Festive boost

Festival season laced with offers may bring some cheer in a lacklustre realty market and give homebuyers more value for their money, writes Geetu Vaid

The realty sector in India gets into a tizzy with the onset of the festival season as home buyers generally wait for this auspicious time to finalise deals and the sales volumes soar. This year, however, due to the shaky world economy and increasing home loan interest rates, the mood is cautious in the realty market in general, and in the residential segment in particular, as most of the prospective home buyers are preferring to resort to fence sitting rather than entering an uncertain market. Each year festival offers and discounts are the order of the day during this time, but considering the massive debt burden plaguing the major builders, general cash crunch in the realty market and the increasing construction costs this year has seen a less sumptuous fare on the festive platter as compared to the previous years. But nevertheless, right from cash discounts to lucky draws, cars, modular kitchens, furnished homes etc home buyers have some attractive offers to choose from.

Illustration by Sandeep Joshi

Offers galore

Even though caution is the catchword at this time, those finalising home deals are certainly looking for some good discounts or other offers and developers are also willing to go the extra mile. The festival season between October and February accounts for nearly 60 per cent of the annual sales of developers. According to a recent survey almost 70 per cent of home buyers, who have timed their purchase in the festival season, are looking forward to discounts and freebies in this season and several developers are offering incentives to lure more buyers to their projects.

"The Navratra season being an auspicious period as per the Hindu tradition is the time when a customer decides to buy a house. By floating an offer during this time, we would like to make our buyers feel special and give them something extra", says R.K. Arora, Chairman and Managing Director, Supertech Limited. His group is offering a lucky draw scheme on bookings in all its residential and commercial projects. The buyers will be entitled to a lucky draw and the winner of this lucky draw will be gifted a studio apartment in North India's tallest residential tower, North Eye in Noida. SG Estates is offering "Ghar lo car le jao" on its project SG Impressions Plus, located at Raj Nagar Extension, Ghaziabad. On offer is a Tata Nano with the buy of 2BHK flat, Hyundai Santro Zing with the buy of 3BHK flat and a Chevrolet Beat diesel with the buy of 4BHK flat.

However, cash discounts are the most sought after by buyers. The main attraction for most of the people are monetary incentives like EMI payment, bargains on prices and relief in other fees, and charges. Across cities, 59 per cent realtors felt that cash discounts were the perfect freebie and could attract maximum buyers. "Today the buyers have become very alert and prefer incentives that can be evaluated easily and make a difference to the final cost of a house", says Manoj Goyal, CMD, KDPMGI." Catering to this demand the group has come up with a special offer for potential buyers in Gharaunda, the residential project at the Raj Nagar Extension, Ghaziabad, in which one can get a special discount of 3 per cent on each booking during the festivalperiod. Some builders are also offering discounts on per sq ft basis as SVP Group CMD, Vijay Jindal, informs, "We are offering a special discount of Rs 251 per sq ft for every customer booking a flat in our projects Gulmohar Greens and Gulmohar Garden Phase I and II and a discount of Rs 101 per sq ft in Gulmohar Residency, Indirapuram, between September 28 and October 26". The CHD group is offering early bird discount of 5-7 per cent to those buying plots in the new phase of CHD City in Karnal and also a construction incentive of Rs 1,00,000. Builders are not the only ones offering cash incentives, online property portals too have some good offers for those choosing to book homes through them. As Agni Properties, a property brokering and management firm has a special offer for those booking homes through them involving a cash discount of Rs 1 lakh for properties priced below Rs 45 lakh and Rs 2 lakh for those priced above Rs 50 lakh.

However, sounding a word of caution about cash discounts Samarjit Singh, MD, Agni Properties says, "One should be very cautious while negotiating a cash incentive and read the fine print very carefully. Some builders offer subsequent discounts which may actually mean nothing for a buyer so always go in for an upfront discount that can be adjusted in the base selling price of an apartment otherwise it is better to opt for something like a fully-furnished house or a modular kitchen".

However, most of the big ticket companies are conspicuous by their absence on the discount and freebie bandwagon. So for all those buyers looking for homes in projects of major builders in the region festival discounts and freebies will have to take a back seat. Commenting on this Sumit Ghosh, Vice-President BOP, says, "I do not think renowned and established developers will need to give actual financial discounts to clients. Maybe some will launch peripheral schemes such as white goods, holidays etc. It is the small and mid-size builders whose entire business is dependent on maybe a single stand-alone project, or they are launching a minor project with full dependency on the festive season, who will catch on to the discounting practice. Rather it is possible that some developers may try to upwardly rationalise their prices during this period, as many have been offering their projects at a lower rate than they would want to ideally sell at during non-festive period".

Increase in sale volume

So offers or no offers, developers across cities are expecting a jump in real estate transactions, though the level may vary from city to city. The market expected to boost between five and 20 per cent. Commenting on this expected escalation in sales Ravi Saund, COO, CHD Developers, says, "Like every year, this year too might observe a percentage increase in the sales. This rise is city centric and varies from 10-15%. Generally, this is the ripe time when direct customers invest in property and there is a very nominal percentage of investor putting in their money in real estate. So people who have to buy will buy no matter what the interest rates are".

With home buying in India being a "sentiment driven" activity, the auspicious festival season is bound to bring more buyers out in the market looking for that extra cherry on their "cake" and they sure are going to find a good deal to choose from.

Housing shortfall
NCR, 6 cities to see shortage of 1.3 mn houses in five years: C&W

The housing supply is estimated to fall short of demand by 1.3 million units in seven major cities of the country during the next five years, according to a report by global property consultant Cushman & Wakefield. Cushman & Wakefield (C&W) has estimated "a total demand of 2.3 million units of residential property in the next five years, while the estimated supply in the same period is expected to be approximately 1 million units, leaving a shortfall of over 1.3 million units".

In its report 'Embracing Change - Scripting the future of Indian Real Estate', C&W conducted the survey in the National Capital Region (NCR), Mumbai, Bangalore, Chennai, Hyderabad, Pune and Kolkata for 2011-2015 period.

"The housing demand-supply scenario and the resulting gap is likely to reduce in the next five years. However, the upcoming supply needs to be priced judiciously along with appropriate location, infrastructure, connectivity, relevant features and amenities to ensure absorption," C&W India Executive Director Akshay Kulkarni said.

The report said NCR is expected to record the highest demand of over 7 lakh units, followed by Mumbai and Bangalore with demands of 6.51 lakh and 2.87 lakh units, respectively.

The study further said the mid-range housing segment is expected to drive the maximum demand of 45 per cent.

"Majority of the developers in the top seven cities are concentrating on this segment, which would help reduce the supply-demand gap," it added.

Besides, the affordable housing segment is likely to register about three times more demand than supply and it will see the gap increasing during the next five years, C&W said.

"We understand that majority of the supply will be for mid-ranged housing. However, there is a very large latent demand for lower income group (LIG) and economically weaker sections (EWS) housing," Kulkarni said.

Several states across India are considering allocating a percentage of developed land to LIG and EWS segments in order to meet the demand arising from this segment, he added. — PTI

Tax tips
Exchange of flat
S. C. Vasudeva

Q. I would feel obliged if you kindly answered the following tax question:

My daughter purchased a flat near Chandigarh. Then I also purchased a flat of the same size in the same colony to save tax on capital gains that had arisen from the sale of my house. The possession of my flat was granted in January 2009 i.e. the day I purchased the flat. The conveyance deed of neither of the two flats had been executed when my daughter requested me to inter change my flat with hers because the location of my flat was better. Out of love, I agreed to the inter-change. The builder also agreed to inter-change the flats without charging any transfer fee since it was only an inter change between mother and daughter. Accordingly, new possession letters bearing dates of revised possession were issued by the builder. The inter-change was effected in November 2010.

Thinkstock photos/ Gettyimages

As per law, a property purchased to same capital gains tax has to be held for three years. My question is: Can I sell my flat three years after the purchase of my original flat or only after three years from the date I became owner of my daughter's flat after the inter-change? The conveyance deed of my flat has not yet been executed; only the revised possession has been taken. I am permitted to sell the flat on basis of the possession letter without going in for conveyance deed.

— Chander Prabha

A. The inter-change of flats between you and your daughter is likely to be questioned by the tax department and may be treated as a transfer within the provision of Section 54(1)(ii) of the Act. The definition of term 'transfer' contained in the provision of Section 2(47) of the Act includes 'exchange' and, therefore, in all likelihood such an exchange would be treated as a transfer. Such inter-change having taken place within a period of three years of the date of purchase of the flats, a capital gain arising on the exchange of your house, the amount of capital gain arising on such exchange would be reduced from the cost of the flat purchased by you to save tax in respect of the capital gain arising on the sale of the house. The new flat acquired after exchange of the flat if sold within the period of three years would lead to the taxability of the capital gain arising on such sale by taking the reduced cost of the exchanged house. In view of the above, it would be advisable for you to sell the exchanged flat after a period of three years beginning November 2010 i.e. after November, 2013.

Ownership issues

Q. Kindly guide me on the following points:

• My wife was a government employee. She got two houses built with her own income. She expired last year without making a Will.
• I have one son and two daughters. All the three children are married and have children.
• What is the legal position regarding the disposal of my wife's movable and immovable property. How can I go about it in a legal way to the satisfaction of all concerned?

The inheritance by the legal heirs may require the obtaining of a succession certificate from the court.

Contesting a will

Q. My father, who was over 98 years old, just two months before his death; through a registered Will, transferred the entire agricultural property to his grandsons. We are three brothers and one sister. He has not given any share of his ancestral land to any one of us. Can this Will be challenged in the court.

— U.B. Singh

A. The facts given in the query are incomplete as it is not evident whether the agricultural property was an ancestral property in accordance with the provisions of Hindu law. Ancestral land can be treated as joint family property provided there is an existence of joint Hindu family consisting of lineal descendants of a common ancestor and include their wives and daughters.

A joint Hindu family is ordinarily joint not only in an estate, but also in food and worship. The concept of HUF or Hindu Co-parcenary under the Income-tax Act is a narrower concept. An HUF consists only of those persons who acquire by birth an interest in the joint co-parcenary property. The issue raised by you therefore requires complete details as to how the property was acquired by your father. In case it was his self-acquired property, he had all the right to make a Will in favour of his grandsons.

Invest in tax-saving bonds

Q. My daughter-in-law's real brother purchased a house and its land worth Rs 8.5 lakh during 1984-85. This property was gifted to her during 1998-99. The same was sold in April 2011 for Rs 56 lakh. My questions are:

• What is the amount of capital gain?
• How to save the Tax? The amount of tax payable may also be intimated.

These bonds have a lock in period of three years. The bonds have to be purchased within six months of the date of sale of the house. Your daughter-in-law would not be liable to pay any amount of tax on the capital gain provided she invests the amount of capital gain in the acquisition of bonds within the period specified as above.

The cost factor

Q. What is meant by 'Cost of Acquisition' and expenditure incurred wholly and exclusively in connection with the transfer of a capital asset? Please explain the correct position with regard to the above terms which are relevant for computing capital gain.

— Ashok Arora

A. In ordinary course, the cost of acquisition would be the amount paid for the acquisition of the capital asset and the expenditure incurred in connection with the acquisition e.g. registration charges in case of an immovable property. The Income-Tax Act, 1961 (The Act) also provides that in case the capital gain arises from the transfer of a long-term capital asset, other than capital gain arising to a non-resident from the transfer of shares or debentures of an Indian company, the cost of acquisition shall be substituted by the words 'Indexed Cost of Acquisition'. The Indexed Cost of Acquisition means an amount which bears to the cost of acquisition, the same proportion as cost inflation index for the year in which the asset is transferred bears to the cost of inflation index for the first year in which the asset was held by the assessee or for the year beginning on first day of April, 1981, whichever is later. The cost of inflation index for any year means such Index as the Central Government may, having regard to 75 percent of average rise in consumer price index for urban non-manual employees for the immediately proceeding previous year to such previous year may specify, by a notification in the official gazette.

Expenditure wholly and exclusively incurred "in connection with the transfer" means the expenditure which is necessary to effect the transfer. It was held in CIT vs. Bradford Trading Co. (P) Ltd. (125 Taxman 632) (Mad) that the above said term has wider connation than the words 'for the transfer'. Thus any amount, the payment of which is absolutely necessary to effect the transfer, would get covered in the above term. For example brokerage or commission paid for securing a purchase, cost of stamp, registration fees born by the vendor, litigation expenditure for enhancement of compensation awarded in the case of a compulsory acquisition of assets etc.

The writer can be contacted at sc@scvasudeva.com

REALTY GUIDE
Fight fraud
B K Sanghi

Q. I am having a shop in Karnal. It was transferred to me by MO Evacuee- Properties Custodian, against payment, as a tanent, occupant and I am having possession of this shop and a conveyance deed was also issued to me. But two mischievous persons after making bogus documents got Registry on Power of Attorney basis in 2000 and are now trying to sell it with the help of that Registry. The conveyance deed was issued to me in 1964 when I became the owner of this shop. What steps, should I take to save my shop from these elements? Is there any similar court ruling that I can quote in my favour?

— Rowrasia Kunj Behari Lall, Karnal

A. From the facts stated in your query, you are the bonafide owner of the said shop since possession is with you and you have the legal documents to prove your ownership.The best course for your under the present circumstances would be to issue a public notice in “public interest” in a couple of newspapers that are widely circulated in your area, giving complete address of the property that it belongs to you.The notice can be self-drafted or you can get it drafted from an advocate. The notice should also mention that anybody dealing in the said property would do so at his/her own risk and would be liable for any damage.Claims on the basis of the forged power of attorney about the ownership of any property does not confer any ownership rights on the forgers.The Indian legal system is very strong to take care of any eventualities later on.However, you should retain the copies of the public notice with you forever. Any legal or police action could only follow when there is any concrete action on the part of forgers. Till now, it appears that you are reacting only on the basis of apprehensions.

NRIs can’t buy agricultural land

Q. I am an NRI currently residing in USA , I wish to buy agricultural land in India for farming purpose. Is it possible. If yes then in which states and what are the formalities which one has complete.

— Balbir Singh

A. NRIs are not allowed to buy agricultural land in India. Buying or selling of agricultural land is a question that is frequently asked my NRIs.

• NRIs may acquire any immovable property in India other than agricultural/plantation/farm house.
• While NRIs are not allowed to buy agricultural property they can acquire agricultural land in India by way of inheritance .
• Agricultural land acquired by inheritance by an NRI can only be sold to a resident in India. That is, you can’t sell it to another NRI.
• Many state governments in India also have their own laws regarding the sale and purchase of agricultural land. For example in Maharashtra and Himachal Pradesh, even resident Indian citizens cannot purchase agricultural land unless they can prove that they are farmers.

Take legal action

Q. One of my friends who is in the Merchant Navy had bought a house nine years back with his money but because he was at his ship he got the house registered in his brother wife's name. He continued to pay the EMIs through his account and completed the loan. But one year ago his brother sold the house and walked off with the money and he is homeless now. What can he do?

— Ashok Sharma

A. I advise you to tell him to send a legal notice to his brother and sister-in-law demanding to transfer the funds got through the sale and after notice period expires to file a suit for recovery of the sale money by putting the facts before the temple of justice and by filing the proof of payment from his salary through the bank. Officer can’t claim the house the because property purchased on benami name is lost forever as there exist The Benami Transactions (Prohibition) Act, 1988 wherein section 4 provides:

• Prohibition of the right to recover property held benami.

You should seek expert legal opinion to go about it as per the law.

This column appears fortnightly. Readers can send their queries at Real Estate Desk, The Tribune, Sector 29, Chandigarh (by post) or through e mail at 
realestate@tribunemail.com

Green House
Bonsai - III
Wired to style
Pruning and wiring are the most important techniques in the shaping of bonsai
Maj Gen C.S. Bewli

Wiring

The Japanese were the first to shape the trunk and branches of a tree with metallic wires. With this technique a straight trunk or a branch can be given a more realistic shape and young branch can be wired into horizontal or downward position to create an illusion of maturity. Thus with wiring, the existing growth can be manipulated to give the desired shape to the bonsai. This is also the quickest way to style the tree as wire makes branches and twigs pliable and holds them firmly in the desired position for as long as is required for the trunk and branches to set. Care should be taken to prevent the wire from growing into the trunk or branches and it should be removed before any damage is done to the plant. Aluminum wire bends better and is easy to handle and wires of different thickness are used depending upon the size of the branch or trunk.

Anchor one end into the soil behind the trunk. Bend the wire around the base of the trunk and take the first coil around the trunk base and wind at an angle of 45º taking care that wire is wound firmly and not tightly or loosely

Wiring the branches

Even if it is intended to wire a single branch, the branch opposite or the trunk should also be wired to give the wire additional support. Start at the branch or trunk that joins to the one to be wired. 

Pruning and Pinching

Leaf pruning during growth period is essential to encourage new growth and maintain right shape of the bonsai.

The terms pruning and pinching are used quite often and sometimes interchangeable, but there is a distinctive difference between the two.

Pruning - is basically the technique of removing large branches using specific tools and is carried out to style raw materials into a bonsai form. Basically deciduous and tropical plants are pruned in this fashion.

Pinching - is a technique of cutting back the current growth and is generally done with a finger and a thumb - that is why it is called pinching. Pinching is used to keep the bonsai within the boundaries of the style selected for the tree and is very useful for evergreen coniferous trees.

Watering

As bonsai grows in a very restricted space, the compost used plays a very important part in the growth of the tree. Too little water may dehydrate the bonsai and excess of it will cause damage. Watering is one of the most important elements in bonsai care and depends upon different factors such as location, temperature, lighting conditions, the quantity of soil used, and change in season. During summer months bonsais should be watered twice (morning and evening). The plant structure can quickly collapse due to water deficiency at the roots. The compost of the pot can be covered with moss which helps in reducing excessive transpiration. During winters the requirement of water is reduced and watering can be carried out on alternate days depending upon the above mentioned conditions.

Zee Business- RICS Real Estate Awards 2011

Emaar MGF

The Palm Springs, a luxury residential project in Gurgaon by Emaar MGF has been awarded "Best Luxury Residential Project - North" by Zee Business- RICS Real Estate Awards 2011 held recently.

The award was presented by Kamal Nath, Minister for Urban Development. The Palm Springs is wholly self-contained and amenity rich project. A harmonious blend of lifestyle options; from low rise luxury villas to spacious apartment towers situated in acres of elegantly landscaped garden and parks.

Designed to provide luxury integrated community living, set in dramatic and spectacular surroundings, The Palm Springs is a 15.5 acre luxury residential project on Golf Course Road in Gurgaon. Speaking on the occasion Mr Sanjiv Saddy, Executive President, Emaar MGF Land Ltd said, ". The Palm Springs is one of the most beautifully articulated luxury residential projects by Emaar MGF and this award certifies our honest efforts behind this project. The Palm Springs has also received 'Occupation Certificate' from DTCP, Haryana and we have started the hand over process.

3C Company

Real estate developer 3C Company, which is a pioneer in developing state-of-the-art energy efficient buildings in the NCR was honored for one of its green buildings - Green Boulevard in Noida. Green Boulevard has been recognised as the 'Most Environment Friendly Commercial Project' in India during the Zee Business- RICS Real Estate Awards 2011. The award is aimed at recognising professional excellence in national real estate projects and individuals who have contributed to the industry's growth and for their demonstrated commitment to excellence in the sector.

Sharing his thoughts on behalf of the 3C Company, Surpreet Suri, Director, said "We are extremely delighted to win these prestigious awards as they signify how our company has directed the various disciplines of our business expertise in the real estate sector. We are committed to deliver more environment friendly projects." — PTI

Living with vaastU
Household items and their positions
Madan Gupta Spatu

• When sitting for worship, keep your face towards North-West and sit in that corner to intake air from that direction.
• Cash boxes can be located in the room towards the North (treasury). But if the box is heavy (such as a safe, heavy almirah) then it should be kept in the South­west corner and the door of the almirah should open towards the North.
• TVs and computers should ideally be placed in the Southeast corner of the living room or study room. They should not be placed in the Northeast corner or Southwest corner.
• Telephones can be placed in the Southeast or North­west corner but not in the Southwest or Northeast.
• An aquarium with 9 gold fish and one black fish, in the north east corner/portion of the house or factory is very good.
• If the north-east area is untidy or unshapely, the well being of male issues is found to be precarious.
• Students should be facing east while studying, for Academic Excellence..
• Keep the Gas in the south east corner of the kitchen
• Person should face the east while cooking.
• Drinking water should be in the north east of the kitchen.
• All the doors should open inside so that the energy may remain inside.
• The hinges of doors should be noiseless. If so. The hinges may be greased periodically.
• The doors should open towards right hand.
• Bed should not be put under a beam.
• There should not be five corners in the ceiling of a room.
• While ascending the staircase, the face should be either towards the north or the east.
• The seat of the toilet should face North-South.
• A house should not have paintings, which depicts depressing scenes, i.e. like an old woman crying, scenes of war or poverty. It should have picture of say, a sunrise, an ocean, mountains, flowers or laughing children.
• Amongst the beneficial plants, the best is Tulsi. It is commendable to keep at least one Tulsi plant in the north-east area of the premises, but its height should not exceed 1.5 meter.
• Water flowing/water fountain from north to east is very good.

Understanding home loans

What security will you have to provide?

The security for a housing loan is typically a first mortgage of the property, normally by way of deposit of title deeds. Banks also sometimes ask for other collateral security as may be necessary. Some banks insist on margin / down payment (borrowers contribution to the creation of an asset) to be maintained / made also.

Collateral security assigned to your bank could be life insurance policies, the surrender value of which is set at a certain percentage to the loan amount, guarantees from solvent guarantors, pledge of shares/ securities and investments like KVP/ NSC etc. that are acceptable to your banker. Banks would also require you to ensure that the title to the property is free from any encumbrance. (i.e., there should not be any existing mortgage, loan or litigation, which is likely to affect the title to the property adversely).

What to do if you have a grievance?

If you have a complaint against only scheduled bank on any of the above grounds, you can lodge a complaint with the bank concerned in writing in a specific complaint register provided at the branches as per the recommendation of the Goiporia Committee or on a sheet of paper. Ask for a receipt of your complaint. The details of the official receiving your complaint may be specifically sought. If the bank fails to respond within 30 days, you can lodge a complaint with the Banking Ombudsman. (Please note that complaints pending in any other judicial forum will not be entertained by the Banking Ombudsman). No fee is levied by the office of the Banking Ombudsman for resolving the customer’s complaint. A unique complaint identification number will be given to you for tracking purpose. (A list of the Banking Ombudsmen along with their contact details is provided on the RBI website).

Complaints are to be addressed to the Banking Ombudsman within whose jurisdiction the branch or office of the bank complained against is located. Complaints can be lodged simply by writing on a plain paper or online at www.bankingombudsman.rbi.org.in or by sending an email to the Banking Ombudsman. Complaint forms are available at all bank branches also.

Complaint can also be lodged by your authorised representative (other than a lawyer) or by a consumer association / forum acting on your behalf.

If you are not happy with the decision of the Banking Ombudsman, you can appeal to the Appellate Authority in the Reserve Bank of India.

— S.C. Dhall

REALTY BYTES
Shilpa-promoted realty portal eyes Rs 100 cr income in 12 mths

Bollywood actor Shilpa Shetty-promoted realty portal 'Grouphomebuyers.com' expects Rs 100 crore business in the next 12 months in terms of commissions and advertisements.

The portal, owned by Groupco Infracom (partly owned by Shetty and her husband Raj Kundra), already has business in Dubai. It introduced an India-specific site earlier this week.

The Kundra Constructions owns 50 per cent stake in the portal, with the rest of the stake being owned by Hem Tejuja, who is the managing director of Group Infracom.

"Grouphomebuyers harnesses the power of group buying and empowers each individual home buyer to get significant discount which is almost unachievable individually," Tejuja said.

"There has been a significant dip in home buying deals after the increase in interest rates. We thought this was the right to time to cash in this opportunity. We expect to generate around Rs 100 crore revenue within the next 12 months by closing as many deals as possible," he said.

Grouphomebuyers.com has signed deals with developers for 20 projects in five cities- Mumbai, Pune, Chennai, Bangalore and Delhi and will soon be entering Ahmedabad, Hyderabad and Jaipur. — PTI

CSR initiative

DLF Foundation, the corporate social responsibility arm of the country's largest realty firm DLF, will invest Rs 200 crore to establish 250 centres for skill training of one million unemployed youth.

These centres would come up under flagship programme DLF LIFE (Learning Initiatives For Employment). The first centre was inaugurated at Okhla, in the national capital, last week.

"DLF Foundation will set up 250 skill training centres across the country to train one million underprivileged youth, for which DLF has an ambitious outlay of Rs 200 crore," DLF said in a statement.

The objectives of these centres would be to train youth with employable skills and make them industry-friendly. These centres will provide training in fields like construction, IT, retail, marketing, customer relations, hospitality and electronics, among others, with assured employment linkages.

"This will fulfill the need for trained infrastructure created in DLF townships and will also result in social transformation and better livelihood opportunities," it added.

In September last year, DLF had said it was in talks with other builders to provide basic education, healthcare and vocational training for the people living in the vicinity of the projects being developed.

"We have decided to leverage our leadership status in the real estate industry by approaching all other fellow-builders across the country to join hands in reaching out to the people living in villages within a radius of 15-20 km of any major building activity," DLF Chairman K.P Singh had said. — PTI

Raheja elected NAREDCO president

The National Real Estate Development Council (NAREDCO) elected itsheld its 13th Annual General Meeting (AGM)recently. The AGM was followed by the meeting of the newly elected Governing Council which unanimously elected followings as office-bearers of the council for two years. Navin M Raheja, Chairman and MD, Raheja Developers Ltd. — president; Sunil Dahiya, MD, Vigneshwara Developers Pvt. Ltd.— senior vice-president; Sunil Mantri, Chairman, Sunil Mantri Realty Ltd. — vice-president; and Rajesh Arora, MD, Arora & Associates Infradevelopers Pvt. Ltd. — member finance.

NAREDCO, the apex regulatory body of Real Estate Sector established under the aegis of Ministry of Housing & Urban Poverty Alleviation, Govt. Of India, is working for the promotion of the Housing and Real Estate Sector.