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Zip zap Zirakpur
Tax Tips
Realty Bytes
Ground Realty
Real Talk
On The Anvil
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Zip zap Zirakpur
Proximity to Chandigarh and its status as a gateway to three states - Punjab, Haryana and Himachal - has kept the realty scene in Zirakpur very dynamic for the past several years. While the enthusiastic initial investors did have a jittery time as the sleepy town's fragile infrastructure crumbled drastically under the weight of "high profile and high speed" construction activity, with the master plan finally in place and in various stages of execution, it seems to be a smooth road ahead for the developers as well as end users who have set their eyes on Zirakpur.
"The most important reason for the development of Zirakpur is its location. You can embark on a journey to Haryana, Himachal Pradesh, Chandigarh and Punjab from Zirakpur. And because of its strategic location it is going to become a major destination in future", observes Bharat Mittal, Director of Sushma Buildtech, a company that is having three real estate projects in Zirakpur only. As it is located on a highway, Zirakpur is a good option for buying a second home for Punjabis who have their kids studying in Himachal or have business interests in the NCR. "It is convenient for me to have a house in Zirakpur since I have to travel frequently to Delhi by road for my business related work", says Gurmant Randhawa, who is otherwise based in Ferozepore. The town is also an ideal location for those looking for "affordable" houses in the vicinity of Chandigarh and Panchkula as there is a whopping difference between the home prices in Chandigarh and Panchkula and those available in Zirakpur. Sector 20 in Panchkula is adjoining Zirakpur, but while the price of a 3BHK apartment in Sector 20 is around Rs 90 lakh, it is in the range of Rs 45-50 lakh (for the same accommodation) in Zirakpur. More and more buyers prefer Zirakpur now as it suits those working in Panchkula as well as in Chandigarh as the commuting distance to both these cities is the same from Zirakpur," explains Yadwinder Verma, developer of the Imperial Residency project in Zirakpur. Apart from the price difference, easy approachability to Chandigarh is another factor that has lured people to Zirakpur. One can reach anywhere in Chandigarh from Zirakpur in about 15 minutes. "No doubt Zirakpur being in Punjab is having erratic power supply and the infrastructure is also fragile, but things are improving now. Like now all the builders in approved colonies are giving 100 per cent power back up to customers. Almost all the builders are making their complexes power sustainable by even giving the facility of gen-sets", observes Mittal. Earlier, Zirakpur had to face the brunt of being unplanned as there was no master plan, but now with the master plan being duly approved by Punjab government things are definitely looking up. "With no master plan earlier, the development in Zirakpur was rampant and haphazard. There was no Sectoral Grid that is why the width of the roads is uneven. There was no planning and as a result a lot of unauthorised colonies
also came up. This is one of the main reasons that there are no national level realtors developing projects in Zirakpur. But now with the master plan implementation, things are beginning to look up", observes Suchet Monga of Monga Realtors. In the past 18 months prices have appreciated considerably in Zirakpur. "When we launched our project in 2008, we were selling at Rs 1800 per sq. ft, but as of now the same accommodation is being sold at Rs 3000 per sq. ft", says J.S Toor of Pearl's, a company that is having one of the largest projects in Zirakpur by the name of Nirmal Chhaya apartments. Property prices in most of the areas have appreciated by almost 15-20 per cent after the approval of the Zirakpur master plan. "I sold a 2BHK flat in late 2009 for Rs 32 lakh. Now the price of the same property in market is in the range of Rs 45 lakh", says GPS Waraich of BN Habitat. Land prices, too, have spiraled quite high. An acre of land in Zirakpur is available for around Rs 12 crore where as the same land was available in 2008 for around Rs 6 crore. Even on the occupancy front the projects are doing satisfactorily. "We constructed and sold 40 villas on the Patiala highway in 2009. Out of the 40 villas 28 are occupied and the families are living there", says Mittal. "We handed over the possession of 200 apartments in March 2011 and out of them around 50 are now occupied, which is a healthy occupancy rate for a project in the first three months", says Toor about the Nirmal Chhaya apartments. The new projects which are being launched are also getting encouraging results with most of them almost 100% sold out. "We developed 268 flats on a five-acre plot and launched the project in 2010. As of now I don't even have single unit up for sale. My project is 100 per cent sold out", tells Yadwinder Verma of Imperial Residency. Even on the commercial and retail space front Zirakpur has done quite well. The lone shopping mall and multiplex in that area Big Bazaar is doing very well with an attractive footfall and even the multinational giant Walmart has opened its outlet in Zirakpur. “The town has the capacity to absorb the population rush. There is no land scarcity and even today land is being acquired by the builders. "The Approved colonies here are at par with any other residential structures built in the tricity with all the furnishing, power backup and even dedicated space for parking for individual residents. Yes, the scene at time is haphazard in unauthorised colonies but they are few in number", says Ajay Dhiman who is owns an apartment in Savitry Enclave.
But Still lagging behind Mullanpur
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Zirakpur has lost to Mullanpur because big developers like DLF, Omaxe etc have launched projects there.
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The master plan of Mullanpur was approved much before the actual habitation of infrastructural development started and it is vice versa in
Zirakpur.
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The government proposes to develop an Urban Estate in Mullanpur but in Zirakpur government has no such plans.
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Mullanpur is closer to Chandigarh as it starts immediately beyond PGI and does not have any traffic bottlenecks, but Zirakpur being an intersection is beset with heavy traffic and the actual development starts around flyover only.
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Scenically also Mullanpur has an advantage as it is in the foothills.
IDEAL INVESTMENT OPTIONS
The area around Peer Mushalla, which is 1.5 km from Sector-20 Panchkula is a good investment option. Quick profits can also be accrued by investing in projects on Patiala road. Patiala Road is a good option for those wanting to invest in commercial property as a number of banks and SCOs are there. Maya Greens, Chinar World, Royale Estate are some of the other projects that have resdential units on offer.
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Tax Tips
A. I presume that the agricultural land was held by you for a period of more than three years. In such a case if the following conditions are satisfied the compensation received by you would not be taxable.
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The land is situated within the municipal area.
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The land was being used for agricultural purposes during the period of two years immediately preceding the date of sale by the assessee himself or his parent.
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The transfer is by way of compulsory acquisition under any law, or a transfer the consideration for which is determined or approved by the Central Government or the Reserve Bank of India.
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The consideration for such transfer has been received on or after April 1, 2004. In case the above conditions are not satisfied you will be liable to pay tax on capital gain arising on the sale of agricultural land @ 20% plus education cess of 3% thereon. As stated above, the reply is based on the presumption that the agricultural land has been held for a period of three years and has been acquired after a period of three years.
Construction mandatory to save tax
n Please confirm that no capital gain tax is payable if a residential plot acquired 14 years back is sold, and the entire sale proceeds are invested in purchasing a new residential plot in the same financial year in which the old plot had been sold. n If no capital gain is payable, then is it necessary for the seller of the plot to report the above sale-purchase transaction in his Income Tax Return for the assessment year.
— Raj Kumar Pahuja A. In case a residential plot acquired 14 years back is sold and the entire amount of sale consideration is utilised for buying a residential plot within the same financial year, the amount of capital gain arising on such a sale would not be exempt from tax unless a residential house is constructed thereon within a period of three years after the date of sale of plot. The column relating to annual information report has been deleted in the return form prescribed for assessment year 2011-12. However, in view of the computation of capital gain, the information relating to sale of plot will have to be reflected in the return of income for the relevant year. In case it is proposed to seek exemption from the taxability of long-term capital, the transaction relating to the purchase of plot would also get reflected in the return of income.
Short-term gains are taxable
Q. My daughter had purchased a house in Pune two-and-a-half years back. While making the payment for the house we paid Rs 30 lakh white money while the total cost of the house was Rs 55 lakh. Now she wants to sell the house to a buyer who would pay Rs 85 lakh, but all in white, as he wants to take home loan. How much tax will she have to pay, and is there any way to save some taxes.
— Ms. Kumar
A. Your daughter will be liable to pay tax on the capital gain arising on the sale of residential house. In case the house is sold within a period of two-and-a-half years of the acquisition thereof, the capital gain so arising would be treated as a short-term capital gain. The amount of Rs 55 lakh (85-30) would, therefore, be taxable as a short-term capital gain. In case the residential house is held for a period of three years and is sold thereafter, the capital gain would be treated as a long-term capital gain. The cost of Rs 30 lakh would be indexed for the period of three years and difference between such indexed cost and the sale consideration would be taxable @ 20% plus education cess of 3% thereon. It is not possible to compute the amount of tax as the year of purchase has not been indicated so as to compute the indexed cost. She can purchase tax saving bonds within six months of the date of sale in order to save the tax payable in respect of the long-term capital gain. There is no provision in law to save tax in case of a short-term capital gain.
No tax liability
A. The new tax return form applicable for the assessment year 2011-12 (financial year ended 31.03.2011) does not include any column for filing an information regarding the purchase and sale of immovable property. However, while computing the figure of capital gain and claiming the deduction/exemption under Section 54 of the Act, the information with regard to the sale and purchase of residential house will have to be indicated. The investment in the new residential house being more than the amount of consideration in respect of sale of residential house, there should not be any income tax liability. The particulars with regard to the sale and purchase will have to be reflected in the income-tax return to be filed on or before July 31, 2011.
Rent as commission
My brother is the owner of the SCO mentioned in the query. In the agreement executed with the company, my brother is the franchisee and the company is franchisor. This agreement is just a formality, as has become a trend nowadays but all affairs are handled by company itself as per the agreement, but rent is paid to the franchisee in the form of commission. My question is: In TDS certificate (Form 16-A), the nature of payment is shown as "Commission". So, if my brother shows all this income under the head "income from house property"", can the Income Tax department refuse to treat it under this head? (as the nature of payment is written as commission instead of rent in form 16-A) . How this commission can be treated as rental income under the head "income from house property", please quote any ruling or income tax provision, under which such commission can be taken as rental income under "income from house property" head.
— R.K. Gupta A. As explained earlier, in case the income has been earned for allowing the use of property to a franchisee, it will be taxed as 'Income from house property'. You may in this connection refer to the decision of Bombay High Court in CIT vs National Storage Private Ltd. (48ITR 577, 593) affirmed by Supreme Court in 66ITR 596. It was held as under in the said case. "Where the operations involved in the activity of earning income from house property are not different from those of an ordinary house owner turning to profitable account the property of which he is the owner, the income derived is income from property chargeable under Section 9 irrespective of whether the operations are carried on by a company one of whose objects or even the sole object is to indulge in the activity of earning income from house property. Thus, where house property is given on lease or licence basis for earning income there from, the true character of the income derived is income from property falling under Section 9. The said character is not changed and the income does not become income from trade or business if the hiring is inclusive of certain additional services such as heating, cleaning, lighting or sanitation, which are relatively insignificant and only incidental to the use of occupation of the tenements". The decision quoted above is with reference to the section relating to computation of income from property under Income-tax Act, 1922. There is however no change with regard to the position of law as existing under the aforesaid Act and under the Income-Tax Act, 1961. In view of the above decision the department should have no objection in accepting the proposition as explained in earlier reply published on July 2, 2011.
The writer can be contacted at sc@scvasudeva.com
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Realty Bytes
Ireo, the first and the largest Private Equity fund dedicated to the Indian real estate sector, launched its new integrated township project "IREO - Fiveriver" in Panchkula earlier this week. Spread over an area of 200 acres, the project will have a mix of recreational and wellness facilities catering to multiple ages and tastes. Speaking on the occasion Madhukar Tulsi, President, Ireo said, "Ireo Fiveriver will offer a unique combination of a stunningly picturesque location, excellent internal township infrastructure and a plethora of recreational facilities, that together create its resort -like appeal. After the stupendous success of our earlier Ireo Waterfront Township in Ludhiana, Ireo Fiveriver further demonstrates Ireo's commitment to consistently innovate towards delivering excellence in product quality, and a stress - free living experience. "
The residential options here range from 3-4 bedroom apartment complexes and penthouse duplexes, to the exclusive 250 to 1000 square yard villas. The project is scheduled for completion within 30 months from commencement of construction.
114 Avenue
Real Estate Development Management Company V Square recently launched a commercial project, "114 Avenue", at Sector-114, Delhi Extension, Gurgaon. The integrated project will be an innovative iconic business hub with cutting edge designs and concepts in the vicinity. This integrated commercial hub with the development of over 4 lakh sq. ft will have retail and office space, restaurants, business Centre and service apartments. The size of the service apartments will be between 575sq. ft. and 1175sq. ft., and price will start from Rs 36 lakh onwards. Talking about the concept project, Vivek Seth, Managing Director, V Square said, "Keeping in mind the different genre of people and the diverse tastes, our initiative was to provide one of its kind commercial hubs which will cater both the purposes, merging business with pleasure on one platform. It will best suit the need of every company as it has all kinds of infrastructure and facilities. It will be an ideal destination for all MNCs and corporates." The project will involve an investment of Rs 150 crore approximate and is expected to be delivered in 36 months of time.
Third NAR convention
The third edition of the National Association of Realtors (NAR)-India Convention 2011, a two-day convention and exposition will begin in Hyderabad today. “The event is being hosted by the Andhra Pradesh Realtors Association (APRA) and it promises to be the ‘bigger and better’ than its earlier editions in Pune and Chennai,” Shailender Singh, chairman, NAR-India Convention and Expo 2011 said. "During the two-day event, activities like stall expositions, panel discussions, brain storming sessions, cultural activities and networking get-together will be organised. As many as 1,000 delegates from across the world are expected to participate in the event," he said. Currently, there are 16 cities under NAR-India and the figure will grow to 20 before the convention. NAR was formed to professionalise the broker business and change the perception of how brokers and realtors are looked upon, he said. "Real estate giants like Phoenix Group, K Raheja, Alexandria Real Estate Equities Inc, Koncept Ambience,Manjeera Projects Ltd, Indu Projects Limited, Emaar Properties are taking part in the event," he added. — PTI
Hilton plans five new hotels
Hospitality chain Hilton Worldwide is planning to operate five new hotels in India this year and double the number of properties currently managed by the firm in the country. As a part of the expansion plan, Hilton has signed a contract with Nehru Place Hotels Ltd (NPHL) to manage its hotel located in Nehru Place, the commercial hub in South Delhi. "With this agreement, we now manage five hotels in three key cities in India. Steadily increasing our footprint," Hilton Asia Pacific President Martin Rinck said in a statement. "We plan to open another five properties in India this year, which will more than double our trading estate for 2011," he added. Nehru Place Hotels Ltd will invest Rs 75 crore to renovate the property, which has already been re-branded as Eros Hotel-Managed by Hilton from July 1, 2011. The existing property was earlier managed by another global hospitality chain, the InterContinental Hotel Group (IHG), for over a decade. "InterContinental was managing the property for the last 13-14 years. The contract with IHG expired last month and we decided to partner with Hilton," NPHL Chairman and Managing Director Satish Sood told PTI. Hilton currently manages two other properties in Delhi and one each in Chennai and Mumbai and has signed up for two more properties in Delhi with NPHL, which are likely to be operational in a couple of months. Worldwide Hilton operates more than 540 hotels in 76 countries. Nehru Place Hotels is a part of real estate player, the Eros Group that builds residential and commercial buildings, hotels, art cinemas and shopping malls. — PTI
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Ground Realty
The last decade has seen a spurt in real estate development. Many new builders have stepped in and launched fresh residential projects. While the outskirts of almost all cities are witnessing hectic construction activity, the already developed pockets in the cities are being identified and purchased by developers to build malls, shopping centres and apartments. Old, single or double-storeyed buildings are dismantled, debris removed and the site is cleared to erect the new building.
Sale of debris: The trend has resulted in the generation of tonnes of debris, popularly known as malba, which is sold to the contractor. Normally, an agreement is reached with the contractor to dismantle the building, remove the debris and take it away and a net price for the debris after deducting the cost of dismantling the building is paid to the owner of the building. Processing of debris: The debris removed by the contractors is processed to extract usable materials. Wood, steel, bricks and inert material for filling work are often taken out. The bricks are cleaned of the mortar deposits and put in stacks for resale. Cost of bricks: Last two years have seen a considerable rise in cost of bricks. In 2009, first class bricks used to cost Rs 2,800 per thousand. Now, in a period of just two years, the cost of bricks has become double. Good quality first class bricks cost around Rs 5,200 per thousand. Imagine a brick costing Rs 5.20 these days! Second-hand bricks: The bricks removed from the debris are known as second-hand bricks. Technically, these can be called 'reclaimed bricks'. Second class vs second hand: Second hand bricks shouldn't be confused with second class bricks. Second class bricks are the newly produced ones left behind after choosing the first class bricks out of the lots extracted from the brick kilns. Second class bricks are left behind because of multiple reasons. These may be under or over burnt or with edges broken etc. These have lesser crushing strength, in the range of 70 kg per sq. cm, whereas the first class bricks have a strength of 105 kg per sq. cm or more. Second class bricks are sold at lesser rates. Second-hand bricks are the ones taken out of debris and stacked after cleaning for their re-use. Quality: The quality of second-hand bricks is often good. These bricks have remained under use for years rather decades. Now, after so many years of use, these have again been extracted after dismantling the buildings. Yet these bricks have remained in shape and size and without cracks. Clearly, the bricks that have undergone an actual load test and have come out unscathed should be fit for use. Check out: Even though the quality of second-hand bricks should be good in general, check them for proper shape and size. Shape wise, these should not look distorted. The size should show 9 inch length, 4 ˝ inch width and 2 11/16 inch thickness. There is no use buying smaller size bricks as these are sold by numbers and their consumption will be more. Check that these are deep red in colour. Check them for strength. Take a brick in left hand in vertical position. Position another over it in horizontal position. Leave the two together from chest height on the ground. The top brick shouldn't break into pieces. Water absorption: Though the reclaimed or second hand bricks get matured over the years of their use, these can be checked for water absorption and efflorescence, if felt necessary. The method is the same as applied to new bricks. Bricks should have low water absorption and zero efflorescence properties. size’em up: Also see that there is not too much variation in size. This can be a major problem with second-hand bricks. The shopkeeper will stack together all bricks extracted from debris collected from different sites. So there may be variable sizes in a stack. Too much variation in size will cause trouble to the masons using them. Consumption of mortar may also be more if there is variation in thickness of bricks in each course while laying them. Well cleaned: While buying second-hand bricks, it must be seen that the bricks are well cleaned and no deposits of any mortar are visible on them. Bricks with a mortar layer clung over them will not make good bond with the cement mortar. Cost: Second-hand bricks cost around Rs 2.50 per brick. This is less than half the cost of new first class bricks. The rate can be further brought down through negotiations with the supplier. If the second hand bricks are good in quality, there is no harm in saving money here. Huge savings: Huge savings can be made by using second hand bricks in house construction. In general, a house may require 1.5 lakh to 2 lakh bricks. If half of this quantity is available in second hand, it may bring a saving of about Rs 2 lakh. From the environment point of view too, the use of second hand bricks is a positive step. Use: Second-hand bricks should be used in such walls of the house which are to be plastered on both sides. These shouldn't be used in those external walls that have one side exposed as face work. As second hand bricks may have undergone some discoloration these won't look good when used in face work. These can be very well used in foundations too. Use of second hand bricks in the walls of kitchen should be avoided. One doesn't know where these had been used earlier i.e. whether in main walls or the toilet walls or elsewhere. Similarly, the use of these bricks in the walls of puja room should also be avoided. (This column appears
fortnightly)
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Real Talk
Increasing life expectancy and the trend of nuclear families in India has given a fillip to the need for quality housing solutions for the elderly. In their quest for an independent and good quality lifestyle in the “silver” age, more and more elders are exploring the option of retirement homes. Ashiana Housing Limited has been a trendsetter in this segment with its three retirement home projects in the region. The group is now offering a unique trial homes option in Jaipur and Bhiwadi, inviting the elderly to have a first-hand experience of life in a retirement home. Vishal Gupta, Managing Director, Ashiana Housing Ltd. talks about the concept in an interview. Excerpts:
What made you venture into this niche segment? What are the challenges that a developer has to face in launching such a project? There are a few challenges which a developer has to face in such projects as these projects basically involve Concept Sale. A new concept, apprehensions and socio-cultural change are some of the hurdles which a developer would face in this Concept Sale. All said and done it’s not an easy thing for people to accept new ideas easily. And if your target group comprises seniors who have been used to living in a set way for so many years and you are asking them to change their thought process at this juncture of their life, the whole endeavour becomes very tough. Popular perception is that this concept will not become very popular in India as for many people retirement homes are like old age homes. Yor comments. I don’t agree that this concept hasn’t picked up as several developers are planning to come up with such propjects. Coimbatore, Chennai, Pune, Kerela and Kolkata are some of the destinations which are ready to make a mark with such settlements. There are a number of other developers who are looking at this niche segment seriously. But as this segment is a tougher segment today when it comes to sale, not many developers are really willing to take up this challenge. The challenge which comes is post handing over as the product has a very high service and medical assistance angle which demands a very high degree of post handing over maintenance, care and commitment from the developer’s end. Most of the developers don’t have that much experience in this regard and they are not even able to find agencies that are able to take up the services after handing over the possession. And I don’t think that people are confusing it with old age homes actually it is that developers are finding it very challenging to enter this segment so the supply is low and efforts are not being made to generate more demand. What is the concept of trial homes that you have introduced in Jaipur and Bhiwadi? It’s always difficult to choose a home especially for senior citizens who have spent their entire life in a particular location. It’s difficult to move from that location to a newer one at that age without knowing about the comfort, services and facilities of that location. In order to make them experience the facilities first hand, we came up with the concept of Trial Apartments – where customers can live before making a final decision about purchasing a unit. They can stay in a fully furnishes 2BHK apartment for 3 days or a week as per their choice and interact with other residents. We take them to facilities; help them participate in the activities that we organize in Utsav. So while they are living in trial apartments they are also seeing the built of the apartment, the storage, the space, the layout and get a complete 360 degree feel of the product. That’s how the experience is and then they decide whether they would like to join Utsav Family or they don’t. And the response which we have got is fantastic. Customers can avail this facility at Utsav Bhiwadi and Jaipur. At Utsav Bhiwadi, the percentage of conversion is almost 90% which includes both customers who have taken unit on rent in Utsav as well as who have purchased a unit after staying in Trial apartment. At Utsav Jaipur where we just started handing over the project the conversion ration is 21%.This ratio will increase as people will get aware about this concept. What are the future prospects in this segment? There is a clear cut demand of retirement communities. And there are certain factors which contribute to the growing demand: average family size in India which is coming down, growing population which is on the rise as the percentage of total population and large cities are no longer very friendly to the aging population. So all these things put together contribute to the immediate need of such a concept at large. Earlier, we used to call these Retirement Resorts but now we have rechristened these as “An Active Senior Living”. What are your plans about the region ? Chandigarh is a very interesting destination to come up with such a concept and we did look at it some time back. Being one of the important destinations for planning An Active Senior Living, we are looking at Mohali in next two-three year horizon. — As told to Geetu Vaid
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On The Anvil
The Union Government is working on a proposal to issue a Unique Identity Number (UID) in order to provide a clear title deed of property. A working group set up by the Ministry of Urban Development has suggested doing away with the current system of registration and transfer of property. Such a move is expected to not only streamline and organise India's outdated land records, but also to reduce the burden on courts by enabling faster resolution of property disputes. The current system of property registration is based on who pays the tax on the land or property. When property is transferred, the deed doesn't define the title and the extent of rights of the owners. This leads to most of the disputes and problems.
Under the proposed system, the government will insure the property owner, or the one with the title certificate, against a legitimate counter claim of ownership in courts. "Title will be guaranteed by the state government to the holder of the title and any legitimate counter claimant is indemnified against loss by the government, as per the working group report. Therefore, the onus will be on the government to verify ownership claim while giving the certificate of title guaranteeing the ownership of land or property. For the common man, it will translate into a certificate of title with a unique pin number, or U-pin, guaranteeing ownership to the property. Although, applying for a certificate of title will be optional under the law, the government plans to make it mandatory for acquiring and transferring property through resale, gift, lease, mortgage and all other forms of transfer. If the proposal is cleared, the existing registration, stamp and deed of transaction will not lose relevance, but will have to be mandatorily backed by the certificate of title. More so, if you are transferring your property through sale," informed a senior official. States will thus have to set up a Land Titling Authority, or LTA, which will undertake surveys of all lands and properties in both urban and rural areas. The LTA will also be responsible for issuing titles, unique identification numbers and maintaining property records. The U-pin and certificate of title will be backed by a database capturing the location, usage and ownership history of the property. Today, there are no tools to verify land titles. This move will help people identify title of land being bought by them, said Mangat Rai, a renowned property consultant of tricity. Some states like Gujarat and Maharashtra have already started the process. For developers, such a move will aid in reducing transaction costs and help in expediting projects. It will be a big help for developers as the time taken for due diligence of land will reduce considerably. This will mean that the time and cost of transaction would come down. The proposal comes at a time when state governments, farmers and private developers are vying over the ownership of land in the face of expansion of urban bases.
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Proximity to Chandigarh and its status as a gateway to three states - Punjab, Haryana and Himachal - has kept the realty scene in Zirakpur very dynamic for the past several years. While the enthusiastic initial investors did have a jittery time as the sleepy town's fragile infrastructure crumbled drastically under the weight of "high profile and high speed" construction
activity
Q. I owned some agricultural land within the municipal limits in Yamunanagar. That land has been acquired by the Haryana Urban Development Authority (HUDA). Do I have any capital gains tax liablility in this regard?
— Sumit Goel
Q. I would be thankful if you please clarify the following points relating to Capital Gain:
Q. I sold my share of ancestral property (house) in April 2010 for Rs 30 lakh in Chandigarh and purchased a house in Panchkula the very next day for Rs 31 lakh (all white money). Do I have to pay any income tax, and is it necessary to mention the sale and purchase of this property in my income tax return? Also please advise in which statement this fact has to be mentioned i.e. the one which is to be filed by July 31, 2011 or in next year's return? Neither me nor my wife owned any house prior to this transaction
— P.C. Bajaj
Q. I thank you for replying to my query in Real Estate (dated 2.7.2011). Kindly clarify the following points also:
My father O.P Gupta had seen in the US that the quality of life of elders in such Retirement Communities was very good. This made us go in for proper research into the concept. And during the research, we realised that the quality of life of elders in retirement communities was much better than that in regular projects. And that’s how it all started, and we pioneered the concept of Retirement Resorts in India.