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Rise of smart cities
GREEN HOUSE
LAUNCH PAD
Real View
REALTY GUIDE
tax tips
Long-term gain
Fragmentation not applicable
green house
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Rise of smart cities
The swelling population figures of major cities year after year bear testimony to the fact that India's massive ‘urbanisation march’ is on. As per the World Bank projections, urban centres in the country will be accounting for 40 per cent of India's population by 2030, and the figure will cross the 50 per cent mark by 2040-45. A recent McKinsey report has predicted the number of people living in cities by 2030 to be 59 million, with 68 cities having a population of more than a million. These figures don't paint the picture of a rosy future for our already congested and constricted cities with fragile infrastructure. With a projected shortfall of 30 million dwelling units by 2020, the need to look for effective solutions becomes all the more imminent.
Price Index
AMBALA CANTT
Please note: The prices may vary as per the size of the plots and location, and are subject to change from time to time. Source: Nirmal Infrastructures. Mohali
As massive urbanisation is inevitable, intelligent solutions like developing new age mini cities seem to be the answer to prevent reckless urbanisation in major urban centres all over the country. The trend of developing integrated townships near metros and important cities is gathering steam as a large number of such projects have been envisaged over the past few years.
The trend seems to have become popular in the tricity region, too, if one goes by the number of such township projects that have come up here in the past few years. There is no denying the fact that the Chandigarh, Mohali and Panchkula area is a major urban magnate of the region. Though meticulously planned, the tricity region, too, has not been able to withstand the pressures of a growing population and one can see the chinks in infrastructure showing at every nook and corner now. As land became scarce within the tricity, people set eyes on the nearby Zirakpur, Dera Bassi and Baddi towns but the haphazard and frenetic pace of real estate activity put unrealistic pressure on the fragile infrastructure base of these towns, making these into urban nightmares. In spite of a massive damage control exercise, it will take a lot of time for these towns to offer living standards at par with Chandigarh, Mohali or
Panchkula.
So, move over Zirakpur, Dera Bassi, Baddi, it is areas like outer Mohali, Panchkula and Mullanpur that have become the latest hearthrob of builders as well as the investors. A number of integrated township projects are coming up around the tricity. The Landran-Banur road, near Mohali, is one such area which has as many as three major realty groups of the country developing their township projects. These include the 3,000-acre Mohali Hills project of the Emaar MGF group, TDI Group's 300-acre project MP-1 on NH-21 in Sectors 117,118 and 119 and 150-acre development MP-2 in Sector 110, 111 on the Landran road. Unitech's Uniworld City is a 300-acre township project in Sector 97, Mohali. India's top developer DLF has its 222-acre DLF Valley project in the Pinjore-Kalka Urban Complex; the group recently also opened bookings for its new project in Mullanpur in Punjab. The Omaxe group is all set to expand its 350-acre Chandigarh Extension project in Mullanpur to a 1,000-acre mega township with a world class commercial complex.
The allure
Integrated townships save commuting time, cost of transport and ease the burden on the limited resources of established urban centres. "Limited access to emergency services, lack of adequate parking space, water and power shortage, poor infrastructure are some of the ills that make the dream of living in a big city turn into a nightmare. In such a scenario if I can get a place in a planned project where all such problems are not getting on my nerves, then what more can I ask for", says Atinder Brar, who works for a private firm and has booked a flat in the Mohali Hills project.
Security is another plus point that these township offer. With the trend of nuclear families becoming all pervasive, security concerns have become top priority of house hunters. "The gated community and availability of facilities like shopping complex, sports facilities, clubs and eating joints in close proximity will take care of my major worries about my family. I can be at ease about their safety even when I am out of town", says Mohali-based Garry Arora, who is planning to move into TDI's MP-2 project.
Vast green stretches, global architectural trends, state-of-the-art fittings are some of the high points of all these developemnts. All of these projects offer a lot of choice to the buyers in the form of villas and row houses, group housing, residential plots et all. "We cater to all types of customers. We have something to offer to a customer whose budget is Rs 30-40 lakh and also to a person whose budget is over Rs 1 crore. But the main USP is that the basic facilities and the overall ambience, which are of international standard, are the same for everyone. So here we offer an exclusive premium lifestyle to each of our customers", says Sanjiv Saddy, senior vice-president, Emaar MGF Land
Ltd.
Investment option
Higher appreciation is another factor that makes venturing into an integrated city a wise choice for an investor. "It is good from the investment point of view as property in a stand-alone project is not likely to appreciate so fast", says Amreek Singh, a city-based property consultant. Moreover, as the construction and maintenance is centralised the overall value of a unit doesn't get affected because of haphazard development around it later on.
As the projects take a few years to get on the track fully, the early birds always make a good profit as prices appreciate once the proper infrastructure is put in place and people start living there. Rahul Mehta, Executive Director (North) of the DLF group, says that in 2010 when the DLF Valley project was launched, the prices were close to Rs 2,300 per sq ft but within one year these have risen to Rs 4,000 per sq ft and the second and third phases of the project have generated a very good response. "Even those entering at this stage will make a good profit if they choose to sell once people actually start living in here", he adds. In TDI's MP-1 project on Kharar road that was launched in June 2008, the initial price was Rs 6,500 per sq yd and now it is close to Rs 25,000 per sq yd, and in MP-2 on the Landran road the prices have risen to Rs 17,000 per sq yd now from Rs 10,000 at the time of its launch in September 2008, says Sanyam Dudeja, COO-Punjab TDI. The current price in Unitech's Uniworld City is around Rs 21,00 per sq yd as against the initial Rs 12,000 in 2007.
With sale not on their agenda, the end users may not gain that much on the monetary front and may actually block their money for at least three to four years, but they stand to gain by getting world-class lifestyle and a peaceful abode.
Points to ponder
In spite of these appearing like a sumptuous fare, it is better to keep certain points in mind before biting into any such venture. Always remember that investing in a township project is a long-term investment. The time period of a three to four years minimum is required for the whole system to be put in place and to see the real effective mechanism take off.
The title of land and all the mandatory regulatory issues should be studied carefully by investors. Large townships need a number of approvals depending on their size and location. So the investors should know fully whether the approvals have been got or not. In case of approvals not coming through there will be a delay in the delivery of residential units and the availability of basic facilities like water, power, sewerage etc will be affected. So, it makes sense to quiz the developer on all these points initially.
The credibility of a developer is another important factor which buyers should keep in mind. The tricity region has seen country's big realty groups converge here so credibility is not a factor here as all the groups have a vast experience of providing such facilities in different parts of the country.
Developers are going all out to lure customers to these mini cities by promising a premium lifestyle. While only time will tell whether these cities and their “dream merchants” will live up to the expectations and provide respite from the haphazard, unplanned realty growth, for the time being these mini and mega cities have given a boost to the realty sector in the region.
What these mini cities offer
n
Group housing, villas, bungalows, plots nirmalinfrastructures@yahoo.com
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SMALL WONDERS Give a big-time vent to your creativity by going in for miniature gardens and landscapes, writes Satish Narula With nuclear families as well as flat culture becoming almost a norm in today's context, there has been a marked change in the lifestyle of people also. The space has shrunk within the houses as well as in the gardens. Miniature landscapes, thus, are no more a fad but a new way for gardening enthusiasts to give expression to their creativity. There are no two opinions that the love of gardening is never lost whether the gardener lives on the ground floor where land is in plenty or in flats on upper floors. The designing is done as per the space available. Here the innovation factor works and limited space in upper storey apartments can be adorned with miniature gardens. The space may be limited and garden miniature but there still is plenty of scope to let your imagination run wild and create different landscapes like those of the plains or hilly areas. Another big advantage of creating such landscapes is that these are an excellent time pass and suits the elderly best as there is no need to carry heavy pots etc from one place to another. Years ago when the Japanese faced space constraints they created bonsais. Working on the same concept miniature landscapes were created later. For creating gardens in miniature form, the first step is to think of a theme. You can think of creating a small house garden or a hill station, a passage through hills or even a village scene. It is better to draft a detailed plan on paper. Thereafter, you can make a list of the articles required. Another list of plants should also be made to make the landscape complete In this type of landscape, you mostly need miniature toys, light-poles, pots, statues, lights and trays if you are creating the garden in trays. Such gardens are also created in glass bowls that are available in shops selling stuff for aquariums. You will also need marble chips of different sizes and colours besides small pebbles and stones. I have seen a landscape where in the innovative gardener had created a hill with a toy train passing through a tunnel that had suitable plants growing all around. In such designs you can also provide miniature poles made of straws by laying thin wires to be covered with chips or marble. For such landscapes, cacti come very handy especially different kind of haworthias. Plants like golden duranta that take pruning very well could be used to create even miniature 'trees'. Similarly other ground cover plants could be used to create different effects. Make bridges, water pools and passages in miniature form. You can also create such gardens in glass bottles using long sticks for working. Such gardens could be created on ground or table top too. These can be created overnight. Take it as a challenge and do it to see the effect on the face of your guests.
Fortnightly alert
This fortnight is very important for those who have planted new plants. The plants have already suffered transplant shock and now they will be subjected to high temperature assault. Keep an eye for die back. If you find any twig drying, remove the dried portion along with a little of the healthy part. This is to make sure that the entire diseased portion, even if it is lurking below the healthy tissues, gets removed. Also take periodical plant protection measures against pests and diseases.
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Astaire
Real estate developer BPTP Ltd has launched its second premium township Astaire Gardens at upcoming Sector 70 A, off NH-8 in Gurgaon. ”Spread across 102 acres, Astaire Gardens is an eclectic mix of contemporary design comprising plots, independent floors and villas, large plot sizes, 24x7 facilities, security, a state-of-the-art health centre, schools, a creche, sanctuary and the club,” BPTP Ltd Director (Strategy & Systems) Sandeep Bedi said.“We are the first real estate player to launch two unique townships in Gurgaon in such a short span of time. We are very enthused by the success of our first township, Amstoria, and we are confident Astaire Gardens will get similar response,” he said.”Astaire Gardens comprise 45 per cent open and green areas and is ideally located off the NH-8 and Golf Course Extension Road with a panoramic view of the Aravallis,” the company’s Senior Vice-President (Marketing) Amit Raj Jain said.With an entry threshold of Rs 60 lakh, the property is most competitively priced, Jain added. — PTI Laminate floors
Swedish company, Pergo, launched Domestic Extra Collection recently. The new range is designed to handle the wear and tear that happens in our homes. “A perfect choice when it comes to domestic areas, the Domestic Extra range of laminate floorings comes in a wide range of colours and designs giving you an opportunity to experiment with various ideas for your floors. The 20-year residential guarantee that comes with this range reinstates the durability. It is priced at Rs 150 per sq. ft.” said Naresh Maheshwari, CEO, Pergo India Pvt. Ltd.
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Real View
Given the increase in the land prices, the Confederation of Indian Industry (CII) has said there was a need to improve the infrastructure and increase in flow of capital in the housing segment.
“The only way where land can be available is improving the infrastructure...more young people have started to purchase houses and keeping that in mind, there is a need to provide better infrastructure and connectivity,” CII National Chairman (Real Estate and Housing) Anshuman Magazine told reporters in Chennai. Stating that in the US market, the land value was not considered and the value of house was given more importance, he said in India, the situation was completely opposite as land value was going increasingly upwards than that of the house. “If government improves infrastructure and provides better connectivity, one can have a look into the Old Mahabalipuram Road in Chennai, the NCR, Greater Noida or even in Thane (near Mumbai),” he said. Admitting that even if there was better infrastructure and connectivity, still there would be increase in land prices, he said that would happen over a period of time unlike what is happening today. “It will happen over a period of time... by the time the land prices go up, it would have given habitat to millions of people,” he said. On the commercial space front, he said every year there has been considerable increase in demand for the commercial space across the country. “In the last three years, it has gone up significantly. Every year we are adding about 45-55 million sq ft across India,” he said. Magazine and other senior CII officials were in Chennai to take part in the seminar on ‘South Realty-Vision 2020’. Former Secretary to the Ministry of Housing and Urban Poverty Alleviation Harjit Anand said in the housing segment of the country, about 90 per cent of them cater to the economically weaker section of the society. He said the Real Estate Bill, 2011 was on the anvil. — PTI
Robust demand
The demand for commercial property in the country is expected to remain robust in the first half of 2011, boosted by strong manufacturing activities, says a survey. “... Despite the expectation that interest rate hikes will continue in the first half of 2011, the growth profile of commercial property remains quite robust on account of a strong manufacturing sector,” an RICS India Commercial Property Survey released recently said. The Royal Institution of Chartered Surveyors (RICS) acts as a self-regulatory body for qualifications and standards and has more than 1,50,000 property professionals as members. According to the report, the sentiment in the investment market is seen to be stabilising after strong price gains in previous quarters and substantial increments are not expected. Demand for commercial property continues to remain strong at the macro-economic level. However, the report noted that “growth in investment activity seems to be losing momentum for the first time since the market recovered from the crisis in 2007”. There is a trend of oversupply rising across the three segments of office, industrial and retail property. The findings are based on a recent survey of more than 400 persons, who are into different areas of the commercial property sector. — PTI
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Check your sale agreement
B K Sanghi Q. I have been offered the possession of a flat which I had booked two years back. However, the facilities mentioned in brochure due to which I had booked the flat are still not complete so I don't want to take the possession. Now the builder wants me to pay holding charges. Please confirm how I am liable to pay possession charges as the facilities promised are not ready. Is it just another way of charging more money from customers like us? - Vikas Dureja A. From your query it seems that you have been given a raw deal by the builder. However, the question of charging the "holding fee" can best be settled by examining your sale agreement with the builder. A substantial number of builders give misleading advertisements in the newspapers promising moon to the gullible buyers like you. In fact, brochure is one of the tools to attract and mislead the customers. If there is no provision of charging the holding fee in the sale agreement, the builder cannot charge it from you. You should get your sales agreement examined from a legal expert. You can take a legal remedy for deficiency in service through the consumer court and any other court of law. Violation of the terms and conditions of the sale agreement amounts to violation of the laws of contract and cheating. Possession of plot
Q. My son and daughter had booked a residential plot in Sector 114 in Mohali with Ansal API Ltd. in September 2007. The plot for which booking had been made was park facing. PLC over and above the basic cost of the plot had been charged from me. The plot was offered for possession in March, 2010. Before taking possession of the plot my son and daughter transferred the plot in the name of their mother. They also deposited transfer fee to the builder. However, at the time of taking possession it was noticed that the plot was not park facing for which PLC had been charged. So we did not take possession as we were interested in the park- facing plot only. The builder did not bother to refund the PLC amount. Instead that amount was adjusted towards the last instalment (5%) to be paid by me before taking possession of the plot. Even after adjusting this amount towards the last installment, a sum of Rs 12,000 is still lying with the builder. He has not bothered to release the excess amount lying with him for over a year despite my request to refund it. Along with this, I had deposited an advance payment to the tune of Rs 9 lakh for which the builder had verbally promised to pay a nominal interest. But no interest has been paid by the builder so far. Kindly advise me:- 1. Should I take possession of the plot? 2. If I take possession, then will it weaken my case for claiming compensation from the builder for not giving park-facing plot to me. I have sent two letters to the Ansal Api Ltd., but haven't got any reply so far. I don't know who I should approach in this regard. I don't want to surrender the plot. But at the same time I want that I should be compensated by the builder for his failure to allot a park-facing plot for which booking had been made. It is relevant to add that all the terms and conditions as per agreement are in favour of the builder. The agreement is, however, not registered with any authority. - Vishnu Pathak A. You should immediately take possession of the plot as a bird ion hand in better than the two in the bush. From your question it seems that your son and daughter while transferring plot in the name of your wife had agreed for the ordinary location of plot even after paying preferential location charges (PLC). That, perhaps, is the reason why the builder adjusted the PLC charges in the last installment. Check out this point. Your family should have been careful while executing the agreement. The verbal assurance of interest on the advance payment does not hold any water in the legal terms. As you yourself said that the terms and conditions of the agreement are in favour of the builder, so taking possession of the plot may weaken your case for compensation. The excess amount of Rs 12,000 lying with the builder seems to be safe and he is bound to return in with nominal interest. For claiming compensation for mental harassment and unfair trade practice from the builder you should follow a proper procedure beginning with a legal notice and subsequently approach the consumer court for the redressal of your grievances.
Check your sale agreement
Q. I have been offered the possession of a flat which I had booked two years back. However, the facilities mentioned in brochure due to which I had booked the flat are still not complete so I don't want to take the possession. Now the builder wants me to pay holding charges. Please confirm how I am liable to pay possession charges as the facilities promised are not ready. Is it just another way of charging more money from customers like us? — Vikas Dureja A. From your query it seems that you have been given a raw deal by the builder. However, the question of charging the "holding fee" can best be settled by examining your sale agreement with the builder. A substantial number of builders give misleading advertisements in the newspapers promising moon to the gullible buyers like you. In fact, brochure is one of the tools to attract and mislead the customers. If there is no provision of charging the holding fee in the sale agreement, the builder cannot charge it from you. You should get your sales agreement examined from a legal expert. You can take a legal remedy for deficiency in service through the consumer court and any other court of law. Violation of the terms and conditions of the sale agreement amounts to violation of the laws of contract and cheating.
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Share issues
S. C. Vasudeva Q. Guide me about the percentage share in the property of a person, who died without leaving a Will. The deceased had married twice and has three sons and two daughters from his second marriage and one son from his first marriage. His eldest son has expired and he has two sons and two daughters. — Harinder Singh A. According to the provisions of Section 8 of the Hindu Succession Act 1956, the property of a male Hindu dying intestate shall devolve firstly upon the heirs specified in Class 1 of the Schedule to the said Act. The order of succession among heirs as specified in Section 9 of the aforesaid Act is that heirs in Class 1 shall inherit the property simultaneously. The heirs in Class1 include son, daughter, widows, mother, son and daughters of a predeceased son. The method of distribution of property among heirs of Class 1 of the Schedule is given in Section 10 of the said Act. According to the provisions in the said Section, the surviving sons and daughters of the intestate shall take one share each and heirs in the branch of each predeceased son of the intestate shall take between them one share. Accordingly, each of the sons and daughters of the deceased from second wife would be entitled to 1/6th share. The granddaughters and grandsons together would be entitled to 1/6th share in the property.
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Long-term gain
Q. I was allotted an industrial plot in 2004 and the payment was made immediately, the possession was taken on July 29, 2009. If I sell the plot after July 29, 2012 will the net profit be treated as long-time capital gain? Can this LTCG be deposited in capital gains account scheme A and B to save tax? Can short-term capital gain, if the plot is sold earlier, also be deposited in CGA scheme A and B to save tax?
— Harinder Singh A. Your queries are replied hereunder:
n
In case the plot is sold after July 29, 2012 i.e. the holding period is more than three years, the capital gain arising on the sale of plot would be treated as a long-term capital gain. The amount of such capital gain is required to be deposited in a bank under capital gain scheme account provided the amount of 'net consideration' has not been appropriated for the purchase or construction of a residential house before the due date of filing the income-tax return so as to claim exemption of the taxability of such a gain in the year in which such gain has arisen. Such an account should be opened in the name of the seller of the plot and utilised by him for the aforesaid purpose within the specified period to avoid taxability of the capital gain after the expiry of the specified period. n
Short-term capital gain arising on the sale of a capital asset is taxable as part of the total income. The benefit of exemption in such a case is not available to an assessee.
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Fragmentation not applicable
Q. This is in reference to your reply to my query regarding Transfer of Lease rights - published in Real Estate (The Tribune-12.3.2011). In this context, the scanned copy of relevant portion of Lease Deed, Allotment Letter & Transfer letter is enclosed for your ready reference please. Kindly clarify my query on the basis of above documents.
— Rajesh Chand A. The lease deed, allotment letter and the transfer letter have been looked into. It is very much evident from these documents that the plot of land allotted to you cannot be fragmented. The dictionary meaning of the word fragment is "a small part broken off". Amalgamation on the other land means combine or unite. The plot, therefore, can not be broken into small portions. In this case there is no question of amalgamation. However, the joint owners in this case are owners of unspecified share in the plot to the extent of 1/3share in the property. The sale of his 1/3rd share in the plot by your brother is not permitted in terms of clause 4(a) of the lease hold without the prior consent of the Estate Office. If permitted, it will make the purchaser 1/3rd owner of the unspecified share in the plot of land i.e. he will step into the shoes of your brother. Therefore, as long as there is no fragmentation of the plot, the Estate Office may not intervene if it has permitted the transfer. The mutation of such 1/3rd share in the name of the person to whom such share has been sold may not be effected without such permission. The issue with regard to the possession of plot of land as well as in the constructed house has legal implications. It will, therefore, be advisable to consult a civil lawyer in this regard.
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SMALL WONDERS
Give a big-time vent to your creativity by going in for miniature gardens and landscapes Satish Narula With nuclear families as well as flat culture becoming almost a norm in today's context, there has been a marked change in the lifestyle of people also. The space has shrunk within the houses as well as in the gardens. Miniature landscapes, thus, are no more a fad but a new way for gardening enthusiasts to give expression to their creativity.
There are no two opinions that the love of gardening is never lost whether the gardener lives on the ground floor where land is in plenty or in flats on upper floors. The designing is done as per the space available. Here the innovation factor works and limited space in upper storey apartments can be adorned with miniature gardens. The space may be limited and garden miniature but there still is plenty of scope to let your imagination run wild and create different landscapes like those of the plains or hilly areas. Another big advantage of creating such landscapes is that these are an excellent time pass and suits the elderly best as there is no need to carry heavy pots etc from one place to another. Years ago when the Japanese faced space constraints they created bonsais. Working on the same concept miniature landscapes were created later. For creating gardens in miniature form, the first step is to think of a theme. You can think of creating a small house garden or a hill station, a passage through hills or even a village scene. It is better to draft a detailed plan on paper. Thereafter, you can make a list of the articles required. Another list of plants should also be made to make the landscape complete In this type of landscape, you mostly need miniature toys, light-poles, pots, statues, lights and trays if you are creating the garden in trays. Such gardens are also created in glass bowls that are available in shops selling stuff for aquariums. You will also need marble chips of different sizes and colours besides small pebbles and stones. I have seen a landscape where in the innovative gardener had created a hill with a toy train passing through a tunnel that had suitable plants growing all around. In such designs you can also provide miniature poles made of straws by laying thin wires to be covered with chips or marble. For such landscapes, cacti come very handy especially different kind of haworthias. Plants like golden duranta that take pruning very well could be used to create even miniature 'trees'. Similarly other ground cover plants could be used to create different effects. Make bridges, water pools and passages in miniature form. You can also create such gardens in glass bottles using long sticks for working. Such gardens could be created on ground or table top too. These can be created overnight. Take it as a challenge and do it to see the effect on the face of your guests. Fortnightly alert This fortnight is very important for those who have planted new plants. The plants have already suffered transplant shock and now they will be subjected to high temperature assault. Keep an eye for die back. If you find any twig drying, remove the dried portion along with a little of the healthy part. This is to make sure that the entire diseased portion, even if it is lurking below the healthy tissues, gets removed. Also take periodical plant protection measures against pests and diseases. 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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The swelling population figures of major cities year after year bear testimony to the fact that India's massive ‘urbanisation march’ is on. As per the World Bank projections, urban centres in the country will be accounting for 40 per cent of India's population by 2030, and the figure will cross the 50 per cent mark by 2040-45. A recent McKinsey report has predicted the number of people living in cities by 2030 to be 59 million, with 68 cities having a population of more than a million.
With nuclear families as well as flat culture becoming almost a norm in today's context, there has been a marked change in the lifestyle of people also. The space has shrunk within the houses as well as in the gardens. Miniature landscapes, thus, are no more a fad but a new way for gardening enthusiasts to give expression to their creativity.
Q. I have been offered the possession of a flat which I had booked two years back. However, the facilities mentioned in brochure due to which I had booked the flat are still not complete so I don't want to take the possession. Now the builder wants me to pay holding charges. Please confirm how I am liable to pay possession charges as the facilities promised are not ready. Is it just another way of charging more money from customers like us?
Q. I was allotted an industrial plot in 2004 and the payment was made immediately, the possession was taken on July 29, 2009. If I sell the plot after July 29, 2012 will the net profit be treated as long-time capital gain? Can this LTCG be deposited in capital gains account scheme A and B to save tax? Can short-term capital gain, if the plot is sold earlier, also be deposited in CGA scheme A and B to save tax?
Give a big-time vent to your creativity by going in for miniature gardens and landscapes
