son is settled in Gurgaon and has a house. I have constructed a two-room set on the first floor of the said house. Both me and my wife are unable to climb stairs on account of pain in legs and hence I want to gift this portion to his HUF so that rent from this portion is treated as HUF income for him. I also want to give Rs 2 lakh as gift to his HUF. This amount represents my accumulated PPF.


Thinkstockphotos/Getty Images

Now my questions are:

n Is it possible to gift such first floor to my son's HUF

n Can I give the gift of Rs 2,00,000 to my son's HUF?

n What is the effect of the gift? Who will pay tax? How and where to show this liability and how/where to pay the tax?

— A.K. Sarin

A. The answer to your queries is as under:

n You have not indicated in your query whether your son is having a separate HUF. You have also not indicated as to how the addition of first floor to your son's house was declared with authorities such as Municipal Corporation, Income-Tax Department etc. Any reply to this question would thus depend upon the treatment accorded to such an addition to the house in the returns filed with various authorities.

n As to the amount of Rs 2,00,000 to be gifted by you to your son's HUF, Section 56 of the Act provides that any amount received by an individual or an HUF, the value of which in aggregate exceeds Rs 50,000, the whole of such aggregate amount would be treated as income from other sources. However, such a gift received from specified relatives is exempt from the aforesaid provisions. The definition of the term 'relative' contained in the Section is 'individual' specific and the Section does not specify as to how the term 'relative' is to be construed with reference to an HUF. The gift of Rs 2,00,000 to your son's HUF should, therefore, be avoided so as to steer clear of any controversy.

n The gift results in an increase in the capital of the donee and decrease in the capital of the donor. Eventually it does lead to the decrease of income of the donor as the donor would have otherwise earned income on such gifted amount.

n In accordance with the provisions of the Act, where an aggregate amount, which exceeds Rs 50,000, is received without consideration, by an individual or HUF, in any previous year, from any person or persons on or after April 1, 2006, the whole of the aggregate of such an amount would be treated as income from other sources in the hands of the recipient provided the amount has not been received from the specified relatives and tax would be payable on the aggregate of the total income.

The term 'relative' is defined as under by the said Section:

n spouse of the individual;
n brother or sister of the individual;
n brother or sister of the spouse of the individual;
n brother or sister of either of the parents of the individual;
n any lineal ascendant or descendant of the individual;
n any lineal ascendant or descendant of the spouse of the individual;
n Spouse of the person referred to in the above clauses.
n The gifted amount should be indicated in the return. There is no tax on gifts made but as indicated above the gift which is not exempt under the above provisions would be taxed in the hands of the recipient as income from other sources.

Tax liability

Q. My wife, who is regularly filing income tax returns for the past more than 10 years, has an interest income of Rs 1,60,000. This year there has been capital gain also as under:

"A 10 marla plot was allotted by HUDA in year 1992-93. The total payments made from 1992-93 to 2010-11 comes to Rs 2,40,000. Other expenses of Rs 12,000 were also incurred on conveyance deed etc. during 2010-11. Though the possession was offered in 1995, physical possession was taken in August 2010. The indexed cost of all installments and other expenses comes to Rs 5,50,000. The plot was sold in November 2010 for Rs 8.34 lakh. Thus resulting in a capital gain of Rs 2,84,000. She has savings of Rs 1.50 lakh under SCSS under Section 80C."

I have calculated her income tax as under:

Income from interest Rs 1,60,000

Capital gain Rs 2,84,000

Total Rs 4,44,000

Deduction under Chapter VI A

Under Section 80C invested in SCSS for Rs 1.50 lakh limited to Rs 1,00,000 (-)

Taxable income Rs 3,44,000

Tax 0 to 1.90 lakh Rs 0.00

1.90 lakh to 3.44 lakh

@ 10% on Rs 1,54,000 Rs 15,400

Education cess @ 3% Rs 462

Total tax Rs 15,862

Kindly clarify following doubts:

n Whether the capital gain so earned shall be long-term or short-term.

n Whether tax calculated is correct or some other method is to be adopted.

— R.D. Garg

A. Your queries are replied hereunder:

The capital gain arising on the sale of the plot would be treated as short-term capital gain as the plot has been held for a period of less than three years. The amount of tax computed by you is correct.

Eligibility for Wealth Tax

Q. I had purchased a plot for construction of house at Mohali for Rs 23 lakh from a private builder. The possession of the plot has not been taken by me so far owing to some dispute with the builder in connection with the price of land. Even the registration of the plot has not been done in my favour due to the payment dispute. Simultaneously, I have booked another house with the same builder. An amount of Rs 7 lakh has been deposited with the builder and the remaining amount of Rs 23 lakh will be paid as construction linked installments in a period of about two years. The possession and registration formalities etc. of house will be initiated thereafter. Kindly advise:

n Will I have to file the Wealth Tax return even though the property (plot) has not been registered in my name till date?

n Whether the cost of both the properties will have to be taken into account while filing the Wealth Tax return?

n Whether the actual price, which had been paid to the builder, and or the market value of the properties, shall be the basis for filing of the Wealth Tax return?

At present an individual is required to file the Wealth Tax return in case his wealth exceeds Rs 30 lakh. The Finance Minister has proposed to extend this limit to Rs 1 crore w.e.f. April 1, 2012 the date from which the DTC is likely to be implemented.

What will be the status of filing of Wealth Tax return for these properties for the years beyond April 1, 2012.

— Vishnu Pathak

A. Your queries are replied hereunder:

n One house or part of a house or plot of land comprising an area of 500 sq mtr or less is exempt from the levy of Wealth Tax. Therefore, in case the plot purchased by you for Rs 23 lakh is of 500 sq mtr or less, the same will be exempt from the levy of wealth tax. In any case, since the possession of the plot has neither been handed over to you nor a sale deed has been executed in your favour, the amount paid towards acquisition of the plot would not be covered within the definition of the term 'assets' chargeable to Wealth tax. Therefore, no tax is leviable on such an amount.

n The position as explained in point (a) above would be applicable to the payment made for the acquisition of the residential house booked by you for which a sum of Rs 7 lakh has been paid.

n It is the market value of any asset which is relevant for the purposes of computing the net wealth of an assessee.

n The provisions relating to Wealth Tax as stated above are also contained in the Direct Taxes Code which is likely to come into effect from April 1, 2012.

Utilising capital gains

Q. I request you to kindly clarify the following points:

n Whether the total proceeds or only the capital gain have to be used for the purchase of agricultural land?

n Will it be necessary to park the total proceeds/capital gain in the 'Capital Gains Deposit Account' in some bank till the purchase of agricultural land?

n In case one decides not to purchase agricultural land, what is the time limit for the deposit of capital gains tax after the sale of land?

— Zile Singh

A. Your queries are replied hereunder:

n The amount of capital gain arising on the sale of the agricultural land is required to be utilised for purchasing the new agricultural land.

n The amount of capital gain which is not utilised by the assessee for the purchase of the new agricultural land before the date of furnishing the return of income under Section 139 of the Income-Tax Act 1961 (the Act) is required to be deposited under the capital gains scheme account which can be opened with any nationalised bank.

n The capital gains tax has to be paid in the same manner in which the advance tax on other income is paid i.e. on September 15, December 15 and March 15 of the year in which the capital gain has been earned.

Seek legal help

Q. I entered into an agreement on Rs 25 Non-judicial paper in February 2007 for purchasing a plot measuring 250 sq. yd., which has been occupied by me since 1989, through a property dealer from my relatives residing in the UK. The sellers came to India in August 2007 giving a very short notice. Registry was made by us and was endorsed by the seller, purchaser, property dealer and Advocate etc. on August 17, 2007. As there was a great rush of registries in the Sub-Registrar's office and Tehsildar was also not available so the sellers went back to the UK without getting the registry executed while we were allotted a temporary number by Sub-Registrar's office. Subsequently, we made several attempts to get in touch with the sellers and they kept on assuring us that the formalities would be completed when they visited India again. The Registry is in custody of the property dealer who has already received commission from me. He is demanding commission on behalf of the sellerst in lieu of returning the documents to us.

We have already paid 80 per cent of the full amount.

Now, my query is

n What is the status of pending Registry's value?

n What we can do at this stage?

n Can the sellers forcibly get the plot vacated from us?

n Can they cheat us on the basis of their NRI status?

n What will be the legal procedure in such a case?

— Manohar Singh

A. Your queries are replied hereunder:

n The facts given in the query indicate that the possession of the plot is with you since 1989. The amount paid by you would be treated as advance towards acquisition of the plot.

n It would be advisable to send a registered notice for the specific performance of the deal and execution of the Sale Deed in your favour. It would also be advisable to put an advertisement in the newspaper circulating in the district in which the property is situated explaining that the property has been sold to you though the Sale Deed is in the process of execution so that general public is put on guard as to any misrepresentation by the sellers of the property. However, it would be in your interest to consult a civil lawyer who is dealing with property matters, since the transaction as explained in the query has legal implications.

Rebate on interest paid

Q. I retired from government service in November 1996 and have been submitting my IT returns regularly. I am living in my own house. I had taken a loan from a nationalised bank to construct the first floor of this house. The first installment of the loan was disbursed in November 2008 and the last one in March 2010. As I am 72 years old, the bank was reluctant to sanction the loan to me and made my son and daughter-in-law as co-applicants for the house building loan. The plot is entirely and clearly in my name. The house remained under construction from November 2008 to August 2010 and I started repaying the loan from September 2010. The EMI is of Rs 10,000 which includes Rs 7,000 Principal amount and Rs 3,000 as interest. I have also returned interest amount of Rs 30,850 from April 1, 2009 to March 31, 2010. Kindly intimate whether I am eligible to claim rebate of Rs 30,850 paid as interest during Financial Year 2009-2010 (A.Y. 2010-2011) when the house was under construction. Now I am getting rental Income of Rs 18,000 per month and am repaying the housing loan to the bank. What will be the exemption limit in the income from house property clause? Please quote the relevant Section of the IT Act.

— Jagdish Singh

A. Your queries are replied hereunder:

n You would be entitled to claim one fifth of Rs 30,850 being the interest paid during the financial year 2009-10 against income from house property pertaining to the financial year 2010-11. The balance 4/5th will be allowed as deduction from income from house property in the succeeding four assessment years. However, you will have to furnish a certificate to the tax department from a person to whom the interest has been paid on the borrowed amount specifying that the amount had been borrowed for the purpose of construction of a residential house.

n You would also be entitled to claim a deduction under Section 80C of the Income-Tax Act 1961 (The Act) from your total income for an assessment year in respect of the repayment of the principal amount of loan borrowed from a bank within the specified limit of Rs 1 lakh.

The writer can be contacted at sc@scvasudeva.com

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Ground Realty
Not on a high ground
Jagvir Goyal

Most of the newly carved residential plots these days are found low lying. Whether a colony is cut by a government body - be it an improvement trust, an urban development authority or a municipal corporation, be it a private land developer or a builder, the plots offered are mostly low lying. Laying of roads on raised sub-grade further makes the plots deeper. It is important to tackle all such plots in a technical manner if the foundation settlement or floor settling is to be avoided at a later stage.

Take care of following points related to low-lying plots:

Avoid buying

The best way to get rid of the problem is to avoid buying such a plot. The government bodies should, in fact, raise the level of an area to a certain grade level by filling it in a proper manner, before carving out the plots. However, most of the bodies don't do that and cut the plots on 'raw' ground, leaving it for the buyer to get the earth filling work done. Low lying plots are unsuitable for buying and should be avoided as far as possible. These invite extra expenditure also.

Foundation

In case the land has been filled and compacted by the builder or the government body, one should inquire how much time has elapsed since the completion of the filling work. Construction work should be taken up only if a couple of years have elapsed and the filled soil has settled well.

Precaution: It is always better to raise foundations on the natural ground level and not on the filled ground. In any case, foundation trenches should be dug to the natural ground level and then taken at least 2 feet or 600 mm below it. This precaution will avoid foundation settlement at a later stage.

Basement

Sometimes, the natural ground level of the plot is 6 feet or more below the road level. In such cases, one can consider the option of having a basement in the house. However, this decision should be taken only after considering the use of basement. In case, it will remain unoccupied, unused or will be rarely used, there is no point in constructing it and spending money on it.

Precaution: In case one decides to build a basement, all precautions should be taken to make it leak proof and well ventilated. The idea of having a semi-basement, by having its roof slab 3 to 4 feet above the road level is not bad. The basement structure should be in RCC and not in brick masonry or stone. Water proofing admixture should be added to the concrete. Construction of basement should be taken up when the ground water table is at its lowest level i.e. before the onset of rainy season. Provide fillets at base and wall joints and coat outer surfaces of walls with water repelling paint. Get the walls designed on 'no crack' design criteria.

Counter forts

Wherever we see a construction on low lying plots, the most common scene around is 9 inch thick walls of brick masonry in foundations raised up to the plinth level and then provided with counter forts in brick masonry to support them because of their excessive height. These counter forts are inclined in shape, have no joint with the masonry walls, are shoddily built by the mason because of their inclination and provide only a psychological satisfaction to the house owner. The house owner is satisfied that sufficient precaution has been taken to support the foundation walls. But the fact is that he has been misled.

Precaution: Instead of providing such counter forts, one should adopt RCC framed structure for his house in case the plot is low lying. RCC columns and beams can well withstand the lateral pressures of earth. Moreover, people now want to have an earthquake resistant house. Using a RCC framed structure is a step in that direction also.

Floor settlement

A major problem that the residents of houses built on low lying plots face is the settlement of floors after a few years of use of the house. Cracks begin to develop along the junction of ground floor with the walls. This happens because the excessively deep soil filling below the floors keeps settling and compacting with time and ultimately results in settlement of floors.

Precautions: The first precaution to be taken in this regard is to lay the earth below floors in layers of six inch thickness and well compact each layer before laying successive earth layer over it. Each layer should be fully compacted. No laxity should be allowed. It has been seen that soil brought from outside is unloaded directly inside the foundations, leveled and compacted. Floors laid over such filling work are likely to settle in future. No vegetation or organic matter should be allowed in the soil. Soil should be sandy in nature as such soil is likely to get compacted well.

Time gap: After the laying of soil layers, these should be left so for some time. The activity of laying the floor should be taken up after allowing as much time as possible.

Sand piles

The problem of settlement of floors troubles the people so much that some builders resolve to driving sand piles in the soil below floors. To do that, a solid wooden log is hammered to drive it deep in the soil. When it has been driven deep, it is pulled out and the small pit so created is filled with sand and compacted. It acts as a sand pile. Many such sand piles are driven in the soil to compact it fully. As the log is driven, the soil around it gets compacted within the confined area. The precaution to be taken to ensure that the masonry walls are strong enough to bear the extra lateral pressure that gets exerted on them during sand pile driving.

Sand under the floor: A 4-inch thick layer of sand should always be laid over the filled and compacted soil, followed by another 4-inch thick layer of lean concrete. The sand and lean concrete layers should be compacted well. Thereafter, the final flooring, may be of marble or tiles or any other type, should be laid.

RCC Slab

Though expensive, it is the best method to avoid floor settlement in case of low lying plots. The RCC slab is laid below the floor. If RCC framed structure has been adopted, beams along the walls can be positioned at such a level that the RCC floor slab is supported over them. The RCC slab need not be as strong as the upper floor slabs and may have lesser steel in it. Laying of this slab will be a foolproof way of avoiding floor settlement at a later stage. In case RCC slab is being used then there is no need to provide 4-inch thick sand or lean concrete layers.

Take these precautions and have trouble free living. Happy building!

This column appears fortnightly

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Home decor
Summer suffusion
Thomas Johan

With summer just around the corner, it is that time of the year when the days start getting long and the air warm, and you just want to throw open your windows, sit back and enjoy. Not everyone has the luxury of moving to the cooler climes to enjoy the "lazy days of summer". But almost everyone can bring the look of summer into their home.

Bring the colours of nature to your home with straw planters and colourful utensils
Bring the colours of nature to your home with straw planters and colourful utensils

It's not necessary to change every room or throw out all the old furniture. There are lots of ways to brighten and freshen up your home to welcome the seasonal change.

Here are a few ideas on how you can bring the fresh look of summer into your home with some quick and easy additions of colour, style, and accessories.

n Start with choosing a summer theme. This can be fruits, flowers or nautical, and decorate around it. It is important to choose a theme as transformation is easier if you have focus.

n You can try restyling your home interiors by taking out any dark accessories like velvet pillows, woollen throws, and even that dark leather club chair and ottoman. Replace these with bright and colourful pillows, curtains and accessories.

n Apply a fresh coat of light pink or lemon colour paint on a wall of the room where you spend most of your time. Choose a fresh colour scheme of lemon yellow, apple green, or sky blue that would help pep up your mood.

n If you have wooden knick-knacks or bookshelves in your home, try painting the back or even the side walls of the shelves with bright, cool colours. The centerpiece will "pop out" against the contrasting colour. How about lime green on dark wood shelves or sky blue on yellow. Choose a colour that complements your room's decor.

n Indulge in some shopping; you can change your bathroom accessories to cool pink, orange and lemon shades. Use some nice plastic pink and white mats. For a fresh feel place some aqua or lavender potpourri in you bath area.

n Add fresh flowers and plants to your bedroom or guest room to go with your coloruful, cheery, summery bed linen. If you are allergic to flowers then you can also frame some simple botanical prints or landscapes and set them up on a bookshelf, bureau, chest of drawers or table top. Or hang a series of bright and vibrant pictures or paintings down a dark hallway.

n Kitchens, too, can have green planters to enhance the soothing effect. You can use wooden accessories to add the natural look. Place some bonsais there as these are the best for summers, when it comes to maintenance.

Let the "green" effect suffuse your home. Do up a small area in your balcony for the plants. Don't expose these to too much sunlight or they'll dry. Hang a wind chime, put two wooden low-lying arm chairs with a small peg table and you have a perfect setting to have your morning tea!

So go ahead and create a magic for that summer look!

The writer is Senior General Manager @home

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REALTY BYTES
Decline on the cards

Mumbai property prices could decline by 35 per cent over the next two years due to high interest rates and record house prices, according to Liases Foras Real Estate Rating & Research Pvt. Pankaj Kapoor, Mumbai-based founder of Liases Foras said the Indian capital's residential property market will deteriorate in the coming two years until prices decline and align with income levels. "We will see two types of correction in the market," Kapoor said, "a price correction of about 25 per cent in the next two quarters and a time correction where prices will remain flat over the next two years."

Bank of America Corp.'s Merrill Lynch unit has reportedly said home prices may decline as much as 20 per cent over the next six months. The report stated that Mumbai's residential property market will perform poorly as sales stall and fewer new projects come to market. Developers have not started reducing prices yet, even after home sales have declined sharply since November, says report.

Mumbai house prices may decline by as much as 20 per cent in H1 2011, while the office segment could be hit harder, with rental value expected to drop 15 per cent while capital value could decrease by 35 per cent in the next four years.

Aid for Japan

Global commercial real estate firm Jones Lang LaSalle is donating 100 million yen (approximately $1.25 million) to the Japanese Red Cross to provide aid and relief directly to those most in need following the Japan earthquake and Pacific Tsunami that have left a path of destruction in their wake.

“Our donation is meant as an earnest statement of concern for and support of the people of Japan, including our 600 employees and thousands of clients in the country,” said Colin Dyer, Chief Executive Officer, Jones Lang LaSalle. Jones Lang LaSalle operates offices in Tokyo, Osaka, Sapporo and Fukuoka.

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