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Commercial property boom in Patiala
Housing prices may go up
tax tips
REAL TALK
CREDAI CONVENTION
REALTY GUIDE
REALTY BYTES
green house
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Commercial property boom in Patiala
During the auction of the freehold SCO sites in PDA-Omaxe City held recently, against the total reserve price of Rs 32 crore, 52 SCOs were auctioned for Rs 52 crore - a considerable jump of Rs 20 crore. Likewise, the recent auction of the 25 SCO sites on the Jail Road had fetched the Punjab Urban Planning and Development Authority (PUDA), a whopping Rs 55.11 crore as against the total reserve price of Rs 19.63 crore (approximately). Joint Managing Director, Omaxe Ltd, Sunil Goel, said, "The overwhelming response to our auction indicates the increasing demand for commercial property in Patiala and the trust that buyers have in our company." Expressing similar views, the chairman of Sara Group, Satish Goyal, who also deals in the real estate sector, stated that though Patiala had never witnessed unusual property boom like that in other cities like Ludhiana and Amritsar, but the current market scenario indicates that commercial properties in the city will be in great demand and the realty sector would flourish in the days to come. Price Index
SECTOR 1 "Earlier, the demand of the commercial property in Patiala had gone down considerably but in the recent past the market has picked up", said Rajinder Bansal of Shamsons Colonisers
Private Limited. DGM (Sales and Marketing), Omaxe Limited, Manoj Suri, said there has been considerable appreciation in prices of commercial and retail space in the city. "We have got to know that some of the shops at Omaxe Mall, which were sold by the company at a price varying between Rs 8,000 to Rs 9,000 per sq ft last year, have now being re-sold by their respective owners at Rs 18,000 to Rs 20,000 per sq ft", he added. As per realtors commercial land rates on Bhupindra Road have almost doubled in
the past 12 months or so. Price in the Adalat Bazaar area has touched the figure of Rs 3 lakh per sq yd. Commercial property rates have zoomed in the busy Leela Bhawan area also. The prices here have gone up from Rs 1,50,000 per sq yd to almost Rs 2,25,000 per sq yd. The real estate agents said that earlier property in Patiala had never been in demand from investments point of view. "But now the trend seems to be changing. The demand profile which was earlier mainly confined to the residential segment has changed now and it is the commercial land which is more in demand these days, this has led to increase in the prices", said Pal Juneja of Juneja Realtors. Buoyed by this trend the Patiala Municipal Corporation has also decided to sell some of its properties to make profit and generate revenue. Functionaries of Patiala MC have urged the Department of Local Government, Punjab, to give its approval to allow the civic body to sell various properties of MC, which are either on lease or rent for the past three decades. According to the civic authorities, the sale of the property given on lease/rent would generate funds amounting to Rs 35 crore. Patiala Mayor Ajit Pal Singh Kohli said, "The real estate market is on a high. If the Department of Local Government, Punjab, responds positively to our request then we will be able to sell off various properties and generate funds to the tune of Rs 35 crore. These funds would be pumped in for undertaking development works in the city."
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Housing prices may go up
According to industry body CREDAI housing prices could go up, as the borrowing cost for developers is set to increase following the hike in short-term lending rates by the RBI.
Reacting to the RBI’s decision to raise the repo and reverse repo rates by 50 basis points, Confederation of Real Estate Developers Association of India (CREDAI) Chairman Pradeep Jain said, "This is going to increase the cost of funds for both developers and home buyers". "Property prices would go up since the input cost will increase because of the increase in borrowing cost to developers", Jain, who is also Chairman of Parsvnath Developers, added. However, real estate consultant Jones Lang LaSalle (JLL) said developers were unlikely to increase housing prices as demand in bigger cities would be hit due to the RBI's monetary policy. JLL India Country Head and Chairman Anuj Puri said the RBI’s decision was expected, considering high inflation. India’s largest realty firm DLF said banks should not increase the interest rates and felt that prices, whether of food or housing, can only be controlled by improving supplies. Asked about impact on real estate, Puri said, "It will start to have an impact on housing demand because of the increase in interest costs". He pointed out that housing demand in bigger cities is already sluggish and the hike in short-term rates would futher affect the demand. He said, however, the demand in smaller cities might not be affected as the prices are reasonable there. Jain, however, said there would be no adverse impact on demand, as people need homes. On the impact on housing prices, Puri of JLL India said, "Developers would absorb the possible increase in their interest cost by lowering their profit margins". DLF Group Executive Director Rajeev Talwar said: "Home loan is the safest category of loan. Banks should not increase the interest rates on home loans. They have enough cover to absorb the hike in repo and reverse repo rates". Talwar hoped the latest hike in repo and reverse repo rates would be the last, as he felt there was no futher scope to raise the short-term lending rates. On housing demand, he said it would not be affected, as the country's economic growth is robust. Sunil Dahiya, MD VIgneshwara Developers said, “When the RBI is confident that the banks will be able to make profit even in such times and the credit off take will be stable, the real estate industry needs to 'de-clutch' the notion that expensive home loan rates kill demand. Its very simple that cheaper home loans do not drive demand for credit off-take, rather, the intent to buy a house comes from demand than the ability to enjoy a cheaper loan. As a matter of fact, the fluctuation in a 'basis points' and interest factor have an effect of just a Rs 1 -2 lakh over a period of 15 years on a loan. When India was buying homes in an era (pre 1990s) of home loans being at 14%-16% p.a with salary levels of 3rd pay commission, today's environment is of course hovering anywhere between 10-12%p.a (highest loan levels) and the sixth pay commission already in place. Therefore, developers need to work out with bankers, innovative loan products to suit today's environment where today an credit qualifier's average age is 32 years instead of the 45years in pre-1990 era. A gain of 10 years, in the loan repayment period available to banks. Therefore, with this gain, the average EMI can be almost halved from Rs 1,000 per lakh to Rs 500 per lakh. In short, when banks are confident that they'll be able to get buyers to take loans at their current hike in rates, the real estate sector should rather cheer that they are entering an era of sales charts poised to grow. Also, most central banks increase the rates of lending when they see demand being very strong”. — PTI/TNS
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No rebate on loan for plot
S. C. Vasudeva Q. As per the House Building Advance rules of the company in which I am working we can take the HBA for purchase of plot and construction on the site thereof. We can take 40 per cent amount of HBA entitlement for the purchase of a plot and the remaining 60 per cent in two installments of 30 per cent each after registry and approval of the building plan. In my case I have taken loan of Rs 5 lakh for purchasing a plot and Rs 25 lakh for construction on it. Am I entitled to get a deduction for interest paid with regard to the loan taken for purchasing the plot? — R.C. Sharma A. Section 80C of the Income Tax Act 1961, (The Act) does not provide for a deduction for the amount borrowed for the purposes of acquisition of land. This is because of the language used in the Section which reads "For the purposes of purchase or construction of a residential house property the income from which is chargeable to tax under the head income from house property". In your query you have stated that you had borrowed money specifically for acquiring a plot. You would, however, be entitled to deduction on interest paid on the amount borrowed for construction of house. Such deduction is admissible against income from house property. You would also be entitled to the deduction of the repayment of the principal amount for the construction of the house. The deduction for such repayment would be within the limit of Rs 1,00,000 specified in Section 80C of the Act.
Sale of house in wife’s name
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Can two residential houses be purchased from the LTCG amount from the sale of this house without inviting any tax liability?
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My spouse owns another residential plot allotted by HUDA. Can two residential houses of some bigger sizes be purchased by adding the LTCG amount from the sale proceeds of a residential plot amount and residential house owned by my spouse without inviting any tax liability?
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In fact we need two residential houses keeping in view needs of our children. Can two residential houses be purchased by us simultaneously, one house in name of my spouse from the LTCG amount from the sale of her house and the other house in my name from the LTCG amount from the sale of my residential plot without inviting any tax liability? Would it be a better option especially for taking each house as self occupied separately? — Anil Dewan A. Your queries are replied under:
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Section 54 of the Act provides that in case of an assessee being an individual or HUF, the capital gain arises from the transfer of a long-term capital asset and the assessee has within a period of one year before or two years after the date of transfer, purchased or has within a period of three years, constructed "a residential house", then the capital gain chargeable to tax shall not be so charged provided that the cost of the new residential house is more or equal to the amount of capital gain earned by the assessee. The language used in the Section has been considered by the High Court as well as by the various benches of ITAT. There is a difference of opinion with regard to the term 'residential house'. The purchase of two houses by utilising capital gain on the sale of a residential house would thus involve litigation.
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The provisions of Section 54F of the Act require that in case of any profit arising on sale of a capital asset other than a residential house, the same would not be taxable provided net consideration on sale of such a capital asset is utilised towards the purchase or construction of a house within the specified period. Therefore, in case you intend purchasing two residential houses in the name of your wife and yourself to save tax on capital arising from the sale of a residential plot and house owned by your wife, the investment in two houses will have to be made in the following manner:
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She should utilise the capital gain arising on the sale of residential house in purchasing a new residential house within one year before or two years after the date of sale of the residential house.
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After purchasing the new residential house she should invest the net consideration arising on the sale of the plot within one year before or two years after the date of sale of plot for the purchase of residential house. The above requirement at (i) & (ii) is subject to the fact that unutilised amount of capital gain/net consideration, as the case may be, is deposited with a bank under capital gain scheme before the due date of filing the tax return of your wife. The amount so deposited can be utilised for the purchase of the houses.
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Each one of you can purchase a house separately. However, in your case net consideration accruing on the sale of the plot will have to be invested in purchasing a residential house so as to seek exemption from the taxability of capital gain. Your wife can invest capital gain arising on the sale of residential house so as to save the tax leviable on the long-term capital gain. The condition with regard to depositing unutilised amount as explained in (b) above will have to be complied with in this case also.
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Entitled to deduction on house loan
The house has been financed by a bank loan. The total interest likely to be paid on this loan of this house is about Rs 1,70,000 per year. Can I show the deduction in my tax return for the year ended 31.03.2012
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Of full amount of interest i.e. Rs 1.70 lakh from the house property.
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Of full amount of principal paid to the bank along with interest as EMI from my pension amount. Also please let me know how much amount of my income is exempted from tax during 2011-12. — Amar Singh A. Your queries are replied hereunder:
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Section 24 of the Act provides where a property has been acquired/ constructed with borrowed capital the amount of any interest payable on such account would be allowed as deduction while computing the income from house property. Presently, the deduction for a self-occupied house is limited to a sum of Rs 1,50,000. However, as the property constructed by you has been partly let out, you should be entitled to claim the deduction for the entire amount of Rs 1,70,000, which will be bifurcated on the basis of the portion occupied by you for your own residence and the portion which has been let out. It may be added that you are also entitled to the deduction interest, if any, payable on borrowed funds for the period prior to the previous year in which the property had been acquired or constructed. Such deduction is admissible in five equal installments. The first installment would be allowable in the year in which the property had been acquired or constructed.
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The deduction for the amount paid towards the repayment of the principal amount would be allowable within the limit of Rs 1 lakh specified under Section 80C of the Act.
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An individual assessee would be chargeable to tax in respect of the previous year ended March 2012 in case his total income exceeds Rs 1,80,000.
Utilising LTCG
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I understand that entitlement for long-term capital gain (LTCG) out of the sale proceeds from this plot would be applicable only after the expiry of the period of three years. Whether this period of three years is from the date of offer of possession of the plot or from the date when the actual possession of this plot is taken by me?
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If the period of three years is to be taken from the date of offer of possession, then I become entitled for LTCG. If this is true, then can I invest the entire amount of LTCG in REC or NHAI to save tax on LTCG legally?
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Can I purchase another residential plot out of the part amount of LTCG from the sale of my above said HUDA plot and invest the balance LTCG amount in REC or NHAI without inviting any tax liability on this LTCG amount?
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Whether the entire sale proceeds of the above said plot are to be deposited in the bank in a separate account till the LTCG amount is invested in REC or NHAI? Can only the LTCG amount, after deducting the indexed price of the plot, be deposited in the separate account in the bank for investment in REC or NHAI? — Lal Chand A. Your queries are replied under:
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In case you do not take the possession of the plot, you would be selling your allotment right for which the period of three years would be counted from the date of allotment. Accordingly, the period of three years would be taken from the date when the plot was allotted to you. However, in case the possession is taken, the period of three years should be counted from the date of possession.
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The capital gain would be a long-term capital gain in case the allotment right is sold after a period of three years of the date allotment and you would thus be able to save the capital gains tax by investing the long-term capital gain in the acquisition of tax saving bonds issued by the Rural Electrification Corporation Limited or National Highway Authority of India.
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The investment in another plot would not entitle you to any tax relief. In case the proportionate amount is invested in acquisition of tax saving bonds, the exemption would be allowed proportionately.
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The investment in the acquisition of tax saving bonds is to be made in respect of capital gain arising on the sale of the capital asset. Such investment is to be made within six months from the date of the transfer of the long term capital asset. The amount of indexed cost of the plot can be utilised in any manner you like.
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Heading for price correction
With several educational, industrial, office, hospitality, retail and healthcare projects in its kitty the Innovative Infradevelopers group has carved a niche in infra development over the past 20 years. The group’s current focus is in the NCR and it recently launched Legend Heights, a mega commercial project complete with retail, corporate offices, hotel & spa and food court in Gurgaon. The company is also coming up with group housing projects, luxury hotel, and a golf township. Sumit Bansal, Joint Managing Director of the group shares his views on the real estate scenario in the region and his company’s vision in an interview. Excerpts: How has the growth of realty sector been in the first five months of 2011. What have been the high points of this sector so far? India’s real estate sector has been witnessing a stable demand growth in 2011. The year 2011 ushered a new decade of opportunities for the sector and the positive aspects include: n Launch of premium products continued n Launch of Ultra Low Cost (ULC) Housing by private developers n Large number of launches continued in the range of INR 3,000-5,000 per sq ft at the leapfrogged suburban locations n Office rents started appreciating Do you see signs of price correction in big cities? What are the reasons for this and how much correction do you feel will be there? I feel that there could be a price correction of 10-15 per cent in big cities. This process of correction, however, will not be as intense as earlier. Falling home sales and pressure on developers to repay bank loans are expected to hit prices for the next few months. Your group has projects in big cities as well as in small towns, what difference do you see in these two markets? The major difference in big cities and small towns is the easy availability of land at affordable prices. Moreover, the special incentives are given by the respective governments in providing the smaller cities with infrastructural facilities. This has generated a commercial and residential real estate opportunity in smaller towns. What are your group’s future plans for the region? Our current focus is in NCR. In addition, we are undertaking developments in key leisure destinations such as Shimla and Jaipur, and Tier 1 urban agglomerates such as Mumbai and Tier 2 urban agglomerates such as Ahemdabad. Apart from this we are also planning a group housing project in industrial city and a golf township in Gurgaon very soon. Is this the right time for investors to enter the scene? It is the right time for investors to enter as there is a big advantage for people who have wanted to invest at this moment. The property market has become again active in the Delhi National Capital region (NCR). During this quarter, Noida properties, both residential and commercial in the prime localities. Gurgaon property prices during this quarter have shown an average appreciation of 10% to 15%. — Geetu Vaid
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Pledge for transparency
The Indian real estate industry, whose image has suffered after a series of corruption scandals pledged to maintain transparency and quality towards all its stakeholders at a convention organised in Singapore. Hundreds of developers, who gathered in Singapore for the 11th annual convention of the Confederation of Real Estate Developers' Association of India (CREDAI), also promised to become more sensitive to the interests of their stakeholders. CREDAI, the apex body representing private real estate developers in the country, also presented a revolutionary document under “mission transparency” to remove corruption from approval system and thereby making housing cheaper. Urban Development Minister Kamal Nath, who inaugurated the conference, said, “this demonstrates a huge change”, which is commendable. “The fact that the conference is being hosted in Singapore — an excellent example of well planned and executed urban development and housing — will serve as an inspiring example for the Indian development community present here in large numbers,” the minister said. He also said the real estate sector “has image deficit”, but the reforms “you have made yourselves” are going to change the perception. Highlighting the problems of real estate sector, CREDAI president Latit Jain said, “Delays in approvals, which take two to three years, is costing the developers immensely and in turn passing onto the customers. “We are actually burdening the middle class by adopting harsher policies,” Jain said, and called for adopting a single-window clearance system. The developers body also presented a comprehensive check list to Nath. It claimed that if their suggestions were implemented, it will increase housing stock by 100 per cent and create 100 per cent more jobs. “It will also generate more than 100 per cent more revenue for all government authorities concerned “ Jain said. — PTI
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Fraud by property dealer
B K Sanghi Q. I entered into an agreement for sale of a residential plot in an Urban Estate of PUDA. An Agreement to Sell was prepared by the property dealer on non-judicial stamp papers of Rs 300 value, some amount as earnest money was paid to me and the original agreement was kept by him. However, I took a photocopy of the agreement papers from the property dealer after repeated requests. The property dealer failed to get the sale deed executed in the office of Sub-Registrar by the stipulated date and has made some additions and alterations in the original Agreement to Sell. Kindly intimate whether I am in a position to prove in the court of law that the property dealer has manupulated/fabricated/falsified the origininal document and breached the trust to cheat the seller, on the basis of the photocopy of the agreement papers in my possession. — K.V. Lal A. On the basis of information provided by you, you are in a position to prove in a court of law that the property dealer has manipulated and fabricated the original documents and breached the trust reposed in him in the agreement to sell. However, to make yourself on the strong legal wicket you should take certain steps. First, you should serve a notice on PUDA, property dealer and the purchaser that they should get the Agreement to Sell executed in the office of the Sub-Registrar by a specified date. Secondly, you should serve a notice on PUDA saying that you are cancelling the permission to transfer the residential plot in the name of the purchaser. The photocopy of the agreement to sell, even on the non-judicial stamp papers is a valid document in the court and execution of General Power of Attorney and Agreement to Sell. Ancestral property
Q. I have the following query: If two brothers inherit ancestral property (shop and a house) after father’s death (no will, taksim, NOC etc), then can one of them sell his share without the consent of the other brother? — Sanjeev Kumar A. Under the Transfer of Property Act 1882, a co-heir is barred from selling his portion of property till he has a valid mutation in his name from the competent authority. Any sale of such ancestral property carried out by a legal heir till he or she holds property in his name is null and void in the eyes of the law. An injunction can be obtained from the court of law regarding the proposed sale of the residential property by one of the brothers under the Transfer of Property Act 1882, and other legal provisions governing property transactions. The legal heirs, (including mother (alive) and if any sister is there, are also co-sharers in the property) can only use the ancestral property for personal use and they cannot even rent out or give the property on lease.
Vaastu in group housing societies
Q. How significant are the principles of vaastu. Is it possible to apply them successfully in group housing societies? — Mrs Rajni A. Yes, it possible to apply the principles of Vaastu successfully in group housing societies. While planning for a group housing society some major principles are followed for providing amenities like water sources, open spaces, height of the building, placement of underground and overhead watertanks and circulation of air. Vaastu Shastra as a science stresses on the orientation of a building or structure. It emphasises the fact that the orientation of a building and its design are significant for offering a life which brings good health, wealth and prosperity to its occupants. In Vaastu it is believed that the orientation or direction of a building should be planned on the basis of the rotational setting of planets and the buildings that are not planned according to this and are not constructed with suitable building materials as proposed by Vaastu see their decline much faster than those built otherwise.
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REALTY BYTES
Acron Infra Projects of Mumbai has recently been awarded the work of constructing Smondoville - a residential complex in Neotown Electronic City, Bangalore for "Patel Realty". Acron Infra Projects will construct seven multi-storey residential towers each comprising of a stilt plus 12 floors totally measuring over 400,000 sqft.
Patel Realty is a wholly owned subsidiary of Patel Engineering Ltd. "Electronic City, Bangalore has earned a place on the world map as the hub for India's top IT companies such as Infosys, Infotech, Siemen's and Satyam. The Smondoville project lies within a 120-acre integrated township comprising three residential precincts, a business district, a tech icon precinct, hospitality and a leisure and educational precinct. It has a beautiful natural lake within the township and is located in Electronic City phase-I.
Smondos are smart homes designed for optimum efficiency for comfortable living. Acron Infra Projects have constructed approx. 1,00,000 sq. ft. of warehouses, over 1 million sq. ft of residential and commercial buildings and are shortly commencing the construction of a 400,000 sq. ft. 5-star hotel at Chembur in northeast Mumbai.
Unitech to invest Rs 30cr in Mysore
Realty major Unitech will invest Rs 30 crore to develop a luxury housing project in Mysore. The company would build 35 villas in the project ‘Palace Court’ with a starting price of Rs 1.07 crore, Unitech said in a statement. The project cost, including land and construction, is Rs 30 crore, a company official said. Unitech is the country’s second largest realty firm with a land bank of over 7,000 acre. It is developing number of projects, majority of which are in Gurgaon and Noida. — PTI
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Go for that exotic touch
Satish Narula The kind of response we receive from our readers is a clear indication of the vast variety of readers that we have as they include experts, amateurs and even those who have never tried their hands at gardening before. Keeping everyone in mind we at times have to take up issues that may be very basic for the expert group. Our aim is to make the raw hand a unit of green fingers. But what I will introduce you today is something that will interest one and all. There are some flowers that most of the people have seen, admired and thought these to be exotic. They are usually the expensive blooms in special bouquets which command a good market price due to their attractive bloom shape, size and colour. Some of these flowers resemble each other and amateurs may get confused about their actual identity. Today's write up is an introduction to an unusual flora for amateurs and those who have seen these flowers but wondered whether it was possible to grow them in the region?
Before explaining, I would like to introduce you to the flowers in pictures. Do not be confused, these are different flowers. The one with pink blooms is the anthurium and the white one is zentedeschia. Both the flowers mentioned above have white or colourful 'spathe' and a central projection that is called 'spadix'. It is finger like. Both the blooms have a very long vase life. In case of anthurium, the flower size increases with time as the plant ages. The roots tend to be superficial and even come out of the pot. The most common type is the pink blooming anthurium. However, the most prized is the red one. Hybridisation has made it possible to get half white half green, full green or half pink and half white spathes. The zentedeschia is rhizomatic (have underground rhizomes) and anthurium multiplies by way of suckers. Surprisingly, when both the types of flowers are so hardy, why these have not found place in the home gardens. I have seen them grow in high moisture and also in stressed conditions. Both grow well in semi-shade or shade conditions. Zentedeschia, too, has not found a place in gardens. Also called the Arum lily or Calla lily, it bears excellent bold flowers that are sweet smelling and have a long vase life. Amateur gardeners should confine their knowledge to the common name and not go into botanical nomenclature or else they will be lost in the debate whether arum lily is only the name given to this flower or it specifically belongs to arum and lily class? It may not. Though very hardy in nature, it is not popular. The only reason that I can think of is sheer ignorance on the part of gardeners. Very few know about it and that it can be grown in the region also. It can be grown at wide range of altitudes and grows with the same success in the plains of places like Chandigarh. So if you are really excited about these exotic looking blooms then just go ahead and procure the baby plants and see these blooms add to the appeal of your home garden.
Fortnightly alert
The temperature is rising with each passing day and with this the watering requirements of plants have also increased. The freshly planted plants and those in fruiting need extra dose of aqua. Keep a watch and water young plants more. The frequency could be a daily application in the evening. It is better to give water in the evening as plants have intervening night to recuperate. Moreover, the morning application is also banned.
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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With the recent auctions of the freehold shop-cum-office sites in PDA-Omaxe City and SCOs on Jail Road receiving an overwhelming response from bidders, the commercial realty sector in the royal city of Patiala seems to be back on the track. The trend is being witnessed in other parts of the country, too. A report of RICS India Commercial Property Survey released recently said, "... 
According to industry body CREDAI housing prices could go up, as the borrowing cost for developers is set to increase following the hike in short-term lending rates by the RBI.
Reacting to the RBI’s decision to raise the repo and reverse repo rates by 50 basis points, Confederation of Real Estate Developers Association of India
(CREDAI) Chairman Pradeep Jain said, "This is going to increase the cost of funds for both developers and home buyers". "Property prices would go up since the input cost will increase because of the increase in borrowing cost to developers",
Jain, who is also Chairman of Parsvnath Developers, added.
With several educational, industrial, office, hospitality, retail and healthcare projects in its kitty the Innovative Infradevelopers group has carved a niche in infra development over the past 20 years. The group’s current focus is in the NCR and it recently launched Legend Heights, a mega commercial project complete with retail, corporate offices, hotel & spa and food court in Gurgaon.
The Indian real estate industry, whose image has suffered after a series of corruption scandals pledged to maintain transparency and quality towards all its stakeholders at a convention organised in Singapore.
Hundreds of developers, who gathered in Singapore for the 11th annual convention of the Confederation of Real Estate Developers' Association of India
(CREDAI), also promised to become more sensitive to the interests of their stakeholders.
The kind of response we receive from our readers is a clear indication of the vast variety of readers that we have as they include experts, amateurs and even those who have never tried their hands at gardening before. Keeping everyone in mind we at times have to take up issues that may be very basic for the expert group. Our aim is to make the raw hand a unit of green fingers. But what I will introduce you today is something that will interest
one and all.
With the recent auctions of the freehold shop-cum-office sites in PDA-Omaxe City and SCOs on Jail Road receiving an overwhelming response from bidders, the commercial realty sector in the royal city of Patiala seems to be back on the track. The trend is being witnessed in other parts of the country, too. A report of RICS India Commercial Property Survey released recently said, "... 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." After passing through severe recession for almost a year, the smiles are back on the faces of the real estate agents dealing in commercial property in Patiala. According to those dealing in the real estate the slump seems to be over and now sale and purchase of commercial property is picking up.
Q. I own a residential plot. I do not have any residential house but my spouse owns one residential house. It had been constructed on a HUDA plot in 1986. My wife is a self -employed person. In case this house is sold then:
Q. I am an employee of Haryana Government. I have constructed a house in Gurgaon and am residing in a portion of that house. The remaining part of the house has been given on rent. 
Q. I was allotted a residential plot by HUDA few years back. In addition to 10 per cent earnest money already paid, I paid another 15 per cent of the total price of the plot to make the total payment of 25 per cent of the plot's price as per HUDA directions. I have paid a few annual installments also to HUDA. Now I want to sell this plot. Kindly advise me on the following points: 